presentación roadshow script 2 - investor...

122/08/2012 10:54 skiron\Roadshow\Presentación Roadshow Script 2.ppt 1

2

Forward Looking Statements

This presentation contains, or may be deemed to contain, “forward-looking statements”.

By their nature, forward looking statements involve risks and uncertainties because they

relate to events and depend on circumstances that may or may not occur in the future.

The future results of Grupo Famsa may vary from the results expressed in, or implied by,

the forward-looking statements made to you, possibly to a material degree.

3

Highlights 2Q12

Operating and Financial Results 2Q12

Famsa Mexico

Banco Ahorro Famsa

Famsa USA

Consolidated Financial Results 2Q12

Agenda

4

2Q12 consolidated operating cash flow (EBITDA) grew 39.1% year-over-year

Sales growth and gross margin expansion, combined with a limited growth inoperating expenses, drove profitability

Famsa Mexico’s SSS increased 7.4% in 2Q12 reflecting stronger demand fordurable goods

Some of the categories that posted the greatest sales increases wereFurniture (+20%) and Computers (+13%)

Banco Ahorro Famsa’s strength continues to be reflected in its capitalizationindex

Bank deposits continued to grow consistently and reached Ps$11,398 million(+18.8% vs. 2Q11)

The EBITDA margin of the Texas region increased from 5.8% in 2Q11 to 6.8%in 2Q12; the sales mix and gross margin improved while expenses fell

Progress was made with the plan to exit the West during 2012; the A/Rbalance fell to US$63 million and expenses decreased by more than 33%

USA

MX

Highlights – 2Q12

5

Agenda

Highlights 2Q12


Famsa Mexico

Banco Ahorro Famsa

Famsa USA


6

$5,660$5,582

$3,049$2,851

2Q11 2Q12 Jan-Jun 11 Jan-Jun 12-10%

-5%

0%

5%

10%

15%

1Q10

2Q10

3Q10

4Q10

1Q11

2Q11

3Q11

4Q11

1Q12

2Q12

Peso

s (M

illio

ns)

Gro

wth

(%)

Guidance: 4%

Famsa Mexico: Net Sales Famsa Mexico: Same Store Sales

Famsa Mexico’s SSS increased 7.4% in 2Q12 due to a stronger demand for durable products

Total: +1.4%SSS: +1.5%

Total: +6.9%SSS: +7.4%

7

Furniture and Computers were among the categories that posted the greatest sales increases during 2Q12

-5%

0%

5%

10%

15%

20%

25%

Elec

tron

ics

Mob

ilePh

ones

App

lianc

es

Pers

onal

Loan

s

Com

pute

rs

Furn

iture

Mot

orcy

cles

Famsa Mexico: % of Sales by Product Category Famsa Mexico: Sales Growth by Product Category (2Q12)

100%

24.6% 25.9%

12.0% 14.2%

12.2%11.6%

12.1% 10.7%

8.5% 8.1%5.3% 5.5%3.3% 5.1%

22.0% 19.0%

Jan-Jun 11 Jan-Jun 12

100%

% o

f Sal

es

Others

Mobile Phones

Personal Loans

Furniture

Electronics

Appliances

ComputersMotorcycles

8* Preliminary figuresSource: CNBV, Banco Ahorro Famsa

0%

3%

6%

9%

12%

15%

jun-

11

jul-1

1

Aug

-11

sep-

11

oct-1

1

nov-

11

Dec

-11

Jan-

12

feb-

12

mar

-12

Apr

-12

may

-12

Jun-

12*

0%

3%

6%

9%

12%

15%

jun-

11

jul-1

1

Aug

-11

sep-

11

oct-

11

nov-

11

Dec

-11

Jan-

12

feb-

12

mar

-12

Apr

-12

may

-12

Jun-

12*

BAF: Non-Performing Loans Ratio (IMOR)BAF: Capitalization Index (ICAP)

13.0%

*

BAF’s capitalization index continues maintaining a stable growth trend

9

+18.8%

806 775 972 1,0451,000

3,9902,340 2,068 1,390 1,341

9,0128,6397,397

6,5834,800

2Q11 3Q11 4Q11 1Q12 2Q12

$11,398

4.5%

5.6%

6.7%

7.8%

8.8%

4Q09

1Q10

2Q10

3Q10

4Q10

1Q11

2Q11

3Q11

4Q11

1Q12

2Q12

Rat

e (%

)

8.0%

5.2%

$9,596

Peso

s (M

illio

ns)

BAF: Deposits BAF: Average Cost of Funding

Demand Deposits Time Deposits with optional availability Time Deposits

Source: Banco Ahorro FamsaSource: Grupo Famsa, Banco Ahorro Famsa

Bank deposits reached Ps$11,398 million; 91% corresponding to time deposits (Average term: 143 days)

143days

10

2Q11 3Q11 4Q11 1Q12 2Q12

Grupo Famsa: Commercial Loans MexicoP$2,185 million (Jun. 2012)

PYME,Micro

&Corp.

+89.1%

Peso

s (M

illio

ns)

Financial Institutions & Other PYME, Microcredit & Corporate

BAF continues developing its Commercial Loan portfolio; serving more than 1,537 customers as of 2012

$1,841

$1,527

$1,156

$2,088$2,185

1111

$821$852

$415$414

2Q11 2Q12 Jan-Jun 11 Jan-Jun 12

Peso

s (M

illio

ns) Total: +0.3% (MXN)

Total: -14.1% (USD)SSS: -13.7% (USD)

Famsa USA: Net Sales

Total: -3.6% (MXN)Total: -14.0% (USD)SSS: -13.9% (USD)

Changes in the sales mix that benefit the gross margin and a reduction in operating expenses improved EBITDA margin to 6.8%

2Q11 2Q12

Sales $ 35.6 $ 30.6

Gross Profit $ 15.3 $ 14.1

Gross Margin (%) 43.0% 46.2%

Operating Expense(ex - D&A)

$ 13.2 $ 12.0

EBITDA $ 2.1 $ 2.1

EBITDA Margin (%) 5.8% 6.8%

Famsa USA: Financial Results 2Q12USD (Millions)

Gross Margin Operating expense

12* Excludes D&A expense

The implementation of the plan to exit the West during 2012 is progressing in line with expectations

West Region: Balance of Accounts Receivable West Region: Operating Expenses*

$94.6

$62.8

$78.4

4Q11 1Q12 2Q12

USD

(Mill

ions

)

$25.6

$17.1


USD

(Mill

ions

)

13

536.5533.7

2011 2012

+0.5%-1.0%

Total Stores

Num

bers

of S

tore

s

Breakdown of Store Openings and Closures (2Q12)

Total Retail Area

M 2

(Tho

usan

ds)

1Q12 Openings Closures 2Q12Stores 401 0 2 399

Famsa Mexico 352 0 1 351

Famsa USA -Texas 25 0 0 25Famsa USA -West 24 0 1 23

Banco Ahorro Famsa 288 2 1 289

Store network optimization efforts are ongoing; Famsa Mexico closed 1 small, underperforming store in 2Q12

399403

2011 2012

14

Agenda

Highlights 2Q12


Famsa Mexico

Banco Ahorro Famsa

Famsa USA


1515


87% 87%

13% 13%


22% 23%

17% 18%14% 13%12% 11%8% 7%6% 6%

22%21%


Famsa USA

Famsa Mexico

$6,490-0.1%

Net Sales

2Q12 Jan-Jun 12

Total +3.9% -1.3%

Famsa Mexico +7.4% +1.5%

Famsa USA -13.7% -13.9%

MX

USA$3,293 $3,467

$6,494

+5.3%

Share of Consolidated Net Sales by CountrySame Store Sales (%)

Consolidated Net Sales Consolidated Product Mix

Peso

s (M

illio

ns)

% o

f Sal

es%

of S

ales

OthersComputerMobile Phones

ElectronicsAppliances

Personal Loans

Furniture

$3,467


16

2Q11 2Q12 Jan-Jun 11 Jan-Jun 12 2Q11 2Q12 Jan-Jun 11 Jan-Jun 12

$434

$122

$35

$214


EBITDA+6.3%

Peso

s (M

illio

ns) 48.3% 50.7% 49.1% 52.2%

+10.5%

+13.5%

8.8% 9.3% 8.8% 9.7%

+32.2%

+255.4%

1.1% 1.9%

+516.4%

6.2% 6.7%

+39.1%

MX

USA$390

$543

$900$1,059

+17.6%

11.8% 15.7% 13.9% 16.3%

Profitability

$1,590 $1,757

$3,186 $3,386

MX

USA

Gross Income

Net IncomeComprehensive Financing Expense

$273$361

$525$596

Exch. ProfitExch. ProfitExch. Profit

Exch. Loss

1717

Main Balance Sheet Accounts

$3,693$3,941

$9,596$11,398

2011 2012

$8,567$8,034

2011 2012

$1,923$2,048

2011 2012

$1,271$1,437

$12,127 $13,539

$1,156$2,185

2011 2012

-6.1%

+6.6%+15.4%

$14,554$17,161

$13,289$15,339

+17.9%Trade Accounts Receivable Inventories

Net Debt and Bank Deposits Stockholder’s Equity

Bank Deposits

Net Debt

Commercial (BAF)Consumer USA

Consumer Mexico

Peso

s (M

illio

ns)

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