Smu Sa · BCS:SMU

Smu Sa — Q2 2019 Earnings Presentation

15 slides from Smu Sa's earnings presentation, August 2019

  1. Slide 1: Earnings 2Q19

    SMU S.A. EARNINGS 2Q19 AUGUST 2019

  2. Slide 2: Caution Regarding Forward-Looking Statements

    CAUTION REGARDING FORWARD-LOOKING STATEMENTS THIS PRESENTATION MAY CONTAIN FORWARD-LOOKING STATEMENTS. WE HAVE BASED ANY SUCH FORWARD-LOOKING STATEMENTS LARGELY ON OUR CURRENT BELIEFS, EXPECTATIONS AND PROJECTIONS ABOUT FUTURE EVENTS AND FINANCIAL TRENDS AFFECTING OUR BUSINESS. ALTHOUGH MANAGEMENT C

  3. Slide 3: Note Regarding Presentation and Comparison of Information: Application of IFRS 16

    NOTE REGARDING PRESENTATION AND COMPARISON OF INFORMATION: APPLICATION OF IFRS 16 ON JANUARY 1, 2019, IFRS 16 “LEASES” WENT INTO EFFECT. THIS FINANCIAL REPORTING STANDARD ESTABLISHES THE DEFINITION OF A LEASE CONTRACT AND STIPULATES THE ACCOUNTING TREATMENT OF ASSETS AND LIABILITIES ARISING FROM SUC

  4. Slide 4: Note Regarding Presentation and Comparison of Information: Sale of Construmart

    NOTE REGARDING PRESENTATION AND COMPARISON OF INFORMATION: SALE OF CONSTRUMART ON APRIL 27, 2018, SMU COMPLETED THE SALE OF ITS SUBSIDIARY CONSTRUMART S.A. AND ITS SUBSIDIARIES. SUCH COMPANIES COMPRISED THE “CONSTRUCTION MATERIALS” OPERATING SEGMENT. IN ACCORDANCE WITH THE PROVISIONS OF IFRS 5, IN S

  5. Slide 5: Revenue

    REVENUE(1) REVENUE – FIRST HALF REVENUE – SECOND QUARTER (CLP BN) (CLP BN) 1.094 1.121 1.128 1.063 531 543 555 559 29,3% 28,4% 28,5% 29,3% 27,5% 28,5% 28,5% 27,8% 1H16 1H17 1H18 1H19 2Q16 2Q17 2Q18 2Q19 REVENUE GROSS MARGIN REVENUE GROSS MARGIN REVENUE  REVENUE GROWTH +0.6% IN 1H19 AND 2Q19  STRON

  6. Slide 6: Revenue by Format

    REVENUE BY FORMAT 1H19 VS 1H18 REVENUE BY FORMAT HIGHLIGHTS (CLP BN)  PERU: +20.1% (CLP) / +11.2% (PEN)  CONVENIENCE: +5.7% 4.1 0.0 1,128 1.4 7.1 1,121 (1.8) (4.6) 6

  7. Slide 7: Same-Store Sales and Sales per Square Meter

    SAME-STORE SALES AND SALES PER SQUARE METER SSS AND SALES/M2 – FIRST HALF (1)(2) SSS AND SALES/M2 – SECOND QUARTER (1)(2) 324 322 307 305 296 294 287 286 4,7% 4,0% 2,6% 3,1% 2,2% 2,7% 0,7% 0,7% 1H16 1H17 1H18 1H19 2Q16 2Q17 2Q18 2Q19 SALES/M2 (CLP THOUS) SSS (%) SALES/M2 (CLP THOUS) SSS (%) SAME-STO

  8. Slide 8: Operating Expenses

    OPERATING EXPENSES(1) OPERATING EXPENSES – FIRST HALF OPERATING EXPENSES – SECOND QUARTER (CLP BN) (CLP BN) 246 250 259 234 240 124 125 131 121 120 22,0% 22,5% 22,3% 23,0% 22,5% 21,3% 22,8% 22,5% 23,0% 21,7% 1H16 1H17 1H18 1H19 1H19 2Q16 2Q17 2Q18 2Q19 2Q19 (IAS 17) (IAS 17) (IAS 17) PRO FORMA (IFRS

  9. Slide 9: Operating Indicators

    OPERATING INDICATORS CENTRALIZATION AVERAGE HEADCOUNT (CHILE)(1) (CHILE AND PERU) 31.957 32.511 46,6% 47,5% 46,3% 30.133 30.225 42,5% 45,1% 2016 2017 2018 1H18 1H19 1H16 1H17 1H18 1H19 SALES / FULL-TIME EQUIVALENT (CHILE - CLP MN / MONTH) 7,9 8,1  FOCUS ON PRODUCTIVITY 6,9 7,1  LOWER CENTRALIZATIO

  10. Slide 10: EBITDA

    EBITDA(1) FIRST HALF EBITDA(2) (CLP BN) SECOND QUARTER EBITDA(2) (CLP BN) 89,6 69,5 71,0 42,5 64,4 33,2 59,0 30,7 32,9 28,2 7,9% 7,6% 5,6% 5,9% 6,2% 6,3% 5,9% 5,9% 5,3% 5,6% 1H16 1H17 1H18 1H19 1H19 2Q16 2Q17 2Q18 2Q19 2Q19 (IAS 17) (IAS 17) (IAS 17) PRO FORMA (IFRS 16) (IAS 17) (IAS 17) (IAS 17) PR

  11. Slide 11: Non-Operating Results

    NON-OPERATING RESULTS 1H19 VS 1H18 NON-OPERATING LOSS (CLP BN) 51,1 4.1 32,1 (11.9) (4.4) (3.4) (0.8) (2.6) 1H18 EXTRAORD. RECURR. IFRS 16 FIN. ORG. INFLATION OTHER 1H19 FINCL FINCL EXPENSES RESTRUCT. ASSETS/ EXPENSES EXPENSES LIABILITIES (1H18) 11

  12. Slide 12: Net Income

    NET INCOME FIRST HALF NET INCOME NET INCOME (EX IFRS 16): (CLP BN) 1H19 VS 1H18: +CLP 0.2 BN (+1.3%)  OPERATING INCOME +CLP 1.9 BN  NON-OPERATING LOSS -CLP 20.8 BN 14,8 15,0 13,8  TAX: -CLP 22.7 BN 10,3  PROFIT DISCONTINUED OPS: +CLP 0.2 BN 5,6 2Q19 VS 2Q18: -CLP 8.6 BN (-60.1%)  OPERATING INCO

  13. Slide 13: Financial Debt

    FINANCIAL DEBT NET DEBT/EBITDA IFRS 16 IMPACT 6,6X  AS OF JAN. 1, 2019, FINANCIAL LIABILITIES 4,8X 5,0X INCREASED CLP 255 BN 3,8X 4,0X  EBITDA FOR 1S19 INCREASED CLP 18.6 BN  MODIFICATION OF NET FINANCIAL LIABILITIES/SHAREHOLDERS’ EQUITY COVENANT FOR LOCAL BONDS: 1.3X TO 1.66X DEC. 2016 DEC. 2017

  14. Slide 14: Highlights

    HIGHLIGHTS OPERATING HIGHLIGHTS  CUSTOMER EXPERIENCE:  UNIMARC STORE REMODELS  NEW STORE OPENINGS  OPTIMIZATION OF PROMOTIONAL ACTIVITY  OPERATING EFFICIENCY:  SUPPLY CHAIN EXPANSION NON-OPERATING HIGHLIGHTS  RATING UPGRADES  FELLER-RATE: BBB TO A-  ICR: BBB+ TO A-  HUMPHREYS: BBB TO BBB+

  15. Slide 15: Earnings 2Q19

    SMU S.A. EARNINGS 2Q19 AUGUST 2019

SMU — Q2 2019 Earnings Presentation on 6ix