CENCOSUD Reports Fourth Quarter 2012 Results

                 CENCOSUD Reports Fourth Quarter 2012 Results

Revenue rose 18% YoY to CLP 2,581 billion

EBITDA rose 16% YoY to CLP 247,182 million

PR Newswire

SANTIAGO, Chile, March 1, 2013

SANTIAGO, Chile, March 1, 2013 /PRNewswire/ -- Cencosud S.A. (NYSE: CNCO), a
leading multi-format Latin American retailer with presence in five countries,
announced today its consolidated financial results for the fourth quarter of
2012. All figures are in Chilean pesos (CLP), except where indicated
otherwise, and in accordance with International Financial Reporting Standards
(IFRS). Variations refer to the comparison between 4Q2011 and 4Q2012.

  oCencosud revenue increased 18% YoY, driven by the consolidation of
    Prezunic and Johnson earlier in the year, and Colombian Supermarkets in
    December, as well as positive Same Store Sales (SSS) in every division in
    Chile, Brazil, Argentina and Peru.
  oThe Company increased its total selling space^1 by 10%, opening 36 new
    stores in 4Q12 and 87 new stores in 2012.
  oEBITDA rose 16% to CLP 247,182 million YoY, driven by improved results in
    the Supermarket, Department Store and Financial Service divisions. 
  oOperating Income reached CLP 222,318 million, up 20% versus 4Q11, largely
    due to improved operating income from the Supermarket, Financial Service
    and Department Store divisions.
  oDepartment Store EBITDA increased 13.5% to CLP 21,532 million and reported
    a margin of 7.5%. Only considering Paris stores, Department Store EBITDA
    margin was 9.5% in 4Q12.
  oOn December 1, 2012, the Company took over and began consolidating the
    results of Carrefour Colombia, making Cencosud the second-largest
    supermarket operator in Colombia. The transaction, which included
    hypermarkets, convenience stores, cash and carry stores and gas stations
    with a total selling space of 444,000 m^2, was valued at €2 billion. The
    Company financed the acquisition with a USD 2.5 billion bridge loan.
  oCencosud issued USD 1.2 billion of debt in the international market in
    December 2012. The deal was highly successful, approximately 8 times
    oversubscribed, with a coupon of 4.875%, highlighting the Company's
    ability to access financing at privileged rates. The proceeds of the issue
    were used to pay down in part the bridge loan facility.

^1 Excludes the selling space added by Prezunic and Johnson acquisitions.

Consolidated Revenues

Consolidated revenues were CLP 2,581 billion in the fourth quarter of 2012,
compared with CLP 2,196 billion in the fourth quarter of 2011, an 18% increase
YoY. This increase was driven by the acquisitions of Prezunic and Johnson, the
consolidation of the Colombian supermarket operation in December, revenues
from Costanera Shopping center, positive SSS across almost all lines of retail
businesses and the increase of 16% in selling area in 4Q12 versus the same
period last year (selling area excludes Supermarkets Colombia).

  oSupermarket revenues in 4Q12 increased 18.5% YoY, reaching CLP 1,886
    billion, driven by the consolidation of Carrefour Colombia in December
    2012 (CLP 116,598 million), which explains 40% of the division's YoY
    variation. Additionally, the consolidation of Prezunic, positive SSS in
    Chile, Argentina and Peru and the opening of 78 new supermarkets in the
    region since December 2011, all helped drive revenue higher. Total
    selling space rose 10%, not including the acquisitions of Prezunic and
    Carrefour.
  oHome Improvement revenues increased 3.2% YoY, reaching CLP 288 billion in
    4Q12. The growth reflects a sales growth of 6.2% in SSS in Chile and the
    opening of two Easy stores (Costanera and Concepción). The results were
    partially offset by lower revenues from Argentina and Colombia, due to the
    appreciation of the Chilean peso. In the case of Argentina, even though
    the Company obtained double-digit SSS growth, the situation in the country
    has affected the construction sector of the economy, which has shown lower
    activity versus previous quarters. In the case of Colombia, scarcity of
    land and high prices in the market are also affecting the construction
    sector, showing a lower activity in addition to a higher competition, with
    an aggressive price strategy in a store located close to an Easy store.
  oDepartment Store revenues totaled CLP 287,486 million, +27.4% YoY, driven
    by the consolidation of Johnson, four new Paris Stores opened since 4Q11
    (Osorno, Costanera, Rancagua Centro and Quilin) and a 2.7% increase in
    SSS. Paris stores explain 9.2% of the sales growth and Johnson contributes
    with CLP 41,027 million or 14.3% of the total.
  oShopping Center revenues grew 31.0% YoY, reaching CLP 50 billion due to
    higher occupancy rates and sales, along with two new shopping malls
    (Costanera and Osorno) and the initiation of parking fees in Alto Las
    Condes and Osorno.
  oFinancial Services operations showed an increase in revenues of 7.6% YoY,
    totaling CLP 66 billion, reflecting higher revenues from Argentina and
    Peru due to a larger portfolio versus a year ago.

Please visit http://www.cencosud.com/inversionistas/ to obtain the full fourth
quarter earnings release.

The company will hold a conference call to review the 4Q12 results on Tuesday,
March 5, 2013 at 14:00 pm Santiago / 12:00 pm Eastern Time with a live webcast
available through its website. The conference call dial-in is +1-866-652-5200
(United States) +1-412-317-6060 (international).

A webcast of the conference call will be available online at
http://www.cencosud.com/inversionistas/ beginningat March 5, 2013, at 4:00
p.m. Santiago / 2:00 p.m. Eastern time, until April 5, 2013.



CONSOLIDATED INCOME DATA
(In millions of Chilean pesos as of December 31st, 2012)
                      Fourth Quarter           Twelve-month ended December
                                               31
                      2012        2011         2012          2011
                      CLP MM      CLP MM       CLP MM        CLP MM
Net revenues          2,580,648   2,195,690    9,149,077     7,604,806
Cost of sales         (1,832,012) (1,579,301)  (6,547,832)   (5,434,917)
Gross profit          748,635     616,389      2,601,245     2,169,890
Selling and
administrative        (581,140)   (474,462)    (2,101,821)   (1,669,374)
expenses
Other income by       45,183      50,805       107,110       85,128
function
Other gain (Losses)   9,640       (7,001)      1,332         (12,659)
Operating income    222,318     185,731      607,866       572,986
Participation in
profit or loss of     2,153       3,179        5,640         5,779
equity method
associates
Financial Income      1,326       2,611        8,110         10,984
Finance Costs [for
Non-Financial         (64,705)    (40,551)     (211,022)     (144,136)
Activities]
Income (loss) from
foreign exchange      (6,560)     197          (2,680)       (9,876)
variations
Result of indexation  (9,235)     (9,567)      (25,915)      (31,289)
units
Non-operating income  (77,022)    (44,131)     (225,867)     (168,538)
(loss)
Income before income  145,296     141,600      381,999       404,448
taxes
Income taxes        (32,977)    (45,703)     (109,190)     (119,556)
Profit (Loss)         112,319     95,898       272,809       284,892
Profit (Loss)
Attributable to       112,876     93,496       269,959       274,333
Equity Holders of
Parent
Profit (Loss)
Attributable to       (558)       2,402        2,851         10,559
Minority Interest
Net income per share 45.0        41.3         107.7         121.2
Number of shares
outstanding (in       2,507       2,264        2,507.1       2,264.0
millions)



CENCOSUD S.A.
CONSOLIDATED BALANCE SHEETS DATA
(In millions of Chilean pesos as of December 31st, 2012 )
                                                          Dec 2012  Dec 2011
                                                          CLP MM    CLP MM
Current Assets:
Cash and Cash Equivalents                                 237,721   145,062
Other Financial Assets, Current                           68,167    221,929
Other Non-Financial Assets, Current                       9,992     12,259
Trade and Other Receivables, Net, Current                 1,060,333 929,869
Accounts receivable from related parties, Current         323.624   82.334
Inventories                                               926,762   769,472
Tax Assets, Current                                       31,270    6,962
Total Current Assets                                      2,334,567 2,085,636
Non-Current Assets:
Other Financial Assets, Non-Current                       41,007    46,980
Other Non-Financial Assets, Non-Current                   38,268    35,052
Trade and Other Receivables, Net, Non-Current             142,306   194,444
Equity Method Accounted Investments in Associates         42,272    38,830
Intangible Assets, Net                                    544,512   526,688
Capital gain                                              1,824,973 1,013,309
Property, Plant and Equipment, Net                        2,977,838 2,228,529
Investment Property                                       1,471,344 1,310,143
Current tax assets, Non-Current                           4,826     0
Deferred Tax Assets                                       252,087   164,478
Total Non-Current Assets                                  7,339,432 5,558,452
TOTAL ASSETS                                              9,674,000 7,644,088
Current Liabilities:
Other Financial Liabilities, Current                      1,179,132 597,877
Trade and Other Payables, Current                         1,902,396 1,533,784
Notes and accounts payable to related companies, Current  974.469   1,448
Provisions, Current                                       22,624    17,981
Current Tax Payables                                      46,798    40,490
Current provisions for employee benefits                  78,800    68,650
Other Non-Financial Liabilities, Current                  84,317    71,050
Total Current Liabilities                                 3,315,041 2,331,280
Non-Current Liabilities:
Other Financial Liabilities, Non-Current                  2,359,501 1,868,586
Trade and Other Payables, Non-Current                     7,411     11,151
Provisions, Non-Current                                   111,321   81,772
Deferred Tax Liabilities                                  397,606   317,971
Other Non-Financial Liabilities, Non current              70,909    82,722
Total Non-Current Liabilities                             2,946,747 2,362,201
Equity:
Issued Capital                                            1,551,812 927,804
Issued Premium                                            477,341   477,341
Other Reserves                                            (484,364) (202,722)
Retained Earnings (Accumulated Losses)                    1,866,746 1,660,433
Equity Attributable to Equity Holders of Parent           3,411,534 2,862,856
Minority Interest                                         677.599   87,750
Total Equity                                              3,412,212 2,950,606
TOTAL EQUITY AND LIABILITIES                              9,674,000 7,644,088



About Cencosud S.A.

Cencosud is a Latin America multiformat – multibrand retailer, based on its
revenues, selling space, number of stores and real estate in the countries
where it operates. Cencosud operates through different store formats including
supermarkets, home improvement, shopping centers, financial services and
department stores. Cencosud headquarters are in Santiago, Chile, and the
Company has operations in Chile, Argentina, Brazil, Colombia and Peru.

SOURCE Cencosud S.A.

Website: http://www.cencosud.cl
Website: http://www.cencosud.com/inversionistas
Contact: Corporate Communications, Phone: +56-2-2959-0024, Email:
andrea.brajovic@cencosud.cl; Investor Relations, Phone: +56-2-2959-0545,
Mariasoledad.fernandez@cencosud.cl or Phone: +56-2-2959-0368,
natalia.nacif@cencosud.cl