Good morning, people. Let's start the call for the results. I have here Silvio Stagni and [Guilherme]. We will start the presentations, and then we'll have the Q&A session. You can send your questions through the chat. I will give the floor to Silvio.
Good morning, everybody. First of all, I'd like to thank you for your presence, dedicating some time to listen to us. We want to share with you the results of the fourth quarter 2021 and the consolidated of the year. This presentation has been very late in the quarter, and the reason for that is that on Friday we had a follow-on. We had an IPO in the 476 model that only allow qualified to buy and sell our shares. We changed the rating for 4C, releasing the purchase of share for any investor in the Brazilian market.
Within the schedule of this follow-on, we are presenting the results after this event. Since last week, we are open to retail. We are very proud of our results and as always, we will talk about the three business pillars we have, starting with digital retail. Last year we closed with 38 stores. Today, we have 42, and these stores were in the brands we had, Mobcom as our seller brand, but also Apple, Google, HyperX, and in the main platforms. The news in the fourth quarter is that we also became a Xiaomi partner, opening the first stores in the last quarter of 2021. Last year we sold more than 100,000 products. We've been increasing or growing 22%, and the total of the year 33%. All comparisons with last year and the fourth quarter of 2020. They are hard because that quarter was very good.
Quarter after quarter, we had the increase and growth of our stores. The second pillar, the B&M retail, we have 248 stores, 148 Samsung stores, 110 Store in Store. We'll talk about the strategy of this pillar. In Store in Store, we have these brands, Marabraz, Sam's Club, Maxxi Atacado , Giga, Saraiva. Quarter versus quarter, we had a decrease of 8%, and what impacted was that in the fourth quarter of 2020, we have the launch of Galaxy Note that it was very important for the results of 2020. In spite of being negative, it shows a significant improvement of our B&M, showing a 20% growth year versus year. Distribution, more than 3,000 customers served. We grew 3% with a large base that we had in fourth quarter of 2020, 22% year against year or versus year with the strategy of new products. It is still a resilient strategy.
We have 8% of smartphones, 9% notebook, 20% video games. In all categories, we have a very important market share. Now, talking about the net revenue. BRL 5.08, meaning 22% of growth compared to the previous year. Over the three last year, this growth was over 25.3%. We are still leveraging growth. Relevant points, digital retail accounts for 16% of the total, 9 pps above 2019. Meeting our purpose that digital retail and B&M will increase and not decrease distribution. Another important factor, in the fourth quarter of 2021, we had BRL 1.74 billion in gross revenue. It's the largest gross revenue of a quarter. We grew in all categories, smartphones, tablets, video games. We increased, that took us to this record in revenue. Now, the net profit, BRL 255 net income. This is adjusted because in 2021, we had some gains, non-reoccurring gains from taxes.
We didn't include this in this BRL 255 million. The accounting result is larger than this. It's bigger than this. This is a 2.5-fold increase in relation to 2019, increasing the net margin. Once again, we are very proud of our results in 2021. These results also improved our efficiency. One of the internal measures is the percentage of our deliveries in two days. If you compare the 4Q of 2020 with the 2021, in 2020, we had 26% of the deliveries in two days, and now 43%, a significant increase or improvement in our logistic. Now we have 248 stores, and they need to have the ideal inventory to have the availability for our consumers to find what they are looking for, and not having stock in excess.
We are using a machine learning solution, very innovative in the market, and feeding the sales data of every store. This tool can give us a forecast of consumption, SKU, memory by memory, in each of our stores, which give us efficiency to manage the inventory of our online and B&M store. Now, in 2021, we had BRL 7 billion of gross revenue, BRL 444 million of EBITDA, BRL 255 million of net income adjusted, 248 points of sales. We had 1% of Net Promoter Score in December, and a share. As I mentioned, 8% is smartphone, 9% notebooks, and compound growth of 25%. Now, let's see channel by channel. First, distribution. We've been sharing with you that the distribution strategy to growth is new products in the categories we are already in, and new categories. We have some objectives here. We are now also distributor of PlayStation.
We were distributors of Xbox, and now we have PlayStation in our portfolio. Why is this important? The Brazilian market is of BRL 1.7 billion, and PlayStation accounts for 63% of the total game market. Before this partnership, we were acting with Xbox, that accounts for 26% of the market. In the year of 2021, we sold about 80% of the Xbox consoles. We are very excited with this new partnership. If we have a half of the success we had with Xbox, this will be very important. Second, new products. We are still investing in the connected home. We have wireless Bluetooth headphones, fast charger, wireless. We have the AirTag from Apple. We are bringing new products for the home connected category. In distribution, another growth pillar is the B2B area.
While we are one of the largest distributor of B2B, we are still growing in the distribution to the corporate market. We created some verticals in 2021. We had people dedicated to the verticals, education, government, and IT. One thing that will change significantly our presence is that we are qualified to the Apple B2B channel. We have two Brazilian distributors qualified in this program. With this, we will have more competitive financial conditions in the Apple competitive market. It's important for our growth in the B2B, and also very critical in the distribution market. Now, the digital retail, 88 stores that we had, we are still growing. One important thing in the fourth quarter was the launch of iPhone 13. The volume of sales of iPhone 13 was significantly greater than iPhone 12. This is closely related to our iPhone Forever.
An important point, if you remember how this iPhone Forever program of iPhone pra Sempre works, you have at the end of the year to pay the lump sum and keep the device or give us the device back, paying the installments with a new device. In May 2022, this will be completed. All iPhones that we will be receiving back from the consumer put us strongly in the refurbished market, which is one of the drivers of the company. We have some numbers of the refurbished number. This is the IDC number. The market will increase at 22% a year. We created a certification structure in the company. We have the BR Used, which is a platform that buys used devices from individuals and selling refurbished devices. We have a VTEX platform now to leverage the volume of the refurbished.
The entrance of the iPhone in this platform will strengthen our presence in this market. As of May, we will see this in a very relevant way. Another point of the digital retail, which is also one of our strategies, is to bring new brands. We have now 42 brands stored, and a new brand that came in is Xiaomi. Xiaomi holds a very important position in the market. It is entering in Brazil through Paraguay. We estimate 3 million-4 million Xiaomi is coming into Brazil, and we have the 3P store for this brand. The official Xiaomi store connected to the main marketplace platform operated by us, but our focus is not smartphone, but entire ecosystem of this brand. Items for connected home and many other things. This is another avenue of growth for our digital retail. Now, the B&M retail.
We have 148 stores and some important points. We learned that during the pandemics, consumers changed. They had the chance of experiencing the online market, and now that things are going back to normal, the flow of people maybe will not be the same as we had pre-pandemic. In regions with a lower concentration of consumers, stores are almost unfeasible. So we did an analysis. We closed some kiosks, 29 kiosks closed and two stores, looking for a better profitability. It is important to say that the B&M retail is still a strategic point for us. A negative number, but compared to the market, if you compare it with the 2020, we had a 13% decrease in sales.
If we compare with the main retailers, this is much better than the competitors had and shows that we are using or going back to the pre-pandemic conditions in the B&M retail. We have the platform for direct financing to the consumer called the Soudi. Last year, we had 229 points of sales as Soudi. One year before, it was 143. This shows that Soudi not only as a financing tool is becoming the financial instrument to several Samsung stores in Brazil and other partners. You can see that the growth of GMV was 128%, so it is an important item to our market and to our growth. The last point I would like to mention before giving the floor to Gustavo is our omnichannel ability. With all these physical stores being connected to the 108 online store through all omnichannel possibilities, this is a little complex.
Our online stores present. They are 3P, but we have already 147 stores integrated. We have all stores connected to our customers through WhatsApp. With this, we started a strategy to operate in several consumer segments where we have our retail solutions in a segmented way, target way. These were the aspects of 2021 and the fourth quarter. Now I will give the floor to Gustavo to present the financial results. Thank you.
Thank you, Silvio. Thank you all. Reinforcing what Fabiana and Silvio mentioned, these results made us very proud in the history of the company. I will show you with some detail. The fourth quarter, we closed with a BRL 2 billion and BRL 6 million revenue. We exceed almost 2% of the fourth quarter of last year. That was the record of the company at that time.
Exceed and establish a record is a sign that our strategy of diversifying channels and categories, showing the importance for us. We are very happy and proud of these results. In the year, the company grows 22% in revenue and the gross profit adjusted. The year has a margin of about 15.5%. Fourth quarter, 16%, is slightly below last year, but we deliver nominally a higher net profit. The same for the other lines of results. We have EBITDA and net income of the quarter is slightly below last year, but in the fourth quarter. In the year, we closed the year with EBITDA is slightly below BRL 444 million, 7.6%, and the net income, 4.5%. This company that is being profitable for 20 years, and the execution of its strategy that was challenging showed that we were right. Now, the distribution.
This reflects the result of the company. It is the largest sales channel of the company. We exceeded the sales record in distribution of last year. This drives the results of the company, more than BRL 1 billion in sales. We closed the year with more than BRL 4 million and BRL 300 billion. At the left in the graph, at the lower part, we closed the year with a margin is slightly below 11%, and the fourth quarter, the margin goes closer to 10%. We have said that we lived two years with this margin is slightly higher than the history, around 11%. In the fourth quarter, with the global supply chain more established, we start to converge to a margin just like before the pandemics. But the main message we bring is the capacity of sales generation of the company.
Now, on the lower part at right, you see the capacity of diversification of our mix. The line of this graph shows how much of the sales is through digital, what really created the company. It is nice to know that we continue to be a leader distributor of cell phones in Brazil, accounting for 40% of the sales in the fourth quarter. This is a proof that our strategy of being multi-channel, multi-category and digital. Now, retail as a whole, on the left, the fourth quarter, whether digital or B&M, it grows 10% versus last year, and they accumulated over the year, reaches BRL 1 billion of revenue above 28% of last year. We see if. One side, we are floating between 10% and 11%. On the left, you see that very retail floatates between 28%, 29%, 30% of the gross margin.
The company is more retail in the relative, but the retail is 3x greater in terms of distribution, makes the company's consolidation to be stable and growing. If you go to the right, you break down the retail revenue. In the upper part, the digital retail, you see the several stores we have, partnerships, programs like iPhone Forever. All of this corroborates that all these companies were caught in a storm with the COVID. For us, it was not different. But we are proud that said that the pre-pandemic, we had a revenue of BRL 250 million. We went through 2019, the pandemic. We established our partners as an important players in the digital Brazilian market, and two years later, we grew 30%, and reaching almost BRL 1 billion of sales, 270% above last year, two years ago.
Allied today is one of the major players in the digital retail. In the lower part, we have the B&M retail. Two years of a big fight. This was the area that suffered more with the restrictions and people distancing. But we see a year better than 2020, and we believe that the worst has gone, and now we have to work to gain efficiency at having B&M retail as an strategic part in our company. We closed the year with BRL 550 million. The next slide, please. Within the digital retail, we see here the bars represent the product volume, and the line, the average ticket. The digital retail over the quarters in our mix of source went through a convergency for the sales of a premium product. The average ticket grew 30% in one year. We had lower volume, but with a premium product.
This is the B&M retail. On the left, when we compare the fourth quarter of 2020 and 2021, we see more sales in terms of volume. This is also the consequence of more flow of people. We have the client at the store so we can sell more accessories, more services. This is going back to normal, and we also measure our quality of service. You see the NPS for Samsung. We are rendering a service in the brand of a partner, and this must be a differential in our partnership. We deliver an NPS between 80 and 85, which is quite reasonable. On the right, you see our presence in several states of Brazil. I will go quicker here because Silvio will show it.
The main message is two years ago, our digital services arm was an idea and hypothesis that we would be able to give a digital solution for financial services. We realized that one-third of our clients used to buy using some part in cash, some part with credit card. So we saw that this would be well accepted by our clients. Two years later, we are still in the beginning of this story, but it is a reality. In 2010, we sold in our stores and stores of our partners, BRL 80 million of products were sold being financed by our solution. The credit portfolio we had is of BRL 55 million. We still think we have room to grow, but this is a reality. Two years later, we are present in almost 300 store. So we are very happy with this strategy.
Well, we have much more details in our results and documents in our webpage. But the main message here is when we look at our results, we see a growth in gross profit, gross margin. Of course, we had the impact of the cost of money, which is more expensive, but the objective is to gain efficiency and keep our expenses with gain of scale. So in 2021, we see the net profit going from 13% to 7.7%. This is the result of a constant in our expenses structure. Here is our indebtedness structure. We have a negative net in debt. We have BRL 355 million debt. We have a specific thing for this fourth quarter. In negotiation with the suppliers, we could delay the payment of the fourth quarter. This is usual, but last year it did not happen because of a lack of replenishment.
But in the fourth quarter, we negotiate the term with the suppliers, and likewise, in the fourth quarter, the industries have some advances in receivables. We close the year with the cash is slightly higher than usual and postponing the expenses of the fourth quarter. But in 2021, we generated approximately BRL 133 million of operational cash. This is 25% above last year. In 2021, we paid to the shareholders about BRL 130 million, meaning that the closing date of 2021 brings 7.6% of the share value to the shareholders. So with this, we close, 113, he says.
We close this part here, and I would like to say that we grew in revenue, in profit. We generated cash, we paid dividends to our shareholders, and we have an agenda of continuity with new products, new online stores, improvement of B&M Retail. We know that the future is challenging, but our strategy are on very solid pillars. Thank you.
Thank you, Gustavo. We will open the Q&A session. We have a question from Julio to Silvio. Are we already feeling the impact of the decrease in dollar in the demand? Thank you.
No, we are not feeling this impact yet, for some reasons. If we analyze the supply chain of electronics, usually you have two months of inventory in any retailer and 30 days of inventory in the manufacturer. So this decrease in dollar takes two to three months to be reflected in the market. What I see is that the manufacturers also wait if this dollar decrease or increase is consistent or just a short-term movement.
If we continue with the dollar at the level we are now, in two or three months, we will have a more promotional market, which impacts the demand directly. If we keep the same level as today or even a higher decrease, I have no doubt that this will impact the demand.
Thank you, Silvio. There is a continuation of this question to Gustavo. He asked if the reduction of IPI will help Allied.
Well, IPI reduction help us because we and the entire supply chain can pass this in pricing. We are impacted by this, so this is beneficial. This foster the consumption, but the stronger impact is in the category of video games console. We also have IPI there, but certainly, this is more latent in the video games category. It is beneficial to us, giving more affordable prices, which impacts the consumer demand.
We have a question from Rodrigo, and we have another one. Silvio, this is for you. Congratulations for the results. How is the evolution of the distribution market for 2022? Do you have any economic factor or inflation on it? Another question about the supply scenario. Do we see any recovery, or we still have a bottleneck?
Thank you. First, with the distribution market. This market reflects the Brazilian market. Both in the mix of products or the brands we sell, we are always a reflection of the Brazilian market. Let's see the numbers of January that we have already, the GfK results. We have a decrease in major categories. In January, 3% in TV, 6% in smartphones.
The first quarter of last year was very strong, and we need to be careful when we compare to last year, because it will be difficult to show an increase in the electronics because this will go back to what it was before 2019. In January, we saw a decrease because we see the fear in the market with inflation and unemployment. But we believe that we have factors that will make this market grow during the year, and the most important one is the 5G. In all electronic market, the smartphones is the biggest. Any new technology creates a peak in demand, and 5G is a more disruptive technology than the others we had. According to data from Anatel, the categories launch the system, the operators are interested in creating a base of 5G smartphone users to use the service.
This can be a factor that will create demand to the market. The second factor that will also impact the distribution is that this is a year of World Cup, when the TV market usually increases. Two important factors that may take us to a good distribution year in 2022, in spite of the fear we have in the air. Now, concerning supply. The supply is much more regular. Almost all categories have the availability to meet the market. We see very careful these stops that happen in China. We don't have 100% of the manufacturing concentrated in China, but anyway, this downtime, they causes an impact after some time. In a TV, the screens come from ships, so we see this coming by sea. Today, we have a very stable situation for most of the products.
If these downtimes in China impact the market, we will feel this in two or three months, and maybe we'll have some limitation, but not today.
I will add with the follow-on from João from Bradesco about this. He asks, "If we go back to 2019, would it be volumes or real or face revenue?"
Let me put some bias here. Between 2019 and 2022, the prices increased significantly. Basically, electronics are backed on dollar. The products are manufactured here, but the components are components supplied by few places in the world. Dollar impacts the cost, the freight impacts. This inflation was already reflected. But a great part of the growth in 2021 was the average ticket. We should go back in quantity, but the value today, I think the average price will be 30% in relation to 2019.
The average ticket is 30%, and we will go back to the volume of 2019. Except for the 5G factor, the smartphones will be slightly below last year, but 5G will compensate. I would like to add, when João from Bradesco shows if you are going back to billings and revenue, I would like to clarify. In 2019, we went from BRL 4 billion, BRL 300 million. From BRL 2.8 billion to BRL 4.3 billion.
When we talk about 2019, it is not to go back to the level of sales, but pre-pandemic, we had a gross margin around 10%. In the last two years, around 11%, 12%. We will not decrease. The margin is converging. Just to make it clear, we expect to go back to the level. For Allied, these two years, we have several other things in distribution that will make us continue growing. The white line , connected home, new products. Distribution to Allied continues with this growth trend.
Now I will. Can I go to the next one? There is a question from Marcelo to Gustavo. If the company has net liabilities in dollar, and if so, what is the results of the first quarter of 2022?
More than 90% of what we buy is in real, but we have these components that are in USD. What we import that is directly exposed to exchange rate is part of our video games, accessories, and a very small part of smartphones, especially the first launch of Apple in Brazil that is imported. We do not have any debts linked to dollar. The question is how this impacts the results of the company. We have the exchange ahead, but this usually what happens, whether when the dollar goes up or down, this change in the level of exchange rates.
In the first 30, 45 days, you will have a fight in the market to repass the price or not or to advance this. This is very common in our industry. Usually what happens is the manufacturer somehow gives commercial incentives so we can find a price that is reasonable and surpass this price of the first batch due to the change in price. We do not expect anything from the usual. We will not have something relevant happening in this quarter. I think this is part of our lives here.
Gus, another question from Marcelo. He is asking concerning CapEx that decreased in 2021. What can we expect for 2022?
The CapEx decreased in 2021. Our CapEx has two big things, the opening and refurbish of stores and kiosks and IT developers, development of products and automation. I would say that we should expect a CapEx in the order of 2021, 2022. The face value much more in solutions of automation, development, and less in refurbishment and opening of stores.
Silvio, we have another question about mix of products. In spite of the growth in the linha branca, the objective is to have the smart and mobile line as the main source of revenue. Is that?
The distribution, as I mentioned, it reflects the market. If you look the smartphone market, it is a market of BRL 50 billion per year. If you look at other markets, television, BRL 20 billion, notebooks, BRL 11 billion. The smartphone is a very important market. But when we look the white line , it is highly segmented in big items, and the portable electronics is small equipment. This is a market with a less lower distribution participation.
Our participation in this market will be less relevant because of the market, but not an important driver of growth. If you sum the large items of the white line and the small devices, it's BRL 40 billion. We are the distributor of Midea in Brazil. We are part of the Whirlpool distribution. We are expanding and just the opposite. The participation in this segment will bring us growth in distribution.
Silvio. There is a question from João from Bradesco. He wants to comment the current scenario of the stores after the closing, and should we expect more closing of stores?
This closing of store was like a deprivation. We understood that with the decrease of people flow after the pandemics, they were more challenging. To keep our profitability, we decided to reduce. What you can expect is that we will continue with deprivation, but not necessarily decreasing the number of stores. We have today two stores in the Bahia Group, which is very well succeeded. In some, we will increase the number of stores, and those that we see that are suffering, we will close. I would say that today, we will look the state of all the stores, and if we see any difficulties that we see that the market will not react, we will study. I do not see any big changes.
Silvio, there is one more question about the digital retail decreasing at expressive rates. What is the plan for that?
The digital retail give us clear avenues. We have seven big marketplace platform, Magalu and several others. We have Alibaba now. Shopee maybe will be a great player. When we look at Mobcom, our online stores, and even the ones we manage, Apple, Google, we have our presence in two of these three marketplaces. We believe that we can have very good positions in all these marketplaces. We can have the same relevance we have in the two or three that are successful and the others.
If you look at the distribution, 50% of the sales are of smartphone and 50% of the other categories. Online, due to our growth, today, more than 8% of the sales in the smartphone segment. This shows that we have a long way in the other categories, but we did not have time to attack. The third factor, when we look at the Apple store, we still have many other platforms to grow. Bring new categories, be having relevance in all marketplace platforms, and increase the number of store in the marketplaces. We continue to work with Apple and Itaú in the iPhone pra Sempre program. We have good drivers for digital growth.
I think we have time for one more question. Gustavo, Marcelo asks us, in terms of payout, do you have any policy? What can we expected for 2022?
This is a recurrent question from investor. If you look, we have an explanatory notes in our statements. We have the general assembly at the end of April, and the board is proposing additional dividends distribution in the amount of BRL 53 million. We are discussing this. In the second semester of last year, the company paid the interests using its own capital.
I think that is it. I think we answered almost all the questions. If not, I will give the answer through the RI. I would like to thank your participation. This was very special year for us. From now on, with this retail negotiation, we will have a very important year in 2022. I thank you for your participation. Thank you. Silvio, would you like to give any final comments?
Well, I would like to reinforce our thanks for your dedication and interest. The company is always trying to communicate with the market, making clear our ways. Any questions that you have, please send us and we will promptly reply. Thank you very much.
Thank you. Have a nice day.