23/10/ :37 skiron\roadshow\presentación Roadshow Script 2.ppt

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1 23/10/ :37 skiron\roadshow\presentación Roadshow Script 2.ppt 1

2 Agenda 4 Operating and Financial Results by Business Unit - 3Q09 4 Consolidated Financial Results - 3Q09 4 Q & A 2

3 Progress continues in the implementation of our comprehensive plan to fight the economic crisis Grupo Famsa: Plan 1 Financing Consolidate Banco Ahorro Famsa Ensure liquidity Mitigate refinancing risk Reduce cost of funding Reduce 2009 Capex Seek longer funding terms Achieve Operation goals 2 Demand Reactivate core product demand (durable goods) Implement cross-business/cross-product promotions (e.g. Multisorteo) Improve shopping experience and continue direct mktg efforts (e.g. Gran Crédito) Diversify exposure to durable good demand sensitivity Reinforce Personal Loan offering Identify other products / services with good fit (e.g. insurance, optics, etc.) 3 Operation Achieve greater operating efficiency Adjust operating capacity to current market conditions (e.g. payroll, advertising) Identify areas of opportunity in operating processes (e.g. credit centralization) Optimize the use of working capital (e.g. inventory) Ensure / protect the quality of our Receivables Reinforce credit granting and collection processes Maintain a conservative perspective regarding credit granting 3

4 Grupo Famsa strengthened its financial position through a successful Ps$1,200M Capital increase Grupo Famsa: Share Price Jul 2, Aug 31, 2009 (BMV: GFAMSA) 1 Financing $22 $20 Aug 31, 2009 Ps$ % of the Capital Increase shares were Subscribed and Paid Price per Share (Pesos) $18 $16 $14 $12 $10 $8 Capital Stock Increase announcement Commitments for Ps$900M announced Shareholder meeting / Price Determination 100% of shares Subscribed and Paid 493% of shares were subscribed and paid by shareholders exercising their Pre-emptive Rights 4604 Notifications of Interest from shareholders seeking shares that were not subscribed through the exercise of pre-emptive rights $6 $4 Jul 2, 09 Aug 31, 09 Source: Bolsa Mexicana de Valores 4Notifications of Interest exceeded by more than 28 times the nonsubscribed available shares 4

5 Famsa also enhanced its liquidity through the issuance of Ps$1,000M LT Commercial Paper 1 Financing Grupo Famsa: Total Debt Grupo Famsa: Short Term Debt Breakdown Total: Ps$2,406M $3,416 -$623 Pesos (Millones) $4,038 $1,010 $2,406 Long Term (Ps$1,000M; 2yr ComPaper) Short Term $699 Commercial Paper $706 Dollar-denominated Debt (US$52.4M) $1,000 Bank Debt 2Q09 3Q09 Pesos (Millones) 5

6 Banco Ahorro Famsa s Bank Deposits have rapidly transformed Grupo Famsa s financial structure Banco Ahorro Famsa: Total Funding 1 Financing Grupo Famsa: Net Debt and Bank Deposits Avg Maturity (days) 1Q Q Q Avg Cost of Funds (%) $8,606 $9,158 $8,961 $9,108 $6, Financial Intermediaries Pesos (Millions) $3,132 $5,474 $5,328 $3,830 $6,439 $6,889 $2,522 $2,219 Bank Deposits Net Debt Pesos (Millions) , ,201 4,853 1,562 BAF Banking Branches (97% of funds) 5, ,075 Promissory notes & CDs Deposits 4Q08 1Q09 2Q09 3Q09 Source: Grupo Famsa 3Q08 4Q08 1Q09 2Q09 3Q09 Source: Banco Ahorro Famsa 6

7 Multiple efforts, in and outside our stores, continue in order to stimulate demand / consumers 2 Demand Metacard (Total BAF PLCC customers, Thousands) Gran Crédito (Customer applications, Thousands) Direct mail (Letters, Thousands) Telemarketing (Effective phone calls, Thousands) Cashier pitch (Customers engaged, Thousands) Multisorteo Millonario Famsacional 2T T , Marketing Campaign: Hazte Feliz Haz que suceda Date Crédito USA Marketing channel innovation - Mobile Club Famsa Store Traffic Initiatives - Ticket sales for select sport events (e.g. Nascar, Soccer: Chlesea vs. InterMilan), Joint events with the Mexican Consulate Promotions - Furniture Festival, Anniversary Sale, Credit Festival, Crossproduct promotions (Furniture/Electronics/Computers) 7

8 Our retail network optimization continues; 2 stores were closed in Mexico during 3Q09 Total Stores (5 net less stores in the last 12 months) Total Retail Area (4,300 net additional M2 in the last twelve months) 3 Operation -1.2% % Number of stores M 2 (Thousands) Breakdown of Store Closures and Store Openings (3Q09) (1) Closures Openings 3Q09 Net Total Stores Famsa Mexico Famsa USA Banco Ahorro Famsa (2) Only older, smaller stores have been closed; all of them near full-format Famsa stores (1) YTD store closures: 12 México, 2 USA (2) Banca Patrimonial branch in Monterrey 8

9 Famsa Mexico / BAF s joint Personal Loan offering limits the effects of durable good demand sensitivity Famsa Mexico: Net Sales Total: -4.4% SSS: -7.4% $8,049 $7,693 Famsa Mexico: % Share of Sales by Product Category 100% 100% Pesos (Millions) Total: +8.4% SSS: +6.4% $2,598 $2,816 % of Sales 36.5% 13.2% 17.3% 16.7% 46.6% 11.7% 13.1% 13.6% Others Mobile Phones Furniture Appliances 16.3% 15.0% Electronics 3Q08 3Q09 9

10 Rapid deposit growth has allowed BAF to hold 86% of Grupo Famsa s Mexican accounts receivable Grupo Famsa: Trade Accounts Receivable $12,937 $12,764 $12,755 $13,809 $3,539 Pesos (Millions) $5,846 $6,999 $7,351 $8,708 $2,042 $1,826 $1,423 Banco Ahorro Famsa Famsa MX $3,560 $3,723 $3,577 $3,679 Famsa USA 4Q08 1Q09 2Q09 3Q09 10

11 Hispanic consumption remains under pressure; Electronics growth has decelerated since Jul-Aug Famsa USA: Net Sales Total: -0.5% (Dlls) SSS: -6.7% (Dlls) $3,093 Famsa USA: % Share of Sales by Product Category 100% 100% 11.2% 14.1% Others $2, % 4.7% 9.3% 8.2% Famsa-to-Famsa Appliances Pesos (Millions) Total: -6.0% (Dlls) SSS: -8.0% (Dlls) % of Sales 39.9% 33.5% Furniture $901 $ % 4.3% 8.1% 4.7% % Famsa -to- Famsa 31.5% 39.5% Electronics 3Q08 3Q09 11

12 Agenda 4 Operating and Financial Results by Business Unit - 3Q09 4 Consolidated Financial Results - 3Q09 4 Q & A 12

13 Net Sales Consolidated Net Sales +2.1% $10,553 $10,772 Consolidated Product Mix 30.3% 36.7% Others Pesos (Millions) +6.1% $3,505 $3,717 % of Sales 2.0% 10.0% 1.4% 8.1% 14.9% 11.9% 22.8% 19.4% Famsa-to-Famsa Mobile Phones Appliances Furniture 20.0% 22.5% Electronics 3Q08 3Q09 Same Store Sales (%) Famsa USA: Share of Consolidated Net Sales Total Famsa Mexico Famsa USA 3Q08-0.9% 3.1% -11.2% 3Q09 2.6% 6.4% -8.0% % -0.4% 0.0% % -7.4% -6.7% % of Sales 23.5% 28.7% 76.5% 71.3% Famsa USA Famsa México 13

14 Profitability Gross Income $5, % $5,431 EBITDA 1.4% $1,148 $1, % +31.1% $1,749 $1,910 $359 $471 Pesos (Millions) 49.9% 51.4% 48.9% 50.4% 3Q08 3Q09 Comprehensive Financing Expense +57.8% +31.4% $906 $ % 12.7% 10.9% 10.8% 3Q08 3Q % Net Income +19.3% $311 $261 $199 $144 $190 $42 4.1% 5.1% 5.4% 8.4% 3Q08 3Q09 1.2% 5.4% 2.5% 2.9% 3Q08 3Q09 14

15 Main Balance Sheet Accounts Trade Accounts Receivable $11, % $13,809 $2,445 Inventories -14.7% $2,086 Pesos (Millions) 5.1% 6.6% Net Debt and Bank Deposits $8, % $9,108 % Write-Off over Credit Sales Stockholder s Equity +30.2% $8,775 $1,832 $6,889 Bank Deposits $6,735 $6,575 $2,219 Net Debt 15

16 Agenda 4 Operating and Financial Results by Business Unit - 3Q09 4 Consolidated Financial Results - 3Q09 4 Q & A 16