Presentación de PowerPoint

SACI FALABELLA
CORPORATE PRESENTATION
AUGUST 2015
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$ 4,055 m
Revenues
US$ 5,713m
Revenues1
US$ 1,986 m
Revenues
US$ 6,038 m
Loan Book
2.0 million
m2 GLA2
100 stores
244 stores
102 stores
4.7 million
CMR accounts
Note: Revenues as of June 2015 LTM. Number of stores/malls as of August 25 th 2015. Number of CMR accounts as of June 2015. FX rates as of July 1st, 2015 (639.04 CLP/US$).
Data includes Sodimac Colombia and Aventura Plaza, which do not consolidate.
1.
Does not include Uruguay revenue.
2.
The Falabella Group owns 991.000 m2 of additional GLA in free standing stores across the region.
1 million m2 of additional GLA
in free standing stores in the
region.
20 / 19
Malls / Power
& Shopping
Centers
3
PRESENCE IN 6 COUNTRIES IN LATIN AMERICA
DEPARTMENT STORES
HOME
IMPROVEMENT
SUPERMARKETS
FINANCIAL SERVICES
45 stores
304,000 m2
85 stores
703,000 m2
53 stores
187,000 m2
2,353,000 active
CMR cards
25 malls
1,422,000 m2 GLA
26 stores
162,000 m2
57 stores
372,000 m2
49 stores
182,000 m2
1,033,000 active
CMR cards
13 malls
521,000 m2 GLA
18 stores
114,000 m2
35 stores
338,000 m2
817,000 active
CMR cards
1 mall
26,000 m2 GLA
11 stores
58,000 m2
8 stores
84,000 m2
519,000 active
CMR cards
REAL ESTATE
58 stores
132,000 m2
1 store
12,000 m2
Note: Number of stores and sales area as of August 25th 2015. Number of CMR accounts with balance and employees as of June 2015.
Includes Sodimac Colombia and Aventura Plaza in Peru, which the Company does not consolidate.
4
KEY FIGURES
Main Figures
39
446
Total
Revenues
Loan
Book
CMR
Accounts
stores
malls
12,475 M US$
6,038 M US$
+4,722,000
2,649,000 m2
1,969,000 m2
Mix by Country (LTM)
sales area
GLA
Employees in the Region
Total: 102,900
7% 2% <1%
5%
6%
+14,600
4%
+3,500
+29,200
21%
25%
Revenues
EBITDA
+49,900
59%
71%
Note: Revenues and EBIDA does not consider Sodimac Colombia and Aventura Plaza in Peru, which do not consolidate.
Number of stores and sales area as of August 25th 2015.
+200
+5,500
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
2,040 M US$
#1
2,986 M US$
#1
1,003 M US$
#4
2,353,000
#1
895 M US$
#1
891 M US$
#1
983 M US$
#3
1,033,000
#1
581 M US$
#1
1,275 M US$
#1
263 M US$
#2
297 M US$
#4
538 M US$
817,000
Real Estate
Market position
25 Shopping Malls
GLA 1.4 M m²
#1
13 Shopping Malls
GLA 0.5 M m²
#1
1 Shopping Mall
519,000
Only relevant player
Sales / m2 (US$)2
Department Stores in Chile
Home Improvement in Chile
Supermarkets in Peru
1. Revenues as of June 2015 LTM. Number of CMR accounts, malls and GLA as of June 2015. FX rates as of July 1st, 2015 (639.04 CLP/US$).
2. Sales per square meter as of March 2015. FX rates as of April 1st, 2015 (626,67 CLP/US$). Tottus’ sales area excludes check out area, in order to compare with peer’s reported sales per
square meter.
8
2. RESPONSIBLE GROWTH STRATEGY
Organic Initiatives
Falabella
launches
CMR
Entry to
Argentina, Peru
and Colombia
Falabella
develops its
first shopping
center
Mall Plaza
Sodimac opens first Homecenter
stores in Brazil and Uruguay
Falabella.com
launched
in Chile
Banco
Falabella
launched
in Chile
1980 1990 1993-5 1998
First Tottus
opened
in Peru
Falabella &
CMR enter
Colombia
Sodimac.com
launched
in Chile
1999
Mergers & Acquisitions
2001
Launch of
Homy
Falabella.com
launched
in Argentina
2002 2003
2004
2005
Falabella &
Sodimac
merge
Falabella
acquires
San Francisco
in Chile
Launch of
Móvil
Falabella
Falabella.com
launched
in Colombia
Sodimac.com
launched
in Colombia
Tottus.com
launched in
Chile
Tottus.com
launched in
Peru
2006 2007 2008 2009 2010-11 2013
Sodimac
acquires
Imperial
in Chile
Falabella
acquires
Casa Estrella
in Colombia
Sodimac.com
launched
in Peru
2014
Sodimac
acquires
Dicico
in Brazil
2015
Sodimac
acquires
Maestro
in Peru
Mall Plaza
acquires Mall
Las Americas
in Chile
9
INVESTMENT PLAN 2015 - 2018
Investment Plan 2015 - 2018
US$ 4.4 bn
140 stores
investment for the
next 4 years
11 malls
Investment (US$ m)
Store and Mall Openings
Stores
Malls
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
+290
+4.7
million
million
CMR accounts
with a balance
transactions in our
retail businesses
350
million
+1.4
visits to our
shopping centers
in the region
bank accounts with
Banco Falabella
million
300,000
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 of CMR accounts as of June 2015. Other data as of December 2014.
12
5. EXPERIENCED MANAGEMENT TEAM
Main Executives
16 years
in average
in the Group
CEO
- 20 years -
CFO
- 8 years -
Chief
Planning and
Development
Officer
- 6 years -
Peru Country
Manager
- 26 years -
Colombia
Country
Manager
- 20 years -
Argentina
Country
Manager
- 16 years -
Brazil Country
Manager
- 2 years -
CIO
- 23 years -
Department
Stores GM
- 15 years -
Home
Improvement
GM
- 13 years -
Supermarkets
GM
- 13 years -
Financial
Services GM
- 6 years -
Mall Plaza
GM
- 25 years -
Open Plaza
GM
- 20 years -
General
Counsel
- 20 years -
Employees
+102,900
46%
+75,000
+3.6
30%
employees
women
employees
evaluated
million hours
of training
of employees
belong to a union.
53% in Chile.
Note: Number of employees as of June 2015. Other figures as of December 2014.
13
6. SUSTAINABLE BUSINESS DEVELOPMENT
Community
Haciendo
Escuela
91
schools
+81,000
students benefited
Círculo de
Especialistas
+350,000
specialist workers
Financial
Education
Program
Healthy
Eating
Program
Biblioteca
Viva
57 courses taught in
17 schools from
Haciendo Escuela
Implemented in
low- income
schools
9 libraries inside malls
155,000 materials
provided
Environment
Suppliers
+20,000 suppliers
50% SMEs
Partnership with
Falabella
18 certified stores and
1 shopping center
with LEED
pre-certification
30 stores and
19 eco-friendly
shopping centers
Sodimac
Note: Information as of December 2014.
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
19%
Presence of an
independent
director at
holding level
and in relevant
subsidiaries
Controlling
Group
consisting of
7 families
Controlling
Group
81%
Note: Information as of 31st March 2015
15
CONTENTS
•
The Company
•
Key Investment Highlights
•
Consolidated Statements
•
Corporate Structure
•
Overview per Business Unit
CONSOLIDATED STATEMENTS
Income Statement
2Q14
2Q15
Var %
1S14
1S15
Var %
2,845
3,133
10.1%
5,543
6,183
11.6%
994
1,121
12.8%
1,919
2,172
13.2%
34.9%
35.8%
34.6%
35.1%
(701)
(799)
(1,366)
(1,562)
SG&A / Rev enues
(24.6%)
(25.5%)
(24.7%)
(25.3%)
Operational Income
293
322
553
610
10.3%
10.3%
10.0%
9.9%
77
90
152
181
370
411
704
791
13.0%
13.1%
12.7%
12.8%
(2)
1
1
(6)
(USD Million)
Total Rev enues
Gross Profit
Gross Margin
SG&A Expenses
Operational Margin
Depreciation + Amortization
EBITDA
EBITDA Margin
Other Income / (Expenses)
Net Financial Income / (Cost)
(72)
14.0%
9.9%
11.2%
(79)
(125)
14.3%
10.4%
12.3%
(123)
Profit / (Loss) in Associates
7
8
18
19
Exchange Rate Differences
(5)
(1)
(24)
(16)
Non-Operating Profit
(71)
(70)
(1.2%)
(131)
(126)
(4.2%)
Profit Before Tax Expenses
221
251
13.5%
422
485
14.9%
Income Tax
(43)
(54)
(82)
(108)
Minority Interest
(15)
(16)
(29)
(30)
164
181
311
346
5.8%
5.8%
5.6%
5.6%
Net Profit / (Loss)
Net Margin
Note: Financial information at FX rates as of July 1st, 2015 (639.04 CLP/US$).
10.0%
11.5%
17
CONSOLIDATED STATEMENTS
Balance Sheet
(USD Million)
Cash & cash equiv alents
Dec 14
Jun 15
Dec 14
Jun 15
Other current financial liabilities
1,153
1,123
1,512
1,275
448
396
Total Non-Banking Current Liabilities
3,112
2,794
3,625
3,828
685
687
Total Non-Banking Non-Current Liab.
4,310
4,515
Total Non-Banking Oper. Liabilities
7,421
7,309
(USD Million)
331
274
Current trade & other receiv ables
2,286
2,361
Current trade & other payables
Inv entories
1,595
1,603
Others
277
267
4,489
4,506
Non-Current trade & other receiv ables
323
316
Other non-current financial liabilities
Goodwill
724
716
Others
6,638
6,724
Others
Total Non-Banking Current Assets
PP&E & Inv estment properties
Others
891
1,006
Total Non-Banking Non-Current Assets
8,575
8,762
Total Non-Banking Operations Assets
13,064
13,267
Loans & accounts receiv able from clients
3,412
3,588
Others
1,278
1,484
Total Banking Operations Assets
4,690
5,071
17,754
18,339
TOTAL ASSETS
Total Banking Oper. Liabilities
TOTAL LIABILITIES
Shareholders' Equity
TOTAL EQUITY & LIABILITIES
3,857
4,281
11,278
11,590
6,476
6,748
17,754
18,339
Note: Financial information at FX rate as of July 1st, 2015 (639.04 CLP/US$).
18
FINANCIAL SITUATION
Net Financial Debt / EBITDA
w/o Banking Operations (times)
Debt Profile
w/o Banking Operations
Maestro
effect
18%
Short-term
Leverage
4,735 M US$
w/o Banking Operations (times)
Financial Debt1
w/o Banks
42%
58%
Financial
institutions
Public
Bonds
5.43 years
duration
Note: Financial information at FX rate as of July 1st, 2015 (639.04 CLP/US$).
1. Does not include accrued interests
19
CONTENTS
•
The Company
•
Key Investment Highlights
•
Consolidated Statements
•
Corporate Structure
•
Overview per Business Unit
CORPORATE STRUCTURE
SACI Falabella
94%
Chile
Peru1
Argentina
Colombia
95%
Falabella
100%
Falabella
65%
Sodimac
100%
Sodimac
49%2
CMR
100%
Banco Falab. 65%
Falabella
100%
Saga Falab.
Sodimac
100%
Sodimac
100%
Imperial
60%
Maestro
100%
Tottus
88%
Tottus
100%
CMR
100%
Banco Falab.100%
Brazil
Dicico 50.1%
Uruguay
Sodimac
100%
Banco Falab.100%
Open Plaza 100%
Mall Plaza
60%
Open Plaza 100%
Avent. Plaza 40%2
Mall Plaza
100%
20%
1 Through Falabella Perú S.A.A..
2 Does not consolidate.
21
CONTENTS
•
The Company
•
Key Investment Highlights
•
Consolidated Statements
•
Corporate Structure
•
Overview per Business Unit
DEPARTMENT STORES
Business Overview
• 100 stores in Chile, Peru, Colombia and Argentina
• Main categories: apparel, home electronics and home decor
• Diverse portfolio of private brands, second generation
Local
market
customization
Differentiation
and exclusive brands, in addition to international brands
Private brands
• Leading online retailer
• Operates specialty stores for exclusive and second generation
apparel and footwear brands
Regional Footprint
Revenues
(US$ m, June 2015 LTM)
Chile
45 Stores
Peru
26 Stores
Colombia
18 Stores
Argentina
11 Stores
Profitability
Sales / m2 1
(US$, June 2015 LTM)
Total: 4,055 US$ m
Note: Figures in US$ converted using the July 1st, 2015 (639.04 CLP/US$). Number of stores as of August 25th, 2015.
1. Sales LTM divided by average m2
23
HOME IMPROVEMENT
Business Overview
• 244 stores in Chile, Peru, Colombia, Argentina, Brazil and Uruguay
• Main categories: construction materials and home improvement
products , carpentry, design furniture and home terminations
Construction
companies
Contractors &
specialists
• Six formats: Homecenter, Sodimac Constructor, Imperial,
Homy, Dicico and Maestro
DIY
• Expertise in selling directly to construction sector players and large companies
Families
• Strong online sales strategy
Regional Footprint
Revenues
(US$ m, June 2015 LTM)
Chile
85 Stores
Peru
57 Stores
Colombia
35 Stores
Argentina
8 Stores
Brazil
58 Stores
Uruguay
1 Stores
(US$, June 2015 LTM)
Total 2 : 5,713 US$ m
Note: Figures in US$ converted using the July 1st, 2015 exchange rate (639.04 CLP/US$). Number of stores as of June 2015.
1. Sales LTM divided by average m2
2, Does not include revenue from Uruguay.
Sales / m2 1
24
SUPERMARKETS
Business Overview
• Started operations in 2002 in Peru under Tottus brand and entered
Chilean market in 2004 with the acquisition of San Francisco
• Operates 102 stores in Chile and Peru, with three formats:
Supermarkets
Hypermarkets
Bodegas
Private label
products
hypermarkets , supermarkets and Hiperbodega Precio1
Price
positioning
• Increased penetration of private labels
• E-commerce platform
Weekly deals
Regional Footprint
Revenues
(US$ m, June 2015 LTM)
Chile
53 Stores
Peru
49 Stores
Sales / m2
1
(US$, June 2015 LTM)
Total: 1,986 US$ m
Note: Figures in US$ converted using the July 1st, 2015 exchange rate (639.04 CLP/US$). Number of stores as of June 2015.
1. Sales LTM divided by average m2
Sales area considered for Tottus does not include the cash area in order to be comparable with peer’s sales area.
25
FINANCIAL SERVICES
Business Overview
• Falabella Financiero offers a mix of integrated financial
products and services.
• Provides customers access to credit, combining the
traditional financial business with the proximity to
customers through retail formats.
• Five business units: CMR Falabella (credit card),
Banco Falabella (bank), Seguros Falabella (insurance
broker), Viajes Falabella (travel agency) and
Móvil Falabella (mobile virtual operator)
• Operates in Chile, Peru, Colombia and Argentina
Regional Footprint
Loyalty
Frequency
Immediate needs
Gross Loan Portfolio
(US$ m, June 2015)
Chile
2.3 m CMR accounts
95 bank branches
Peru
1.0 m CMR accounts
60 bank branches
Colombia
0.8 m CMR accounts
54 bank branches
Argentina
0.5 m CMR accounts
Transparency
Convenience
Simplicity
Integrated
offering
Loan Loss Provision1
(%, June 2015)
Total: 6,038 US$ m
1. Per local regulation (not comparable across the countries)
Note: Figures in US$ converted using the July 1st, 2015 exchange rate (639.04 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
jun-14
jun-15
'000 GLA
jun-14
jun-15
Mall Plaza
Open Plaza
CHILE
14
10
24
15
10
25
1.136
235
1.371
1.190
232
1.422
Aventura Plaza
Open Plaza
PERU
4
8
12
4
9
13
258
232
490
274
247
521
Mall Plaza
COLOMBIA
1
1
1
1
26
26
26
26
TOTAL
37
39
1.887
1.969
792
991
Free Standing Stores1
1. Owned by the company throughout the region.
2. Information for Mall Plaza shopping centers as of December 2014
+2,200
specialty
stores
+390
restaurants
98
cinema
screens
14
medical
centers
9
public
libraries
16
gyms
39
game
areas
11
educational
institutions
3
exhibition
rooms
27
CONTACT INFORMATION
www.falabella.com/inversionistas
inversionistas@falabella.cl
Phone: +56 2 2380 2012
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.