presentación de powerpoint presentation.pdf · consolidated net income million soles (s/. mm) net...

EARNINGSPRESENTATION Q1’16

May 2016

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2

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Q1’16 CONSOLIDATEDRESULTS

Q1’16 RESULTs BYformat

FINANCIAL ratios

1

3

Q1’16CONSOLIDATEDRESULTS

Q1’16 consolidated financial resultsMillion Soles (S/. mm)

Highlights Revenues

Sustained growth in Revenues, Adj. EBITDA, and NetIncome vs. Q1’16

• Revenues: +9.5% vs Q1’15

• Adj. EBITDA: +10.1% vs Q1’15; Margin: 10.2% vs 10.1%

• Net Income: +574.7% vs Q1’15; Margin: 3.6% vs 0.6%

• Mark to-market gain of S/0.2 mm and net exchange gainof S/15.6 mm

• Net income excluding FX and mark-to-market was S/53mm, +5.9% vs Q1’15

Adj. EBITDA Net Income

4

6,9516,7986,147

1,7651,611

Q1’15 Q1’16 2014

+9.5%

2015

+12.6%

LTM Q1’16

Margin 10.1% 10.2% 9.8% Margin 0.6% 3.6% 1.8%

741724

604

180163

Q1’15 Q1’16 2014

+10.1%

2015

+21.8%

LTM Q1’16

199

144

113

64

10

Q1’15 Q1’16 2014

+574.7%

2015

+66.6%

LTM Q1’16

2.1% 2.9%10.7% 10.7%

Gross

Margin29.8% 30.0% 29.4% 30.2% 30.3%

Note: CAGRs are calculated from EOY 2013 to LTM Q1’16

InRetail Consumer

InRetail Shopping

Malls

9.5%

2015

6,406

64%

36%

2014

5,833

64%

36%

Q1’16

1,665

62%

38%

Q1’15

1,520

64%

36%

6,551

LTM Q1’16

63%

37%

+11.4%

Margin: 6.7% 7.1% 7.1% 7.2%

Net Rental Margin: 82.9% 82.1% 80.2% 82.8%

Supermarkets

Pharmacies

Q1’16 Revenue and ebitda breakdownMillion Soles (S/. mm)

Revenues Adj. EBITDA

5

54%

46%

Q1’15

101

56%

+12.7%

44%

16.7%

LTM Q1’16

476

56%

44%

2015

459

56%

44%

2014

415

56%

44%

Q1’16

118

440435

349

108103

Q1’15 2015

4.8%

LTM Q1’162014Q1’16

+41.9%

275272

202

6763

2015Q1’16Q1’15

+47.3%

LTM Q1’16

5.3%

2014

7.3%

82.5%

Note: CAGRs are calculated from EOY 2013 to LTM Q1’16

Consolidated Net IncomeMillion Soles (S/. mm)

Net Income

Net Income excluding after-tax FX and mark-to-market gains:

199

144

113

64

10

LTM Q1’16

+574.7%

20152014Q1’16Q1’15

Net Margin 0.6% 3.6%

Net Margin 3.1% 3.0%

1.8%

1.6%

2.1%

3.5%

243240

97

5350

+5.9%

20152014Q1’16Q1’15 LTM Q1’16

• EBITDA growth of 10.1%

• Higher financial expenses from call spreads and additionaldebt

• Lower mark-to-market gains: S/0.2 mm in Q1’16 vs. S/5.0mm in Q1’15

• Additional FX gain, net: FX gain of S/16 mm in Q1’16 vs FXloss of S/63 mm in Q1’15

6

79

64

16 10

Net Income

Q1’16

OtherFX GainLower Mark

to Market

Higher

Financial

Expenses

EBITDA

Growth

Net Income

Q1’15

-9-5

-27

Net Income Breakdown

2.9%

3.5%

2

7

Q1’16RESULTS BYformat

SUPERMARKETS RESULTS BY format

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SSS growth of 3.4% and +13k sqm of GLA (+4.8% since Q1’15)

Remodeled and improved layouts in 2 stores (7 stores since Q1’15)

Gross margin remains stable• Promotional campaigns• Higher rental and logistic revenues• Lower shrinkage due to operational initiatives

JV with FUNO contributed with S/4.6 mm in Q1’16

EBITDA margin improved 33 bps• Store and employee productivity• Non recurring net income from the sale of an unused land plot

and store refurbishing (S/2.4 mm)

S/. mm Q1'16 Q1'15 Var %

Revenues 1,038 973 6.7%

Gross Profit 268 251 6.9%

EBITDA 64 57 12.8%

Gross Mg 25.8% 25.8% 3 bps

EBITDA Mg 6.2% 5.8% 33 bps

PHARMACIES

SSS growth of 9.0%

Opened 7 pharmacies and closed 6 (94 additional pharmacies sinceQ1’15, +10.0%)

Gross margin improved 35 bps• Change in mix of products sold• Reduction in shrinkage

EBITDA margin improved 59 bps• Logistic efficiencies due to better distribution routes• Store employee efficiencies• Overhead costs dilution

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RESULTS BY format

S/. mm Q1'16 Q1'15 Var %

Revenues 629 550 14.5%


EBITDA 55 45 22.8%

Gross Mg 31.7% 31.3% 35 bps

EBITDA Mg 8.7% 8.2% 59 bps

SHOPPING MALLS

+24k sqm of GLA (+4.3% since Q1’15)14k sqm due to the acquisitions of Real Plaza Sullana in May201510k sqm due to mall expansions

Maintained high occupancy rates in malls (~97%)

Adjusted EBITDA growth of 5.3% mainly explained by thecontribution of Real Plaza Salaverry (+S/1.7 mm), Chiclayo(+S/0.8 mm), Guardia Civil (+S/0.6 mm) and mall expansions

Mark-to-market income of S/0.4 mm in Q1’16 vs S/6.2 mm inQ1’15

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RESULTS BY format

S/. mm Q1'16 Q1'15 Var %

Revenues 108 103 4.8%


Adj. EBITDA 67 63 5.3%

Gross Mg 68.5% 68.7% -23 bps

Net Rental Mg 82.1% 82.9% -89 bps

Quarterly Openings and SSS by Segment

SupermarketsSales Area (‘000 sqm)

PharmaciesNo Stores

Shopping MallsGLA (‘000 sqm)

Supermarkets

Pharmacies

SSS Averages 2014: 4.4%

SSS Averages 2014: 8.5%

Openings Same Store Sales (SSS)

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2015: 3.7%

2015: 5.1%

288 290 275 273 273

Q1’16Q4’15Q3’15Q2’15Q1’15

No of Spmkts 100 100 100 104 104

No of Mass 2 3 12 19 23

922 921 874 848 838

Q1’16Q4’15Q3’15Q2’15Q1’15

No of Malls

582 582 581 572 558

Q2’15Q1’15 Q1’16Q4’15Q3’15

17 18 18 18 18

Q1’16

3.4%

Q4’15

1.5%

Q3’15

4.3%

Q2’15

4.1%

Q1’15

5.6%

Q1’16

9.0%

Q4’15

6.4%

Q3’15

2.1%

Q2’15

5.7%

Q1’15

6.4%

Adjusted ebitda evolutionMillion Soles (S/. mm)

202

154

131117

219

170170163

180

Q1

10.1%

Q4Q3Q2

68

55

4336

73676663

67

Q2Q1

5.3%

Q4Q3

85

4844

55

96

545257

64

Q3

12.8%

Q4Q2Q1

4952

46

39

535253

45

55

22.8%

Q4Q2 Q3Q1

20152014 2016

201620152014

InRetail Consolidated Shopping Malls

Supermarkets Pharmacies

12

3

13

FINANCIAL ratios

Capex AND CASH-FLOW BreakdownMillion Soles (S/. mm)

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Free Cash Flow LTMQ1’16: S/215 mm

Cash-Flow Breakdown

79

197

105

134

74

Q2’15 Q3’15 Q4’15 Q1’16Q1’15

2015: S/510 mm

Consolidated Capex

168

235

61

41

-79

Starting Cash

Balance Dec-15

Operating Cash Flow

-52

Debt Increase

-39

Financial Expenses

D&A and Tax

Expenses

Ending Cash

Balance Q1’16

CAPEX

CONSOLIDATED Financial DebTMillion Soles (S/. mm)

Consolidated Financial Debt1/ USD Exposure

15

28%38% 40%

72%

23% 23%

39% 37%

dic-15dic-14 mar-16

PENUSDHedge

Debt

Cash

Net Debt

1,668

1,125

542

1,722

324

1,398

2,446

285

2,160

3.6x3.6x

4.0x

3.6x

4.0x

3.2x3.2x

3.6x

2.9x

1.3x

201520142013 LTM Q1’162012

Net Debt/EBITDA Debt/EBITDA

2,670

325

2,344

1/ Since 2015, ratios are adjusted for positive hedge effect

• +S/24 mm debt in Q1’16 vs EoY 2015, explained by:

• +S/61 mm from debt increase• -S/41 mm from appreciation of FX• +S/4 mm from 2021 bond structuring costs

2,694

265

2,429

Debt by segmentMillion Soles (S/. mm)

Total Consolidated Debt: S/.2,694 mm

Debt / EBITDA: 3.6xNet Debt / EBITDA: 3.2x

Debt

Cash

Net Debt

976

306

670

1,095

215

880

1,347

168

1,179

691

656

35

624

81

543

1,111

124

987

3.0x3.1x3.2x

3.0x2.9x

2.6x2.8x

2.4x

2.0x

2.7x

201420132012 LTM Q1’162015

Debt/EBITDANet Debt/EBITDA

4.5x4.4x

5.5x5.4x

8.2x

4.9x

4.7x

0.4x

4.1x4.0x

LTM Q1’162015201420132012

16

1,422

202

1,220

1,248

128

1,120

1,427

150

1,276

1,267

119

1,148

1/ Since 2015, ratios are adjusted for positive hedge effect

This material was prepared solely for informational purposes and is not to be construed as a solicitation or an offer to buy or sell any securities.

This presentation may include forward-looking statements or statements about events or circumstances which have not yet occurred. We have based these forward-looking statements largely on our current beliefs and expectations

about future events and financial trends affecting our businesses and our future financial performance. These forward-looking statements are subject to risk, uncertainties and assumptions, including, among other things, general

economic, political and business conditions, both in Peru and in Latin America as a whole. The words “believes”, “may”, “will”, “estimates”, “continues”, “anticipates”, “intends”, “expects”, and similar words are intended to identify

forward-looking statements. We undertake no obligations to update or revise any forward-looking statements because of new information, future events or other factors.

In light of these risks and uncertainties, the forward-looking events and circumstances discussed in this presentation might not occur. Therefore, our actual results could differ substantially from those anticipated in our forward-looking

statements.

No representation or warranty, either express or implied, is provided in relation to the accuracy, completeness or reliability of the information contained herein. It should not be regarded by recipients as a substitute for the exercise of

their own judgment. We and our affiliates, agents, directors, employees and advisors accept no liability whatsoever for any loss or damage of any kind arising out of the use of all or any part of this material.

This material does not give and should not be treated as giving investment advice. You should consult with your own legal, regulatory, tax, business, investment, financial and accounting advisers to the extent that you deem it

necessary, and make your own investment, hedging and trading decision based upon your own judgment and advice from such advisers as you deem necessary and not upon any information in this material.

1717

EARNINGSPRESENTATION Q1’16

May 2016

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