EARNINGS PRESENTATION Q3 15. November 2015

Transcription

1 EARNINGS PRESENTATION November 2015

2 1 2 CONSOLIDATED RESULTS RESULTs BY SEGMENT 3 FINANCIAL ratios

3 1 CONSOLIDATED RESULTS

4 consolidated financial highlights Million Soles (S/. mm) Highlights Revenues 11.8% Growth in Revenues, Adj. EBITDA and Net Income 4,408 4,930 Revenues: +8.4% vs. Adj. EBITDA: +10.6% vs. Adj. EBITDA Margin: 10.2% vs.10.0% 1, % 1,674 Net Income: % vs. Excluding FX and mark to market, net income increased 15.7% YTD 14 YTD 15 Adj. EBITDA Net Income 25.1% -50.6% % % YTD 14 YTD 15 YTD 14 YTD 15 Margin 10.0% 10.2% 9.1% 10.2% Margin 0.1% 1.2% 2.1% 0.9% 4

5 Financial results by segment Million Soles (S/. mm) Revenues Adj. EBITDA 10.6% 10.6% 4,200 4,647 Pharmacies Supermarkets InRetail Consumer 1,460 38% 8.0% 1,578 38% 37% 63% 37% 63% 99 52% 5.9% % 48% 52% 48% 52% 62% 62% 48% 51% YTD 14 YTD 15 YTD 14 YTD 15 Margin: 6.8% 6.7% 6.7% 6.7% 32.3% 46.2% InRetail Shopping Malls % % YTD 14 YTD 15 YTD 14 YTD 15 Net Rental Margin: 81.2% 83.3% 79.2% 82.5% 5

6 2 RESULTS BY SEGMENT

7 SUPERMARKETS RESULTS BY SEGMENT S/. mm Q3'15 Q3'14 Var % Revenues % Gross Profit % EBITDA % Gross Mg 25.5% 25.5% 3 bps EBITDA Mg 5.5% 5.3% 24 bps SSS growth of 4.3% +12k sqm of sales area since (+4.8%) Remodeled and improved layouts on 3 stores (9 stores since ) Gross margin maintained at, slightly improved by higher rebates Efficiencies in SG&A (decreased in 36 bps, excl. D&A) driven by higher store and supply chain productivity and lower administrative expenses 7

8 PHARMACIES RESULTS BY SEGMENT S/. mm Q3'15 Q3'14 Var % Revenues % Gross Profit % EBITDA % Gross Mg 31.3% 31.5% -18 bps EBITDA Mg 8.7% 9.4% -75 bps SSS growth of 2.1% Opened 26 pharmacies (87 additional pharmacies since, +11.2%) Gross margin decreased in 18 bps due to price reductions in certain private label products in response to more aggressive competitive dynamics between local consumer product brands Higher store operational and rental expenses due to new store openings and dollar-denominated rentals, partially compensated by lower marketing expenses 8

9 SHOPPING MALLS RESULTS BY SEGMENT S/. mm Q3'15 Q3'14 Var % Revenues % Gross Profit % Adj. EBITDA % Gross Mg 70.8% 66.4% 442 bps Net Rental Mg 81.3% 81.2% 11 bps 9k sqm of additional GLA due to mall expansions (+39k sqm since ) Maintained high occupancy rates in malls (~96%) Adjusted EBITDA growth of 21.0% mainly explained by the contribution of new shopping malls (Centro Civico acquired in August 2014 and Sullana acquired in May 2015) Mark-to-market income of S/.5 mm from shopping mall expansions and acquisitions 9

10 Quarterly Openings and SSS by Segment Openings Same Store Sales (SSS) Supermarkets Sales Area ( 000 sqm) Supermarkets 4.8% 5.2% 4.9% 5.6% 4.1% 4.3% 2.6% Q1 14 Q2 14 Q4 14 Q1 15 Q2 15 N o Stores Pharmacies N o Stores Q1 14 Q2 14 Q4 14 Q1 15 SSS Averages 2013: 0.4% 2014: 4.4% Q2 15 YTD 15: 4.7% Pharmacies 10.8% Q Q2 14 Shopping Malls GLA ( 000 sqm) Q Q1 15 Q % 8.2% 5.9% 6.4% 5.2% 2.1% Q1 14 Q2 14 Q4 14 Q1 15 Q2 15 Q1 14 Q2 14 Q4 14 Q1 15 Q2 15 N o Malls SSS Averages 2013: 2.7% 2014: 8.5% YTD 15: 4.6% 10

11 Adjusted ebitda evolution Million Soles (S/. mm) InRetail Consolidated Shopping Malls % % % % % % Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q Supermarkets Pharmacies % 19.2% 12.7% % % % Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q

12 Consolidated Net Income vs Million Soles (S/. mm) Excluding FX and mark-to-market, Net Income increased 15.7% vs Q2 14 Net Income -50.6% EBITDA growth of 10.6% % increase in depreciation expenses due to new supermarkets and pharmacy stores % % increase in financial expenses mainly explained by one-time expense of S/.9.3 mm from bond repurchases Net Margin 0.1% 1.2% YTD % YTD % Forex: Net Income excluding after-tax FX and mark-to-market gains: +24.1% : Loss of S/.35 mm : Loss S/.58 mm YTD 15: Loss of S/.132 mm YTD 14: Loss of S/.57 mm % 41 Net Margin 2.3% 2.5% YTD % YTD % Mark-to-market: : Gain of S/.4 mm : Gain of S/.10 mm YTD 15: Gain of S/.15 mm YTD 14: Gain of S/.42 mm 12

13 3 FINANCIAL ratios

14 Financial Debt and Consolidated Capex Million Soles (S/. mm) Consolidated Financial Debt Consolidated CAPEX 4.0x 3.6x 4.0x 3.6x 3.8x 3.4x 3.6x 3.7x 2014: S/. 792 mm 333 YTD 2015: S/.314 mm 2.9x 3.2x 3.4x x LTM Q1 15 LTM Q2 15 LTM Q1 14 Q2 14 Q4 14 Q1 15 Q2 15 Net debt / EBITDA Debt / EBITDA Debt 1,668 1,722 2,446 2,499 2,467 2,599 Free Cash Flow YTD 2015: S/.106 mm Cash 1, Net Debt 542 1,398 2,160 2,197 2,225 2,410 14

15 Debt by segment Million Soles (S/. mm) Total Consolidated Debt: S/.2,599 mm Debt / EBITDA: 3.7x Net Debt / EBITDA: 3.4x 3.2x 2.9x 3.0x 2.8x 2.0x 2.4x 3.2x 2.9x 3.1x 2.7x 3.3x 3.0x 8.2x 5.4x 4.7x 5.5x 4.9x 5.0x 4.3x 4.5x 4.1x 4.3x 4.1x 0.4x LTM Q1 15 LTM Q2 15 LTM LTM Q1 15 LTM Q2 15 LTM Net Debt/EBITDA Debt/EBITDA Debt 976 1,095 1,347 1,374 1,339 1, ,111 1,139 1,128 1,144 Cash Net Debt ,179 1,226 1,195 1, ,035 1,078 15

16 exposure to usd 1 Repurchased US$ mm of our Bonds up to date US$ 122 mm Consumer and US$ 50.8 mm Shopping Malls One-time expense of ~ US$ 5.8 mm Funded US$ 100 mm with medium term loans in PEN at interest rates of ~ 6.7% and the difference with cash from operations 23% of Total Debt exposed to USD (vs. 72% in Dic-14) 38% 2 Purchased US$ 200 mm Call Spread for InRetail Shopping Malls Exchange rate fluctuations coverage between S/ and S/ % 23% Annual cost of 1.84% 3 Converted US$30 mm Principal-Only Swap to US$100 mm Call Spread for InRetail Consumer 28% 39% Exchange rate fluctuations coverage between S/ and S/.3.75 dic-14 sep-15 Annual cost of 1.56% Hedge USD PEN 16

17 EARNINGS PRESENTATION November 2015

18 This material was prepared solely for informational purposes and is not to be construed as a solicitation or an offer to buy or sell any securities. This presentation may include forward-looking statements or statements about events or circumstances which have not yet occurred. We have based these forward-looking statements largely on our current beliefs and expectations about future events and financial trends affecting our businesses and our future financial performance. These forward-looking statements are subject to risk, uncertainties and assumptions, including, among other things, general economic, political and business conditions, both in Peru and in Latin America as a whole. The words believes, may, will, estimates, continues, anticipates, intends, expects, and similar words are intended to identify forward-looking statements. We undertake no obligations to update or revise any forward-looking statements because of new information, future events or other factors. In light of these risks and uncertainties, the forward-looking events and circumstances discussed in this presentation might not occur. Therefore, our actual results could differ substantially from those anticipated in our forward-looking statements. No representation or warranty, either express or implied, is provided in relation to the accuracy, completeness or reliability of the information contained herein. It should not be regarded by recipients as a substitute for the exercise of their own judgment. We and our affiliates, agents, directors, employees and advisors accept no liability whatsoever for any loss or damage of any kind arising out of the use of all or any part of this material. This material does not give and should not be treated as giving investment advice. You should consult with your own legal, regulatory, tax, business, investment, financial and accounting advisers to the extent that you deem it necessary, and make your own investment, hedging and trading decision based upon your own judgment and advice from such advisers as you deem necessary and not upon any information in this material. 18