Consolidated gross sales totaled R$5,733.0 million in the quarter, while Net financial expenses represented 3.4% of net sales.

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1 São Caetano do Sul, São Paulo, Brazil, May 12, 2011 Globex Utilidades S.A. (BMF&BOVESPA: GLOB3; OTC: GBXPY) announces its results for the first quarter of 2011 (). The Company s operating and financial information was prepared in accordance with International Financial Reporting Standard (IFRS) issued by the International Accounting Standards Board (IASB), the accounting principles adopted in Brazil (BRGAAP) and Brazilian Corporate Law, and is presented in Brazilian Reais, as follows: (i) on a Globex basis, which entirely excludes the operating and financial results of Casas Bahia; and (ii) on a Consolidated basis, which includes the full operating and financial results of Nova Casas Bahia as of the first quarter of 2011, pursuant to Corporate Law. All comparisons are with the same period in 2010 (), except where stated otherwise. CONSOLIDATED (including Nova Casas Bahia ) Consolidated gross sales totaled R$5,733.0 million in the quarter, while Net financial expenses represented 3.4% of net sales. In the, Globex s consolidated gross sales totaled R$5,733.0 million, while net sales came to R$4,884.4 million, respective year-on-year growth of 297.4% and 288.4%. Consolidated EBITDA totaled R$178.2 million, with a margin of 3.6%, while adjusted EBITDA came to R$186.6 million, with a margin of 3.8%. In same-store terms (1), gross sales increased by 10.9%. Gross profit came to R$1,311.6 million, with a margin of 26.9%. The financial expense was R$164.1 million, equivalent to 3.4% of net sales. The Company posted a consolidated net loss of R$24.8 million. (1) The same-stores concept considers only those stores that have been operational for more than 12 months and, therefore, excludes Casas Bahia and the website Casasbahia.com.br. Destaques Financeiros e Operacionais (R$ million) (1) Consolidated (4) Chg. % Gross Sales Revenue 5, , , % Net Sales Revenue 4, , , % Gross Profit 1, % Gross Margin - % 26.9% 19.5% 21.1% -160 bps Total Operating Expenses(3) (1,133.4) (314.5) (222.9) 41.1% % of Net Sales -23.2% -17.3% -17.7% -50 bps EBITDA % EBITDA Margin - % 3.6% 2.2% 3.4% -110 bps Adjusted EBITDA % EBITDA Margin - % - Adjusted 3.8% 2.7% 1.5% -120 bps Financial Result (164.1) (79.1) (27.1) 192.4% % net sales -3.4% -4.3% -2.2% 220 bps Net Income (Loss) (24.8) (32.6) (5.9) 449.1% Net Margin - % -0.5% -1.8% -0.5% -130 bps Adjusted Net Income (Loss) (14.7) (24.2) (21.4) 12.8% Net Margin - % - Adjusted -0.3% -1.3% -1.7% 40 bps (1) Totals may not tally as the figures are rounded off (2) Basis points (3) Total operating expenses include selling, general and administrative expenses (4) Includes Nova Casas Bahia 1

2 Message from Management Nova Casas Bahia and Stores This release presents the full quarterly results of all the businesses (Nova Casa Bahia, and Nova Pontocom), confirming the guidance announced to the market. Management s priority is to maintain Globex s leadership and ensure its sustainable growth, thereby raising it to the position it deserves in Brazil s retail market. Until now, the government s recent macroprudential measures have not affected the Company s planned strategic path or jeopardized its growth, although they did increase its financing costs. However, any further government intervention in terms of reining in consumption may lead to new impacts, possibly compromising the sales of durable consumer goods. In the first quarter, integration of the Group companies proceeded at a faster pace and with a greater focus on capturing synergies. We created a structure entirely dedicated to managing this process and monitoring the results line by line. As part of this process, all the corporate taxpayers ID numbers (CNPJ) of the Nova Casas Bahia's stores and distribution centers were changed. This involved 900 professionals and the adjustment of more than 6,000 programs and systems without any impact on our operations. On the consumer financing front, the Board of Directors established a committee including Board members Gustavo Franco, Enéas Pestana, José Luiz Majolo and Antonio Ramatis, among others, to study and discuss the best solution for Globex s credit area, including credit cards. The aim is to analyze proposals presented by the current partners (Itaú and Bradesco) as well as other interested parties. Signatura Lazard was hired to assist with this task. The period was marked by advances in terms of internal controls and operational gains, chiefly due to the following initiatives: Reduction in the cost of discounted receivables, despite the upturn in Brazil s base rate (SELIC). Reduction in general and administrative expenses, including rent, marketing and advertising, and the joint purchase of indirect materials (involving all GPA s companies). The commercial area also recorded two major achievements: Reduction in non-interest installment payments, in turn reducing financial costs, one of the Company s priorities. Opening of two new concept stores: one in the Shopping Iguatemi Alphaville mall, in São Paulo, and the other in the Shopping Via Brasil mall, in Rio de Janeiro. This store format is expected to ensure a new positioning for the brand, accompanied by an altered product and service assortment in the pursuit of greater sales productivity. CADE (Brazilian Antitrust Authority) On March 25, 2011, Brazil s Economic Monitoring Secretariat for (SEAE) published its opinion on our merger. 2

3 The report requires the divestiture of a series of assets in twelve municipalities where we operate and also recommends that CADE further analyze the distribution centers in three of these municipalities. SEAE s report is part of CADE s assessment process and does not represent a final decision. We will continue to comply with the Provisional Transaction Reversal Agreement (APRO) as well as collaborate with CADE, supplying all the information needed to analyze the process and reach a final decision. NOVA PONTOCOM Electronic Commerce Nova Pontocom completed the integration of the casasbahia.com.br website and the wholesale electronics business unit. As a result, in all Nova Pontocom businesses casasbahia.com.br, extra.com.br, pontofrio.com.br, E-hub and Wholesale are now operating with the same logistics, technological and back-office structures (including fully integrated inventories). The most important first-quarter highlights were strong sales growth and increased profitability, together with strict controls over working capital. Our results once again underline the effectiveness of Globex s dedicated management model, its focus on teamwork and its unique platform with competitive advantages. Thank you very much. Raphael Klein CEO - Globex German Quiroga CEO - Nova Pontocom 3

4 Sales Performance Consolidated gross sales grew by 297.4% over (R$ million) Consolidated (4) Chg. % Gross Sales Revenue 5, , , % Net Sales Revenue 4, , , % (1) Includes Nova Casas Bahia CONSOLIDATED (including Nova Casas Bahia ) In the first quarter of 2011, Globex s total gross sales, including the and Casas Bahia stores, and Nova Pontocom (e-commerce operations comprising Pontofrio.com.br, Extra.com.br, Casasbahia.com.br and wholesale electronics), totaled R$5,733.0 million, 297.4% up on. Excluding Casas Bahia, gross sales moved up by 43.1% to R$2,064.6 million; including sales of Extra Eletro and Extra.com.br in the, growth came to 19.2%. Gross same-store sales, which consider those only stores that have been operational for at least 12 months, increased by 10.9% year-on-year. Also on a same store basis, gross sales of bricks-and-mortar stores increased by 6.4% over. It is worth noting that this performance was impacted by the Extra Eletro stores, which were converted into the format at the end of 2010 and are still in the maturation phase. Excluding these stores, growth came to 9.9%. This performance was also impacted by the elimination of the IPI tax reduction, which had boosted sales in the latter period. The gross sales of Nova Pontocom (e-commerce operations comprising pontofrio.com, extra.com.br, casasbahia.com.br and wholesale electronics) increased by 118.4% in. Nova Pontocom s gross sales on a comparable basis (i.e. excluding Casasbahia.com.br) grew by 20.9%, chiefly due to the e-commerce segment, which recorded a period upturn of 33.0%. 4

5 Gross Profit Gross margin came to 26.9% in the quarter (R$ million) Consolidated (4) Chg. % Gross Profit 1, % Gross Margin - % 26.9% 19.5% 21.1% -160 bps Adjusted Gross Profit 1, % Gross Margin - % - Adjusted 27.0% 20.0% 19.2% 70 bps (1) Includes Nova Casas Bahia CONSOLIDATED (including Nova Casas Bahia ) In the first quarter, consolidated gross profit came to R$1,311.6 million, with a gross margin of 26.9%. (excluding Nova Casas Bahia) In the first quarter, posted a gross profit of R$355.0 million, with a gross margin of 19.5%. It is important to note that the altered assortment in s bricks-and-mortar stores, especially those converted to the Extra Eletro format, led to exceptional sales of products with narrower margins, with a nonrecurring negative impact of R$8.4 million in. Only for comparison purposes, it is worth noting that, in the, it was considered the amount of R$23.5 million as an additional gain derived from the appropriation ICMS. Excluding this effect, gross profit in would have come to R$241.7 million, with a margin of 19.2%. Excluding these effects, gross margin would have come to 20.0% on, 70 bps up on. Influenced by the capture of gains with suppliers, not only price but also better conditions that could be reverted into better price to customers. 5

6 Total Operating Expenses Operating expenses accounted for 23.2% of net sales (R$ million) CONSOLIDATED (including Nova Casas Bahia ) Consolidated (4) Chg. % Selling Expenses (924.9) (257.1) (173.4) 48.3% Gen. and Adm. Expenses (208.6) (57.4) (49.5) 16.0% Total Operating Expenses (1,133.4) (314.5) (222.9) 41.1% % of net sales -23.2% -17.3% -17.7% -50 bps (1) Includes Nova Casas Bahia In the first quarter, total consolidated operating expenses amounted to R$1,133.4 million, equivalent to 23.2% of net sales. It is worth noting that Nova Casas Bahia s business model, especially its furniture operation, presents higher operation expenses as a percentage of net sales than s. (excluding Nova Casas Bahia) In the first quarter, operating expenses amounted to R$314.5 million, equivalent to 17.3% of net sales, 50 bps down on. comes from initial gains from the integration of Nova Casas Bahia, such as the centralization of indirect purchases (purchase of products not intended for sale) and the payroll integration, among other benefits. 6

7 EBITDA EBITDA margin reached 3.6% in the quarter (R$ million) Consolidated (4) Chg. % EBITDA % EBITDA Margin - % 3.6% 2.2% 3.4% -110 bps Adjusted EBITDA % EBITDA Margin - % - Adjusted 3.8% 2.7% 1.5% 120 bps (1) Includes Nova Casas Bahia CONSOLIDATED (including Nova Casas Bahia ) In the first quarter, consolidated EBITDA totaled R$178.2 million, with a margin of 3.6%. Excluding the nonrecurring impact of R$8.4 million on gross profit, EBITDA reach R$186.6 million, with a margin of 3.8%. (excluding Nova Casas Bahia) In the first quarter, EBITDA amounted to R$40.5 million, with a margin of 2.2%, 110 bps down on the 3.4% reported in. Excluding non-recurring effects in the gross profit in and, adjusted EBITDA would have come to R$48.9 million with a margin of 2.7%, 120 bps up on. 7

8 Net Financial Result The financial result corresponded to 3.4% of net sales, 160 bps down on the 4.9% posted in 4Q10. (R$ million) Consolidated (4) Chg. % Financial Revenue % Financial Expenses (216.2) (102.4) (31.8) 222.2% Financial Result (164.1) (79.1) (27.1) 192.4% % of Net Sales -3.4% -4.3% -2.2% 220 bps (1) Includes Nova Casas Bahia CONSOLIDATED (including Nova Casas Bahia ) In the first quarter, the net financial expense stood at R$164.1 million, equivalent to 3.4% of net sales. FINANCIAL RESULT 5.8% 5.9% 4.9% 3.4% 2Q10 3Q10 4Q10 Improving the financial result is one of the Company s major priorities. The percentage downturn shown in the above chart reflects the shorter average payment period, the increase in interest-bearing sales and the reduction in non-interest bearing sales, as well as lower discounted receivable rates. Note that results improved despite the higher SELIC rate in. The net financial expense, corresponding to 3.4% of net sales has reached the guidance range (3.5% to 4.5%) announced last year. The net financial expense is composed of: (i) expenses of R$16.4 million generated by the average net debt, equivalent to 0.3% of net sales; (ii) costs of R$121.1 million with discounted receivables from credit card operations, corresponding to 2.5% of net sales, 160 bps down on the 4.1% posted in 4Q10. Discounted receivables from credit cards totaled R$3.0 billion in the quarter; 8

9 (iii) R$26.7 million from adjustments to assets and liabilities and others, equivalent to 0.6% of net sales. Net Debt Conciliation - Retail Indebtedness (R$ million) (1,2) CONSOLIDATED 4Q10 CONSOLIDATED Debt (1) (841.3) (618.7) (257.6) Short Term (693.0) (309.1) (66.9) Long Term (148.3) (309.6) (190.7) Cash and Equivalents Net debt (154.8) (1) In, with Nova Casa Bahia s net consumer financing debt (CDCI): R$ million short term and R$ 88.5 million long term; in 4Q10, with NCB s net CDCI debt: R$ 1,321.5 million short term and R$ million long term. (2) In the numbers of FIDC-Globex were removed from, comprising R$ 1,218.1 million in gross long-term debt and R$ million in cash and cash equivalents; in 4Q10, R$ 1,1843 million in gross long-term debt and R$ 1,027.8 million in cash and cash equivalents of FIDC_Globex were removed Net cash fell from R$306.4 million in 4Q10 to R$1.0 million in. This reduction was seasonal in nature and related to 1st working capital (higher inventories/accounts payable ratio), given the Group's high disbursements related to payments for end-of-year purchases. (excluding Nova Casas Bahia) The net financial expense stood at R$79.1 million, equivalent to 4.3% of net sales, impacted by R$9.7 million from the mark-to-market of financial instruments. Excluding this effect, net financial expenses would have come to R$69.4 million, corresponding to 3.8% of net sales. Note that, as of 2Q10, the Company changed its method for booking discounted receivables, recognizing the financial expense from the discounted receivables in the same month. 9

10 Equity Income FIC s result came to R$3.1 million in the quarter CONSOLIDATED (including Nova Casas Bahia ) FIC (Financeira Itaú CBD) assumed Globex s credit card operations in 3Q09 and, given the Companies shareholders equity, GPA Food (excluding Globex) and Globex then held a 36% and 14% interest in FIC, respectively, thus maintaining GPA's consolidated interest at 50%. Equity income in totaled R$3.1 million, 5.0% less than the R$3.2 million posted in. Net Income (R$ million) CONSOLIDATED (including Nova Casas Bahia ) Consolidated (4) In the first quarter, the Company declared a consolidated net loss of R$24.8 million with a negative margin of 0.5%. Note that this result was affected by the non-recurring impact of R$8.4 million on gross profit and by other operating expenses related to restructuring totaling R$6.8 million. Excluding these effects net of taxes, the net loss would have come to R$14.7 million, with a negative margin of 0.3%. Chg. % Net Income (Loss) (24.8) (32.6) (5.9) 449.1% Net Margin - % -0.5% -1.8% -0.5% -130 bps Total - Non-recurring (3) Gross Profit Other Operating Expenses Income Tax on Adjustment Adjusted Net Income (Loss) (14.7) (24.2) (21.4) 12.8% Adjusted Net Margin - % -0.3% -1.3% -1.7% 40 bps (1) Includes Nova Casas Bahia (excluding Nova Casas Bahia) In the first quarter, the Company posted a net loss of R$32.6 million, with a negative net margin of 1.8%, also jeopardized by the non-recurring impact of R$8.4 million on gross profit and by other operating expenses related 10

11 to restructuring totaling R$4.3 million. Without these effects, the Company would have reported a net loss of R$24,2 million, accompanied by a negative net margin of 1.3%. Investments Investments in the quarter totaled R$32.6 million CONSOLIDATED (including Nova Casas Bahia ) In the first quarter, the Company invested R$32.6 million, versus R$13.3 million in 4Q10, allocated as follows: R$15.6 million to the construction of new stores; R$2.3 million to store renovations and conversions; and R$14.7 million to infrastructure (technology and logistics) and others. 11

12 Consolidated Income Statement Based on Law 11,638/07 (R$ million) Consolidated (1) Chg. % Gross Sales Revenue 5, , , % Net Sales Revenue 4, , , % Cost of Goods Sold (3,572.8) (1,466.6) (992.2) 47.8% Gross Profit 1, % Selling Expenses (924.9) (257.1) (173.4) 48.3% General and Administrative Expenses (208.6) (57.4) (49.5) 16.0% Total Operating Expenses (1,133.4) (314.5) (222.9) 41.1% Earnings before interest, taxes, % depreciation, amortization-ebitda Depreciation (33.4) (9.6) (16.8) -43.0% Earnings before interest and taxes % - EBIT - Financial Revenue % Financial Expenses (216.2) (102.4) (31.8) 222.2% Net Financial Revenue (Expense) (164.1) (79.1) (27.1) 192.4% Equity Income % Minority Interest Other Operating Revenue (Expenses) (6.8) (4.3) (9.1) -52.6% Income Before Income Tax (22.9) (49.5) (7.3) 578.0% Income Tax % Employees' Profit Sharing (17.5) (1.5) (9.2) -83.5% Net (Loss) Income (24.8) (32.6) (5.9) 449.1% % of Net Sales Consolidated Gross Profit 26.9% 19.5% 21.1% Selling Expenses -18.9% -14.1% -13.8% General and Administrative Expenses -4.3% -3.2% -3.9% Total Operating Expenses -23.2% -17.3% -17.7% EBITDA 3.6% 2.2% 3.4% Depreciation -0.7% -0.5% -1.3% EBIT 3.0% 1.7% 2.0% Net Financial Income (Expenses) -3.4% -4.3% -2.2% Equity Income 0.1% 0.2% 0.3% Result from Permanent Assets 0.0% 0.0% 0.0% Other Operating Revenue (Expenses) -0.1% -0.2% -0.7% Income Before Income Tax -0.5% -2.7% -0.6% Income Tax 0.3% 1.0% 0.8% Net (Loss) Income -0.5% -1.8% -0.5% (1) Includes Nova Casas Bahia 12

13 Balance Sheet - (R$ million) ASSETS Consolidated 4Q10 Consolidated Current Assets 7,853 7,761 1,582 1,098 Cash and banks 1,147 1, Marketable Securities Accounts Receivable 2,554 1, Inventories 2,221 2, Recoverable Taxes Related Parties Prepaid Expenses Others Noncurrent Assets 2,160 2,131 2,594 1,057 Long-Term Assets 1,161 1,135 1, Trade Accounts Receivable Recoverable Taxes Amounts Receivable from Related Parties Expenses in Advance and Others Investments , Property and Equipment Intangible Assets TOTAL ASSETS 10,013 9,892 4,176 2,155 LIABILITIES Consolidated 2010 Consolidated Current Liabilities 5,432 5,368 1, Suppliers 2,082 2, Loans and Financing 2,278 1, Payroll and Related Charges Taxes and Social Contribution Payable Tax Installments Others Long-Term Liabilities 2,048 1, Loans and Financing 1,455 1, Deferred Income Tax and Social Contribution Provision for Contingencies Advanced Revenue Others Shareholders' Equity 2,533 2,569 2, Capital 2,895 2,895 2, Capital Reserves Profit Reserves Accumulated loss (452) (428) (452) (368) Minority Interest TOTAL LIABILITIES 10,013 9,892 4,176 2,155 13

14 Consolidated Statement of Cash Flow (R$ thousand) Cash flow from operating activities Net income for the year (25) (6) Adjustments to net losses Monetary and exchange variation of long-term items, net 15 0 Depreciation and amortization Interest on accrued loans and financing 64 0 Equity in the earnings of subsidiaries and associated companies (3) (3) Deferred income and social contribution taxes (30) (13) Current income and social contribution taxes 14 0 Adjustment to present value Adjustments to present value on recoverable taxes - Law 11,638/ Interest and monetary variations 4 Provision for contingencies 2 1 Provision of share-based compensation 0 2 Income from permanent assets written-off (3) (0) Allowance for doubtful accounts 35 5 Result Law 11,941 - Payment in installments 0 12 Discontinued projects 0 0 Provision for losses in property and equipment and intangible assets (9) (7) Provision for indemnity to officers (2) 0 Provision for requests 23 0 Restructuring provision 0 (1) Interest income (30) 0 Loan restatement 11 0 Other Asset (increase) decrease Accounts receivable (615) 122 Related parties (154) 0 Other accounts receivable 98 6 Deferred income and social contribution taxes (4) 0 Judicial deposits (24) (8) Recoverable taxes (92) (44) Inventories Investments in securities 1,352 3 Prepaid expenses 11 (28) Other assets Liability (increase) decrease Suppliers (285) (250) Accounts payable (288) 64 Payroll, charges and taxes payable (72) (12) Contingencies 0 (65) Other liabilities (389) (261) Net cash generated from (used in) operating activities 500 (112) Cash flow from investment activities Restricted cash Property and equipment and intangible assets (46) (8) Sale of permanent assets 4 2 Capital contribution in subsidiary 0 0 Property and equipment 0 0 Intangible assets 0 0 Net cash generated from (used in) investment activities (42) (7) Cash flow from financing activities Loans and financing: Additions 1, Payments (809) (40) Capital increase 0 0 Cash from capital increase in subsidiaries 0 0 Net cash generated from (used in) financing activities Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year 1, Change in cash and cash equivalents

15 Breakdown of Gross Sales by Format (R$ million) TOTAL STORES 1 st Quarter 2011 % 2010 % Chg.(%) Store Chain 4, % 1, % 333.4% 1, % 1, % 19.3% Casas Bahia 3, % Nova.com % % 118.4% Services % % - Consolidated 5, % 1, % 297.4% 2, , % Casas Bahia 3, Breakdown of Net Sales by Format (R$ million) TOTAL STORES 1 st Quarter 2011 % 2010 % Chg.(%) Store Chain 3, % % 315.0% 1, % % 19.4% Casas Bahia 2, % Nova.com % % 124.4% Services % % - Consolidated 4, % 1, % 288.4% 1, , % Casas Bahia 3, Sales Breakdown (% of Net Sales) Consolidated (1) Cash 30.0% 37.0% 34.2% Third-party Cards 39.8% 40.4% 42.9% Flex CARD + FI 14.6% 21.7% 20.3% Credit 15.6% 0.9% 2.6% Payment Book 15.6% 0.9% 2.6% Post-dated Check 0.0% 0.0% 0.0% (1) Includes Nova Casas Bahia 15

16 Stores per Format - PONTO FRIO Digital Street Shopping (total) Sales Area (m²) Number of Employees ,442 8,874 2Q ,850 9,644 3Q ,850 9,573 4Q ,313 11,429 Open 0 Close , ,569 12,231 Stores per Format - CASAS BAHIA Digital Street Shopping (total) 4Q ,511 51,891 Open 0 Close 2 2 2, ,465 51,765 Stores per Format - CONSOLIDATED Sales Area (m²) Digital Street Shopping (total) Sales Area (m²) Number of Employees Number of Employees 4Q ,034 1,341,824 63,320 Open Close , ,332,034 63,996 In, the company closed 53 stores in the state of Bahia, a strategic decision, given that these units were not aligned with the new operational model. 16

17 Conference Call Friday, May 13, 2011 Conference Call in Portuguese with simultaneous translation into English: 11:00 a.m. Brasília time 10:00 a.m. New York time 9:00 a.m. London time Dial in: +55 (11) Code: GPA A live webcast is available on the Company s site: A replay may be heard after the Conference Call has ended by calling +55 (11) Code: Statements contained in this release relating to the business outlook of the Group, projections of operating and financial results and relating to the growth potential of the Group, constitute mere forecasts and were based on the expectations of Management in relation to the future of the Company. These expectations are highly dependent on changes in the market, on Brazil s general economic performance, on the industry and on international markets, and are therefore subject to change. Vitor Fagá Marcel Rodrigues da Silva Bruno Salem Brasil Investor Relations Phone: +55 (11) Fax: +55 (11) Website: Grupo Pão de Açúcar operates 1,592 stores, 82 gas stations and 148 drugstores in 19 states and the Federal District. The Group s multiformat structure is made up of supermarkets (Pão de Açúcar, Extra Supermercado, CompreBem and Sendas), hypermarkets (Extra), electronics/household appliance stores ( and Nova Casas Bahia), convenience stores (Extra Fácil), wholesale stores (Assaí), electronic commerce operations (Extra.com.br, PontoFrio.com.br, Casasbahia.com.br and Pão de Açúcar Delivery) gas stations, drugstores and an extensive distribution network. 17

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