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CORPORATE
PRESENTATION
SEPTEMBER 2014
CONFIDENTIAL
SACI
FALABELLA
CONTENTS
• FALABELLA
• CONSOLIDATED
STATEMENTS
• BUSINESS UNITS
• INVESTMENT PLAN
US$ 4,418m
Revenues
US$ 5,744m
US$ 1,998m
Stores
Stores
Stores
94
205
92
REAL ESTATE
SUPERMARKETS
Revenues
FINANCIAL SERVICES
Revenues
HOME IMPROVEMENT
DEPARTMENT STORES
FALABELLA AT A GLANCE
Gross Loans
GLA
US$ 6,073m
1,9m sqm
CMR Accounts
Malls / Power
& Shopping
Centers
4.4 million
19 / 18
Note: Financial data and outlets information as of June 2014 LTM. FX rates as of 06/30/2014 (552.7 CLP/US$).
Includes Sodimac Colombia revenues and Aventura Plaza malls and GLA, which do not consolidate.
3
125 YEARS OF HISTORY
1980
Falabella launches CMR,
its own credit card
2003
Falabella IPO in the
Chilean Stock
Exchange
Falabella-Sodimac
merger
1993
Salvatore Falabella
opens the first
large tailor shop in
Chile
Sodimac enters
Brazil
2006
Falabella and CMR
enters Argentina
1889
2013
1996
Falabella and CMR
enter Colombia
1998
Sodimac enters
Argentina
Banco Falabella is
launched in Chile
Sodimac enters
Colombia
2008
Launch of
Móvil Falabella
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%
Open Plaza
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
 44 Department Stores
 24 Department Stores
 83 Home Improvement
 25 Home Improvement
 49 Supermarkets
 43 Supermarkets
 14 Malls
 4 Malls
 10 Power Centers /
Shopping Centers
 8 Power Centers /
Shopping Centers
391
STORES
5
COUNTRIES
 15 Department Stores
 11 Department Stores
 33 Home Improvement
 7 Home Improvement
 1 Mall
37
MALLS
 57 Home Improvement
98k
EMPLOYEES
Note: Data of number of stores and malls as of June 2014. Includes Sodimac Colombia and Aventura Plaza, which do not consolidate.
6
LATAM EXPOSURE
REVENUES
EBITDA
LTM Jun 2014
LTM Jun 2014
2009
2009
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 14 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
Best Managed Company in Chile
9
CUSTOMERS
8.3%
INCREASE
+266
MILLION
VISITS TO MALL PLAZA
SHOPPING CENTERS
+289
MILLION
TRANSACTIONS
1.8 MILLION
TRANSACTIONS IN
THE ONLINE CHANNEL
4.3 MILLION
ACTIVE CMR
ACCOUNTS IN THE
REGION
+40%
INCREASE
1.1 MILLION
CHECKING AND SAVINGS
ACCOUNTS IN
BANCO FALABELLA
+ 400,000
PASSENGERS TRAVELLED
WITH
VIAJES
FALABELLA
9 MILLION
INSURANCE POLICIES IN
SEGUROS FALABELLA
+ 400,000
POSITIVE COMMENTS ON SOCIAL
NETWORKS
SUSTAINABLE BUSINESS
COMMUNITY
GOOD NEIGHBOUR
ENTREPRENEURSHIP
PROGRAM
+ 150 ENTREPRENEURS BENEFITED
PARNERSHIP WITH AMERICA
SOLIDARIA
PARNERSHIP WITH NGOs
AND FOUNDATIONS FOR
DONATIONS
OF SPARE CHANGE
+ 140 PROJECTS
+ 3,800 WORKERS INVOLVED
+ 20,200 BENEFITED
HACIENDO ESCUELA
PROGRAM
87 SCHOOLS
+ 75,000 STUDENT BENEFITED
EMPLOYEES
ENVIRONMENT
+ 99,000 PEOPLE
231 KWH/M2 CONSUMPTION
52% WOMEN
3.3 MILLION HOURS OF TRAINING
SUPPLIERS
+ 16,500 SUPPLIERS
41% SMEs
3 STORES OPENED IN 2013 MEET
WITH LEED
FIRST SUSTAINABLE SHOPPING
MALL CENTER IN CHILE,
OBTAINING LEED CERTIFICATION
AL GOLD LEVEL
11
CONTENTS
• FALABELLA
• CONSOLIDATED
STATEMENTS
• BUSINESS UNITS
• INVESTMENT PLAN
2Q14 INCOME STATEMENT
(Million of USD)
Revenues of Non-Banking Operations
2Q13
% Rev .
2Q14
% Rev .
Var %
2,660
3,043
14.4%
Revenues of Banking Operations
To ta l R e ve n u e s
199
2 ,8 5 9
248
3 ,2 9 1
24.8%
1 5 .1 %
COGS of Non-Banking Operations
COGS of Banking Operations
Gro ss Pro fi t
(1,754)
(92)
1 ,0 1 3
-65.9%
-46.4%
3 5 .4 %
(2,030)
(112)
1 ,1 4 9
-66.7%
-45.2%
3 4 .9 %
15.7%
21.5%
1 3 .4 %
SG&A Expenses
Op e ra ti o n a l In co m e
(700)
313
-24.5%
1 1 .0 %
(810)
339
-24.6%
1 0 .3 %
15.8%
8 .3 %
Depreciation + Amortization
EBITD A
74
387
2.6%
1 3 .5 %
90
429
2.7%
1 3 .0 %
21.7%
1 0 .8 %
Other Income / (Expenses)
Net Financial Income / (Cost)
Profit / (Loss) in Associates
Exchange Rate Differences
(2)
(33)
(3)
(83)
32.5%
156.8%
6
(8)
8
(5)
44.5%
-35.7%
N o n -Op e ra ti n g Pro fi t
Pro fi t Be fo re Ta x Exp e n se s
(3 7 )
276
Income Tax
Minority Interest
N e t Pro fi t / (L o ss)
(63)
(23)
191
-1 .3 %
9 .7 %
(8 3 )
256
6 .7 %
(49)
(17)
190
Note: Financial information as of June 2014 LTM. FX rates as of 06/30/2014 (552.7 CLP/US$)
-2 .5 %
7 .8 %
1 2 4 .4 %
-7 .3 %
5 .8 %
-21.6%
-26.1%
-0 .4 %
13
1H14 INCOME STATEMENT
(Million of USD)
Revenues of Non-Banking Operations
1H13
% Rev .
1H14
% Rev .
Var %
5,152
5,928
15.0%
Revenues of Banking Operations
To ta l R e ve n u e s
390
5 ,5 4 2
483
6 ,4 1 1
23.9%
1 5 .7 %
COGS of Non-Banking Operations
COGS of Banking Operations
Gro ss Pro fi t
(3,426)
(185)
1 ,9 3 1
-66.5%
-47.5%
3 4 .8 %
(3,967)
(224)
2 ,2 2 0
-66.9%
-46.4%
3 4 .6 %
15.8%
21.1%
1 5 .0 %
SG&A Expenses
Op e ra ti o n a l In co m e
(1,346)
585
-24.3%
1 0 .5 %
(1,579)
641
-24.6%
1 0 .0 %
17.3%
9 .6 %
145
729
2.6%
1 3 .2 %
175
816
2.7%
1 2 .7 %
21.2%
1 1 .9 %
Depreciation + Amortization
EBITD A
Other Income / (Expenses)
Net Financial Income / (Cost)
(4)
(71)
(1)
(145)
-86.7%
103.3%
Profit / (Loss) in Associates
Exchange Rate Differences
15
(11)
20
(28)
39.1%
165.7%
N o n -Op e ra ti n g Pro fi t
Pro fi t Be fo re Ta x Exp e n se s
(7 1 )
513
Income Tax
Minority Interest
N e t Pro fi t / (L o ss)
(112)
(41)
360
-1 .3 %
9 .3 %
(1 5 3 )
488
6 .5 %
(95)
(34)
359
Note: Financial information as of June 2014 LTM. FX rates as of 06/30/2014 (552.7 CLP/US$)
-2 .4 %
7 .6 %
1 1 5 .6 %
-5 .0 %
5 .6 %
-15.1%
-18.2%
-0 .4 %
14
BALANCE SHEET as of Jun 2014
ASSETS
(USD Million)
EQUITY & TOTAL LIABILITIES
jun-14
(USD Million)
Non-Bank ing Operat ions
Non-Bank ing Operat ions
Current As s et s
Cash & cash equivalents
Current Liabilit ies
332
Other current financial liabilities
1.193
1.310
Current trade & other receivables
2.350
Current trade & otherpayables
Inventories
1.696
Others
Others
Tot al Current As s et s
4. 683
Tot al Current Liabilit ies
335
Other non-current financial laibilities
Goodwill
548
Others
PP&E
6.874
Others
798
8. 555
Tot al Non-Bank ing Operat ions As s et s
13. 238
Loans and accounts receivable from clients
3.659
Others
1.361
TOTAL ASSETS
2. 886
Non-Current Liabilit ies
Non-Current trade & other receivables
Tot al Bank ing Operat ions As s et s
383
305
Non-Current As s et s
Tot al Non-Current As s et s
jun-14
5. 020
18. 258
3.240
542
Tot al Non-Current Liabilit ies
3. 782
Tot al Non-Bank ing Oper. Liabilt ies
6. 668
Tot al Bank ing Oper. Liabilit ies
4. 209
TOTAL LIABILITIES
Shareholders ' Equit y
TOTAL EQUITY & LIABILITIES
Note: Financial information as of June 2014 LTM. FX rates as of 06/30/2014 (552.7 CLP/US$)
10. 877
7. 381
18. 258
15
FINANCIAL SITUATION
NET FINANCIAL DEBT/EBITDA (times)
w/o Banking Operations
LEVERAGE (times)
w/o Banking Operations
DEBT BY TYPE
w/o Banking Operations
Financial Debt
w/o Banks1:
US$ 4,395 MM
1.
DEBT BY MATURITY
w/o Banking Operations
Duration:
5.08 years
Does not include accrued interests
Note: Financial Statements in CLP translated at FX as of 06/30/2014
16
CONTENTS
• FALABELLA
• CONSOLIDATED
STATEMENTS
• BUSINESS UNITS
• INVESTMENT PLAN
DEPARTMENT STORES
Business Overview
 94 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 2Q 2014 (US$ m) SSS 2Q 2014
+13.2%
+12.6%
+5.6%
+13.3%
-3.4%
+27.7%
+13.6%
+2.5%
+31.3%
Revenues LTM Jun 2014(US$ m)
Regional Footprint
15 Stores
24 Stores
44 Stores
Sales / m2 LTM Jun 20141 (US$)
11 Stores
Note: Figures in US$ converted using the June 30, 2014 exchange rate (552.7 CLP/US$).
1. Sales LTM divided by average m2
18
HOME IMPROVEMENT
Business Overview
 205 stores in Chile, Peru, Colombia,
Argentina and Brazil
 Main categories: construction materials
and home improvement products
 Five formats: Homecenter, Sodimac
Constructor, Imperial, Homy and Dicico
 Expertise in direct selling to construction
sector and large companies
 Strong online strategy
Revenues 2Q 2014 (US$ m) SSS 2Q 2014
+16.7%
+4.8%
+3.7%
+18.8%
-5.0%
+22.4%
+4.1%
-9.6%
+21.4%
-0.9%
Revenues LTM Jun 2014 (US$ m)
Regional Footprint
33 Stores
25 Stores
83 Stores
Sales / m2 LTM Jun 20141 (US$)
7 Stores
57 Stores
Note: Figures in US$ converted using the June 30, 2014 exchange rate (552.7 CLP/US$).
1. Sales LTM divided by average m2
19
SUPERMARKETS
Business Overview
 Started operations in 2002 in Peru under
Tottus brand and entered Chilean
market in 2004 with the acquisition of
San Francisco
 Operates 94 stores in Chile and Peru,
with two main formats: hypermarkets
and supermarkets
 Increased penetration of private labels
 Developed online platform
Revenues 2Q 2014 (US$ m) SSS 2Q 2014
+20.5%
+15.6%
+9.3%
+26.1%
+6.4%
Revenues LTM Jun 2014 (US$ m)
Regional Footprint
43 Stores
49 Stores
Note: Figures in US$ converted using the June 30, 2014 exchange rate (552.7 CLP/US$).
1. Sales LTM divided by average m2
Sales / m2 LTM Jun 20141 (US$)
20
FINANCIAL SERVICES
Business Overview
Gross Loan Portfolio (2Q2013 vs. 2Q2014)
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 4.4 million CMR accounts regionally
+15.7%
+14.4%
+17.2%
33.7%
1. Consolidates our CMR credit card operations in Peru and Colombia
Regional Footprint
Bank Branches: 49
CMR Accounts: 0.7 million
-6.0%
Loan Loss Provision 2 (%, 2Q 2014)
Bank Branches: 58
CMR Accounts: 0.9 million
Bank Branches: 94
CMR Accounts: 2.1 million
Bank Branches: 0
CMR Accounts: 0.5 million
Note: Figures in US$ converted using the June 30, 2014 exchange rate (552.7 CLP/US$)
2
Per local regulation (not comparable across the countries) 21
REAL ESTATE
Business Overview
 Largest operator in Chile and Peru, and one of the leaders in Latin America:
 Mall Plaza: Operates large shopping malls in Chile, Peru (through Aventura Plaza) and
Colombia.
 Open Plaza: Operates small shopping centers with 2 or 3 of our retail formats as
anchor stores, as well as other third-party minor stores.
CHILE
Mall Plaza
Open Plaza
PERU
Aventura Plaza
Open Plaza
COLOMBIA
Mall Plaza
TOTAL
Free Standing Stores 1
1
Owned by the company.
# Shopping Malls
2Q13
2Q14
20
24
13
14
7
10
11
12
4
4
7
8
1
1
1
1
32
37
'000 GLA
2Q13
2Q14
1,194
1,371
1,035
1,136
159
235
435
489
229
258
206
231
26
26
26
26
1,655
1,886
769
792
Main Highlights
 Stores sales of Mall
Plaza shopping malls
grew by 9.8% in the
quarter.
22
CONTENTS
• FALABELLA
• CONSOLIDATED
STATEMENTS
• BUSINESS UNITS
• INVESTMENT PLAN
INVESTMENT PLAN 2014-2017
# Stores & Malls
15
MALLS
157
STORES
Investment (US$ mm)
US$4.1bn
23%
63%
14%
24
CONTACT INFORMATION
Jordi Gaju N.
Alejandro González D.
Chief Development Officer
Chief Financial Officer
(jgaju@falabella.cl)
(alejgonzalez@falabella.cl)
Phone: +56 2 2380 2012
Phone: +56 2 2380 2205
Lucrecia Fittipaldi
Catalina Escaffi
Corporate Development Manager / Head of IR
IR / Development Associate
(lfittipaldi@falabella.cl)
(cescaffi@falabella.cl)
Phone: +56 2 2380 2012
Phone: +56 2 2380 2012
25
CORPORATE
PRESENTATION
SEPTEMBER 2014
CONFIDENTIAL
SACI
FALABELLA