Americanas S.A. (BVMF:AMER3)

Investor Day 2020

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Dec 11, 2020

Good morning. Welcome to Investor Day 2020, Universa Americanas. I am Fabiano Picazir. I am the Investor Director at Universo Americana. And today, I have Roni Lapager, who is the Executive Director of Relation with Investors at B2 Tableau Digital. Good morning, Fabienne. Good morning, everyone. Thank you for being here in our event, even if virtually. It's a pleasure to have you here at Investor Day 2020. This year, due to all the circumstances, we prepared an event that is 100% digital but with such a special content with very special speeches that we'll share this morning. Fabian and I are here live. We are in a studio in our digital lab in Rio, and we'll spend this morning here with you. And so for that to be possible, we are taking all care and following all the protocols. Right, Fabian? Yes, Haouni. We reduced to the most the people necessary here. Everyone present in the studio was tested and is wearing mask, except for record the presentations that we represented this morning, and we'll be back live for the Q and A session. Right. For you to organize and make the most of the contest we have the content we have here, we will start with the agendas. So let's see. The first presentation, Jaury and I will update the status and the highlights of Investor Day 2019. Then we'll have Miguel Guche, CEO of Universa Americanas, talking about the strategic view of the company. Then we'll have Tomochio BaaS, the CEO of Americanas talking about the physical platform. Then we'll have Wellington Sosa that is the last head, and he'll talk about the fulfillment platform. Then we'll have Joao Nguerra, CTO of Americanas, talking about our data driven culture. Then we'll have the presence of Anna Saicari, CEO of IFO and Ermi, and she'll talk about our motor driven innovation. And then, Marcio Cruz and Jean Leste, CEO and CTO of B2W, will talk about our digital platform. After all presentations, we'll come back live and Fabian and I will have here on the stage the CEOs Miguel Gutierrez, Anna Saicali, Marcio Basto for the Q and A session. We'll count on your participation by sending your questions to the e mail that you can see in the screen. We'll repeat them during the presentation. So questions may be sent to the address id20universaamericanis.com.br. Now let's have our first presentation. Just to remind you, we'll have the evolution and the highlights of 20.99. The first highlight was the credit card AMI partnership with Banco DO Brasil. This is a digital first credit card completely linked to the app AMI, and you can have it in our stores or app. Another news that we had last event was the partnership between umi and Stone. During this year, we've had many other partnerships like with the Cielo and Getnet. This way, AMI is spreading its acceptance and is present in 2,800,000 places. Another highlight was Umipro that was launched. This is our retail system. It's available for merchants and this is the system we use in our stores. In its mobile version, we have more than 5 1,000 petvins working. It was very important during the May event this year because it allowed us to deal with the clients no matter where they were in the store. We also launched our opening schedule for 7 new centers of distributions, focusing on being closer to the client. Last year, we launched the new CDS, and we had 15 distribution centers. In 2019, we opened 2 new ones. And in 2020, we already opened 5 of them. So in 13 months, we account for all the openings that we should be until 2020. We'll give more details in the centers of Soles in his presentation. Another highlight was the another Internet procurement launch. The team was hired this year. The opening of the office will be next year due to the situation this year, but the operation is already very important to leverage the cross border and on brands operations. Another point we highlighted is the acquisition of PW and Curie. And we procure and we merged with them with a new model that is bikes delivery. Since the last of the last year and during this year, we had integration of the companies in our operations, and it has leveraged the different store and the categories of markets with Americanas Mercado. All in 2020, we had more than 1 1,000,000 deliveries by bike. Another highlight is the launch of Americanas Digital. We have about 100 meters squares focused on technology, assisted sales, helping people to buy through the Internet, and it has been proven a very important O2O hub this year. We also launched our goal of reaching 100,000,000 items available to our clients until 2022. During 2020, we had a big spread in new items. And this November, we overcame 80,000,000 offers. So we are quite well in positions to overcome our goal for 2 years. We also talked about this speed up growth of the physical platform, focusing on the database of clients and the frequency of relation with the clients. We'll talk more about it in to more to Baru's speech. He's the CEO of Americanas. Last but not least, we talked about the route of growth of B2W that was much higher than our expectations. It motivated us to rethink our plan of growth for the next 2 years, being even more ambitious. Marcio Prue, CEO of B2W, will talk about the new route of growth for the next 2 years when he presents B2W Digital in our platform. These were the main highlights of Investor Day 2019 and we lived that during this year. It's very important for you, let's remember to send your questions to the e mail that Rauli mentioned in the beginning and that you see in the screen. Now we invite Miguel Gutierrez, and then we come back for the Q and A session. Thank you very much. Bye bye. See you soon. Thank you, Fabienne. Thank you, Halmi. Good morning, everyone. Thank you for being here with us, and welcome to our Investor Day 2020. To me, it's an honor to be here with you. I'd like to start talking about what we are doing this year. In 2020, such a different and challenging year, we had to overcome and reinvent ourselves individually and collectively in such a way we had to be could be present here today. As presented last year, Universa Americanas comprises Americanas, B2W, Let, Army, IFE, Innovation and Future. Along with the sellers and merchants and suppliers, we try to have a bigger client base and increase the demand, all that to be even more relevant in the daily lives of our clients. In such a different year like this one, when Universa Americana is celebrating 20 years 21 years of social relevance, our priorities have changed. We had to start preserving the health of our team, our clients and help society to overcome such a difficult moment. When we talk about team, I would like to thank all the efforts of our team that could make our universal working during this period. This way, we could preserve almost 150,000 job positions. We applied all the safety protocols. We have 80% of our personnel in home office. We are taking all the security measures to ensure safe operations. Besides, we created a network of assistance and coverage for all the costs and prioritization. And we had more than 30,000 consultations and COVID tests and had more than 15,000 vaccinations. This way, we could make the company working, which helped us deal with millions of clients during the pandemic. We changed our work. We prioritized essential items. We kept our stores open whenever possible, having alcohol and masks. We had all the safety protocols followed in our operations. We created new models of delivery and disclosed all the guidance for prevention in the according to the WHO in such a way we could, in fact, have safety sales for our clients. At social level, we try to be actively participating in the efforts of society to overcome such a difficult moment. We created our institutes, Junt Sommei Solidarios, that made millions of donations. We went to China to collect our PPIs. We donated more than 300,000 masks and tons of alcohol and gel for families in the Amazon. We distributed more 1,000,000 bottles of water to many communities, donated more than 300 1,000 hygiene kits to the elderly in many places. We participated in the construction of campaign hospitals in Rio. And currently, we are participating in the adequacy of the vaccine All that comes along with our commitment with a sustainable growth based on the pillars of environment, social and governance. Since 2015, all our sustainability strategy is in line with the Agenda 2,030 of the U. N. Out of the 17 ODSs, we chose 5 as our priorities. We want quality education, gender equality, decent work and economic growth, reduction of inequalities and actions against climate change. So far, we have a lot of accomplishments to mention. On the environmental side, our operations is neutral carbon. 100% of our emissions are compensated by forest projects in the Amazon. We have the inventory of CO2 since 2010, and it's audited since 2016. Our bike fleet accounts with more than 1,000,000 deliveries. At social level, we have a partnership with the Amazonia Sustiantago Foundation to promote social inclusion in brand partnership and the marketplace in the Amazon. We promoted gender equality and our NIVEA has already 50% of leadership of female leaders. We have a strategical partnership with UNICEF, making available job positions for low income youngsters. We created a foster education foster programs that reached more than 4,000 teachers and thousands of students. In the governance level, we have a lot that has been done. Nowadays, we offer 100% to all stakeholders. This year, 47% of our members in the council are independent. We have 6 specialized committees that the but the audition committee is comprised 100 percent of independence. Our development agenda is based in ISS recommendations and BGC. Next steps, we want to look for certification. Our priorities for the upcoming years, the base of our efforts are promoting sustainable growth, having the best talents, improving innovation environment, intensifying data analytics use, increasing procurement frequency, making broader our supply chain platform, generating value and reinvesting in that. Given that all, I would like to introduce a video that tells a little of our background. Universe, it lives in constant expansion even in the most difficult times because the universe is adaptable. We are just like that. We adapted ourselves, ourselves and invented ourselves, and we went far beyond from that. It is not for any reason that we have a universe in our world and a universe of people surrounding us, 2 superheroes that dedicated their best to every need, to every delivery. Our heroes made us stronger than ever, making our mission the strongest as possible, bringing Brazilian people everything they need anytime, anywhere with all safety possible. In 2020, undoubtedly, what they mostly needed went far beyond products. They needed solidarity. They needed safety that they went to pick this up from the other side of the world. They needed care. They needed hope. Yes, indeed, great actions marked over here, but the small daily happiness weren't forgotten as well. We needed to facilitate Brazilian people's lives. Hence, we look for solutions in order to save time and money overcoming all expectations. And we are not stopping there because this was only 2020 and we have many years ahead of us in order to keep writing the story of this country. Believe us, we've been doing that for over 90 years with the same spirit to overcome and deliver it from 1929. So let that come 2021, we'll keep on expanding also because the universe is constantly expanding. And when it grows, we grow as well, hence, opening a universe of new opportunities. As you know, our Investor Day from last year, we introduced a few goals for the upcoming 3 years. Now I would like to mention a little on our evolution steps and our metrics over this year. The expansion of Universal Americanas keeps going on. We've reached 4,400,000,000 annual visits. We already have more than 2,000 suppliers. We have 1713 physical stores distributed in over more than 4 cities. We can respond to more than 100% of postal codes, and we are answering 77% of the PIB. Nowadays, it's accepted in over 2,800,000 stores. We also have 87,700 sellers. That means our universe keeps expanding despite this so different year. When I see our basis of active clients, last year, we established a dream of reaching 2022 with over 46,000,000 customers. This year, we've reached that goal. We have evolved 8,000,000 active customers in relation to past year. When we see our frequency, we evolve that and 18% benchmark, which was 8.6 contacts per year, is already 10.1. So we are following a good path in order to reach the 2 time goal. When we see our bigger figures taking November that year, our total GMV has reached 39,000,000,000. Our online GMV has reached EUR 25,000,000,000. We've reached 336,000,000 transactions, and we've offered our universe 81,800,000 items this year. So we are over our planning from what we presented last year. Now I would like to update our action strategy regarding values. Last year, we introduced our strategy comprising 3 Grapefronze, H1, H2 and H3. In this idea organization of ideas, H1 followed cash flow, cash generation. It would be our physical platform. H2 would provide an exceptional growth by means of digital words. That would be, in this case, B2W. H3, we would develop new initiatives. And eventually, that would be conducted by IFRS. We believe that this approach will allow us to tackle different initiatives simultaneously. But we've done more. And this year, we gave one step ahead in order to organize ourselves differently to make that model work with more accelerated. In 2018, we created If that started that went to become the leadership of our matrix. We invited Anna Seikolik, President from B2W to be head of that. And we can see the results in Amit's case. Back then, in H2, Marcel Cruz took over the CEO position of our digital platform. This year, we gave one more step, creating Universo Americanas, and we created a specific structure for that. Nowadays, I'm busy with Universo Americanas. At the level of the physical platform, TIMOTIO BARROS, who was CEO from Letz, became Americanas' CEO. With the exit from TIMOTIO, we invited Wellington Sosa to take over LETS. Then we created a framework comprising people and customers that will comprise the universe as a whole. The leadership is in charge of Joao Guerra. All this personnel will be with us over our presentation, and they will be able to share some of their excitement on what we've been doing. Another very important step we've given was improving our capital structure. We've made a combination, a strategic one with equity and that We made a follow on of EUR 7,900,000,000 in Americana store and we increased our capital in the order of EUR 4,000,000,000 at B2W. We reduced our debt. In terms of debt, we entered the international debt market with 2 10 year gain of $500,000,000 Total, we've kept more than $4,000,000 that will be used to increase our growth pace. With that, we will be able to invest our cash flow in our operations, being more ambitious with our purchase algorithm. We've created that. We've created our algorithm, purchase algorithm. We believe in creating long term added value. And to do that, we believe we need to win our financial discipline. In order to guarantee that, we made our big bang growth model that basically will have the biggest goal of identifying and prioritizing possible growth routes to our universe. With that, we established priorities, create a funnel of strategic opportunities for sectors and companies. Once that is done, we proceed to a qualitative and quantitative analysis, several opportunities so as analyzing whatever is necessary. After that, we do an execution on creating value. We are excited about these dynamics. And as of now, we've met 54 opportunities in 9 priority segments. In order to give you an idea what we've been doing, for example, inside our accesses, H1, H2, H3, identify, for example, that our specialized logistics could contribute to our H1 and our cost to address store could contribute in a special way to the growth of our universe and so on. Well, to wrap this up, I would like to say Universoamericanas is unique, flexible. It has outgrew what was established for 2020, inventing changes that will provide for us superior growth to what was previously predicted for the years. I would like to thank the participation from everyone. And I would like to invite now Timo, who will move on with our presentation. Thank you so much. Thank you, Miguel. Good morning, everyone. Welcome to our Investor Day 2020. This year has been a lot has been bringing a lot for us to learn. We've accelerated our initiatives. We've been doing many different things. We've been delivering consistent results. And above all, our team have been giving a great show. We've made some material to share with you all on what we've been doing in our physical platform. The physical platform is a very important leverage to Americana's universe in order we can get more and more relevant in our daily customers' We want to save time and money overcoming expectations. What means being swift, selling at a fair price, operating at the highest level of services. Over the years, our physical platform had been constantly reinvented in order to answer consumption needs in the several journey sales journeys of our customers. Within the last 20 years, we've created several stores. We've been investing intensely in purposeful technology and distribution in order to offer to our customers everything all the time anywhere. Our business model is unique and it has a few differentials, unique popularity, great client basis, elevated purchase frequency, broad assortment, strong presence in events and multiple formats. When we see the evolution of our physical presence over the years, we left from 90 stores to more than 1700 stores. From more than 30 stores to more than 700 stores over all states and federal districts, it's a 77% coverage of our population. Such a capillarity is unique, and it leaves us closer from all our customers. During an x-ray of our sources profile, we have very interesting information. Capitals and salsa and the outdoors areas. When we see the demographic density, 27% from our stores are in cities with less than 100,000 inhabitants. So such a combination is very powerful outside the big centers, outside the big capitals and smaller cities. Our client base is also a great differential. We have 30,000,000 active clients. Our audience is basically female. And when we look at the age and the age groups, the profile, our audience is younger. Talking about the youngsters, recently, last July this year, Beowulf, that is a platform to measure the preferences of the youngsters from 16 to 24 years in Brazil, they launched a ranking of preferences of national and international brands. And we were in 4th place. This is a very important indicator because we are attending all kinds of audiences in terms of age. Our business is a high frequency business. So when we look at the flow of visits to our stores, we are talking about more than 1,000,000,000 visits a year at our stores. It's more 280,000,000 transactions a year. And as a result, we have more than 11 times a year of a person visiting stores. So this is a grand unit of the business model. We have a big assorting at our stores. You can buy chocolate or full screen TV. We sell more than 45 categories, including food, health, beauty, personal hygiene, electronics, toys and so on. And when a client enters the store, they know they will find what they need. We also have a huge presence in events. So when we look at our calendar, we are talking about more than 40 events Valentine's Day, Christmas with a big flow of visits to the stores, but we also develop our own events like beauty special, chocolate show, Crazy for Cookies and Kids special. So when we look our multiple formats of stores, they are quite flexible. We have 5 models: traditional, express, convenience, Amigo and digital. They are stores that can vary from 50 to more than 1,000 meters of squares, which generates a lot of flexibilities for us to be in different cities with a different sizes or like being on the streets or in a shop and so on. All that is only possible due to our team. This is a make happen team. We deliver results. We are more than 24,000 employees. We are a young team. 84% is less than 30 years old. 100 percent of the managers are trained internally. It's part of our culture. This is a big differential to us. And 60% of our leadership is female. So here, I would like to thank especially our to our team, who worked and is working nonstop to make all the operations happenings to comply with the consumption demands of our clients. Talking about purchase shopping experience, we have a lot of initiatives to share with you. The first one is payment via Ami in our stores. Today, Ami is accepted in 100% of stores. Paying with Ami by Transformacionau is much more than paying through an app. This is a powerful tool. There is no contact. It's very safe and very fast to the client. When we compare credit card or debit cards and AMI, AMI is 3 times faster. We have many functionalities in the app. And I would like to have the possibility of having cash in in the BTV of all our stores. When we look at the transactions this year, the volume was 2.7 times higher than last year. And the frequency of shoppings of an AMI client is 3.1 times higher than a client that doesn't use AMI. So this is a very important model to increase our frequency of purchase. Another initiative to emphasize is MiProd. This is our mobile PDV. It's in 100% of stores. It gives a lot of agility and speed to the experience. The client can enter the store and pay at any site of the store. So it's much more convenient and much more for the client. We have 5,000 mobile PGVs implemented. So this 33% in the PDV base of all our operations. Another highlight is Omnipro, our proprietary PDV technology. It is 25% faster than the previous solution. It works continuously. It's a cloud solution, means it can operate 20 fourseven. So it doesn't depend on fiscal negotiation. The backstage operation is much better. It was important for our network in the Black Friday, Playa because we left most of our open 24 hours to make operations more fluid. Assisted sales is also another initiative. We had more than 800 stores and great part of the clients demand information and wants personalized treatment and consultancy. It is a place where we can concentrate all services, all the sales. It's a huge success. We are quite happy with the results. And our goal is in a short time to reach and take the services to all the company stores. WhatsApp, we launched in March, April this year this new purchase sales channel that is implemented in all our stores, it's an assisted sale with direct contact between the client and the employee, many times, the company is so personalized that the client demands the associate dealing with the WhatsApp to make the delivery. And it's very nice for us because all the deliveries are carried out in about 1 hour leaving from our stores. Digital manager is managing 100% of our stores. It is a way of knowing the neighborhood and adjust assortment and increases the engagement of the community to the store. It allows differentiated promotions and sales. So now having national big campaigns, we have differentiated campaigns 1 by 1, store by store. Amigo? Amigo, besides being a model of store, it's a big lab for us to test, imagine new ways of operating. It's order in which there is no cashier, no lines, so you take the product and you go in a fluid way. We have 3 stores operating and this is a big learning now for us. In a similar way, we are also testing this Canon Go. It is installed in Ami app. It also allows us to operate with no lies, no cashier. The client just enters the store, chooses the product, scans it, pays through the app and leaves. So it's very fluid, very fast, generating basically no act rate during the process the sales process. And we also have the self checkout that is the one with 20% less timing lines. It's implemented in 3 stages in some stores. And in the stores, it is implemented 90% of the transactions go through the self checkout. When we look at all the initiatives that we presented and another set that we have been developing, it takes us to the new ways of interaction with the store, more speed in the dealing with the client and more mobility of operation. This is a way of making it revolutionary for the client and improving their experience. Now talking about the combination of both worlds, the physical and the digital platforms. When we said the physical platform, we have a set of characteristics and the same is worth for the digital platform. When we combine both characteristics and attributes, we can offer a set of services and solutions that is quite powerful. So for example, the O2O solutions came from this combination of physical and digital. It is also possible because we are part of the universe. So I would like to give some examples to show this O2 experience and how one channel potentializes the other. For example, the client goes to 1 of the store in search of fish. In the kiosk of our store, we can offer this kind of product to the client. So in this way, we can offer the physical throwing, the flow of visits of clients to the digital world. On the other way, we have the client collect. The client enters the website, chooses a project and chooses a store for the delivery. Then he goes to the store, take the product. And according to our research, 54% of those collect product in the store that buying another kind of product. So this is the understanding, the point of view of the digital potentializing the physical platform. And again, this combination of both worlds is quite powerful and ends up speeding up both businesses, the physical and the digital platforms. Another example potentialization of improvement is that all our stores online, All the sorting of all the stores are available 20 4%. It means that the store is open all the time. So if the home and then they choose a store and generally, we all have our preference in terms of stores. So you enter a preference store and you can navigate anytime, any day you can check all assortment and in the end with Ami. And when you finish the process, you define if you want to take the product in the store or if you want to receive the product delivered in your home. Talking about the service is available at all our stores in 705 cities. Another novelty is store mode. This is a virtual assistance to give more fluidity to the client in our stores. How does it work? The client with American apps, with a geo localization, the system knows that you are close or within one of our stores. So they open it opens the app in the store mode, offering a lot of functionalities so that you can shop better, so you can navigate the promotions and all the products and scan the price. Now we have you to show the combination of both worlds, the physical and the digital, and how businesses can be improved. Don't forget to buy the diapers, please. Okay. I'll go to American as it gets fast. More than 22,000 deliveries working in more than 750 cities. Purchase experience that we just saw is transformational and shows the combination of the physical and digital channels. This what we saw happens many times at all stores every day. Just to remember, our vision of future is to be more relevant in the daily lives of our clients. This way improving our physical presence and our popularity to be even closer to our clients is part of the strategy. And this is how we'll keep up opening stores. We mapped 2 1090 potential cities that could have at least one store. 7 50 cities, we are still there. And 1336 would be able to receive at least one store. When we run the growth algorithm, we'll see more than 2,000 additional stores that can be opened over the years. But the growth algorithm is not summarized in only expanding the areas of sales. We won't expand that with only opening stores. We have other leverages like, for example, knowing better the market where we are, increase the options of in the regions and our own markets, intensify the use of analytics, spread the initiatives O2O, improve, I mean, not only as for payment but also as a powerful royalty tool and use the workforce the local workforce in the regions where we are. This way, we reached to the end of our presentation. Once again, I thank you all for your presence. And I invite Wellington now for Let's Finnish platform. I am responsible for LATs. LATs, our logistics and distribution platform. When we see the story the history of our company, we see that logistics was has been our scope. We created labs in 2018 with the goal of providing giving support to all our initiatives in Americanas' universe, both in the physical as in the digital world. So when we understand and put our customer in the center of that very strategy, We have a lot of innovation and a lot of people, which is our competitive differential. We see how easy and simple it is to understand that we want to deliver as fast as possible. And in order to do that, we need to be closer from our clients. So we define 6 strategic pillars. First of them is expansion of our supply chain platform. We've opened 5 distribution centers over 2020. We are closing our year with 22 distribution centers spread all over our national territory. We've opened DCs in Portalesa, Salvador, Ananda Indoa, Brasilia and Victoria. Well, figures are huge and make us very and what makes us very proud is that we are delivering within 24 hours in over 700 cities all over Brazil. We are talking about over 700 cities having a delivery system within 24 hours. Now regarding our the acceleration of our automation plan, we started 2019 with 12 with 2 sorters. We've opened 7 sorters over 2020, and they were key to overcome this year. And we have a great goal, reaching 2022 with 17 sorters. These are good screening devices. We want to reach 2022 with 17 sorters, doing 19% of these deliveries by solders. As I said, solders is a screening device. It increases our screening capability and our shipping capabilities. We have a greater gain at about more than 50%. Now talking about strengthening our distribution fabric, we are talking about more than 700 stores, distribution centers. We are talking about 200 hubs. We are talking about national capillarity. What would help us and also our partners and sellers with faster deliveries, we are talking about smaller costs, an increase on the frequency of delivery and greater availability of vehicles in our national territory. Now comparing the two models, a conventional model and a better model, we can see clearly the biggest advantage of the embedded model because you have a van, a truck, any type of model leaving a distribution center from Los Azamericanas and you have another one leaving B2W. And when you have an embedded model, you have the same truck with goods from Los Osos Americanas and B2W bringing to our led basis. And from there, we distribute quickly to our customers so as to our stores, gaining a scale that is better than the previous model. Sustainability has been always important, very important for us. Perhaps one of the topics that is mostly innovative, we're all the time thinking in alternative ways of delivery. This year, we made 1,800,000 bike deliveries. We will no longer have 85 this year, we saved 85 tons in CO2 emissions, and that's just the beginning on alternative delivery models. Regarding that, we also have our container basis. And basically, they have the same role. You have a reference point between model and it takes the good and quickly this distribution is made in an average array. So we can have either a fixed basis or something mobile using from our capillarity, store parking lots, also click and collect places what would give gain and momentum in our scale. Now talking about fulfillment centers, this topic for us is something very important. We have a robust platform basis. B2W fulfillment guarantees a quicker delivery, guaranteeing that we will have an intelligence and assortment. We'll have an optimal stock management, guaranteeing flow, greater exposition of products in order to reach a greater customer experience, in order to big more sales with our sellers, the biggest advantage that we overcome is totally scalable. We can have scalability, which is greater than what we have normally. Well, regarding what's good to our services, both good to our customers. So everything we make on having an exclusive seal, all the intelligence of assortment, having better service, again, we are talking about having the fastest delivery in Brazil, everything to help our sellers to sell more. Now regarding delivery time, when you have a seller in 3P and you compare delivery time with our 1P and we bring our sellers inside B2W fulfillment, we are talking about delivering 3P at the same speed of 1P. So we are talking about delivering 50 5% plus faster. Our delivery will be 55% faster when our seller is within our B2W fulfillment platform. Now talking about expanding deliveries in up to 3 hours, we've started in January with our ship from store. It was somewhat shy. We've scaled exponentially inside this model over the year. And in November, we've reached 147,000 deliveries within 3 hours, and we are only able to do that because we have our own crowd shipping platform. We are talking about 22,000 couriers delivering over 700 cities and 79% from our deliveries are done using our Ami flash. Well, talking about pickup points and lockers, this information is fantastic. We started in 2018 with 1,001 click and collect points. In 2019, we had 8,347 click and collect points and we've closed 2020 with over 10,000 850 click and collect points in all our national territory. We are talking about stores, partners and metro stations. So we are talking about many click and collection points, a lot of capillarity. Well, again, talking about lockers, we started in January with 3 lockers. We are wrapping up December with 81 lockers, and that's an equipment which is fully stand alone, a lot more convenient, providing a lot of convenience to our clients. And we believe that's the technology that will be expanded by us to use our capability in order to offer an optimal service in many other places all over Brazil. And now to wrap this up, we are very proud. We've done in November 47% of our deliveries within 24 hours. We've done 73% of deliveries up to within 48 hours, what makes us the fastest delivery in Brazil. I would like to invite you to watch video together with us just to see our operation. Everything we've mentioned here, how it is packed, all this robust logistics and distribution platform live, just so we see how things are done. Pia Maria del Solis. I would like to thank you all and invite you to our Christmas, which is the biggest Christmas in Brazil. I would like to call Vongueja, who will be talking about culture, data driven culture. Thank you. Hello. It's a pleasure to be here with you again to talk about something that we love that is the data driven culture. We've been dealing with that for a long time in the company. I'll now talk a little bit about it. Basically, this is based in 3 pillars: people, processes and technologies. People with a digital mindset and passion for data, technologies to store, process and illustrate in a fast way the big amount of data and processes that we can change everything making everything faster and more profitable. People is something so nice to talk about that we have a video to show you. Today, Universa Americanas comprises more than 30 7,000 people and more than 1500 data specialists working daily focusing on development and use of this culture. Within this team, more than 190 engineers and data scientists are responsible for challenging the universe to work in the fields of big data, analytics and artificial intelligence. And look at the profile of the data specialists in Americana's universe, 78% has STEM training focusing on science, technology, engineering and mathematics. 77% has less than 4 years in the company and 80% are up to 35 years of age. This is the evolution of a team made of the best talents with digital initiatives and strong presence in professional networks like LinkedIn, where we have more than 1,000,000 followers. Besides, we have a lot of events like the more than 100 and 60 lives and webinars, more than 60 meetups and more than 20 technical mentorships to identify differentiated profiles to our data specialist team. We want more of this talent center in the company and we have more than 100,000 new enrollments for the opportunities and jobs in the universe. And we can emphasize initiatives like admissions and onboarding 100% digital, hiring for a day and summer jobs in international universities, training gamified training processes, and we have more. Besides this highly qualified team, we have more than 210,000 hours of training and partnership with centers of training and knowledge like Harvard, Copel, Escheraj Jorge and our digital lab. This is our initiative along with Puque Well, you could see that we have a lot of trained people in the network. Now the 2nd pillar, technology, it has to be very new, modern to deal with that. So we thought about our current basis. We have more than 12,800,000 machines, 82,000,000 SKUs and 46,000,000 active clients. This combination generates huge databases, but it's not only we have more than 4.4 1,000,000,000 visits and 3,400,000,000 searches, giving us more than 336,000,000 transactions, more than 3 terabytes. So for us to deal with all that, we need to create a technological architecture to address 2 variables: complexity, very large data and fast data. We needed huge processing, and we need to give data in real time to all the users. Today, we're multi cloud, so we work with the main providers of the market. We have an architecture of an API that is free. We can connect to all of the systems, existing systems. We are multi frameworks with all the programming languages on the market to change digitally our processes. We like roboting a lot. So more than 350 processes today use robots and mainly use artificial intelligence. We have more than 1,000,000 code lines using machine learning, computer vision and many other technologies. Good people with good equipment brings processes who need to be changed. And what did we do? The first example was the commercial area. The people are clicking all day long searching for information. So it's stores multiplied by products multiplied by variables. So it is a lot waste of time to search for information. So what did we do? We developed a search tool that is fast and information is there promptly using machine learning, LP and optimized consultations. So the reports are now more than 15,000 consultations a day, and they are now at this time, it decreased 90%. Another process. Imagine our clients trying to search for items on the website. First thing they do is to simulate freight. It is more than EUR 70,000,000 and we know this is decisive for them to buy. And how do we calculate that? There is no doubt we use a lot of mathematical models and optimization and machine learning. With that, we want the client to have the lower cost and the better restability to the business profitability. You can see in the map how was our conversion before and now. In the darker areas, we are selling more with new calculations automated. Ami Digital is revolutionizing the way we use money and now money becomes digital. So we are much more concerned about frauds. We have more than 4,300,000 transactions per month. So what do we do to understand if all of them are correct? We started with a separate algorithm, seeing more than 200 variables and that can see if the transactions are okay or not. We could have less than EUR 20,000,000 in losses and in prevention. We could increase our rate of approval and reduce the expenses. Now imagine how we can use data to leverage the sales. We have 6 brands, 14 channels, 20 moments, more than 1600 possible mechanics to promote something. We then created decision algorithms to say what is the best channel. So here, we see some promotion that was quite well done. We had 2 items in the physical stores. In the physical stores, we showed chocolate that went to the APP and the client could get on the stores or receive at home. It was a huge success. And in one day, we sold more than BRL 100,000,000 of these items, and we could reach 400 requests per minute, which is wonderful. And as the last example, imagine the problem that we had 5 years ago, how to populate our stores with the best managers in cities where we didn't even have stores. So this was our expansion plan. So we thought, well, we need to use something more mathematical. So we used people analytics algorithm to fulfill and to select and train the people. So we took the main attributes of a manager, how they were producing results over the year and created a mathematical model with the help of Harvard and the scientists data scientists of West Point and in the lab of PUC. The process was so good that we called them people machine, and it became a case in Harvard. It's being studied now. If you want, you can just go there and check. Well, it was a pleasure to be here with you today. And now I will invite Anna, who will talk about AMI. Thank you, Joao. Good morning, everyone. It's a pleasure to be here with you again. Today, I'll talk about AMI. I'll tell you where we are going to. But before, I'll show a video to show who is Ame. Stop and think. 3 years ago, would you leave home without a wallet? What if someone said you could pay just showing your mobile to a QR code? Stop and think. What if someone requested back then to invest in an idea like this? Did you think of it? Well, probably you think, but it depends on us. You think ahead. We created if innovation and future. This is to take us to a new horizon for us to be always visionary and change our points of view, our values and beliefs and ideas never seen before. Innovatives with AMI, a revolution to the daily lives of people. If we stop and think cash back, long distance payment, everything in a single app, What is normal today was a pioneer for Ami 2 years ago. And look what happened. Ami redefined our whole category, become a huge success, referencing the whole country with more than 15,000,000 downloads. Ami is now over 1,000,000,000 transactions in a month. This is the best way to pay in the best retail platform of the country. And then in the more than 1700 stores all over the country, we didn't stop. We were even more innovative and even nonstop in search for partners. And how many partnerships could come from that. We changed the way of purchasing in many stores, bars, online stores, kiosks or even street sales. The sky is not the limit. It gave access to everyone, every social classes, all kinds of businesses, new opportunities to those who buy and sell. Only in Black Friday last year do you remember paying with Ami would be a reality. In 2020, Ami umi bumped even more. Credit card is now in the past. Umi is 3 times faster. From a digital wallet, it became a super app. It became everything. And what does it mean exactly? Stop and think how much you can do with OMI today, pay bills, fuel the car, recharge the mobile, make a loan, purchase, call the plumber, even a medical appointment online or physical. Well, is that. And it is for us to work with the PIKs, with the instant transfer using QR code with the technology for payment since the beginning. You can do everything even do good things, right? If we stop at a moment, it was for that to think about our partners. Let's continue with the donations because this is only inclusive, innovative. Where are we going to? Well, you tell us. Come with us to think about the next normal that will be even more innovative. And Ami will keep up surprising. And where are we going to? Ami has started as a digital payment and more intelligent way of dealing that using cash back and suddenly became a super app. It started with some competitive differentials that were very important, credibility of the best brands in Brazil, largest Americanas, B2W, with more than 46,000,000 active clients from a total base of 80,000,000 clients. It benefits from the traffic of 4,400,000,000 visits a year to the stores and websites. A lot of technology, proprietary technology and open APIs and mini app platforms and the digital team that is highly qualified and with a history of success. Today, we are more than 700 members. We work with a fast method with more than 30 squads. We are referencing meetups that are technology and data meetings with a lot of exchange of knowledge and networking. And this team meets absolutely every year, once a year in the EME talks to talk about different subjects. This is a very important engaging event. Besides this very special team, started with the user cases relevant to the people's daily lives that is to buy at the best brands on the Internet and in the more than 1,700 Americana's stores all over the country. Just briefly, the Ami family has grown and became a complete ecosystem. Besides the super app, we also have Ami Plus that is the super app for those wondering to sell. Ami Pro, this is the operational retail system to manage your business. This is an RP also allowing the store owners to upload their products in marketplaces. We have these autonomous stores that are a big goal with a lot of technology like machine learning, computer vision, artificial intelligence for you to be a MIGO, you accredit with an app. Then we have MISCAN and Go, a technology for self shopping. This is a solution where you scan the barcode on the American Stores. And automatically, everything is paid by Ami and Ami Flash that is our crowd shipping platform for deliveries in up to 60 minutes. Besides that, Ami started speaks native. The first two functionalities of Ami were payments and instant transfers with the technology of QR code. And we understood that Ami will have even more traction with the open banking, allowing payment at AMI itself with 3rd party financial institutions. So I have a bill to pay and I will pay with on the app with the money that I have in another bank. We also understand that it will bring much more opportunities to speed up the road map of Ami. Besides that, I think it's important to show that in numbers, the TPV of AMI over the next 2 years has grown 11 times and generated a lot of sales for offers and honors. And we showed a year last year that every BRL 10 in cash back given to the client, the next I mean, the next client shopping would be 6 times this cash back. Today, every BRL 10 is given in cash back to the client brings back additional of 11,000 more. So, it generates additional sales. And I can say that besides generating additional sales, it brings clients to the universe. 60% of the new of us clients started by the owners, and this is a growing economy. The office has an important role to AMIB. It is getting traction because it is accelerating a lot. The frequency of AMI increased 3 times from 2018 to now. And this year, 2020, 60 7 76% of the used frequency comes from offers. This is important to remember that offers operations in U. S. Is less than a year. Another important point that I think is new and we are proud of is that we increased the sales in AMID this November in three times, we made EUR 2,700,000,000 this November. We have to remember that November is black, so everyone is selling and we could make the TPV 3 times higher. And by the way, talking about the holiday, is it still very relevant? We put some facts left over. So the core item like they for 1 out of 5 notebooks sold on the Internet, one was paid with AMI. The same one out of 5 smartphones and 1 out of 4 cell phones. And we are talking about products with high added value, but Ami also sells a lot of iPhones. But it's very democratic. It's present all over the country and we don't live only of selling iPhones. We sell tickets cheaper than e commerce. So we can be in shopping Guatamee, in a very high class shopping mall in Sao Paulo with 50% of share in the store. But we also have 72% share in Queimada, it's a very poor city in Paraiba. And all that because it attracts to its base millions of partners in many different segments like supermarkets, pet shops, fast food restaurants, drug stores, clothes stores, jewelries, both physical and online. And we cannot forget our partners. The street sellers, we had a participation in AMI during this carnival, which was incredible what they did. But Ami, the offers is very important for Ami, but Ami is very important to offer to the store seller. And we saw that in the Black Friday, in the physical and in the digital, all partners use it only as a way of payment and a way of selling more. All that is part of a strategy that is very simple. Apparently, it is very simple, but in fact, it's not that simple to make it happen. But it makes a whole sense to us because what does Ami wants to be more and more relevant in the daily lives of the clients, increasing the frequency of use both in owners, in our brands because this is a big royalty program and also in offers. So Chusamanca as long as me facilitate the main journeys of clients, we are bringing more clients using AMI. More clients using AMI, we bring more frequency. More frequency brings more relevance. More relevance brings more journeys of clients to participate. So this is how we understand we need to keep up. We want to be relevant in our clients' daily lives and be able to offer them everything they need. In a vision of future where we are going to, let's remember that we started as a means of payment. This means of payment was very powerful with a loyalty program in owners and also to offers. And at the same time, we started with expertise with our team and the knowledge and we then offer and create a marketplace of products and services, financials and non financial services, everything thinking about treating well our clients. And with a big vocation for banking, let's remember that our market place of products and financial services is completely asset light. But we have a vocation for banking because we are offering a series of financial products and services. Recently, I mean, this week not recently, this week in fact, the beginning of this week, we acquired Biqt Capital that is a core banking platform based in blockchain, that is bringing bit care with a team that is completely differentiated, very special with a lot of domain and knowledge in PIC, SoftBank, Compliance and all regulatory aspects. They work with open APIs. We understand this association will speed up a lot the business plan of Omni and Connect Omni to the financial system. When we look at the market addressed the addressed market, the potential market of AMI, we are talking about EUR 1,300,000,000,000. So this is on itself a huge potential. And little by little, we see this potential becoming a reality. So yes, we have great opportunities in owners and huge opportunities in offers. We are wondering for more. We understand this is just the beginning and there is more to come. So that's what I had to tell you. I would like to thank a lot. And now I will call Marcio and Jean, who will talk about B2W. Good morning, everybody. It's a pleasure being here with you. Welcome once more for Investor Day. Today, I'm talking about our growth strategy for the upcoming years. We split the agenda in 3 blocks. The first, we'll talk about our platform on how scalable it is to grow even more. The 2nd block strategy, how will we be addressing your growth for the upcoming years? And on the 3rd block, I'll be showing a little on how we'll be doing that, and our focus will be on the growth algorithm. But before starting, I would like show you a video that shows what happened over 2020. A year that can be counted in different ways, the year of everything all the time anywhere. It started promising, and we entered a new category with the purchase of supermarkets now reinforcing our position as top of minds on e commerce by entering BBB 20, the biggest in all times. But all of a sudden, a quarantine left 1,000,000 people at home and customer behavior changed. Thank goodness, we were born 100% digital, 100% adaptable. We've made our assortment broader with supermarket products. We started Americana Supermarket, and we started delivering essential products on the same day within 3 hours in all Brazilian states and to millions of salespeople, we brought a solution. And taking on the base of innovations, we accelerate in another direction, entertainment. We had 12 megawatts with incredible artists, Sergio Angelou, Juan Santana, Claudia Leite. Just Marila Mendon Salon alone had more than 16,000,000 views. We had more than 85,000,000 views and innovations are only that. We've mixed entertainment with sales, bringing the live commerce phenomena to Brazil, a platinum success pathway, but it was unseen. And bringing people that are referenced, our sellers in the marketplace, and we have more. We have more than 60 new customers. We've grown in 2020, equivalent to the 5 last years. And we have the app Americanas, the most downloaded in the category purchases, and we have also optimized our capital structure. We have 6,700,000,000 captions. Indeed, we are very proud of our figures in 2020, and we are ready for the next years. It is time to speed up and fly higher. Well, I'll talk about the evolution of our business model. B2W is the digital platform from Universo Americanas, and it has a prominent role within our universe with the goal of connecting people, products and services, connecting our sellers and partners with all the 21,000,000 active customers we have. When we see the background of our evolution from the very creation of Americanas in 1999 from the 1st year when it was able to earn BRL 25,000,000 until September this year, total payment volume, which was 1,000 times Americana's 1st year figure. And over that time, we passed through cycles of growth investments. Mostly comprising 2013 to 2015, we've made several purchases, 10 purchases of technology companies, 3 logistic purchases, a very successful history of purchases and integration. Last year, we've purchased Pedali Cuhi, making even bigger logistics and distribution capability. And last year, we have Super Mercados now. At the beginning of this year, we bought that. The evolution of our business model from 2017 until 2019 was very important. We became a platform. Before that, we were focusing on 1P sales and then to a hybrid platform, which has 1P, 3P and services combining the best of both worlds. With that, we started focusing in mobile because customer behavior evolved within time, and we are no longer intensive capital flow business generating a strong growth. And over time, we've invested a lot in technology and mainly analytics in our evolution steps. And with that, we reached the platform we have nowadays. So November figures, we have more than 87,000,000 sellers connected, offering more than 82,000,000 products to our more than 21 active customers. I mean, those who have bought things for the 12 years, we have a traffic of EUR 3,400,000,000. The more we round and round the circle this platform evolves based in 6 business fronts. 1st, e commerce with 1P, 3P, O2O with our main brands, Subi Maria in Americanas, Spermeja Donal. We also have an equipment front. We have huge expertise over TV and we've launched that in Americanes. We also have another technology services that we offer to all partners, logistics service with Let's. Another important front on financial services with our Fintech, Ami, and its proprietary cards and also have V2W as which is an important way to monetize all this traffic that we generate in our platform. Now to talk about the platform and our scalability, our capacity to grow, we need to talk about 3 pillars: people, technology and logistics. So starting from Oriti, which is a very balanced team between men and women, mostly in technology, looking to our we have a leadership that has experience. It has many years in our company, but they are quite young. And an important that is that 45% of our this leadership came from purchases we've done and also from some key positions within the market. This year, we had an important event. We've got the CEO a great place to work, and that's shown by the result of our teamwork and also innovation. For example, Supermer Herrados now has won the L Awards in selection process what's very important when we are talking about bringing new stuff to our platform. We've been very attentive and present in universities, holding partnerships with the biggest and most important teaching institutions. Now I would like to invite Jean, which is our CTO, to talk about our technology team and he will be also talking on technology applied logistics. So Jean, welcome. Good morning, everybody. Thank you, Marcio. Once more, welcome you all to our Investor Day. It's a pleasure being here again with you. As Marcio mentioned, our technology team from B2W with the most numerous team in B2W and keeps increasingly growing, hiring people from all over Brazil. 1 of our main skills nowadays and regarding our expansion B2W are skills, machine learning, data. And for that, we created a program, which is called Data Academy, talking about leadership. It is working directly with me. We have a very senior leadership, which sees most of our purchases in technology for the past few years. To exemplify how technology is inserted in B2W business, we brought some important an important case, which is Squared from Americana's Mercado, which we assembled this year right after purchasing Super Emicados. Now one of the first things we wanted to do was using the whole strength from Americana's brand to leverage our market. And for that, we created a squad with technology, market and logistics from several areas of the company from LATs, Super Mercado Now, B2W that created a standalone squad. With that, we were able to create Americanas Mercado, which will be mentioned. And we were able to grow 8x more if compared to last year's figures. Another important pillar to our growth is technology. We've chosen 2 examples here to show how our platform is rather elastic nowadays, capable of support B2W's growth. As last year, we've mentioned elasticity in the volume of requests of order that we need to put forth on Black Friday. So we brought 2 examples, which are basically the capability of processing orders in our platform, which is BPM requests per minute and the capability of data processing. So over this year, we had many peaks and valleys. Our platform must withstand all peaks. The biggest differential is that with all lives and 24 hour deliveries, those peaks and valleys are rather often and in a more unpredictable volume. So our platform is ready for that. We can see the curve over the year with a few examples charge tests over the year. That this year, before Black Friday, we've tested that and we decided to apply 30 times the number of orders that we believe we will have in our Black Friday. And since we've been extremely successful, we are very confident that our platform is capable of supporting an even bigger volume than what we have nowadays. Another important matter is that with all this data processing and orders, we need to process a lot of data. And now I'm not going on the numbers, on the figures of data processing, but all this data processing, whenever demanded by the customer, it needs to be very swift. So whenever you do a search nowadays, our search needs to respond a definition we've done in tops 200 milliseconds. So aside from processing a lot of information, we need to respond that to our customer very quickly. Another important thing we've done this year is integrating search and advertisement platforms, hence creating ourselves a tremendous growth capacity with ads. And when we add ads, if compared to last year, it grew twice and a half what we had last year. Now talking about logistics, this is a very key pillar to our growth, well intentioned about our expansion logistically on our logistic fabric, but a very important feature for 3 hour deliveries, the scalability, the capacity to upscaling couriers. So when we deliver within 3, we also have peaks and valleys behavior, not only over the year as we have in e commerce, our traditional e commerce platform, but all the day. And for that, we have a very elastic on couriers. Aside from all the events I've mentioned this year, we run a few tests where we activated 3 times the volume of the highest peak. All this logistics expansion enabled a very important change for us in our relevance regional relevance algorithm. So when we look at 2020, when we had 300 stores all over the country in 110 cities, We've expanded to more than 5,000 cities and more than 700 cities. That helped our relevance algorithm when we left from perspective 27 areas to 137 areas. What does that mean? That means our customer, whenever he or she looks for something and that thing is located in one of those 137 regions, the algorithm looks for the closest storage, what means a quicker delivery and cheapest. And right after that evolution, we were able to evolve conversely speaking, within all national areas. Thank you. Again, Marcio, your turn. Thank you, Jean. Well, so we've mentioned the evolution of our business model on the scalability of our digital platform, and we needed to address a very important topic, which is our capital structure. We've done 2 extremely relevant operations over this year. The first of them was the capital and the EUR 4,000,000,000, the equity. That helped us in September to EUR 2,700,000,000 of gross cash. And we've done another operation. That's our entrance in the worldwide market. We had a bond 10 year old bonds, the first company to issue an international bond, and that was given to $500,000 or BRL 2,700,000,000 and our capital structure from now on will enable us to keep going in a new growth route. Now on the 2nd block, I would like to talk to you about our strategy. So just to recall it, we've been managing the company on 3 year cycles. So after creating B2W and the integration phase, we had 2 important plans, construct building our digital platform that I've mentioned beginning from 2013 until 2015, focusing on logistics and technology procurement and then another moment on generating cash and sustainable growth and sustainable and exponential growth in our marketplace. Last year, I had the opportunity of showing you our 2020, 2022 plan with the model, everything all the time anywhere, everything focusing in high frequency categories and convenience to our customers in all fuel and quick deliveries. Just to recall, 2013 from 2013 to 2016, we have evolved in our business model. What enabled us growing with rentability and generating cash, so we've added more than R6 1,000,000,000 to our GMV, elevating our margin to and our EBITDA for over 9% and our cash reaching BRL 190 in 2019. We had an expressive growth in marketplace, adding more than EUR 9,000,000,000, what reached almost 62% of our total sales volume, making us reach an optimal balance between 1P and 3P, and both of them are now ready to move on with our growth route. And mentioning marketplace, that came mainly because we've multiplied times 10 an assortment that we added to our platform. Well, now talking on our current strategies plan. This plan from 2020 to 2022, our main focus is being increasingly more relevant in our clients' daily lives, what means being present in their journey and the model, everything anywhere. That means bringing more assortment to our customers, so they can look in our app and find anything they need. And anywhere is attached to convenience, providing or enabling our customers to buy whenever they want, whatever they want, giving more convenience for them. What's important to mention is that this 1st year, we had a growth within the 1st 9 months, GNV of 21%. And I would like to bring further details to you on how this growth occurred. So our client basis, as I've mentioned, we've reached EUR 21,000,000. We've added EUR 6,000,000, which is equivalent to our growth from the past 6 years, so very expressive. But aside from increasing our basis, what's important is that where we increase that, we have customers, long tail customers that buy assortments what grew 7x more than those that buy electronic goods. Again, we are aligned and focused with our plan, which is being increasingly more relevant in our customers as they arise. What is important? Why is that important? Growing in long tail customers because they have an spending 6 times bigger than the initial purchase. What brings more recurrence and purchases. So this brings a plus 60% growth if comparing to previous year's figures. So just to summarize our past investment and growth plans, we reinforced our execution capability and delivery as well. And our current plan, the 1st year has shown a great opportunity for us to grow a lot more, accelerating this pace from now on. Well, with that, we enter a new growth route. So for that, we'll be investing a lot more. We'll be investing EUR 5,000,000,000 with the next few years. EUR 4,000,000,000 comes from our capital increase that I've mentioned with you. And the other EUR 1,000,000,000 comes from reinvesting part of our cash generation that we will be generating for the upcoming years. But it is important to highlight that sustainable growth, so generating cash, we'll be able to maintain our commitment of generating cash. With that, we've been keeping a growth over the market with our market share. But from now on, we'll accelerate this growth phase with that investment we'll be doing in order to grow over the average of the 3 market players. So we will accelerate our growth route. And now we enter our last block talking about how will we make it grow. We have 3 main fronts: improving purchase experience, focusing on loyalty from our customers and being present in our in consumers' minds. Our growth algorithm has 7 important variables. So I'm talking about assortment, personalization, faster delivery, our app, our fast delivery free of cost, accelerating AMI, our fintech and reinforcing it all on recalling our brand in our and consumers' minds. So talking about assortment, last year, we've mentioned long tail categories, huge categories. E Commerce has a low penetration where we see a lot of opportunity to grow. When we grew a lot, the assortment over this year, we've made it triple when we compare November status with the previous years. But most importantly, we grow where we need it. We've grown 5 times and there's assortment categories. By growing them, we have a bigger basis to increase our growth. And now talking about recurrence, I would like to highlight market category. That's where we advanced a lot, where we purchased Supermercados now by the beginning of this year. And we were able, by that means, growing inside that category. So in the first one, we have increased 17 times, and that's a category which has 8 times more recurrence than the average from our customers. Also important is that when we purchase the second act of such a company and we connect that to our platform, having access to all the components of this universe, we were able to integrate that in record time. For example, army nowadays represents 30% on market orders and 60% from those requests from those orders are delivered via LEDs, faster and with more efficiency. And the consumption profile from our customers has changed because we are serving 2 different journeys. If comparing 20 nineteen's figures, we see with the current year, we see that there was a stronger focus on electronics. And then we see this year, we see that fresh items like fruits and vegetables, groceries are bringing more recurrence to our business that once more is totally aligned with our focus in that plan. And now another variable, very important one, by the way, which is personalization. Personalizing means knowing our customer very well, their consumption habits, how they're paying that. And when numbers are big, we are talking about the recommendation. We have more than EUR 10,000,000,000 recommendations over the year. And notifications for of more than 15 visualizations. And having a scale reach, we needed to use a lot of technology, artificial intelligence in order to do that in real time. So just to illustrate, if a customer does a request, an order nowadays, they will return 10 times more in our app to do anything, either looking for the order tracking, further details on the product he purchased, what's important that he returns. And when he returns, we'll meet know more, learn more from him. And at each of those returns, we'll have the opportunity of offering a greater experience, bringing more assortments to his site and converting. And the figures can be either 3 to 30 times bigger. And the greatest challenge is doing that in scale, so we have an opportunity to advancing that. That's an important investment front from now on. Another important variable is the fast delivery. When we talk about fast delivery, well, it don't mention a little bit about our capillarity. We are increasing a lot our capillarity in all the country. And having more capillarity means delivering faster. And being faster is having more conversion. On the other hand, more capillarity is being closer to the client with lower costs for delivery and lower costs means being able to charge less from the client. Once again, it's more conversion. And the more conversion, the more volume. So we increase more and more our logistics mesh. So when I talk about fast delivery, I'm talking about 3 hours or 20 4 hours. Deliver is in 3 hours. We increased almost 300% in terms of volumes of deliveries, and we'll progress on that. The opportunity here is to go to more cities, connect more sellers in the O2O and also in 1P with the fast deliveries in 3 hours from the more than 200 hubs that we also have. So this is a very important front. And when I say delivery in 24 hours, I mean we have developed a lot our deliveries in 24 hours in 1P. We reached 46% of our total volume and we'll progress even more on that. And in 3P, I'm talking about progressing in fulfillment, that is getting the delivery service of 3P closer to 1P. So we grew 165% in sellers. When we go to the fulfillment and we have faster delivers, 55% faster and also more efficient because we get closer to the level of service and quality of service of 1P. Opportunity here is in having the fulfillment with all the distribution centers. We have 20 2 spread in the country. And also in the 200 hubs that we have, I mean, having stocks in the cellar in the hubs for faster deliveries. So this is what we will invest and develop more. Another important variable of our algorithm is the app. Remember that Americana was the app that had the most downloads in the shopping category this year. So we are ahead of our competitors. We have more than 100,000,000 downloads when we account all the apps. Only this year, 46,000,000 downloads, we developed a lot the number of monthly users with almost 40,000,000. And this is very important because the app client can have a better experience. Thus, they visit 3 times more when we compare to the desktop. And there is a conversion that is 2.6 times higher. And it is all connected to the previous variables of fast delivery or customized delivery because we can give a better experience by customizing the delivery. Another innovation that we brought this year to our app was the live commerce. That is a phenomenon in China. This is quite a relevant business. We brought it to Brazil. And it allow us to make the client be more engaged and searching for my products and converting more and being spending more time with us. And when the client spends more time with us, they also give more information to us for us to customize more and more this experience. So our team prepared the video to you, and I would like to show and present the progress that we have in the app during the year. Send your questions to id20 at universamericana.com. Inclusion of more than 5,000 credits in delivery in 3 hours. The agreement has been concluded. Your request is underdeliver. More than 130 purchased, 54,000 clients satisfied, 117 new features, everything all the time everywhere. Well, another very important variable to our algorithm is Americanas Majes. That is our fast delivery service with free freight. We have more than 1,000,000 clients in the service today. And the important point is that the clients rebuy much more with higher spending as well. So from now on, all our clients in the app will be AmericanaSmash clients as well and thus will bring a much better experience to the clients. Another variable that is very important in our algorithm is AMI, our fintech. We are growing a lot in terms of amount of clients using army in our apps. And why is that important? Because these clients have been spending 3 times higher than the clients who don't use Omi. So we'll keep up investing a lot in this front here to grow more and more the use of clients with Omi. Well, to tell all that to the clients, we have another variable that we have to invest a lot, the brand presence in the client's mind. So brand memory, brand is done in 3 months, and we made researches to know a lot of indicators about our brand. So Americanas is still the first brand of the consumer. When we ask the question, ask them the question at all surveys, they are top of mind. But despite that, we see many opportunities. Another variable that we look in the survey is the preference of brand. And when we compare among the regions, we see there's still a big gap and opportunity for us to work better the brand in some regions. So when we compare the biggest and the smallest region that are 8 points percent or points in the gap. So this is a big opportunity for us to work. Another important indicator is the share of voice, so the search related to the category. So despite developing a lot in the long tail category and assortment, there's still a big gap when we compare with electronics, for example. So the good news is that there is still a lot of space to develop on that. So all our communication will be based in these three pillars. We are talking about fast delivery in 3 or twenty 4 hours. In showing more and more assortment to the client, showing that we have everything and also exploring the trust of the client in our brand with original product and also with a huge focus in compliance. But the most important point is that we'll be working more and more in a regional way to capture these opportunities that I mentioned before. Well, this is how we close our algorithms with the 7 variables that I mentioned. And the important thing in this algorithm is that all variables are connected and feed feedback and we develop the algorithm and allow us to grow more and more being in this growth route. And that will start from now on. So once again, I would like to thank you for your presence and for trusting us, for being all this time here with us. So once again, thank you. And now in the next session, we'll have the Q and A. Thank you. Hello. Welcome back. We are here live in our studio in the stage created at B2W Rio. I thank you all for sending the questions. And now we have on the stage the CEOs, Miguel Gutierrez, Ana Saikali, Tmocho Barros and Marcio Cruz. Thank you all for your presence. So let's start our Q and A. Thank you, Roni. Starting our Q and A, the first question, Miguel, is to you. It's a repeated question about our capital structure. We have a history of working with debt and we had important movement to change the capital structure this year. What is the reason for that? And what are the future plans about that? Well, thank you, Fabian. This is a wonderful question. We have a history of more than 20 years working with that. We believe that it maximizes the return of our shareholders and we still believe in this approach. But on the other hand, working with debt is a mix of science and mysticism. Science because we work thinking about the future, paying attention of what may happen. And when something quite unpredictable happens, we need to find a way out just like this year is happening. But in general, we had a follow on with a 7.9 total of our prediction that was about 3.3 to be approached in B2W. Why? We believe it will allow a higher growth of our digital platform. 2.6 would be our idea to be in the reformulation of the debt in the controller that ended up last year with 3.3 percent debt. So we foresaw some debt in the controller. And the rest about the reminder about EUR 2,000,000,000 would be for us to invest in our operators along with EMEA and Let's. That is, there are a lot of good things to be done with this possibility that we open even to have to release a little bit our future capital flows. So everything make us understand that the end of the year, I mean, when everything is concrete in the universe, we would have a debt of about 0 or a little bit positive. B2W will work with positive cash that will allow a better growth and the controller will work a little bit negative or close to 0. Okay. Thank you, Miguel. Now our next question is from Daniela from Cissepe, and I'll make it to Naseikali. How do you understand the evolution of the results of AMI? And what are the ideas for 2021? [SPEAKER ANASTASIA ALIOSA:] Well, thank you for your question, Daniela. And let's remember that AMI invested their operations. There is no not so long ago, it's been growing fast. And the goal is to improve people's lives. 2019, in fact, was the 1st year. The focus focus was a lot in converting this huge database of active clients that we have here and spread the acceptance of 2020 is still this idea of converting the client database and converting acceptance with partnerships, but now with a huge focus in offers. Despite the pandemic and everything that we are leaving this year, for 2021, we want to integrate only to the financial system. We still have the priority of converting more and more clients to our bases in this universe and bring new clients from offers. But we want with this platform of marketplace and products and services that are financial or not, but we want to start offering to our clients a complete solution that a super app can offer, and it means being integrated to the financial market as well. Thank you, Ana. The next question is to you, and it comes from Luis Ganay from BTG Pactual, and he wants to know about the growth base of the stores and the expansion for next years. Well, thank you for the question, for the participation. Well, 2020 has been quite a challenging year. We've learned a lot. We've been doing many different things and adjusted our assortment. We launched a lot of services and solutions like WhatsApp and the digital managers. It was a year of novelties. And obviously, due to the pandemic, our priority was to ensure safety and health of our clients and our workers. And we postponed our expansion plan. Translating into numbers, we'll open about 30 stores. This year, that is an expansion of 1% of our sales area. Looking ahead, we want to be even more relevant in the client's daily life. So the capillarity and the expansion plan has an important participation in this process. So for 2021, we expect at least 6% of expansion in our sales area, but we have to remember that it depends a lot on the pandemic. We are following all the process. Due to the progression of the pandemic will determine the pace of opening. But we have to remember that when we are talking about the growth of the physical platform, it is not only expanding the sales area. We have powerful tools to leverage the growth. For example, AMI. We've seen during the presentations that we have speeded up a lot the payment in our stores. ARMY is a powerful royalty tool. It brings a lot of frequency when we look at a client paying in our stores with Hermes. The frequency is 3 times higher compared to the client that doesn't use Hermes. We have O2O. We have physical and digital worlds. And looking ahead, we are quite excited and happy with the perspectives ahead of us. Thank you, Chimacho. Well, our next question how do you see a relative growth in relation to the other plays? And above all, looking at 20 21, the demand of the customers' demands and e commerce. Thank you, Roni. Thank you, Robert Ford, for your question, your participation. Before talking about our growth in 2020, it is important talking about our year end. Aside from the total GMV growth, that's like 53%, a little over what was what our market has. We need to look at that figure with further details on how we deliver that growth. If we look, we evolved we highly evolved our cost our customer basis that's equivalent to our past 5 years in one single year. And as I've shown in my presentation, in customers, we aggregated long tail customers who buy different types of things like groceries. That's something that aligns to our strategy. And what's most important is that those clients return. So we've increased our recurrence, and this customer has a spending that is bigger than what I've shown before. So all those advances are well aligned with growing in long tail assortment. We entered new categories, for example, market category that we've advanced. And again, it brings a lot of recurrence. What forms an important asset altogether for 2021. And when we pick up these assets and summing them, So the platform is ready to scale. It has a lot of scalability, mostly speaking on technology and logistics. Another important point is that we've adjusted our capital structure also by means of the 2 operations we've done by elongating the debt, what allows us to enter a new growth route. So regardless on macroeconomic scenarios for next year, competition, harsh competition for next year, we see a lot of opportunities on how we build our growth this year and what will that provide us given we invest more? We'll have a more accelerated if we focus on the 7 variables of our growth algorithm. That's it. Thank you, Juanio. Thank you, Marcio. Our next question is addressed to Miguel something very often about M and A. What is being asked basically is whether is there a proprietary segment and also other questions on the negotiations with ABR. Thank you, Fabian, for your question. I would like to say the following: Our universe has reached 46 1,000,000 customers. So every business that shows some recurrence in this universe, we are interested. We created an algorithm to ensure a financial discipline on long term decisions. We've mapped more than 50 opportunities in 9 different segments, but the most rational would be from that amount of positive figures would be gathering initiatives to make that universe grow. Aside from that, we have investments that will support this growth as the as fast we expect with purchase that will allow us grow with AMI. Regarding VR, this year, it has been an excellent partner. We created together something that provided for distance payment that's been very productive. We are very interested in the convenience segment. So we are moving on towards that. Eventually, that agreement wasn't closed because we passed through a very difficult period with all due restrictions we had regarding functioning, on store operations and so on. And secondly, we prioritized our relation established by means of AMI aside from Incluni and Marketplace beer mania. So we are very excited with that potential business. Thank you, Miguel. Well, our next question is addressed to Anna. It comes from Javier from HSBC, and he asks us to mention a little on PIX and what is the strategic planning from AMI. Well, Javier, thank you for your question. I would like to say that Ami, it's a PIX native platform because it was born with carry code technology and its first functionalities were instant payments and transfers. We are integrated with PIX from the very beginning. And this week, the Americana's universe was integrated to PIX, started doing payments via PIX, both digitally and physically by means by means of Ami and Bitcapital. Bitcapital is a purchase we've done Monday that week, and we are bringing BIT Capital, which is a core banking platform company. It has a differentiated staff, a masterpiece technology that will help us on PIX Open Banking Technologies and Knowledges, which will help us a lot in integrating with the financial system, and we'll be able to offer this solution to our merchants as well. I think fixed will rise, bringing a positive impact both in fixed and open banking to our platform. Our next question is addressed to Timotheo. It comes from Giulia Hizo from XP Advice. Giulia, thank you for your question. To talk about physical stores evolution, let's recall our perspective of our future. Such a perspective is being increasingly relevant in our customers' daily lives. And translating that, it translates into convenience. Our customer increasingly demands more convenience. What means being swift, selling at a fair price, operating in high level of service, having high availability from our stores and so on and so on. When we see the features, the characteristics, the features from our stores, we can't address at all that all. So just to recall, our physical platform has an unique popularity. We are present in all states from federal district over 700 cities, more than 1700 stores and more than 750 cities. So we are increasingly closer from our all our customers. That's convenience to us. Aside from that, our customer base is very powerful, predominantly feminine, responding, major diversity from youngest to the elderly. Another feature from our stores is the transaction volume. We have customers flow over EUR 1,000,000,000 a year, more than EUR 3,000,000,000 transactions a year. So a high frequency model, which our frequency was at about 11 times, but as AME gains more room in our operations, the tendency of that frequency is being increased. We also have broad assortments from electronics, from chocolate. We have more than 45 categories. So whenever a customer comes to our store, he or she knows that whatever he or she needs will be found, and that means convenience. That's very convenient to our client customer. We are present in all events all over Brazil, and we have multiple formats. We can either enter a region or a district. We can operate within a shopping center. We can operate in a commercial center. So with that, we can address those new consumption needs, the fastness demanded by our customer, the fair price demanded by our customer. And aside from that, we are doing a lot of investment in order to revolutionize and improve our customer experience within our stores. Over this morning's presentation, we've given several examples. We've mentioned AmiPro, mobile PDV. We have also WhatsApp and digital managers among other initiatives ongoing process in order to turn purchase experience a lot more fluid. And finally, the combination we have the digital world, which is only possible because we belong to that universe. The beauty of the universe is the combination of the actives of the physical that allows us accelerating our initiatives operating 24 hours a day. Thank you, Timacio. Well, we have, Macio, a lot of questions related to fulfillment. So we have some people mentioning the recent movements in competition. Others mentioned that we've been acting fulfillment for over 2 years. But the general perception is that, that hasn't escalated in Brazil yet. So if you could talk a little on fulfillment strategy and whatever you can share with us on the subject. Thank you, Halmi. Thank you all who made questions about fulfillment. Now to talk about fulfillment, I need to talk about benefits. So what's important is why is that good for the customer and why is that good for the seller? Fulfillment's all about reaching service levels from 1P to 3P, but we deliver it faster in our fulfillment. We already have this metrics. Deliveries became 50% times faster when we apply them in fulfillment and sellers' storage. And the quality also is improved. So we have 6 percent 12 points being increased for the customer. It's a good impression and it's also good for the seller because they sell more. So we are in fulfillment, in fact, for 2 years and those 2 years have been a lot of learning for us. We've learned a lot over that time what worked well for the seller and how could we use our assets in a better way. Now we have a few 1,000 sellers in fulfillment, and we are operating within 4 states. I think another very important point, which is something remarkable for us in B2W is our logistic capillarity. Nowadays, we have 22 distribution centers spread all over Brazil and 200 hubs. So we will be using those hubs, which are urban hubs, in order to put sellers at storage closer from our customers, hence short cutting the delivery time. So that's a differential from ours, and we will be using that to give a greater experience from our customer who buy in the marketplace. And finally, as I've mentioned in my presentation, Americana's Maize, which are quick delivery service, free of charge And our clients will be connected both by AMI and Fulfumed. And one fits back the other. So a seller in AMI that will be in America, North America, will have a free charge free of charge delivery, which will help us escalating fulfillment in a more accelerated manner, okay? Thank you. Thank you, Marcio. We'll wrap Q and A session right now. Questions that were responded live will be responded by the RI team. And I would like to invite Miguel for the final considerations. So we are reaching the end of our event. I would like to leave as the final message that the year 2020 is a year that we are very proud of what we've been doing. And this is thanks to the wonderful team that we have that can make everything work and being adjusted to all the challenges. We are quite sure that everything we did in 2020 was right. That is the restructure that we had with Universo in a more visible way, the changes that we made in our structure. Everything make us very strong about what is about to come in the next years. So I would like to thank you all for your presence. And I would also apologize for the little delay that we had in the beginning, But this is a little bit of what I mentioned before of managing debt. And sometimes we have science, sometimes we have mysticism to deal or things that happen by interfere in the presentations. I would like to wish you all a lot of interfering in the presentations. I would like to wish you all a lot of success, health and that we start next year well. That for us will be a very important year to grow. So thank you all.

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