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Forus Earnings Results 4Q 2017
March 6th, 2018
Agenda
2
1. Summary of Results
2. Highlights of the period
3. Financial Results
4. Subsidiaries
5. Q&A
Index
Summary of Consolidated Results 4Q 2017
3
• Consolidated Revenues of US$ 100.3 million decreased -0.2% in the
4Q 2017.
• Gross Profit decreased -0.4%, obtaining a gross margin of 55.0%,
which is only 12 bps over the 55.1% reported in 4Q 2016.
• Operating Income of US$ 12.1 million fell -12.0% and reached an
12.1% of Revenues.
• EBITDA of US$ 14.5 million decreased -19.8%, reaching an EBITDA
margin of 14.4%.
• Net Profit of US$ 10.5 million dropped -12.2%. Its represents 10.4% as
a percentage of revenues.
Summary of Consolidated Results 2017
4
• Consolidated Revenues of US$ 408.2 million grew 3.8% as of
December 2017.
• Gross Profit increased 5.3% and gross margin was 54.4%, up 75 basis
points from 53.6% in 2016.
• Operating Income of US$ 56.3 million fell -0.7% and reached a 13.8%
of revenues.
• EBITDA of US$ 66.0 million decreased -3.7%, reaching an EBITDA
margin of 16.2%.
• Net Profit of US$ 43.4 million increased 1.1%.
Agenda
5
1. Summary of Results
2. Highlights of the period
3. Financial Results
4. Subsidiaries
5. Q&A
Index
D. House Vivo La Florida SantiagoRockford Osorno Osorno7Veinte Vivo Peñuelas ValparaísoColumbia Mall Sport SantiagoBillabong Vivo Peñuelas ValparaísoHush Puppies Plaza Los Domínicos SantiagoCaterpillar Plaza Los Domínicos SantiagoD. House Vivo Temuco TemucoMerrell Pucón PucónColumbia Plaza Calama Calama
Stores Sqm Chain Store City
+10
6
Highlights of the Period
✓Openings 4Q 2017
+1.324
+12 +1.421TOTAL:
Pasqualini Centro 2 MontevideoColumbia Punta del Este Punta del Este
+2 +97
12
-8
4
Aperturas Cierres Aperturas Netas
4Q 2017
Closings Net OpeningsOpenings
7
Highlights of the Period
✓New brands Keds and Sperry for Perú.
Comercialized through the Stores:
✓New E-commerce for brands in Chile Hush Puppies, HP Kids & Sperry
8
Highlights of the Period
✓New E-commerce for brand in Colombia CAT
First own E-commerce site in Colombia.
9
Remarkable Facts
• Subsidiaries increased gross margin by 303 basis points and grew
142% in Operational Result in 4Q’17.
• E-commerce grew at a triple digit rate as of December of 2017.
• Four brands grew at a triple digit rate during 2017.
• Consolidated SSS of 3.0% as of December 2017.
Agenda
10
1. Summary of Results
2. Highlights of the period
3. Financial Results
4. Subsidiaries
5. Q&A
Index
4Q'17 4Q'16 Var %
61.632 61.760 -0,2%
Consolidated Income StatementGrowth explain by:
Revenues
11
100%
-1,8%
-4,9%
-7,7%
10,6%
Chile
Perú
Colombia
Uruguay36.611
6.383 4.038 4.432
38.782
5.900 3.604 4.658
Chile Perú Colombia Uruguay
4Q16
4Q17
42.651
6.324
48.975
5.2481.842
5.735
43.734
5.084
48.817
5.2441.545
6.112
Chile Retail Chile Wholesale Chile Consolidado Perú Colombia Uruguay
4Q16 4Q172.5%
12
Revenues (MM Ch$)
Revenues by Subsidiaries 4Q’17
-19.6%
-0.3%
-0.1% -16.1% 6.6%
Nominal SSS % Growth (in local currency)
in CLP
Var. %
Var. %
0.6% -12.7% 14.0%
Square Meters December 2017
5.9%
-7.6% -10.7% 5.1%
Chile Consolidated
Local Currency
Peru
Peru
Peru
4Q '17 4Q '16 Var. %
Chile 1.834 1.895 -3,2%
Uruguay 2.051 1.856 10,5%
Colombia 1.229 1.217 0,9%
Perú 1.111 1.034 7,4%
Total 1.732 1.732 0,0%
13
Sales per Square Meters by Country
Retail Sales per square meter (in local currency)
of 4Q’17:
expressed in USD
33.888 34.035 -0,4%
55,0% 55,1% (0,1)
Consolidated Income Statement
14
100%Gross Profit
Growth explain by:
57,8%45,0%
56,1% 52,4%39,8%
53,5%55,8% 49,7% 55,1% 53,0%42,2%
58,0%
Chile Retail Chile Wholesale Chile Consolidado Perú Colombia Uruguay
4Q16
4Q17
24.639
2.846
27.485
2.748734
3.067
24.383
2.526
26.909
2.779652
3.548
Chile Retail Chile Wholesale Chile Consolidado Perú Colombia Uruguay
4Q16 4Q17
15
Gross Profit by Subsidiaries 4Q’17
Gross Profit (MM Ch$)
Gross Margin %
-201 bps468 bps 62 bps 236 bps
456 bps-100 bps
-1.0%
-11.3%
-2.1%
1.1%-11.2%
15.7%
Var. bps
Var. % AA
Chile Consolidated
Chile Consolidated
Peru
Peru
FORUS CHILE FORUS SUBSIDIARIES FORUS CONSOLIDATED
Var. Inventories (days) dec-16
dec-17
FORUS CHILE FORUS SUBSIDIARIES FORUS CONSOLIDATED
Var. % Inventories ($CLP)dec-16
dec-17
FORUS COLOMBIA FORUS PERU FORUS URUGUAY
dec-16
dec-17
16
Levels of Inventories
8% 18% 10%13
- 6 32
36 17
51
7.450 8.465 -12,0%
12,1% 13,7% (1,6)
Operating Profit
Consolidated Income Statement
17
100%100%
Growth explain by:
-39,2% -42,7% -39,6%-51,9% -51,4% -43,4%-42,0% -40,2% -41,8% -50,7% -40,6% -44,9%
Chile Retail Chile Wholesale Chile Consolidado Perú Colombia Uruguay
4Q16
4Q17
7.927
148
8.075
26
-212
576
6.023
482
6.504
120 25800
Chile Retail Chile Wholesale Chile Consolidado Perú Colombia Uruguay
Operating Profit (MM Ch$)
4Q16 4Q17
18
Operating Profit by Subsidiaries 4Q’17
-24.0%
225.7%
-19.4%
325.1% -112.0%38.9%
SG&A’s (%)
-280 bps 246 bps -217 bps 116 bps 1080 bps -151 bps
Var. % AA
Var. bps
Chile Consolidated
Chile Consolidated Peru
6.435 7.328 -12,2%
10,4% 11,9% (1,4)
8.810 11.104 -20,7%
14,3% 18,0% (3,7)
(699) 257 -372,4%
Net Profit
Non-Operating Income
Consolidated Income Statement
19
48% Due to Non – Operating Income
52% Due to Operating Result
Growth explain by:
EBITDA
27 7
12
28
-3 -3 -8 -8
-22
-1
4
-1
4 6
1Q'17 2Q'17 3Q'17 4Q'17 2017
Aperturas Cierres Aperturas Netas
13
2 05
Chile Perú Colombia Uruguay
20
Capex 2018
Capex 2018 US$ 10 MM 20 Stores
Peru
Openings Closings Net Openings
Store’s Openings Evolution 2017 *
* It consider just new openings/closings (excludingreconversion and re-openings due refurbishments)
Agenda
21
1. Summary of Results
2. Highlights of the period
3. Financial Results
4. Subsidiaries
5. Q&A
Index
390
945
Subsidiaries
4Q16 4Q17
22
Remarkable Performance of Subsidiaries
-184
-641
744631
Op. Result of Subsidiaries Net Profit of Subsidiaries
Subsidiaries Results for 2017 (MM Ch$)
2016 2017
51,1%
54,1%
Subsidiaries
4Q16 4Q17
-48,0%
-46,8%
Subsidiaries
4Q16 4Q17
SG&As (%) Operating Result (MM Ch$)Gross Margin (%)
Uruguay Colombia* Perú Subsidiaries
Sales per sqm growth for 2017
Dic. 2016 Dic. 2017
+303bp. -126 bp. +142%
+505% +198%
+12.1%+10.4%
+12.1% +8.2%
* Retail Sales of Forus Colombia + LBC
Subsidiaries Results for 4Q’17 (MM Ch$)
2016 2017
** Calculated as the sum of sales divided by total sqm
**
Agenda
23
1. Summary of Results
2. Highlights of the period
3. Financial Results
4. Subsidiaries
5. Q&A
Index
24
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