Earnings Results. Second Quarter 2015
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1 Earnings Results Second Quarter 2015
2 Forward Looking Statements This presentation contains, or may be deemed to contain, forward-looking statements. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. The future results of Grupo Famsa, S.A.B. de C.V. and its subsidiaries may differ from the results expressed in, or implied by, the forwardlooking statements set out herein, possibly to a material degree. 2
3 Agenda Operating and Financial Results 2Q15 Executive Summary Famsa Mexico Banco Famsa Famsa USA Consolidated Financial Results 2Q15 3
4 Operating and Financial Results Second Quarter 2015
5 Executive Summary Second Quarter 2015 Remarkable growth in Consolidated Net Sales of 12.2% and consolidated EBITDA of 24.3% in 2Q15 compared to 2Q14 MX Grupo Famsa ratifies consolidated EBITDA will be in line with the high end of the 2015 Guidance: Ps$1,800 million Surpassing 2015 Guidance of +4.0%, Famsa Mexico s SSS rose an outstanding 10.0% in 2Q15 Furniture sales volume increased 18.3% in 2Q15, the largest quarterly expansion since second quarter 2012 The Non-performing Loans Ratio (NPL) of Banco Famsa s portfolio was 11.9% as of June 30, 2015, the lowest level over the past three years The balance of Commercial Loans Portfolio grew at an annual rate of 41.3%, to Ps$3,509 million as of the end of June, 2015 Famsa USA s dollar-denominated SSS increased 2.7% year-over-year in 2Q15 USA Peso-denominated Net Sales grew 20.7% during 2Q15 due to the variation in parity of the Mexican Peso vis-à-vis the America dollar 5
6 Famsa Mexico
7 Index The improvement in consumer spending in Mexico was reflected in diverse financial indicators Jun 13 Sep 13 Dec'13 Mar 14 Jun 14 Sep 14 Dec'14 Mar'15 Jun'15 Growth (%) Jun 13 Sep 13 Dec'13 Mar'14 Jun 14 Sep 14 Dec'14 Mar 15 Jun'15 Consumer Confidence Index 1 (Seasonally adjusted series) ANTAD - Nominal Sales Growth 2 (General grouping, SSS) % 5% 4% 3% 2% 1% 0% -1% -2% -3% -4% 1 Consumer Confidence Index published by INEGI (2003 base 100) 2 Nominal sales growth published by ANTAD (General grouping, Same Store Sales) 7
8 Pesos (Millions) Famsa Mexico continued its positive trend with a 10.9% increase in Net Sales in the second quarter of 2015 Growth (%) 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 Famsa Mexico: Net Sales Famsa Mexico: Quarterly SSS Total: +10.2% SSS: +9.0% Total: +10.9% SSS: +10.0% $5,980 $6,590 12% 9% 6% Guídance: 4% $3,207 $3,557 3% 0% -3% -6% 2Q14 2Q15 J-J 14 J-J 15-9% 8
9 % of Sales Furniture increased its participation in the sales product mix during the first half of 2015 Famsa Mexico: % of Sales by Product Category 100% 100% 12.2% 2.3% 3.1% 4.9% 6.8% 17.1% 2.3% 2.7% 3.8% 6.3% 12.5% 10.0% 10.1% 11.0% 11.7% 11.5% 12.9% 13.4% 23.5% 21.9% Others Clothing Seasonally Computers Motorcycles Electronics Furniture Mobile Phones Appliances Personal Loans J-J 14 J-J 15 9
10 Furniture sales volume increased 18.3% in 2Q15, the largest quarterly expansion since 2Q12 Computers Electronics Personal Loans Mobile Phones Motorcycles Appliances Furniture Famsa Mexico: Sales Growth by Product Category (2Q15) 20% 15% 10% 5% 0% -5% -10% -15% -20% 10
11 Banco Famsa
12 Demand deposits have posted an increase of 6.4% for the last three quarters 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 14% 12% 10% Banco Famsa: Capitalization Index (ICAP) 12.3% 1 $ 14,491 Banco Famsa: Bank Deposits +8.4% 11,017 11,115 10,695 $ 15,707 10,901 10,787 8% 6% 4% 4.8% 4.8% 4.7% 4.4% 4.4% 2% 1,849 2,082 2,475 2,998 3,298 0% 1,624 1,524 1,582 1,592 1,622 2Q14 3Q14 4Q14 1Q15 2Q15 Demand Deposits Time Deposits with optional avaliability Time Deposits Average Cost of Funding Source: CNBV, Banco Famsa 1 Preliminary figure 12
13 Significant improvement of 570 basis points for the NPL ratio: 11.9% in June 2015 vs 17.6% in June 2014 Jun 13 Jun 13 Jul 13 Jul 13 Aug 13 Aug 13 Sep 13 Sep 13 Oct 13 Oct 13 Nov 13 Nov 13 Dec 13 Dec 13 Jan 14 Jan 14 Feb 14 Feb 14 Mar 14 Mar 14 Apr 14 Apr 14 May 14 May 14 Jun 14 Jun 14 Jul 14 Jul 14 Aug 14 Aug 14 Sep 14 Sep 14 Oct'14 Oct'14 Nov'14 Nov'14 Dec'14 Dec'14 Jan'15 Jan'15 Feb'15 Feb'15 Mar'15 Mar'15 Apr'15 Apr'15 May'15 May'15 Jun'15 Jun'15 Banco Famsa: Non-Perfoming Loans Ratio Includes Collection Rights* 16.5% 16.6% 16.1% 14.8% 17.1% 15.6% 15.1% 14.8% 14.7% 15.7% 17.5% 17.4% 17.6% 17.5% 16.9% 16.2% 15.6% 14.8% 14.2% 14.5% 14.9% 13.3%12.6% 12.6% 11.9% Banco Famsa: Non-Performing Loans Ratio Excludes Collection Rights* 16.5% 17.0% 16.8% 15.7% 18.5% 17.0% 16.8% 16.7% 16.7% 18.1% 20.5% 20.6% 21.4% 21.4% 20.7% 20.0% 19.5% 18.5% 17.9% 18.4% 19.0% 17.0% 16.2% 16.4%15.7% Source: CNBV, Banco Famsa *Collection Rights: Credits discounted via payroll 13
14 Pesos (Millions) Commercial Loans Portfolio grew 41.3% year-overyear as of 2Q15 achieving an NPL ratio of 2.3% Banco Famsa: Commercial Loans +41.3% $3,492 $3,509 Banco Famsa: Commercial Loans Mix 2Q15 SMEs 13% Microcredits 3% $2,484 $2,691 $2,912 Enterprises 84% 4.7% 5.1% 3.7% 3.1% Microcredit SMEs Enterprises No of Loans 4, Average Amount * $26,000 $1.2 millions $11.5 millions 2.3% Average Duration 23 months 36 months 36 months 2Q14 3Q14 4Q14 1Q15 2Q15 NPL Source: Grupo Famsa, Banco Famsa *Pesos Average Rate 64.0% 10.1% 7.0% Guarantee NO Endorsement / Affiliated Debtor / NAFIN Endorsement / Affiliated Debtor / Mortgage 14
15 Famsa USA
16 Famsa USA s peso-denominated Net Sales increased 20.7% during the second quarter of 2015 Pesos (Millions) Growth (%) 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 Famsa USA: Net Sales Total: +16.9% (MXN) Total: +1.6% (USD) SSS: +1.6% (USD) $847 $990 7% Famsa USA: Quarterly SSS Total: +20.7% (MXN) Total: +2.8% (USD) SSS: +2.7% (USD) $428 $517 2% -3% -8% 2Q14 2Q15 J-J 14 J-J 15 16
17 The Famsa-to-Famsa category and Personal Loans posted the highest sales performance during 2Q15 Computers Electronics Appliances Furniture Personal Loans Famsa to Famsa Famsa USA: Sales Growth by Product Category 1 (2Q15) 25% 20% 15% 10% 5% 0% -5% -10% -15% -20% 1 Figures in US dollars 17
18 % of Sales Furniture comprises over 50% of Famsa USA s Net Sales Famsa USA: % of Sales by Product Category 1 100% 100% 5.4% 5.3% 4.6% 3.4% 4.1% 4.6% 6.3% 7.0% 12.5% 13.1% Others Computers Famsa to Famsa Personal Loans Appliances 16.6% 15.2% Electronics 50.5% 51.4% Furniture J-J 14 J-J 15 1 Figures in US dollars 18
19 Number of business units During 2H15, Grupo Famsa expects to increase its presence in Mexico with the opening of 10 stores M 2 (Thousands) Grupo Famsa: Business Units +3.2% To be converted 10 branches Banking branches Grupo Famsa: Retail Area +3.0% To be converted branches Banking branches Stores USA Stores USA Stores Mx Stores Mx 2Q14 2Q15 2Q14 2Q15 Openings and Closures (2Q15) 1Q15 Openings Closures 2Q15 Business Units Stores Famsa Mexico Famsa USA Banking branches To be converted branches
20 Consolidated Financial Results Second Quarter 2015
21 % of Sales Pesos (Millions) % of Sales Net Sales Consolidated Net Sales +11.2% +12.2% USA $3,657 $4,104 MX $6,866 $7,634 Consolidated Product Mix 17% 21% 5% 6% 4% 5% 10% 10% 13% 10% 13% 13% 15% 17% Others Computers Motorcycles Mobile Phones Electronics Appliances Furniture 21% 20% Personal Loans 2Q14 2Q15 J-J 14 J-J 15 Same Store Sales (%) Jan-Jun 14 Jan-Jun 15 Share of Consolidated Net Sales by Country 2Q15 J-J % 13% Famsa USA Total +8.8% +8.0% Famsa Mexico +10.0% +9.0% 88% 87% Famsa Mexico Famsa USA % +1.6% 2Q14 2Q15 1 Excluding foreign exchange effects 21
22 Pesos (Millions) Profitability Gross Profit EBITDA +13.2% $3,632 $3,254 $716 $ % $1,918 $461 $1,694 $370 USA USA MX MX 46.3% 48.6% 46.7% 47.4% 47.6% 10.1% 11.2% 10.4% 11.6% 2Q14 2Q15 J-J 14 J-J 15 2Q14 2Q15 J-J 14 J-J15 Financial Expenses, net +47.1% +44.6% +11.6% +23.3% 1 1 $ % $249 $119 $ % $42 Net Income -6.5% $882 $227 $ % 5.7% 6.1% 5.2% 6.8% 1.2% 5.7% 2.9% 3.3% 2.8% 2Q14 2Q15 J-J 14 J-J 15 1 Foreign Exchange Gain in 2Q14 of $14 / Foreign Exchange Loss in 2Q15 of $77 1 Foreign Exchange Gain in 1H14 of $19 / Foreign Exchange Loss in 1H15 of $181 2Q14 2Q15 J-J 14 J-J 15 22
23 Pesos (Millions) Main Balance Sheet Accounts Consumer USA Commercial Mx Trade Receivables +6.2% $23,402 $24,860 $2,105 $2,370 $2,912 $3,509 $2,121 Inventories +8.2% $2,295 Consumer Mx $18,386 $18,981 4Q14 2Q15 Net Debt and Bank Deposits +8.9% $20,690 $22,536 Net Debt $5,938 $6,829 4Q14 2Q15 Stockholders Equity +2.8% $10,280 $10,568 Bank Deposits $14,752 $15,707 4Q14 2Q15 4Q14 2Q15 23
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