Pim b2w

Earnings Release 4Q11 and 2011

B2W ANNOUNCES CONSOLIDATED NET REVENUE OF R$ 4.2 BILLION IN 2011,
A GROWTH OF 4% IN RELATION TO 2010
Rio de Janeiro, March 1st, 2012 – B2W - Companhia Global do Varejo (BOVESPA: BTOW3), the leading online retail company in Brazil, formed from the merger between Americanas.com and Submarino, announces today its consolidated results for the 4th quarter of 2011
(4Q11) and for 2011. The accounting information that serves as the basis for the comments that follow are presented according to the international financial reporting standards (IFRS), to the rules issued by the Brazilian Securities Exchange Commission (CVM), and to the
Novo Mercado listing rules, and in Reais (R$). The comparisons refer to the 4th quarter of 2010 (4Q10) and to 2010.
B2W’s portfolio is composed by the brands Americanas.com, Submarino, Shoptime, B2W Viagens, Ingresso.com, S ubmarino Finance,
BLOCKBUSTER® Online, MesaExpress.com.br and SouBarato.com.br, offering over 35 categories of products and services through the
Internet, telesales, catalogs, TV and kiosks.

B2W FINANCIAL AND OPERATIONAL HIGHLIGHTS
Executive Summary 2011 – Comparison to 2010
Parent Company
Consolidated
2011
2010
Var. (%) Financial Highlights (R$ million)
2011
2010
Var. (%)
3,848.4
3,803.9
1.2%
Net Revenue
4,232.1
4,073.6
3.9%
871.2
992.2
-12.2%
Gross Profit
1,059.7
1,136.0
-6.7%
22.6%
26.1%
-3.5 p.p.
Gross Margin (%NR)
25.0%
27.9%
-2.9 p.p.
321.8
479.9
-32.9%
EBITDA
415.4
547.0
-24.1%
8.4%
12.6%
-4.2 p.p.
EBITDA Margin (%NR)
9.8%
13.4%
-3.6 p.p.
(100.0)
22.7
-540.5%
Net Result
(89.2)
33.6
-365.5%
-2.6%
0.6%
-3.2 p.p.
Net Margin (%NR)
-2.1%
0.8%
-2.9 p.p.

Consolidated Net Revenue (R$ million)

+4%

4,232
4,074

 Net Revenue
In 2011, the consolidated net revenue reached R$ 4,232.1 million, a growth of 3.9% in relation to 2010. The net revenue in the parent company in 2011 was R$ 3,848.4 million, growing 1.2% in