Earnings Presentation Q1’2015 May, 2015
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. 2
AGENDA 01 Q1’15 CONSOLIDATED RESULTS 02 Q1’15 RESULTS BY SEGMENT 03 FINANCIAL DEBT 04
01 Q1’15 CONSOLIDATED RESULTS
Q1’15 Consolidated Highlights Million Soles (S/. mm) Highlights Revenues Double digit growth in Revenues and Adj. EBITDA; decrease in Net Income vs. Q1 ’ 14 6,353 6,147 5,322 • Revenues +14.6% vs. Q1 ’ 14 • Adj. EBITDA +39.0% vs. Q1 ’ 14 • Adj. EBITDA Margin 10.1% vs. 8.4% in Q1 ´ 14 1,611 1,406 • Net Income for Q1 ’ 15 was S/. 10 million; excluding FX and mark-to-market, Net Income increased 84.3% Q1'14 Q1'15 2013 2014 LTM Q1'15 Adj. EBITDA Net Income 650 604 113 475 89 63 163 34 117 10 Q1'14 Q1'15 2013 2014 LTM Q1'15 Q1'14 Q1'15 2013 2014 LTM Q1'15 5 Margin Margin 8.4% 10.1% 8.9% 9.8% 10.2% 2.4% 0.6% 1.2% 1.8% 1.4%
Financial Results by Segment Million Soles (S/. mm) InRetail Consumer InRetail Shopping Malls Supermarkets Pharmacies Revenues Revenues 6,002 386 5,833 349 5,142 36% 36% 35% 215 1,520 1,350 36% 36% 103 64% 64% 65% 66 64% 64% Q1'14 Q1'15 2013 2014 LTM Q1'15 Q1'14 Q1'15 2013 2014 LTM Q1'15 Adj. EBITDA Adj. EBITDA 423 415 229 364 202 45% 44% 42% 115 63 101 93 56% 55% 58% 36 44% 41% 56% 59% Q1'14 Q1'15 2013 2014 LTM Q1'15 Q1'14 Q1'15 2013 2014 LTM Q1'15 6 Margin 6.9% 7.0% Net Rental Margin 77.3% 82.9% 75.9% 80.2% 81.4% 6.7% 7.1% 7.1%
02 02 Q4 ´ 14 RESULTS BY Q1 ´ 15 RESULTS BY SEGMENT SEGMENT
Q1’15 Results by Segment Resultados por Segmentos 2014 Millones de Soles (S/. mm) S/. mm Q1'15 Q1 '14 Var% Revenues 973 869 11.9% Gross Profit 251 219 14.6% SUPERMARKETS EBITDA 57 55 4.2% Gross Mg 25.8% 25.2% 25.2% EBITDA Mg 5.8% 6.3% 6.3% • Opened one Plaza Vea store of 2.9k sqm in Lima (+24k sqm of sales area since Q1 ’ 14, +9.7%) • SSS growth of 5.6% • Remodeled and improved layouts on 2 stores (10 stores since Q1 ’ 14) • Increased gross margin in 59 bps due to more efficient promotional campaigns and higher commercial and logistic contributions from suppliers • Efficiencies in SG&A (decrease in 31 bps, excl. D&A) mainly driven by lower logistic expenses and higher employee productivity • EBITDA growth of 30.8%, excluding extraordinary income of S/.11 mm in Q1 ’ 14 from the sale of an unused landplot. EBITDA margin increased in 80 bps. 8
01 Q1’15 Results by Segment S/. mm Q1'15 Q1 '14 Var% Revenues 550 483 13.7% Gross Profit 172 150 14.9% PHARMACIES EBITDA 45 39 15.9% Gross Mg 31.3% 31.0% 31.0% EBITDA Mg 8.2% 8.0% 8.0% • Opened 5 pharmacies and closed 4 pharmacies, including 2 temporary closings for relocation (107 additional pharmacies since Q1 ’ 14, +14.6%) • SSS growth of 6.4% • Increased gross margin in 33 bps due to a change in the mix of products sold • Higher rental and personnel incentives, partially compensated by lower marketing expenses and logistic efficiencies obtained 9
01 Q1’15 Results by Segment S/. mm Q1'15 Q1 '14 Var% Revenues 103 66 55.6% Gross Profit 71 42 66.8% SHOPPING MALLS Adj. EBITDA 63 36 74.4% Gross Mg 68.7% 64.1% 64.1% Net Rental Mg 82.9% 77.3% 77.3% • Expanded 4.6k sqm of GLA (+133k sqm of GLA since Q1 ’ 14, +31.2%) • Maintained high occupancy rates in malls (~97%) • Increased gross margin by 460 bps driven by fixed costs dilution and operational efficiencies • Adjusted EBITDA growth of 74.4% mainly explained by the contribution of new shopping malls (Real Plaza Salaverry, opened in May 2014, and Real Plaza Centro Civico, acquired in August 2014) • Mark-to-market income of S/.6 mm generated by shopping mall expansions 10
Quarterly Openings and SSS by Segment Openings Same Store Sales Supermarkets Supermarkets Sales Area (‘000 sqm) 273 270 5.6% 261 253 5.2% 249 4.9% 4.8% 2.6% Q1'14 Q2'14 Q3'14 Q4'14 Q1'15 N ° Stores 98 98 100 101 102 Pharmacies Q1'14 Q2'14 Q3'14 Q4'14 Q1'15 N ° Stores 837 838 SSS Averages 2013: 0.4% 2014: 4.4% 787 754 731 Pharmacies 10.8% Q1'14 Q2'14 Q3'14 Q4'14 Q1'15 9.3% Shopping Malls 8.2% GLA (‘000 sqm) 553 558 6.4% 542 5.9% 499 425 Q1'14 Q2'14 Q3'14 Q4'14 Q1'15 Q1'14 Q2'14 Q3'14 Q4'14 Q1'15 SSS Averages 2013: 2.7% 2014: 8.5% N ° Malls 15 16 17 17 17 11
Adjusted EBITDA Evolution Million Soles (S/. mm) InRetail Consolidated Supermarkets 85 202 81 163 160 154 57 55 131 117 48 110 45 44 42 104 42 101 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2013 2014 2015 2013 2014 2015 Pharmacies Shopping Malls 52 68 49 63 46 45 43 41 55 39 36 34 43 38 36 26 26 24 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2013 2014 2015 2013 2014 2015 12
Consolidated Net Income Q1’15 vs Q1’14 Million Soles (S/. mm) Excl. Forex and Mark-to-Market, Net Income Increased 84.3% vs Q1’14 113 EBITDA growth of 39.0% Net Income: 89 25.7% increase in depreciation expenses due to the 63 pharmacy’s new distribution center, and new supermarkets and pharmacies stores 34 Net financial expenses: 10 43.6% increase in InRetail Shopping Malls due to increase in total debt to finance growth Q1'14 Q1'15 2013 2014 LTM Q1'15 Net Margin 13.7% reduction in InRetail Consumer due to 2.4% 0.6% 1.2% 1.8% 1.4% lower cost of debt obtained by refinancing Net Income excluding after-tax forex and mark-to-market gains: Forex: 120 120 Q1 ’ 15: Loss of S/. 63 mm 97 Q1 ’ 14: Loss of S/.6 mm 50 Mark-to-market: 27 Q1 ’ 15: Gain of S/.5 mm Q1 ’ 14: Gain of S/.15 mm Q1'14 Q1'15 2013 2014 LTM Q1'15 Net Margin 1.9% 3.1% 2.2% 1.6% 1.9% 13
03 FINANCIAL DEBT
Financial Debt and Consolidated Capex Million Soles (S/. mm) Capex Financial Debt 2014: S/. 792 mm 4.0x 4.0x 3.8x 3.6x 333 3.6x 3.4x 242 2.9x 114 104 1.3x 74 2012 2013 2014 LTM Q1'14 Q2'14 Q3'14 Q4'14 Q1'15 Q1'15 Free Cash Flow Q1’15: S/. 23 mm Debt/Adj. EBITDA Net Debt/Adj.EBITDA 2,446 2,499 Debt 1,668 1,722 Cash 1,125 324 285 302 Net 542 1,398 2,160 2,197 Debt 15
Debt by Segments Million Soles (S/. mm) as of March 31 st , 2015 Total Consolidated Debt: S/. 2,499 mm Debt / EBITDA: 3.8x Net Debt / EBITDA: 3.4x InRetail Consumer InRetail Shopping Malls Debt/EBITDA Net Debt/EBITDA Debt/EBITDA Net Debt/EBITDA 3.2x 3.2x 8.2x 3.0x 2.9x 2.9x 2.8x 5.5x 5.4x 5.0x v 2.4x 2.0x 4.9x 4.7x 4.3x 0.4x 2012 2013 2014 LTM 2012 2013 2014 LTM Q1'15 Q1'15 Debt 976 1,095 1,347 1,374 691 624 1,111 1,139 Cash 306 215 168 148 656 81 124 161 Net 670 880 1,179 1,226 35 543 987 977 16 Debt
For more information please contact: ir@inretail.pe www.inretail.pe
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