company’s shareholders and the investment this call may ......central america: 3q16 results 16...
TRANSCRIPT
1
The date of this call is October 25, 2016.
Before we start, let me remind you that the contents of this call is
property of Wal-Mart de México S.A.B. de C.V. and is intended for
the use of the company’s shareholders and the investment
community. It should not be reproduced in any way.
This call may contain certain references concerning Wal-Mart de
Mexico S.A.B. de C.V.’s future performance that should be
considered as good faith estimates made by the Company.
These references only reflect management´s expectations and are
based upon currently available data. Actual results are always
subject to future events, risks and uncertainties, which could
materially impact the Company’s actual performance.
October 25, 2016
2
3
Strong total sales growth
9.2 7.9
9.0
11.9
Mexico CentralAmerica
Walmexconstantcurrency
Walmex
3Q16 (%)
8.3 9.3
8.5
10.8
Mexico CentralAmerica
Walmexconstantcurrency
Walmex
January - September 2016 (%)
4
Driven by robust same store sales growth
5
6.5 5.7
7.2 8.1
13.7 13.8
3Q January - September
Mexico (%) Central America (%)
3.6 4.7
5.6 4.9
9.2 9.6
3Q January - September
2015 2016 Two-year-stack
Figures do not include Suburbia
Mexico: Growth across all formats
3Q16 (%)
7.2
Mexico Bodega Walmart Sam's Superama Suburbia
Suburbia sales not included in total sales growth 6
Mexico: Growth across all divisions
3Q16 (%)
7.2
Mexico Food andConsumables
GeneralMerchandise
Apparel
7
Mexico: Growth across all regions
8
7.2
Mexico Metro Center North South
3Q16 (%)
Mexico: Consistently outpacing Antad Self-service
9
4.9 4.5
9.4
3Q15 3Q16 2-yearstack
Antad Self-service ex Walmex
6.5 7.2
13.7
3Q15 3Q16 2-yearstack
+160
bps +270
bps
+430 bps
Walmex Self-service & Sam’s
3Q16 (%) January - September 2016 (%)
4.1 4.6
8.7
2015 2016 2-yearstack
5.7
8.1
13.8
2015 2016 2-yearstack
+160
bps +350
bps
+510 bps
Mexico: outpacing Total Antad
10
8.1
5.1
13.2
3Q15 3Q16 2-yearstack
Total Antad ex Walmex
6.5 7.2
13.7
3Q15 3Q16 2-yearstack
+50 bps
Walmex Self-service & Sam’s
3Q16 (%) January - September 2016 (%)
6.5 5.7
12.2
2015 2016 2-yearstack
5.7
8.1
13.8
2015 2016 2-yearstack
+160 bps
+210
bps +240
bps
Central America: Growth across all formats
3Q16 (%)
5.6
CentralAmerica
Bodega Supermarket Walmart
11
Central America: Growth across all countries
3Q16 (%)
5.6
Central America Costa Rica Guatemala El Salvador Honduras Nicaragua
12
Holiday Season
13
14
Mexico: 3Q16 Results
15
3Q16 3Q15 % Growth (Mx$ million) $ % $ %
Total revenues 102,948 100.0 95,011 100.0 8.4
Gross margin 22,773 22.1 20,517 21.6 11.0
General expenses 14,855 14.4 13,508 14.2 10.0
Earnings before Other income 7,918 7.7 7,009 7.4 13.0
Other income -160 -0.2 81 0.1 -298.3
Operating income 7,758 7.5 7,090 7.5 9.4
EBITDA 9,850 9.6 9,080 9.6 8.5
Central America: 3Q16 Results
16
3Q16 3Q15 % Growth
(Mx$ million) $ % $ % In peso terms
On a constant currency basis
Total revenues 23,915 100.0 19,502 100.0 22.6 9.2
Gross margin 5,742 24.0 4,581 23.5 25.3 11.6
General expenses 4,393 18.4 3,584 18.4 22.6 9.1
Earnings before Other income 1,349 5.6 997 5.1 35.3 20.5
Other income 27 0.1 -28 -0.1 194.4 184.0
Operating income 1,376 5.8 969 5.0 42.0 26.5
EBITDA 1,942 8.1 1,434 7.4 35.4 20.6
Walmex: 3Q16 Results
17
3Q16 3Q15 % Growth (Mx$ millones) $ % $ %
Total revenues 126,863 100.0 114,513 100.0 10.8
Gross margin 28,515 22.5 25,098 21.9 13.6
General expenses 19,248 15.2 17,092 14.9 12.6 Earnings before Other income 9,267 7.3 8,006 7.0 15.7
Other income -133 -0.1 53 0.0 -355.0
Operating income 9,134 7.2 8,059 7.0 13.3
EBITDA 11,792 9.3 10,514 9.2 12.2 Income from continuing operations 6,695 5.3 5,714 5.0 17.2
Net income 10,049 7.9 5,920 5.2 69.7
Walmex EBITDA margin January – September
Mexico
9.2 9.5
2015 2016
18
Central America
7.1
8.1
2015 2016
Walmex
8.9
9.2
2015 2016
Strong balance sheet
19
192,574 211,869
52,754 53,546
TOTAL $ 264,623
(September 30, 2016, Mx$ million)
Cash 18,503
Inventories
Assets Liabilities &
Shareholders’ equity
Fixed assets & other
Suppliers
Shareholders’ equity & other
Strong cash generation
9.4
10.2 10.0
3Q14 3Q15 3Q16
12 months cash generation as a % of total revenues
20 3Q14 and 3Q15 include Suburbia
Social Responsibility
21
Dow Jones Emerging Markets Index (DJSI)
•5th Consecutive year
•Distinguished for Corporate Responsibility
October 25, 2016
22
FCPA Please refer to our Note in the 2Q12 Financial Statements: Legal Proceedings in www.walmex.mx