S.A.C.I. Falabella 1 st Quarter 2017 / Earnings Presentation

Transcription

1 S.A.C.I. Falabella 1 st Quarter 2017 / Earnings Presentation

2 Important Disclaimer This presentation contains forward-looking statements, including statements regarding the intent, belief or current expectations of the company and its management. Investors are cautioned that any such forward-looking statements are not a guarantee of future performance and involve a number of risks and uncertainties including, but not limited to, the risks detailed in the company s financial statements, and actual results could differ materially from those indicated by such forward-looking statements. 2

3 CONTENTS MAIN EVENTS CONSOLIDATED STATEMENTS PERFORMANCE BY BUSINESS UNIT Q&A

4 During the first quarter: Main Events during the Period: S.A.C.I. Falabella announced its updated four-year investment plan, for the period. The Company plans to invest MUS$ 4,000: 42% of this capex will be allocated to the opening of 114 new stores and nine new shopping centers. 31% will be dedicated to logistics (including new DC s) and technology, in order to support the growth of its omnichannel operations, as well as to achieve higher levels of efficiency and productivity across the different business units in each country. 27% will be used to increase selling area and remodel existing stores and shopping centers, in order to continue to improve the customer experience and maximize the performance of these points of sale. One store opening: Tottus Vitacura, Santiago, Chile Two store closing: Tottus Quillota, Chile Dicico Franquicia Itativa, Brazil 4

5 Since the end of the first quarter to date: Main Events during this Period: On April 25th during the Ordinary Annual Shareholders Meeting, the following was agreed upon: Approval of the Annual Report, Balance Sheet, Income Statement and External Auditors Certificate corresponding to the fiscal year ending December CLP $54 per share final dividend, charged against the earnings of the fiscal year ending December Dividend policy consisting in the annual distribution of at least 30% of the net income of each fiscal year. The firm EY to provide external audit services in The following individuals were appointed as Directors of the Company for the statutory period of three years: Messrs. José Luis del Río Goudie, Juan Carlos Cortés Solari, Carlo Solari Donaggio, Carlos Heller Solari, Juan Pablo del Río Goudie, Sergio Cardone Solari, Hernán Buchi Buc, Mrs. María Cecilia Karlezi Solari and Mrs. Paola Cúneo Queirolo. Two store opening: Tottus in Cusco, Peru. Sodimac Guarulhos, Sao Paulo, Brazil. 5

6 CONTENTS MAIN EVENTS CONSOLIDATED STATEMENTS PERFORMANCE BY BUSINESS UNIT Q&A

7 1Q17 Income Statement (Millions of CLP) 1Q16 % Rev. 1Q17 % Rev. Var % Revenues of Non-Banking Operations 1,889,596 1,952, % Revenues of Banking Operations 164, , % Total Revenues 2,053, % 2,131, % 3.8% COGS of Non-Banking Operations (1,266,354) -61.7% (1,281,072) -60.1% 1.2% COGS of Banking Operations (74,092) -3.6% (86,841) -4.1% 17.2% Gross Profit 713, % 763, % 7.1% SG&A Expenses (521,635) -25.4% (547,865) -25.7% 5.0% Operational Income 191, % 216, % 12.7% Depreciation + Amortization 62, % 68, % 10.0% EBITDA 254, % 284, % 12.0% Other Income / (Expenses) 1,162 (5,890) % Net Financial Income / (Cost) (56,731) (52,310) -7.8% Profit / (Loss) in Associates 5,708 4, % Exchange Rate Differences 17 2,317 NM Non-Operating Profit (49,844) -2.4% (51,447) -2.4% 3.2% Profit Before Tax Expenses 141, % 164, % 16.0% Income Tax (28,505) (37,291) 30.8% Minority Interest (9,811) (11,621) 18.4% Net Profit / (Loss) 103, % 115, % 11.8% Note: All dollar figures are calculated based on the observed exchange rate as of April 3 rd 2017: $/US$. 1. Does not include accrued interests 7

8 Financial Situation Leverage (times) w/o Banking Operations Net Financial Debt/Ebitda (times) w/o Banking Operations Debt By Type w/o Banking Operations Debt By Maturity w/o Banking Operations Financial Debt w/o Banks1: US$ 5,458 MM 24% Duration: 4.82 years 48% 52% 76% Public Bonds Financial Institutions Short Term Long Term Note: All dollar figures are calculated based on the observed exchange rate as of April 3 rd 2017: $/US$. 1. Does not include accrued interests 8

9 CONTENTS MAIN EVENTS CONSOLIDATED STATEMENTS PERFORMANCE BY BUSINESS UNIT Q&A

10 Performance Department Stores Revenues 1Q17 (CLP$ million) P&L Chile (CLP million) Var% CLP 4.8% Var Local Curr % 7.2% 7.2% -4.1% -2.0% -1.2% 15.4% 16.0% 11.5% Total DS Department Stores 1Q16 1Q17 (%, bps) Revenues 330, , % Gross Profit 100, , % Gross Margin 30.3% 32.8% 243 SG&A (94,390) (99,168) 5.1% SG&A / Revenues -28.5% -27.9% 57 Operating Profit 6,043 17, % Operating Margin 1.8% 4.8% 300 EBITDA 12,833 24, % EBITDA Margin 3.9% 6.9% 307 Sales Area (m 2 ) Same Store Sales 1Q % + 8.1% % +0.0% +2.8% -1.3% Total 1Q2016 1Q % % - 2.4% Note: All dollar figures are calculated based on the observed exchange rate as of April 3 rd 2017: $/US$. 1. Does not include accrued interests 10

11 Performance Home Improvement Var% CLP -1.0% Revenues 1Q17 (CLP$ million) Var Local Curr % -0.9% -0.9% -4.7% -2.7% -3.2% 13.8% 5.7% 1.6% Total HI P&L Chile (CLP million) Home Improvement 1Q16 1Q17 (%, bps) Revenues 535, , % Gross Profit 159, , % Gross Margin 29.7% 30.1% 35 SG&A (118,386) (125,096) 5.7% SG&A / Revenues -22.1% -23.5% -146 Operating Profit 40,926 34, % Operating Margin 7.6% 6.5% -111 EBITDA 50,287 44, % EBITDA Margin 9.4% 8.5% % 0.3% Sales Area (m 2 ) Same Store Sales 1Q % - 1.7% % % 1Q % % +27.4% +7.4% +0.5% 0.9% Total 1Q % - 3.4% Note: Total revenue and sales area does not include Sodimac Colombia (which the Company does not consolidate), nor Uruguay, which is classified in Other Revenue. Note: All dollar figures are calculated based on the observed exchange rate as of April 3 rd 2017: $/US$. 11

12 Performance Supermarkets Var% CLP 2.8% Var Local Curr % 1.5% 1.5% 4.3% 6.4% Revenues 1Q17 (CLP$ million) Total SM P&L Chile (CLP million) Supermarkets 1Q16 1Q17 (%, bps) Revenues 169, , % Gross Profit 40,566 42, % Gross Margin 24.0% 24.6% 63 SG&A (39,632) (40,231) 1.5% SG&A / Revenues -23.4% -23.4% -1 Operating Profit 935 2, % Operating Margin 0.6% 1.2% 63 EBITDA 5,095 6, % EBITDA Margin 3.0% 3.8% 77 Sales Area (m 2 ) Same Store Sales 1Q % -2.0% 11.1% +5.9% -1.8% Note: All dollar figures are calculated based on the observed exchange rate as of April 3 rd 2017: $/US$. 12

13 Performance Financial Services Gross Loans 1Q17 1 Provisions as % loans Banco Falabella Chile Total Loan Portfolio (CLP$ million) 1Q16 1Q17 4,181,610 4,557,955 YoY (%) + 9.0% 4,7% 5,0% 4,9% 4,9% 5,0% 1Q16 2Q16 3Q16 4Q16 1Q17 BF y CMR Chile Loan Portfolio (CLP$ million) 2,860,302 3,157, % CMR Chile 3,7% 4,0% 3,7% 3,7% 4,1% BF Peru Loan Portfolio (PEN$ million) 3,901 3, % 1Q16 2Q16 3Q16 4Q16 1Q17 BF Colombia Loan Portfolio (PEN$ million) 1,735,512 1,945, % Peru 7,7% 8,3% 8,9% 9,0% 9,9% CMR Argentina Loan Portfolio (PEN$ million) 3,109 3, % 1Q16 2Q16 3Q16 4Q16 1Q17 Argentina 2,1% 2,4% 2,3% 2,1% 2,4% 1Q16 2Q16 3Q16 4Q16 1Q17 Colombia 5,9% 6,4% 6,8% 7,3% 7,6% 1Q16 2Q16 3Q16 4Q16 1Q17 1 Gross loan growth in local currency. 13

14 Performance Real State # Shopping Malls '000 GLA mar-16 mar-17 mar-16 mar-17 Mall Plaza ,204 1,217 Open Plaza CHILE ,436 1,446 AP/Mall Plaza Peru Open Plaza PERU Mall Plaza COLOMBIA TOTAL Real State ,011 1,949 Free Standing Stores 2 1, Total GLA 3,031 2,922 Operating Results (MCLP) Plaza S.A. 1Q16 1Q17 (%, bps) Revenues 63,673 66, % Gross Profit 49,272 51, % Gross Margin 77.4% 78.1% 76 SG&A (5,859) (5,960) 1.7% SG&A / Revenues -9.2% -9.0% 19 Operating Profit 43,413 45, % Operating Margin 68.2% 69.1% 95 EBITDA 53,197 54, % EBITDA Margin 83.5% 83.0% -57 GLA m % % % +0.7% Total 1Q2016 1Q AP: Aventura Plaza joint-venture. As of July 2016, Mall Plaza Peru, due the dissolution of AP. 2. Properties owned by the company throughout the region. 3. Includes Aventura Plaza. 14

15 CONTENTS MAIN EVENTS CONSOLIDATED STATEMENTS PERFORMANCE BY BUSINESS UNIT Q&A

16 Q&A 1 6

17 Phone: +56 (2) Isabel Darrigrandi Head of IR Constanza Saver IR Analyst María Paz Fernández IR Analyst