March 27th, 2013
Contents
ü Highlights ü Chile Opera1on ü Colombia Opera1on ü Debt Restructure ü Consolidated Income Statement ü CAPEX ü Q&A
2
4Q12 HIGHLIGHTS 4Q 2012 ü Same stores sales in Chile grew by 15% ü Recovering Retail Gross Margin ü Financial Risk Stabilized at 11.6% ü New Store in Colombia ü Credit Card released from restric1ons ü An Outstanding Capital Increase ü La Polar has a posi1ve equity Recent events ü SERNAC agreement implementa1on ü Nuevapolar listed in the 2013 IPSA. ü Store remodeling starts in March 2013. 3
Chile: Retail Business 4Q 2012 CLP Billions 4Q12 Retail Revenues 96.9
4Q11 85.9
% 13%
2012 293.8
SSS (CLP Billions)
Retail Gross Margin 22%
4
Chile: Credit Business 4Q 2012 CLP Billions 4Q12 Financial Revenues 15
4Q11 % 18.2 -‐18%
2012 58.2
Por[olio by Aging Segments
Gross Loans (CLP Billions)
Risk Rate (Provisions)
5
Chile: EBITDA 4Q 2012 Retail EBITDA Chile Revenues Gross margin % R evenues
SGA w/o d epreciation
% R evenues
Non-‐recurring e xpenses
Q4`11 85,866 17,967 21% (25,053)
27%
29%
45%
22%
29%
28%
(3,262) -‐3%
(7,046) -‐8%
375 2%
8,273 45%
(2,887) -‐3%
1,227 1%
8,390
(2,395)
8,390
8,390
(1,772) (506) (117)
8,390
(117) -‐1%
(492) 0%
(7,163) -‐7%
(2,395)
S ernac pro vis io ns E xtrao rdinary s everanc e F ees a nd penalties Other no n-‐rec urring
EBITDA w/o recurring % R evenues
Consolidated Q4`12 Q4`11 111,933 104,093 34,784 27,871 31% 27% (32,860) (28,990)
Q4`12 96,920 23,205 24% (26,099)
% R evenues
EBITDA
Financial Q4`12 Q4`11 15,013 18,227 11,579 9,904 77% 54% (6,761) (3,937)
(1,772) (506) (117)
(867) -‐1%
(7,046) -‐8%
375 2%
Financial margin includes a lower cost of B$ 4.7, resulGng from reducGon of the financial debt related to the financing company. This effect does not affect the EBITDA calculaGon
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Chile: EBITDA 2012 EBITDA Chile Revenues Gros s m argin % R evenues
SGA w /o d epreciation % R evenues
EBITDA % R evenues
Non-‐recurring e xpens es S ernac pro vis io ns E xtrao rdinary s everanc e F ees a nd penalties O ther no n-‐rec urring
EBITDA w/o recurring % R evenues
Retail 2012 293,754 65,032 22% (92,646)
Financial 2012 58,176 5,916 10% (15,527)
Consolidated 2012 351,930 70,949 20% (108,173)
32%
27%
31%
(28,890) -‐10%
(11,428) -‐20%
(40,318) -‐11%
(7,621)
(21,220)
(28,841)
(21,220)
(21,220) (5,155) (1,864) (602)
9,792 17%
(11,476) -‐3%
(5,155) (1,864) (602)
(21,268) -‐7%
Financial margin includes a lower cost of B$ 4.7, resulGng from reducGon of the financial debt related to the financing company. This effect does not affect the EBITDA calculaGon
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Colombia Opera1on SSS (CLP Billions) CLP Billions 4Q12 Retail Revenues 9.9 Financial Revenues 0.8 Retail EBITDA Financial EBITDA EBITDA
4Q11 % 8.5 18% 0.7 18%
2012 26.5 3.5
-‐9.7 -‐3.2 -‐12.9
-‐2.6 -‐0.9 -‐3.4
Gross Loans (CLP Billions)
-‐ 2.0
Risk Rate (Provisions)
8
Debt Restructure and Revalua1on ($ billion) Nov 7,2011
Oct, 16, 2012
CJP splits the debt into 2 Bonds (Senior and Junior)
Ini1al Debt: • • •
Senior Bond $ 196
Bank debt Bonds Commercial paper
Junior Bond $ 249
$ 445
PS 27 $ 25
Total debt:
PS 27 $ 25
$470
IFRS, cash flow from new debt discounted at market rates.
Discount rate
14,1 %
DifferenGal with the face value is booked as profit
New debt is recorded at a discount
69%
Senior Bond
Senior Profit: $ 60
$ 136 Junior Profit: $ 231
18,1%
7 %
$ 18 81%
9,6%
$ 20
Average rate: 14,9%
IFRS debt: $174
CJP: PrevenGve Judicial Se\lement, signed on November 7, 2011 PS 27: Bank debt BCI, guaranteed by 1.85 Gmes of normal receivables por]olio of La Polar
PS 27 : $5
IFRS Profit: $296
Consolidated Income Statement: 4Q 2012
Revenues Cost of sales Margin SGA (w/o depreciation) EBITDA Depreciation & amortization Non operating profit Profit (loss) before taxes Benefits (expenses) i ncome tax Profit (loss)
2012 M$ Q4 122,705 (84,636) 31.0%
2011 M$ Q4 113,260 (86,372) 23.7%
(39,936) (6,309) (1,424) 290,026 286,789 (40,573) 246,213
(29,951) (759) (2,491) (1,619) (7,173) 1,151 (6,022)
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Consolidated Income Statement: 2012
Revenues Cost of sales Margin SGA (w/o depreciation) EBITDA Depreciation & amortization Non operating profit Profit (loss) before taxes Benefits (expenses) i ncome tax Profit (loss)
2012 M$ 12M 381,910 (308,515) 19.2%
2011 M$ L5M 165,994 (132,403) 20.2%
(124,786) (53,208) (7,125) 285,725 227,259 (39,730) 187,528
(49,202) (12,329) (3,648) (6,312) (25,570) 15,370 (10,200)
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Capex 2013 -‐ 2014
ü Remodeling 14 stores in Chile for 100,000 m2 ü Opening 6-‐8 new stores in Colombia Capex Program (US$ millions) 2013-‐2014 Chile Remodeling and others
50
Colombia New stores
60
Total
110 12
Remodeling Stores Chile 2013 -‐2014 100,000 m2 with a CAPEX US$40 million
Mar-‐13
April-‐13
Jun-‐13
Aug-‐13
First half 2014
2 stores
3 stores
1 store
3 stores
7 stores
13 13
Q&A
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March 27th, 2013