Presentación de PowerPoint Presentation.pdf · 2.1% 3.5% 3.7% 3.5% 252 258 240 53 59 Q1’16 +5.2%...
Transcript of Presentación de PowerPoint Presentation.pdf · 2.1% 3.5% 3.7% 3.5% 252 258 240 53 59 Q1’16 +5.2%...
May 2017
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Q1’17 consolidatedresults
resultsBy format
Recent events
13
Q1’17Consolidatedresults
Highlights Revenues
High single digit growth in Revenues and +13.7%growth in Net Income, in the context of postponedmacro recovery and weather conditions
• Revenues: +8.4% vs Q1’16
• Adj. EBITDA: +4.8% vs Q1’16
• Net Income: +13.7% vs Q1’16
Adj. EBITDA Net Income
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7,4227,2736,798
1,9131,765
Q1’17Q1’16
+7.0%
+8.4%
LTM Q1’1720162015
Margin 10.2% 9.8% 10.7% Margin 3.6% 3.8% 2.1%
802793724
188180
+4.8%
2016 LTM Q1’17
+9.5%
Q1’16 2015Q1’17
277268
144
7364
LTM Q1’172016Q1’16
+85.5%
+13.7%
2015Q1’17
3.7%10.9%
Gross
Margin30.0% 29.7% 30.2% 31.0%
Q1’17 consolidated financial resultsMillion Soles (S/ mm)
30.9%
10.8% 3.7%
+7.0%
6,999
62%
38%
8.8%
2016
6,853
62%
38%
Q1’17
1,811
64%
36%
Q1’16
1,665
62%
38%
LTM Q1’17
6,406
64%
36%
2015
Margin: 7.1% 6.7% 7.2% 7.5%
Net Rental Margin:
82.1% 79.3% 82.8% 82.1%
Pharmacies
Supermarkets
Revenues Adj. EBITDA
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LTM Q1’17
518
54%
46%
+12.1%
3.1%
2016
515
459
56%
44%
Q1’17
122
58%
42%
Q1’16
118
54%
46%
47%
2015
53%
462458435
112108
+5.2%
3.6%
20162015Q1’17Q1’16 LTM Q1’17
287286272
6767
+5.3%
0.8%
20162015Q1’17Q1’16 LTM Q1’17
Revenue and ebitda breakdownMillion Soles (S/ mm)
Gross Margin:
27.9% 27.8% 28.0% 28.8%
Gross Margin:
68.5% 65.5% 69.1% 68.8%
28.8%
68.0%
7.4%
81.4%
Net Income
277268
144
7364
+85.5%
+13.7%
20162015Q1’17Q1’16 LTM Q1’17
Net Margin 3.6% 3.8%
Net Margin 3.0% 3.1%
2.1%
3.5%
3.7%
3.5%
258252240
5953
Q1’16
+5.2%
+10.7%
20162015Q1’17 LTM Q1’17
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Net Income Breakdown
73
964
Higher Mark to Market
2
Lower Financial Expenses
2
EBITDA Growth
Net Income Q1’16
Net Income Q1’17
Other
-6
FX Gain
2
Consolidated net incomeMillion Soles (S/ mm)
Net Income Q1’17: +10.7%
• +4.8% Adjusted EBITDA
• -4.1% financial expenses, net
Net Income excluding FX and mark-to-market
3.7%
3.5%
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Cash-Flow BreakdownConsolidated Capex
Capex and cash-flow breakdownMillion Soles (S/ mm)
Free Cash Flow LTM Q1’17: S/ 337 mm
119
195
87
161
79
Q1’17Q4’16Q3’16Q2’16Q1’16
137
57
244
Ending Cash
Balance Q1’17
Other Non-Operating Investing Activities
0
Financial Expenses
-52
Debt Increase
7
CAPEX
-119
Operating Cash Flow
Starting Cash
Balance 2016
2016: S/ 523 mm
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Q1’17Results byformat
SUPERMARKETS
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SSS growth of 7.9% and 10k sqm of new supermarkets salesarea (+3.4% since Q1’16)
Gross margin decreased 23 bps in Q1’17
• Roll out of EDLP• Significant growth in Back to School categories with
lower margins• Increase in basic need products due to the coastal
flooding in the North of Peru
Excluding an extraordinary income of S/ 2.4 million in Q1’16,EBITDA increased 14.5%, expanding EBITDA margin by 19 bps
S/. mm Q1'17 Q1'16 Var %
Revenues 1,151 1,038 10.9%
Gross Profit 294 268 9.9%
EBITDA 71 64 10.3%
Gross Mg 25.6% 25.8% -23 bps
EBITDA Mg 6.1% 6.2% -3 bps
Pharmacies
SSS of -3.3%. Excluding leap year effect, SSS of -2.0%
Opened 19 pharmacies and closed 1 (203 additionalpharmacies since Q1’16, +22.0%)
Gross margin improved 43 bps in Q1’17
• Increased penetration of high margin products• Higher rental income and improved commercial
conditions
EBITDA margin decreased 93 bps in Q1’17
• Higher operational expenses due to significant number ofnew pharmacies in early stages of operation
• Increased logistic expenses due to coastal floodings
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S/. mm Q1'17 Q1'16 Var %
Revenues 662 629 5.2%
Gross Profit 213 199 6.6%
EBITDA 52 55 -5.9%
Gross Mg 32.1% 31.7% 43 bps
EBITDA Mg 7.8% 8.7% -93 bps
Shopping malls
Tenants’ SSS growth of 3.1%
Maintained high occupancy rates in malls of ~96%
Gross and Net Rental margins impacted by the variable rent payment in Real Plaza Salaverry since December 2016
Mark-to-market income of S/ 3.6 mm in Q1’17 vs S/ 0.4 mm in Q1’16
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S/. mm Q1'17 Q1'16 Var %
Revenues 112 108 3.6%
Gross Profit 73 74 -0.9%
Adj. EBITDA 67 67 0.8%
Gross Mg 65.5% 68.5% -298 bps
Net Rental Mg 79.3% 82.1% -273 bps
Quarterly Openings and SSS by Segment
SupermarketsSales Area (‘000 sqm)
PharmaciesNo Stores
Shopping MallsGLA (‘000 sqm)
Pharmacies
2016: 1.2%
Openings Same Store Sales (SSS)
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0.6%
Q1’16
3.4%
Q1’17
7.9%
Q4’16
1.0%
Q3’16
0.0%
Q2’16
Q4’16
2.7%
Q3’16
7.2%
Q2’16
5.1%
Q1’16
9.0%
Q1’17
-3.3%
Supermarkets
Shopping Malls
Q1’17
3.1%
Q4’16
2.4%
Q3’16
4.4%
Q2’16
6.3%
Q1’16
8.2%
2016: 5.9%
2016: 5.2%
Note/ Shopping Malls’ SSS include anchor stores
285 285 285 295 295
Q1’17
306
Q4’16
304
Q3’16
290
Q2’16
289
Q1’16
288
No Spmkts 104
No Mass 23
104
25
104
33
106
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Spmkts
Mass
106
70
1,125 1,107 980 932 922
Q1’16 Q2’16 Q3’16 Q4’16 Q1’17
No malls
626 626 589 589 582
Q1’16 Q2’16 Q3’16 Q4’16 Q1’17
18 18 18 19 19
Consolidated Financial Debt1/ USD Exposure
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Debt
Cash
Net Debt
1,668
1,125
542
1,722
324
1,398
2,446
285
2,160
3.3x3.3x
3.6x
4.0x
3.6x
4.0x
3.2x
3.6x
2.9x
1.3x
2.9x2.8x
20132012 20152014 LTM Q1’172016
Debt/EBITDANet Debt/EBITDA
2,670
325
2,344
1/ Since 2015, ratios are adjusted for positive hedge effect
-S/ 46 mm debt in Q1’17 vs EoY 2016, explained by:
• +S/ 7 mm from debt increase• -S/ 57 mm from appreciation of FX (excluding
hedge effect)• +S/ 4 mm from 2021 bond structuring costs
Consolidated financial debtMillion Soles (S/ mm)
2,659
432
2,227
28%38% 35% 36%
72%
23%23% 23%
39% 42% 41%
dic-16dic-15dic-14 mar-17
PENUSDHedge
2,613
359
2,294
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Debt by segmentMillion Soles (S/ mm)
Total Consolidated Debt: S/2,613 mm
Debt / EBITDA: 3.3xNet Debt / EBITDA: 2.9x
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
2.7x2.7x
3.1x3.2x
3.0x2.9x
2.2x
2.6x
2.8x
2.4x
2.0x
2.4x
LTM Q1’1720162015201420132012
Debt/EBITDANet Debt/EBITDA
1,422
202
1,220
1,248
128
1,120
1/ Since 2015, ratios are adjusted for positive hedge effect
4.2x4.3x4.4x
5.5x5.4x
8.2x
3.7x4.0x
4.9x
3.7x4.7x
0.4x
201420132012 LTM Q1’1720162015
1,402
277
1,125
1,257
162
1,095
1,214
158
1,057
1,399
160
1,239
3 Recent events
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Paid US$ 20 mm of cash dividends on April 28th 2017
New dividend policy approved in the Annual Shareholders Meeting, held on March 31st 2017
“The company will annually distribute cash dividends for an amount no less than 10% of the Net Income of the period, after considering tax deductions, reserves and legal deductions. The dividends will be determined considering the Company’s liquidity requirements and financial situation. When the liquidity factors, levels of indebtedness and projected investments justify it, the Shareholders Meeting may agree on a different distribution percentage, distribute dividends on account or not distribute any dividends at all.”
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Recent events
Dividend Distribution
Floodings mainly affected the North Coast of Peru and North East of Lima
Minor impact on assets
Increase in logistic costs due to temporary road closures and use of sea/air transportation
Coastal Floodings
Vanessa Dañino
IRO
Alessandra Garrido
IR Senior Analyst
Shirley Perez
IR Analyst
IR email: [email protected]
Phone: +511 612 5423
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.
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