Presentación de PowerPoint

SACI FALABELLA
CORPORATE PRESENTATION
MARCH 2016
CONTENTS
•
The Company
•
Key Investment Highlights
•
Consolidated Statements
•
Corporate Structure
•
Overview per Business Unit
FIVE BUSINESS UNITS – 126 YEARS OF HISTORY
DEPARTMENT
STORES
HOME
IMPROVEMENT
SUPERMARKETS
FINANCIAL
SERVICES
REAL ESTATE
US$ 3,781 m
Revenues
US$ 5,308m
Revenues
US$ 1,854 m
Revenues
US$ 5,849 m
Loan Book
2.0 million
m2 GLA1
103 stores
247 stores
109 stores
4.9 million
CMR accounts
1 million m2 of additional GLA
in free standing stores in the
region.
20 / 20
Malls / Power
& Shopping
Centers
Note: Revenues as of December 2015 LTM. Number of stores/malls as of December 31 th 2015. Number of CMR accounts as of December 2015. FX rates as of January 4 th, 2015 (710.16 CLP/US$).
Data includes Sodimac Colombia and Aventura Plaza, which do not consolidate. Does not include Uruguay revenue.
1.
The Falabella Group owns 1,023,000 m2 of additional GLA in free standing stores across the region.
3
PRESENCE IN 6 COUNTRIES IN LATIN AMERICA
DEPARTMENT STORES
HOME
IMPROVEMENT
SUPERMARKETS
FINANCIAL SERVICES
45 stores
310,000 m2
86 stores
713,000 m2
57 stores
196,000 m2
2,427,000 active
CMR cards
25 malls
1,431,000 m2 GLA
27 stores
164,000 m2
57 stores
373,000 m2
52 stores
189,000 m2
1,057,000 active
CMR cards
14 malls
546,000 m2 GLA
20 stores
128,000 m2
36 stores
344,000 m2
872,000 active
CMR cards
1 mall
26,000 m2 GLA
11 stores
58,000 m2
8 stores
84,000 m2
519,000 active
CMR cards
REAL ESTATE
58 stores
143,000 m2
2 store
19,000 m2
Note: Number of stores and sales area as of December 31th 2015. Number of CMR accounts with balance.
Includes Sodimac Colombia and Aventura Plaza in Peru, which the Company does not consolidate.
4
KEY FIGURES
Main Figures
40
459
Total
Revenues
Loan
Book
CMR
Accounts
stores
malls
11,803 M US$
5,849 M US$
+4,876,000
2,722,000 m2
2,003,000 m2
Mix by Country (LTM)
sales area
GLA
Total Employees
Total: 105,600
8% 2% <1%
4%
+15,000
4%
+3,400
6%
+29,800
21%
EBITDA
Revenues
25%
+51,200
58%
72%
Note: Revenues and EBIDA does not consider Sodimac Colombia and Aventura Plaza in Peru, which do not consolidate.
Number of CMR accounts with balance and employees as of December 2015
Total number of employees includes roughly 140 employees in Asia.
+400
+5,600
5
CONTENTS
•
The Company
•
Key Investment Highlights
•
Consolidated Statements
•
Corporate Structure
•
Overview per Business Unit
KEY INVESTMENT HIGHLIGHTS
1.
Leadership
in Latam
across
formats
3.
2.
Responsible
growth
strategy
5.
Differentiating
brands
6.
Experienced
management
team
4.
Sustainable
business
development
Customer
centric strategy
7.
Corporate
governance
practices
7
1. LEADERSHIP IN LATAM ACROSS FORMATS
Market Position1
Department Stores
Revenues
Market position
Home Improvement
Revenues
Market position
Supermarkets
Revenues
Financial Services
Market position
CMR Accounts
Market position
1,908 M US$
#1
2,779 M US$
#1
940 M US$
#4
2,427,000
#1
832 M US$
#1
902 M US$
#1
914 M US$
#3
1,057,000
#1
482 M US$
#1
1,096 M US$
#1
872,000
#5
299 M US$
#2
232 M US$
#4
559 M US$
Real Estate
Market position
25 Shopping Malls
GLA 1.4 M m²
#1
14 Shopping Malls
GLA 0.5 M m²
#1
1 Shopping Mall
519,000
Only relevant player
Sales / m2 (US$)2
Department Stores in Chile
Home Improvement in Chile
Supermarkets in Peru
1. Revenues as of December 2015 LTM. Number of CMR accounts, malls and GLA as of December 2015. FX rates as of January 4th, 2015 (710.16 CLP/US$).
2. Sales per square meter as of September 2015. FX rates as of October 1st, 2015 (698,72 CLP/US$). Tottus’ sales area excludes check out area, in order to compare with peer’s reported sales
per square meter.
8
2. RESPONSIBLE GROWTH STRATEGY
Organic Initiatives
Falabella
launches
CMR
Entry to
Argentina and
Colombia
Falabella
develops its
first shopping
center
Mall Plaza
Sodimac opens first Homecenter
stores in Brazil and Uruguay
Falabella.com
launched
in Chile
Banco
Falabella
launched
in Chile
1980 1990 1993-5 1998
Falabella &
CMR enter
Colombia
Sodimac.com
launched
in Chile
1999
Mergers & Acquisitions
Falabella
acquires Saga
First Tottus
opened
in Peru
2001
Launch of
Homy
Falabella.com
launched
in Argentina
2002 2003
2004
2005
Falabella &
Sodimac
merge
Falabella
acquires
San Francisco
in Chile
Launch of
Móvil
Falabella
Falabella.com
launched
in Colombia
Sodimac.com
launched
in Colombia
Tottus.com
launched in
Chile
Tottus.com
launched in
Peru
2006 2007 2008 2009 2010-11 2013
Sodimac
acquires
Imperial
in Chile
Falabella
acquires
Casa Estrella
in Colombia
Sodimac.com
launched
in Peru
2014
Sodimac
acquires
Dicico
in Brazil
2015
Sodimac
acquires
Maestro
in Peru
Mall Plaza
acquires Mall
Las Americas
in Chile
9
INVESTMENT PLAN 2016 - 2019
Investment Plan 2016 – 2019
US$ 4.0 bn
131 stores
investment for the
next 4 years
10 malls
Investment (US$ m)
Store and Mall Openings
Note: Figures include 100% of the investment in fixed assets, including Sodimac Colombia and Aventura Plaza, which the Falabella Group does not consolidate in the Financial Statements.
10
3. DIFFERENTIATING BRANDS
Private Labels
Exclusive Brands
11
4. CUSTOMER CENTRIC STRATEGY
Our Customers1
+320
+4.9
million
million
CMR accounts
with a balance
transactions in our
retail businesses
380
million
+1.6
visits to our
shopping centers
in the region
bank accounts with
Banco Falabella
million
465,000
Passengers
travelled using
Viajes Falabella
Customer knowledge through consistent interaction
Commercial
Platform
What does
she like
→
When does
she purchase
How much
does she
spend
→
→
What does
she buy
→
→
Where
does she
purchase
→
Means of
payment
Self Service
Stations
Websites
Mobile
Apps
ATM
Contact
Center
Social
Networks
Points of
Sale
1. Number as of December 2015.
12
5. EXPERIENCED MANAGEMENT TEAM
Top Executives
15 years
Average number of years that
these executives have worked
at the Falabella Group
CEO
- 21 years -
CFO
- 9 years -
Chief
Planning and
Development
Officer
- 6 years -
Peru Country
Manager
- 27 years -
Colombia
Country
Manager
- 21 years -
Argentina
Country
Manager
- 17 years -
Brazil Country
Manager
- 6 years -
CIO
- 24 years -
Department
Stores GM
- 16 years -
Home
Improvement
GM
- 14 years -
Supermarkets
GM
- 14 years -
Financial
Services GM
- 7 years -
Mall Plaza
GM
- 26 years -
Open Plaza
GM
- 21 years -
General
Counsel
- 0 years -
Employees
+105,600
51%
+74,000
+3.9
28%
employees
women
employees
evaluated
million hours
of training
of employees
belong to a union.
55% in Chile.
Note: Numbers as of December 2015.
13
6. SUSTAINABLE BUSINESS DEVELOPMENT
Community
95
Haciendo
Escuela
schools
+82,000
students benefited
Programa
Buen Vecino
Financial
Education
Program
Healthy
Eating
Program
77 projects with
+14,000 people
benefited
“Juntos Juguemos”
4,200 students from
47 schools from
Haciendo Escuela
Implemented in lowincome schools
3,600 students from
16 schools
+11,700
8,100 low income
neighbors benefited
Environment
Suppliers
+25,700
Fundación Junto
al Barrio
Retail suppliers
17 certified stores and
2 shopping center
with LEED
pre-certification
Total SMEs
Partnership with
Falabella
44 stores and
24 eco-friendly
shopping centers
Sodimac
Note: Information as of December 2015.
14
7. CORPORATE GOVERNANCE PRACTICES
Board of Directors
Board Committee
Chairman
Carlo Solari Donaggio
2014
Vice-Chairman
Juan Carlos Cortés Solari
2014
Directors
José Luis del Rio Goudie
Sergio Cardone Solari
Carolina del Rio Goudie
María Cecilia Karlezi Solari
Paola Cuneo Queirolo
Carlos Alberto Heller Solari
2003
1986
2011
2003
2014
2002
Independent Director
Hernán Büchi Buc
1996
Audit
Committee
Compensation
and Talent
Committee
Strategy
Committee
Free Float
20%
Presence of an
independent
director at
holding level
and in relevant
subsidiaries
Controlling
Group
consisting of
7 families
Controlling
Group
80%
Note: Information as of 31st December 2015.
15
CONTENTS
•
The Company
•
Key Investment Highlights
•
Consolidated Statements
•
Corporate Structure
•
Overview per Business Unit
CONSOLIDATED STATEMENTS
Income Statement
12M14
12M15
Var %
4Q14
4Q15
Var %
Total Rev enues
3,179
3,390
6.6%
10,690
11,803
10.4%
Gross Profit
1,168
1,255
7.5%
3,799
4,245
11.7%
36.7%
37.0%
35.5%
36.0%
(744)
(826)
(2,658)
(3,013)
SG&A / Rev enues
(23.4%)
(24.4%)
(24.9%)
(25.5%)
Operational Income
424
430
1,141
1,232
13.3%
12.7%
10.7%
10.4%
79
90
288
336
503
520
1,429
1,568
15.8%
15.3%
13.4%
13.3%
10
53
12
47
(67)
(72)
Profit / (Loss) in Associates
12
12
37
36
Exchange Rate Differences
(25)
(2)
(57)
(26)
Non-Operating Profit
(69)
(10)
(86.0%)
(234)
(186)
Profit Before Tax Expenses
355
420
18.3%
907
Income Tax
(64)
(100)
(179)
(237)
Minority Interest
(31)
(32)
(74)
(76)
260
287
654
732
8.2%
8.5%
6.1%
6.2%
(USD Million)
Gross Margin
SG&A Expenses
Operational Margin
Depreciation + Amortization
EBITDA
EBITDA Margin
Other Income / (Expenses)
Net Financial Income / (Cost)
Net Profit / (Loss)
Net Margin
Note: Financial information at FX rates as of January 4th, 2015 (710.16 CLP/US$).
11.0%
1.3%
3.4%
(226)
10.4%
13.4%
8.0%
9.8%
(244)
1,046
(20.2%)
15.2%
11.9%
17
CONSOLIDATED STATEMENTS
Balance Sheet
(USD Million)
Dec 14
Cash & cash equiv alents
Dic 15
Dec 14
Sept 15
Other current financial liabilities
1,037
1,040
1,360
1,437
403
451
Total Non-Banking Current Liabilities
2,800
2,928
3,262
3,803
618
626
Total Non-Banking Non-Current Liab.
3,880
4,429
Total Non-Banking Oper. Liabilities
6,680
7,358
Total Banking Oper. Liabilities
3,470
4,138
10,151
11,496
5,827
6,257
15,978
17,752
(USD Million)
297
292
Current trade & other receiv ables
2,070
2,368
Current trade & other payables
Inv entories
1,435
1,653
Others
237
246
4,039
4,559
Non-Current trade & other receiv ables
290
287
Other non-current financial liabilities
Goodwill
656
650
Others
5,970
6,288
802
1,020
Total Non-Banking Non-Current Assets
7,718
8,245
Total Non-Banking Operations Assets
11,757
12,804
Loans & accounts receiv able from clients
3,070
3,480
Others
1,150
1,468
Total Banking Operations Assets
4,221
4,948
15,978
17,752
Others
Total Non-Banking Current Assets
PP&E & Inv estment properties
Others
TOTAL ASSETS
TOTAL LIABILITIES
Shareholders' Equity
TOTAL EQUITY & LIABILITIES
Note: Financial information at FX rate as of January 4th, 2015 (710.16 CLP/US$).
18
FINANCIAL SITUATION
Net Financial Debt / EBITDA
w/o Banking Operations (times)
Leverage
Debt Profile
w/o Banking Operations
4,764 M US$
w/o Banking Operations (times)
Financial Debt1
w/o Banks
49%
51%
Financial
institutions
Public
Bonds
5.01 years
duration
Note: Financial information at FX rate as of January 4th, 2015 (710.16 CLP/US$).
1. Does not include accrued interests
19
CONTENTS
•
The Company
•
Key Investment Highlights
•
Consolidated Statements
•
Corporate Structure
•
Overview per Business Unit
CORPORATE STRUCTURE
SACI Falabella
94.2%
Chile
Peru1
Argentina
Colombia
Falabella
100%
Saga Falab. 95.7%
Falabella
100%
Falabella
65%
Sodimac
100%
Sodimac
100%
Sodimac
100%
Sodimac
49%2
Imperial
60%
Maestro
100%
Tottus
88%
Tottus
100%
CMR
100%
Banco Falab.100%
Brazil
Sodimac
Uruguay
100%
Sodimac
100%
Construdecor 50.1%
CMR
100%
Banco Falab. 65%
Banco Falab.100%
Open Plaza 100%
Mall Plaza
59.3%
N Desarrollos 77.5%
Open Plaza 100%
Avent. Plaza 40%2
Mall Plaza
100%
20%
1 Through Falabella Perú S.A.A..
2 Does not consolidate.
21
CONTENTS
•
The Company
•
Key Investment Highlights
•
Consolidated Statements
•
Corporate Structure
•
Overview per Business Unit
DEPARTMENT STORES
Business Overview
• 103 stores in Chile, Peru, Colombia and Argentina
• Main categories: apparel, home electronics and home decor
• Diverse portfolio of private brands, second generation
Local
market
customization
Differentiation
and exclusive brands, in addition to international brands
• Leading online retailer, with click & collect implemented in all four countries
• Operates specialty stores for exclusive and second generation
apparel and footwear brands
Regional Footprint
Revenues
(US$ m, December 2015 LTM)
Chile
45 Stores
Peru
27 Stores
Colombia
20 Stores
Argentina
11 Stores
Private brands
Profitability
Sales / m2 1
(US$, December 2015 LTM)
Total: 3,781 US$ m
Note: Figures in US$ converted using the January 4th, 2015 exchange rate (710.16 CLP/US$). Number of stores as of December 2015.
1. Sales LTM divided by average m2
23
HOME IMPROVEMENT
Business Overview
• 247 stores in Chile, Peru, Colombia, Argentina, Brazil and Uruguay
• Main categories: construction materials and home improvement
products , carpentry, design furniture and home terminations
Construction
companies
Contractors &
specialists
• Six formats: Homecenter, Sodimac Constructor, Imperial,
Homy, Dicico and Maestro
DIY
• Expertise in selling directly to construction sector players and large companies
• Strong online sales strategy, rolling out click & collect
Regional Footprint
Revenues
(US$ m, December 2015 LTM)
Chile
86 Stores
Peru
57 Stores
Colombia
36 Stores
Argentina
8 Stores
Brazil
58 Stores
Uruguay
2 Stores
Sales / m2 1
(US$, December 2015 LTM)
Total 2 : 5,308 US$ m
Note: Figures in US$ converted using the January 4th, 2015 exchange rate (710.16 CLP/US$). Number of stores as of December 2015.
1. Sales LTM divided by average m2
2, Does not include revenue from Uruguay.
Families
24
SUPERMARKETS
Business Overview
• Operates 109 stores in Chile and Peru, with three formats:
hypermarkets, supermarkets and Hiperbodega Precio Uno
• Started operations in 2002 in Peru under Tottus brand and entered
Supermarkets
Hypermarkets
Bodegas
Private label
products
Chilean market in 2004 with the acquisition of San Francisco
• Increased penetration of private labels (Tottus and Precio Uno)
Price
positioning
• E-commerce platform
Weekly deals
Regional Footprint
Revenues
(US$ m, December 2015 LTM)
Chile
57 Stores
Peru
52 Stores
Sales / m2
1
(US$, December 2015 LTM)
Total: 1,854 US$ m
Note: Figures in US$ converted using the January 4th, 2015 exchange rate (710.16 CLP/US$). Number of stores as of December 2015.
1. Sales LTM divided by average m2
Sales area considered for Tottus does not include the cash area in order to be comparable with peer’s sales area.
25
FINANCIAL SERVICES
Business Overview
• Falabella Financiero offers a mix of integrated financial
products and services.
• Provides customers access to credit, combining the
traditional financial business with the proximity to
customers through retail formats.
• Five business units: CMR Falabella (credit card),
Banco Falabella (bank), Seguros Falabella (insurance
broker), Viajes Falabella (travel agency) and
Móvil Falabella (mobile virtual operator)
• Operates in Chile, Peru, Colombia and Argentina
Regional Footprint
Loyalty
Frequency
Immediate needs
Gross Loan Portfolio
(US$ m, December 2015)
Chile
2.4 m CMR accounts
97 bank branches
Peru
1.0 m CMR accounts
93 bank branches
Colombia
0.9 m CMR accounts
57 bank branches
Argentina
0.5 m CMR accounts
18 CMR offices
Transparency
Convenience
Simplicity
Integrated
offering
Loan Loss Provision1
(%, December 2015)
Total: 5,849 US$ m
1. Per local regulation (not comparable across the countries)
Note: Figures in US$ converted using the January 4th, 2015 exchange rate (710.16 CLP/US$).
26
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,
Entertainment
Shopping
Culture
Sustainable
construction
Peru (through Aventura Plaza) and Colombia.
Meeting
places
• Open Plaza: Operates small shopping centers with
2 or 3 anchor stores, as well as other third-party
Urban centers
minor stores.
Regional Footprint
Integrated Offering2
# Shopping Malls
Dec-14
Dec-15
'000 GLA
Dec-14
Dec-15
Mall Plaza
Open Plaza
CHILE
15
10
25
15
10
25
1,177
234
1,411
1,199
232
1,431
Aventura Plaza
Open Plaza
PERU
4
8
12
4
10
14
274
234
508
275
271
546
Mall Plaza
COLOMBIA
1
1
1
1
26
26
26
26
TOTAL
38
40
1,945
2,003
920
1,023
Free Standing Stores1
1. Owned by the company throughout the region.
2. Information for Mall Plaza shopping centers as of December 2015
+2,260
specialty
stores
+438
restaurants
115
cinema
screens
20
medical
centers
9
public
libraries
16
gyms
40
game
areas
12
educational
institutions
3
exhibition
rooms
27
CONTACT INFORMATION
www.falabella.com/inversionistas
inversionistas@falabella.cl
Phone: +56 2 2487 3910
Jordi Gaju
Alejandro González
Chief Development Officer
Chief Financial Officer
jgaju@falabella.cl
alejgonzalez@falabella.cl
Isabel Darrigrandi
María Paz Fernández
Head of IR
IR Analyst
idarrigrandi@falabella.cl
mpafernandez@falabella.cl
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.