CORPORATE PRESENTATION March 2016
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1 CORPORATE PRESENTATION March 2016
2 Corporate Presentation Contents 2 Contents Highlights First Quarter Cencosud Snapshot Key Figures Strategy Cencosud Corporate Governance
3 Corporate Presentation Highlights First Quarter 3 Investment Highlights Leading retailer in Latin America with the highest geographic diversification in the region Core in food retailing business, more resilient to economic downturns Premier brand portfolio with high consumer recognition Investment Grade Company with strong & diversified real estate food print Opportunity to continue expanding in markets with high growth and low penetration
4 Highlights First Quarter Corporate Presentation Highlights First Quarter 4 Businesses remain resilient with revenues and Same Store Sales growth in local currency across the region except Brazil Adjusted EBITDA margin improved across the region reaching 7.5% (+149 bps YoY) Adjusted EBITDA improved 16.9% despite of currency devaluation across de region Net Debt/ Adj. EBITDA ratio falls 56 bps vs 1Q15 reaching 3.27x. Excluding one offs the ratio was 2.86x in 1Q16
5 Corporate Presentation Contents 5 Contents Highlights First Quarter Cencosud Snapshot Key Figures Strategy Cencosud Corporate Governance
6 THE REGION
7 Corporate Presentation Cencosud snapshot 7 SCENARIO IN LATINAMERICA AFFECTED BY ECONOMIC SLOWDOWN Currency devaluation against chilean peso reflects economic slowdown Good expectations for possible politic changes Confidence will be a key factor to deal with more informed and empowered customers Instability in Brazil affects the expectations of the region
8 Cencosud in the Region Corporate Presentation Cencosud snapshot Supermarkets 35 Home improvements 78 Department Stores 25 Shopping centers JV Scotiabank 284 Supermarkets 50 Home improvement 22 Shopping centers 217 Supermarkets Atacarejo format 3 different regions JV Bradesco 90 Supermarkets 9 Department Stores 4 Shopping centers 101 Supermarkets 10 Home improvements 2 Shopping centers JV with Colpatria Operations started in 1978 Operations started in 1982 Operations started in 2007 Operations started in 2008 Operations started in 2012
9 Strong brand Portfolio, with high consumer recognition Home Improvement 937 Supermarkets Corporate Presentation Cencosud snapshot 9 53 Shopping Centers Store Departments High and low end brands
10 Overview by Country: Revenues Corporate Presentation Cencosud snapshot 10 Fourth Quarter Revenues LTM US$ 16,158 milion % 9.3% 8.3% Chile 38.9% 28.9% Argentina Brazil Peru Andean Region USD 1,338 MM USD 1,505 MM USD 6,278 MM 2 Atlantic Cost 2,366 USD MM 4,670 USD MM Colombia 1 Figures for LTM as of March 2016, translated into USD at end of period exchange rate ( CLP / USD 669,8 ) 2 Figures from Chile exclude results from the Financial Service division after the completion of the Scotiabank transaction to jointly develop the business in May 1 st, 2015.
11 Overview by Country: Adjusted EBITDA Presentación Corporativa Cencosud en una mirada 11 Fourth Quarter Adjusted EBITDA LTM USD 1,238 MM 3 2.2% 9.8% 4.4% 30.1% 53.4% Chile Argentina Brazil Peru Colombia Andean Region USD 55 MM 4.1% mg USD 122 MM 8.1% mg USD 662 MM % mg Atlantic Cost USD 27 MM 1.1% mg USD 373 MM 8.0% mg 1 Figures for 2016, translated into USD at end of period exchange rate ( CLP / USD 669,8 ) 2 Figures from Chile exclude results from the Financial Service division after the completion of the Scotiabank transaction to jointly develop the business in May 1 st, Adjusted EBITDA excluding all one-off charges: CLP 105,038
12 Overview by Business: Revenues Corporate Presentation Cencosud snapshot 12 Fourth Quarter Revenues LTM USD 16,158 MM 1,2,3 9,9% 13,3%2,3%1,7% 0,1% 72,6% Supermarkets Department Stores Home Improvement Shopping Centers Financial Services Others USD 372 MM USD 252 MM 2 Others: USD 19 MM 3 USD 11,750 MM USD 1,606 MM USD 2,158 MM 1 Translated into USD at CLP/USD 669,8 2 Financial Services figures exclude Financial Services Chile 3 Shopping Centers figures only reflect revenues and adjusted EBITDA contributed by third party transactions.
13 Overview by Business: Adjusted EBITDA Corporate Presentation Cencosud snapshot 14 Fourth Quarter Adjusted EBITDA LTM USD 1,238 MM 1,2,3,4 8,1% -11,0% Supermarkets 55,3% 23,4% 17,1% 7,1% Department Stores Home Improvement Shopping Centers Financial Services Others USD 290 MM 78.1% Mg USD 100 MM % Mg Others: USD MM USD 685 MM 5.8% Mg USD 88 MM 5.5% Mg USD 211 MM 9.8% Mg 1 Translated into USD at CLP/USD 669,8 2 Financial Services figures exclude Financial Services Chile 3 Adjusted EBITDA (excluding all one-off charges of CLP 105,038 million) 4 Shopping Centers figures only reflect revenues and adjusted EBITDA contributed by third party transactions.
14 Strong Brand Portfolio with high consumer recognition Corporate Presentation Cencosud Snapshot 14 Regional presence / Market position 3 RD SUPERMARKETS 2 ND HOME IMPROVEMENT 4 th SUPERMARKETS NORTHEAST (#2) MINAS GERAIS (#1) RIO DE JANEIRO (#3) 1 st SUPERMARKETS 4 th STORE DEPARTMENTS 2 nd SUPERMARKETS 2 nd HOME IMPROVEMENTS 2 nd SHOPPING CENTERS 2 nd STORE DEPARTMENT 2 nd SUPERMARKETS 1 st HOME IMPROVEMENT 2 nd SHOPPING CENTERS
15 A Development Story thru Organic Growth & Acquisitions Corporate Presentation Cencosud snapshot 15 Fourth Quarter Acquisitions and Revenues (USD bn) 1 Colombia Q16 LTM 1 Figures translated into USD at end of period exchange rate as of December 2015 (CLP/USD 669,8).
16 A Development Story thru Organic Growth & Acquisitions Corporate Presentation Cencosud snapshot 16 Fourth Quarter Leverage ratio 2,3, , Breakdown by currency Q T15 2,86 6 1T16 Breakdown by Interest Rate 5 0% 1% 1% 3% 19% 16% 60% CLP UF USD BRL COP PEN ARS Variable 27% Fix 73% 1 Figures translated into USD at the end of the period of March 2016 (CLP/USD 669,8). 2 Net Financial Debt/ Adj. EBITDA ratio excluding baking operations. 3 In 3Q15 faire value of derivatives was reclassified from Other gains/losses to Net financial Costs and Income/loss of FX foreign variations. 4 Ratios from 2014 and 2015 are comparable, 5 After CCS 6 Net Financial Debt ratio (Adjusted EBITDA excluding one offs CLP 105,038 millions)
17 A Development Story thru Organic Growth & Acquisitions Corporate Presentation Cencosud snapshot 17 Fourth Quarter Amortization Schedule (USD MN) Investment Grade Company: BBB- with stable outlook by Fitch Baa3 with negative outlook by Moody s Net Financial Debt Evolution (USD BN) 1 6,316 4,684 4, , Q15 1Q16 1 Figures translated into USD at the end of period exchange rate as of March 2016 (CLP/USD 669,8). 2 Considers only principal amortizations and excludes banking operations.
18 Corporate Presentation Contents 18 Contents Highlights First Quarter Cencosud Snapshot Key figures Strategy Cencosud Corporate Governance
19 Corporate Presentation Key figures 19 Delivering Improvements in Profitability Revenue Performance Adjusted EBITDA Performance 2,652, % 2,483, , % 185, % +7.5% 1Q15 1Q16 1Q15 1Q16 Decreased revenues mostly explained by currency devaluation in Colombia, Brazil and Peru against CLP In local currency, business remain resilient with positive SSS, except of Brazil All figures are in CLP million Strong Performance from financial services, department stores and supermarkets divisions Considering constant exchange rates YoY, Adjusted EBTDA would have increased by 33,5% Adjusted EBITDA Margin expanded 149 bps. 19
20 Focusing on Core Businesses Standby IPO of the Shopping Centers due to market conditions Non-performing store program implemented. 120 stores under program, all already under review 8 stores closed to date 17 stores have already showed a turnaround in performance Corporate Presentation Key figures 20 Continue divesting non-core assets As of March, 16 properties are with sale agreement. Gas Station business sale in Colombia, process in final stage
21 Corporate Presentation Contents 21 Contents Highlights First Quarter Cencosud Snapshot Key Figures Strategy Cencosud Corporate Governance
22 Corporate Presentation Strategy Fourth Cencosud Quarter 22 Short-term Roll Out Regional Efficiency Measures Cost Savings of 120 Bps in SG&A/Sales Headcount reductions One-time severance payments Store level service unaffected
23 Corporate Presentation Strategy Fourth Cencosud Quarter 23 Omnichannel experience - Supermarkets Chile: delivery to tourist cities for holiday season, be mobile, drive through, locker retreat, exclusive offers & new web site purchase in store delivery to home Argentina: offline purchase, new web site in Disco and Vea, new platform in Jumbo, non food delivery Peru: new platform in Wong, drive though, click&collect, ecommerce in Metro Colombia: market place, drive through in Jumbo, food delivery in Jumbo and Metro
24 Corporate Presentation Strategy Fourth Cencosud Quarter 24 Omnichannel experience Home Improvement Increased assortment (SKUs) Argentina: Mobile Chile: new web site Colombia: social network Argentina: new contact center Chile & Colombia: service quality poll Argentina: delivery options & drive through Chile: click &collect Colombia: telesales Argentina: distribution center improvement Chile: debit payment Colombia: reduce delivery time Argentina: electronic bill & online payment Colombia: improve back office
25 Corporate Presentation Strategy Fourth Cencosud Quarter 25 Omnichannel experience Department Stores Wifi in Store Increase online assortment Click & collect Ship from store Drive through Customer social media channel Mobile App Websphere commerce upgrade Change in leadership & governance Order & delivery tracking Back Office enhancement
26 Corporate Presentation Strategy Fourth Cencosud Quarter 26 Strategic Focus On Brazil Maneuvering Macro and Political Deterioration Slow Capture of Synergies Margin Improvements Atacarejo SG&A
27 Corporate Presentation Contents 27 Contents Highlights First Quarter Cencosud Snapshot Key Figures Strategy Cencosud Corporate Governance
28 Corporate Presentation Corporate Governance Corporate Presentation Corporate Governance 28 Ownership Structure Ownership Structure 2015 As of March 31, 2016 Cencosud S.A. capital was made up of 2,842,459,622 common shares held by shareholders. 21,89% 0,80% 17,55% 59,76% ADRs Chilean Pension Funds Controlling shareholders Others The direct and indirect participation of Mr. Horst Paulmann Kemna and his immediate family in Cencosud S.A. is 60% Source: ILACAD and US Census Bureau, figures as of December 2013
29 Corporate Presentation Corporate Governance 29 Stock Market Performance last twelve months $ per share (CLP) % Average amount transacted LTM as of March USD7.9 MM
30 Corporate Presentation Corporate Governance 30 Board elected on April 29th 2016 for the period. Seasoned 9 Member Board: 3 family members: Horst Paulmann, Peter Paulmann and Heike Paulmann 2 Independent members: Mario Valcarce y Richard Büchi Board of Directors Committee: Roberto Philipps Board of Directors Mario Valcarce (Independent) Richard Büchi (Independent) Source: ILACAD and US Census Bureau, figures as of December 2013
31 Corporate Presentation Corporate Governance 31 Corporate Social Responsibility Cencosud has a CSR strategy for each business, adapted to each country they operate. Common and defined groups of interest. Commitments to each stakeholder Environment Customers Employees Suppliers Programs that build internal and external brand value Community
32 Corporate Social Responsibility Corporate Presentation Corporate Governance 32 SUPERMAKETS DEPARTMENT STORES HOME IMPROVEMENT EMPLOYEES LABOR INCLUSION Elderly, Disability LABOR INCLUSION Quality of Life - Work LABOR INCLUSION CUSTOMERS HEALTHY NUTRITION HEALTHY CONSUMPTION ECO EASY SUPPLIERS DEVELOPMENT OF SMALL SIZE SUPPLIERS SEDEX DEVELOPMENT OF SMALL SIZE SUPPLIERS SUSTAINABLE COLECTIONS SEDEX COMMUNITY JUMBO CIRCUS CORSO WONG PARIS PARADE LEVANTEMOS CHILE CHALLENGE, A roof for my country ENVIRONMENT WASTE MANAGEMENT REUSABLE BAGS WASTE MANAGEMENT REUSABLE BAGS WASTE MANAGEMENT
33 Corporate Presentation Disclaimer 33 The information contained herein has been prepared by Cencosud S.A. ( Cencosud ) solely for informational purposes and is not to be construed as a solicitation or an offer to buy or sell any securities and should not be treated as giving investment or other advice. No representation or warranty, either express or implied, is provided in relation to the accuracy, completeness or reliability of the information contained herein. Any opinions expressed in this presentation are subject to change without notice and Cencosud is under no obligation to update or keep current the information contained herein. The information contained herein does not purport to be complete and is qualified in its entirety by reference to more detailed information included in the preliminary offering memorandum. Cencosud and its respective affiliates, agents, directors, partners and employees 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 presentation may contain statements that are forward-looking subject to risks and uncertainties and factors, which are based on current expectations and projections about future events and trends that may affect Cencosud s business. You are cautioned that any such forward-looking statements are not guarantees of future performance. Several factors may adversely affect the estimates and assumptions on which these forward-looking statements are based, many of which are beyond our control.
34 Corporate Presentation IR Information 34 Contact Upcoming Events Marisol Fernández León IRO Phone Natalia Nacif Senior IR Analyst Phone June CalGEMs Conference of Bank of America August th Annual Credit Suisse CEO/CFO Mid-Summer LatAm Conference September Cencosud Day in Buenos Aires Valentina Klein IR Analyst Phone valentina.klein@cencosud.cl
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