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Financial Results First Quarter 2020

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Financial Results First Quarter 2020 FINANCIAL RESULTS FIRST QUARTER 2020 First Quarter Results 2020 Index I. Executive summary ................................................................................................................ 3 II. Events of the period ............................................................................................................... 5 III. Financial results as of march 2020 .................................................................................... 7 IV. Financial leverage ................................................................................................................ 10 V. Retail revenues ..................................................................................................................... 12 VI. Financial business ................................................................................................................ 13 VII. Results by business unit ..................................................................................................... 15 VIII. Summary of consolidated balance sheet ........................................................................ 16 IX. Consolidated cash flow ....................................................................................................... 17 X. Consolidated financial statements ................................................................................... 18 XI. Annex ...................................................................................................................................... 23 Notes: All dollar figures are calculated considering the exchange rate as of April 1, 2020: 852,03 $/US$. Symbols for quarters: 1Q, 2Q, 3Q y 4Q. Symbols for periods: 6M, 9M, 12M Symbols for currency: $ CLP: Chilean Pesos; US$: U.S. Dollars; PEN: Peruvian Soles; COP: Colombian Pesos; ARS: Argentinean Pesos; BRL: Brazilean Real. Th: thousand; Mn: million. 2 First Quarter Results 2020 I. EXECUTIVE SUMMARY Gaston Bottazzini, CEO of Falabella, commented: “Our quarterly results were affected by the global health emergency that impacted pour operations during the last three weeks of March. Restrictions imposed by lockdowns were partially, and gradually compensated by an unprecedented growth in our online channels, a trend that has continued over April and May. To meet this increase in demand, it has been key to rely on the investments in technology and logistics we have made in recent years. I also would like to thank our teams for their commitment, that has allowed us to continue operating. We Will continue working with the same dedication. We Will strive to simplify our customer’s lives, adapting quickly to this new backdrop, and emerge stronger from the current challenges.” Main impacts related to COVID-19 Our operations have been impacted by the different of measures introduced by the authorities to face the sanitary emergency: o Partial closing of our malls and physical stores o The operational restrictions had a relevant impact on the financial performance during March, reverting the trends we saw on previous months. The variety and timing of the measures implemented by the different authorities, along with the new health and safety protocols required in the markets where we operate, prevented us from operating in the same way as we have been operating our digital operations since April. o A 54% decrease in revenue from our retail operations in the region during the second half of March (compared to previous year). In Chile, during the same period, online revenue from our retailers grew 48%. The detailed operational status of our businesses is summarized below1: Department Home Supermarkets Malls E-Commerce Bank Branches Stores Improvement Chile 21/47 73/88 67/70 Partial Operational Operational Peru 0/29 0/55 78/78 Partial Partial Operational Colombia 0/26 40/40 - Partial Operational Operational Argentina 0/10 8/9 - - Partial Closed Brazil - 52/53 - - Operational Operational Mexico - 6/6 - - Operational Operational Uruguay - 3/3 - - Operational - Main actions taken to face the contingency A 40% reduction of the US$ 800 Mn Capex guidance for 2020, decreasing and deferring investments related to new store openings and remodeling of existing stores. Additionally, a Company-wide efficiency program aimed to reduce costs is being executed. Strengthening of the liquidity position. As of March 31st, 2020, the Company has cash and cash equivalents, at a consolidated level, for $1,715,026 Mn (US$ 2,013 Mn). o As of the same date, consolidated cash and cash equivalents of the consolidated non-banking operations reach $909,838 Mn (US$ 1,068 Mn), while cash and cash equivalents of the non-banking operations totals $805,188 Mn (US$ 945 Mn)). Accelerate the launch of “Fazil”, the on-demand delivery app for Tottus supermarkets. Accelerate the introduction of digital financial solutions that minimize physical contact, like: o Introduction of Fpay, the company’s digital wallet, that allows contactless payments through QR codes and P2P money transfers among users. Fpay is currently accepted as payment mean at our department stores and home improvement stores. 1 Notes: Operational status as of May 11th, 2020. Malls: Partial operation refers to the operation only of supermarkets, home improvement stores, pharmacies, bank branches and medical centers. Supermarkets in Peru: Only allowed to sell food products though physical stores and online channels. Peru E-commerce: In process of resuming operations. 3 First Quarter Results 2020 o CMR digital credit card was introduced in Chile, allowing physical payments via smartphone and online purchases via the CMR app. o Continue to enhance the 100% digital onboarding process for obtaining a new credit card along with the digital platforms for customer support. Manage purchase plans to reduce volumes, defer purchases and extend payment terms. Implementation of a program to support SMEs, allowing them to operate in our Marketplace sites, publishing and selling goods free of charge for 3 months. Business highlights2,3 KEY CONSOLIDATED FINANCIALS 4 The Gross Merchandise Volume (GMV ) of the group 2019 2020 grew 24%, driven by a 97% in the sale of third-party Key Financials (CLP$ bn) 1Q 1Q Var (%) merchandise through our marketplaces (“3P”) and to Total sales a 10% increase in retail e-commerce (“1P”). GMV Online $193 $239 24% Online channel penetration reached 12% during GMV retail (1P) $162 $179 10% 1Q20, favorably compared to the 9% of 1Q19, GMV marketplace (3P) $31 $60 97% highlighting an online penetration of 28% in Total sales of physical stores $1,954 $1,788 -8% department stores. Total sales $2,147 $2,028 -6% In physical stores, gross sales reached $1,788,430 TPV $148 $246 67% Mn (US$ 2,099 Mn) during the quarter, 8% down Non-banking Revenue $1,927 $1,888 -2% over 1Q19, mainly explained by a 66% decrease in Financial Services Revenue $325 $351 8% department stores and home improvement during Total Revenue $2,252 $2,239 -1% EBITDA $279 $211 -24% the last three weeks of March. Net Income $70 $17 -76% Cash (non-banking) $294 $910 210% Banking operations Loan Book $5,053 $5,553 10% Consolidated loan book as of March 31st, 2020 Total Debt (Exc. Banking) $3,167 $4,251 34% reached $5,553,469 Mn (US$ 6,518 Mn), a 10% 2019 2020 increase over 2019, driven by growth in Chile and Key Financials (US$ mn) 1Q 1Q Var (%) Colombia. Total sales Online sales of financial products reached $996.591 GMV Online $226 $281 24% Mn (US$1,170 Mn), over the last twelve months, GMV retail (1P) $190 $210 10% accounting for 35% of the total sale of financial GMV marketplace (3P) $36 $71 97% products. Total sales of physical stores $2,293 $2,099 -8% Sales with CMR credit card reached $1,890,654 Mn Total sales $417 $491 18% (US$ 2,219 Mn) driven by “on-them” sales, which TPV $174 $289 67% account for 63% of the total credit card sales. Non-Banking Revenue $2,262 $2,216 -2% Falabella’s Total Payment Volume (“TPV5”) reached Financial Services Revenue $382 $412 8% $246,339 Mn (US$ 289 Mn) during the quarter, Total Revenue $2,643 $2,628 -1% representing a 67% increase. Over the last twelve EBITDA $328 $248 -24% Net Income $83 $20 -76% months TPV reaches $869,029 Mn (US$1,020 Mn), a Cash (non-banking) $345 $1,068 210% 70% increase. Loan Book $5,930 $6,518 10% Total Debt (Exc. Banking) $3,718 $4,989 34% Financial Highlights During 1Q20, consolidated revenue reached $2,238,709 Mn (US$ 2,628 Mn), a -0.6% drop over 1Q19 mainly explained by lower performance on retail and real estate operations over the last three weeks of March, as COVID-19 expanded in our markets, partially compensated by PEN appreciation over CLP. Gross margin totaled $761,665 Mn (US$ 894 Mn) during the quarter, a -3.2% decrease over 1Q19. The decrease was mainly explained by margin contractions in Chile Banking operations that recorded increased provisions expenses. EBITDA for 1Q20 totaled $211,498 Mn (US$ 248 Mn) a 24.3% decrease, mainly explained by lower gross margins and increases in SG&A expenses. Net Income reached $16,875 Mn (US $20 Mn) in 1Q20, a 76% decrease over last year. 2 Gross merchandise sales and its breakdowns, along with TPV are calculated on a FX neutral basis. 3 Gross Sales or Gross Merchandise Sales correspond to the gross value of the goods sold though physical stores, e-commerce (1P) and marketplace (3P). 4 Corresponds to the gross value of merchandises sold through online channels, including traditional e-commerce and marketplace. 5 Corresponds to the total volumeof payments processes though our own payment
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