Cencosud Announces First Quarter 2009 Results Revenues increased 11,3% in the first quarter 2009 reaching Ch$ 1.326,8 bln. Brazilian, Peruvian and Colombian operations accounted for 19,2% of first quarter revenues. Supermarkets and hypermarket represented 72,5% of consolidated revenues. Gross Margin increased 7,8% to Ch$ 351,7 bln from Ch$ 326,4 in the first quarter 2008. Ebitda reached Ch$ 86,3 bln, 6,5% lower than first quarter 2008. Santiago Chile, Wednesday April 29th, 2009 – 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 2009. The company earned Ch$15,1 billion, or Ch$6,9 per ordinary share (US$ 0,18 per American Depositary Shares (ADS)).1 1 Financial data presented in this report is adjusted by Inflation (IPC: Índice de Precio al Consumidor) for January - March, 2009. - 1 - WorldReginfo - 92ffcbbd-fe06-4fc7-ac18-d1567d0d5678 Index FIRST QUARTER RELEVANT FACTS ..........................................................................3 FIRST QUARTER 2009 ANALYSIS................................................................................4 NET REVENUES...............................................................................................................4 OPERATING PROFIT .......................................................................................................6 NON OPERATING INCOME ...........................................................................................7 EBITDA..............................................................................................................................8 ANALYSIS BY COUNTRY AND BUSINESS ................................................................9 CHILE- HYPERMARKETS & SUPERMARKETS .....................................................9 CHILE - HOME IMPROVEMENT STORES .............................................................11 CHILE - DEPARTMENT STORES.............................................................................12 CHILE - CREDIT CARDS (PARIS & JUMBO & EASY MÁS)................................14 CHILE - SHOPPING CENTERS .................................................................................16 ARGENTINA - HYPERMARKETS & SUPERMARKETS.......................................18 ARGENTINA - HOME IMPROVEMENT STORES..................................................20 ARGENTINA - CREDIT CARDS ...............................................................................22 ARGENTINA - SHOPPING CENTERS......................................................................22 BRAZIL – SUPERMARKETS.....................................................................................23 PERU ............................................................................................................................23 -FINANCIAL TABLES TO FOLLOW-..............................................................................25 - 2 - WorldReginfo - 92ffcbbd-fe06-4fc7-ac18-d1567d0d5678 FIRST QUARTER RELEVANT FACTS V During the First quarter 2009, Cencosud concluded the following projects in Argentina and Chile. - In Argentina: ° One Supermarket Vea with 414 square meters of selling space. - In Chile: ° Two Santa Isabel stores, one in Santiago with 1.426 square meters of total selling space, and one in Las Condes with 1.200 square meters. V During March 2009, Cencosud signed an agreement to sell its stake in Inmobiliaria Mall Calama S.A. During April Cencosud also acquired Casino´s shares in Easy Holland BV, owner of Easy Colombia, increasing its participation to 100%. - 3 - WorldReginfo - 92ffcbbd-fe06-4fc7-ac18-d1567d0d5678 FIRST QUARTER 2009 ANALYSIS NET REVENUES Consolidated net revenues increased 11,3%, in constant Ch$ as of March 31th 2009, to Ch$1.326.762 million, compared to Ch$1.191.968 million in the first quarter 2008. First Quarter 2009 2008 ∆ % Revenues 1.326.762 1 .191.968 11,3% Chile 621.447 6 30.120 -1,4% Argentina 450.503 3 61.876 24,5% Brazil 119.241 1 20.401 -1,0% Peru* 133.612 7 9.571 67,9% Colombia* 1.960 - N/A (In millions of constant Ch$ As of March 31st, 2009) Consolidated net revenues from Chilean operations decreased 1,4%, in constant Ch$ as of March 31st 2009, reaching Ch$621.447 million, compared to the same quarter of 2008. In Argentina net revenues increased 24,5%, in constant Ch$ as of March 31st 2009, to Ch$450.503 million compared to the same quarter of 2008. In Brazil net revenues decreased 1,0%, in constant Ch$ as of March 31st 2009, to Ch$119.241 million compared to the same quarter of 2008 Net revenues reached Ch$133.612 million and Ch$1.960 million in Peru and Colombia, respectively.2 2009 Revenues 2008 Revenues Breakdown by Country Breakdown by Country Peru* Colombia* Brazil Peru* Brazil 10,1% 0,1% Chile 10,1% 6,7% 9,0% 46,8% Chile Argentina 52,9% 34,0% Argentina 30,4% With the consolidation of the new international operations (Brazil, Peru), hypermarkets & supermarkets accounts for 72,5% as of first quarter 2009. 2 (*) Peru and Colombia consolidate since February 2008 and October 2008 respectively. - 4 - WorldReginfo - 92ffcbbd-fe06-4fc7-ac18-d1567d0d5678 2009 Revenues 2008 Revenues Breakdown by Business Breakdown by Business Dep.Stores Dep.Stores Insurances Insurances C.Cards C.Cards 9,9% 7,8% 0,2% 0,4% Hyperm. 4,1% Hyperm. 4,4% Shopping 20,4% Shopping 20,8% 2,5% 2,2% Home imp. Home imp. 13,1% 12,8% Superm. Superm. 52,1% 49,2% GROSS PROFIT Consolidated gross profit for the quarter increased 7,8%, in constant Ch$ as of March 31st 2009, to Ch$351.749 million compared to Ch$326.433 million in the first quarter 2008. Consolidated gross margin for the first quarter 2009 was 26,5%. First Quarter 2009 2008 ∆ % Gross Profit 351.749 3 26.433 7,8% Chile 160.921 1 73.359 -7,2% Argentina 129.350 1 07.555 20,3% Brazil 25.770 2 5.005 3,1% Peru* 35.014 2 0.514 70,7% Colombia* 695 - N/A (In millions of constant Ch$ As of March 31st, 2009) 2009 Gross Profit 2008 Gross Profit Breakdown by Country Breakdown by Country Peru* Colombia* Brazil Peru* Chile Brazil 10,0% 0,2% 7,7% 6,3% Chile 45,7% 7,3% 53,1% Argentina Argentina 32,9% 36,8% Gross profit in Chile decreased 7,2%, in millions of constant Ch$ as of March 31st 2009, to Ch$160.921 million compared to Ch$173.359 million in first quarter 2008. Gross margin decreased to 25,9% from 27,5% for the same period in 2008. Gross profit in Argentina increased to Ch$129.350 million, in constant Ch$ as of March 31st 2009, 20,3% higher than first quarter, 2008. Gross margin decreased to 28,7% from 29,7% for the same period in 2008. - 5 - WorldReginfo - 92ffcbbd-fe06-4fc7-ac18-d1567d0d5678 Brazilian Gross profit increased 3,1%, in constant Ch$ as of March 31st 2009, to Ch$25.770 million for the first quarter 2009. Gross margin increased to 21,6% from 20,8% for the same period in 2008. Peruvian Gross Profit was Ch$35.014 million for the first quarter 2009 Gross margin increased to 26,2% from 25,8% for the same period in 2008. Colombian Gross Profit was Ch$695 million for the first quarter 2009. OPERATING PROFIT Operating profit for the quarter decreased 14,8% (measured in constant Ch$ as of March 31st 2009) to Ch$57.252 million compared to Ch$67.185 million in the first quarter, 2008. Consolidated operating margin, as a percentage of net revenues, was 4,3% for the first quarter 2009, compared to 5,6% for the first quarter 2008 operating margin. First Quarter 2009 2008 ∆ % Operating Profit 57.252 6 7.185 -14,8% Chile 29.728 4 1.500 -28,4% Argentina 20.390 1 8.484 10,3% (Brazil, Peru y Colombia*) 7.133 7 .201 -0,9% (In millions of constant Ch$ As of March 31st, 2009) 2009 Operating Profit 2008 Operating Profit Breakdown by Country Breakdown by Country (Brazil, (Brazil, Peru y Peru y Colombia*) Colombia*); 10,7% 7.133 Argentina 27,5% Chile; Argentina; Chile 29.728 61,8% 20.390 Operating profit in Chile decreased 28,4%, in millions of constant Ch$ as of March 31st 2009, to Ch$29.728 million compared to Ch$41.500 million in first quarter 2008. Operating margin decreased to 4,8% from 6,6% for the same period in 2008. - 6 - WorldReginfo - 92ffcbbd-fe06-4fc7-ac18-d1567d0d5678 Operating profit in Argentina increased to Ch$20.390 million, 10,3% higher than first quarter, 2008 (measured in constant Ch$ as of March 31st 2009). Operating margin decreased to 4,5% from 5,1% for the same period in 2008. Other international operations (Brazil, Peru & Colombia) operating profit was Ch$7.133 million for the first quarter 2009. SELLING AND ADMINISTRATIVE EXPENSES Consolidated selling and administrative expenses increased 13,6%, in millions of constant Ch$ as of March 31st 2009, to Ch$294.497 million for the quarter ended in March 31st 2009 from Ch$259.877 million for the same period in 2008. As a percentage of net revenues, selling and administrative expenses increased to 22,2% during first quarter 2009 from 21,7% during the same period 2008. NON OPERATING INCOME During the first quarter of 2009, non-operating result was a loss of Ch$37.872. This compares to a non-operating loss of Ch$29.564 in first quarter 2008. First Quarter (In millions of constant Ch$ As of March 31st, 2009) 2009 2008 ∆ Financial Income 1.496 1.193 3 03 Net Equity in earnings of unconsolidated affiliates - 1.837 1.979 -3.816 Other Non-Operating Income 6.953 1.464 5 .489 Amortization of Goodwill - 7.892 -6.203 -1.688 Financial Expense - 28.390 -21.936 -6.454 Other Non-Operating Expense - 6.546 -6.371 -175 Price Level Restatement - 7.431 1.278 -8.709 Income(loss)from foreign exchange variations