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B2W Companhia Digital B2W Companhia Digital Financial statements – ITR at June 30, 2019 and independent auditors’ report on quarterly information 1 KPMG Auditores Independentes Rua do Passeio, 38 - Setor 2 - 17º andar - Centro 20021-290 - Rio de Janeiro/RJ - Brasil Caixa Postal 2888 - CEP 20001-970 - Rio de Janeiro/RJ - Brasil Telefone +55 (21) 2207-9400, Fax +55 (21) 2207-9000 www.kpmg.com.br Independent auditor´s report on review of condensed consolidated interim financial statements To Management and Stockholders of B2W Companhia Digital. Rio de Janeiro - RJ Introduction We have reviewed the accompanying condensed parent companyi and consolidated interim financial statements of B2W Companhia Digital (“Company”), identified as parent company and consolidated, respectively, included in the interim financial statements form - ITR for the period ended June 30, 2019, which comprises the condensed statement of financial position as at June 30, 2019, the condensed statements of profit or loss and other comprehensive income (loss), condensed changes in equity and condensed cash flows for the three-month period then ended, including explanatory notes. The Company’s Management is responsible for the preparation of these condensed interim financial statements in accordance with the Accounting Pronouncement CPC 21(R1) and the IAS 34 - Interim Financial Reporting, issued by the International Accounting Standards Board - IASB, as well as the presentation of this information in accordance with the standards issued by the Brazilian Securities and Exchange Commission (CVM), applicable to the preparation of interim information - ITR. Our responsibility is to express our conclusion on this interim financial statements based on our review. Scope of the review We conducted our review in accordance with Brazilian and International Interim Information Review Standards (NBC TR 2410 - Revisão de Informações Intermediárias Executada pelo Auditor da Entidade and ISRE 2410 - Review of Interim Financial Information Performed by the Independent Auditor of the Entity, respectively). A review of interim financial statements consists of making inquiries primarily of the management responsible for financial and accounting matters and applying analytical procedures and other review procedures. The scope of a review is significantly less than an audit conducted in accordance with auditing standards and, accordingly, it did not enable us to obtain assurance that we were aware of all the significant matters that could have been identified in an audit. Therefore, we do not express an audit opinion. Conclusion on the parent company interim condensed financial statements Based on our review, nothing has come to our attention that causes us to believe that the accompanying parent company interim condensed financial statements is not prepared, in all material respects in accordance with the Accounting Pronouncement CPC 21(R1) applicable to the preparation of the interim financial statements - ITR and presented in accordance with the standards issued by the Brazilian KPMG Auditores Independentes, uma sociedade simples brasileira e firma- KPMG Auditores Independentes, a Brazilian entity and a member firm of membro da rede KPMG de firmas-membro independentes e afiliadas à KPMG the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), uma entidade suíça. International Cooperative (“KPMG International”), a Swiss entity. 2 Securities and Exchange Commission. Conclusion on the consolidated interim accounting information Based on our review, nothing has come to our attention that causes us to believe that the accompanying condensed consolidated interim financial statements is not prepared, in all material respects, in accordance with the Accounting Pronouncement CPC 21(R1) and IAS 34 - Interim Financial Reporting, issued by the IASB, and presented in accordance with the standards issued by the Brazilian Securities and Exchange Commission. Other matters Statements of value added We also reviewed the individual and consolidated Statements of value added (DVA) for the three-month period ended June 30, 2019, prepared under the responsibility of Company’s Management, for which presentation is required in the interim information in accordance with the standards issued by the Brazilian Securities and Exchange Commission (CVM) applicable to the preparation of interim financial statements - ITR, and considered as supplementary information by IFRS, which does not require the presentation of the statements of value added. These statements were submitted to the same review procedures described previously and, based on our review, we are not aware of any fact that might lead us to believe that they were not prepared, in all material respects, in accordance with the individual and consolidated interim accounting information, taken as a whole. Rio de Janeiro, July 30, 2019 KPMG Auditores Independentes CRC SP-014428/O-6 F-RJ Carla Bellangero Accountant CRC 1SP196751/O-4 KPMG Auditores Independentes, uma sociedade simples brasileira e firma- KPMG Auditores Independentes, a Brazilian entity and a member firm of membro da rede KPMG de firmas-membro independentes e afiliadas à KPMG the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), uma entidade suíça. International Cooperative (“KPMG International”), a Swiss entity. 3 B2W Companhia Digital Balance Sheet In thousands of reais Parent Company Consolidated ASSETS Note 06/30/2019 12/31/2018 06/30/2019 12/31/2018 CURRENT Cash and cash equivalents 6 3,303,651 3,113,727 3,313,209 3,119,948 Marketable securities 7 1,915,251 1,719,887 2,156,692 1,920,738 Accounts receivables 8 463,809 123,337 480,066 155,489 Inventories 9 830,788 841,257 852,378 879,569 Recoverable taxes 10 478,448 457,445 513,582 492,407 Prepaid expenses 22,674 27,283 30,842 37,293 Other current assets 346,580 422,122 354,709 426,628 Total current assets 7,361,201 6,705,058 7,701,478 7,032,072 NON CURRENT Marketable securities 7 92,423 - 92,423 - Recoverable taxes 10 1,295,723 1,255,524 1,295,723 1,255,524 Deferred income tax and social contribution 11 1,247,788 1,104,076 1,301,669 1,163,874 Judicial deposits 81,016 66,068 81,099 66,084 Related parties 12 77,831 85,873 - 41,013 Other non current assets 64,571 64,571 70,872 70,872 Investments 13 599,076 589,750 - - Fixed assets 14 390,723 414,417 411,288 435,499 Intangible assets 15 2,511,752 2,462,235 3,014,356 2,966,256 Rights of use asset 16 169,868 - 209,249 - Total non current assets 6,530,771 6,042,514 6,476,679 5,999,122 TOTAL ASSETS 13,891,972 12,747,572 14,178,157 13,031,194 4 B2W Companhia Digital Balance Sheet In thousands of reais Parent Company Consolidated LIABILITIES AND SHAREHOLDERS' EQUITY Note 06/30/2019 12/31/2018 06/30/2019 12/31/2018 CURRENT Suppliers 17 1,919,880 1,907,327 1,961,872 2,005,607 Borrowings and financing 18 1,137,825 678,292 1,157,822 727,068 Debentures 19 7,970 246 7,970 246 Salaries, provisions and social contributions 38,619 36,477 62,314 57,847 Accounts payable - Business combination 20 - - 921 1,534 Taxes payable 21 35,082 36,459 46,541 57,741 Income tax and social contribution - - 3,620 17,580 Advances received from clients 126,770 80,263 126,770 80,263 Lease liability 16 55,189 - 69,206 - Other current liabilities 127,351 160,862 197,803 261,539 Total current liabilities 3,448,686 2,899,926 3,634,839 3,209,425 NON CURRENT LIABILITIES Borrowings and financing 18 6,687,439 5,900,928 6,733,508 5,920,928 Debentures 19 200,000 200,000 200,000 200,000 Provisions for contingencies 22 53,396 53,752 145,996 149,854 Related parties 12 94,245 150,577 15,636 - Accounts payable - Business combination 20 - - 8,000 7,788 Lease liability 16 146,412 - 178,384 - Other non current liabilities 3,978 5,274 3,978 6,084 Total non current liabilities 7,185,470 6,310,531 7,285,502 6,284,654 SHAREHOLDERS' EQUITY Capital 5,742,330 5,742,330 5,742,330 5,742,330 Capital reserve 57,697 46,773 57,697 46,773 Accumulated losses (2,542,211) (2,251,988) (2,542,211) (2,251,988) 3,257,816 3,537,115 3,257,816 3,537,115 Total shareholders's equity 23 3,257,816 3,537,115 3,257,816 3,537,115 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 13,891,972 12,747,572 14,178,157 13,031,194 5 B2W Companhia Digital Statement of Operations In thousands of reais Parent Company Consolidated Note 06/30/2019 06/30/2018 06/30/2019 06/30/2018 Net revenue 25 2,669,235 2,838,959 2,760,389 2,952,998 Cost of goods and services sold (1,884,464) (2,109,948) (2,014,971) (2,235,314) Gross profit 784,771 729,011 745,418 717,684 Operating income (expenses) Selling expenses 26 (565,083) (584,143) (469,901) (506,897) General and administrative expenses 26 (297,546) (240,921) (336,638) (273,146) Other operating income (expenses) 26 (26,705) (30,660) (24,247) (16,916) Result before financial result (104,563) (126,713) (85,368) (79,275) Financial revenue 235,479 222,010 241,796 234,484 Financial expenses (544,377) (470,060) (556,312) (489,940) Financial result 27 (308,898) (248,050) (314,516) (255,456) Equity accounting 13,070 30,885 - - Loss before income tax and social contribution (400,391) (343,878) (399,884) (334,731) Income tax and social contribution Current - - (4,219) (6,959) Deferred 11 133,581 119,929 137,293 117,637 Loss of the period (266,810) (223,949) (266,810) (224,053) Attributable to Company's shareholers (266,810) (223,949) (266,810) (223,949) Attributable to Non controlling shareholers - - - (104) 6 B2W Companhia Digital Statement of Comprehensive
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