presentación roadshow script 2 - investor...
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1 22/02/2013 09:48 skiron\Roadshow\Presentación
Roadshow Script 2.ppt 1
2
Forward Looking Statements
This presentation contains, or may be deemed to contain, forward-looking
statements. By their nature, forward-looking statements involve risks and
uncertainties because they relate to events and depend on circumstances that may
or may not occur in the future. The future results of Grupo Famsa, S.A.B. de C.V.
and its subsidiaries may differ from the results expressed in, or implied by, the
forward-looking statements set out herein, possibly to a material degree.
3
Agenda
2012 Highlights
Operating and Financial Results 4Q12
Famsa Mexico
Banco Ahorro Famsa
Famsa USA
Consolidated Financial Results 4Q12
2013 Guidance
Consolidated Operating Cash Flow (EBITDA) grew 46.1%, to Ps$597 million,
during the fourth quarter of 2012
2012 EBITDA reached a historic record figure of Ps$2,299 million, with an
EBITDA margin of 16.4%
Famsa Mexico’s SSS rose 6.3% in 4Q12; the annual increase in SSS of
3.4% was slightly below the guidance of 4%
Household Appliances continued to recover in 4Q12, posting a quarterly
growth in sales of 7.6% compared to 4Q11
Banco Ahorro Famsa continued to maintain a stable Capitalization Index
(13%)
Bank Deposits, distributed over more than 1.1 million accounts, reached
Ps$11,999 million
SSS in the Texas region grew 8.3% during the fourth quarter, the first
quarterly growth since 1Q11
The closing of the 24 stores in the West region was finalized and the balance
of accounts receivable declined 65.5% year-over-year at the close of 2012
4
2012 Highlights
USA
MX
5
Agenda
2012 Highlights
Operating and Financial Results 4Q12
Famsa Mexico
Banco Ahorro Famsa
Famsa USA
Consolidated Financial Results 4Q12
2013 Guidance
2012 2012B
P$2,150
P$2,050
P$2,178
6
2012 2012B
Pe
so
s (
Millo
ns
)
Pe
so
s (
Millio
ns
)
Famsa Mexico's EBITDA exceeded its guidance, reaching P$2,178 million in 2012
Famsa Mexico: Net Sales Famsa Mexico: EBITDA
P$13,450
P$13,000
P$12,233
7
-10%
-5%
0%
5%
10%
15%
20%
1Q
10
2Q
10
3Q
10
4Q
10
1Q
11
2Q
11
3Q
11
4Q
11
1Q
12
2Q
12
3Q
12
4Q
12
$3,372 $3,601
$11,820 $12,233
4Q11 4Q12 2011 2012
Famsa Mexico: Net Sales
Pe
so
s (
Millio
ns
)
Total: +3.5%
SSS: +3.4%
Total: +6.8%
SSS: +6.3% Gro
wth
(%
)
Guidance: 4%
Famsa Mexico: Same Store Sales
Famsa Mexico’s Same Store Sales (SSS) rose 6.3% in 4Q12, while its annual increase reached 3.4%
8
Famsa Mexico: % of Sales by Product Category Famsa Mexico: Sales Growth by Product
Category (4Q12)
Gro
wth
(%
)
Others
24.6% 25.0%
12.7% 13.8%
13.0% 12.0%
11.4% 10.7%
8.4% 8.3%
6.5% 6.3%
3.6% 5.0%
19.8% 18.9%
2011 2012
100% 100%
% o
f S
ale
s
Motorcycles
Mobile Phones
Personal Loans
Electronics
Appliances
Computers
Furniture
Core categories, notably Mobile Phones (+12.4% yoy) and Appliances (+7.6% yoy), recovered during 4Q12
-20%
-15%
-10%
-5%
0%
5%
10%
15%
20%
Ele
ctr
on
ics
Co
mp
ute
rs
Fu
rnit
ure
Ap
plia
nc
es
Mo
bile
Ph
on
es
Pe
rso
na
l
Lo
an
s
Mo
torc
yc
les
9
Famsa Mexico: “Buen Fin” YoY growth
Gro
wth
(%
)
Famsa MX doubled its sales during “El Buen Fin 2012“, as compared to 2011
0%
50%
100%
150%
200%
250%
2010 2011 2012*
* Base year
10
0%
2%
4%
6%
8%
10%
12%
14%
16%
Dec-1
1
Jan
-12
Feb
-12
Ma
r-1
2
Ap
r-12
Ma
y-1
2
Ju
n-1
2
Ju
l-12
Au
g-1
2
Sep
-12
Oct-
12
No
v-1
2
Dec-1
2
BAF: Non-Performing Loans Ratio (IMOR)
Source: CNBV, Banco Ahorro Famsa
* Preliminary figure
0%
2%
4%
6%
8%
10%
12%
14%
Dec-1
1
Jan
-12
Feb
-12
Ma
r-12
Ap
r-12
Ma
y-1
2
Ju
n-1
2
Ju
l-12
Au
g-1
2
Sep
-12
Oct-
12
No
v-1
2
Dec-1
2*
BAF: Capitalization Index (ICAP)
Banco Ahorro Famsa strengthened its position by maintaining a stable capitalization index (>13%)
4.5%
5.5%
6.5%
4Q
10
1Q
11
2Q
11
3Q
11
4Q
11
1Q
12
2Q
12
3Q
12
4Q
12
5.17%
+15.0%
972 1,000 1,045 1,092 1,272
2,068 1,390 1,341 1,316 1,234
7,397 8,639 9,012 9,113
9,494
4Q11 1Q12 2Q12 3Q12 4Q12
BAF: Deposits
Demand Deposits Time Deposits with optional availability
$11,999
Time Deposits
BAF: Average Cost of Funding
Source: Grupo Famsa, Banco Ahorro Famsa
Ra
te (
%)
6.10% $10,436
Pe
so
s (
Millio
ns
)
Bank Deposits continue growing, while the average cost of funding fell to 5.17% at the close of 4Q12
11
12
4Q11 1Q12 2Q12 3Q12 4Q12
BAF: Commercial Loans
Pe
so
s (
Millio
ns
)
BAF: Commercial Loans Mix
Loans to micro, small and medium enterprises (MiPYME) now make up 57% of Total Commercial Loans(1)
$2,383
$2,088
$1,840
$2,185
Gfamsa 21%
Pyme 12%
Corporate 45%
Financial Institutions
22%
+26.7%
$2,332
(1) MiPYME Loans = Pyme Loans + Corporate Loans
13
$460 $475
$1,731 $1,715
4Q11 4Q12 2011 2012
Peso
s (
Millio
ns)
Total: +3.2% (MXN)
Total: +8.3 % (USD)
SSS: +8.3% (USD)
Famsa USA: Net Sales
Total: -0.9 % (MXN)
Total: -4.0% (USD)
SSS: -4.0% (USD)
Famsa USA: EBITDA
SSS in the Texas region grew 8.3% during the fourth quarter, the first quarterly growth since 1Q11
-$42
$37
-$3
$122
4Q11 4Q12 2011 2012
Pe
so
s (
Millio
ns
)
14
Famsa USA: % of Sales by Product Category
48.1% 50.6%
22.8% 19.4%
9.5% 10.2%
9.7% 6.7%
3.2% 3.4% 2.6%
6.7% 7.1%
2011 2012
100% 100%
% o
f S
ale
s
Electronics
Appliances
Furniture
Computers
Others
Personal Loans Famsa to Famsa
Appliances and Furniture reactivated growth during the fourth quarter, posting 34.6% and 23.1% increases, respectively
The closing of the 24 stores in the West was finalized and the balance of Accounts Receivable fell 65.5% as of year-end 2012
15
2012 2011
Sales $392 $1,267
Gross (Loss) Income
-$118 $442
Operating Expenses
-$422 -$660
EBITDA -$534 -$181
Loss from Discontinued Operations
-$539 -$222
West Region: Accounts Receivable
$95
$78
$63
$46
$33
4Q11 1Q12 2Q12 3Q12 4Q12
US
D (
Millio
ns
)
-65.5%
West Region: 2012 Results
Figures in Millions of Pesos
539.9
487.9
2011 2012
16
401 380
2011 2012
-9.6% -5.2%
Grupo Famsa: Stores
Nu
mb
er
of
sto
res
Grupo Famsa: Retail Area
M2 (
Th
ou
sa
nd
s)
3Q12 Openings¹ Closures 4Q12
Stores 382 5 7 380
Famsa Mexico 350 5 0 355
Famsa USA – Texas 25 0 0 25
Famsa USA – West 7 0 7 0
BAF 289 15 0 304
Openings and Closures (4Q12)
Famsa Mexico resumed its growth plans with the opening of 15 business units in 2012
+5.2%
BAF: Banking Branches
Nu
mb
er
of
bra
nc
he
s
282 286
6 18
2011 2012
288
304
Within stores
Independent
17
Agenda
2012 Highlights
Operating and Financial Results 4Q12
Famsa Mexico
Banco Ahorro Famsa
Famsa USA
Consolidated Financial Results 4Q12
2013 Guidance
18
22% 22%
17% 18%
14% 13%
11% 11% 7% 7% 7% 6%
22% 23%
2011 20124Q11 4Q12 2011 2012
Net Sales
Consolidated Net Sales
% o
f S
ale
s
Consolidated Product Mix
Share of Consolidated Net Sales by Country Same Store Sales (%)
82% 88%
18% 12%
2011 2012
% o
f S
ale
s 4Q12 2012
Total +6.4% +2.4%
Famsa Mexico +6.3% +3.4%
Famsa USA +8.3% -4.0%
Famsa USA
Famsa Mexico
Others
Computers Mobile Phones
Electronics
Appliances
Personal Loans
Furniture Pe
so
s (
Millio
ns
)
MX
USA $3,850 $4,104
$13,655 $14,003
+6.6%
+2.5%
19
$1,785 $1,901
$6,620 $7,063
4Q11 4Q12 2011 2012 4Q11 4Q12 2011 2012
$33
-$166
$83
$356
4Q11 4Q12 2011 2012
$324 $348
$1,199 $1,310
4Q11 4Q12 2011 2012
Profitability
Gross Income EBITDA
Net Income
+6.7%
Pe
so
s (
Millio
ns
)
46.4% 46.3% 48.5% 50.4%
+6.5%
+9.3%
8.4% 8.5% 8.8% 9.4%
+7.2%
+330.6%
0.9% 0.6%
-602.5%
Comprehensive Financing Expense (1)
(4.0)%
2.5%
+46.1%
$409 $597
$1,747
$2,299 +31.6%
10.6% 14.6% 12.8% 16.4%
(1) Comprehensive Financing Expense = Interest expense – Interest income
20
$8,254 $8,566
2011 2012
$2,010 $1,951
2011 2012
$13,087 $14,756
$1,840
$2,332 $1,573
$1,573
2011 2012
Main Balance Sheet Accounts
Trade Accounts Receivable Inventory
Net Debt and Bank Deposits Stockholder’s Equity
-2.9%
+3.8% Pe
so
s (
Millio
ns
)
Bank Deposits
Net Debt
$10,436 $11,999
$4,514 $4,080
2011 2012
+7.6%
Commercial (BAF) Consumer USA
$16,500 $18,661
$14,950 $16,079
+13.1%
Consumer Mexico
21
Agenda
2012 Highlights
Operating and Financial Results 4Q12
Famsa Mexico
Banco Ahorro Famsa
Famsa USA
Consolidated Financial Results 4Q12
2013 Guidance
2013 Openings
Famsa Mexico 15
Banco Ahorro Famsa(1) 45
Famsa USA 0
Stores and Banking Branches
2013 Guidance
2013 Guidance
Consolidated Net Sales $15,000 to $15,300
Consolidated EBITDA $2,550 to $2,700
Consolidated Net Sales Growth
+7.1% to +9.3%
Same Store Sales Growth
Famsa Mexico +6.0% to +8.0%
Famsa USA +3.5% to +6.5%
Net Sales and EBITDA
Pesos (Millions)
22 (1) Includes bank branches set up inside Famsa Mexico’s new stores, as well as independent bank branches
22/02/2013 09:48 skiron\Roadshow\Presentación Roadshow
Script 2.ppt 23