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4Q12 Results Conference Call and Webcast
Connection: +1 (786) 924-6977
Code: LASA
Replay: +55 (11) 4688-6312
Code: 0072793#
Friday, March 8th, 2013
Time: 12:00 p.m. (US EST) 2:00 p.m. (Brasília)
Webcast: http://ir.lasa.com.br/webcast4Q12
1
Lojas Americanas Highlights
In 2012, the parent company net revenue reached R$ 6.8 billion, a growth of 13.3% in relation to 2011. In the
consolidated, the net revenue grew 13.6%, totaling R$ 11.3 billion;
In the “same stores” concept, the net revenue growth was 9% in the fourth quarter and 8% in
2012;
In the parent company, the gross margin was 32.8% of net revenue in 2012, an evolution of 0.9 p.p. in
relation to 2011. In the consolidated view, the gross margin was 29.9% of net revenue;
The parent company Adjusted EBITDA reached R$ 1.2 billion, a growth of 20.0% in relation to 2011. In the
consolidated, the Adjusted EBITDA totaled R$ 1.6 billion;
The parent company net income was R$ 391.7 million, a growth of 22.6%. In the consolidated view, the
consolidated net income reached R$ 410.2 million, a growth of 20.5%;
Lojas Americanas received RA 1000 Seal in October, 2012 and stands out in Reclame Aqui Top 20 Enterprises
Rankings. Among thousands of subscribed companies, Lojas Americanas S.A. is currently in 4th PLACE IN THE
BEST SOLUTION INDEXES RANKING, in 7th PLACE IN THE BEST DOING-BUSINESS-AGAIN INDEXES
RANKING and in 7th PLACE IN THE BEST AVERAGE EVALUATIONS RANKING.
The stores opening’s schedule is totally in line with “SEMPRE MAIS BRASIL” program. We opened 111 new stores
in 2012.
2
Adjusted EBITDA (R$ million) and Adjusted EBITDA Margin (% NR) Consolidated
Adjusted EBITDA (R$ million) and Adjusted EBITDA Margin (% NR) Parent Company
Cash Generation
3
Adjusted EBITDA - Operating profit before interest, taxes, depreciation and amortization, other operating income/expenses,
equity accounting, minority participation, statutory participation and discontinued operations.
305.6 393.4
541.0 644.1
811.0
1,028.9
1,234.6
11.6%12.3%
13.8%14.0%
15.2%
17.0%
18.0%
2006 2007 2008 2009 2010 2011 2012
Adj. EBITDA (R$ MM) Adj. EBITDA (% NR)
455.1
719.5
895.6
1,092.9
1,355.4 1,445.3
1,572.4
12.0%
12.6%12.8%
13.4%
14.4%
14.5%
13.9%
2006 2007 2008 2009 2010 2011 2012
Adj. EBITDA (R$ MM) Adj. EBITDA (% NR)
The parent company net working capital was negative in 20 days, which represents an
evolution of 2 days when compared with the -18 days presented in 2011.
The company’s current cash position and generation of future cash, together with the elongation of
the debt profile leave us in a comfortable position to make the expected investments in the upcoming
years.
Investments on the Parent Company amounted R$ 524.6 million in 2012, with emphasis on expansion,
improvements in the chain of store and technological upgrade;
Lojas Americanas – “SEMPRE MAIS BRASIL” program
“SEMPRE MAIS BRASIL” schedule totally in line;
111 stores opened in 2012;
110 new cities since 2010;
More than 80 stores contracted or in an advanced stage of negotiation.
Evolution of Number of Stores
4
237
413468 476
541621
729
4Q06 4Q07 4Q08 4Q09 4Q10 4Q11 4Q12
83%
10%
7%Openings / Improvements (R$ 434.7 MM)
Technology / Logistics / Operation (R$ 51.4 MM)
Goods for rental and others (R$ 38.5 MM)
Investiments “SEMPRE MAIS BRASIL”
94 98 105 121 156 193 237
413468 476
541621
729
39 40 43 5070
8195
110
138 144
174
210
254
18 18
19 19
20 20 20 20
23 23
24
25
26
12
14
16
18
20
22
24
26
0
200
400
600
800
1000
1200
Stores Cities States
Stores Opening Evolution
105 8 4
5
Forecast: 2013 South 67 stores 29 cities
North 24 stores 11 cities
Northeast 131 stores 60 cities
Midwest 62 stores 22 cities
Southeast 445 stores 132 cities
B2W Highlights
In 4Q12, the consolidated gross revenue of B2W reached R$ 1.8 billion, a 38.0% increase;
In 4Q12, the consolidated net revenue of B2W reached R$ 1.6 billion, a 35.0% increase;
In 4Q12, the consolidated gross profit of B2W reached R$ 362.3 million, a 32.4% increase;
The consolidated net working capital of B2W presented an improvement of 21 days at the end of 2012;
6
In 2012, the number of complaints registered in PROCON-SP (Foundation of
Consumer Protection and Defense) presented a significant reduction of 59% when
compared with 2011;
B2W was the Winner in 2 Categories of the “Consumidor Moderno” Award
B2W, through its Submarino brand, won the Consumidor Moderno Award in the
“Best Internet Shopping Experience” and “Best Contact Experience” categories
in 2012.
The Submarino Card received the RA 1000 Seal for its excellent Response, Solution
and Evaluation ratings in the last-12-month indicator.
98% 95% 91% 88%85% 76% 58%
53%52%
57%58%
60% 60%
2% 5% 9%12%
15%24%
42%
47%
48%43%
42%
40%40%
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
LASA B2W
1,7 Bi
13,1 Bi
Multichannel Retailer
7
R$ MM
Consolidated Gross Revenue (year)
Overlap LASA X B2W
A Class B Class C Class
LOJAS AMERICANAS
B2W
Sales
Assortment
Customers
9%
15%
62.72%
Bricks-and-Mortar Ecommerce, TV,
Telephone Sales and Catalogues
100.00%
19.0%
CAGR
1.7 Bi
13.1 Bi
Investor Relations Team
http://ir.lasa.com.br [email protected]
Ph.: + 55 (21) 2206-6708 Fax: + 55 (21) 2206-6898
Statements relating to the prospects of the business, estimates for operating and financial results, and those related to growth prospects of Lojas Americanas, eventually expressed in this release, are merely projections and, as such, are based exclusively on the expectations of Lojas Americanas’ management concerning the future of the business and its continued access to capital to fund the Company’s business plan. Such statements depend, substantially, on changes in market conditions, government regulations, competitive pressures, the performance of the Brazilian economy and the industry, among other factors and are, therefore, subject to change without prior notice.
8
Adjusted EBITDA - Operating profit before interest, taxes, depreciation and amortization, other operating income/expenses, equity accounting, minority participation, statutory participation and discontinued operations.