CENCOSUD Reports Fourth Quarter 2012 Results
Revenue rose 18% YoY to CLP 2,581 billion
EBITDA rose 16% YoY to CLP 247,182 million
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 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
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
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
administrative (581,140) (474,462) (2,101,821) (1,669,374)
Other income by 45,183 50,805 107,110 85,128
Other gain (Losses) 9,640 (7,001) 1,332 (12,659)
Operating income 222,318 185,731 607,866 572,986
profit or loss of 2,153 3,179 5,640 5,779
Financial Income 1,326 2,611 8,110 10,984
Finance Costs [for
Non-Financial (64,705) (40,551) (211,022) (144,136)
Income (loss) from
foreign exchange (6,560) 197 (2,680) (9,876)
Result of indexation (9,235) (9,567) (25,915) (31,289)
Non-operating income (77,022) (44,131) (225,867) (168,538)
Income before income 145,296 141,600 381,999 404,448
Income taxes (32,977) (45,703) (109,190) (119,556)
Profit (Loss) 112,319 95,898 272,809 284,892
Attributable to 112,876 93,496 269,959 274,333
Equity Holders of
Attributable to (558) 2,402 2,851 10,559
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
CONSOLIDATED BALANCE SHEETS DATA
(In millions of Chilean pesos as of December 31st, 2012 )
Dec 2012 Dec 2011
CLP MM CLP MM
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
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
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
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
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.
Contact: Corporate Communications, Phone: +56-2-2959-0024, Email:
firstname.lastname@example.org; Investor Relations, Phone: +56-2-2959-0545,
Mariasoledad.email@example.com or Phone: +56-2-2959-0368,
Press spacebar to pause and continue. Press esc to stop.