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Earnings Release 1Q10 Cencosud Announces First Quarter 2010 Results ¢ Cencosud reaches an 8,8% Ebitda Margin for the quarter, 130 bsp growth YoY (7,5% in 2009), with an increase of 19,9%. This is a consecuence of a better performance across the Businesses: 32% growth in Supermarkets, 39% in Home Improvement or DYS, 71% in Department Stores and 24% in Shopping Centers. 1 ¢ Operating profit ends up 55,9% YoY . ¢ Net income up by 71,9% YoY. ¢ Net debt to Ebitda is down to 2,21 times from 2,58 times as of December 2009 Total sales reached USD 2.652 mill. for the quarter, measured in first-quarter average dollar (USD $ 2.628 measured at April 1, 2010), Chile which accounts for 46% of total sales, reached an increase on sales of 20,6% YoY, Argentina (32,2% of total sales) reached an increase of 9,3% YoY, Brasil (11,4% of total sales) reached an increase of 45,2% YoY, Perú (9,9% of total sales) reached an increase of 12,2% YoY and finally Colombia (only 0,4% of total sales) due that it is starting operations, reaches a 200% increase in sales YoY. Exchange rates from local currencies to the Chilean Peso had a significant impact in the consolidated figures. As a consecuence of this effect Total sales for the quarter increase 18,4% when measured in USD dollars and 2,2% when measured in Chilean pesos and the Ebitda increases 39,2% measured in USD dollars and 19,9% when measured in Chilean Pesos. The solid recovery in Profit and Ebitda Margins which started in the second half of 2009, together to the special focus placed on cash generation and cost reduction as a result of the synergies achievement through all operations and countries are the reason for the increase in Ebitda Margin form 7,5% in Q1 2009 to 8,8% in 2010 generating improved financial indicators and are guaranteeing a solid new growth cycle for Cencosud. Santiago Chile, Friday May 28th, 2010 – Cencosud S.A. (OTC: CSUDY) a Chilean-based multi- format retailer with operations in Argentina, Brazil, Chile, Colombia and Peru, announces financial results for its first quarter 2010. The company earned Ch$59,7 billion, or Ch$26,4 per ordinary share (US$ 0,8 per American Depositary Shares (ADS)).2 1Including the consolidation of Banco Paris 2 Symbols: Q1(first quarter), Q2(second quarter), Q3(third quarter), Q4 (fourth quarter), 6M (first semester), 9M (first nine months of the year), 12M(twelve months of the year). - 1 - FIRST QUARTER 2010 ANALYSIS NET REVENUES First Quarter MMCh$ As of March 31th US$ 2010 2009 D % D % Revenues 1.378.317 1.348.285 2,2% 18,4% Supermarkets 998.149 983.705 1,5% 17,3% Home Improvement 191.145 172.910 10,5% 28,0% Department Stores 116.357 104.275 11,6% 30,7% Shopping Centers 32.302 33.615 -3,9% 11,4% Financial Services 51.193 67.625 -24,3% -11,5% Others -10.830 -13.844 -21,8% -8,3% Consolidated net revenues for the first quarter increased 2,2%, in Ch$ at March 31th 2010, to Ch$1.378.317 million, compared to Ch$1.348.285 million in the first quarter 2009. In dollars, consolidated net revenues increased 18,4%. Consolidated net revenues from Supermarkets operations increased 1,5%, in Ch$ at March 31th 2010, reaching Ch$998.149 million, compared to the same quarter of 2009. In dollars, consolidated net revenues increased 17,3%. In Home Improvement net revenues increased 10,5%, in Ch$ at March 31th 2010, to Ch$191.145 million compared to the same quarter of 2009. In dollars, net revenues increased 28,0%. In Department Stores net revenues increased 11,6% in Ch$ at March 31th 2010, to Ch$116.357 million compared to the same quarter of 2009. In dollars, net revenues increased 30,7%. In Shopping Centers net revenues decreased 3,9% in Ch$ at March 31th 2010, to Ch$32.302 million compared to the same quarter of 2009. In dollars, net revenues increased 11,4%. Consolidated net revenues from Financial Services operations decreased 24,3%, in Ch$ at March 31th 2010, reaching Ch$51.193 million, compared to the same quarter of 2009. In dollars, net revenues decreased 11,5%. - 2 - 2010 Revenues by business 2009 Revenues by business Shopping Shopping Financial DepartmentCenters Financial Department Centers Services Stores 2,3% Services Stores 2,5% 5,0% 8,4% 3,7% 7,7% Home Home Improvement Improvement 12,8% 13,9% Supermarkets Supermarkets 72,4% 73,0% Note: Total excludes Others GROSS PROFIT Consolidated gross profit for the quarter increased 5,4%, to Ch$372.786 million compared to Ch$353.542 million in the first quarter 2009 (in dollars increased 22,1%). Consolidated gross margin for the first quarter 2010 was 27,0%, 0,8 pts. greater than the same quarter of 2009. First Quarter MMCh$ As of March 31th US$ 2010 2009 D % D % Gross Profit 372.786 353.542 5,4% 22,1% Supermarkets 248.164 235.641 5,3% 21,7% Home Improvement 57.638 53.002 8,7% 25,8% Department Stores 31.410 21.667 45,0% 69,8% Shopping Centers 18.394 17.820 3,2% 19,9% Financial Services 26.660 30.356 -12,2% 2,6% Others -9.480 -4.943 91,8% 125,1% Gross Margin (%) 27,0% 26,2% 0,8 pts (In millions of Ch$ As of March 31th) - 3 - 2010 Gross Profit by business 2009 Gross Profit by business Shopping Financial Financial Shopping Centers Services Services Centers Department 4,8% 7,0% 8,5% 5,0% Stores Department 8,2% Stores Home 6,0% Improvement Home 15,1% Improvement 14,8% Supermarkets Supermarkets 64,9% 65,7% Note: Total excludes Others Cencosud Gross profit increased 5,4%, in millions of Ch$ at March 31th 2010, to Ch$372.786 million compared to Ch$353.542 million in first quarter 2009. Gross margin increased to 27,0% from 26,2% for the same period in 2009. Cencosud Gross Margin Evolution 26,2% 27,0% 1Q'09 1Q'10 2Q'09 2Q'10 3Q'09 3Q'10 4Q'09 4Q'10 Supermarkets Gross profit increased to Ch$248.164 million, in Ch$ at March 31th 2010. In dollars Gross profit increased 21,7%. Gross margin increased to 24,9% from 24,0% for the same period in 2009. Supermarkets Gross Margin Evolution 24,0% 24,9% 1Q'09 1Q'10 2Q'09 2Q'10 3Q'09 3Q'10 4Q'09 4Q'10 Home Improvement Gross profit increased 8,7%, in Ch$ at March 31th 2010, to Ch$57.638 million for the first quarter 2010. In dollars Gross profit increased 25,8%. Gross margin decreased to 30,2% from 30,7% for the same period in 2009. - 4 - Home Improvement Gross Margin Evolution 30,7% 30,2% 1Q'09 1Q'10 2Q'09 2Q'10 3Q'09 3Q'10 4Q'09 4Q'10 Department stores Gross Profit was Ch$31.410 million for the first quarter 2010. Gross margin increased to 27,0% from 20,8% for the same period in 2009. In dollars Gross profit increased 69,8%. Gross Margin Evolution Department Stores - Chile 20,8% 27,0% 1Q'09 1Q'10 2Q'09 2Q'10 3Q'09 3Q'10 4Q'09 4Q'10 Shopping Centers Gross Profit was Ch$18.394 million for the first quarter 2010. Gross margin increased to 56,9% from 53,0% for the same period in 2009. In dollars Gross profit increased 19,9%. Shopping Centers Gross Margin Evolution 53,0% 56,9% 1Q'09 1Q'10 2Q'09 2Q'10 3Q'09 3Q'10 4Q'09 4Q'10 - 5 - SELLING AND ADMINISTRATIVE EXPENSES Consolidated selling and administrative expenses for the quarter decreased 4,0%, in millions of Ch$ at March 31th 2010, to Ch$281.398 million from Ch$293.052 million for the same period in 2009. As a percentage of net revenues, selling and administrative expenses decreased to 20,4% during first quarter 2010 from 21,7% during the same period 2009. First Quarter MMCh$ As of March 31th US$ 2010 2009 D % D % Selling & adm. expenses -281.398 -293.052 -4,0% 11,1% Supermarkets -183.455 -189.387 -3,1% 11,7% Home Improvement -44.362 -44.937 -1,3% 14,3% Department Stores -31.899 -31.681 0,7% 17,9% Shopping Centers -1.439 -4.743 -69,7% -64,6% Financial Services -14.389 -16.257 -11,5% 3,4% Others -5.853 -6.048 -3,21% 12,9% S&A Margin (%) -20,4% -21,7% 1,3 pts (In millions of Ch$ As of March 31th) - 6 - OPERATING PROFIT Operating profit for the quarter increased 50,4% to Ch$92.178 million compared to Ch$61.285 million in the first quarter, 2009. Consolidated operating margin, as a percentage of net revenues, was 6,7% for the first quarter 2010, compared to 4,5% for the first quarter 2009 operating margin. First Quarter MMCh$ As of March 31th US$ 2010 2009 D % D % Operating Profit 92.178 61.285 50,4% 74,4% Supermarkets 64.754 46.290 39,9% 62,5% Home Improvement 13.276 8.064 64,6% 90,2% Department Stores -489 -10.014 n.s. -94,3% Shopping Centers 17.699 13.836 27,9% 48,4% Financial Services 12.271 14.099 -13,0% 1,7% Others -15.333 -10.991 39,51% 63,2% Operating Margin (%) 6,7% 4,5% 2,1 pts (In millions of Ch$ As of March 31th) 2010 Operating Profit by business 2009 Operating Profit by business Financial Services 11,4% Financial Services Supermarkets 17,1% Shopping 60,0% Centers Shopping 16,4% Centers Supermarkets 16,8% 56,3% Home Home Improvement Improvement 12,3% 10% Note: Total excludes Department Stores and Others Supermarkets Operating profit increased 39,9% in millions of Ch$ at March 31th 2010, to Ch$64.754 million compared to Ch$46.290 million in first quarter 2009.
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