Earnings Presentation Q1 2015

Transcription

1 Earnings Presentation Q May, 2015

2 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. 2

3 AGENDA 01 Q1 15 CONSOLIDATED RESULTS 02 Q1 15 RESULTS BY SEGMENT 03 FINANCIAL DEBT 04

4 01 Q1 15 CONSOLIDATED RESULTS

5 Q1 15 Consolidated Highlights Million Soles (S/. mm) Highlights Revenues Double digit growth in Revenues and Adj. EBITDA; decrease in Net Income vs. Q1 14 Revenues +14.6% vs. Q1 14 Adj. EBITDA +39.0% vs. Q1 14 5,322 6,147 6,353 Adj. EBITDA Margin 10.1% vs. 8.4% in Q1 14 Net Income for Q1 15 was S/. 10 million; excluding FX and mark-to-market, Net Income increased 84.3% 1,406 1,611 Adj. EBITDA Net Income Margin 8.4% 10.1% 8.9% 9.8% 10.2% Margin 2.4% 0.6% 1.2% 1.8% 1.4% 5

6 Financial Results by Segment Million Soles (S/. mm) InRetail Consumer InRetail Shopping Malls Supermarkets Pharmacies Revenues 5,142 5,833 6,002 Revenues % 36% 1,350 1,520 35% % 36% 64% 64% 65% 64% 64% Adj. EBITDA Adj. EBITDA % 44% 45% % 44% 58% 56% 55% % 56% Margin 6.9% 6.7% 7.1% 7.1% 7.0% Net Rental Margin 77.3% 82.9% 75.9% 80.2% 81.4% 6

7 02 Q4 14 RESULTS BY Q1 15 RESULTS BY SEGMENT SEGMENT

8 Q1 15 Resultados Results por by Segmentos 2014 Millones de Soles (S/. mm) SUPERMARKETS S/. mm Q1'15 Q1 '14 Var% Revenues % Gross Profit % EBITDA % Gross Mg 25.8% 25.2% 25.2% EBITDA Mg 5.8% 6.3% 6.3% Opened one Plaza Vea store of 2.9k sqm in Lima (+24k sqm of sales area since Q1 14, +9.7%) SSS growth of 5.6% Remodeled and improved layouts on 2 stores (10 stores since Q1 14) Increased gross margin in 59 bps due to more efficient promotional campaigns and higher commercial and logistic contributions from suppliers Efficiencies in SG&A (decrease in 31 bps, excl. D&A) mainly driven by lower logistic expenses and higher employee productivity EBITDA growth of 30.8%, excluding extraordinary income of S/.11 mm in Q1 14 from the sale of an unused landplot. EBITDA margin increased in 80 bps. 8

9 01 Q1 15 Results by Segment PHARMACIES S/. mm Q1'15 Q1 '14 Var% Revenues % Gross Profit % EBITDA % Gross Mg 31.3% 31.0% 31.0% EBITDA Mg 8.2% 8.0% 8.0% Opened 5 pharmacies and closed 4 pharmacies, including 2 temporary closings for relocation (107 additional pharmacies since Q1 14, +14.6%) SSS growth of 6.4% Increased gross margin in 33 bps due to a change in the mix of products sold Higher rental and personnel incentives, partially compensated by lower marketing expenses and logistic efficiencies obtained 9

10 01 Q1 15 Results by Segment SHOPPING MALLS S/. mm Q1'15 Q1 '14 Var% Revenues % Gross Profit % Adj. EBITDA % Gross Mg 68.7% 64.1% 64.1% Net Rental Mg 82.9% 77.3% 77.3% Expanded 4.6k sqm of GLA (+133k sqm of GLA since Q1 14, +31.2%) Maintained high occupancy rates in malls (~97%) Increased gross margin by 460 bps driven by fixed costs dilution and operational efficiencies Adjusted EBITDA growth of 74.4% mainly explained by the contribution of new shopping malls (Real Plaza Salaverry, opened in May 2014, and Real Plaza Centro Civico, acquired in August 2014) Mark-to-market income of S/.6 mm generated by shopping mall expansions 10

11 Quarterly Openings and SSS by Segment Openings Same Store Sales Supermarkets Supermarkets Sales Area ( 000 sqm) % 5.2% 4.9% 5.6% 2.6% Q1'14 Q2'14 Q3'14 Q4'14 Q1'15 N Stores Pharmacies N Stores Q1'14 Q2'14 Q3'14 Q4'14 Q1'15 SSS Averages 2013: 0.4% 2014: 4.4% Pharmacies Q1'14 Q2'14 Q3'14 Q4'14 Q1'15 Shopping Malls 9.3% 10.8% 8.2% GLA ( 000 sqm) % 6.4% Q1'14 Q2'14 Q3'14 Q4'14 Q1'15 N Malls Q1'14 Q2'14 Q3'14 Q4'14 Q1'15 SSS Averages 2013: 2.7% 2014: 8.5% 11

12 Adjusted EBITDA Evolution Million Soles (S/. mm) InRetail Consolidated Supermarkets Q1 Q2 Q3 Q Q1 Q2 Q3 Q Pharmacies Shopping Malls Q1 Q2 Q3 Q Q1 Q2 Q3 Q

13 Consolidated Net Income Q1 15 vs Q1 14 Million Soles (S/. mm) Excl. Forex and Mark-to-Market, Net Income Increased 84.3% vs Q1 14 Net Income: EBITDA growth of 39.0% % increase in depreciation expenses due to the pharmacy s new distribution center, and new supermarkets and pharmacies stores Net Margin % 0.6% Net Income excluding after-tax forex and mark-to-market gains: % % 1.4% Net financial expenses: Forex: 43.6% increase in InRetail Shopping Malls due to increase in total debt to finance growth 13.7% reduction in InRetail Consumer due to lower cost of debt obtained by refinancing Q1 15: Loss of S/. 63 mm Q1 14: Loss of S/.6 mm Mark-to-market: Q1 15: Gain of S/.5 mm Q1 14: Gain of S/.15 mm Net Margin 1.9% 3.1% 2.2% 1.6% 1.9% 13

14 03 FINANCIAL DEBT

15 Financial Debt and Consolidated Capex Million Soles (S/. mm) Financial Debt Capex 2014: S/. 792 mm 4.0x 3.6x 4.0x 3.8x x 3.6x 3.4x x LTM Q1'15 Debt/Adj. EBITDA Net Debt/Adj.EBITDA Q1'14 Q2'14 Q3'14 Q4'14 Q1'15 Free Cash Flow Q1 15: S/. 23 mm Debt 1,668 1,722 2,446 2,499 Cash 1, Net Debt 542 1,398 2,160 2,197 15

16 Debt by Segments Million Soles (S/. mm) as of March 31 st, 2015 Total Consolidated Debt: S/. 2,499 mm Debt / EBITDA: 3.8x Net Debt / EBITDA: 3.4x InRetail Consumer InRetail Shopping Malls Debt/EBITDA Net Debt/EBITDA Debt/EBITDA Net Debt/EBITDA 2.9x 3.0x 3.2x 3.2x 8.2x 2.0x 2.4x 2.8x 2.9x v 5.4x 5.5x 4.7x 4.9x 5.0x 4.3x 0.4x LTM Q1' LTM Q1'15 Debt 976 1,095 1,347 1, ,111 1,139 Cash Net Debt ,179 1,

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