XV Capital Market Event Credicorp Capital. Rodrigo Larrain, CFO Lima, 27 of Sept. 2017
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1 XV Capital Market Event Credicorp Capital Rodrigo Larrain, CFO Lima, 27 of Sept. 2017
2 CENCOSUD: Regional Leadership in Retail JV COLOMBIA 3ER SUPERMARKETS 2DO HOME IMPROVEMENT JV PERU 4TH SUPERMARKETS Leadership position in the NorthEast, Minas Gerais & Rio de Janeiro 2DO SUPERMARKETS 4TO DEPARTMENT STORES CHILE 2DO JV SUPERMARKETS HOME IMPROVEMENT DO 2 SHOPPING CENTERS 2DO DEPARTMENT STORES 2DO BRAZIL ARGENTINA 2ND SUPERMARKETS 1ST HOME IMPROVEMENT 1ST SHOPPING CENTERS 4 Note: Financial Services provided through a Joint Venture in Chile (Scotiabank), Brazil (Bradesco) and Colombia (Colpatria)
3 CENCOSUD: Regional Leadership in Retail INCOME BY COUNTRY (LTM as of June 17) US$ mm ADJUSTED EBITDA BY COUNTRY (LTM as of June 17) US$ mm1,2 (6.6% Adjusted EBITDA margin) 5% 8% 11% 9% 42% 16% 24% 60% 25% ARGENTINA CHILE 245 supermarkets 35 home improvement 79 department stores 26 shopping centers F.S: JV with Scotiabank 282 supermarkets 51 home improvement 22 shopping centers Financial Services BRAZIL 211 supermarkets Atacarejo format 3 different regions F.S.: JV with Bradesco COLOMBIA PERU 91 supermarkets 10 department stores 4 shopping centers Financial Services 101 supermarkets 10 home improvement 2 shopping centers F.S.: JV with Colpatria Note: Figures converted to USD using a constant exchange rate of CLP per US dollar 1 Graph excludes Adj. EBITDA from Brazilian operations which presented a negative contribution of USD 26 mm 2 Adjusted EBITDA represents EBITDA plus exchange differences and gains (losses) from indexation units minus revaluation of assets. mg= Adjusted EBITDA margin. The figure includes CLP 11,647 mm of extraordinary gains from the sale of non-core properties and Teleticket in Peru. 5
4 CENCOSUD and the Capital Markets
5 UNA HISTORIA DE CRECIMIENTO1 CENCOSUD: Growing with the Capital Markets Local Development Chile and Argentina st Bond issuance in Chile Consolidación y Sinergias IPO NYSE ~ $ 145 MM Proceso de Internacionalización Peru 15.6 Delisting NYSE First supermarket openings IPO BCS LTM June 1 Revenues denominated in USD using a constant Exchange rate of CLP per US dollar 2 BCS stands for Bolsa de Comercio de Santiago (Santiago Stock Exchange) '17 3: Main executed transactions, approximated figures, using each year exchange rate 7
6 UNA HISTORIA DE CRECIMIENTO1 CENCOSUD: Growing with the Capital Markets UNA HISTORIA CRECIMIENTO1 Local DE Development Regional Expansion Chile & Argentina IPO in Stock Market (Chile) Capital increase (swap) Bonds issuance in Chile Bonds issuance in Chile Capital increase (swap) IncaBond issuance in Peru Bond issuance in Chile ~$ ~$ ~$ ~$ ~$ ~$ ~$ 332 MM 950 MM 335 MM 52 MM 500 MM 145 MM 280 MM 2009 Bond issuance in Chile st Regs/144ª Bond issuance Bond issuance in Chile 2012 IPO NYSE (ADS) RegS/144ª Bond issuance 2013 Capital increase Consolidación y Sinergias IPO NYSE ~ $ 360 MM ~ $ 750 MM ~ $ 115 MM ~ $ 475 MM ~ $1,200MM ~ $1,630MM Peru 15.6 Delisting NYSE First supermarket openings IPO BCS LTM June 1 Revenues denominated in USD using a constant Exchange rate of CLP per US dollar 2 BCS stands for Bolsa de Comercio de Santiago (Santiago Stock Exchange) '17 3: Main executed transactions, approximated figures, using each year exchange rate 7
7 UNA HISTORIA DE CRECIMIENTO1 CENCOSUD: Growing with the Capital Markets UNA HISTORIA DE CRECIMIENTO1 Local Development Chile and Argentina 2015 RegS/144ª Bond issuance 2016 Secondary sales of stocks Bond issuance in Chile 2017 RegS/144ª Bond issuance Consolidation of Leadership Regional Expansion IPO NYSE ~ $1,000MM ~ $ 450 MM ~ $ 250 MM ~ $1,000MM Peru 15.6 Delisting NYSE First supermarket openings IPO BCS LTM June 1 Revenues denominated in USD using a constant Exchange rate of CLP per US dollar 2 BCS stands for Bolsa de Comercio de Santiago (Santiago Stock Exchange) '17 3: Main executed transactions, approximated figures, using each year exchange rate 7
8 CENCOSUD: Growing with the Capital Markets UNA HISTORIA CRECIMIENTO1 Local DE Development Consolidation of Leadership Regional Expansion Chile and Argentina IPO NYSE Capital Increase +5.6B StockSwap Peru Bond Issuance 15.6 Delisting NYSE First supermarket openings IPO BCS LTM June 1 Revenues denominated in USD using a constant Exchange rate of CLP per US dollar 2 BCS stands for Bolsa de Comercio de Santiago (Santiago Stock Exchange) '17 3: Main executed transactions, approximated figures, using each year exchange rate 7
9 CENCOSUD over 15 years COUNTRIES 2 X 2,5 5 RETAIL BRANDS 2 X 7,5 15 Nº STORES 54 X SQM (MM) 0,5 X7 3,6 SALES (USD bn) 1,0 X 16 15,7 EMPLOYEES X Notes: (1) Calculated with a 2013 Exchange rate. (2) Population in the areas where Cencosud operated in that year.
10 16 B Annual Sales 200M Potential Clients Investment Grade 135K employees Stores 54 Shoppings 6,2M Sqm of land bank in the region
11 Case Study: Liability Management July 2017
12 TENDER (Comité de Finanzas Liability Management July 2017 de Junio) Original Debt Amortization Calendar Bond maturity for USD MM January 2021 & January 2023 USD MM
13 PERFIL DE VENCIMIENTO DE CORPORACIONES LATAM Liability Management July 2017 Forecast of the Latam Corporate Bond maturity US Treasury expectancy 10Y $57.4 $ Current 2.16% $ $41.9 $ $ $ Argentina Brazil Chile Colombia Mexico Panama $ $ $ $ $ $ $ Peru Others
14 45 days
15 Liability Management: Liquidity increase, duration & debt cost 1400 Initial amortization calendar 4.875% % 5.50% % % Tender: USD 493 MM of the 2021 bond and USD 257 MM of the 2023 bond New issuance for USD 1,000 MM to 10 years: book orders 4x the target amount, reaching one of the lowest interest rates in Cencosud s history (USD % o T + 210bps) 1400 Final amortization calendar
16
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