docJan 2014 - Falabella
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Jan 2014 - Falabella
Corporate Presentation Falabella JAN 2014 Confidential FALABELLA CONSOLIDATED STATEMENTS BUSINESS UNITS INVESTMENT PLAN US$ 4,417m Revenues US$ 5,538m US$ 1,923m Stores Stores Stores 89 196 80 REAL ESTATE SUPERMARKETS Revenues FINANCIAL SERVICES Revenues HOME IMPROVEMENT DEPARTMENT STORES FALABELLA AT A GLANCE Gross Loans GLA US$ 5,851m 1,7m sqm CMR Accounts Malls / Power & Shopping Centers 4.2+ million 18 / 14 Note: Financial data and outlets information as of September 2013 (LTM). FX rates as of 09/30/2013 (504.2 CLP/US$). Includes Sodimac Colombia revenues, which do not consolidate. 3 MORE THAN 124 YEARS OF HISTORY 2003 2013 Falabella-Sodimac merger Sodimac enters Brazil 1996 1980 Falabella launches CMR, its own credit card Falabella IPO in the Chilean Stock Exchange 1993 1889 Salvatore Falabella opens the first large tailor shop in Chile 2005 Falabella and CMR enters Argentina Falabella and CMR enter Colombia 1998 Sodimac enters Argentina Banco Falabella is launched in Chile Sodimac enters Colombia 2008 MAIN MILESTONES IN OUR HISTORY 1995 1958 Introduction of home products. Falabella becomes a department store 2002 Falabella enters Peru with the acquisition of Saga 1990 Falabella develops its first shopping center 2007 First Tottus in Peru 1997 JV with The Home Depot in Chile Creation of Travel Agency and Insurance brokerage 2012 2004 Mall Plaza and Banco Falabella enters Peru Sodimac enters Peru Falabella acquires San Francisco supermarkets in Chile Mall Plaza starts operations in Colombia 2011 Banco Falabella starts operations in Colombia 4 CORPORATE STRUCTURE SACI Falabella 94% Chile Peru1 Argentina Colombia Falabella 100% Saga Falabella 95% Falabella 100% Falabella 65% Sodimac 100% Sodimac 100% Sodimac 100% Sodimac 49%2 Imperial 60% Tottus 88% Tottus 100% CMR 100% Banco Falab. 100% CMR 100% Banco Falab. 65% Brazil Construdecor 50.1%3 Banco Falab. 100% Rentas F. 100% Mall Plaza 60% Open Plaza 100% Mall Plaza 100% Avent. Plaza 40%2 20% 1 Through Falabella Perú S.A.A.. 2 Not consolidated. 3 Consolidates from July 1st , 2013. 5 REGIONAL FOOTPRINT 42 Department Stores 21 Department Stores 81 Home Improvement 22 Home Improvement 44 Supermarkets 36 Supermarkets 13 Malls 4 Malls 7 Power Centers / Shopping Centers 7 Power Centers / Shopping Centers 365 STORES 5 COUNTRIES 15 Department Stores 11 Department Stores 30 Home Improvement 7 Home Improvement 1 Mall 32 MALLS 56 Home Improvement +97k EMPLOYEES Note: Data of number of stores and malls as of September 2013. Includes Sodimac Colombia and Aventura Plaza, which do not consolidated. 6 LATAM EXPOSURE REVENUES EBITDA 9M 2013 (LTM) 9M 2013 (LTM) 2006 2006 80% 17% 3% 7 CUSTOMER CENTRIC STRATEGY Consistent interaction with our customers... ...allows us to evolve and remain close to our customers Access to goods Immediate Necessities Lower Risks through installment payments Relationship with our Benefits Customer Suitable Deals-ofthe-day Purchase frequency Client Understanding ...and to anticipate their preferences and design targeted marketing campaigns What does she buy When does she purchase Where does she purchase What does she like Means of payment How much does she spend What are her interests Customer’s DNA Business Intelligence ...both in traditional and online platforms… 8 CORPORATE GOVERNANCE MARKET RECOGNITION Highly experienced leadership team, with more than 13 years in average in the Group Independent director at holding level and in relevant subsidiaries Controlling group consisting of 7 families Most Convincing and Coherent Strategy in Latam Highest standard of corporate governance in Latam 9 SUSTAINABLE BUSINESS SUSTAINIBILITY REPORT We prepare a Corporate Sustainability Report, jointly with the reports launched by our 5 business units HUMAN RESOURCES CUSTOMERS Responsible Marketing prompt complains management customer service SUPPLIERS Great Place To Work Institute: Top Rankings By Falabella, Sodimac, Tottus and CMR Chile COMMUNITY Commitment to the communities where we work Feria Pyme: Supporting the develoment of small business suppliers ENVIRONMENT Member of the US Green Building Council Leed Certified Stores 10 FALABELLA CONSOLIDATED STATEMENTS BUSINESS UNITS INVESTMENT PLAN 3Q & 9M 2013 INCOME STATEMENT Mill. of USD Revenues of Non-Banking Operations Revenues of Banking Operations TOTAL REVENUES 3Q '12 % Rev. 3Q '13 % Rev. Var. 13/12 9M '12 % Rev. 9M '13 % Rev. Var. 13/12 2,603 2,936 12.8% 7,762 8,582 10.6% 202 236 16.6% 594 663 11.6% 2,805 3,172 13.1% 8,356 9,245 10.6% (1,767) -67.9% (1,972) -67.2% 11.6% (5,267) -67.9% (5,716) -66.6% 8.5% (104) -51.4% (104) -44.1% 0.2% (311) -52.3% (307) -46.3% -1.2% GROSS PROFIT 934 33.3% 1,096 34.5% 17.3% 2,779 33.3% 3,221 34.8% 15.9% SG&A Expenses (677) -24.1% (808) -25.5% 19.3% (1,993) -23.8% (2,293) -24.8% 15.1% 257 9.2% 287 9.1% 11.9% 786 9.4% 928 10.0% 18.1% 71 2.5% 84 2.7% 19.7% 207 2.5% 243 2.6% 17.4% EBITDA 327 11.7% 372 11.7% 13.6% 992 11.9% 1,171 12.7% 18.0% Non- Operating Profit (27) -1.0% (59) -1.9% 119.6% (100) -1.2% (137) -1.5% 36.7% Profit Before Tax Expenses 230 8.2% 228 7.2% -0.8% 685 8.2% 791 8.6% 15.4% COGSof Non-Banking operations COST of Banking Operations Operational Income Depreciation+Amortization Income Tax Minority Interest NET PROFIT / (LOSS) (112) (53) -52.6% (196) (176) -10.2% 1 (23) -2993.1% (42) (68) 60.2% 28.2% 447 118 4.2% 152 4.8% Note: Financial Statements in CLP translated at FX as of 09/30/2013 (504.2 CLP/US$) 5.4% 547 5.9% 22.3% 12 BALANCE SHEET as of SEP. 2013 US$ million ASSETS Non-Banking Operations Current Assets Sep-2013 Cash & cash equivalents Current trade & other receivables Inventories Others 290 8 1,690 2,638 Total Current Assets 4,627 Total Non-Current Assets Total Non-Banking Operations Assets Sep-2013 Other current financial liabilities Current trade & otherpayables Others 879 1,341 350 Total Current Liabilities 2,570 Non-Current Liabilities Non-Current Assets Non-Current trade & other receivables Goodwill PP&E Others US$ million EQUITY & TOTAL LIABILITIES Non-Banking Operations Current Liabilities 309 614 3,274 4,407 8,603 13,230 Other non-current financial laibilities Others 4 3,971 Total Non-Current Liabilities Total Non-Banking Oper. Liabilties 3,975 6,545 Total Liabilities from Banking Oper. 4,128 TOTAL LIABILITIES 10,673 Loans and accounts receivable from clients 3,514 Others 1,414 Total Assets from Banking Operations 4,928 Shareholders' Equity 7,485 TOTAL ASSETS 18,157 TOTAL EQUITY & LIABILITIES 18,157 Note: Financial Statements in CLP translated at FX as of 09/30/2013 (504.2 CLP/US$) 13 FINANCIAL SITUATION LEVERAGE (w/o Banking Operations) NET FINANCIAL DEBT/EBITDA (w/o Banking Oper.) (times) (times) DEBT BY TYPE (w/o Banking Oper.) Financial Debt (w/o Banks): US$ 4,256 MM DEBT BY MATURITY (w/o Banking Oper.) Duration: 5.53 years 14 2013 OPENINGS In 2013, the Falabella Group reached 382 stores in the region, adding 86 new stores to its operation during the year: 30 new stores in Chile, Peru and Colombia 56 stores through the acquisition of Construdecor in Brazil Moreover, the Group added 5 shopping centers in 2013, reaching to a total of 36 malls in the region. New Stores: Falabella Chile Peru Colombia Ovalle Egaña Lima Norte Cañete Ica Pucallpa Bucaramanga Santa Cruz Ovalle Ate SJ Lurigancho Cañete Huacho Sullana Pucallpa Armenia Rionegro Chia Vitacura Egaña El Trébol Ovalle Quilpué Cañete Canta Callao Chiclayo Pacasmayo Arequipa Parra Pucallpa Sullana Sodimac Tottus New Malls: Brazil Chile Peru Mall Plaza Iquique Open Plaza Pucallpa Mall Plaza Egaña Open Plaza Rancagua Open Plaza Ovalle + 56 Dicico stores 15 FALABELLA CONSOLIDATED STATEMENTS BUSINESS UNITS INVESTMENT PLAN DEPARTMENT STORES Business Overview 89 stores operating in Chile, Peru, Colombia and Argentina Main categories: apparel, home electronics and home décor Diverse portfolio of own brands, second generation and exclusive brands in addition to international brands Leading online retailer Revenues 3Q 2013 (US$ m) SSS 3Q 2013 +9.7% +9.7% +8.2% +7.3% +1.5% +22.4% +32.0% +0.6% -7.4% Revenues 3Q 2013 LTM (US$ m) Regional Footprint 15 Stores 21 Stores 42 Stores Sales / m2 3Q 2013 LTM1 (US$) 11 Stores Note: Figures in US$ converted using the September 30, 2013 exchange rate (504.2 CLP/US$). 1. Sales LTM divided by average m2 17 HOME IMPROVEMENT Business Overview 196 stores in Chile, Peru, Colombia, Argentina, and Brazil Main categories: construction materials and home improvement products Five formats: Homecenter, Sodimac Constructor, Imperial, Homy and Dicico Expertise in direct selling to construction sector and large companies Strong online strategy Revenues 3Q 2013 (US$ m) SSS 3Q 2013 +18.8% +8.4% +6.4% +18.1% +8.7% +21.6% +21.8% +11.2% +2.2% +8.5% Revenues 3Q 2013 LTM (US$ m) Regional Footprint 30 Stores 22 Stores 81 Stores Sales / m2 3Q 2013 LTM1 (US$) 7 Stores 56 Stores Note: Figures in US$ converted using the September 30, 2013 exchange rate (504.2 CLP/US$). 1. Sales LTM divided by average m2. Does not include Brazil as information for 2012 is not available. 18 SUPERMARKET Business Overview Started operations in 2002 in Peru under Tottus brand and entered Chilean market in 2004 with the acquisition of San Francisco Operates 80 stores in Chile and Peru, with two main formats: hypermarkets and supermarkets Increased penetration of private labels Developed online platform Revenues 3Q 2013 (US$ m) SSS 3Q 2013 +11.7% +14.2% +6.7% +8.8% +2.7% Revenues 3Q 2013 LTM (US$ m) Regional Footprint 36 Stores 44 Stores Note: Figures in US$ converted using the September 30, 2013 exchange rate (504.2 CLP/US$). 1. Sales LTM divided by average m2 Sales / m2 3Q 2013 LTM1 (US$) 19 FINANCIAL SERVICES Business Overview Gross Loan Portfolio (3Q2013 vs. 3Q2012) Banking Business1: Banking services in Chile, Peru and Colombia Offers consumer financing, credit cards, savings and checking accounts, and mortgage loans CMR: Operations in Chile and Argentina Provides credit through installment payment plan options and cash advances Total 4.2 million CMR accounts regionally Total +4.3% +2.9% +7.9% +23.9% 1. Consolidates our CMR credit card operations in Peru and Colombia Regional Footprint +1.2% Bank Branches: 47 CMR Accounts: 0.7 million Loan Loss Provision 2 (%, 3Q 2013) Bank Branches: 52 CMR Accounts: 0.9 million Bank Branches: 85 CMR Accounts: 2.0 million Bank Branches: 0 CMR Accounts: 0.5 million Note: Figures in US$ converted using the September 30, 2013 exchange rate (504.2 CLP/US$). 2 Per local regulation (not comparable across the countries) 20 REAL ESTATE Business Overview Largest operator in Chile and Peru, and one of the leaders in Latin America: Mall Plaza: Operates large shopping malls in Chile , Peru (through Aventura Plaza) and Colombia. Rentas Falabella and Open Plaza: Operates small shopping centers with 2 or 3 of our retail formats as anchor stores, as well as other third-party minor stores. Main Highlights Stores revenues of Mall Plaza shopping malls grew by 13.1% in the quarter. Opening of Mall Plaza Egaña by the end of 2013, being the first sustainable mall in Chile. Free Standing Stores (Falabella, Sodimac, Tottus)1 1 Owned by the company. 666 684 21 FALABELLA CONSOLIDATED STATEMENTS BUSINESS UNITS INVESTMENT PLAN INVESTMENT PLAN 2014-2017 # Stores & Malls 15 MALLS 157 STORES Investment (US$ mm) US$4.1bn 23% 63% 14% 23 CONTACT INFORMATION Jordi Gaju N. Alejandro González D. Chief Development Officer Chief Financial Officer ([email protected]) ([email protected]) Phone: +56 2 2380 2012 Phone: +56 2 2380 2205 Lucrecia Fittipaldi Catalina Escaffi Corporate Development Manager / Head of IR IR / Development Associate ([email protected]) ([email protected]) Phone: +56 2 2380 2012 Phone: +56 2 2380 2012 24 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 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 the fact that actual results could differ materially from those indicated by such forward-looking statements. 25 Corporate Presentation Falabella JAN 2014 Confidential
