18/02/ :26 skiron\roadshow\presentación Roadshow Script 2.ppt

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1 18/02/ :26 skiron\roadshow\presentación Roadshow Script 2.ppt 1

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 may vary from the results expressed in, or implied by, the forwardlooking statements made to you, possibly to a material degree. 2

3 Agenda 4 Operating and Financial Results 4Q10 4Famsa Mexico 4Banco Ahorro Famsa 4Famsa USA 4 Consolidated Financial Results 4Q Guidance 3

4 Executive Summary 4Q10 MX 1. Famsa Mexico s Same Store Sales (SSS) growth accelerated during the fourth quarter: +9.1% 4Q10, +6.6% Famsa Mexico s 2010 EBITDA reached P$1,765M 3. BAF enhanced its capitalization index (>13%), maintained quarterly deposit growth (avg: +5.5%), and reduced its cost of funding (6.1%) 4. Banco Ahorro Famsa holds one of the 10 largest consumer loan portfolios in the Mexican banking system USA 5. For the first time since 2008, Famsa USA achieved quarterly Same Store Sales (SSS) growth: +3.6% 4Q10 4

5 Famsa Mexico s sales growth accelerated significantly during the fourth quarter Famsa Mexico: Net Sales Famsa Mexico: Same Store Sales Total: +6.1% SSS: +6.6% 15% Pesos (Millions) Total: +9.4% SSS: +9.1% $3,139 $3,434 $10,832 $11,494 Growth (%) 10% 5% 0% -5% -10% -15% Hurricane Alex & heavy rainfall +9.1% Guidance -20% 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 4Q09 4Q

6 A number of core product categories achieved positive sales growth during the second half of 2010 Famsa Mexico: % of Sales by Product Category 100% 100% Famsa Mexico: Sales Growth by Product Category (Jun-Dec 2010) 30% 23% 20% Others 20% % of Sales 6% 12% 13% 13% 6% 11% 13% 13% Computers Mobile Phones Appliances Electronics Growth (%) 10% 0% -10% 13% 15% 24% 18% Furniture Personal Loans -20% Electronics Other Mobile Phones Appliances Furniture Computers Personal Loans 6

7 Famsa Mexico successfully implemented a comprehensive plan to boost its Motorcycle sales KURAZAI has become one of the top 4 motorcycle brands sold in Mexico Famsa Mexico: Number of Motorcycles Sold (2010: 10,823 motorcycles) Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Number of Motorcycles 7

8 Banco Ahorro Famsa enhanced its capitalization index by maintaining a stable NPL ratio BAF: Capitalization Index (ICAP) BAF: Non-performing loan ratio (IMOR) 14% 12% 10% 8% 6% 4% 2% 11.9% 13.1% 14% Average: 11.6% 12% 10% 8% 6% 4% 2% 0% Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 0% Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Source: CNBV / Banco Ahorro Famsa 8

9 and continuously improving its average cost of funding BAF: Deposits BAF: Average Cost of Funding Avg. Quarterly Growth Rate: +5.5% $8,907 $7,590 10% 9.2% Pesos (Millions) 4,664 2,312 4,400 2,982 4,030 3,890 3,857 4,337 Rate (%) 8% 6% 4Q11 Est : 5.1% 6.1% % 1Q10 2Q10 3Q10 4Q10 Demand Deposits Time Deposits with optional availability 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 Time Deposits Source: Banco Ahorro Famsa Source: Banco Ahorro Famsa 9

10 Banco Ahorro Famsa consolidated its position as one of Mexico s top banking institutions Mexico: Banking System (December 2010) Number of Banking Branches Consumer Loan Portfolio Deposits BBVA Bancomer Banamex Banco Azteca HSBC Banorte Santander Bancoppel Scotiabank Banco Ahorro Famsa Banco Wal-Mart Inbursa Banco del Bajío IXE CIBanco Monex Afirme Banregio Banca Mifel Multiva Autofin BBVA Bancomer Banamex Santander Banorte HSBC Scotiabank Banco Azteca Inbursa Compartamos Banco Ahorro Famsa American Express Bancoppel IXE Volkswagen Bank Afirme Invex Banregio Autofin Banco del Bajío Multiva BBVA Bancomer Banamex Santander Banorte HSBC Inbursa Scotiabank Banco Azteca Banco del Bajío Interacciones IXE Banca Mifel Banregio Afirme Banco Ahorro Famsa Bancoppel Invex Multiva Ve por Más American Express Source: CNBV Dec

11 After an extended period of SSS contraction, Famsa USA achieved 3.6% growth during 4Q10 Famsa USA: Net Sales Famsa USA: Same Store Sales Total: -17.3% (MXN) Total: -11.1% (USD) SSS: -11.8% (USD) $4,096 10% $3, % Pesos (Millions) Total: -1.0% (MXN) Total: +4.1% (USD) SSS: +3.6% (USD) Growth (%) 0% -10% Guidance $1,003 $993-20% -30% 4Q09 4Q Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 11

12 Sales growth was mainly driven by improvement in the Texas region and rising Furniture demand Famsa USA: % Share of Sales by Product Category 100% 100% 3.9% 6.0% 4.8% 4.3% 7.8% 8.5% 10.4% 10.6% Others Famsa to Famsa Appliances Computers 20% 10% 0% -10% -20% -30% Famsa USA: Growth by Region Texas Other % of Sales 38.8% 31.0% Electronics 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 Famsa USA: Growth by Product Category 45% Furniture 30% 34.3% 39.6% Furniture 15% 0% -15% Other % 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 12

13 Total stores remained unchanged; 2 net openings in Mexico were offset by 2 USA closures during 2010 Total Stores Total Retail Area -0.6% Numbers of Stores M 2 (Thousands) 4Q09 4Q10 4Q09 4Q10 Breakdown of Store Closures and Store Openings (4Q10) 4Q09 Openings Closures 4Q10 Stores Famsa Mexico Famsa USA Banco Ahorro Famsa Famsa Mexico opened 4 stores in Campeche, Mérida & Colima (4Q10) 13

14 Agenda 4 Operating and Financial Results 4Q10 4Famsa Mexico 4Banco Ahorro Famsa 4Famsa USA 4 Consolidated Financial Results 4Q Guidance 14

15 Net Sales Pesos (Millions) USA Consolidated Net Sales +0.3% $14,947 $14, % $4,175 $4,471 % of Sales Consolidated Product Mix 21% 21% 5% 8% 4% 8% 12% 12% 22% 17% 13% 18% Others Clothing Mobile Phones Appliances Electronics Personal Loans MX 19% 19% Furniture 4Q09 4Q Same Store Sales (%) Famsa USA: Share of Consolidated Net Sales Total Famsa Mexico Famsa USA 4Q % +9.1% +3.6% % +6.6% -11.8% % of Sales 27% 23% 73% 77% Famsa USA Famsa Mexico

16 Profitability Gross Income +0.6% $7,592 $7,637 EBITDA $1, % $1,700 Pesos (Millions) +4.1% $2,161 $2, % 50.3% 50.8% 50.9% 4Q09 4Q Comprehensive Financing Expense -12.7% $1,236 $1, % $544 $ % 12.2% 10.4% 11.3% 4Q09 4Q Net Income +726% $ % -13.9% $330 $ % 6.4% 8.3% 7.2% -5.1% -$214 $252 $97 5.6% 5.4% 0.7% 4Q09 4Q T09 4T

17 Main Balance Sheet Accounts USA Trade Accounts Receivable +17.3% $16,572 $14,131 $3,205 $3,439 Inventories +5.1% $2,118 $2,226 MX $10,692 $13,367 Pesos (Millions) Net Debt $2, % 5.7% Net Debt and Bank Deposits $9, % % Uncollectible/ Accounts Receivable Stockholder s Equity $12, % $8,367 $3,764 $9,085 Bank Deposits $7,377 $8,

18 Agenda 4 Operating and Financial Results 4Q10 4Famsa Mexico 4Banco Ahorro Famsa 4Famsa USA 4 Consolidated Financial Results 4Q Guidance 18

19 2011 Guidance Store and Banking branch openings Summary of Financial Results 2011 Est 2011 Est Stores 3 Net Sales (Millions MXN) $16,100 - $16,700 Famsa Mexico 6 EBITDA (Millions MXN) $1,950 - $2,100 Famsa USA -3 Banco Ahorro Famsa 6 Net Sales growth +7% to +12% Same Store Sales growth Famsa Mexico +7% to +12% Famsa USA (USD) +6% to +11% 19