Almacenes Exito Sa · BVC:EXITO
Almacenes Exito Sa — FY2011 Earnings Presentation
18 slides from Almacenes Exito Sa's earnings presentation, Feb 22, 2012
Slide 1: 4Q and FY 2011 Financial Results
4Q and FY 2011 Financial Results February 22, 2012
Slide 2: Note on Forward-Looking Statements
Note on Forward-Looking Statements This presentation may contain forward-looking statements regarding expected developments and expectations about future events. These statements are subject to economic, political, governmental and market conditions, risks and uncertainties, both domestically and gl
Slide 3: Agenda
Agenda 1. Macroeconomic Variables 2. 4Q – FY2011 Highlights 3. 4Q – FY2011 Financial Results 4. Strategy Follow-Up 5. Q&A Session
Slide 4: Macroeconomic Variables
Macroeconomic Variables Total GDP Growth GDP growth: 7.7% in 3Q11 vs. 3Q 11 7.7% 3.3% in 3Q10. Growth driven by the mining, 2Q 11 5.1% construction, communications and financial sectors. 1Q 11 4.7% 2010 4.3% Retail sector: performed well with a 6.4% growth, driven by consumer lending, lower unemploy
Slide 5: 4Q 2011 Highlights
4Q 2011 Highlights Innovation in Technology Innovative on-line purchasing strategies in Colombia: • exito.com: on-line buying through Smartphones. • viajes.exito.com: new website for buying airline tickets on-line. •Money Transfers: in partnership with MovilRed. Exclusive Product Offerings • Coca-Co
Slide 6: 4Q - FY 2011 Highlights
4Q - FY 2011 Highlights Expansion Plan 4Q11: • 28 Openings: 14 Éxito, 13 Surtimax and 1 Carulla stores. • 2 Conversions: 1 Cafam and 1 Ley into Éxito brand. 2011: • 64 Openings, additional 29.000 sqm of sales area. • 36 Conversions. Colombian Operation: A total of 351 stores in 64 cities, including
Slide 7: Financial Results
Financial Results 4Q11 4Q10 FY 2011 FY 2010 Millions of Millions of Millions of Millions of 4Q11/10 FY11/10 COP COP COP COP Net Revenues 2,852,558 2,295,038 24.3% 8,844,710 7,510,079 17.8% Gross Profit 758,818 592,105 28.2% 2,234,045 1,863,996 19.9% Gross Margin 26.6% 25.8% +80 bp 25.3% 24.8% +50 bp
Slide 8: Net Revenues
Financial Results Net Revenues 4Q11 vs. 4Q10 FY 2011 vs. FY 2010 +24.3% +17.8% 8,845 2,853 7,510 2,295 4Q 10 4Q 11 FY 2010 FY 2011 • Figures in COP Bn (000,000,000) 8
Slide 9: Gross Profit
Financial Results Gross Profit 4Q11 vs. 4Q10 FY 2011 vs. FY 2010 24.9% +28.2% +19.9% 2,234 759 1,864 592 25.8% 26.6% 24.8% 25.3% 4Q 10 4Q 11 FY 2010 FY 2011 24.4% Gross margin • Figures in COP Bn (000,000,000) 9
Slide 10: SG&A
Financial Results SG&A 4Q11 vs. 4Q10 FY 2011 vs. FY 2010 21.3% 21.1% +26.0% +17.2% 1,811 558 1,546 443 19.3% 19.6% 20.6% 20.5% 4Q 10 4Q 11 FY 2010 FY 2011 21.1% 20.9% SG&A/Net Revenues (%) • Figures in COP Bn (000,000,000) 10
Slide 11: Operating Income
Financial Results Operating Income 4Q11 vs. 4Q10 FY 2011 vs. FY 2010 +34.5% +32.9% 423 201 318 149 7.0% 4.2% 4.8% 6.5% 4Q 10 4Q 11 FY 2010 FY 2011 Operating margin • Figures in COP Bn (000,000,000) 11
Slide 12: EBITDA
Financial Results EBITDA 4Q11 vs. 4Q10 FY 2011 vs. FY 2010 +28.4% +21.7% 743 295 610 230 10.0% 10.3% 8.1% 8.4% 4Q 10 4Q 11 FY 2010 FY 2011 EBITDA margin • Figures in COP Bn (000,000,000) 12
Slide 13: Net Income
Financial Results Net Income 4Q11 vs. 4Q10 FY 2011 vs. FY 2010 +36.9% +52.8% 389 222 255 162 7.1% 7.8% 3.4% 4.4% 4Q 10 4Q 11 FY 2010 FY 2011 Net margin • Figures in COP Bn (000,000,000) 13
Slide 14: Working Capital and Financial Debt
Financial Results Working Capital Financial Debt Dec 10 Dec 11 COP $612,325 m - 51.4% COP $297,680 m COP-$313,120 m Freed up of COP $377,411 m Dec 10 Dec 11 COP -$690,531 m Working Capital Improvement: Financial Debt Decline: Inventory optimization and increased Syndicated loan last payment accounts
Slide 15: Net Financial Result
Financial Results Net Financial Result 17,000 15,383 COP$22, 214 m COP $48,475 m 12,000 7,000 10,000 6,766 -6,831 -41,709 2,000 0 -3,000 -10,000 -8,000 -20,000 Net Financial Net financial -30,000 Expense 4Q10 income 4Q11 -40,000 -50,000 Net Financial Net financial Expense FY 2010 income FY 2011 Net
Slide 16: Strategy Follow-up
Strategy Follow-up Travel Business • Network of 62 agencies and more than 250.000 clients. • www.viajesexito.com a new platform for buying airline tickets on-line. Insurance Business • Network of 62 agencies • Insurance policies grew over 40% Clients coverage over 55%. E-commerce • Exito.com the lea
Slide 17: Strategy Follow-up
Strategy Follow-up Complementary Businesses Éxito Credit Card More than 1.5 million credit cards issued. Share of 15% in total sales. Launch of the new “Origen” credit card. Real Estate 4Q11: 32 projects developed (openings, conversions and remodelling) 2011: 172 projects developed (64 openings, 36
Slide 18: 4Q and FY 2011 Financial Results
4Q and FY 2011 Financial Results February 22, 2012