Presentación de PowerPoint - Forusforus.cl/wp-content/uploads/2015/08/Forus-2015.pdf · Other...

Agenda

1. Company Overview

2. Financial Summary

3. Company Comparison

4. Investment plan 2015

5. Strategy

6. Chile Consumption Overview

2

# Stores per Country

1As of July 2015, 2As of June 2015

Key Metrics

31 Brands and 19 different concepts of Retail stores

485 stores in Chile, Peru, Uruguay and Colombia

3,735 employees1

High level of Cash (MM US$ 79.2) and low level of Debt (Leverage of 0.13)2

Revenues by Subsidiaries 1S’152014 Ratios

Footwear72%

Apparel21%

Accesories7%

Sales per Category 2014

Brand Builder & Specialty Retailer

3

Retail Chile

82,2%

Perú8,2%

Uruguay7,3%

Colombia2,3%

17.8%

Ratios 1S’15

9,1%

14,8%

10,3%

ROA ROS ROE 0

250

500

2007 2009 2011 2013 1S15

Uruguay

Colombia

Peru

Chile

485

N° Stores

% of total Sales

Sales*

# Concept stores

Population 2014

GDP / capita 2014**

Co

nce

pt

Sto

res

*Figures as of June 2015, in US$ converted using the July 1, 2015 USD/CLP 639,04 exchange rate. MM = million.

**International Monetary Fund, World Economic Outlook Database, 2015

17 MM

US$ 14,528

30 MM

US$ 6,551

3 MM

US$ 16,807

46 MM

US$ 7,904

Brand Building in LatAm

4

310

82,2%

US$ 153.6 MM

16

80

8,2%

US$ 15.3 MM

10

48

7,3%

US$ 13.7 MM

8

47

2,3%

US$ 4.3 MM

4

Inte

rnat

ion

al L

ice

nso

rs

Wolverine World Wide (USA)

Columbia Sportswear (USA)

Jones New York Group (USA)

Brooks (USA)

Patagonia (USA)

Jansport (USA)

Burton (USA)

Skullcandy (USA)

Dakine (USA)

Azaleia (Brazil)

Church’s (England)

Burleigh Point Ltd (Australia)

25

Bra

nd

s

Foru

s O

wn

Bra

nd

s6

Bra

nd

s

31 Brands under Management

5

Casual / Urban

Sport

Rockford

CaterpillarHush Puppies

Fashion / Dress

Outdoor

Sebago

ColumbiaPatagonia

Hush Puppies Kids

Church’s

Nine WestCalpany

Jansport

Brooks

Mountain Hardwear

Azaleia

Montrail

Pasqualini

Brand Positioning by Concept

Sorel

Cushe

Merrell

Just Smile

We Love Shoes

BurtonDakine

Skullcandy

Billabong

Sperry

Keds

Element

Brand Positioning by Concept

6

Wide Store Concept Portfolio

7

19

Sto

res

Co

nce

pts

Mono-Brand

Multi-Brand 47%

53%

e-commerce

Acquisitions:

New brand

New stores

New stores

2011

New stores

1980 1982

Alfonso Swett S. start with Hush Puppies in Chile with 70% of participation. 30% was in WWW hands

1995 1996 2001

Enter in Uruguay

Alfonso Swett S. buys the remaining 30% from WWW

1991

Calpanyacquisition

Born of name Forus S.A.

New stores

1990 1992

2009

Footwear’s factory in Chile Construction

1988 2003

2010

New Distribution Center in Chile

2012

2005

2013

New Chain

New Brand&Chain

New Brand

JV with WWW in Colombia for the brands

apparel

1993

2014 2015

Hush Puppies Peru operation acquisition

Enter in Colombia.

Acquisition in Uruguay of

Forus is opened in the stock market.

Enter in Peru

Azaleia and Norseg acquisition

New stores

2006 2007 2008

Forus History: 35 years of experience

8

Commercial and MKT ManagerSebastián Swett

(26)

Corporate CFOMarisol Céspedes

(18)

Corporate Retail Real State Manager

Claudio Cabrera (12)

Retail ManagerMatías Topali (9)

Factory ManagerCarlos Espinoza (9)

Planning Manager

Carlos Díaz (9)

HR & Legal ManagerManuel

Somarriva (7)

L&D ManagerPatricio

Ramírez (9)

Uruguay CEOJuan Strauch (10)

Colombia CEOAlejandro Cruz (7)

Peru CEOGabriel Zerene (0)

CEOGonzalo Darraidou (15)

Head of IRMacarena Swett (7)

Investor RelationsJeanne Marie Benoit (2)

Alfonso Swett O. (22)Executive Director

BoardAlfonso Swett S. (35)

President

Heriberto Urzúa Sanchez

Ricardo Swett Saavedra

Francisco Gutierrez Philippi

Matko Koljatic Maroevic

John Stevenson

Forus Management

() Number of years working in the Company9

Uruforus SAUruguay100%

Peruforus SAPeru

100%

Forus Colombia SASColombia

51%

LBC SASColombia

49%

FORUS S.A.

Forus Corporate Structure

10

Free Float: 31,9%Free Float: 28,9%

Free Float28,9%

Controlling Group71,1%

Costanera64,6%

Companies related to Costanera

6,6%

Investment Funds16,1%

Institutional Investors

4,6%

Brokers7,5%

Others 0,6%

Free Float31,9%

Controlling Group68,1%

August 2015December 2008

Ownership Structure

11

Costanera63,0%

Companies related to Costanera

5,1%

Investment Funds20,8%

Institutional Investors

7,0%

Brokers3,7%

Others 0,4%

Best Distributor for the brands

OutstandingPerformance

Outstanding Sales

Last 5 years awards received, for the whole world, full year

2010

Excellence inBrand Building

Highest Revenue’sGrowth in Apparel and Accessories

Highest Growth inLatin America

Best Distributor of theWorld

2011

Best Distributor of the world

Best Executive

Highest Revenue’sGrowth for the brand

in the countries

Apparel

Best Distributor for thebrands

Highest Revenue’sGrowth

in the countries

Best Executive

Highest Brand Value

Best WWW Initiative

JV

Apparel

4 5 10

2012

5

Apparel

Ken Goi Award

Best Distributor

Best Revenues’ Growth

2014

3

2013

Apparel

Our International Recognition

12

Forus Social Responsibility

13

Agenda

1. Company Overview




5. Strategy


14

Consolidated Income Statement

15

MM Ch$ 1S'15 1S'14 Var % 2Q'15 2Q'14 Var %

Revenues 119.323 117.166 1,8% 59.315 61.574 -3,7%

Gross Profit 65.098 66.793 -2,5% 33.994 36.195 -6,1%

Gross Margin 54,6% 57,0% (2,5) 57,3% 58,8% (1,5)

SG&A Expenses (44.276) (41.073) 7,8% (22.248) (21.424) 3,8%

SG&A / Revenues (37,1%) (35,1%) (2,0) (37,5%) (34,8%) (2,7)

Operating Income 20.822 25.719 -19,0% 11.745 14.771 -20,5%

Operating Margin 17,5% 22,0% 19,8% 24,0%

Other incomes / (Expenses) 77 22 83 34

Net Financial Income / (Cost) (111) 168 (25) 207

Profit / (Loss) in Associates 63 164 68 (92)

Exchange Rate Differentials 1.316 1.358 700 252

Results of Indexation units 13 (52) 13 (30)

Others 506 124 405 50

Non-Operating Income 1.864 1.785 4,5% 1.244 422 195,0%

Profit before income Tax 22.686 27.504 -17,5% 12.990 15.193 -14,5%

Income Tax (5.056) (5.540) (2.857) (3.042)

Minority Interest (95) (166) (26) (61)

Net Profit 17.630 21.964 -19,7% 10.133 12.150 -16,6%

ROS (%) 14,8% 18,7% 17,1% 19,7%

Depreciation + Amortization 3.409 3.136 1.550 1.609

EBITDA 24.231 28.856 -16,0% 13.296 16.380 -18,8%

EBITDA Margin 20,3% 24,6% 22,4% 26,6%

Consolidated Balance Sheets

16

MM Ch$ Jun 15 Dec 14 MM Ch$ Jun 15 Dec 14

Cash and cash equivalents 10.074 3.864 Other financial liabilities, current 2.143 1.328

Other financial assets, current 40.567 37.419 Current trade and other current accounts payable 11.144 13.644

Other non-financial assets, current 3.105 2.952 Current accounts payable to related companies 478 238

Trade and other account receivables 29.963 24.675 Other current Provisions 1.639 7.417

Accounts receivables from related companies 3 7 Current tax liabilities - -

Inventories 55.852 63.970 Current Provisions for employees benefits 3.012 3.655

Tax Assets, current 1.758 1.978 Other non-financial liabilities, current 1.857 1.970

Total Current Assets 141.322 134.864 Total Current Liabilities 20.273 28.253

Other financial assets, Non-current 137 378 Other non-current financial liabilities 1.869 1.891

Other non-financial assets, Non-current 2.079 2.229 Other non-current accounts payable - -

Fees receivables, Non-current 177 174 Deferred taxes liabilities - -

Investments in Associated 3.843 3.910 Other non-financial non-current liabilities 8 41

Net intangibles assets 3.694 3.913 Total Non-Current Liabilities 1.877 1.932

Goodwill 8.226 8.226

Property, plant and equipments 31.815 33.084 TOTAL LIABILITIES 22.149 30.185

Deferred tax Assets 2.148 1.684

Total Non-Current Assets 52.120 53.599 Total Net Equity 171.293 158.278

TOTAL ASSETS 193.442 188.463 TOTAL NET EQUITY AND LIABILITIES 193.442 188.463

2,2%

4,3%5,9%

8,4% 4,4%

3,7% 2,3%

9,9%

0,8%

-6,4%

18,2%

-1,3%

8,9%

11,9%

3,2%

4,7%

14,3%

10,5%

12,8%

6,3%12,6%

0,2% 0,9%

4,2%

-8,0%-9,7%

-6,3%

-2,8%

2,1%

-6,7%

-5,7% -5,1%

-12,0%

-9,4%

-1,8%

4,4%5,9%

2,6%

-6,9%

-6,4%

-15%

-10%

-5%

0%

5%

10%

15%

20%

25%

1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15

Chile Colombia Peru Uruguay

SSS 2010 2011 2012 2013 2014

Chile 10,1% 18,7% 8,3% 5,3% 5,3%

Colombia 9,4% 15,3% 8,0% 9,3% 8,7%

Peru 2,0% 20,7% 16,5% 4,2% -6,3%

Uruguay 7,2% 20,3% 9,5% -8,0% 3,1%

Forus SSS by Country

17

Growing Sales - Forus Consolidated

18

1,8%

8899

142

165 163

189

223

267

303

366

183 187

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 1S'14 1S'15

Historical Data in MM US$ (July 1, 2015 USD/CLP at $639.04)

EBITDA Margin – Forus Consolidated

19

-16,0%

EBITDA Margin

EBITDA (MM US$)

14,7%

17,6%19,0% 18,3%

16,3%

20,7%

26,5%24,9% 24,9%

21,2%24,6%

20,3%

13

17

2730

27

39

59

66

7578

45

38

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 1S'14 1S'15


Net Income - Forus Consolidated

20

-19,7%

Net Income (MM US$)

ROS

7,6%

11,1% 10,2% 11,1%9,4%

16,0%

20,0%18,4%

19,6% 15,7%

18,7%

14,8%

711

1418

15

30

44

49

5958

34

28

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 1S'14 1S'15


0

10

20

30

40

50

60

70

80

90

100

2007 2008 2009 2010 2011 2012 2013 2014

URUGUAY

COLOMBIA

PERÚ

CHILE

40,5%39,8%

37,8% 38,0%

36,2%

34,7%

35,8%

36,7%

Operational Cost / Revenues

Stores Opening RateN

um

ber

of

Sto

res

op

ened

Focus on efficiency improvement which is correlated with the number of stores opened

21

2010 2011 2012 2013 2014

Net Openings 7 27 43 84 64

Openings 32 36 48 93 74

Net Op. (5 years Average) 25 26 24 34 45

Agenda

1. Company Overview




5. Strategy


22

-5%

0%

5%

10%

15%

20%

25%

30%E-

BA

YLV

MH

LULU

LEM

ON

NEX

T P

LCIN

DIT

EX (

ZAR

A)

FOR

US

H&

MG

REN

DEN

E (B

RA

.)K

ERIN

G (

PP

R)

FOSS

IL G

RO

UP

VF

CO

RP

OR

ATI

ON

GR

IMO

LDI (

AR

G.)

FASA

AR

EZZO

(B

RA

.)G

AP

RO

SS S

TOR

ESU

RB

NR

ESTO

QU

E (B

RA

.)TH

E TJ

X C

OM

PA

NIE

SW

ILLI

AM

S-SO

NO

MA

MA

CY'

SU

ND

ER A

RM

OU

RFA

LAB

ELLA

FOO

T LO

CK

ERFA

ST R

ETA

ILIN

G (

UN

IQLO

)JI

MM

Y C

HO

OC

OLU

MB

IAH

ITES

AM

ERIC

AN

EA

GLE

SKEC

HER

SP

VH

CO

RP

.W

OLV

ERIN

E W

W IN

C.

AB

ERC

RO

MB

IED

&S

(WA

LMA

RT

CH

ILE)

IN R

ETA

IL (

PER

Ú)

JUM

EI.C

OM

AZA

LEIA

/VU

LCA

BR

AS

GEN

ESC

OA

LMA

CEN

ES É

XIT

O (

CO

L.)

AD

RET

AIL

(A

BC

DIN

)C

ENC

OSU

DB

RO

WN

SH

OE

CO

MP

AN

YR

IPLE

Y C

OR

PA

SOS

AM

AZO

NC

RO

CS

SMU

LA P

OLA

R

EBITDA Margin 2014 – Among the Most Efficient Worldwide

23

400

450

500

550

600

650

700

Ebitda Margin vs. Exchange rate

Ebit

da

Mar

gin Exch

ange R

ate

* Falabella, Paris, Ripley and Hites

Ebitda Margin above the Industry in Chile

24

USD$

18,3%

16,3%

20,7%

26,5%24,9% 24,9%

21,2%20,3%

9,7%8,0%

11,4% 11,1%9,6% 10,3%

11,4%8,4%

0%

5%

10%

15%

20%

25%

30%

2008 2009 2010 2011 2012 2013 2014 1S15

Ebitda Margin vs. Exchange rate

Forus Retail Players Average*

Agenda

1. Company Overview




5. Strategy


25

5 416 16 17 1815

25

0

15

3236

48

93

74

0

20

40

60

80

100

120

2009 2010 2011 2012 2013 2014

Other (US$ MM)

Capex (US$ MM)

# Gross Stores Opened

New Distribution

CenterIn Chile

Billabong & 7veinte’s

acquisition

11

68

0

Chile Peru Colombia Uruguay

Capex 2015US$ 10 MM25 Stores

Capex Evolution

2015 Stores Opening Plan and Capex Evolution

26

Agenda

1. Company Overview




5. Strategy


27

How we will continue Growing

International Expansion

Inorganic Growth

OrganicGrowth

28

Recognized Brands

Focus on Retail

Excellence

Customer Oriented

EfficiencyFinancial Strength

Our People

Profitable Growth

Core Business

Quality Products

29

Others 58,0%

FORUS 12,1%

BATA 8,0%

NIKE 6,2%

ADIDAS 5,9%

FALABELLA 4,5%

WALMART 3,7%SKECHERS 2,7%

PARIS 2,6%

US $ FOB 2014

Others 59,0%

FORUS 10,2%

BATA 8,7%

NIKE 6,7%

ADIDAS 5,6%

FALABELLA 4,7%

WALMART3,5%

SKECHERS2,9% PARIS 2,6%

US $ FOB 2013

192 bp improvement in Market share in 2014 regarding 2013 and 292 bp from 2012

Source: Market share according to import costs US $ FOB (CCS)

Footwear Market Share in Chile

30

55% 56% 51% 51%

45% 44% 49% 49%

2011 2012 2013 2014

Region Santiago

67% 70% 72% 81%

33% 30% 28% 19%

2011 2012 2013 2014

Mall Street

Store Distribution Evolution

Last 3 Years Average Opening Distribution

Stores, Malls and Concept Stores Evolution in Chile

Chile Stores Distribution

31

Region50%

Santiago50%

Mall87%

Street13%

15 15 1940

64 6695113

135

240

273

306

8 8 9 17 17 17

2,9 2,82,5

3,8 3,7 3,7

0

1

2

3

4

5

6

0

100

200

300

2003 2004 2005 2012 2013 2014

N° of malls Total Stores Concepts of stores Stores/mall

May-14Jan-14 Oct-14May-13 Sep-13 Nov-13 Jul-15

E-Commerce Strategy

32

E-commerce Strategy

Websites Social Network

Products list

Products description

Products description

Shoppingbag

Mobile Platform

E-Commerce Stages

33

34

InStore E-Commerce

Online Channel

Offline Channel

Integrated & Complemented

InStore Payment As E-Commerce Shopping

July 20 in Costanera Center’s Caterpillar Store

Focus on our Customers Lifestyle-Trends

35

Agenda

1. Company Overview




5. Strategy


36

0,8%

-6,4%

-3,4%

1Q15 2Q15 1S15

10%

61%

29%

% of Sales 1S15 SSS per Zone

Nominal SSS Var. in Chile

Economy

Economy

Economy

Weather

46%

R.M.

1Q15 2Q15 1S15

North

1Q15 2Q15 1S15

Central

1Q15 2Q15 1S15

South

Economic and Weather impact on Chilean SSS

RM= Metropolitan Region

30,929,8 30,0

26,2

20,8

18,9

30,729,3

27,5

23,7

19,6

14,213,813,4

12,6

8,7

5,0

1,6

14,1

12,4

10,6

6,6 5,9

2,2

Enero Febrero Marzo Abril Mayo Junio

Max 2015

Max 2014

Max Hist

Min 2015

Min 2014

Min Hist

Average

Temperature (ºC) 1S15 1S14

Historical

Average

Change

1S15 vs 1S14

Maximum 26,1 24,2 23,2 2,0

Minimum 9,2 8,6 7,6 0,6

4,7ºC

Source: Accuweather

Metropolitan Region - Chile Weather

1S15 Temperature > 1S14 Temperature > Hist. Average Temperature

38

Jan Feb Mar Apr May Jun

2015 Ski Season Launch: 17 Julio

June 6 2014

vs.

June 6 2015

5,6

6,1

6,6

2013 2014 2015

30

40

50

60

2013 2014 2015

IMCE

IPEC

Consumer1 & Companies2 Lower Confidence

33,9

5,8% 5,8%5,5%

4,2%

1,9%2,3%

3,0%3,5%

2010 2011 2012 2013 2014 2015E 2016E 2017E

Economy lower expectatives4

39,7

Chilean Loans Demand Deceleration3

Ago-15

Source: 1Adimark, 2Icare, 3Banco Central de Chile, 4LatinFocusConsensus, 5INE (IPEC=Consumer Confidence Index; IMCE=Companies Confidence Index)

Unemployment Upward Trend5

Ago-15

6,5%

Chile Economic Outlook

39

-7%

-2%

3%

8%

13%

18%

2009 2010 2011 2012 2013 2014 2015

Companies

ConsumerNominal Loans Y/Y % Var.

1,1%

3,6%

Ago-15

Jun-15

47,1

37,2

Jun-15

4,3%

1,8%

40

This document is only informative, and part of the information collected in it contains projections about intentions,

expectations or future predictions.

All of them, except for those based on historical facts, are forward-looking, including, among others, those regarding

the financial position, business strategy, management plans and objectives for future operations of the Company.

And as such, they are subject and / or affected to a variety of contingencies, (among others, competition in the

sector, preferences and trends in consumer spending, economic and legal conditions in the country, restrictions on

free trade and / or political instability in the markets in which the company operates), difficult to predict, that could

cause ultimately these projections will not really occur.

Therefore, the Company does not guarantee total effectiveness of such forward-looking, they may differ from what

is reported here, not being this responsibility of the company or its management.

Disclaimer

Presentación de PowerPoint - Forusforus.cl/wp-content/uploads/2015/08/Forus-2015.pdf · Other...

Documents

Transcript of Presentación de PowerPoint - Forusforus.cl/wp-content/uploads/2015/08/Forus-2015.pdf · Other...