2015
Agenda 1. Company Overview 2. Financial Summary 3. Company Comparison 4. Investment plan 2015 5. How we will continue growing 2
Investment Highlights Footwear, apparel and accessories Brand Builder → Brand builder: solid and wide brand portfolio of 32 brands. and Specialty → Huge portfolio of 19 different concepts of retail stores in Latam. Retailer → 100% Focus on Retail Business (and not in real state and financial). With operations in Chile, Peru, Uruguay and Colombia Regional 466 stores → Presence in → 295 stores in Chile 44 in Colombia Latin America → 52 in Uruguay 75 in Peru Experienced management team in the retail sector Strong Expertise and Know-how of the business. → Management Team Solid financial structure with excellent financial track record Solid → Strong growth in sales (CAGR = 17%) and profitability (CAGR = Financial 31%) over the past 8 years (2005 to 2013). Structure → High level of Cash. MM US$ 64.2 as of September 2014. 3
Forus: Brands & Retail 32 Brands 19 stores’ concepts 4
Our Brands – 32 brands Licensed Brands 26 brands International Licensors: Wolverine World Wide (USA) Columbia Sportswear (USA) Jones New York Group (USA) Brooks (USA) Jansport (USA) Azaleia (Brazil) Church’s (England) Burton (USA) Skullcandy (USA) Dakine (USA) Burleigh Point Ltd (Australia) 5
Our Brands – 32 brands Own Brands 6 brands 6
Our History: 34 years of experience 1980 1982 1988 1991 1990 1992 1995 1996 2003 1993 2001 2005 Alfonso Swett S. Alfonso Forus buys New Construction Enter in start with Hush Swett S. Uruguay the brand stores of the Puppies in Chile buys the Calpany. of: footwear’s with 70% of remaining factory in Born of the participation. 30% from Chile company The remaining the WWW name Forus 30% was in the S.A. Wolverine World Wide New stores: hand s 2007 2012 2006 2008 2009 2010 2011 2013 2014 2015 e-commerce Forus is opened in Enter in Forus New New New Joint the stock market. Colombia. buys stores Venture stores Distribution Forus buys Hush of: of: Center in with WWW Enter in Peru. Puppies in Colombia Chile. Peru for the Forus buys the Forus buys operation brands brands Azaleia and the Norseg. Uruguayan brand New brand New stores : apparel 7 New New New Brand Brand Chain &Chain
How fast can we be In the last 5 years, since 2009 until 2013 Forus: Created / acquired 15 brands Created / acquired 6 new concepts of stores Opened 169 stores: 34 as an average per year Launched e-commerce Acquired 2 companies: 7veinte and Billabong e-commerce 2014 2009 2010 2012 2011 2013 apparel 8
Corporate Structure Forus S.A. 100% 99.98% 51.00% 49.00% Forus Colombia Uruforus S.A . Peruforus S.A. LBC S.A.S. S.A. ( Uruguay ) (Peru) (Colombia) (Colombia) 9
Management Board Alfonso Swett S. (34) President + 6 Board Members Executive Director Head of IR Investor Relations Alfonso Swett O. (21) Macarena Swett (6) Jeanne Marie Benoit (1) CEO Gonzalo Darraidou (14) Commercial and MKT Manager Corporate CFO Sebastián Swett (26) Marisol Céspedes (15) Corporate Retail Real State Manager HR & Legal Manager Claudio Cabrera (10) Manuel Somarriva (6) Retail Manager TopSafety CEO Matías Topali (8) Andrés Infante (5) Factory Manager Uruguay CEO Carlos Espinoza (8) Juan Strauch (9) L&D Manager Colombia CEO Patricio Ramírez (8) Alejandro Cruz (6) Planning Manager Peru CEO Carlos Díaz (8) Eduardo Balbin (4) 10 () number of years working in the company.
Ownership Structure December 2008 December 2014 Institutional Institutional Others Others Brokers Brokers Investors Investors 0,2% 0,6% 4,2% 7,5% 4,9% 4,6% Investment Investment Funds Funds 22,5% 16,1% Costanera Costanera Companies Companies 64,6% 63,0% related to related to Costanera Costanera 6,6% 5,1% Free Float: 28,9% Free Float: 31,9% Free Float Free Float 28,9% Controlling 31,9% Controlling Group Group 71,1% 68,1% 11
Increasing our Average Volume Trade Increasing our Average Daily Volume Trade by 2.1x From US$ 466,765 in 2007 to US$ 1,003,322 in 2014. → Average Daily Volume trade (US$) 1.323.758 1.003.322 722.962 466.765 402.908 319.935 311.675 153.979 12 2007 2008 2009 2010 2011 2012 2013 2014
Where are we Peru Colombia N° Stores: 44 N° Stores: 75 % of total Sales: 2.3% % of total Sales: 8.3% Sales: US $7.3 MM Sales: US $23.8 MM # Concept stores: 5 # Concept stores: 9 Population: 46 MM Population: 30 MM GDP per capita: US$7,826 GDP per capita: US$6,660 Chile Uruguay N° Stores: 52 N° Stores: 295 % of total Sales: 79.8% % of total Sales: 7.8% Sales: US $233.5 MM Sales: US $22.3 MM # Concept stores: 17 # Concept stores: 8 Population: 17 MM Population: 3 MM GDP per capita: US$15,732 GDP per capita: US$16,351 13 Figures as of September 2014, in US$ converted using the October 1, 2014 USD/CLP 599.22 exchange rate. MM = million. Chile’ Sales includes Top Safety business’ Sales.
Sales by Subsidiaries International Subsidiaries’ weight increased by 270 bp, reaching a 18.7% of the total Revenues in 9M 2014. 18.7% 16.0% 14
Footwear is still the most important Sales per Category Forus Chile 2005 2013 Accesories 7% Apparel 20% Footwear 73% 15
Our International Recognition Last 4 years awards received, for the whole world, full year 5 4 5 10 2010 2011 2013 2012 Excellence in Brand Best Distributor in the Best Distributor for Best Distributor for Building world the brands the brands Apparel Apparel Highest Revenue’s Best Executive Growth in Apparel Highest Revenue’s Outstanding and Accessories Growth Performance Apparel Highest Revenue’s Growth for the brand in the countries Highest Growth in Outstanding sales Latin America Accessories in the countries Best Executive Best Distributor of Highest Brand Value the world Best WWW Initiative JV 16
Agenda 1. Company Overview 2. Financial Summary 3. Company Comparison 4. Investment plan 2014 5. How we will continue growing 17
Consolidated Income Statement 9M 2014 20
Consolidated Balance Sheets 9M 2014 FORUS S.A. & SUBSIDIARIES CONSOLIDATED BALANCE SHEETS expressed in Thousands of Chilean Pesos, as for Sep 2014 Dec 2013 Th Ch$ Th Ch$ ASSETS Current Assets Cash and cash equivalents 18.889.895 8.383.418 Other financial assets, current 19.559.100 33.687.676 Other non-financial assets, current 3.640.834 2.358.196 Trade and other account receivables 26.426.167 21.880.727 Accounts receivables from related companies 6.462 6.626 Inventories 60.763.759 48.473.974 Tax Assets, current 1.425.093 1.471.459 Total Current Assets 130.711.310 116.262.076 Non-Current Assets Other financial assets, Non-current 65.063 331.283 Other non-financial assets, Non-current 2.200.248 2.298.391 Fees receivables, Non-current 174.085 166.060 Investments in Associated 3.462.331 3.110.712 Net intangibles assets 4.294.132 3.417.123 Goodwill 8.810.772 8.810.772 Property, plant and equipments 30.678.445 29.084.804 Deferred tax Assets 1.392.446 1.577.054 Total Non-Current Assets 51.077.522 48.796.199 21 TOTAL ASSETS 181.788.832 165.058.275
Consolidated Balance Sheets 9M 2014 Sep 2014 Dec 2013 Th Ch$ Th Ch$ LIABILITIES Current Liabilities Other financial liabilities, current 1.349.975 2.199.410 Current trade and other current accounts payable 12.072.062 12.784.120 Current accounts payable to related companies 475.375 304.828 Other current Provisions 1.223.761 7.501.216 Current tax liabilities 73.237 166.214 Current Provisions for employees benefits 2.825.578 3.053.515 Other non-financial liabilities, current 716.522 1.314.019 Total Current Liabilities 18.736.510 27.323.322 Non-Current Liabilities Other non-current financial liabilities 1.879.258 1.877.777 Deferred taxes liabilities - - Other non-financial non-current liabilities 32.619 108.842 Total Non-Current Liabilities 1.911.877 1.986.619 TOTAL LIABILITIES 20.648.387 29.309.941 SHAREHOLDER'S EQUITY Paid-in capital 24.242.787 24.242.787 Retained earnings 116.444.183 92.093.067 Issue Premium 17.386.164 17.386.164 Other reserves 1.637.459 422.035 Equity attributable to equity holders of the parent 159.710.593 134.144.053 Non-controlling interest 1.429.852 1.604.281 Total Net Equity 161.140.445 135.748.334 22 TOTAL NET EQUITY AND LIABILITIES 181.788.832 165.058.275
Growing Sales Forus Consolidated Revenues 323 18,9% 285 285 240 238 202 176 174 151 106 94 2005 2006 2007 2008 2009 2010 2011 2012 2013 9M'13 9M'14 23 Historical Data in MM US$ (October 1, 2014 USD/CLP at $599.22)
EBITDA Margin Forus Consolidated EBITDA CAGR nominal (2005-2013) = 24,6% 26,5% 25,5% 24,9% 24,9% 21,9% 20,7% 80 19,0% 18,3% 17,6% 16,3% 2,0% 71 14,7% 63 63 61 42 32 29 28 19 14 2005 2006 2007 2008 2009 2010 2011 2012 2013 9M'13 9M'14 24 Historical Data in MM US$ (October 1, 2014 USD/CLP at $599.22) EBITDA EBITDA Margin
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