Ripley. May Corp

Transcription

1 1 May 2012

2 One of the biggest holdings of the department store business in Chile and Peru, and starting operations in Colombia CHILE since 1956 PERU since department stores 236 Th. m2 of selling space 47 branches of Banco Chile 1,152 Th. credit cards with debt Loan portfolio: MUS$ 1,143 Strategic alliance with Mall Plaza TOTAL REVENUES PERU 30% 16 Department stores 128 Th. m2 of selling space 16 branches of Banco Peru 499 Th. credit cards with debt Loan Portfolio: MUS$ % ownership of Aventura Plaza 2 Figures as of Dec USD/CLP: 519 CHILE 70%

3 56 years of history 1956 First store in Santiago 1976 Credit business beginning 1985 First department store 1993 Parque Arauco biggest store in South America / New image positioning 1997 First store in Peru 2000 Insurance brokerage and e-commerce 2002 Bank Chile 2003 Opening of Hong Kong office / local bond of UF (MUS$257) 2005 IPO of First store outside Lima (Trujillo). First shopping mall of Aventura Plaza S.A. JV in Peru 2009 Acquisition of 22.5% of Nuevos Desarrollos S.A.(Plaza Alameda. Plaza Sur and future developments) 2010 Financial Statements under IFRS announces new operations in Colombia

4 Market Information Market Cap: MUS Free Float: 34.5% Daily Average Transactions (2011): MUS$ 4.0 Local IPO: 2005 Foreign Inv. 4.3% Mutal Funds 2.3% Pension Funds 13.9% Main Shareholders March 2012 Calderón Kohon 12.5% Free Float: 34.5% 800 Others 14.0% Stock Price Calderón Volochinsky 53.0% /01/ /01/ /01/ /01/ /01/2012

5 RETAIL BUSINESS Revenues Evolution (USD M) , ,097 1, RETAIL CHILE 38 Stores Selling Space 235,520 m2 26% Market Share* RETAIL PERU 16 Stores Selling Space 128,292 m2 42% Market Share* 5 *Market Share (2011) Chile:. Falabella and Paris Perú: and Falabella

6 FINANCIAL BUSINESS Total Loans evolution (USD M) CREDIT CHILE Credit Card Chile Bank Chile CREDIT PERU Peru Increasing the number of customers without increasing average debt per client More competitive credit card 1,152 thousand credit cards with debt Increasing the loan portfolio and the number of clients, with controlled risk Competitive interest rates 500 thousand credit cards with debt 6

7 REAL ESTATE Strategy based on developing new projects with high growth potential together with the industry leader Chile Nuevos Desarrollos S.A. (22.5% owned by the company) 2 shopping malls Peru Aventura Plaza (40% owned by the company) 3 shopping malls Mall Concepción (100% owned by the company) 90,000 m2 of construction 41,000 m2 of selling space. Chile Selling Space (m2) Selling Space (m2)* Ownership (%) Marina Arauco 57,968 19,303 33,3% Mall del Centro Curicó 45,911 15,288 33,3% Mall Plaza Sur 74,583 16,781 22,5% Mall Plaza Alameda 57,355 12,905 22,5% Mall Concepción** 41,000 41, % Total Chile 276, ,278 7 Peru Selling Space (m2) Selling Space (m2)* Ownership (%) Aventura Plaza Trujillo 44,114 17,646 40% Aventura Plaza Bellavista 76,460 30,584 40% Aventura Plaza Arequipa 55,000 22,000 40% Total Peru 175,574 70,230 Total selling space 452, ,507 * Selling space x ownership *July 2012

8 RETAIL BUSINESS 8

9 RETAIL BUSINESS Attracting clients by adding new brands and increasing the value of current ones instead of appealing on price events. Optimizing price/quality ratio through better designs and materials. 9

10 Remodeling stores to improve the shopping experience. San Isidro Peru Parque Arauco Chile RETAIL BUSINESS Florida Center Chile Lima Norte Peru 10

11 Chile NEW STORES CHILE 4 New Stores Costanera Costanera Costanera Center (2Q 2012) Total m2 : 15,815 Biggest store of Higher income segment Costanera Concepción (3Q 2012) Downtown Concepción Total m2: 7,976 Costanera 11

12 Chile NEW MALL CHILE Mall Concepción 3Q 2012 Total m2: 90,000 Selling Space m2: 41,000 2 mayor stores: and Jumbo 85 smaller stores 6 cinemas 22-storry tower for comercial offices Downtown Concepción 12

13 Peru NEW STORES PERU 9 New Stores: 5 in 2012 and 4 in 2013 Chimbote (2Q 2012) Total m2 : Santa Anita (3Q 2012) Total m2 : Jirón de la Unión (3Q 2012) Total m2 : San Borja (4Q 2012) Total m2 : Huancayo (4Q2012) Total m2 :

14 ,0% 25,0% 20,0% 15,0% 10,0% 5,0% RETAIL BUSINESS CHILE 27.4% 27.2% 569, Retail Revenues (M$) Retail Margin % PERU % 25.4% 30,0% 25,0% ,0% ,369,628 1,598,047 15,0% ,0% ,0% ,0% Retail Revenues (ThS/.) Retail Margin %

15 FINANCIAL BUSINESS 15

16 FINANCIAL BUSINESS Increasing the number of customers without increasing average debt per client. Launching new Mastercard in Chile: Access to the Transbank network. Increasing the number of transactions. Puntos: Loyalty program created to incentive the use of our credit card. Alliance with Lan Pass and Claro: Access to new potential clients. 16

17 FINANCIAL BUSINESS CHILE 162, , , Gross Loan Portfolio (M$) Financial Revenues (M$) PERU 420, , ,937 1,026, Gross Loan Portfolio (ThS/.) Financial Revenues (ThS/.)

18 Chile STRONG RISK COVERAGE INDUSTRY BENCHMARK Cencosud Falabella Hites Walmart % Provisions % Loan Portf % Provisions % Loan Portf % Provisions % Loan Portf % Provisions % Loan Portf % Provisions % Loan Portf Not Delayed 8,5% 77,7% 2,2% 77,2% 0,7% 85,5% 2,4% 72,4% 1,2% 78,3% ,4% 11,5% 7,7% 10,5% 4,7% 8,2% 11,9% 10,3% 13,1% 7,6% ,4% 3,3% 21,9% 3,8% 16,8% 2,6% 26,2% 4,8% 23,1% 4,0% ,7% 2,2% 34,5% 2,5% 34,1% 1,4% 38,2% 3,9% 39,7% 2,9% ,7% 1,8% 47,3% 2,1% 62,7% 0,9% 49,4% 3,4% 58,7% 2,8% ,4% 1,8% 60,2% 1,8% 76,3% 0,8% 58,1% 2,7% 70,7% 1,8% ,4% 1,7% 60,7% 2,0% 98,0% 0,7% 71,8% 2,5% 82,9% 2,3% Total 13,4% 100,0% 7,6% 100,0% 3,7% 100,0% 10,7% 100,0% 9,0% 100,0% Provisions Loan Portf Total NPL $ NPL/Total Loans (%) Provisions/NPL ,4% 6,0% 2,3% 8,6% 7,0% 2,5 1,3 1,6 1,2 1,3 is the only player that makes a significant provision on not delayed portfolio 18 Source: Companies financial statements as of Dec 2011 NPL: loans that are 90 days or more past due

19 Colombia 19

20 Colombia RIPLEY COLOMBIA January 2012 announces new operations in Colombia Investment of USD 272 million for the next 4 years First store Open in 2013 City: Bucaramanga Shopping mall El Cacique CEO Colombia : Sergio Collarte (ex CEO Perú) 20

21 Colombia RIPLEY COLOMBIA 191 Population (millions) Población (Millones) Why Colombia? Positive economic outlook Third largest population in Latinamerica It has one of the lowest risk classifications of the region Responsible government institutions Low development of the Department Stores business model Brasil Mexico Colombia Argentina Peru Venezuela Chile GDP USD billions PGB Billones de US$ Nominal Brasil Mexico ArgentinaVenezuela Colombia Chile Perú GDP per capita USD PIB per Cápita US$ Nominal Risk (EMBI) Riesgo (EMBI) Peru Venezuela Colombia Argentina 595 Argentina Mexico Brasil Colombia Venezuela Perú 157 Brasil Mexico Chile Chile 129

22 Colombia BUSINESS PLAN Business Plan for Colombia: Retail and Financial Business The same products we offer in Chile and Peru Owned and leased stores Estimated numbers for year 10: Total Revenues(retail+fin): US$1.000 M Nº credit cards: EBITDA: US$ 110 M

23 Financials

24 ,0% 35,0% 30,0% 25,0% 20,0% 15,0% 10,0% ,0% 35,0% 30,0% 25,0% 20,0% 15,0% 10,0% 5,0% 0,0% FINANCIAL RESULTS CORP Retail revenues (M$) Financial revenues (M$) 38,6% 38,1% 32,9% 32,2% Gross Margin (M$) Gross Margin (%) SG&A (M$) SG&A/Revenues %

25 ,0% 10,0% 8,0% 6,0% 4,0% 2,0% 0,0% -2,0% -4,0% -6,0% -8,0% -10, 0% -12, 0% -14, 0% -16, 0% -18, 0% -20, 0% FINANCIAL RESULTS CORP 9,0% 8,6% Net Income (M$) EBIT (M$) EBITDA (M$) Mg EBITDA Quarterly EBITDA ($M) Quarterly Net Income ($M) Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11

26 STRONG FINANCIAL POSITION Ratios Non Banking Cash Total Debt Net Debt (Short term below) Dec 2010 (CLP billion) Dec 2011 (CLP billion) dec-11 dec-10 ROE 7,5% 7,3% ROA 3,4% 3,4% Financial debt / Equity 0,3 0,3 Current ratio 1,6 2,0 26

27 Why invest in? Because It is a great player in the department store and financial retail business in Chile and Peru with m2 of selling space, and has a new business plan in Colombia. Has a clear and strong long-term strategic plan. All three economies (Chile, Peru and Colombia) are in good position to face the coming years. Peru has a low penetration in Retail business and is well positioned to capture growth. Colombia has low development in the department store business model. It has a diversified loan portfolio with a low amount of debt per client. A profitable and growing real estate business focused in young malls. 27

28 Disclaimer This presentation contains forward-looking statements. including statements regarding the intent. belief or current expectations of the Company and its management. Investors are cautioned that any such forward-looking statements are not guarantee of future performance and involve a number of risks and uncertainties including. but not limited to. the risks detailed in the company s financial statements. and the fact that actual results could differ materially from those indicated by such forward-looking statements. 28

29 29