Presentación de PowerPoint - Forusforus.cl/wp-content/uploads/2019/05/Forus... · Chile 82,1%...
Transcript of Presentación de PowerPoint - Forusforus.cl/wp-content/uploads/2019/05/Forus... · Chile 82,1%...
April 2019
Agenda
1. Company Overview
2. Retail and Brand Leadership
3. Strategy
4. Key Financial Metrics
2
Agenda
Chile
82,1%
Uruguay
8,3%
Perú
7,6%
Colombia
2,0%
Footwear66%
Apparel
26%
Accesories 8%
COLOMBIA
PERU
CHILE URUGUAY
21 Concepts of retail chain of stores
1As of December 2018, 2 Average 2018 exchange rate 640.3 CLP/USD. 3 Stock price and FX as of January 2nd 2019: 694,8 CLP/USD,
Forus at a glance
Revenue per Subsidiary 2018 2014 RatiosRevenue per Category 2018
Brand Builder & Specialty Retailer
17,9%
# Stores per CountryRatios 2018
341
65
51
60
29 Brandsin our portfolio
517 Storesin 4 countries 1
US$ 387 millionin Revenue 2018 2
US$ 707 million in Market Cap3
28 Brand Web Siteswith e -commerce
Solid Financial Position: Cash of US $127.8 million. And no debt: Leverage of 0.14. As of December 2018.
37 Int. Awardsfor Brand Building & Retail
Excellence (2011 – 2018)
CAGR sales +12%nominal 2005-2018
10,1% 10,3%11,6%
15,2%
ROA ROS ROE EBITDAMg
0
250
500
2008 2010 2012 2014 2016 2018
Uruguay
Colombia
Peru
Chile
# stores 2018
% of total Sales 2018
Sales 2018*
# store concepts 2018
# of brands 2018
StoreConcepts
* Figures as of December 2018, in US$ converted using the 2018 average exchange rate 640.3 CLP/USD. Mn = million.
Snapshot by country
4
341
82,1%
US$ 317,7 Mn
18
29
65
7,6%
US$ 29,5 Mn
12
18
60
8,3%
US$ 32,0 Mn
9
15
51
2.0%
US$ 7,7 Mn
4
4
ecommerce in Chile
Acquisitions:
Chile & Peru:
Chile:
New brand (apparel)
Peru & Uruguay:
Calpanyacquisition
The company is renamed Forus S.A.
New store concept
New store concept:
New store concept
New store concept
20172012
New store concept in Peru
New store concepts:
2011
New store concept:
1982
Alfonso Swett S. launches the company with the Hush Puppies brand in Chile. WWW has a 30% stake in the new company.
1995 1996 2001
Enters Uruguay
Alfonso Swett S. acquires WWW´s 30% stake.
New store concept:
1991
2009
The company builds a footwear factory in Chile.
1988 2003
2010
New distribution center in Chile
2013
New Brand&
Chain
JV with WWW in Colombia for the brands:
1993
2014
Acquisition of Hush Puppies Peru operation
Enters Colombia
Acquisition in Uruguay of:
Forus IPO
Enters Peru
Azaleia and Norsegacquisitions.
New stores in Chile
2006 2008
38 years growing with the Latin American consumer
New brand in Uruguay:
2016
1980 2007
Inorganic 1
1 Red i: cash payment. Blue i: WC.
New store concept in Peru
ecommerce in Uruguay
Ne
w
Bra
nd
s
1990 1992 2005
Ne
w
Bra
nd
s
2015
5
2018
New brands in Peru:
ecommerce in Peru & Colombia
New store concept:
Brand building leadership
6
37 International
Awardswon by Forus’ Brand
Building & Retail Excellence (2011 – 2018)
Brand Building Excellence in LATAM
Highest Revenue Growth in the Region Accessories Category , Peru
Distributor of the Year 2017Apparel Category, Chile
Biggest Market Penetration in the World
Best International Licensee 2017Chile
5 INTERNATIONAL AWARDS RECEIVED DURING 2018 FOR 2017’s RESULTS
Factory ManagerCarlos Espinoza (12)
CPOCarlos Díaz (12)
Forus Uruguay CEOJuan Strauch (18)
Forus Colombia CEOPablo Muxi (5)*
Forus Peru CEOGonzalo Sotomayor (8)**
CEOSebastián Swett O. (29)
Head of Investor RelationsIsabel Darrigrandi (< 1)
BoardAlfonso Swett S. (39)
President
Alfonso Swett O. (25)
Heriberto Urzúa S. (24)
Ricardo Swett S. (19)
Macarena Swett O. (< 1)
Francisco Gutierrez P. (9)
Catalina Cabello R. (< 1)
Experienced and professional management team
(x) Number of years at the Company, as of April 17, 2019. In the case of the Board of Directors, the number of years refers to the Director’s tenure as a board member. The Board of Directors reflects the election results as per the April 17, 2019 GSM. Independent directors in orange letters. * Mr. Muxi has been at Forus for a total of five years, one year as Colombia CEO. ** Mr. Sotomayor has been at Forus for eight years, three as Peru CEO.
7
CFOFrancisco Del Río (< 1)
Dir
ect
ors
COOMarisol Céspedes (22)
Committee to be
Brand Business Manager Lifestyle/Outdoor
Juan Pablo Dussaillant (19)
Brand Business Manager Outdoor/Active
Francisco Arrighi (5)
HR & Legal ManagerManuel Somarriva (11)
Retail ManagerMatias Topali (12)
IT ManagerSaul Palma (2)
Corporate Retail Real Estate ManagerClaudio Cabrera (16)
Logistics ManagerCarlos Espinoza (12)
Dir
ect
ors
’ C
om
mit
teeHeriberto Urzúa Sanchez
Ricardo Swett Saavedra
Catalina Cabella R.
2018 sales per brand concept
8% as for Consolidated figures.
Casual52%
Outdoor38%
Active Outdoor8%
Fashion2%
1. Company Overview
2. Retail and Brand Leadership
3. Strategy
4. Key Financial Metrics
Agenda
9
Agenda
Ebitda margin – among the most profitable worldwide
10* As of December of 2018
0%
5%
10%
15%
20%
25%
30%
35%KE
RIN
G (
PPR
)
LULU
LEM
ON
LVM
H
AZA
LEIA
/VU
LCA
BR
AS
IND
ITEX
(ZA
RA
)
TRIC
OT
AR
EZZO
(B
RA
SIL)
FOR
US
NIK
E
DEC
KER
S
LIM
ITED
BR
AN
DS
CO
LUM
BIA
FALA
BEL
LA
FAST
RET
AIL
ING
(U
NIQ
LO)
WO
LVER
INE
WW
INC
.
AM
ERIC
AN
EA
GLE
H&
M
GA
P
FOO
T LO
CK
ER
CR
OC
S
LA P
OLA
R
HIT
ES
AB
ERC
RO
MB
IE
AD
RET
AIL
(A
BC
DIN
)
RIP
LEY
CO
RP
UN
DER
AR
MO
UR
ALM
AC
ENES
ÉX
ITO
(C
OLO
MB
IA)
CA
LER
ES (
Bro
wn
Sho
e C
o.)
CEN
CO
SUD
GEN
ESC
O
19,0% 18,3%16,3%
20,7%
26,5%24,9% 24,9%
21,2%
18,3%17,4%
16,2%15,2%
10,5% 9,7%
7,6%
11,2% 10,7%
7,9%
10,3%
11,4% 9,4%10,5% 9,3%
9,7%
0
100
200
300
400
500
600
700
800
0%
5%
10%
15%
20%
25%
30%
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Ebitda Margin vs. Exchange rate
FORUS Retail Players Average FX
Ebitda Margin vs. Exchange rate
Eb
itd
a M
arg
inE
xch
an
ge
Ra
te
Ebitda margin above the industry in Chile
• Retail Average: Falabella, Cencosud , Ripley and Hites. Exchange Rate: average annual CLP/USD. 11
3,3%
5,3%
1,9% 2,3%1,7%
1,3%
4,0%
14,1%
15,8%
14,3%
3,3%
4,2%3,6%
-1,1%
1,3%
12,0%
3,6%3,2%
6,9%
4,1%
-0,6%
2006-2009 2010-2013 2014 2015 2016 2017 2018
Var % PIB Forus Chile Sales Growth Industry Sales Growth
Forus Chile: solid revenue performance over time
4,3x
3,0x
2,5x
GDP information from International Monetary Fund, World Economic Outlook Database.“Industry” and “Retail Players Avg.” includes Chile Department Store Revenue and sales area for Falabella, Ripley, Cencosud and Hites.Figures in USD/Sqm, calculated using the observed dollar exchange rate (in USD/CLP) for December 31st, 2018: 695.7. 12
1.4x 1.5x 1.5x 1.5x 1.4x 1.4x 1.4x
Sales per square meterAverage Total Growth
4.190 4.152 4.087 4.1164.389 4.471
4.287
5.7776.124 6.303
5.9706.209 6.363
6.131
2012 2013 2014 2015 2016 2017 2018
Retail Players Avg.* Forus Chile
3,0x3,0x7,5x
3,0x1,5x 2,8x
-0,3x
GDP Growth
Agenda
13
Agenda
1. Company Overview
2. Retail and Brand Leadership
3. Strategy
4. Key Financial Metrics
Agenda
14
Our DNA
Discipline
Customer Centric
Excellence Passion
Ethics
Austerity
We aim to be leaders in specialty retail in footwear, apparel and accessories,both in Chile and abroad, by earning our customers’ preference every day.
We are brand builders
Multi brand store concepts
New brands added to portfolio
1988
1995
2006
1993
New mono- brand store concepts
With important Growth
Brand Revenue CAGR
(2010-2018)**
9.4%
2001
* Numbers represent the years between the arrival of the brand to the market until its first mono-brand store opening.
**Patagonia not included.
2013
+4+4
*1980
1991
1992
+13+22
+9+10
15
We have a portfolio of iconic & consumer-focused brands…
16
8 D
ev
elo
p B
ran
ds
15 N
ich
e B
ran
ds
Big
6
Wolverine World Wide
Columbia Sportswear
AB Group
Brooks
Patagonia
VF Corporation
Burton
Skullcandy
Dakine
Vulcabras Azaleia
Church’s
Boardriders
22
Bra
nd
s
7 B
ran
ds
… based on solid, diversified commercial partnerships.
17
LICENSORS BRANDS FORUS PROPRIETARY BRANDS
Consumer-centric, omnichannel portfolio2
2 S
tore
Co
nce
pts
Mono-Brand
Multi-Brand 45%**
55% **
18*. Store concepts with ecommerce web sites. **As a % of the total number of concept store chains in 2018.
A robust digital strategy.
Social Media E-commerce Technology Business Intelligence
19
20
… which is growing fast
Start of Online Strategy
20
2013 201720102008
Web Sites Social Media E-commerce Omni-Channel
2013 2017 2018
Digital delivering triple digit topline growth (& profitable!)
4.1 million likes & followers
Actively interacting with our
social media (Chile)
28 ecommerce sitesgrowing strong and profitable
ecommercein 4 countries in the region
21YoY growth (%)
Revenues Conversion Rate
+215% +64%
7.1%% WEIGHT OF DTC SALES
4Q’18 CHILE
4Q 2018 Traffic
+94%
and a truly omnichannel operation
“Stores operate as mini distribution centers”
Omnichannel strategy
118Stores with Stock App
+293%Sales YoY.
+99.8%Fulfillment
of orders
CURRENT STAGEFUTURE STAGE
(+) Stores (+) Distribution Centers
CHIL
E C
YBER
DAY
OCT
’ 18
A sustainable corporate growth approach
23
Educational institutions
Children in vulnerable situations
Support of sports outdoor &
environmentalactivities
Employees professional development
Agenda
24
Agenda
1. Company Overview
2. Retail and Brand Leadership
3. Strategy
4. Key Financial Metrics
Consolidated Income Statement
25
(*)
(*) For Margins, the variations are in percentage points.
MM Ch$ 4Q'18 4Q'17 Var % 2018 2017 Var %
Revenues 61.915 61.632 0,5% 247.712 250.962 -1,3%
Gross Profit 32.978 33.888 -2,7% 135.850 136.426 -0,4%
Gross Margin 53,3% 55,0% (1,7) 54,8% 54,4% 0,5
SG&A Expenses (28.174) (26.438) 6,6% (104.605) (101.805) 2,8%
SG&A / Revenues (45,5%) (42,9%) (2,6) (42,2%) (40,6%) (1,7)
Operating Income 4.804 7.450 -35,5% 31.245 34.621 -9,8%
Operating Margin 7,8% 12,1% (4,3) 12,6% 13,8% (1,2)
Other incomes / (Expenses) 261 103 152,7% 328 928 -64,7%
Net Financial Income / (Cost) (175) 299 -158,5% 804 771 4,4%
Profit / (Loss) in Associates Companies 60 (43) -239,6% (258) (172) 49,9%
Exchange Rate Differentials 903 (891) -201,3% 1.729 (1.388) -224,6%
Results of Indexation units 30 48 -37,2% 42 37 12,9%
Others 512 (216) -337,3% 578 (336) -272,3%
Non-Operating Income 1.591 (699) -327,5% 3.225 (159) -2124,2%
Profit before income Tax 6.396 6.750 -5,3% 34.469 34.461 0,0%
Income Tax (1.237) (315) (8.919) (7.765)
Minority Interest 86 4 (38) (298)
Net Profit 5.159 6.435 -19,8% 25.550 26.697 -4,3%
ROS (%) 8,3% 10,4% (2,1) 10,3% 10,6% (0,3)
EBITDA 6.940 8.902 -22,0% 37.541 40.569 -7,5%
EBITDA Margin 11,2% 14,4% (3,2) 15,2% 16,2% (1,0)
Consolidated Balance Sheet
26
MM Ch$ Dec 18 Dec 17 MM Ch$ Dec 18 Dec 17
Cash and cash equivalents 5.259 4.365 Other financial liabilities, current 2.005 2.510
Other financial assets, current 83.505 75.422 Current trade and other current accounts payable 13.599 13.758
Other non-financial assets, current 3.469 4.670 Current accounts payable to related companies 967 1.041
Trade and other account receivables 23.588 22.918 Other current Provisions 5.831 6.269
Accounts receivables from related companies 0 1 Current tax liabilities - -
Inventories 77.604 81.108 Current Provisions for employees benefits 5.886 5.271
Tax Assets, current 2.692 4.206 Other non-financial liabilities, current 1.280 1.992
Total Current Assets 196.117 192.690 Total Current Liabilities 29.567 30.841
Other financial assets, Non-current 25 24 Other non-current financial liabilities 1.625 1.711
Other non-financial assets, Non-current 2.589 2.511 Other non-current accounts payable - -
Fees receivables, Non-current 206 184 Deferred taxes liabilities - -
Investments in Associated 1.946 2.120 Other non-financial non-current liabilities 6 8
Net intangibles assets 1.791 2.121 Total Non-Current Liabilities 1.631 1.719
Goodwill 5.426 6.026
Property, plant and equipments 41.331 29.516 TOTAL LIABILITIES 31.198 32.560
Deferred tax Assets 2.540 1.584
Total Non-Current Assets 55.854 44.087 Total Net Equity 220.773 204.217
TOTAL ASSETS 251.970 236.777 TOTAL NET EQUITY AND LIABILITIES 251.970 236.777
81 91130 152 150
174 205246279
337 336348 361 357
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
6 10 13 17 14
28
41 4555 53
4738 38 37
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
7,6%11,1% 10,2% 11,1% 9,4%
16,0% 20,0%18,4% 19,6% 15,7% 14,1%10,9% 10,6% 10,3%
12 1625
2824
36
5461
69 7162 61 58 54
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Forus Consolidated Financial Figures
Figures in US$ million, as of January 2nd 2019: 694,8 CLP/USD,
2005-2018 CAGR + 12.3% nominal 2005-2018 CAGR + 12.0% nominal
2005-2018 CAGR + 14.7% nominal
Revenues EBITDA
Net Income
EBITDA Margin
(%)
Net IncomeMargin (%)
27
15%18% 19% 18%
16%21%
26% 25% 25%21%
18% 17% 16% 15%
Free Float: 31,9%Free Float: 28,9%
Free Float28,9%
Controlling Group71,1%
Costanera64,6%
Companies related to Costanera
6,6%
Investment Funds16,1%
Institutional Investors4,6%
Brokers7,5%
Others 0,6%
Free Float31,9%
Controlling Group68,1%
April 2019December 2008
Ownership Structure
28
Costanera63,0%Companies related to
Costanera5,1%
Investment Funds14,2%
AFPs (Pension Funds)12,9%
Brokers4,0%
Others0,8%
5 416 16
818
6 6 10 8
15
2516
15
3236
48
93
74
26
28 2823
0
20
40
60
80
100
120
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
One-time Capex (US$ MM)
Capex (US$ MM)
# Gross Stores Opened
8
4 3 2
Chile Perú Colombia Uruguay
Capex 2019 US$ 25 MM *17 Stores
Capex Evolution
2019 Stores Opening Plan and Capex Evolution
29
DC in ChileBillabong &
7veinteAcquisition
2019 Plan of Stores Openings
*Includes land and initial expenditures for the new distribution center.
New HQ in Chile
30
This document is only informative, and part of the information collected in it contains projections about
intentions, expectations or future predictions.
All of them, except for those based on historical facts, are forward-looking, including, among others, those
regarding the financial position, business strategy, management plans and objectives for future operations
of the Company.
And as such, they are subject and / or affected to a variety of contingencies, (among others, competition in
the sector, preferences and trends in consumer spending, economic and legal conditions in the country,
restrictions on free trade and / or political instability in the markets in which the company operates), difficult
to predict, that could cause ultimately these projections will not really occur.
Therefore, the Company does not guarantee total effectiveness of such forward-looking, they may differ
from what is reported here, not being this responsibility of the company or its management.
Disclaimer