This video conference is being recorded and will be available at the RI site of the company, where you will also find the material for this release. It is also possible to download the presentation from the chat icon. During the company presentation, all participants will be in listen only mode. Ensuing this, we will go on to the question and answer session. Should you wish to pose a question, click on the Q&A site icon at the bottom of your screen and write your question to become part of the queue. When you are announced, there will be a request for you to turn on your microphone to ask your question. Please ask all of your questions at the same time. The information contained in this presentation and the forward-looking statements made during this video conference, referring to the business outlook, projections, and operational and financial goals for GPA are based on the beliefs and assumptions of the company management as well as on information currently available. These forward-looking statements are no guarantee of performance. They involve risks, uncertainties and assumptions as they refer to future events and therefore depend on circumstances which may or may not occur. Investors should understand that general economic conditions, market conditions, and other operational factors could impact the future performance of GPA and lead to results that differ materially from those expressed in the forward-looking statements. With us today we have Marcelo Pimentel, CEO, and the CFO, Guillaume Gras. I will now give the floor to Marcelo Pimentel, who will begin the presentation. Well, thank you and good morning to all of you. I would like to thank you for your interest in attending our fourth quarter 2022 results call. Since the beginning of the transition year and changes in the GPA strategy, we have recorded imported changes, growth in same-store sales and an accelerated expansion. Two fundamental factors for our growth. In the international perimeter, the business of the Grupo Éxito has had an evolution in the three countries we are present in because of the increase in store traffic and the very good performance of innovative formats besides the multi-channel sales that have a very high share. We have also evolved with the process of segregation of the Grupo Éxito during the quarter and the beginning of 2023. We have obtained approvals from shareholders and others. We will be attaining another milestone of unharnessing value for the shareholders of GPA. In slide number four, I begin to speak about the main evolution indicators in each of the pillars that are part of our growth strategy. Regarding the top line, we had a growth of 16.8% in total sales and 17.3% in same-store sales vis-a-vis the fourth quarter of 2021. In different work fronts that are underway, we have already observed improvements in some of the important indicators of the fourth quarter. Among them, the evolution of the refurbishment of the Pão de Açúcar stores based on the Generation 7. 70% of the stores have been refurbished. A reduction of our breakage in 1.3 percentage points vis-a-vis the fourth quarter of last year. An increase of 2.79 percentage points in the share of perishables in the total sales, reaching 4.2 percentage points for the Pão de Açúcar banner compared to the fourth quarter of 2021. Perishables records 48% of the sales share, which is fundamental as part of our strategy and the renovation of our business. We continue working with a refresh project that looks upon the value proposal of perishables since the flow of merchandise, their exposure, assortment, and the availability and quality of the product. We have ended up with improvements in profitability and a reduction in breakage. Our goal is to increase the share of the category, reaching a share of 53% at the beginning of next year. In the first quarter of 23, we're gonna move forward in the rollout and revision in the clustering of stores, pricing, management of stock and categories we began in mid-2022. This will unharness more benefits for the operation. It allows us to think we will have an acceleration of same-store sales, reduction of losses and of course, an improvement in customer experience. Our second pillar is what guide us regarding the expansion of the level of satisfaction of our customers, the NPS. We have worked in a focused way to mitigate the detractors of NPS with a very robust action plan that has led to significant strides and enhancements of 20 points in the global NPS in all of our banners, vis-à-vis the first semester of 2022. In the digital parameter, we have a strategy to speed up our E-commerce. We recorded a growth of 15% year-over-year compared to 2021, with significant improvements in the service levels that are being presented. We are retail food leaders with BRL 1.7 billion for the year, 50% of which is carried out based on our own E-commerce IP. The integration of brick-and-mortar stores and online stores, it continues to move forward. We're operating with 600 stores digitally to service more than 30 million customers recorded in our base. This result has been given thrust to based on a strategy based on three points: an increase in assortments, especially perishables, the expansion of availability of delivery schedules, and the expansion of speedy delivery. Nowadays, 70% of our sales are delivered on the same day, and the 60-minute delivery called Pra Já is already available in 200 stores. We have accelerated the express delivery in 30 minutes in the proximity stores, expanding our partnership with Magalu iFood Shopping, and we have increased by more than 270,000 active users, our app reaching a total of 1.2 million active users per month. In the next slide, I would like to state that we're maintaining our expansion plan, opening 29 new stores between Pão de Açúcar and proximity stores. During the year, we have reached the opening of 72 new stores. Regarding the refurbishment, we are at 60% of our store park that have been revitalized based on the G7 model, and we have an increase in sales in those units. For 2023, we're going to inaugurate 103 new units aligned with our new expansion plan. Until 2024, we will have 309 new stores. 250 will be proximity stores with a focus on Minuto Pão de Açúcar because of its maturity and the greater potential it has for popularity. This year we will close down 100%. We will refurbish all of the Pão de Açúcar stores. Now we're going to increase the number of stores in the city of São Paulo in verticalized regions. In Pão de Açúcar, our focus are the cities with a high premium potential, where we have a strong presence of the brand, the large centers in the hinterlands of São Paulo and some of the cities in the northeast. Regarding profitability, Guillaume will explain the details to you. I will not refer to this, but I would like to reinforce that we continue on with our work to recover profitability, working along three main lines on improvement of our commercial lines, a reduction of breakage, and a decrease of expenses. We are gradually evolving in this sense, and it enables us to believe that we will reach an Adjusted EBITDA of 8%-9% until the end of the coming year. I would like to end my presentation on slide six, highlighting the pillars of ESG and culture regarding our goals of consumption of energy. We have reached 97% medium tension energy that comes from renewable sources. We would like to attain 100% in 2024. The scope one and two emissions have more than 40% reduction compared to the base year of 2015. When it comes to fostering diversity and inclusion, I have to highlight the work that has been done to focus on female leadership in the company. We have reached 38.3% of women in leadership positions, and our goal is all point eight, and this has been set forth for the year 2024. This allows me to believe that we will comply with our goal of reaching 40% until the end of 2025. When it comes to social impact, we work soundly in terms of donating food led by the Instituto GPA working along with all of our stores. We have offered more than 4.2 million supplementary meals. Working with partners, social entities, benefiting thousands of companies. This is a work of incentive, and I'm very proud to be part of this. With this, I would like to end my presentation and give the floor to Guillaume, who will speak about our financial highlights. Thank you, Marcelo. Good morning to everyone. I thank you all for participating in our earnings result of the Group GPA. I would like to highlight that as of Q4 2022, the Grupo Éxito operations were considered discontinued operations respecting the IFRS seven hundred and one. In management, we've reproduced in the release and within this material the vision of Grupo Éxito to facilitate the comparison. Starting by slide eight, here you can see the total sales of GPA Brazil, new GPA Brazil. That is BRL 5.3 billion on Q4. This is a growth of 12.3%. Excluding taxes, the sales was BRL 4.9 billion, resulting in an increase of 16.8% driven by the hypermarket converted stores and by the consistency of customers in our stores in the past quarters. Same-store sales indicators grew 6.3%. This is an improvement in all the banners when this is compared to the increase of 6.6% that we observed during Q3 of 2022. I highlight once again the proximity format with a double-digit growth of 17.3%, explained by the increase of the passage stores and more number of stores servicing the last mile partners. Pão de Açúcar, our same-store sales total 6.7%. This is a sequential improvement since Q1, 2022. This result is a consequence of the increase of perishable penetration and by strong growth of basic groceries. Mainstream band-banners, Mercado Extra and Compre Bem, the growth of same-store sales was 4.1%, an improvement vis-a-vis the growth of 2% of Q3 2022. Finally, in E-commerce, we had BRL 448 million. This is a growth of 7% vis-a-vis Q4 2020, excluding sales from hypermarkets during this period and totaling an online penetration of 10.5% of total sales. On slide nine, you can see the EBITDA and the Adjusted EBITDA margin in new GPA Brazil. Here we have certain expenses that cannot be classified for the discontinued operations and partially discontinued of hypermarket operations. The Adjusted EBITDA totaled BRL 297 million, with an Adjusted EBITDA margin of 6.1% during Q4 2022. This is a reduction vis-a-vis Q4 of 2021, explained mainly by the pressure of gross margin and profit caused by the strong food inflation of two-digit, with the impact on merchandise costs, labor, and also transportation to supplier stores. This effect was partially mitigated by the good performance of the SG&A, which dropped 1.8% when compared to Q4 of 2021, generating a dilution of 2.2 percentage points vis-a-vis the net income. This dilution is consecrated in SG&A with the restructure carried out in the headquarters after the transformation of the hypermarkets and efficiencies that were captured with operation expenses. I would like to highlight that we are focused on gradually recovering our margin according to the projections to the market between 8% and 9% of adjusted margin EBITDA in 2024. This evolution is based on three main lines: commercial margin, SG&A, and in 2022, we observed the first signals of improvement in our SG&A, something observed on Q4 of 2022, and breakage, which reduced 1 percentage points when it was compared to the beginning of the year. Throughout 2023, we will have important roll-outs of project that will increase these gains, mainly in the commercial margin. The year to date, the Adjusted EBITDA was BRL 1.2 billion with a margin of 7%. We go to slide 10 now. With the total sales of Grupo Éxito, which presented a solid sale performance in Q4 of 2022, totaling throughout the 6 consecutive semester double digits in same-store sales. The gross sales was BRL 7.8 billion. This is the same-store sales growth of 16 point vis-à-vis Q4 of 2021. Because of the depreciation of the peso, the total growth demonstrated a drop of 6.8%. In 2022, the Grupo Éxito had a gross revenue of BRL 28.3 billion. In E-commerce, the GMV was COP 709 billion on Q4 with an online penetration of 9.5%. In same-store sales of 16.3% was driven by a growth of the three countries. In Colombia, the growth of same-store sales growth was 12.1% because of the sound performance of cash and carry during the quarter. In Uruguay, the significant growth of a Fresh Market stores with high share in sales, which was 52.9%. This totaled a same-store sale of 13.7% throughout the quarter. Finally, in Argentina, the growth above inflation was a result of the increase of traffic in the stores, good performance of commercial galleries, and the consolidation of real estate business, resulting on a same-store sales of 95%. On slide 11. Here you can see the evolution of the EBITDA and Adjusted EBITDA of Grupo Éxito. That was 8.6% on Q4 with an EBITDA of BRL 599 million. This is a drop of two points, mainly impacted by a one-off effect during the quarter, with the adjustment of the balance of the stock that affected the gross margin and higher inflation level in these three countries. In year to date, the EBITDA totaled BRL 1.9 billion, with an Adjusted EBITDA of 7.8%. On slide 12. This is our net income consolidated result, where we analyze the exceptional elements that impacted the result of our quarter by approximately BRL 1 billion. These exceptional elements are broken out in three major parts: BRL 900 million regarding tax matters, BRL 300 million regarding labor contingencies, and BRL 200 million regarding restructuring costs. When we see the details of each one of these points. Regarding tax matters, there are three points. One, BRL 285 million regarding a decision of the Supreme Court that invalidated our ISEM as contingents on energy and limited this credit for essential and productive areas. The other one would be BRL 288 million regarding CSLL provisions after the decision of the STF annulling the exception of payment of this tax that the company enjoyed benefits since the past. The third point, a tax matter that represents BRL 288 million, is regarding the tax reform in Colombia with an increase of the deferred income tax in Colombia. That would be 10% for 15%. As a consequence, this impacted the deferred income of Grupo Éxito. In addition to these tax issues, we also had labor contingencies of BRL 309 million, reflecting the highest value during the second semester. Our total legal provision, total BRL 660 million, which is twice as much as last year. Now in 2023, we have a more comfortable provision level. We would like to signalize that we Reached the peak of labor contingencies in May of 2022, and there has been a constant drop of these labor contingencies since that year. Since Q3 regarding these points, we also had costs with restructurings which represent BRL 227 million, and matters regarding the closing of the hypermarkets, restructuring of stores and the resizing of our headquarters, and also Éxito segregation projects. At last, we had positive points that mitigated these effects. Number one, an ICMS credit of BRL 313 million. This is the monetary update on fiscal credits and the tax deduction on the exceptional negative adjustments. After all of this, when we analyze these exceptional elements, our consolidated net profit goes from - BRL 102 billion to - BRL 146 million. On slide 13, you can see our financial leverage. Here we can see that the company continues with the sound cash position of BRL 3.8 billion of 3.7. The short-term net debt, that is BRL 1.5 billion, were refinanced by the new CRI issuance last week. On the left-hand chart, we can see that we totaled a net debt of BRL 2 billion on Q4 of 2022, with a leverage level of 2.3x the EBITDA. When we compare it to Q4 of 2021 pro forma Brazil, which excludes the position of Grupo Éxito, here we can see a drop of approximately BRL 900 million of the net debt and 0.2 percentage points of leverage. The transaction with the supermarkets has been fully concluded and received, with an anticipation of the installments of 2023 and 2024, generating a net cash in of BRL 2.2 billion, which have been allocated towards a reduction of our net debt. Part of these gains were consumed by the higher interest and the higher costs of the tax and labor contingencies that we were faced with. We continue on to slide number 14, where I would like to remind you the schedule for the separation process of the Grupo Éxito that we announced last year. Up to present, we have concluded the negotiation with creditors. This has been filed at the CVM, and we're under the process of filing this at the SEC. In February of 2022, we approved in an extraordinary general assembly a capital reduction for the issuance of new shares for Éxito. The approval was carried out with a record vote of 68% of the shareholders. The approval of this item was done by 92% of those that were present. Beginning now, we will be waiting for the term of the legal position of creditors that ends on April 15th. We will wait for the conclusion of the filing at SEC and CVM. We believe that the conclusion should take place in the second semester of 2023. With this, we would like to end the presentation of financial results. We will now go on to the question-and-answer session. We would like to remind you that with us we have Carlos Magro, the CEO from Grupo Éxito, and Yvonne, the CFO from Grupo Éxito. We will now go on to the question-and-answer session. Should you wish to pose a question, please click on the Q&A icon at the bottom of the screen and include your question in the queue. When you are announced, there will be a request for you to turn on your microphone. Please turn on the microphone to pose your question. We request that you ask all of your questions when your microphone is on. Let's go on to the first question from Felipe Cassimiro, a Sell-side Analyst from Bradesco BBI. The question. Well, we will open up your microphone so that you can pose your question. Felipe, you may proceed, please. We cannot hear Felipe. Felipe, if you could please turn on your microphone. It has been opened. I believe that Felipe might be having a technical problem. We'll go back to Felipe. We're going to go on to our next question from Marcella Recchia from Credit Suisse. Marcella, we will be turning on your microphone so that you can pose your question. Marcella, you may proceed, please. Good morning, everybody. Thank you for taking my questions. I do have some questions here. First of all, if you could explain and give us more color on your gross margin dynamic. The margin compression has been quite high this quarter. When we compare this with other players, of course you're different, but there's a great deal of resiliency in your gross margin. If you could explain the dynamic and what we can expect for the year 2023. The second question, when we look at your reinforced base, your EBITDA is negative because of the growth of other operational lines. If you could give us greater visibility of what is happening in that line item, part of the provisions that you have posted and what we can expect recurrently throughout the year. Finally, you have also spoken about your labor provisions. What do they refer to exactly? Although you have mentioned that this brings you a more comfortable base for 2023, what is it that we can expect in that front for the year? Thank you very much. Well, good morning, Marcella. Thank you for the question. I'm going to begin speaking about gross margin, and then we'll give the floor to Guillaume to speak about EBITDA and labor provisions. Thanks to the work that is being carried out to adjust categories, we do have a very important element that we are carrying out, which is the discontinuance of some categories of suppliers. This increased the impact of our markdown level in the fourth quarter. We have a process that expected that. Secondly, and a consequence of this, was the higher level of breakage that we expected with an impact on our commercial margins. While we were reducing the volume of inventory and the cleaning out of these inventories, these breakout indices should decrease. Finally, of course, the issue of logistic cost because of the pressure of inflation. We had a significant readjustment in this area. What we can say is that what you can expect for the year 2023 is a gradual resumption of improvements vis-a-vis the fourth quarter. We do have the expectation of seeing improvements in the first quarter already when compared to the gross margin of the fourth quarter 2022. We're working on this at this moment, through commercial renegotiations. The commercial team between February and March will be working on the revision of commercial contracts. We're heading towards the third level of adjustments of logistics, which should further decrease our logistic cost, making it more in accordance to our present day moment. We have made adjustments in terms of stock reduction. We ended the year 2022 with a reduction of four days, and the expectation that is becoming materialized is to further reduce the inventory in the first quarter. Throughout the year 2023, this will also happen. As a result, this will reduce the amounts we have invested in markdown and breakages. Which of course have an impact on our commercial area. The margin was strongly impacted in the fourth quarter, and it is our understanding that this is part of the trough. Our expectation is for a gradual resumption during the year 2023. Guillaume? Well, when it comes to your question on the other revenues and expenses, the operating expenses, we have three different elements. I imagine that your question refers to Brazil, the continuous perimeter. We have had three significant developments, the restructuring, refurbishing of stores and the headquarters. Secondly, the effect of the contingencies on ICMS and electrical power that we have acknowledged in the continued segment. The third element, the labor provisions, which once again relate to the continued perimeter. These are the three points that had an impact on this line item in revenues and expenses. Thank you. Thank you very much. Our next question is from Felipe Cassimiro, a sell-side analyst from Bradesco BBI. Felipe, we will be turning on your audio so that you can pose your question. Felipe, you may proceed, please. A good morning. I hope that everything is working now. I do apologize. The question on the gross margin has been explained very clearly, Pimentel. I would like to explore the dynamic of the online growth, which was 7%, somewhat below our estimates. What draws attention is the drop of share in total sales compared with the second and third quarters of 2022. I would like to gain a better understanding of the dynamic because you're accelerating your service levels quarter-on-quarter. You have a higher number of partnerships. I simply would like to understand the dynamic of the growth in the fourth quarter and if something will change in terms of your online penetration for 2023. Thank you. Casemiro. No, nothing will change. The growth and the penetration were fell short of what we expected for the fourth quarter although we did have some highlights. For example, better and Black Friday, a historical improvement compared to what we had historically in the digital part in Pão de Açúcar. There were some adjustments that had an impact. The closed down of James and the migration process to GPA. That had an impact because of the transition. We do observe an upside now when it comes to enhancement. We hope to have a resumption of penetration share and growth for the year 2023. When it comes to that topic, we have a very positive expectation which is not based on wishful thinking but instead on the work that we have carried out. We hope that we will harvest results and have a greater expansion as well as a greater penetration. We concluded the James Delivery migration, and as you were able to observe through the figures, because of that we went from 40% in the first quarter of 2022 to 70% same-day deliveries. This could not have happened were it not for the migration. We have increased in 200 stores the Pra Já delivery carried out in two hours. We have had a significant increase in the mid-year. In the third quarter, we had 890,000 customers per month. We have now reached 1.2 million and this figure remains constant. We have made strides when it comes to click and withdraw deliveries, especially in those stores where we have the G7 model. We have an aquarium at the entrance of the store enhancing the customer experience. A move forward in the partnerships and the expression of digital in proximity stores, especially from express delivery in up to 30 minutes. We have also expanded our leadership position among our partners. Presently, we are the largest food retail leader with iFood. We're moving forward quickly, enhancing our partnerships. We have begun working recently with Magazine Luíza. We observed significant returns. We have done this with Shopee as well. Our expectation is that we will resume growth levels that will be much higher beginning in the first quarter and of course during the rest of the year, leading us to 15% of penetration and up to 20% of penetration at the end of next year. Very clear. Thank you very much. Our next question, Danniela Eiger, Sell-side Analyst of XP in Portuguese. Danniela, we will open your microphone so you can pose your question. Danniela, you may go on. Good morning. Thank you for taking my question. I have a number of questions. One would be an update of deleveraging. This quarter, you were slightly above 2 x, and I believe that you wanted to reach 1 x by the end of the and to remain in the break-even point after 2024. I would like to understand if this is your target, if you're on track, and if it makes sense to maintain this goal. Two, I want to understand how you see the discount side because it continues driving your bottom line. Therefore, I would like to understand if you are discussing with Casino to review this business as you did with James. I would like to understand what you think regarding this operation because it has consistently pressured your result. Last question would be an update regarding labor contingencies. You mentioned this, and I believe that this was connected to the hyper layoffs. I don't know where these labor contingencies come from and what can we expect in the future. Well, thank you, Danniela. I am going to respond sales discount and Guillaume will answer the other point. Well, sales discount on this is a constant matter of discussion amongst us and Casino. We do understand that we are on the right path to unlock value to our shareholders. That was the spin-off of Assaí, the exit of hyper markets, and now with Grupo Éxito, we believe that we're on the right path and that we will find a solution to unlock the value, including here sales discount. We have nothing solid that I can disclose right now, but there is no doubt this is something that we're constantly talking about, and we do see an opportunity to unlock this value. When we do it, we will improve the GPA results. Guillaume, now regarding our deleveraging point, we continue with the same prospects. Drops, I shared this during the last call, and I would like to remind you which are our initiatives in order to reduce our leverage level this year. Number one would be the dividend proposal that was carried out by Grupo Éxito that will generate a cash-in of approximately BRL 230 million. Number two, well, these are operating initiatives to improve the generation of our operating cash flow that come from the improvement of the EBITDA margin, the reduction of inventory from to 3-5 days, also monetization of fiscal credits. We have BRL 9 billion of fiscal credits in our balance, BRL 2.2 billion of fiscal fees, and BRL 0.8 billion of ICMS. There are also initiatives to sell assets, mainly real estate assets and a non-strategic business like gas stations. At last our share, our remaining share in Grupo Éxito after a spin-off of 13%. Yes, we do continue with the prospect of lowering our leverage level. For Q1, we are affected by a seasonal effect that would be payment to our suppliers regarding Q4. This creates a slight deterioration on Q4, but by the end of 2023, our perspective is to lower our debt. Now, regarding the labor contingencies, it's important to remember that on 2022, we faced many labor contingencies because of 2 factors. One was the closing of the hypermarkets and two, the law changes. In May, the labor law was changed. Therefore, the plaintiff doesn't have to pay for the cost. What we can say is that this peak of entry was in May and June, and now we can see a strong drop of these lawsuits. Now we are also observing the amount of labor lawsuits that have dropped significantly, thanks to the agreement policies that we have. This would be it. Thank you very much. Our next question from Andrew Ruben, sell-side analyst from Morgan Stanley in English. Andrew, you have the floor. Andrew, you may go on with your question. Andrew, I've altered your microphone. We'll go to the next question until he fixes his microphone problem. Our next question from Joseph Giordano, sell-side analyst from JP Morgan. The question will be posed in Portuguese. Joseph, we are opening your microphone so you can pose your question. Good morning to everyone. Good morning, Pimentel and Guilherme. These are two simple questions. Number one would be to better understand the ICMS liability regarding the electricity bill. I wanted to know if 100% has already been provisioned, and I would like to understand the liabilities regarding the ICMS. You are talking about BRL 5.5 million. What is the magnitude of this? We see the occupation cost of the company when we eliminate the Extra stores, it seems high. When we see the payment of leasing is 4% or 5% of your revenue. I would like to know if there is some legacy payments regarding the Extra operations. At last, now thinking about innovation, you spoke about eE-commerce. I would like to understand if you're thinking about exclusivity contracts with platforms like we see with Éxito Colombia. Regarding the ICMS, yes, 100% of the contingency was provisioned. These are past lawsuits before 2010, because after... These are processes before 2010, this has already been provisioned. Regarding the cost of occupation and 4.5%. There's no extra effect. It is highly connected of inflation and the valuation of leasings. This is a revenue that grows below inflation, and this is why you can see this increase. Regarding the E-commerce. Joseph, good morning. The answer regarding innovations during the next two years, our focus will be on 2, 3 points regarding digitization. One would be to increase sales in a profitable way. This is to increase the penetration, providing a better experience to our customer and also improving the experience of the store, like pickers and delivery process, because we don't want to see friction in these processes. Point 2 regarding customization, everything regarding CRM. We are making progress with CDP, Customer Data Platform. Because we want to pull out of a CRM model that is a generalized context that is all the same for every. We want an intelligent bespoke model focused on the existing customer base, and we have over 30 million customers. Within this context, we can harness and we can be more optimized in terms of the investment and the return over investment. Therefore, we will diminish this CAC. Point 3, and when you talk about exclusiveness, well, this is not our model. We are not going to work toward exclusiveness. We believe that customers have to be able to access Pão when, where, whenever they want and how they want. We have to strengthen. Here, yes, this is part of our strategy. We want to strengthen our app. The good news is that 70% of our purchases come from app, this is a great contact hub for all the multi-channel contacts that we have with our customers. Regarding last mile partners, we do see opportunities and this has materialized. If you can offer and if you can be a positive reference of food retail in these platforms, well, yes, we do see an opportunity of sales growth in them. Within this context, we don't need any exclusiveness with any of them. Thank you very much. Our next question from João Pedro Soares, Citi, Sell-side Analyst. João Pedro, we will open your microphone so you can pose your question. João Pedro, you may pose your question. Thank you. Good morning. I have two questions. One would be the follow-up regarding your gross margin. I would like to understand the competitive context. Even though it's clear the initiatives that you are pursuing are based in assortment, service improvement. Nonetheless, it's important to understand the timing of the improvement of gross margin when you can offer a more premium price and have this resiliency so this doesn't affect your gross margin. I don't know if my question is clear. Point number two would be, I know that it's difficult, Guillaume. I know that there are many initiatives of asset monetization, and naturally, there are effects that perhaps depend. There's not a clear timing, but it's important to understand the company's capacity to generate cash and the cost of occupation is high, as Joseph just mentioned. Although there's an improvement in the EBITDA margin, I want to see the cash generation. What can you share with us regarding organic cash generation? Thank you very much. Thank you, João. Well, when you speak about gross margin, I will answer that question. Well, it's important to look upon gross margin based on 3 pillars: your relationship with vendors, secondly, your pricing strategy, and thirdly, the issue of markdown. We're looking at suppliers, as I mentioned formerly, we are undergoing a process after the discontinuance of Extra to come closer to the supplier based on a new business model, and this will be based on proximity markets and multi-channel sales. The work is being done under the leadership of Joaquin and the commercial team. When it comes to category strategy, it is extremely important to offer the customer an ideal assortment, taking into account the size of the store. We're working on clustering of stores, and through this store clustering, thinking of the size of stores, of space, creating plans, and then offering a proposal differently from what was being done. We're focusing on the reference products, those products that we call Never Be Better. Although our value proposition is focused on premium banners, Minuto Pão de Açúcar and Pão de Açúcar. Although we are rebuilding the store so that they can be a benchmark in food retail in Brazil, we know that we can't be far away from some products that the customer wants, regardless of their social bracket and price benchmark. We're referring to 250, 300 products that we monitor very closely. Now, how are we working differently? You don't work on the entire category. You work on the reference prices and recompose the margin for the rest of the category. This is very important. The increase in penetration of perishables, which also aid and abet us in improving the recurrence of visits, loyalty of customers, and enhancing gross margin, because perishables naturally offer a better gross margin. Finally, the work that we have mentioned frequently today, a very relevant and tireless work in the reduction of inventory. We're doing this. We have made significant strides, and it's important to reduce our capital costs, increase turnover, and as a result, of course, also reduce investments that are being made presently in markdowns and breakages because we still are faced with a surplus stock. We're working towards adapting to this new business model with great speed. It is through these three points that we will attain the improvement expected. Once again, I think that we attained a trough in the fourth quarter. What we see in the first quarter is an improvement upon the fourth quarter. This should continue in the coming quarters. Good morning, João. Regarding your question about an organic cash generation, I'm going to speak about the operating cash generation. We're working with a cash breakeven for 2023 to have three different impacts going forward. An improvement in our EBITDA, a reduction of inventory as mentioned by Marcelo. We are between 3-5 days of reduction in inventory. Third, the monetization of our main tax credits, especially PIS/Cofins and ICMS. These are the levers that will enable us to reach a cash breakeven for the Brazilian perimeter this year. Thank you. That was very clear. Thank you. The next question is from Thales Peixoto, a sell side analyst in Portuguese. Thales, we're going to turn on your microphone for you to pose your question. You may proceed, Thales. Good morning, Marcelo. Good morning, Guillaume. Thank you for taking my question. I have two. Which has been the same-store sales performance per banner in this 1st quarter, vis-a-vis the dynamic of competition of Pão de Açúcar in areas where you have the superposition of Natural da Terra. Have you seen more favorable sales? Thank you. Thales, good morning. Of course, we cannot break down too many details regarding the first quarter. What I can say is that we continue to observe growth in sales and evolution in the month of February, especially in the second fortnight because of Carnival. We had a good month in some areas, in some regions, but somewhat harsher in the region of São Paulo and the coastal areas. We had a problem with rainfall, we had heavy rainfall in São Paulo during Carnival as well. It could have been better, in our opinion, as a counterpart to this, we have observed highlights, especially in the Rio de Janeiro market, because of the operational enhancements and the work that has been carried out. We're extremely interested in the Rio de Janeiro market. This is a strong brand for both banners, for the Extra market, for Pão de Açúcar, we could, of course, benefit from a reality in which the Hortifruti may be undergoing some problems. Natural da Terra. Well, thank you. Our next question is from Irma Sgarz, a Sell-side Analyst from Goldman Sachs. Irma, we will be turning on your microphone so that you can pose your question. Irma, you may proceed, please. Good morning, and thank you for taking my question. I have two questions. One on same-store sales. Of course, although it has improved, after the third quarter, it is still below the inflation for food. Of course, you mentioned this when speaking about gross margin. What is it that you foresee in terms of price and volume? I understand you made a remark on the clusterization and enhancement in assortment and partnership with suppliers. Of course, this should have an impact on the level of promotions. What still draws attention is that in the more premium formats, you're not able to pass over price. If I could better understand that same-store sale dynamic below the inflation and what we should expect in the coming months? If you would have to break down the effects that are leading to this growth below inflation, which would be the main drivers? My second question is on the G7 format. Which is the percentage of sales in actuality, the percentage of stores that have been refurbished? By looking at my notes, we have been speaking about the G7 format for the last five years. Normally, the retail market renews its formats every 5-7 years. I would like to understand if you're already thinking about a new format or if in some markets you require an innovation besides the G7 format, perhaps opting for the G9 format, which you have already mentioned. If this will become necessary to take that additional step. Thank you. Thank you, Irma. When it comes to same-store sales, we still have some impacts. It is important to understand the value proposition that we're working on very strongly to once again regain our premium customers. Something that we have to go back to doing that we have begun to do, and the NPS is proof of that, is a value proposition, especially for Pão de Açúcar of becoming a premium food retail for Brazil. In that context, there is a transition, of course. We're reinforcing this. This year we began investing in the top 30 stores, as we call them. This model has been very positive. They represent 7% above the average sales on average, 1 EBITDA point above the average. We're now moving on towards the top 50 stores. We have that expansion until the end of March. We're working on a model that we call the premium circuit, representing the 15 most premium stores in the organization, further expanding our value proposition. Reinforcing the brick-and-mortar store, working on the food hall concept, where we offer a ready-to-eat, ready-to-go concept with greater volumes that we used to have, and strengthening the presence of perishables, of coffee, pizzas, hamburgers, pasta. We're moving towards new services for our customers. Despite all of this, an important point, and here we have to be convinced of the work we're doing without shortening anything. We truly have to bring back our customers and the vision of customer, our premium customers, so they return to the Pão de Açúcar stores. Of course, enjoy the premium value proposition that had suffered a deterioration. Very shortly, we will have news for you regarding an upgrade in the Pão de Açúcar Mais program with a segmentation of customers. A segmentation in our customer standards to further engage these customers. A value proposition of the Pão de Açúcar card, strengthening and awarding consumption in store. Not only awarding those that consume outside of the Pão de Açúcar. This is something we changed in the last quarter and beginning of this quarter to make sure that it will be worthwhile buying with a Pão de Açúcar card, especially buying on the site and in Pão de Açúcar. We have seen an increase of the card share within our stores, which is very important and strengthening our proximity strategy. We have observed a growth, a timid growth perhaps, but a constant growth quarter-on-quarter in supermarkets. We see a double-digit growth in the proximity stores. What we observe is a more aggressive growth in the Extra banner supermarket. They're more sensitive to prices. This is where we have worked with a commercial and operational partnership with a very strong return. We still have to work with the Compre Bem banner. We carried out a test at the end of last year, beginning of this year, of changing four Compre Bem supermarkets in the coast of São Paulo to Extra stores. We need more time to prove our thesis here. Perhaps we can bring together that banner and strengthen the banner Extra. For the Pão de Açúcar value proposition, we have to stick to our strategy. Although growth has not appeared at the speed that we wished it would. Regarding G7, I do understand your point. Here I do not want to create distractions in the organization to stop what they're doing to create a new model. The G7 model, well, it has proved to be a winning model. We are carrying out a number of adjustments together with the commercial team, the store concept team. The are broadening the presence of perishable goods in the store. They're gaining more, they're more notorious. This is not a moment to launch a new store model. While we still have 40% to do, we're going to conclude what we have. We will strengthen our current model and, well, we can think about a new model as soon as this is necessary. We believe that this will not be necessary for the time then. Can you tell me how much of your sales- Your G7 is accountable for up to 60%, almost 70%. Yes. We expect 100% until the end of the year. 60% of sales. The next question from Iago Souza, sell-side analyst from Genial Investimentos in Portuguese. Iago, we are opening your microphone so you can pose your question. Iago, you may begin. Good morning. How are you? Thank you for taking my question. I would like to explore your perspective for Easter. With the events of Americanas in Q1, do you see that there is an opportunity to capture more share during this year? What are your prospects for this year? If you could give us some flavor regarding this number. Thinking about margin, how do you intend to work on Easter? Thank you very much. Thank you, Iago. Good morning. Well, Easter, I would say that you have a point. We've discussed this strongly since the World Cup. We have discussed a lot the theme of seasonality. How the consumer's behavior has adapted to the seasonality. What we observed during the World Cup wasn't the update that we expected, be it because of the proximity to Black Friday seasonality because of Christmas. What we see more is a leveling field in terms of seasonality 30 days before the event. Now, obviously, you always have the last 10 days that represent a greater impact. Now, in this sense, well, we are preparing ourselves for an Easter that will start on the month of March. All our preparation is being carried out together with the chocolate industries. Everything regarding fish products, that is a great strength of Pão de Açúcar, and obviously fresh fish and also codfish. We already have everything planned for the entire month, and this will provide us the opportunity not only to capture the seasonality, exclusively depending on the last 10 days that come before the event, but also to better level our margin. Because as you're able to sell more during the preseason, obviously you pull out of the seasonality with lower volume, with a less need of marking down prices. Speaking specifically about Easter this year, what we are doing together with the industry, yes, we have been able to acquire an additional volume than what traditionally we have. We have closely followed the industry. Everything regarding chocolates, chocolate bars, everything connected to that category as a whole has surprised us positively. Yesterday, we were seeing these numbers. For example, candies have grown by double digits, something surprising. This is because of the adjustments that we carried out on the G7 stores. We put all the sweets in the front. This is, of course, close to the PDVs, the last point of contact where the customer where the impulse purchase takes place. We've seen a positive response in sales and in margins for this category. Yes, stores are being prepared now during the first week of March. For the first time, we are going to carry it out, encompassing test in the proximity stores. Traditionally, we don't explore the proximity stores because of physical space during Easter. We do believe that here we can offer a more reduced assortment, but more relevant in these stores, and we're gonna carry out this test this year. We want to be positively surprised due to the work and the engagement of the entire team. Thank you very much. Our Q&A session has come to an end. Now I would like to hand it over back to Marcelo Pimentel for his final remarks. Thank you very much. I thank you once again for participating. I would like to strengthen that I'm reassured with all the progress carried out last year. We are aligned with the turnaround process that we started in April. We've recorded important progress like the recovery of growth. Our EBITDA has also improved. The expansion plan and the commitment of opening over 100 stores this year, in addition to the digital growth that will surpass double digits. There is a lot to do still, there is no doubt. We are committed to continue developing our strategy to recover the GPA that we want to be a supermarket company, a reference in the premium segment with a sustainable model. We've worked with discipline to overcome obstacles. I am sure that we're on the right path. I would also like to thank the dedication of all the team that has been extremely important for our evolution process within GPA. Thank you very much. Have an excellent day.