Presentaci n Inversionistas 3Q12...
Transcript of Presentaci n Inversionistas 3Q12...
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126/10/2012 10:33skiron\Roadshow\Presentación
Roadshow Script 2.ppt1
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Forward Looking Statements
This presentation contains, or may be deemed to contain, “forward-looking statements”.
By their nature, forward looking statements involve risks and uncertainties because they
relate to events and depend on circumstances that may or may not occur in the future.
The future results of Grupo Famsa may vary from the results expressed in, or implied by,
the forward-looking statements made to you, possibly to a material degree.
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4 Highlights 3Q12
4 Operating and Financial Results 3Q12
4Famsa Mexico
4Banco Ahorro Famsa
4Famsa USA
4 Consolidated Financial Results 3Q12
Agenda
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4 3Q12 Consolidated Operating Cash Flow (EBITDA) grew 24.6% year-over-
year, to Ps$572 million
4 The EBITDA expansion was driven by the profitability of operations in Mexico
and a stringent control of operating expenses
4 Famsa México’s EBITDA totaled Ps$538 million for the third quarter, reaching
an EBITDA Margin of 18.1%
4 Furniture, Seasonal Products and Motorcycles were the categories posting
the most robust sales during the quarter
4 Banco Ahorro Famsa’s capitalization index remains within a stable range
(>13%)
4 The sustained growth in BAF’s deposit base to Ps$11,521 million underscores
the stability of the bank’s operations
4 Total Sales in the Texas region denominated in dollars increased 5.9% in
September, growing for the first time this year
4 In the West, 16 stores were closed in September and diverse initiatives were
implemented to facilitate the collection of accounts receivable
USA
MX
Highlights – 3Q12
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Agenda
4 Highlights 3Q12
4 Operating and Financial Results 3Q12
4Famsa Mexico
4Banco Ahorro Famsa
4Famsa USA
4 Consolidated Financial Results 3Q12
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Famsa Mexico´s EBITDA quarterly growth of 21% was drove by
the increased productivity of its store network
$8,632$8,448
$2,972$2,866
3Q11 3Q12 Jan-Sept 11 Jan-Sept 12
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Peso
s (
Millio
ns)
Famsa Mexico: Net Sales Famsa Mexico: EBITDA
Total: +2.2%
SSS: +2.1%
Total: +3.7%
SSS: +3.3%
Peso
s (
Millio
ns)
$1,537
$1,274
$538
$445
3Q11 3Q12 Jan-Sept 11 Jan-Sept 12
+20.7%
+21.0%
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25.8% 25.7%
11.8% 13.4%
12.1% 11.2%
11.6% 10.6%
8.6% 8.2%
5.9% 5.8%
3.5% 5.3%
20.7% 19.9%
Jan-Sept 11 Jan-Sept 12
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As of the close of 3Q12 Furniture and Seasonal Products posted
greater increases in sales; 13.9% and 6.1% respectively
Famsa Mexico: % of Sales by Product Category Famsa Mexico: Sales Growth by Product Category (Accumulated as of Sept. 2012)
100%100%
% o
f S
ale
s
Others
Mobile Phones
Personal Loans
Furniture
Electronics
Appliances
Computers
Motorcycles
-10%
-5%
0%
5%
10%
15%
Ap
pli
an
ces
Ele
ctr
on
ics
Mo
bil
e
Ph
on
es
Co
mp
ute
rs
Pers
on
al
Lo
an
s
Seaso
nal
Pro
du
cts
Fu
rnit
ure
Mo
torc
ycle
s
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8* Preliminary figures
Source: CNBV, Banco Ahorro Famsa
0%
3%
6%
9%
12%
15%
Se
p-1
1
Oc
t-1
1
No
v-1
1
De
c-1
1
Ja
n-1
2
Fe
b-1
2
Ma
r-1
2
Ap
r-1
2
Ma
y-1
2
Ju
n-1
2
Ju
l-1
2
Ag
o-1
2
Se
p-1
2*
0%
3%
6%
9%
12%
15%
Sep
-11
Oct-
11
No
v-1
1
Dec-1
1
Jan
-12
Feb
-12
Mar-
12
Ap
r-12
May-1
2
Ju
n-1
2
Ju
l-12
Ag
o-1
2
Sep
-12*
BAF: Non-Performing Loans Ratio (IMOR)BAF: Capitalization Index (ICAP)
Banco Ahorro Famsa’s capitalization index continues in a
stable range (>13%), reflecting its ongoing strength
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+18.8%
775 972 1,000 1,0921,045
2,3402,068
1,390 1,341 1,316
9,1139,012
8,639
7,3976,583
3Q11 4Q11 1Q12 2Q12 3Q12
$11,521
4.5%
5.6%
6.7%
7.8%
8.8%
4Q
09
1Q
10
2Q
10
3Q
10
4Q
10
1Q
11
2Q
11
3Q
11
4Q
11
1Q
12
2Q
12
3Q
12
Rate
(%)
8.0%
5.2%
$9,698
Peso
s (
Millio
ns)
BAF: Deposits BAF: Average Cost of Funding
Demand Deposits Time Deposits with optional availability Time Deposits
Source: Banco Ahorro FamsaSource: Grupo Famsa, Banco Ahorro Famsa
The sustained growth of its deposit base shows the stability of
BAF’s operations; bank deposits totaled Ps$11,521 million
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3Q11 4Q11 1Q12 2Q12 3Q12
Grupo Famsa: Commercial Loans Mexico
PYME,Micro
&Corp.
+56.1%
Peso
s (
Millio
ns)
Financial Institutions & Other PYME, Microcredit & Corporate
BAF continues to develop initiatives to support micro, small
and medium-sized companies
$1,841
$1,527
$2,088$2,185
$2,383
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$1,240$1,271
$420$420
3Q11 3Q12 Jan-Sept 11 Jan-Sept 12
$84
$43
$26
-$1
3Q11 3Q12 Jan-Sept 11 Jan-Sept 12
1111
Peso
s (
Millio
ns)
Famsa USA: Net Sales
The rate of recovery of Texas operations accelerated during 3Q12,
posting sales growth for the first time in September 2012
Famsa USA: EBITDA
Total: -0.1% (MXN)Total: -4.4% (USD)SSS: -4.6% (USD)
Total: -2.4% (MXN)Total: -11.0% (USD)SSS: -11.2% (USD)
+94.9% (MXN)+77.9% (USD)
Peso
s (
Millio
ns)
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In the West, 16 stores were closed and diverse initiatives were
implemented to maximize the collection of accounts receivable
West Region: Store Closures West Region: Collection of Accounts Receivable
1Q12 2Q12 3Q12 4Q12 Total
Stores 1 16 7 24
DistributionCenters / Warehouses
2 2 4
4 Maximize the collection through:
4 Payment centers: 10 kiosks were installed
near certain closed stores for the
customer's convenience
4 Alliances: alliances were celebrated with
MoneyGram and CheckFreePay providing
additional locations for payment process
4 Call center: payment over-the-phone either
with debt or credit card
4 Famsa USA´s Website
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Estimated Plan for Store Openings and Closures (4Q12e)
3Q12 Openings Closures 4Q12e
Stores 382 5 7 380
Famsa Mexico 350 5 0 355
Famsa USA -Texas 25 0 0 25
Famsa USA -West 7 0 7 0
Banco Ahorro Famsa 289 16 0 305
During 4Q12, the growth of our operations in Mexico will
be enhanced with the opening of 16 new locations
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Agenda
4 Highlights 3Q12
4 Operating and Financial Results 3Q12
4Famsa Mexico
4Banco Ahorro Famsa
4Famsa USA
4 Consolidated Financial Results 3Q12
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1515
3Q11 3Q12 Jan-Sept 11 Jan-Sept 12
87% 87%
13% 13%
Jan-Sept 11 Jan-Sept 12
Famsa USA
Famsa Mexico
$9,899
+1.0%
Net Sales
3Q12 Jan-Sept 12
Total 1.3% -0.5%
Famsa Mexico 3.3% 2.1%
Famsa USA* -4.6% -11.2%
MX
USA$3,311
$9,805
+3.0%
Share of Consolidated Net Sales by CountrySame Store Sales (%)
Consolidated Net Sales Consolidated Product Mix
Peso
s (
Millio
ns)
% o
f S
ale
s%
of
Sale
s
Others
ComputerMobile Phones
Electronics
Appliances
Personal Loans
Furniture$3,409
23% 23%
16% 18%
13% 12%11% 11%8% 7%6% 6%
24%23%
Jan-Sept 11 Jan-Sept 12
* Calculated in US dollars, excluding FX
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$522
$50
-$72
$87
3Q11 3Q12 Jan-Sept 11 Jan-Sept 12
3Q11 3Q12 Jan-Sept 11 Jan-Sept 12
16
3Q11 3Q12 Jan-Sept 11 Jan-Sept 12
3Q11 3Q12 Jan-Sept 11 Jan-Sept 12
EBITDA
+6.8%
Peso
s (
Millio
ns)
49.8% 52.1% 49.3% 52.1%
+7.8%
-7.3%
13.3% 8.7% 9.8% 9.0%
-32.2%
+949.4%
(2.2)%
0.5%
+220.7%
2.6% 5.3%
+24.6%
MX
USA $459$572
$1,359
$1,631+20.0%
13.9% 16.8% 13.9% 16.5%
Profitability
$1,648 $1,776
$4,835$5,162
MX
USA
Gross Income
Net IncomeComprehensive Financing Expense
$439$298
$964 $894Interest Expense, net FX
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$1,908$1,973
2011 2012
$8,721$8,206
2011 2012
$4,784$4,519
$9,698$11,521
2011 2012
1717
Main Balance Sheet Accounts
$1,538
$1,454
$12,560 $14,197
$1,527
$2,383
2011 2012
-3.3%
+6.3%+10.8%
$15,625
$18,034
$14,482$16,040
+15.4%
Trade Accounts Receivable Inventories
Net Debt and Bank Deposits Stockholder’s Equity
Bank Deposits
Net Debt
Commercial (BAF)Consumer USA
Consumer Mexico
Peso
s (
Millio
ns)