Earnings Results. Second Quarter 2014

Transcription

1 Earnings Results Second Quarter 2014

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 Executive Summary Famsa Mexico Banco Famsa Famsa USA Consolidated Financial Results 3

4 Operating and Financial Results Second Quarter 2014

5 Executive Summary Second Quarter 2014 consolidated Net Sales totaled Ps$3,657 million, 4.2% below the previous year During the second half of 2014, we expect consolidated EBITDA to grow between 5% and 10% and plan to open 6 stores in Mexico Famsa Mexico s same store sales (SSS) declined 5.7% in MX During the second half of 2014, we expect Net Sales to reach at least the level posted for the second half of 2013 Banco Famsa continued to post a stable growth in bank deposits and a declining cost of funding As of the close of June 2014, 24 pawn-broking branches in the central and southeastern regions of Mexico had been converted to the banking model USA SSS in the United States continued to gradually improve, growing 1.3% during the second quarter of 2014 Famsa USA s EBITDA Margin increased from 2.5% in 2Q13 to 7.7% in, contributing to the consolidated result 5

6 Famsa Mexico

7 1Q13 2Q13 3Q13 4Q14 1Q14 Pesos (Millions) Growth (%) Famsa Mexico s sales in were affected by a lower consumption dynamism and less credit origination Famsa Mexico: Net Sales Famsa Mexico: Quarterly SSS Total: -4.0 % SSS: -4.5% 12% Total: -5.2% SSS: -5.7% $6,227 $5,980 9% 6% 3% $3,384 $3,207 0% -3% -6% -9% 2Q13 Jan-Jun 13 Jan-Jun 14 7

8 Furniture Personal Loans Computers Electronics Motorcycles Appliances Mobile Phones % of Sales Motorcycles, Appliances and Mobile Phones continued growing during Famsa Mexico: % of Sales by Product Category Famsa Mexico: Sales Growth by Product Category () 100% 16.4% 17.6% 6.2% 6.8% 5.6% 4.9% 9.4% 11.7% 11.6% 12.1% 12.7% 100% 12.5% 12.9% 10.1% 26.0% 23.5% Others Motorcycles Computers Mobile Phones Electronics Appliances Furniture Personal Loans 17% 12% 7% 2% -3% -8% -13% -18% -23% -28% Jan-Jun 13 Jan-Jun 14 8

9 TV sales during Soccer World Cup 2014 grew 25.7% compared to last World Cup Sales World Cup Pesos (Millions) Junio 2002 $58.40 Junio 2006 $83.50 Junio 2010 $81.40 Junio 2014 $ % 9

10 Banco Famsa

11 1Q13 2Q13 3Q13 4Q13 1Q14 1Q13 2Q13 3Q13 4Q13 1Q14 Banco Famsa s capitalization index remained within a stable range and NPL s ratio closed at 17.6% in Banco Famsa: Capitalization Index (ICAP) Banco Famsa: Non-Performing Loans Ratio (IMOR) 1 16% 14% 12% 10% 8% 6% 4% 2% 0% 12.2% 17.6% F 18% 16% 14% 12% 10% 8% 6% 4% 2% 0% Source: CNBV, Banco Famsa 1 Includes Collection Rights (Derechos de Cobro) * Preliminary figure 11

12 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 Pesos (Millions) Rate (%) Bank Deposits continued growing, totaling Ps$14,491 million as of the close of Banco Famsa: Deposits Banco Famsa: Average Cost of Funding +9.7% $14,491 6% $13, % 10,789 11,036 10,918 10,746 11,017 5% 4.78% 1,113 1,279 1,487 1,710 1,849 1,301 1,321 1,524 1,626 1,625 2Q13 3Q13 4Q13 1Q14 4% Demand Deposits Time Deposits with optional availability Time Deposits Source: Grupo Famsa, Banco Famsa 12

13 Pesos (Millions) Micro, Small and Medium-sized Enterprises now represent 25% of the Commercial Portfolio Banco Famsa: Commercial Loans -4.2% Banco Famsa: Commercial Loans Mix 25% Microcredits 4% $2,594 $2,375 $2,657 $2,578 $2,484 Financial Institutions 7% SMEs 21% Corporate 68% +9% 16% 2Q13 Microcredits 1% SMEs 15% 2Q13 3Q13 4Q13 1Q14 Financial Institutions 27% Corporate 57% Source: Grupo Famsa, Banco Famsa 13

14 During 1H14, 24 pawn-broking branches have been adapted with Banco Famsa s traditional banking model 1Q14 Branches State 4 Puebla 2 Hidalgo 1 Campeche 1 Oaxaca 1 Veracruz 1 Yucatán 10 Branches State 8 Veracruz 2 Puebla 1 Campeche 1 Hidalgo 1 Tabasco 1 Tlaxcala 14 14

15 Famsa USA

16 1Q13 2Q13 3Q13 4Q13 1Q14 Pesos (Millions) Growth (%) Famsa USA s SSS rose 1.3% during Famsa USA: Net Sales Famsa USA: Same Store Sales Total: +6.2% (MXN) Total: +1.8% (USD) SSS: +1.8% (USD) 10% Total: +5.5% (MXN) Total: +1.3% (USD) SSS: +1.3% (USD) $797 $847 5% $406 $428 0% -5% -10% 2Q13 Jan-Jun 13 Jan-Jun 14 16

17 Computers Electronics Furniture Appliances Famsa to Famsa Personal Loans % de Ventas Furniture and Appliances posted an increase in sales of 5.3% and 10.8%, respectively in Famsa USA: % of Sales by Product Category Famsa USA: Sales Growth by Product Category () 100% 100% 6.8% 7.2% 3.7% 3.7% 5.4% 5.7% 4.0% 4.5% 11.8% 12.4% Others Personal Loans Famsa to Famsa Computers Appliances 18% 13% 8% +53% 17.8% 16.5% Electronics 3% -2% 50.5% 50.0% Furniture -7% -12% 2Q13 17

18 Number of business units M 2 (Thousands) 1 full-format store was opened and 14 pawn-broking branches were reconverted during Grupo Famsa: Business Units Grupo Famsa: Retail Area % Pawn-broking branches Banking branches % Pawn-broking branches Banking branches Stores USA Stores Mx Stores USA Stores Mx 2Q13 2Q13 Openings and Closures () 1Q14 Openings Closures Business Units Stores Famsa Mexico Famsa USA Banking branches Pawn-broking branches

19 Consolidated Financial Results Second Quarter 2014

20 % of Sales Pesos (Millions) % of Sales Net Sales Consolidated Net Sales -3.0% Consolidated Product Mix USA -4.2% $3,817 $ 3,657 $ 7,079 $ 6,866 16% 17% 6% 6% 6% 5% 8% 10% 12% 13% 12% 13% 17% 15% Others Motocycles Computers Mobile Phones Electronics Appliances Furniture MX 24% 21% Personal Loans 2Q13 Jan -Jun 13 Jan -Jun 14 Same Store Sales (%) Jan -Jun 13 Jan -Jun 14 Share of Consolidated Net Sales by Country Jan Jun % 12.0% Famsa USA Total -5.2% -3.9% Famsa Mexico -5.7% -4.5% 89.0% 88.0% Famsa Mexico Famsa USA % +1.8% 2Q13 1 Excluding foreign exchange effects 20

21 Pesos (Millons) Profitability Gross Profit EBITDA -4.3% -4.4% $3,404 $3, % $ % $759 USA MX $1,769 $1, % 46.3% 48.1% 47.4% USA MX $496 $ % 10.7% 13.2% 11.0% 2Q13 J-J 13 J-J 14 $269 Financial Expenses, net -24.9% $ % $400 $406 2Q13 J-J 13 J-J % Net Income $ % $248 $ % 5.5% 5.6% 5.9% 2Q13 J- J 13 J- J 14 $42 6.5% 1.2% 6.7% 3.3% 2Q13 J-J 13 J-J 14 21

22 Pesos (Millions) Main Balance Sheet Accounts Consumer USA Commercial Mx Trade Receivables +0.4 % $22,167 $22,262 $1,840 $1,779 $2,657 $2,484 Inventories -1.1% $2,174 $2,150 Consumer Mx $17,670 $17,999 4Q13 Net Debt and Bank Deposits +2.8% $19,967 $20,517 4Q13 Stockholders Equity +2.4% $8,944 $9,157 Net Debt $6,037 $6,026 Bank Deposits $13,930 $14,491 4Q13 4Q13 22