Good morning, everyone, and welcome to Grupo Carrefour Brasil's video conference on the conclusion of its acquisition of Grupo BIG. From Grupo Carrefour Brasil, with us we have the company's CEO, Mr. Stéphane Maquaire, CFO, David Murciano, Investor Relations Director, Natalia Lacava. This video conference is being recorded and will be made available at the company's IR website, where the respective presentation can also be downloaded. If you need simultaneous translation, the tool is available by clicking the globe-shaped icon labeled Interpretation at the bottom side of your screen. By clicking it, you may select your preferred language between Portuguese and English. Those listening to the conference in English can also silence the background Portuguese audio by clicking Mute Original Audio. For the question and answer session, please, we kindly ask you send your questions using the Q&A button at the bottom side of your screen. By standard practice, your names will be announced so that you ask your questions live. At that time, a request will pop up on your screen to activate your microphone. We'd like to underscore that any information contained in this presentation and any statement made during this conference with regard to business perspectives, projections, operating and financial targets from the Grupo Carrefour Brasil are based on the company's management's beliefs and assumptions as well as currently available information. Forward-looking statements are no guarantee of performance. They involve risks, uncertainties and assumptions, seeing as they refer to future events and therefore rely on circumstances that may or may not materialize. Investors must understand that general economic conditions, the state of the market and other operating factors may affect the Grupo Carrefour Brasil's future performance and lead to results which are materially different from those expressed in said statements. Now I'd like to turn the floor over to the company CEO, Stéphane Maquaire, to begin our presentation. Mr. Maquaire, please, you may proceed. Good morning, everyone, and thank you for being with us once again. This time we have an even more special meeting because we'll be talking about the conclusion of the Grupo BIG acquisition. I'm definitely very happy to be able to talk about this transformative transaction, both for the Grupo Carrefour Brasil and Brazil's retail industry at large. We are creating the indisputable leader of Brazil's food retail. We have now the formats of grocery stores, hypermarket, supermarket, convenience stores, and now also the club format, which allow us to service with excellence the entire Brazilian population on several different purchase occasions. With over BRL 100 billion in sales, NewCo, which is how we're calling the New Carrefour Brazil Group, ranks among the 10 biggest companies in Brazil. We have also become Brazil's largest private employer with over 150,000 employees across our over 1,100 points of sale and offices across the country. It is extremely gratifying to be ahead of a company that generates work opportunities to so many Brazilians and which will continue to generate even more because we will continue to make headway. Every month, 8 million tickets are generated within our ecosystem. We are the biggest suppliers purchaser in the industry with over BRL 75 billion in purchases every year. This is a really impressive figure and will be the raw material for Samuel James to work on the data side. As NewCo, we are bringing into our store portfolios a very promising new format, which is Sam's Club. This is a model with a distinguished value proposition about which David will give you more details later on and which has a very significant growth potential within the country. Lastly, as we've told you before, in other times, we expect to generate BRL 2 billion in synergies by 2025. I am very, very pleased with our accomplishments so far, and I'd like to thank every team within the Carrefour Brazil Group and the BIG Group which allow that to happen. We have a sturdy, diverse and experienced leadership which combines the best of the Carrefour Group, the best of the BIG Group, and the best from the market, and which relies on a top-notch board of directors, which is grounded on solid governance standards. Inside the company, our motto is Better together, Bigger with you, and I'm very confident that together we will integrate and change our business for the better. On that note, I turn the conference over to David, who will give you a bit more details about our operations and our financials. Thank you, Stéphane. Good morning, everyone. After some time not being able to provide a lot of information about NewCo to you, today I'll be bringing a few more details about this new company. In slide five, as Stéphane said, we are creating a group that combines over BRL 100 billion in sales with a high potential to deliver value to our stakeholders. Our over 1,100 points of sale really complement each other geographically, and we're increasing our number of stores by 71%. With which our sales footprint will increase to over 3,000 sq m, up 56%. On slide six, I'd like to highlight our solid market leadership with a market share of over 23%, more than double the market share of the second of the runner-up. Also important to underscore our regional relevance, especially in the northeast part of the country, where our market share has increased by 1.5x, as well as the south, where our market share has doubled. That indicates a major change in leadership in the southern and northeastern regions, which will ensure us a lot of purchasing power gains. In slide seven, it's clear that our over 900 stores provide the best offerings to all Brazilians. We have different formats and a different price positioning that meet the entire Brazilian population's needs in different purchasing moments. At Atacadão, you may make your monthly shopping with large volumes and lower price. If you want a larger or wider assortment of products, you may go to Sam's Club or our hypermarkets. For weekly purchases, we have our supermarkets. To one-off purchases, we have Express for utmost convenience. The most important thing about this slide is the message that retail is a dynamic industry and consumer habits and customs change. What allowed Carrefour to come this far was how diverse its formats were. In 2017, the potential market for the cash and carry or club purchases were not as clear, and we didn't have as much visibility for the market as we have now. Now, with the assets and a high level execution, the group can adjust to the new trends very quickly. In slide eight, we see that we're also coming closer and closer to our customers by accelerating our digital operations. We have 226 stores now with the in-store picking service available, and our e-commerce is available in 5,000 Brazilian cities, servicing 50% of the population around as far as 5 km. In the state of São Paulo, which concentrates most of the population, our coverage is 75% and in the metropolitan area, 93%. These are very significant pieces of data. In 2021, the Grupo BIG's e-commerce and Carrefour Group's e-commerce represent 3.4% of sales, and we will continue to accelerate. Only in retail with BIG, almost 7% penetration is what we enjoy currently. Here in slide nine, we see some of our data. We have BRL 80 million in monthly tickets to monitor behavior, with 44% of our customers identified in Carrefour and 30% in Atacadão. That's 8.5 million active customers within the Carrefour Brazil group alone. Now with Carrefour Links, we will explore and make even better use of that data. There's potential to explore data for us domestically, and it's worth pointing out that we will be the only player with customer analysis or behavior analysis capacity about absolutely every aspects and formats, purchase occasions and formats with a wide range of SKUs. On slide 10, I'd also like to stress the huge real estate potential we have with NewCo. With 546 of our own assets, very well located, over 440,000 sq m in gross leasable area. We're also adding another BRL 7 billion in assets with the Grupo BIG. This has been an area of focus for the group and the reason why we brought someone from real estate to stay ahead of the area. Now I'd like to turn the conference back to Stéphane, who'll talk about our new team and the management culture at NewCo. Thank you, David. In slide 11, we show you our new management team and our leadership. This is a diverse, extremely skilled or highly skilled, really top of their class and experienced in retail people. These are people from four different nationalities. Four of them are women, which is a huge change that makes me really proud. Our executive committee has 12 leaders among the top of the top from Carrefour, the Grupo BIG, and the market. We have new departments which are across different businesses and which will really accelerate the transformation and digitalization of our NewCo. On slide 12, I show you the new setup of our management board, our board of directors, which still have to be approved on the meeting on July seventh. This new composition relies on 23% of independent members, 31% women, and it is very diverse with people vastly experienced with solid governance standards. We've had significant changes. Alexandre Bompard, President of the global group, takes over the chairmanship with the purpose of bringing more agility to decision-making in the Brazilian board. In addition to that, Abilio takes over as Vice President, reinforcing his long-term commitment to the group, as well as the global group. Talent and culture issues take center stage within our committees, which have been restructured to support the company during its process of integrating BIG. I'm very confident that we have the corporate governance structures very much enhanced. Lastly, on slide 13, I like to show you a little bit of our new culture, which is very customer-focused. Obviously, that's very important and which values diversity and strengthen our cultural impact of courage, overcoming difficulties with an active voice, agility, and promoting innovation. We're all committed to change, to being open to what's new and to being flexible. Lastly, this is a cooperative team that connects on every different level and with everyone from a curiosity perspective on behalf of results. A strong culture and a high-performing team, all of whom are prepared for change. I'll turn now, back over to David, who will talk about our value generation and our synergies. Thank you, Stéphane. We decided to have this session specifically to help you model for the new company. We have significant levers to add value relating to revenue costs and spending, which are expected to generate at least BRL 2 billion in synergies by 2025. It's important to remember that in addition to synergies, we have significant opportunities to accelerate the company's growth, exploring our or making the best use of our financial, operations as well as the new formats that we've absorbed now. Now, on slide 16, we'll talk about the synergies for revenue relating to growth in sales, starting with store conversion. 124 stores are expected to be converted with BRL 2.1 billion in investments in converting them over the next two years. Overall, 70 stores are expected to be converted to Atacadão, 47 to Carrefour Hiper, and 7 to Sam's Club. We should have two combo stores, that is one store becomes two because of a real estate optimization strategy. Here, it's also worth pointing out that we should prioritize, I'm sorry, the cash-and-carry model and one-off bets on Sam's Club, which should also become a new focus for expansion within the group. On slide 17, we have the conversion schedule with 100% of our stores expected to be converted by 2023. I'd like to point out that converting former BIG to Atacadão and BIG to Sam's Club require a period of closing stores where they are closed for two months for those renovations. We have 35 stores in these scenarios. Now, when it comes to converting the brand, we do not have to disengage anyone, and we have stores closed for only three days for renovations. Within this scenario, we have most of our stores, which are 89, that will be converted. Also important to remember, these are stores in an excellent state that we'll be converting, which makes us believe that we should have a revenue ramp-up that's significantly quicker, more quicker than organic openings. On slide 18, another informative slide with our new portfolio of stores, post-conversion, and even more focused in the highest return formats, clearly prioritizing Atacadão. On slide 19, we have the most important indicators for you to model, and it shows us a significant improvement in sales density post-conversion. Here, we should point out that the EBITDA for synergies should be the benchmark EBITDA for the company. I also like to point out that the figures we have here should be adjusted by region and there are also comparable potentials. On slide 20, we have our different competitors. As you know, these will bring us to better sales density. With the Atacadão, we are price leaders. We have a strong brand and a proven model. It's plug-and-play, as we say. In addition to that, this is a very streamlined model and with low costs as well as a large customer traffic, especially in B2B. With Carrefour Retail, we have the customer-centered vision with high quality perishables, as well as a wide variety of food products. We also have the power of our ecosystem, especially in non-food, where our banking operations allow us to offer better financing conditions for electronics. These are competitive edge aspects that ensure we will increase our sales density. On slide 21, we have some of our cost synergies, especially when it comes to direct purchases. We ran a study detailing our cost base with suppliers and categories, and we identified that 90% of our SKUs or shared SKU base show a price gap of over 2%. Within those 90% and 17%, that average gap in prices comes to over 10%. That's about 1% of our cost base that will be translated into either better prices or profitability. Additional information. Globally, large retail M&As generate on average 1% gains in scale, 1% of gain in scale, and we're confident in the opportunity that we have here. It should probably be one of the most important synergies we'll be realizing. On slide 22, we also have more on cost synergies as well as supply chain gains. NewCo will rely on 51 distribution centers and optimize logistic network with better routes, better and optimized logistic costs, as well as more convenience for our customers. Those will be 10 DDCs which may be closed. In addition to that, with our conversions, note that the model becomes naturally more efficient with greater direct-to-store deliveries. On slide 23, we have more on our spending synergies, specifically on indirect purchases. Our indirect cost base in 2021, combining all sales, were BRL 7 billion. Within that base, we've mapped out six major categories, including cleaning, insurance, or health insurance and others, and we realized that among those six categories, there's potential gains of at least 3%. In other words, better efficiency will generate major savings in indirect spending. Here we have two synergy sources. One with regard to productivity, which means there are ways to work that ensure lower volumetry, and the second has to do with price, when actually scale can bring lower prices. In slide 24, we bring all of these synergy gains I explained in the last few slides, and the chart on the right shows you the expected curve of realized synergies. This first year, we'll have little synergy realizations, about 10%, but we should accelerate coming to a 100% in 2025. This curve does not include the CapEx or one-off effects that we expect to have over the next 18 months. Also, there's a potential upside in the accelerating business I should detail moving forward. Our first accelerating business on slide 25 is our financial business. On the chart on the right, we see that Hipercard has a credit portfolio that's similar to that of Banco Carrefour, but with lower returns and profits. Banco Carrefour's profit is three times larger, and its ROAE is 26% versus 4% in Hipercard. The rate of card issuances from Banco Carrefour is also a lot bigger, both in cash and carry and hypermarkets. Here, there's potential to be explored. The second accelerator on slide 26 is our new format, Sam's Club. Today, the model relies on over 2 million partners, and its customers are especially in classes A and B. Stores are well-located, and the average basket is BRL 340, as compared to BRL 140 in a Carrefour hypermarket. Stores have an exclusive assortment, which is also distinguished with imported products accounting for 19% of sales. In slide 27, Sam's Club has great growth potential. We currently have 43 stores, which should become 50 after our conversions. In addition to those stores, we also see potential in metropolitan areas, state capitals. Large and medium-sized cities to open another 40 stores over the coming years, reaching about 100 stores in the near future. Lastly, in slide 29, I'll be going over the final terms of the acquisition. The operation was paid 70% in cash and 30% in stock. On the date of the closing of the operation, the latter or July sixth, we issued 116.8 million new shares and made a cash outlay of BRL 4.4 billion, in addition to the BRL 900 million that had already been paid on the event of signing last year. This new structure, which is detailed on the chart on the right, now relies on or has now includes Walmart and Advent on our base, and our leveraging is still at very healthy levels, about 1.8x average pro forma using the multiple of the net debt to EBITDA, which is adjusted for 2021. With that, I've concluded my presentation and return the floor to Stéphane. Thank you, David. On slide 30, we have to talk about integration. We have an 18-month plan to ensure a successful integration. That integration will be divided in three major milestones. First, connect. Our focus right now is to launch the new organization and set the foundations of the culture, connecting systems and starting the store conversion process. The second step would be to convert. This is a medium-term strategy, and the focus is to leverage the new culture, optimize structures, and accelerate conversions. Finally, consolidate. That's the third step, medium to long-term step. Right now, the focus will be on ensuring that all synergies are realized, on optimizing all supermarket formats, and finish our conversions. These are well-established steps about which we have talked significantly in-house to ensure that we continue to accelerate and expand and working to make the company more digital, more agile, simpler, and more responsible. Now, with the BIG group, we are reinforcing that even more. It's important to underscore here, we will not be focusing on integration without losing focus of our other priorities, especially digital transformation. Now, in conclusion, I like to reinforce that we are now a new group, a much stronger group on the wholesale format with a footprint that's large and a presence in all purchase occasions focused on industries that bring higher returns. We have a strong leadership that's now been refreshed and which is diverse and includes the best executives across the Carrefour, BIG, the Carrefour Group, the BIG group, and the market. Our governance is even stronger and in line with the market's best practices. Over the last week, we had an integration event that made me really happy seeing the joy and sparkle in everyone's eyes. Now more than 150,000 collaborators are participating in the process. I'd like to thank our collaborators once again, without whom we would not have come this far. I'm very confident that our teams will help us integrate and change this group into an even better company. As we say in-house, we're better together, bigger with you. Let's go together in this journey. Thank you so much. Let's move on now to the question and answer session. We will now begin our question and answer session. We kindly ask that you ask all your questions at once and wait for the company to respond. Bear in mind that to ask your question, you should use the Q&A icon on the bottom side of your screen. By standard practice, your name will be announced so you can ask your question live. At that moment, a request to activate your microphone should pop up on your screen. Our first question comes from João Soares, sell-side analyst from Citibank. We will now open your mic so that you can ask your question, João. Please, you may proceed. Thank you. Good morning, everyone, and congratulations on the presentation. Great job. It was very comprehensive. I'd like to explore some of those conversions you plan to have in this initial phase. I wanted to understand a little bit better. When we look at Maxxi, you are now going to convert 38 stores, and there are 63 of them. So I wanted to understand what the rationale was behind this number of conversions. Is there a geographic or strategic strategy that you can share with us? Looking forward, can we expect a second stage of conversions? Could you guys give us some color in terms of CapEx and timing for the second stage, if any exists? Thank you. Thank you so much for your question. A great question, really. We looked at our entire network of stores from Grupo BIG and analyzed how we could convert them to our formats, including Sam's Club, taking into account their location and the surrounding area, how they could serve the existing customers and potential customers. We've had the Maxxi stores or the Maxxi format in mind specifically. We have a few stores going to Atacadão and 20 stores that will stay in their current format. Obviously, we will continue to hold annual evaluations of our system and our range of formats and see where we have to change our stores to different formats within the new Carrefour Group or new Carrefour Brazil Group. Specifically with regard to Maxxi, today we know that these 20 stores offer another cash-and-carry format opportunities. This is a smaller, more compact format. After running a few tests, in the future, we should see that whether we have the possibility to expand that format using either the Maxxi brand or the Atacadão brand. The door is open for that type of process in the future. We'll have to see how these 20 stores, these 20 Maxxi stores perform moving forward. Yeah. I just wanted to add a little bit to that. We have 63 stores in total. Of these 63, five are what we call remedies, where we will be selling medicines and then other 38 stores. Overall, we still have 20 stores that still have to be converted to different formats. In terms of CapEx, we should have the same level of CapEx. It's the same level for CapEx for the stores we're converting now. That was great. Just a quick follow-up about CapEx. David, could you give us an idea of the CapEx per format? Well, we can't give you the number right now, but we could share that information with you later. Okay, that was great. Thank you, guys. Naturally, CapEx will be higher when we move from the current format to a different format. If we convert BIG into Atacadão, we'll have a higher CapEx. When we convert BIG to Carrefour or from Maxxi to Carrefour, then CapEx should be a lot smaller. Overall, we have on average BRL 30,000 per store, and the idea is to increase that by converting BIG into Atacadão stores. Perfect. Thank you. Thank you, João. Our next question comes from Helena Villares, sell-side analyst with Itaú. Helena, we will now allow you to open your microphone and ask your question. Please, you may proceed. Hi, guys. Can everyone hear me? Yes. Well, we had a question about the conversions from BIG. We have seen that you're converting more BIGs into hypermarkets than to cash-and-carry stores, and we wanted to understand a little bit of the rationale behind that trend and what kind of value you understand with hypermarket and if your conversions will be more focused on changes to the hypermarkets than cash-and-carry stores. Thank you for your question, Helena. In fact, when we look at what we purchased 15 months ago, when we announced that we would have the acquisition, we're converting more than half of BIG stores into the cash-and-carry stores. What we expected within the contract were a number that's give or take two times what we've done so far, so we've done half of it. So far we have a few more supermarkets with BIG, and we've come to this specific moment after the evaluation analysis review by CADE, and we are changing all of these stores to the cash-and-carry. These 80 stores that remained as hypermarkets are the same thing. We assessed unit per unit, and it's good to have in mind the fact that we felt these were very, very relevant. Hypermarket is a format that accounts for or which meets the needs of several customers. We will maintain part of those hypermarkets going into the future. Also, here in Brazil, many of our cities have grocery stores. We have our pick and store or store picking solution, and that allows us to deliver products in a very short time. All of that was looked into and considered when we thought about converting those stores into either supermarkets or hypermarkets. As well as our different formats or different brands with Atacadão or Sam's Club. We are going to review our store list every year because we expect to change some into the hypermarket format. We are absolutely open to, in the future, having a few hypermarket stores, whether with the former Carrefour Brazil or the former BIG group, and other significant formats will also be considered for the customers in those areas. That was great. Thank you. I just wanted to add to what Stéphane said and give you a few more figures because it may seem a bit complicated at first. Of the 106 hypermarkets, 20 stores have been converted. We have 28 of our own stores, so 48 stores in Atacadão plus seven Sam's Club. That's 55 of those 106 going to either cash or club formats. Now, also adding to Stéphane's answer, we ran a store-by-store analysis and also looking at the situation the competition is facing. We are a major player in Brazil, so it's important to have that review and see what the best value is that we can offer for our customers. That will play into what brand we will use for each of these stores. We ran that analysis store by store. What we understood was that with our financial services, our e-commerce service, each of these stores that will stay as hypermarket, the best choice was hypermarket, and they would provide the best profitability. That was great. Thank you, guys. Thank you, Helena. Our next question comes from Irma Sgarz, a sell-side analyst with Goldman Sachs. Irma, we will now allow you to unmute your microphone and ask your question. Please, you may proceed. Hi, good morning. Thank you for taking my question. In the SKU analysis, is it interesting to understand that between Big and Carrefour, some of the customer bases are sort of overlap? And also on that chart where you showed the differences in revenue per revenue yield compared with the size of the wallet, we noticed that that's a bit larger in Hipercard. I wanted to understand the main factors and maybe the average income per customer also plays into that. I wanted to understand what were the main explaining factors according to the analysis that you ran. Also about profitability, I wanted to understand whether, in your opinion, that gap could be closed or are there structural aspects that you could be able to address in full? Thank you. I'm going to start. Thank you for your question, Irma. Granted, Hipercard and Banco Carrefour overlap, and that provides a huge opportunity for our Banco, an opportunity to strengthen it once again. Now, with Hipercard, the share of sales in ex-BIG is a bit smaller than in our case. That's where the opportunity. On the other side, we can also see the bright or the silver lining in that as an opportunity to use the BIG cards a lot more in the off-us with our stores. That's something we can also strengthen. Of course, at first, it's always a sort of balance situation, and we have to look at opportunities where our competencies are smaller. David, do you have more to add to that? Yes. First of all, we do not have access to people's identification numbers, so we do not see exactly. We cannot know exactly whether there's an actual overlap or not. But we understand we're offering similar services. That's the first point. Adding to the difference in revenues, what we see is also the share of sales which are funded using Carrefour cards and BIG cards when we're talking about electronics. We see a significant difference across those formats, and that creates a significant difference. We have an ability to sell products with a wide margin. All of those products with extended warranty have a wide margin, which is something we do not really have on the Hipercard side, which offer different advantages, especially as Stéphane said, the alpha is a lot higher on Hipercard, on the Hipercard case. These are two different, very different problems, and there are complementarities there, but we will seek to realize synergies, especially now, which is very important, especially with our Carrefour products, both in the converted stores and the still unconverted stores, and also within Sam's Club, where those cards play a huge role as well. Next question. Our next question comes from Eric Huang, sell-side Analyst with Santander. We will now allow you to open your mic and ask your question. Please, you may proceed. Good morning, guys. Thank you for taking our questions. On our side, we just wanted to understand the communication with your customers. When we look at all these changes, especially brand changes, we wanted to understand how you plan to have that communication, especially during this transition period, to avoid losses, and how you do plan to prevent that during this period of conversions and how the brands are perceived. Those would be our questions. Thank you so much for your question, Eric. We have experience in converting Makro to Atacadão stores. We have this capacity to communicate with our customers through different channels, even within the stores. Of course, we have a number of significant improvements we are going to put in place. We have wider assortments, lower prices. In some cases, a larger footprint within our stores. That will obviously depend on each conversion. If we're changing big hypermarkets into Atacadão, people will enjoy a different value proposition, something that they didn't have before. If we're converting big hypermarket to Sam's Club, also there should be different opportunities both in food and non-food items with very significant price differences. In big hypermarkets to Carrefour hypermarkets, we will reinforce the range of products we have, especially or both in food and non-food segments. We will adjust our communication strategy store by store. There will be occasions where we will have, I don't know how many sq m or sq km, we will have an expansion of that. Not forgetting, of course, the digital side, which is a very interesting space to be at this time when stores are closed, for example, and we will be able to provide our customers the very strong digital services we offer right now. We have this wide range of ways to answer and to communicate this changes in our stores that we'll be having, once again with different experiences, or building on the experience we have converting Makro stores into Atacadão stores. Yeah. I just wanted to jump in and remind you that when we talk about the OpEx figures for 2022, 2023, the communication side is also included. We have a budget to execute all that communication strategy that we talked about. All of that's included in our CapEx. Okay, great. That was very clear. Thank you, Eric. Our next question comes from Joseph Giordano, sell-side analyst with JP Morgan. We will now open your microphone so you can ask your question. Please, you may proceed. Hello, everyone. Thank you for taking my question and good job on the very detailed presentation. I have a few incremental questions. The first of them is on the consumer finance side, and I wanted to hear from you, where are you on the negotiation to bring Hipercard to the SSF Bank? I think that would even bring some synergies. My second question is about investments. Is there any significant need for working capital for those stores that will be converted? Considering that the density or the sale per sq m should increase, are we going to have any new negotiations with suppliers? On that note, I wanted to understand whether you've tried to explore in some way an increase in your trade funds, seeing as you will be Brazil's main retail player. We see that BIG is a little bit more developed on that side. I wanted to understand what stays from BIG and what stays from Carrefour and what changes to BIG, how you guys are going to seize on what's best on either side. Last, now that we've concluded the acquisition of BIG, what do we expect to see from you in terms of M&A during this integration of the BIG group? Thank you for your questions, Joseph. I'll let David talk about the first few questions first, and then I'll come back to jump in and help him answer the fourth and fifth question. Well, with regard to Hipercard, as you already know, this is a brand that we have with Itaú. This is Itaú's brand. We also have Itaú as our bank. This is the bank, or our banking services are 51% ours and 49% Itaú's. So we still have to discuss. I do not have much that I can reveal right now or that I can share right now, but we are in talks with Itaú about that. Now, with regard to working capital, obviously there are opportunities here. The free cash flow in 2022 will present a very significant opportunity that will finance a large share of our CapEx in 2022. We believe this is a significant source or a significant part of the company where we can have some optimizations, and we will adjust our deadlines and maturities to pay. Adjusting what we have as Carrefour and what the Grupo BIG is coming in. That will be very significant in terms of free cash flow. That's on working capital. The last question I can answer with regard to M&As. Yes. Now we will continue to look at the situation. Obviously, we will have to digest the integration of the Grupo BIG. Of course, we are still studying what M&A potentials we have right now, seeing as the M&A potential market for M&As is different. Of course, we will always depend on the antitrust authorities, CADE's approval. With regard to e-commerce, we are organizing our teams as a great part of the BIG's team are now coming into the organization. This is being prepared by Sam James. We will seize on BIG's capacity to strengthen our in-store picking solution even more. In fact, they had a very strong, very significant work, and we moved to in-store picking late last year. We concluded the process in November 2021. When they started that two years ago or 18 months ago. They're doing a bit better than us. We will sort of get the best of both worlds and enjoy the best of both worlds. Starting the initiative with Grupo BIG with a better use of the last milers. We have the strength of non-foods and also a digital platform that's bigger and better than theirs. We should have everything within our own platform step by step, seizing on the store conversions as well to recover some, and we've talked about that, our traction in food e-commerce and also strengthen both sides and also grow even beyond and beyond the percentage that we already had and what the Grupo BIG already had. Okay, just adding to that, first of all, then on the digital side, granted, we have two very advanced digital platforms, both on Grupo BIG side and on Carrefour side, but we also have a much more advanced platform on the Atacadão side and the Banco Carrefour side. That's a very, very advanced digital platform. There are improvements that we're bringing and which are important in terms of synergies. There was also a question about the price chart. We also have all the advantages mapped out in terms of, in better purchasing conditions. That's already included in the figures you had access to. That was perfect. Thank you, guys. Oh, about your last question with regard to M&A. Our focus today is on the integration with BIG, but this is not the end of our story here with Brazilian Retail. Thank you. Thank you, Joseph. Our next question comes from Danniela Eiger, sell-side analyst with XP. Daniela, we will now allow you to open your microphone so you can ask your question. Please, you may proceed. Good morning, and thank you for taking my question. I think you've addressed a number of issues, but what caught my eye in terms of profitability was especially on the hypermarket side, where you talked about the margin between 7% and 8%, or actually 6%-7%. Ultimately, you only delivered that margin during the pandemic, which I believe was a very unusual time, and we're now working with margins below 5%, given the more challenging macroeconomic situation. My question is really along those lines. Do you really believe that the 6%-7% margin is sustainable for your format, especially considering the changes that we've seen not only in the competition but in, with, like, from you guys as well, especially in cash & carry? You mentioned that the Maxxi is a sort of smaller market, so you'll be sort of competing a bit more with the hypermarket segment. It felt curious to me that this margin was being mentioned as something that's reachable and sustainable for the format. I really wanted to hear from you about this format. I don't remember now if it was Helena or João who asked in the beginning about BIG stores being converted to hypermarkets. You're sort of betting big on this format still. I wanted to hear from you what you guys see as the future of this format. My second question is with regard to Sam's Club. I wanted to understand whether the 10%-11% margin is perhaps more of a medium to long-term prospect. I don't particularly know how it used to be in the past, but you mentioned there's a huge share of imported products, and what we've seen is a very challenging FX trend to pass prices along, even to the higher purchasing power brackets. I don't know if that's more a medium to long-term target or something we can work with in the short run. Okay. Thank you, Daniela. The figures you see on the presentation are a store level margin. It doesn't include or the headquarters costs or the business unit costs. All of those are extra costs, and that's how we have to run our models. We have to model for the impact. Everything that comes with that is incremental. These were the margins we observed both on the hypermarket level and on the Sam's Club level. These are margins we have with Carrefour, margins we have with Sam's Club. They're not forecasts or expectations. These are figures that we've already seen in our store network. That's something that we have to consider. Of course, these are stores, comparable stores that we're talking about. Stores in the same, format and the same client category. These are figures analyzed store per store and not for the business unit in general. Now, what you're pointing out is very interesting with regard to the FX, impact on Sam's Club. You're right. That's true for now, but we're talking about a conversion plan that should span one to two years and with a long-term impact. We will not be adjusting for a one-off situation that's what we're seeing right now. Of course, we make accommodations for the war in Ukraine or the rise in inflation, but there's no point in including those in our long-term projections. That's perfect. Thank you. I know I was supposed to have asked all of them in the beginning, but I just wanted to clear something about the M&A. From my understanding, you first say that you were open to the M&A strategy, but then you said that your focus is on integration. What I understand is, in the short run, you're focusing on in the integration, but you're keeping your mind open for future opportunities. Is that correct? That's perfect. Yes, that's correct. Okay. Thank you. Thank you, Daniela. Our next question comes from Felipe Casemiro, sell-side analyst with HSBC. Felipe, we will now allow you to open your microphone so you can ask your question. Please, you may proceed. Good morning, everyone. Stéphane, David, thank you for the detailed presentation. My first question is along the lines of the integration of the executives that are coming with the Grupo BIG. What are the long-term strategy that they have to follow, and is there any quota that they have to adhere to with this new integration? I wanted to go into the supermarket issue. I think this has not been addressed. You currently have five different brands with working in different price points. Is this a secondary focus of the integration? Could you guys give us a little bit more color in terms of the medium to long-term strategy for your grocery stores? Thank you. Thank you so much for your questions, Felipe. Thank you specifically for the question about leadership, because, of course, in order to achieve all of that, we had to rely on a very strong group of leaders, a very refreshed group of leaders, as we mentioned during the presentation. These new executives are already coming into the long-term incentive program we have here in Brazil. They will not lose the year. They will already come in within this system, which provides the opportunity to leverage our growth for the next few years. They'll also enjoy specific incentives. This will be a larger team, and we'll have incentives for them to seize these synergies with BIG, and we're all very much on the same page when it comes to that, and even more energized and excited about this integration and the seizing of synergies that we want to have. It's all underway when it comes to that. Your second question was about the supermarket format. In fact, we look at the Brazilian brands and the prices with very good eyes, especially in the South and Northeast. We do not plan to change anything at this point. We will be reviewing the performance of those brands and see if there's anything that needs to change within those brands. That's what we'll do. Of course, we will be enjoying our new strengths in direct purchases, so we should see changes in prices and perhaps some changes within our assortment of categories and products, but without making store conversions, because we believe that these brands, Bompreço and others, are very significant in these areas, and much more so than we are. Thank you. I just wanted to add to the LTI plan. We have a three-year LTI plan that, you know, gives you a couple more details. Of course, the incentive plan is in line with these BRL 2 billion in synergies that we plan to have by 2025. Perfect. Thank you. Thank you, Felipe. Our next question comes from Bob Ford, sell-side analyst with Bank of America. Bob, we will now open your microphone so you can ask your question. Please, you may proceed. Thank you, and congratulations on the acquisition. Thank you for taking my questions. What are the similarities and differences in your ERPs and databases compared to BIG, and how should we think about the system integrations in terms of cost, time, and barriers? And also, could you talk a little bit about the operational tendencies in your hypermarkets and the role that you expect them to have as the penetration in electronic retail grows? Of course. With ERPs and databases, we have SAP in both companies, but we are running different versions of them. We have a lot of work to have the two ERP systems converge, but with an acquisition of this size, we need to have much of our IT team focused on that, but the gap is not that wide. We have the opportunity to converge their IT systems very quickly. We should maintain especially the IT tools used in Carrefour, which is more updated than what BIG used with a few exceptions. For example, Sam's Club. With Sam's Club, we will keep their IT structure because it's a different tool and it operates for an exchange, and it's very much more advanced in that sense, so we should keep Sam's tool. The same is true for the database tools. We plan to change those to the Carrefour, which are more up-to-date. With regard to our contract with Gourmet, we have until 2026. That's our contract—how long our contract with Walmart is with regard to the brands. Do you hear me? No, I just wanted to ask, what's the economic rationale with the contract with Walmart? No, I just wanted to reinforce that we have until 2026. But obviously, we're already talking to Walmart, and we'll be talking about an extension because it can be renewed every eight years. Thank you. Thank you, Bob. We'd like to remind you that if you wanna ask your question, please send them by using the Q&A icon on the bottom side of your screen. By standard practice, your name will be announced so that you can ask your question live. With no further questions, we conclude our question and answer session. Now, I'd like to turn the conference for the company's final remarks. Thank you. This is a unique time in our story, in our history. We are very excited. Everyone within the company have seen in the last week how these first events, not only the big events, but small events, the energy among among our teams has been outstanding across the entire country. All of that makes us very confident that we will have a successful integration. Our customers, our suppliers, and of course, our staff, collaborators, and Brazilian society at large, our purpose is to be simpler, more agile, more responsible. That with all of our partners, both internally and externally, but we've had a spectacular attitude across the entire group. Thank you so much. Carrefour Brasil's video conference on concluding their acquisition of Grupo BIG is now concluded. The investor relations department is available to reply to any remaining questions you may have. Thank you to all of our participants, and have a great day.