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).
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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%.
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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 Improvement Home 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)
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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 6,0% Home 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.
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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$18.394 million for the first quarter 2010. Gross margin increased to 56,9% from 53,0% for the same period in 2009. In dollars Gross profit increased 19,9%.
Shopping Centers Gross Margin Evolution
53,0% 56,9%
1Q'09 1Q'10 2Q'09 2Q'10 3Q'09 3Q'10 4Q'09 4Q'10
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SELLING AND ADMINISTRATIVE EXPENSES
Consolidated selling and administrative expenses for the quarter decreased 4,0%, in millions of Ch$ 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)
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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. Operating margin increased to 6,5% from 4,7% for the same period in 2009.
Home Improvement Operating profit inecreased to Ch$13.276 million of Ch$ at March 31th 2010. In dollars, Operating profit increased 90,2%. Operating margin increased to 6,9% from 4,7% for the same period in 2009.
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Department Store Operating loss decreased to Ch$489 million of Ch$ at March 31th 2010. Operating margin improved to -0,4% from -9,6% for the same period in 2009.
Shopping Center Operating profit increased to Ch$17.699 million of Ch$ at March 31th 2010. In dollars, Operating profit increased 27,9%. Operating margin increased to 54,8% from 41,2% for the same period in 2009.
Financial Services Operating profit decreased to Ch$12.271 million of Ch$ at March 31th 2010. In dollars, Operating profit increased 1,7%. Operating margin increased to 24,0% from 20,8% for the same period in 2009.
NON OPERATING INCOME
During the first quarter of 2010, non-operating result was a loss of Ch$12.047. This compares to a non-operating loss of Ch$15.982 in first quarter 2009.
First Quarter 2010 2009 D Non Operating Income Other profits (losses) 7.304 7.659 -355 Financial Income 4.393 1.891 2.502 Finance Costs [for Non-Financial Activities] -19.939 -32.707 12.768 Income (loss) from foreign exchange variations -1.940 -7.314 5.374 Result of indexation units -1.866 14.488 -16.355 -12.047 -15.982 3.935
NET INCOME
As result of the factors explained above, net income for the quarter increased 71,9%, in millions of Ch$ to Ch$59.772 million during first quarter 2010 from Ch$34.781 million for the same period 2009. As a percentage of net revenues, Net Income increased to 4,3% during first quarter 2010 from 2,6% during the same period 2009.
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EBITDA
Consolidated Ebitda for the quarter increased 19,9%, in millions of Ch$ at March 31th 2010, to Ch$120.772 million, compared to Ch$100.740 million in the first quarter 2009.
First Quarter
MMCh$ As of March 31th US$
2010 2009 D % D % EBITDA 120.772 100.740 19,9% 39,2%
Supermarkets 80.702 61.107 32,1% 53,2% Home Improvement 17.227 12.390 39,0% 60,7% Department Stores 3.920 -5.506 71,2% 83,4% Shopping Centers 19.944 16.130 23,6% 43,6% Financial Services 12.564 14.846 -15,4% -1,1% Others -13.586 1.773 -866,41% n.s
EBITDA Margin (%) 8,8% 7,5% 1,3 pts (In millions of Ch$ As of March 31th)
EBITDA explained by variations in business segments
130.000 110.000 90.000 70.000 50.000 30.000 10.000
In millionsofAsMarch31th Ch$In of -10.000 Others 1Q09 1Q10 Centers Services Financial Stores Shopping Home Cencosud Cencosud Department Improvement Supermarkets
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ANALYSIS BY BUSINESS AND COUNTRY
HYPERMARKETS & SUPERMARKETS
CHILE
In the first quarter 2010, net revenues for Chilean Supermarkets increased 1,2%, in Ch$ at March 31th 2010, (increased 3,0 in nominal SSS) to Ch$388.136 million from Ch$383.413 in the same period of 2009.
CHILE – HYPERMARKETS & SUPERMARKETS
Nominal Same Store Sales Q1 Q2 Q3 Q4 6M 9M 12M 2010 3,0% #¡DIV/0! #¡DIV/0! #¡DIV/0! 3,0% 3,0% 3,0% 2009 2,8% 4,1% 1,4% -1,6% 3,5% 2,8% 1,5% 2008 13,0% 8,1% 8,3% 8,3% 10,4% 9,7% 9,3% N° Same Store Tickets
2010 -4,4% #¡DIV/0! #¡DIV/0! #¡DIV/0! -4,4% -4,4% -4,4% 2009 -6,3% -3,9% -3,0% -2,3% -5,1% -4,4% -3,8% 2008 2,2% -1,7% -0,9% -2,5% 0,2% -0,2% -0,8% SS Average Ticket Nominal
2010 7,7% #¡DIV/0! #¡DIV/0! #¡DIV/0! 7,7% 7,7% 7,7% 2009 9,7% 8,3% 4,5% 0,8% 9,0% 7,5% 5,6% 2008 10,6% 10,0% 9,2% 11,1% 10,3% 9,9% 10,2% * Measured in local currency.
Cost of sales in the first quarter 2010 decreased 1,2% to Ch$292.056 millions of Ch$ at March 31th 2010 from Ch$295.663 million in the same period 2009. Gross profit for the quarter ended on March 31th increased 9,5% to Ch$96.080 millions of Ch$ at March 31th 2010 when compared to the same quarter 2009.
Gross Margin Evolution Supermarkets Chile
24,8% 22,9%
1Q'09 1Q'10 2Q'09 2Q'10 3Q'09 3Q'10 4Q'09 4Q'10
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HYPERMARKETS CHILE SELLING SPACE Jumbo stores Square Meters As of March 31th Store Selling Region Opening Store Selling Region Opening Space Space Jumbo Kennedy 11.816 RM September 1976 Jumbo Pajaritos 7374 RM August 2005 Jumbo Maipú 11.388 RM December 1996 Jumbo Puerto Montt 7.330 X December 2005 Jumbo La Florida 11.210 RM February 2002 Jumbo Ñuñoa 7.190 RM December 2008 Jumbo Viña 10.428 V January 2002 Jumbo El Llano 7.181 RM June 2004 Jumbo La Reina 10.348 RM August 2002 Jumbo El Alba 7.100 RM June 2009 Jumbo Rancagua 9.315 VI April 2000 Jumbo Valparaiso 6.384 V March 2006 Jumbo Antofagasta 9.233 II February 2006 Jumbo Puente Alto 5.770 RM October 2006 Jumbo Temuco 8.950 IX November 2004 Jumbo Aconcagua 5.741 V December 2006 Jumbo Peñalolen 8.777 RM November 2003 Jumbo Osorno 5.543 X December 2008 Jumbo Bilbao 8.673 RM August 1979 Jumbo Talca 5.421 VII May 2008 Jumbo La Dehesa 8.546 RM October 2003 Jumbo Curicó 5.401 VII March 2007 Jumbo La Serena 8.064 IV July 2006 Jumbo Punto de Encuentro 5.172 II September 2006 Jumbo El Belloto II 7.992 V December 2008 Jumbo Copiapó 4.720 III October 2005 Jumbo Chillán 7.949 VIII February 2005 Total 213.016 N° of Stores 27
SUPERMARKETS CHILE SELLING SPACE Santa Isabel Stores Square Meters As of March 31th Region Selling Space N° of Stores Region Selling Space N° of Stores
I 5.414 4 VII 6.582 5 II 5.350 4 VIII 31.460 18 IV 4.883 4 IX 7.691 6 V 36.932 27 X 8.262 6 VI 5.815 4 RM 84.025 59 Total 196.415 N° of Stores 137
ARGENTINA
Net revenues for the quarter decreased 5,8% in the first quarter 2010, reaching Ch$320.312 in millions of Ch$ at March 31th 2010 from Ch$340.156 million in the same quarter 2009, primarily because of:
A significant effect of exchange rate variations in Chilean accounting standards (In dollars net revenues increased 8,3%). 3 A 16,1% rise in nominal same store sales for the first quarter 2010 compared to the same period in 2009. An 18,3% nominal rise in same store average ticket.
3 Measured Argentinean Pesos - 11 -
ARGENTINA – HYPERMARKETS & SUPERMARKETS
Nominal Same Store Sales Q1 Q2 Q3 Q4 6M 9M 12M 2010 16,1% #¡DIV/0! #¡DIV/0! #¡DIV/0! 16,1% 16,1% 16,1% 2009 10,7% 12,2% 10,0% 12,4% 11,5% 10,9% 11,4% 2008 31,8% 25,9% 22,6% 19,5% 28,7% 26,5% 24,4% N° Same Store Tickets 2010 -1,9% #¡DIV/0! #¡DIV/0! #¡DIV/0! -1,9% -1,9% -1,9% 2009 -7,2% -7,6% -9,1% -5,4% -7,4% -8,0% -7,3% 2008 2,7% 1,8% 0,6% -2,1% 2,3% 1,7% 0,7% SS Average Ticket Nominal 2010 18,3% #¡DIV/0! #¡DIV/0! #¡DIV/0! 18,3% 18,3% 18,3% 2009 19,4% 21,5% 20,9% 18,8% 20,4% 20,6% 20,2% 2008 28,3% 23,6% 21,9% 22,2% 25,9% 24,4% 23,6% * Measured in local currency.
Cost of sales for the quarter decreased 5,3% to Ch$239.506 millions of Ch$ at March 31th for the first quarter 2010. Gross profit decreased 7,4% to Ch $80.806 millions of Ch$ at March 31th 2010.
Gross Margin Evolution Supermarkets Argentina
25,6% 25,2%
1Q'09 1Q'10 2Q'09 2Q'10 3Q'09 3Q'10 4Q'09 4Q'10
HYPERMARKETS ARGENTINA SELLING SPACE Jumbo Stores Square Meters As of March 31th Store Selling Space Opening Store Selling Space Opening
Unicenter 12.428 October 1988 San Martín 8.200 December 1994 Palermo 11.521 October 1996 Rosario 7.991 October 2004 Pilar 11.151 December 1998 Escobar 7.770 February 2000 Mendoza 10.325 November 2001 Parque Brown 7.492 September 1982 Lomas de Zamora 9.873 November 1993 Tucumán 6.964 May 2007 Quilmes 9.755 September 1997 Almagro 5.240 September 2003 Neuquén 9.710 November 2000 Tronador 4.547 June 2007 Plaza Oeste 9.035 April 1997 Acoyte 4.263 July 2008 Total 136.265 N° of Stores 16
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SUPERMARKETS ARGENTINA SELLING SPACE Disco, Vea, Plaza Vea, Despensas Vea Square Meters As of March 31th
Province Selling space Number of Stores Province Selling space Number of Stores Buenos Aires 116.512 90 Costa 23.442 17 Cuyo 72.227 51 Centro 63.472 55 Noa 31.890 21 Total 307.544 N° of Stores 234
BRAZIL
During the first quarter as of 2010 Gbarbosa net revenues increased 26,9% (measured in Ch$ at March 31th 2010) compared to the same period in 2009, reaching Ch$155.557 million.
Variations in net revenues are primarily as a result of a significant effect of exchange rate variations in Chilean accounting standards (In dollars net revenues increased 44,9%) and the nominal same store sales increased 11,0%.
BRAZIL -HYPERMARKETS & SUPERMARKETS
Nominal Same Store Sales Q1 Q2 Q3 Q4 6M 9M 12M
2010 11,0% #¡DIV/0! #¡DIV/0! #¡DIV/0! 11,0% 11,0% 11,0% 2009 -3,6% -2,1% -1,0% 2,2% -2,8% -2,2% -0,9% N° Same Store Tickets
2010 1,6% #¡DIV/0! #¡DIV/0! #¡DIV/0! 1,6% 1,6% 1,6% 2009 0,3% 1,2% 0,1% -1,2% 0,8% 0,5% 0,1% SS Average Ticket Nominal
2010 9,2% #¡DIV/0! #¡DIV/0! #¡DIV/0! 9,2% 9,2% 9,2% 2009 -3,9% -3,3% -1,1% 3,5% -3,6% -2,7% -1,0% * Measured in local currency.
Gross profit increased 37,0%, in Ch$ at March 31th 2010, to Ch$35.691 million from Ch$26.057 million for the same quarter of 2009. Gross margin increased to 22,9% from 21,3% for the same period in 2009.
Gross Margin Evolution Supermarkets Brazil
22,9% 21,3%
1Q'09 1Q'10 2Q'09 2Q'10 3Q'09 3Q'10 4Q'09 4Q'10
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Gbarbosa operates 22 hypermarkets, 34 supermarkets, 25 electroshows4 and 48 Pharmacies.
SUPERMARKETS BRAZIL SELLING SPACE Gbarbosa Stores Square Meters As of March 31th N° of Stores Selling space
Hypermarkets 22 89.015 Supermarkets 34 38.603 Others 73 3.924 Total 129 131.541
PERU
Net revenues for the quarter were Ch$134.144 million and cost of sales reached Ch$98.557 million. During the first quarter 2010, Gross profit for Peruvian operations increased 2,9% (measured in Ch$ at March 31th 2010) to Ch$35.587 million.
PERU -HYPERMARKETS & SUPERMARKETS
Nominal Same Store Sales Q1 Q2 Q3 Q4 6M 9M 12M
2010 -2,6% #¡DIV/0! #¡DIV/0! #¡DIV/0! -2,6% -2,6% -2,6% 2009 N/A 0,4% -7,3% -2,7% 0,2% -2,4% -2,5% N° Same Store Tickets 2010 -0,7% #¡DIV/0! #¡DIV/0! #¡DIV/0! -0,7% -0,7% -0,7% 2009 N/A 3,1% -5,8% -2,2% 3,1% -1,7% -1,9% SS Average Ticket Nominal 2010 -1,9% #¡DIV/0! #¡DIV/0! #¡DIV/0! -1,9% -1,9% -1,9% 2009 N/A -2,6% -1,7% -0,6% -2,8% -0,7% -0,6% * Measured in local currency.
This variations are primarily as a result of a significant effect of exchange rate variations in Chilean accounting standards (In dollars net revenues increased 11,4% and Gross profit increased 17,5%).
Gross margin increased to 26,5% from 25,2% for the same period in 2009.
4 Small format stores that sell primarily electronics and other durable goods. - 14 -
Gross Margin Evolution Supermarkets Peru
25,2% 26,5%
1Q'09 1Q'10 2Q'09 2Q'10 3Q'09 3Q'10 4Q'09 4Q'10
In Peru, the Company operates 13 hypermarkets and 42 Supermarkets.
SUPERMARKETS PERU SELLING SPACE Square Meters As of March 31th
N° of Stores Selling space
Supermarkets 42 87.206 Hypermarkets 13 89.596 Total m2 55 176.802
HOME IMPROVEMENT STORES
CHILE
In the first quarter 2010, net revenues for the Chilean home improvement stores increased 26,7%, in millions of Ch$ at March 31th 2010, to Ch$81.539 million from Ch$64.359 million in the same period in 2009.
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EASY CHILE – HOME IMPROVEMENT STORES
Nominal Same Store Sales Q1 Q2 Q3 Q4 6M 9M 12M
2010 27,3% #¡DIV/0! #¡DIV/0! #¡DIV/0! 27,3% 27,3% 27,3% 2009 -8,1% -3,2% 0,7% 17,3% -5,6% -3,6% 1,7% 2008 13,2% 12,7% 14,6% -5,4% 12,9% 13,5% 7,9% N° Same Store Tickets
2010 15,1% #¡DIV/0! #¡DIV/0! #¡DIV/0! 15,1% 15,1% 15,1% 2009 -8,5% 1,5% 4,8% 9,0% -3,6% -1,0% 1,6% 2008 0,5% -2,1% -4,0% -7,9% -0,7% -1,8% -3,5% SS Average Ticket Nominal 2010 10,5% #¡DIV/0! #¡DIV/0! #¡DIV/0! 10,5% 10,5% 10,5% 2009 0,4% -4,6% -3,9% 7,7% -2,1% -2,6% 0,0% 2008 12,5% 15,1% 19,3% 2,7% 13,8% 15,5% 11,8% * Measured in local currency.
Cost of sales for the quarter, increased 28,8%, measured in Ch$ at March 31th 2010 to Ch$59.928 million from Ch$46.527 million in the same period of 2009. Gross profit in the quarter increased 21,2% (measured in Ch$ at March 31th 2010) to Ch$21.611, compared to the same quarter 2009.
Gross Margin Evolution Home Improvement Stores - Chile
27,7% 26,5%
1Q'09 1Q'10 2Q'09 2Q'10 3Q'09 3Q'10 4Q'09 4Q'10
HOME IMPROVEMENT CHILE SELLING SPACE Easy Stores Square Meters As of March 31th Store Region Opening Store Region Opening
Easy Copiapó III October 2008 1 Easy La Reina RM July 2002 Easy Quillota V November 2008 1 Easy Viña V January 2002 Easy El Belloto V November 2007 1 Easy Talca VII February 2008 Easy Temuco IX November 2002 1 Easy Antofagasta II February 2006 Easy Los Angeles VIII November 2002 1 Easy Valparaíso V February 2006 Easy Chillan VIII November 2002 1 Easy Quilicura RM December 2008 Easy Linares VII November 2002 1 Easy Puerto Montt X December 2005 Easy Concepción VIII Marzo 2010 1 Easy Quilín RM December 2001 Easy Curicó VII March 2007 1 Easy La Serena IV August 2006 Easy Kennedy RM March 1994 1 Easy Rancagua VI April 2000 Easy Osorno X July 2007 1 Easy El Llano RM May 2004 Easy La Dehesa RM July 2003 1 Easy Maipú RM May 1997 Easy La Florida RM July 2002 1 Easy FISA (Maipú) RM March 2008 Total 252.644 N° of Stores 26
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ARGENTINA
Measured in Chilean pesos as of March 31th 2010, net revenues for the quarter decreased 2,3% to Ch$104.141 million for the first quarter 2010 but heavily influenced by exchange rate fluctuations. In dollars revenues increased by 12,3%. Variations in net revenues are primarily as a result of:
5 22,7% increase in nominal same store sales for the first quarter 2010 . 22,6% nominal growth in same store average tickets.
EASY ARGENTINA - HOME IMPROVEMENT STORES
Nominal Same Store Sales Q1 Q2 Q3 Q4 6M 9M 12M 2010 22,7% #¡DIV/0! #¡DIV/0! #¡DIV/0! 22,7% 22,7% 22,7% 2009 0,5% -3,2% 1,8% 7,3% -1,3% -0,2% 1,8% 2008 22,0% 18,0% 16,6% 8,6% 20,0% 18,8% 15,8% N° Same Store Tickets
2010 0,1% #¡DIV/0! #¡DIV/0! #¡DIV/0! 0,1% 0,1% 0,1% 2009 -7,9% -6,6% -4,1% -4,8% -7,3% -6,2% -5,9% 2008 2,3% -5,8% -3,0% -3,2% -1,7% -2,1% -2,4% SS Average Ticket Nominal
2010 22,6% #¡DIV/0! #¡DIV/0! #¡DIV/0! 22,6% 22,6% 22,6% 2009 9,1% 3,6% 6,2% 12,8% 6,4% 6,4% 8,2% 2008 19,2% 25,3% 20,2% 12,2% 22,0% 21,3% 18,7% * Measured in local currency. SSS does not include Blaisten stores.
Cost of sales for the quarter decreased 2,6%, in Ch$ at March 31th 2010, to Ch$70.145 million, from Ch$72.054 million for the same period in 2009. Gross profit, measured in dollars, increases 13,2%. In Ch$ at March 31th 2010, Gross profit decreased 1,5%, to Ch$33.997 million.
5 Measured in dollars. - 17 -
Gross Margin Evolution Home Improvement Stores - Argentina
32,4% 32,6%
1Q'09 1Q'10 2Q'09 2Q'10 3Q'09 3Q'10 4Q'09 4Q'10
HOME IMPROVEMENT ARGENTINA SELLING SPACE Easy & Blaisten Stores Square Meters As of March 31th Store Opening Store Opening Easy San Isidro May 1996 Easy La Tablada April 2001 Easy Pilar December 1998 Easy San Juan June 2001 Easy Don Torcuato September 2000 Easy Lomas July 1994 Easy Quilmes May 1997 Easy Palermo October 1996 Easy Mendoza October 2001 Easy Parque Brown August 1993 Easy Avellaneda December 1999 Easy La Rioja October 2007 Easy Neuquén November 2000 Easy San Martín December 1994 Easy Córdoba December 2000 Easy Caseros August 2006 Easy Warnes July 2001 Easy San Luis June 2006 Easy Escobar February 2000 Easy General Roca December 2007 Easy Jose C. Paz August 2008 Easy Rivadavia November 2008 Easy Barracas August 2000 Easy 146- Trelew February 2010 Easy Córdoba Carcano June 2005 Easy Caballito July 2007 Easy Rosario June 2004 Easy Plaza Oeste October 1999 Easy San Miguel November 2008 Blaisten Pilar October 2007 Easy Ituzaingo June 1998 Blaisten Floresta October 2007 Easy Liniers April 2003 Blaisten Moreno October 2007 Easy Córdoba J.B. Justo October 2006 Blaisten Martinez October 2007 Easy Moreno December 2007 Blaisten Castelar October 2007 Easy San Justo II October 2003 Blaisten Palermo October 2007 Easy Constituyentes September 2003 Blaisten Barracas October 2007 Easy Canning January 2008 Blaisten San Justo October 2007 Easy Tucuman November 2004 Blaisten Recoleta October 2007 Easy Alto Avellaneda July 2003 Total m2 Easy 338.495 N° of Easy Stores 38
Total m2 Blaisten 16.618 N° of Blaisten Stores 9 Total M2 355.113 Total 47
COLOMBIA
Net revenues for the quarter were Ch$5.465 million, gross profit reached Ch$2.030 million and gross margin reached 37,1%. In Colombia, the Company currently operates four Easy stores with 34.309 square meters (two of them opened on March 2010).
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COLOMBIA -HOME IMPROVEMENT STORES
Nominal Same Store Sales Q1 Q2 Q3 Q4 6M 9M 12M
2010 -0,1% #¡DIV/0! #¡DIV/0! #¡DIV/0! 11,0% 11,0% 11,0% N° Same Store Tickets
2010 3,2% #¡DIV/0! #¡DIV/0! #¡DIV/0! 1,6% 1,6% 1,6% SS Average Ticket Nominal
2010 -3,2% #¡DIV/0! #¡DIV/0! #¡DIV/0! 9,2% 9,2% 9,2% * Measured in local currency.
Gross Margin Evolution Home Improvement Stores - Colombia
32,5% 37,1%
1Q'09 1Q'10 2Q'09 2Q'10 3Q'09 3Q'10 4Q'09 4Q'10
HOME IMPROVEMENT COLOMBIA SELLING SPACE Easy Stores Square Meters As of March 31th Store Region Opening Easy Américas Bogotá March 2010 Easy Centro Mayor Bogotá March 2010 Norte Bogotá November 2009 Occidente Bogotá October 2008 Total 34.309 N° of Stores 4
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DEPARTMENT STORES
CHILE
Net Revenues for the quarter increased 11,6%, measured in Ch$ at March 31th 2010, compared to last year`s first quarter, to Ch$116.357 million (Ch$104.275 million in the same period of 2009).
PARIS - DEPARTMENT STORES
Nominal Same Store Sales Q1 Q2 Q3 Q4 6M 9M 12M 2010 11,1% #¡DIV/0! #¡DIV/0! #¡DIV/0! 11,1% 11,1% 11,1% 2009 -10,2% -7,3% -3,8% 10,3% -8,6% -7,0% -1,7% 2008 2,0% 2,1% -1,6% -6,3% 2,0% 0,8% -1,5% 2007 0,8% 2,6% 4,7% 5,7% 1,5% 2,4% 3,3% N° Same Store Tickets 2010 -4,7% #¡DIV/0! #¡DIV/0! #¡DIV/0! -4,7% -4,7% -4,7% 2009 -17,6% -20,5% -17,5% 0,1% -19,0% -18,5% -13,0% 2008 -6,5% -5,8% -9,7% -14,4% -6,1% -7,3% -9,5% SS Average Ticket Nominal 2010 16,5% #¡DIV/0! #¡DIV/0! #¡DIV/0! 16,5% 16,5% 16,5% 2009 9,0% 16,7% 16,6% 10,1% 12,8% 14,1% 12,9% 2008 9,1% 8,3% 9,0% 9,5% 8,7% 8,8% 8,9% * Measured in local currency. ** SSS does not include Umbrale and Foster stores.
Cost of sales for the quarter increased 2,8%, in Ch$ at March 31th 2010, to Ch$84.947 million from Ch$82.608 million last year.
Gross profit for the quarter increased 45,0%, in Ch$ at March 31th 2010, to Ch$31.140 million, compared to the same quarter 2009.
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
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DEPARTMENT STORES CHILE SELLING SPACE Square Meters
As of March 31th Store Selling Region Opening Store Selling Region Opening Space Space P.Oeste 11.187 RM March 2005 La Serena 7.153 IV March 2005 La Florida 10.801 RM March 2005 Paseo Estación 6.764 RM November 2008 P. Arauco 10.702 RM March 2005 Alameda 6.717 RM March 2005 Alto Las Condes 9.889 RM March 2005 Iquique 6.657 I May 2008 Antofagasta II 9.285 II September 2006 Valparaíso 6.602 V October 2006 Viña Del Mar 8.988 V March 2005 San Bernardo 6.375 RM November 2007 Curicó 8.602 VII November 2006 Maipú 6.307 RM November 2007 Vespucio 8.481 RM March 2005 Bandera 6.073 RM June 2008 Temuco II 8.042 IX February 2006 Trébol 6.037 VIII March 2005 Barros Arana 7.915 VIII March 2005 Huechuraba 5.892 RM March 2005 Rancagua 7.754 VI March 2007 Los Angeles 5.146 VIII March 2005 Tobalaba 7.645 RM March 2005 Calama 4.896 II March 2005 Lyon 7.600 RM March 2005 Chillan 4.672 VIII March 2005 Puerto Montt 7.292 X March 2005 Talca 4.338 VII March 2005 Temuco 7.280 IX March 2005 Ahumada 2.609 RM June 2007 Total Paris Stores 217.698 N° of Paris Stores 30 - Total Umbrale & Foster Stores 3.248 N° of Umbrale & Foster Stores 20 Total Department Stores 220.946 50 SHOPPING CENTERS
CHILE
Net revenues for Chilean shopping centers (which excludes inter-company lease payments, such as Paris, Jumbo, Easy, Santa Isabel and others) for the quarter decreased 11,6% to Ch$14.924 in millions of Ch$ at March 31th 2010 in the first quarter 2010, from Ch$16.879 million in the same period of 2009. Gross margin decreased to 57,3%, compared to 63,0% of the same quarter of 2009. The occupancy rate6 was 98,25% in the first quarter 2010 compared to 96,97% in the same quarter 20097.
Gross Margin Evolution Shopping Centers Chile
63,0% 57,3%
1Q'09 1Q'10 2Q'09 2Q'10 3Q'09 3Q'10 4Q'09 4Q'10
6 Measured as leased square meters over total leasable square meters.
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SHOPPING CENTERS CHILE LEASEABLE AREA Square Meters As of March 31th Third Parties Opening Third Parties Opening Leasable Area* Leasable Area* Alto Las Condes 76.110 September 1993 Portal El Belloto 14.622 April 2004 Florida Center 75.797 September 2003 Portal La Reina 9.087 August 2002 Portal La Dehesa 46407 November 2003 Portal Rancagua 6.981 May 2000 Portal Temuco 29.534 November 2005 Portal Valparaíso 755 October 2006 Total 259.293 0 *Excluding Areas leased to Jumbo, Easy, Paris y SISA.
ARGENTINA
During the first quarter 2010, net revenues for Argentinean shopping centers decreased 2,2% to Ch$15.168 million (increased 12,4% in dollars).
Gross profit increased 18,9% compared to the same period in 2009, reaching Ch$8.992 million. In dollars, Gross profit increased 36,7%. The occupancy rate8 was 97,1% in the first quarter 2010 compared to 96,94% during the same period of 2009.
Gross Margin Evolution Shopping Centers Argentina
59,3% 48,7%
1Q'09 1Q'10 2Q'09 2Q'10 3Q'09 3Q'10 4Q'09 4Q'10
SHOPPING CENTERS ARGENTINA LEASEABLE AREA Square Meters As of March 31th Third Parties Third Parties Leasable Area* Leasable Area* Unicenter 72.374 Portal Tucumán 8.143 Portal Rosario 24.021 Portal de Palermo 8.084 Plaza Oeste 19.601 El Portal de la Patagonia 7.368 Las Palmas de Pilar 17.387 El Portal de los Andes 5.979 Quilmes 11.447 Trelew 5.797 Parque Brown 9.975 San Martín 5.318 Lomas Center 8.361 El Portal de Escobar 4.309 Total 208.164 *Excluding Areas leased to Jumbo, Easy, Disco
8 Measured as leased square meters over total leasable area. - 22 -
PERU
During the first quarter 2010, net revenues for peruvian shopping centers increased 80,3% in Ch$ at March 31th 2010 (increased 105,9% in dollars) to Ch$2.210 million.
Gross Margin Evolution Shopping Centers Peru
38,3%
-31,1%
1Q'09 1Q'10 2Q'09 2Q'10 3Q'09 3Q'10 4Q'09 4Q'10
SHOPPING CENTERS PERU LEASEABLE AREA Square Meters As of March 31th
Region Third Parties Plaza Lima Sur Lima Leasable Area*46.750 Plaza Camacho Lima 8.000 Total m2 54.750
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FINANCIAL SERVICES
CHILE
Net revenues from Chilean financial services for the quarter decreased 26,4%, in Ch$ at March 31th 2010, to Ch$46.394 million with cost of sales of Ch$23.041 million. Gross Profit decreased 13,4% to Ch$23.354 million in first quarter 2010.
Gross Margin Evolution Financial Services - Chile
50,3% 42,8%
1Q'09 1Q'10 2Q'09 2Q'10 3Q'09 3Q'10 4Q'09 4Q'10
Credit Card gross loans decreased 0,7% compared to March 31th 2009. Gross loans reached Ch$330.378 million on March 31th, 2010, with a risk ratio of 11,7% (total provisions to total gross loans).
% Sales With Credit Cards Over Total Sales
Q1 Q2 Q3 Q4 Department Stores - Chile 2010 49,9% - - - 2009 51,6% 55,1% 55,2% 54,4% Home Improvement Stores - Chile 2010 21,8% - - - 2009 20,9% 20,7% 19,6% 21,5% Hypermarkets - Chile 2010 18,7% - - - 2009 19,3% 19,2% 18,9% 20,5% Supermarkets - Chile 2010 7,3% - - - 2009 7,9% 7,7% 7,5% 8,2%
Average N° of Statements of account of Credit Cards Monthly Issued*
Q1 Q2 Q3 Q4
2010 1.786 #¡DIV/0! #¡DIV/0! #¡DIV/0! 2009 1.983 1.908 1.848 1.795 2008 1.966 1.960 1.983 1.978 *Measured in Thousands.
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Insurance premiums increased 6,0% during the first quarter 2010 compared to the same period 2009, from Ch$7.241 millions to Ch$7.673 millions.
Premiums (Ch$ Millions)
7.673 7.607 7.608 7.494 7.554 8.000 7.266 7.187 7.241 7.274 7.000 6.000 5.000 4.000 3.000 2.000 1.000 - Q1'08 Q2'08 Q3'08 Q4'08 Q1'09 Q2'09 Q3'09 Q4'09 Q1'10
The average number of insurances brokered decreased in 8,7%, compared to first quarter 2009.
Average Number of Insurances Monthly Brokered 1Q 2Q 3Q 4Q 2010 610.112 0 0 0 2009 668.171 669.787 658.457 629.747 2008 732.690 716.411 671.260 653.288
ARGENTINA
Net revenues for the Argentinean financial services in the first quarter reached Ch$3.221 million of Ch$ at March 31th 2010, while cost of sales were Ch$1.492 for the period.
Gross Margin Evolution Financial Services - Argentina
65,5% 53,7%
1Q'09 1Q'10 2Q'09 2Q'10 3Q'09 3Q'10 4Q'09 4Q'10
Gross loans for the quarter reached Ars$263 million (dollars) as of March 31th, 2010 and sales with credit cards over total retail sales reached 9,5%.
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% Sales With Credit Cards Over Total Sales
Q1 Q2 Q3 Q4
Total Retail - Argentina 2010 9,5% 2009 8,1% 8,0% 8,1% 9,7%
The number of insurances brokered increased in 15,7%, compared to first quarter 2009.
Number of Insurances Brokered 1Q 2Q 3Q 4Q 2010 189.593 0 0 0 2009 163.846 169.015 170.288 174.268 2008 72.376 103.949 135.939 156.736
BRAZIL
Net revenues for the Bazilean financial services in the first quarter reached Ch$1.578 million of Ch$ at March 31th 2010, an increase of 53,6% compared to the first quarter of 2009.
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ABOUT CENCOSUD
Cencosud is a leading multi-format retailer in Argentina, Brazil, Chile, Colombia and Peru. Through its supermarket, home improvement, department stores, shopping centers and financial services divisions, the Company targets a wide range of customers with the right combinations of products, prices and quality, designed to meet their growing demands.
Each one of Cencosud strong brands builds a lasting relationship, helping costumers to fulfill their needs and build up their trust by providing excellent products, and services, supported by an attractive loyalty program called “Círculo Más”.
The company has evolved with its customers since it was founded in 1960 by it’s president Mr. Horst Paulmann, this shows a continuous commitment to serve existing and new customers by offering multiple shopping channels and complementary services.
Strategic acquisitions and organic growth have created a unique value portfolio. Cencosud continues its profitable growth by opening new stores and developing new sales channels through Chile and Argentina, this allows the company to achieve its goal of being one of the most prestigious and profitable retailers in Latin America.
At March 31th 2010, the Company operates 43 Jumbo hypermarkets, 137 Santa Isabel supermarkets, 234 supermarkets under the brand names Disco, Plaza Vea and Super Vea, 77 home improvement stores under the brand names Easy and Blaisten, 56 Gbarbosa supermarkets and Hypermarkets, 55 supermarkets and Hypermarkets in Peru under the brands Wong and Metro, 30 Paris department stores and 24 shopping centers
Cencosud S.A. had, as of March 31th an AA Risk Classification (local scale).
This news release contains forward-looking statements, including statements regarding the intent, belief or current expectations of the Company and its management. Investors are cautioned that any such forward- looking statements are not guarantee of future performance and involve a number of risks and uncertainties including, but not limited to, the risks detailed in the company’s financial statements, and the fact that actual results could differ materially from those indicated by such forward-looking statements.
-FINANCIAL TABLES TO FOLLOW-
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CENCOSUD S.A. OPERATING DATA BY BUSINESS SEGMENT AND COUNTRY First Quarter 2010 2009 Number of stores (at end of period):
Supermarkets: Chile 164 163 Argentina 250 256 Brazil 56 50 Peru 55 53 Supermarkets subtotal 525 522
Home Improvement Stores: Chile 26 25 Argentina 47 46 Colombia 4 1 Home Improvement Stores subtotal 77 72
Department Stores: Chile 30 30 Department Stores subtotal 30 30
Shopping Centers: Chile 8 8 Argentina 14 12 Peru 2 2 Shopping Centers subtotal 24 22 Total 656 646
Total selling space of stores (at end of period)
Supermarkets: Chile 409.431 405.835 Argentina 443.809 446.033 Brazil 131.541 121.981 Peru 176.802 168.206 Supermarkets subtotal 1.161.583 1.142.056
Home Improvement Stores: Chile 252.644 251.144 Argentina 355.113 350.666 Colombia 34.309 8.411 Home Improvement Stores subtotal 642.066 610.221
Department Stores: Chile 217.698 217.698 Department Stores subtotal 217.698 217.698
Shopping Centers: Chile 259.293 259.293 Argentina 208.164 194.283 Peru 54.750 54.750 Shopping Centers subtotal 522.207 508.326 Total 2.543.554 2.478.301
Average selling space per store:
Supermarkets: Chile 2.497 2.490 Argentina 1.775 1.742 Brazil 2.349 2.440 Peru 3.215 3.174 2.213 2.188
Home Improvement Stores: Chile 9.717 10.046 Argentina 7.556 7.623 Colombia 8.577 8.411 8.339 8.475
Department Stores: Chile 7.257 7.257 7.257 7.257
Shopping Centers: Chile 32.412 32.412 Argentina 14.869 16.190 Peru 27.375 27.375 21.759 23.106
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CENCOSUD S.A. OPERATING DATA BY BUSINESS SEGMENT AND COUNTRY (cont)
First Quarter
Average sales per store (in real Ch$ millions): 2010 2009
Supermarkets: Chile 2.367 2.352 Argentina 1.281 1.329 Brazil 2.778 2.452 Peru 2.439 2.595 Supermarkets subtotal 1.718 1.720
Home Improvement Stores: Chile 3.136 2.574 Argentina 2.216 2.317 Colombia 1.366 1.968 Home Improvement Stores subtotal 2.482 2.402
Department Stores: Chile 3.879 3.476 Department Stores subtotal 3.879 3.476
Shopping Centers: Chile 1.866 2.110 Argentina 1.083 1.292 Peru 1.105 613 Shopping Centers subtotal 1.346 1.528
Sales per square meter (in real Ch$ thousands):
Supermarkets: Chile 0,9 0,9 Argentina 0,7 0,8 Brazil 1,2 1,0 Peru 0,8 0,8 Supermarkets subtotal 0,8
Home Improvement Stores: Chile 0,3 0,3 Argentina 0,3 0,3 Colombia 0,2 0,2 Home Improvement Stores subtotal 0,3 0,3
Department Stores: Chile 0,5 0,5 Department Stores subtotal 0,5 0,5
Shopping Centers: Chile 0,1 0,1 Argentina 0,1 0,1 Peru 0,0 0,0 Shopping Centers subtotal 0,1 0,1
Increase (decrease) in Nominal Same Store Sales in LOCAL CURRENCY
Supermarkets: Chile 3,0% 2,8% Argentina 16,1% 10,7% Brazil 11,0% -3,6% Peru -2,6% 10,7%
Home Improvement Stores: Chile 27,3% -8,1% Argentina 22,7% 0,5% Colombia -0,1% n.a
Department Stores: Department Stores 11,1% -10,2%
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CENCOSUD S.A. CONSOLIDATED INCOME STATEMENTS (Expressed in millions of Chilean pesos of March 31th, 2010 )
First Quarter 2010 2009 D% MM Ch$ MM Ch$
Net revenues 1.378.317 1.348.285 2,2% Cost of sales (1.005.531) (994.743) 1,1% Gross income 372.786 353.542 5,4%
Selling and administrative expenses (281.398) (293.052) -4,0% Share of Profit (Loss) from Equity-Accounted Joint Ventures 0 0 n.a Share of Profit (Loss) from Equity-Accounted Associates 790 795 -0,6% Operating income 92.178 61.285 50,4% Banking Services Operating income 1.164 (1.417) -182,1% Total Operating Income 93.341 59.867 55,9%
Other profits (losses) 7.304 7.659 -4,6% Financial Income 4.393 1.891 132,3% Finance Costs [for Non-Financial Activities] (19.939) (32.707) -39,0% Income (loss) from foreign exchange variations (1.940) (7.314) -73,5% Result of indexation units (1.866) 14.488 -112,9% Non-operating income (loss) (12.047) (15.982) -24,6%
Income before income taxes 80.130 45.302 76,9% Income taxes (21.522) (9.104) 136,4%
Profit (Loss) After Tax from Continuing Operations 58.608 36.198 61,9% Profit (Loss) Banking Services 1.164 (1.417) Profit (Loss) 59.772 34.781 71,9%
Profit (Loss) Attributable to Equity Holders of Parent 55.872 33.502 66,8% Profit (Loss) Attributable to Minority Interest 3.900 1.279 204,8%
Net income per share 26,4 15,9 66,0% Net income per ADS 396 239 66,0% Number of shares outstanding (in millions) 2.264 2.187 Cash Flow Data Net cash provided by (used in): Operating activities 55.424 86.087 -35,6% Financing activities (119.531) (56.780) 110,5% Investing activities (55.015) (47.798) 15,1% Other Financial Information Capital expenditures 62.410 58.490 6,7% Depreciation 27.832 27.319 1,9% EBITDA 120.772 100.740 19,9%
Financial Ratios Gross margin 27,0% 26,2% 0,8% Operating margin 6,7% 4,5% 2,1% Net margin 4,3% 2,6% 1,8% EBITDA margin 8,8% 7,5% 1,3% - 30 -
CENCOSUD S.A. - SELECTED FINANCIAL DATA BY BUSINESS SEGMENT (Expressed in millions of Chilean pesos of March 31th, 2010 ) First Quarter 2010 2009 D % MM Ch$ MM Ch$ Net Revenues: 1.378.317 1.348.285 2,2% Supermarkets 998.149 983.705 1,5% Home improvement stores 191.145 172.910 10,5% Department Stores 116.357 104.275 11,6% Shopping centers 32.302 33.615 -3,9% Financial Services 51.193 67.625 -24,3% Others (10.830) (13.844) -21,8% Cost of Sales: (1.005.531) (994.743) 1,1% Supermarkets (749.985) (748.064) 0,3% Home improvement stores (133.507) (119.908) 11,3% Department Stores (84.947) (82.608) 2,8% Shopping centers (13.908) (15.795) -11,9% Financial Services (24.533) (37.269) -34,2% Others 1.350 8.901 -84,8% Gross Profit: 372.786 353.542 5,4% Supermarkets 248.164 235.641 5,3% Home improvement stores 57.638 53.002 8,7% Department Stores 31.410 21.667 45,0% Shopping centers 18.394 17.820 3,2% Financial Services 26.660 30.356 -12,2% Others (9.480) (4.943) 91,8% Selling & Adm. expenses: (281.398) (293.052) -4,0% Supermarkets (183.455) (189.387) -3,1% Home improvement stores (44.362) (44.937) -1,3% Department Stores (31.899) (31.681) 0,7% Shopping centers (1.439) (4.743) -69,7% Financial Services (14.389) (16.257) -11,5% Others (5.853) (6.048) -3,2% Operating Income: 92.178 61.285 50,4% Supermarkets 64.754 46.290 39,9% Home improvement stores 13.276 8.064 64,6% Department Stores (489) (10.014) -95,1% Shopping centers 17.699 13.836 27,9% Financial Services 12.271 14.099 -13,0% Others (15.333) (10.991) 39,5% EBITDA: 120.772 100.740 19,9% Supermarkets 80.702 61.107 32,1% Home improvement stores 17.227 12.390 39,0% Department Stores 3.920 (5.506) 71,2% Shopping centers 19.944 16.130 23,6% Financial Services 12.564 14.846 -15,4% Others (13.586) 1.773 -866,4%
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CENCOSUD S.A. - SELECTED FINANCIAL DATA BY BUSINESS SEGMENT AND COUNTRY (Expressed in millions of Chilean pesos of March 31th, 2010 ) First Quarter 2010 2009 D % MM Ch$ MM Ch$ Supermarkets: Chile 388.136 383.413 1,2% Argentina 320.312 340.156 -5,8% Brazil 155.557 122.620 26,9% Peru 134.144 137.516 -2,5% Subtotal 998.149 983.705 1,5% Home Improvement Stores: Chile 81.539 64.359 26,7% Argentina 104.141 106.583 -2,3% Colombia 5.465 1.968 177,7% Subtotal 191.145 172.910 10,5% Department Stores: Chile 116.357 104.275 11,6% Subtotal 116.357 104.275 11,6% Shopping Centers: Chile 14.924 16.879 -11,6% Argentina 15.168 15.510 -2,2% Peru 2.210 1.226 80,3% Subtotal 32.302 33.615 -3,9% Financial Services: Chile 46.394 63.005 -26,4% Argentina 3.221 3.593 -10,3% Brazil 1.578 1.027 53,6% Subtotal 51.193 67.625 -24,3% Others: Chile -11.711 -14.665 -20,1% Argentina 881 821 7,3% Subtotal -10.830 -13.844 -21,8% TOTAL NET REVENUES: 1.378.317 1.348.285 2,2% Supermarkets: Chile -292.056 -295.663 -1,2% Argentina -239.506 -252.919 -5,3% Brazil -119.866 -96.563 24,1% Peru -98.557 -102.919 -4,2% Subtotal -749.985 -748.064 0,3% Home Improvement Stores: Chile -59.928 -46.527 28,8% Argentina -70.145 -72.054 -2,6% Colombia -3.435 -1.328 158,7% Subtotal -133.507 -119.908 11,3% Department Stores: Chile -84.947 -82.608 2,8% Subtotal -84.947 -82.608 2,8% Shopping Centers: Chile -6.369 -6.238 2,1% Argentina -6.176 -7.950 -22,3% Peru -1.362 -1.607 -15,2% Subtotal -13.908 -15.795 -11,9% Financial Services: Chile -23.041 -36.028 -36,0% Argentina -1.492 -1.241 20,2% Brazil - - Subtotal -24.533 -37.269 -34,2% Others: Chile 1.929 9.203 -79,0% Argentina -580 -302 91,7% Brazil - - Peru - - Subtotal 1.350 8.900 -84,8% TOTAL COST OF SALES: -1.005.531 -994.744 1,1% Supermarkets: Chile 96.080 87.750 9,5% Argentina 80.806 87.237 -7,4% Brazil 35.691 26.057 37,0% Peru 35.587 34.597 2,9% Subtotal 248.164 235.641 5,3% Home Improvement Stores: Chile 21.611 17.832 21,2% Argentina 33.997 34.529 -1,5% Colombia 2.030 640 217,2% Subtotal 57.638 53.002 8,7% Department Stores: Chile 31.410 21.667 45,0% Subtotal 31.410 21.667 45,0% Shopping Centers: Chile 8.555 10.641 -19,6% Argentina 8.992 7.560 18,9% Peru 847 -382 -322,0% Subtotal 18.394 17.820 3,2% Financial Services: Chile 23.354 26.977 -13,4% Argentina 1.729 2.351 -26,5% Brazil 1.578 1.027 53,6% Subtotal 26.660 30.356 -12,2% Others: Chile -9.781 -5.463 79,1% Argentina 301 519 -41,9% Subtotal -9.480 -4.944 91,8% TOTAL GROSS PROFIT: 372.786 353.541 5,4% - 32 -
CENCOSUD S.A. CONSOLIDATED BALANCE SHEETS (Expressed in millions of Chilean pesos of March 31th, 2010 )
2010 MM Ch$ Current Assets: Cash and Cash Equivalents 88.874 Financial assets at fair value through profit or loss - Available-for-Sale Financial Assets, Current - Other Financial Assets, Current 190.220 Other Non-Financial Assets, Current 18.155 Trade and Other Receivables, Net, Current 555.902 Accounts receivable from related parties, Current - Inventories 475.966 Biological Assets, Current - Hedging Assets, Current - Assets Pledged as Collateral Subject to Sale or Repledging, Current - Prepayments, Current - Current Tax Receivables 53.714 Other Assets, Current - Assets, Current, Total 1.382.831 Non-Current Assets: Available-for-Sale Financial Assets, Non-Current - Other Financial Assets, Non-Current 11.113 Other Non-Financial Assets, Non-Current 21.331 Trade and Other Receivables, Net, Non-Current 54.562 Accounts receivable from related parties, Non-Current - Equity Method Accounted Investments in Associates 28.890 Other Equity Method Accounted Investments - Intangible Assets, Net 455.627 Capital gain 706.537 Property, Plant and Equipment, Net 1.854.360 Biological Assets, Non-Current - Investment Property 921.957 Deferred Tax Assets 60.115 Assets Pledged as Collateral Subject to Sale or Repledging, Non-Current - Hedging Assets, Non-Current - Prepayments, Non-Current - Cash Restricted or Pledged - Other Assets, Non-Current - Assets, Non-Current, Total 4.114.491 Banking Assets: Loans and receivables to customers 169.143 Other Assets 28.079 Banking Assets, Total 197.222
TOTAL ASSETS 5.694.544
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CENCOSUD S.A. CONSOLIDATED BALANCE SHEETS (Expressed in millions of Chilean pesos of March 31th, 2010 )
2010 MM Ch$ Current Liabilities: Interest-Bearing Borrowings, Current 183.962 Non-Interest-Bearing Borrowings, Current - Other Financial Liabilities, Current 17.771 Trade and Other Payables, Current 1.020.937 Notes and accounts payable to related companies, Current 1.002 Provisions, Current 13.737 Current Tax Payables 59.352 Other Liabilities, Current 24.632 Deferred Income, Current 18.864 Post-Employment Benefit Obligation, Current - Hedging Liabilities, Current - Accrued Liabilities, Total 33.036 Liabilities Included in Disposal Groups Classified as Held for Sale - Liabilities, Current, Total 1.373.292 Non-Current Liabilities: Interest-Bearing Borrowings, Non-Current 1.194.299 Non-Interest-Bearing Borrowings, Non-Current - Other Financial Liabilities, Non-Current - Trade and Other Payables, Non-Current 4.384 Provisions, Non-Current 30.643 Deferred Tax Liabilities 212.253 Other Liabilities, Non-Current 16.081 Deferred Income, Non-Current 16.058 Post-Employment Benefit Obligation, Non-Current - Hedging Liabilities, Non-Current 1.370 Liabilities, Non-Current, Total 1.475.088 Banking Services Liabilities: Deposits and term deposits 154.315 Other liabilities 18.274 Banking Liabilities , Total 172.590 Equity: Issued Capital 1.431.299 Treasury Shares - Other Reserves 6.296 Retained Earnings (Accumulated Losses) 1.154.698 Equity Attributable to Equity Holders of Parent 2.592.293 Minority Interest 81.281 Equity, Total 2.673.574
TOTAL EQUITY AND LIABILITIES 5.694.544
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