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Worldreginfo WorldReginfo - d4f693d4-7853-4f26-9005-3e49cf4926c3 WorldReginfo - d4f693d4-7853-4f26-9005-3e49cf4926c3 WorldReginfo - d4f693d4-7853-4f26-9005-3e49cf4926c3 A QUICK LOOK AT FALABELLA · A SOLID PRESENCE IN CHILE, PERU, ARGENTINA AND COLOMBIA · A TOTAL OF 212 STORES COMPRISING 1.46 MILLION M2 OF SELLING SPACE · MORE THAN 5 MILLION ACTIVE CMR ACCOUNTS · 454 FINANCIAL CENTERS · 12 MALL PLAZAS AND 10 POWER CENTERS (CHILE AND PERU) · MORE THAN 70 THOUSAND COLLABORATORS IN 4 COUNTRIES · AN AA RISK RATING WorldReginfo - d4f693d4-7853-4f26-9005-3e49cf4926c3 · 39 NEW STORES AND MORE THAN 260,000 M2 OF SALES SPACE. · 10 IN CHILE, 16 IN PERU, 5 IN ARGENTINA, 8 IN COLOMBIA. · 26 OPENINGS IN 4Q08 · 3 MALL PLAZAS AND 4 POWER CENTERS WERE OPENED. · FALABELLA TOOK OVER THE OPERATIONS OF CASA ESTRELLA DEPARTMENT STORE IN COLOMBIA. · SODIMAC ENTERED ARGENTINA IN A REAL ESTATE ALLIANCE WITH CARREFOUR. · SODIMAC IS CONCENTRATING ITS CHILEAN LOGISTICAL OPERATIONS IN TWO NEW DCs. · OPTIMIZATION OF SYSTEMS AND INVENTORY CONTROL AND SYSTEM. · SODIMAC AND BANCO FALABELLA MAKE SUCCESSFUL BOND ISSUANCES IN THE CHILEAN MARKET. · CMR CHILE IMPLEMENTED A NEW CREDIT ADMINISTRATION SYSTEM. · FALABELLA RAISED ITS INTEREST IN PLAZA S.A. TO 59.3%, INCLUDING PLAZA VESPUCIO. WorldReginfo - d4f693d4-7853-4f26-9005-3e49cf4926c3 WorldReginfo - d4f693d4-7853-4f26-9005-3e49cf4926c3 RELEVANT INDICATORS S.A.C.I. FALABELLA CONSOLIDATED REVENUES MILLIONS OF DOLLARS* 3,124 2004 3,705 2005 4,187 2006 4,826 2007 5,856 2008 NUMBER OF STORES AND SALES AREA CONSOLIDATED NET INCOME DECEMBER 2008 MILLIONS OF DOLLARS* AREA M2 STORES DEPARTMENT STORES · CHILE 223,229 40 244 2004 HOME IMPROVEMENT · CHILE 543,901 66 SUPERMARKETS · CHILE 96,420 23 2005 DEPARTMENT STORES · PERU 94,647 15 302 HOME IMPROVEMENT · PERU 93,050 12 HYPERMARKET · PERU 85,523 17 2006 362 DEPARTMENT STORES · ARGENTINA 50,445 9 HOME IMPROVEMENT · ARGENTINA 46,168 4 2007 DEPARTMENT STORES · COLOMBIA 53,670 9 371 HOME IMPROVEMENT · COLOMBIA 170,748 17 TOTAL 1,457,802 212 317 2008 CONSOLIDATED STATEMENT OF INCOME STOCK EVOLUTION MILLIONS OF DOLLARS * PESOS MARKET CAP – MILLIONS OF NOMINAL PESOS/DOLLARS AT CLOSE OF 2008 2008 2007 REVENUES 5,856.2 4,826.5 5,061 1,349 2004 COGS (LESS) (4,177.2) (3,420.0) GROSS MARGIN 1,679.0 1,406.5 5,294 2005 SG&A (LESS) (1,142.0) (887.0) 1,410 OPERATING INCOME 537.0 519.5 EBITDA 674.8 624.4 7,019 2006 1,869 NON-OPERATING INCOME (94.4) (61.7) PROFIT BEFORE TAX AND EXTRAORDINARY ITEMS 442.6 457.8 9,089 2007 INCOME TAX (68.3) (53.0) 2,420 MINORITY INTEREST (57.0) (33.3) NET PROFIT (LOSS) 317.4 371.5 6,272 1,669 2008 * REAL CH$ @ DIC31, 2008, CONVERTED AT EXCHANGE RATE 636.45 CH$/US$ WorldReginfo - d4f693d4-7853-4f26-9005-3e49cf4926c3 1889 1937 1958 1980 1990 1993 1995 1996 1997 1998 SALVATORE FALABELLA ALBERTO SOLARI JOINS FALABELLA BECOMES FALABELLA IMPLEMENTS FALABELLA ENTERS THE FIRST FALABELLA STORE FALABELLA ENTERS PERU FALABELLA INITIAL PUBLIC VIAJES Y SEGUROS FALABELLA BANCO FALABELLA OPENS THE FIRST THE COMPANY A DEPARTMENT STORE CMR, ITS OWN THE SHOPPING CENTER IN ARGENTINA IS OPENED, THROUGH THE PURCHASE OFFERING ARE CREATED IN PARTNERSHIP IS ESTABLISHED TAILOR SHOP IN CREDIT CARD BUSINESS THROUGH A IN MENDOZA OF SAGA FALABELLA WITH HOME DEPOT CHILE THE COUNTRY 50% INTEREST IN MALL PLAZA 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 THE FIRST FALABELLA STORE ALLIANCES 100% OF HOME DEPOT CHILE FALABELLA ENTERS THE FALABELLA MERGER FALABELLA ACQUIRES IN COLOMBIA, FALABELLA FALABELLA STORES BANCO FALABELLA AND SODIMAC ENTERS ARGENTINA IS INAUGURATED IN WITH COPEC, ENTEL AND IS PURCHASED AND HYPERMARKET INDUSTRY WITH SODIMAC. 88% OF THE SAN FRANCISCO INCREASES ITS INTEREST AND RETAIL FINANCE MALL PLAZA ARE FALABELLA TAKES OVER CASA BUENOS AIRES AND 20% MOVISTAR FOR THE RENAMED HOME STORE THROUGH THE FIRST SUPERMARKET CHAIN IN SODIMAC AND ENTER COLOMBIA LAUNCHED IN PERU ESTRELLA DEPARTMENT STORES OF FARMACIAS AHUMADA USE OF CMR TOTTUS IN PERU LAUNCHES CMR CMR AUTOMOBILES 60% OF IMPERIAL IN COLOMBIA. MALL PLAZA CONSOLIDATES IS PURCHASED IS CREATED IS ACQUIRED ALL OF OPERATIONS UNDER PLAZA S.A., IN WHICH FALABELLA HOLDS 59.3% WorldReginfo - d4f693d4-7853-4f26-9005-3e49cf4926c3 1889 1937 1958 1980 1990 1993 1995 1996 1997 1998 SALVATORE FALABELLA ALBERTO SOLARI JOINS FALABELLA BECOMES FALABELLA IMPLEMENTS FALABELLA ENTERS THE FIRST FALABELLA STORE FALABELLA ENTERS PERU FALABELLA INITIAL PUBLIC VIAJES Y SEGUROS FALABELLA BANCO FALABELLA OPENS THE FIRST THE COMPANY A DEPARTMENT STORE CMR, ITS OWN THE SHOPPING CENTER IN ARGENTINA IS OPENED, THROUGH THE PURCHASE OFFERING ARE CREATED IN PARTNERSHIP IS ESTABLISHED TAILOR SHOP IN CREDIT CARD BUSINESS THROUGH A IN MENDOZA OF SAGA FALABELLA WITH HOME DEPOT CHILE THE COUNTRY 50% INTEREST IN MALL PLAZA 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 THE FIRST FALABELLA STORE ALLIANCES 100% OF HOME DEPOT CHILE FALABELLA ENTERS THE FALABELLA MERGER FALABELLA ACQUIRES IN COLOMBIA, FALABELLA FALABELLA STORES BANCO FALABELLA AND SODIMAC ENTERS ARGENTINA IS INAUGURATED IN WITH COPEC, ENTEL AND IS PURCHASED AND HYPERMARKET INDUSTRY WITH SODIMAC. 88% OF THE SAN FRANCISCO INCREASES ITS INTEREST AND RETAIL FINANCE MALL PLAZA ARE FALABELLA TAKES OVER CASA BUENOS AIRES AND 20% MOVISTAR FOR THE RENAMED HOME STORE THROUGH THE FIRST SUPERMARKET CHAIN IN SODIMAC AND ENTER COLOMBIA LAUNCHED IN PERU ESTRELLA DEPARTMENT STORES OF FARMACIAS AHUMADA USE OF CMR TOTTUS IN PERU LAUNCHES CMR CMR AUTOMOBILES 60% OF IMPERIAL IN COLOMBIA. MALL PLAZA CONSOLIDATES IS PURCHASED IS CREATED IS ACQUIRED ALL OF OPERATIONS UNDER PLAZA S.A., IN WHICH FALABELLA HOLDS 59.3% WorldReginfo - d4f693d4-7853-4f26-9005-3e49cf4926c3 WorldReginfo - d4f693d4-7853-4f26-9005-3e49cf4926c3 LETTER FROM THE CHAIRMAN S.A.C.I. FALABELLA DEAR SHAREHOLDERS 2008 was a volatile year, impacted by the drive in a healthy Chilean economy in contrast to the world financial crisis. In this context, we were put to great test and we came out ahead, better for it. Key was our good financial planning, our sound vocation for austerity and efficiency, coupled with a strong corporate structure. The result: we met all the goals in our strategic plan. One of the great milestones in the year was implementing and financing our investment plan in a challenging setting. Although the year ended with a profound economic crisis, Falabella made investments for more than US$600 million that resulted in the inauguration of 39 new stores and 3 malls. During the year, we placed emphasis on expanding our operations in Peru, a market where the growth rates are relevant and the opportunities are clear. The number of stores rose 52%, going from 29 to a total of 44. In Colombia we took over the operations of Casa Estrella, doubling our operations in reccord time, in a good-sized market with promising growth expectations. Sodimac also began operation in Argentina, as planned, by opening 4 stores. Mall Plaza inaugurated 3 shopping centers, two in Chile and one in Peru. Our consolidated revenues therefore totaled US$5,856 million, an increase of 21.3% annually. Nonetheless, in the actual world setting, where do our challenges lie? Today, as always, we cannot lose sight of what is most important to us at the end of each day: innovation of value to customers with the highest standard of service and quality products at convenient prices in all segments. Our short-, medium- and long-term view must have that mission in mind, united with our customer vocation. WorldReginfo - d4f693d4-7853-4f26-9005-3e49cf4926c3 Our permanent growth as a company is based on fulfilling our mission that must, more than ever, be strengthened and understood by everyone who is a collaborator. We must insist on policies that have given us good results thus far: strong teamwork, which we are constantly perfecting, austerity and efficiency, policies that enable us to control expenses and therefore offer customers more accessible prices every day. Austerity is one of the many things that make a great difference in Falabella. The way we do our work has been changing over time, mainly because of the dynamics of the business and the application of new technologies. However, our eternal support comes from the good principles that we have inherited: Honor, Dignity and Justice. We want our success to be permanent and we encourage everyone belonging to the company to immerse themselves in the Falabella culture. So, our goal is to continue developing our strategic plan set through 2012 under which we will grow significantly in all our formats in the countries where we are doing business. This does not preclude the possibility of entering new markets at the right time. The international expansion in countries like Peru and Colombia represents a clear opportunity today on which we will continue to work intensely. And we have made the decision to begin 2009 prudently. We are moderating our projects on the table according to how markets evolve. We also firmly believe that moments like this may present unusual opportunities for growth of which we want to take advantage. We must therefore be prepared. One clear example of this was the take over of Casa Estrella in Colombia at the end of 2008. For that reason, the flexibility of our investment plan is key. WorldReginfo - d4f693d4-7853-4f26-9005-3e49cf4926c3 11 ANNUAL REPORT On the other hand, we will continue to move forward in our commitment to contribute to the construction of a sustainable society. We will integrate the concept of sustainability to all the areas of our business. Sodimac is exemplary, having published its first sustainability report early in the year. We promise to follow its lead in our other areas of business.
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