UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16
under the Securities Exchange Act of 1934
For the month of March, 2014
Commission File Number 001-35575
Cencosud S.A.
(Translation of registrant’s name into English)
Av. Kennedy 9001, Piso 6
Las Condes, Santiago
Chile
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F   x                 Form 40-F   ¨
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):   ¨
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):   ¨

 

ANNOUNCEMENT OF RESULTS OF OPERATIONS FOR THE THREE-MONTH PERIOD ENDED DECEMBER 31, 2013
On March 28, 2014, the registrant issued a press release pertaining to its results of operations for the three-month period ended December 31, 2013. Attached hereto is a copy of the press release. The financial and operational information contained in the press release is based on unaudited condensed consolidated financial statements presented in Chilean pesos and prepared in accordance with International Financial Reporting Standards.
The attachment contains forward-looking statements. The registrant desires to qualify for the “safe-harbor” provisions of the Private Securities Litigation Reform Act of 1995, and consequently is hereby filing cautionary statements identifying important factors that could cause the registrant’s actual results to differ materially from those set forth in the attachment.
The registrant’s forward-looking statements are based on the registrant’s current expectations, assumptions, estimates and projections about the registrant and its industry. These forward-looking statements can be identified by words or phrases such as “anticipate,” “believe,” “continue,” “estimate,” “expect,” “intend,” “is/are likely to,” “may,” “plan,” “should,” “would,” or other similar expressions.
The forward-looking statements included in the attached relate to, among others: (i) changes in general economic, business or political or other conditions in Chile, Argentina, Brazil, Peru, Colombia or elsewhere in Latin America or global markets; (ii) changes in capital markets in general that may affect policies or attitudes towards investing in Chile, Argentina, Brazil, Peru, Colombia or securities issued by companies in such countries; (iii) the monetary and interest rate policies of the Central Banks of Chile, Argentina, Brazil, Peru and Colombia; (iv) high levels of inflation or deflation; (v) unanticipated increases in financing and other costs or our inability to obtain additional debt or equity financing on attractive terms; (vi) movements in interest and/or foreign exchange rates, and movements in equity prices or other rates or prices; (vii) changes in, or failure to comply with, applicable regulations or changes in taxes; (viii) loss of market share or changes in competition and pricing environments in the industries in which the Company operates; (ix) difficulties in successfully integrating recent and future acquisitions into the Company’s operations; (x) the Company’s inability to hedge certain risks economically; (xi) changes in consumer spending and saving habits; (xii) implementation of new technologies; (xiii) limitations on the Company’s ability to open new stores and operate them profitably; (xiv) difficulties in completing proposed store openings, expansions or remodeling; (xv) difficulties in acquiring and developing land in Chile, Argentina, Brazil, Peru or Colombia, and restrictions on opening new large stores in any such countries; and (xvi) the factors discussed under the rubric “Risk Factors” as well as risks included in the Company’s other filings and submissions with the United States Securities and Exchange Commission.
These forward-looking statements involve various risks and uncertainties. Although the registrant believes that its expectations expressed in these forward-looking statements are reasonable, its expectations may turn out to be incorrect. The registrant’s actual results could be materially different from its expectations. In light of the risks and uncertainties described above, the estimates and forward-looking statements discussed in the attached might not occur, and the registrant’s future results and its performance may differ materially from those expressed in
 
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these forward-looking statements due to, inclusive, but not limited to, the factors mentioned above. Because of these uncertainties, you should not make any investment decision based on these estimates and forward-looking statements.
The forward-looking statements made in the attached relate only to events or information as of the date on which the statements are made in the attached. The registrant undertakes no obligation to update any forward-looking statements to reflect events or circumstances after the date on which the statements are made or to reflect the occurrence of unanticipated events.
 
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Cencosud S.A.	
		
By 	 	/s/ Juan Manuel Parada	
	 	Name:	 	Juan Manuel Parada	
	 	Title:	 	Chief Financial Officer	
Date: March 31, 2014

Fourth Quarter 2013
Revenues rose 11% on selling space growth of 186,773 m2 and on the addition of our Colombian supermarket operation
Gross profit rose 13% with improved gross margins in Supermarkets, Shopping Centers and Financial Retail services
Adjusted EBITDA grew 18% due to a higher contribution from Home Improvement and Shopping Centers divisions
Continued progress with Johnson integration, with Department Store EBITDA from Chilean operations increasing 20% YoY and EBITDA margin of 8.4% in 4Q13
Net profit grew 40% to CLP 158,087 million on improved operating results and lower income tax expenses
Cencosud

Cencosud
Note: In the fourth quarter of 2013, Cencosud adjusted its reporting practices for several businesses. Historically, Cencosud’s Peruvian operation consolidated revenue and expenses from the Corporate Division (“Other”) under the Supermarket Division. As of 4Q13, the revenue and expenses from the Corporate Division are consolidated under “Other”. Additionally, prior to 4Q13, the Colombian operation consolidated the results of Shopping Centers and Financial Services under “Supermarkets.” As of 4Q13, the revenue and expenses from Shopping Centers and Financial Services in Colombia are consolidated under the relevant business. Additionally reclassifications in our segmentation for the Peruvian operations have occurred. These reclassifications in our Supermarket and Shopping Center segments have been made to make 2013 and 2012 periods comparable on a YoY basis and follow new segmentation rules applied under IFRS for the accounting of activities in both these segments going forward.
Contents
Financial Highlights 4Q13 2
Key Events 3
Retail Market Commentary 4
Financial Results 5
Overview 4Q13 6
Consolidated Performance 6
Ebitda and Adjusted Ebitda by Country 12
Analysis by Business and Country 13
Capex 23
Balance Sheet Summary 23
Debt Amortization Schedule (USD million) 24
Indebtedness 24
Cash Flow Summary 25
Forward Looking Statements 28
Reconciliation of Non-IFRS Measures to (Profit/Loss) 38
Financial Highlights 4Q13
Cencosud revenue increased 11% YoY in 4Q13. Full year 2013 revenue rose 13% to CLP 10,341,040 million, with the consolidation of supermarkets in Colombia, new openings in the Supermarkets Division and the launch of department store operations in Peru.
Cencosud opened 51 stores net, with an increase of 4.6% in selling space versus 4Q12, totaling 4.2 million m2. Better growth in selling space was driven by 34 new supermarket stores in the region, which added 74,809 m2, 7 Home Improvement openings, which added 51,142 m2, and the launch of the Department Stores Division in Peru, which added 6 new stores and 32,222 m2.
Gross profit rose 13% in CLP, with a double-digit increase in every division except Department Stores which showed single digit growth. Gross margin improved from 29.0% in 4Q12 to 29.6% in 4Q13,
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despite the ongoing integration of the lower-margin Colombian supermarket business, and the growth of Department Stores and Financial Services in Peru.
Operating Income increased 23.1% in 4Q13 vs. 4Q12 due to double-digit growth in Home Improvement and the Shopping Centers Division in every country. This effect was partially offset by lower operating income from the Supermarket Division (Brazil and Colombia), and Financial Services Division.
Net income increased 40% versus 4Q12, from CLP 112,876 million in to CLP 158,087 million in 4Q13. This was the result of a higher operating result (+23%), partially offset by higher income taxes (+16%).
Adjusted EBITDA1 reached CLP 252,652 million up 18.3% YoY due to higher adjusted EBITDA from the Others2, Home Improvement and Shopping Centers Divisions, partially offset by a lower contribution from the Colombian and Brazilian Supermarket operations and Financial Service Division.
Key Events
As of February 24, 2014 Cencosud has adopted a new corporate structure enabling synergies between retail business lines. Jaime Soler was appointed Corporate Retail Managing Director. The Corporate Retail division will manage all of Cencosud’s retail businesses (Supermarkets, Department Stores & Home Improvement) and promote greater exchange of best practices between different divisions and countries.
Prior to his appointment as head of this new division Mr. Jaime Soler served as Cencosud’s Department Stores Managing Director since 2008 and successfully led the turnaround of Paris and Johnson stores in Chile. He has been replaced as Managing Director of Department Stores Division by Mr. Ricardo Bennett, effective February 24, 2014. Mr. Bennett has been a part of the Cencosud team since 2008 when he came on board as Commercial Manager for the Department Store business.
Mr. Pablo Castillo has resigned from his position as head of Cencosud’s Supermarket division in order to pursue other business interests effective as of March 31, 2014.
During the fourth quarter Cencosud opened 15 stores:
In Peru, Paris opened 3 stores, in the cities of Arequipa, Ica and Lima, with a selling space of 3,543 m2, 3,996 m2 and 7,970 m2 respectively.
In Colombia, the Supermarket Division opened 3 Metro stores, in the cities of Valledupar, Barranquilla and Medellin, adding 3,546 m2, 2,652 m2 and 3,536 m2 respectively. The Home Improvement Division opened 4 Easy stores, 3 in the city of Bogota and 1 in Medellin, adding 30,473 m2 in total. These stores are the result of the conversion of 4 cash and carry stores that had been operated by Carrefour in Colombia and were shut down by Cencosud.
1 Please see “Reconciliation of Non-IFRS measures” starting on page 39 for a reconciliation of EBIT, EBITDA and Adjusted EBITDA to Profit/Loss. EBIT represents profit attributable to controlling shareholders before net interest expense and income taxes. EBITDA is defined as EBIT plus depreciation and amortization expense. Adjusted EBITDA represents EBITDA as further adjusted to reflect foreign exchange differences, increases (decreases) on revaluation of investment properties and gains or (losses) from indexation. Adjusted EBITDA margin and Adjusted EBIT margin are calculated as a percentage of revenues.
2 The “Others” segment was modified in 4Q12, mainly due to the reclassification of the Peruvian Corporation expenses from the Supermarket division, the separation between the supermarket, real estate and financial retail businesses in Colombia and the reclassification from “Other gains (losses)” to “Income Tax” of CLP 8,702 million. FUT disbursements have been classified as “Other gains (losses)” in 2012; this has been rectified and following IFRS rules as “Income Tax”.
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In Brazil, 3 Gbarbosa supermarkets were opened in the Northeast of Brazil, in the states of Sergipe, Bahia and Ceara adding 1,151 m2, 3,500 m2 and 2,301 m2 of selling space respectively. Also 1 Bretas and 1 Mercantil Rodriguez stores were opened in the states of Minas Gerais and Bahia, adding 3,913 m2 and 4,420 m2 respectively.
As of December 31, 2013 the Ownership Structure of the Company was:
23,0%
0,6%
16,1% 60,3%
Controlling Shareholders
Pension Funds
ADS
Others
Retail Market Commentary
Chile
Chile continued to have moderate growth in the fourth quarter of 2013 with 2.7% GDP growth compared to the same period in 2012. GDP for the full year 2013 grew 4.1% YoY. Though relatively high by regional standards, this would represent the lowest growth since 2009. With inflation also subdued, the Chilean Central Bank in February cut the key interest rate for the third time in five months as inflation continued to ease. Retail sales in Chile rose 7% in December YoY, showing a deceleration after growth in November and October came in at 9.1% and 13.4% respectively.
Cencosud continued to improve supermarket SSS with a 3.3% growth from a year earlier and SS average ticket rising 4.2%. In home improvement, Chile saw accelerating growth with a 7.1% increase in 4Q13 SSS over the year before. Our Department Store business continued to show a resilient performance posting 6.8% SSS expansion during the quarter and 4.7% for the 12 month period.
Argentina
Argentina’s economy grew 2.7% year-on-year in December, practically unchanged from the previous month, according to the national statistics agency. According to the government, consumer prices rose 10.9% in 2013, but private economists and opposition lawmakers have calculated the increase as high as 28%. Following requests for modifications to its inflation index Argentina’s National Statistics and Census Institute (INDEC) revealed a new calculation methodology for CPI in the month of January. This new index is intended to be a better reflection of prices in the Argentine economy. The new inflation index indicated price growth of 3.7% and 3.4% in January and February respectively.
According to INDEC, the country’s supermarkets ended 2013 with strong sales by volume growing 35.5% in December YoY (11.3% MoM). Shopping Center sales by volume also had strong growth, with a YoY increase of 19.9% (2.2% MoM), according to INDEC.
Cencosud had supermarket SSS growth of 21.5% from a year earlier and SS average ticket rising 27.7%. Home improvement SSS grew by 38.7% YoY.
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cencosud
Brazil
In Brazil, the retail and consumer environment trended negatively in the fourth quarter, with a positive start in the quarter followed by a weak finish. Retail sales only grew 4% YoY in December, with a MoM decline of
0.2%. Sales were dragged down by durable goods, with sales of furniture and appliances falling 0.9% in December YoY. Supermarket sales in the country proved resilient and expanded shy of 8.0% in October. That growth slowed as the year came to an end closing the year posting and expansion of 2.9%. GDP growth returned to positive territory in the 4Q13 reaching 0.7% after having posted a contraction of 0.5% in the 3Q13.
In keeping with this slowing economic environment, Cencosud’s supermarket SSS declined 3.3%, although performance in the GBarbosa and Perini chains was significantly stronger than in Bretas and Prezunic chains.
Peru
Peru continued its solid growth pattern in 4Q13, with growth in GDP of 5.2% year-on-year, one of the strongest growth rates in Latin America. Private consumption lagged headline growth somewhat, increasing
4.2% year-on-year, according to Instituto Nacional de Estadística e Informática (INEI). However, consumer confidence rose to a two year high in December, according to the Central Bank.
Cencosud’s continued its steady performance in Peru, but was impacted by aggressive competition in the supermarket sector, with competitors slashing prices while Cencosud chose to prioritize margins. As a result, Cencosud’s supermarket SSS rose 1%. SS average ticket increased 7.9% YoY.
Colombia
Consumer sentiment in Colombia improved slightly in the fourth quarter. Consumer confidence rose from 22.3 points in October to 23.2 points in December. Retail sales (including vehicle sales) grew by 4.1% in December YoY, decelerating from growth rates of 5.0% in November and 6.6% in October. In 2014, economic growth is expected to be around 4.5%, according to the Central Bank, broadly in line with the estimated 2013 performance.
For Cencosud, supermarket SSS declined 9.4% from the year before, with SS average ticket falling 2.6%. This was mainly due to the rebranding process in the supermarket operation, which has now been completed.
Financial Results
All figures are in Chilean pesos (CLP), except as otherwise provided, and presented in accordance with International Financial Reporting Standards (IFRS). Variations (%) refer to the comparison between 4Q13 and 4Q12.
The exchange rates at the end of December 2013 and December 2012, and the variations between 4Q13 and 4Q12 were:
Exchange Rate 12/31/2013 12/31/2012 % change Dec 2013 vs. Dec 2012
CLP / USD 524,6 480,0 9,3%
CLP / AR$ 80,5 97,7 -17,6%
CLP / Colombian 0,27 0,27 0,0%
CLP / Peruvian Nuevo Sol 187,5 188,2 -0,4%
CLP / Brazilian Real 222,7 235,0 -5,2%
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Overview 4Q13
Revenues (in CLP MM) Adjusted EBITDA (in CLP MM)
2.863.289
2.468.439 252.652
2.508.008 2.501.304 2.580.648
2.201.736 213.609
2.168.909 2.197.784
152.848 163.509 159.355 154.352 145.231 134.429
1Q12 1Q13 2Q12 2Q13 3Q12 3Q13 4Q12 4Q13 1Q12 1Q13 2Q12 2Q13 3Q12 3Q13 4Q12 4Q13
Figures in local currency 4Q 2013 4Q 2012 Change (%)
Revenues (MM$CLP) 2,863,289 2,580,648 11.0%
Chile (MM$ CLP) 1,125,308 1,056,532 6.5%
Brazil (MM$ BRL) 2,295,691 2,286,857 0.4%
Argentina (MM$ ARS) 8,455,783 6,621,298 27.7%
Peru (MM$ PEN) 1,216,393 1,126,897 7.9%
Colombia (MM$ COP) 988,151,770 471,023,446 109.8%
Operating Results (MM$ CLP) 262,936 213,616 23.1%
Net Income (MM$ CLP) 157,454 112,319 40.2%
Stores 1,123 1,077 4.3%
Selling Space (m2 ) 4,267,433 4,075,093 4.7%
Employees (full time-basis) 154,603 146,424 5.6%
Consolidated Performance
Revenues3 Fourth Quarter Twelve-Month, ended December 31st
CLP MM as of December 31st CLP MM as of December 31st
2013 2012 % 2013 2012 %
Revenues 2.863.289 2.580.648 11,0% 10.341.040 9.149.077 13,0%
Supermarkets 2.080.726 1.884.953 10,4% 7.682.064 6.733.610 14,1%
Home Improvement 334.827 288.188 16,2% 1.176.890 1.063.086 10,7%
Department Stores 316.171 287.486 10,0% 970.360 886.075 9,5%
Shopping Centers 57.904 52.214 10,9% 205.332 172.104 19,3%
Financial Services 69.425 66.484 4,4% 288.533 282.180 2,3%
Others 4.237 1.323 220,3% 17.861 12.022 48,6%
Consolidated revenues were CLP 2,863 billion in the fourth quarter of 2013, compared with CLP 2,581 billion in the fourth quarter of 2012, an 11% increase YoY. This increase was driven by higher revenues from all the business units, most notably Home Improvement and Department Stores. These factors were partially offset by the impact of currency movements, which reduced the CLP revenue from Argentina and Brazil.
3 Supermarket revenue was modified to reflect a change in Peru´s reporting. Previously Peru reported both supermarket and the Corporation Division (“Others”) in the same division (supermarkets), and it is now separated. This meant an increase in the Peruvian supermarket revenue of CLP 2,316 million which is now reflected in “Others”. Additionally, Colombia reported 4Q12 figures of the Corporation and other businesses consolidated in the Supermarket division (except Home Improvement), and it is now separated between Supermarket, Shopping Centers and Financial Services. This meant a decrease of CLP 1,244 million in Colombian supermarket revenue, and an increase of CLP 819 million in Shopping Centers and CLP 425 million in Financial Services
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Supermarket revenues in 4Q13 increased 10.4% YoY, reaching CLP 2,081 billion, driven by the consolidation of the Colombian Supermarket Division (CLP 134,446 million of higher revenues vs. 4Q12), the net opening of 34 new supermarkets in the region since December 2012 and positive 3.3% SSS in Chile and 21.5% in Argentina. Total supermarket selling space rose 3.2% to 2.3 million m2.
Home Improvement revenues increased 16.2% YoY, reaching CLP 335 billion in 4Q13. Cencosud saw stronger sales across countries, with a 7.1% SSS increase in Chile, 38.6% SSS increase in Argentina, and the net opening of 7 Easy stores in the region compared to December 2012. These factors more than offset the negative effect of 17.6% currency devaluation in Argentina.
Department Store revenues totaled CLP 316 billion, up 10.0% YoY, driven by the continued strong performance of the Chilean operation and the contribution from the Peruvian stores opened in 2013. In Chile, Paris and Johnson had sales growth of 5.8% and 16.3% respectively, with SSS growth of 4.4% in Paris and 21.6% in Johnson, showing Cencosud’s success in integrating this business with the Paris department store business. Paris Peru contributed CLP 7,609 million of sales in 4Q13, reflecting the sales of six stores, three of them opened in November and December.
Shopping Center revenues expanded 10.9% YoY, reaching CLP 57,904 million, driven by higher revenues from Peru related to the opening of Cerro Colorado shopping center in Arequipa, in May 2013, as well as higher revenues from Colombia, due to the addition of the real estate operations which contributed CLP 2,232 million, and higher revenues from Chile and Argentina, despite currency devaluation.
Financial Services revenues increased 4.4% YoY, to CLP 69 billion. This reflected higher revenues from the Peruvian operations (CLP 3,674 million of higher revenue vs. 4Q12), the integration of Colombian financial services (CLP 2,630 million of higher revenue vs. 4Q12) and higher revenues from Argentina, partially offset by lower revenues from Chile as a result of the reduction in the average portfolio over the last twelve months.
Gross Margin4
Fourth Quarter
Twelve-Month, ended December 31st
CLP MM as of December 31st
CLP MM as of December 31st
2013 2012 % 2013 2012 %
Gross Profit
846.629 748.635
13,1% 2.969.491 2.601.245 14,2%
Supermarkets 536.452 476.916 12,5% 1.911.994 1.676.133 14,1%
Home Improvement 118.998 102.919 15,6% 389.487 351.586 10,8%
Department Stores 89.101 81.217 9,7% 268.830 241.407 11,4%
Shopping Centers 51.429 43.895 17,2% 181.991 144.891 25,6%
Financial Services 46.574 42.695 9,1% 202.778 177.501 14,2%
Others 4.075 994 310,1% 14.410 9.728 48,1%
Gross Margin (%) 29,6% 29,0% 28,7% 28,4%
Gross margin improved in 4Q13 (29,6%) reflecting better margins in the Supermarket, Shopping Centers and Financial Service divisions, offset by lower margins in the Home Improvement and Department Store divisions.
4 Supermarket gross profit was modified to reflect a change in Peru´s reporting. Previously Peru reported both supermarket and the Corporation Division (“Others”) in the same division (supermarkets), and currently it is separated. This meant an increase in the Peruvian supermarket gross profit of CLP 1,966 million which is now reflected in “Others”. Additionally, Colombia reported 4Q12 figures of the Corporation and other businesses consolidated in the Supermarket division (except Home Improvement), and currently it is separated between Supermarket, Shopping Centers and Financial Services. This meant a decrease of CLP 1,215 million in Colombian supermarket gross profit, and an increase of CLP 789 million in Shopping Centers and CLP 425 million in Financial Services.
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Cencosud Gross Margin Evolution
29,6% 29,0% 28,6% 28,4% 27,9% 27,8% 27,3% 27,3%
1Q’13 1Q’12 2Q’13 2Q’12 3Q’13 3Q’12 4Q’13 4Q’12
Gross Margin5 by Business
Department stores Gross Margin Evolution Supermarkets Gross Margin Evolution
25,8% 30,4% 29,6%
24,9% 25,3% 28,2% 28,3% 24,4% 24,6% 24,9% 24,8% 27,1% 24,4% 25,7% 24,7% 24,7%
1Q’13 1Q’12 2Q’13 2Q’12 3Q’13 3Q’12 4Q’13 4Q’12 1Q’13 1Q’12 2Q’13 2Q’12 3Q’13 3Q’12 4Q’13 4Q’12
Home Improvement Gross Margin Evolution Shopping Centers Gross Margin Evolution
35,5% 35,7% 86,5% 89,2% 86,4% 91,4% 85,6% 88,8% 85,9% 33,4% 84,5% 32,3% 31,4% 31,4% 31,4% 32,7%
1Q’13 1Q’12 2Q’13 2Q’12 3Q’13 3Q’12 4Q’13 4Q’12 1Q’13 1Q’12 2Q’13 2Q’12 3Q’13 3Q’12 4Q’13 4Q’12
Supermarket gross margin was 25.8% in 4Q13compared with 25.3% in 4Q12. Excluding our Colombian operation gross margin rose to 26.8%, reflecting improved performance in Chile, Argentina and Brazil. In Chile the improvement partially reflects the maturing of continued investments in distribution centers. In Argentina the improvement reflects an improved commercial strategy and a more flexible price environment. In Brazil, the improvement is related to a Cencosud’s pricing strategy and the ongoing process of consolidating negotiations with suppliers at a regional level.
Home Improvement gross margin decreased from 35.7% in 4Q12 to 35.5% in. In the case of Chile, the decrease is related to a temporary increase in logistical costs that should be offset by higher rebates from suppliers made to the company in the short and medium term. In the case of Argentina, lower margins are explained by one-time accounting changes to how logistic expenses were recorded to make them comparable with Chile (as of January 2013 all wages paid at distribution centers became part of distribution costs in Argentina). In the case of Colombia, better margins are related to improved economies of scale, following the opening of five new stores in 2H13.
Department Stores gross margin remained almost flat (28.2% in 4Q13), as a result of start-up costs related to the Peruvian operation, partially offset by improved margins in Chilean operations. In the case of Chile, the greater contribution came on the back of stronger results from Johnson, which increased gross margin from 24.6% in 4Q12 to 27.6% in 4Q13.
Shopping Centers gross margin increased to 88.8% from 84.1% in 4Q12, mainly due to an improved performance in Chile and the integration of the Colombian real estate operations which contributed CLP 2,143 million in 4Q13 vs. CLP 789 million in 4Q12, with a 96% gross margin. In the case of Chile, gross margin improved to 91.7% from 87.3% in 4Q12 as a consequence of higher occupancy levels at Costanera Center and Portal Osorno.
5 Gross profit does not include gross profit from the “Other” segment.
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Financial Services posted a gross margin of 67.1% in 4Q13 compared with 64.2% in 4Q12, reflecting higher margins in Chile and Peru, which increased to 69.8% and 35.2% in 4Q13 from 66.0% and 21.7% in 4Q12 respectively. These improvements are mainly due to lower funding costs, lower interest rates and changed working capital methodology.
Selling, General and Administrative Expenses (SG&A)6
Fourth Quarter CLP MM as of December 31st Twelve-Month, ended December 31st CLP MM as of December 31st
2013 2012 % 2013 2012 %
SG&A expenses -664.276 -581.140 14,3% -2.480.441 -2.101.821 18,0%
Supermarkets -429.673 -371.600 15,6% -1.636.018 -1.368.789 19,5%
Home Improvement -84.590 -78.396 7,9% -309.684 -278.043 11,4%
Department Stores -71.341 -63.544 12,3% -245.331 -221.492 10,8%
Shopping Centers -13.913 -8.901 56,3% -38.231 -26.739 43,0%
Financial Services -29.486 -22.326 32,1% -126.007 -100.235 25,7%
Others -35.273 -36.374 -3,0% -125.169 -106.524 17,5%
SG&A Margin (%) -23,2% -22,5% -24,0% -23,0%
SG&A expenses in 4Q13 were CLP 664,276 million, a 14.3% increase YoY. This increase reflected the Company’s increased revenues and selling space, including the acquisition of the Colombian supermarket operation and the opening of Home Improvement stores in Colombia and Department Stores in Peru.
Operating Income7
Fourth Quarter Twelve-Month, ended December 31st
CLP MM as of December 31st CLP MM as of December 31st
2013 2012 % 2013 2012 %
Operating Income 262.936 213.616 23,1% 624.146 599.165 4,2%
Supermarkets 110.696 108.426 2,1% 288.088 314.440 -8,4%
Home Improvement 34.461 24.473 40,8% 80.042 73.646 8,7%
Department Stores 17.796 17.935 -0,8% 24.754 20.231 22,4%
Shopping Centers 97.313 76.272 27,6% 238.962 217.058 10,1%
Financial Services 17.496 20.369 -14,1% 77.194 77.365 -0,2%
Others -14.825 -33.860 -56,2% -84.894 -103.575 -18,0%
Operating Margin (%) 9,2% 8,3% 6,0% 6,5%
6Supermarket SG&A was modified to reflect a change in Peru’s reporting. Previously Peru reported both supermarket and the Corporation Division (“Others”) in the same division (supermarkets), and they are now separated. This meant a decrease in the Peruvian supermarket SG&A of CLP 7,056 million which is now reflected in “Others”. Additionally, Colombia reported 4Q12 figures of the Corporation and other businesses consolidated in the Supermarket division (except Home Improvement), and they are now separated between Supermarket, Shopping Centers and Financial Services. This meant a decrease in SG&A of CLP 121 million in Colombian supermarket SG&A, and an increase of CLP 121 million in Shopping Centers
7Consolidated Operating Income for 2012 was modified from CLP 222,318 million to CLP 213,616 million, due to a reclassification of CLP 8,702 million from “Other gain (losses)” to “Income Taxes”. This reduction is done in the “Others” segment. FUT disbursements have been wrongfully classified as “Other gains (losses)”. This has been rectified and following IFRS rules are now included in “Income Tax”. Supermarket Operating Income was modified to reflect a change in Peru’s reporting. Previously Peru reported both supermarket and the Corporation Division (“Others”) in the same division (supermarkets), and they are now separated. This meant an increase in the Peruvian supermarket Operating Income of CLP 9,022 million which is now reflected in “Others”. Additionally, Colombia reported 4Q12 figures of the Corporation and other businesses consolidated in the Supermarket division (except Home Improvement), and currently it is separated between Supermarket, Shopping Centers and Financial Services. This meant a decrease of CLP 1,103 million in Colombian supermarket’s operating income, and an increase of CLP 677 million in Shopping Centers and CLP 425 million in Financial Services.
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Operating income in 4Q13 was CLP 262,936 million, a 23.1% increase YoY. This was largely due to an increase in the Shopping Centers and Home Improvement divisions, partially offset by a decrease in the Financial Services and Supermarket division in Brazil, Peru and Colombia. Excluding income from revaluation of assets, consolidated and Shopping Centers operating income increased 19.0% and 10.2% respectively in 4Q13, compared to the same period in 2012.
Supermarket operating income was CLP 110,696 million in 4Q13, compared with CLP 108,426 million in 4Q12, a 2.1% increase YoY. This was a result of higher operating income from Argentina and Chile, partially offset by lower contribution from Peru, Colombia and Brazil. Better performance from Chile is a consequence of stores opened during 2011 and 2012 reaching maturity. In Argentina the improvement reflects an improved commercial strategy and a more flexible price environment. The lower contribution from Brazil is related to higher SG&A expenses due to the new administrative structure and the establishment of our new offices in Sao Paulo. The lower contribution from Colombia is mainly due to a high comparative basis in 2012. In December 2012 Cencosud accounted all rebates for full year 2012 of its Colombian operation, while during 2013 rebates were registered in the corresponding quarter.
Home Improvement operating income was CLP 34,461 million in 4Q13, an increase of 40.8% YoY. This was primarily due to stronger results from Argentina and Chile. The highlight of the operation was in Argentina where operating income rose 74.5% when compared to 4Q12 on the back of low SG&A growth (3%) as a result of improved productivity and efforts made by the division to contain its expansion. Better results from Argentina and Chile were partially offset by a higher operating loss in Colombia, which posted increased SG&A due to the opening of 4 stores in the month of December.
Department Stores posted an operating income of CLP 17,796 million in 4Q13 from CLP 17,935 million in 4Q12.The result reflects the contribution from the Peruvian operation, which posted an operating loss of
CLP 2,057 million, partially offset by a better performance of Chilean operations, where operating income expanded from CLP 17,935 million to CLP 19,854 million in 4Q13 mainly due to heightened control in SG&A. Excluding Peru, department store operating income expanded 10.7% in 4Q13 vs. 4Q12.
Shopping Center operating income increased 27.6% YoY to CLP 97,313 million in 4Q13. This reflects higher contribution from Chile, Peru, Argentina and the addition of the Colombian real estate operations which contributed CLP 2,902 million in 4Q13. This growth can be partially explained by income from the revaluation of assets, as Costanera Center is maturing earlier than expected and the addition of a third floor to our shopping center in Temuco, Chile. Excluding the revaluation of assets, operating income for the Shopping Centers division increased 12.5% in 4Q13 from 4Q12.
Financial Services operating income decreased 14.1%, mainly due to lower results in Chile and Argentina, partially offset by lower losses from Peru (CLP -535 million, compared to a CLP 2,519 million operating loss in 4Q12), and the addition of financial service operations in Colombia which contributed CLP 3,055 million in 4Q13.
Non-Operating Income8
Fourth Quarter Twelve-Month, ended December 31st
CLP MM as of December 31st CLP MM as of December 31st
2013 2012 % 2013 2012 %
Non Operating Income -77.298 -77.022 0,4% -298.224 -225.867 32,0%
Participation in profit of equity method associates 6.310 2.153 193,1% 10.289 5.640 82,4%
Net Financial Costs -66.809 -63.380 5,4% -252.830 -202.912 24,6%
Income (loss) from foreign exchange variations -7.923 -6.560 20,8% -34.723 -2.680 1195,7%
Result of indexation units -8.876 -9.235 -3,9% -20.960 -25.915 -19,1%
8Non-Operating Income includes “Participation in profit or loss of equity method associates” that was previously included in Operating Income. The Chilean Superintendence of Securities and Insurance, “Superintendencia de Valores y Seguros” or SVS, published a new model presentation of financial Statements 2012, on March 21 2012, where by Operating Results now includes Other Gain (Losses).
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In 4Q13, the Company registered a non-operating loss of CLP 77,298 million, compared to a non-operating loss of CLP 77,022 million in 4Q12. This is explained by a higher share of profit in associates or joint ventures accounted for by the equity method, partially offset by higher financial costs due to a higher financial debt and higher losses from foreign exchange fluctuations.
Net Income
Net income for the quarter rose 40.1% year-on-year to CLP 158,087 million, primarily due to a higher operating result partially offset by higher income tax expenses. Cencosud’s net income reached CLP 229,765 million for the 12 month period ended December 2013, a 15.8% decrease from CLP 272,809 million for the 12 month period ended 2012. The higher operating result was partially offset by higher financial costs associated with a higher debt along with higher losses from foreign exchange variations.
Cencosud S.A. and subsidiaries
Reconciliation of Unaudited condensed interim consolidated statements of income by function
For the twelve month period ended December 31
2013 2012
Th CLP Th CLP
Reconciliation of Statement of integral income
Net income reported in Chile 229,930,349 269,958,615
Plus: Litigation Provisioning (*) 20,000,000 (20,000,000)
Net income as adjusted 249,930,349 249,958,615
Basic earnings per share to controlling shareholders 83.2 116.0
Basic earnings per share as adjusted 90.5 107.4
(*) Class action lawsuit against the company “Cencosud Administradora de Tarjetas SA” filed in December 2006, whose non-appealable final judgment was notified by the Supreme Court of Chile, dated April 24, 2013. This is a preliminary estimate of the provision and still needs to be ratified by the Supreme Court of Chile after subsequent filings for interpretation, rectification and amendment are addressed by the court. The ruling requires the company to reimburse cardholders for excess maintenance fees charged since 2006 plus inflation adjustment and interest. For purposes of Chilean regulatory reporting, this amount has been recognized in the Statements of Integral Income by function as of March 31, 2013, under the line “Other expenses by function in the Financial Statements reported in Chile. For purposes of filing with the Securities and Exchange Commission, this amount was already included in the financial statements as of and for the year ended December 31, 2012 presented under Form 20-F.
EBITDA
Fourth Quarter Twelve-Month, ended December 31st
CLP MM as of December 31st CLP MM as of December 31st
2013 2012 % 2013 2012 %
EBITDA 295.627 238.480 24,0% 767.790 717.659 7,0%
Supermarkets 138.843 134.479 3,2% 418.459 401.496 4,2%
Home Improvement 39.420 29.169 35,1% 99.523 91.386 8,9%
Department Stores 24.053 21.532 11,7% 49.364 43.127 14,5%
Shopping Centers 104.604 80.296 30,3% 253.035 227.748 11,1%
Financial Services 18.631 21.395 -12,9% 81.432 80.904 0,7%
Others -29.925 -48.391 -38,2% -134.024 -127.002 5,5%
EBITDA Margin (%) 10,3% 9,2% 7,4% 7,8%
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Consolidated EBITDA for the quarter increased 24.0% to CLP 295,627 million, compared to CLP 238,480 million in 4Q12. This was mainly due to higher EBITDA from the Shopping Centers, “Others” where income from the corporation such as profits from mark to market of cross currency swaps that hedge against USD/CLP variations are recorded, and Home Improvement divisions. Excluding the revaluation of assets, EBITDA increased 18.3% in 4Q13 to CLP 252,652 million.
Supermarket EBITDA was CLP 138,843 million in 4Q13, up 3.2% from CLP 134,479 million in 4Q12. This was the result of a higher contribution from Chile and Argentina partially offset by a lower EBITDA contribution from Colombia and Brazil. Better results from Chile and Argentina are the result of the maturity of stores opened in 2012 and 2013, and the more flexible price environment. The results in Colombia reflect the costs related to a marketing campaign to position brands and the higher comparison base in 4Q12, when the Company recognized a full year of rebates in one month.
In Brazil, the lower EBITDA contribution is explained by higher SG&A expenses due to the new administrative structure and the establishment of our new offices in Sao Paulo.
Home Improvement EBITDA reached CLP 39,420 million in 4Q13, a 35.1% increase versus the same period in 2012, largely driven by a better performance in Argentina and Chile, partially offset by a lower EBITDA contribution from Colombia due to higher expenses related to new store openings. Department Store EBITDA reached CLP 24,053 million in 4Q13, an 11.7% increase versus the same period in 2012. In Chile EBITDA growth was 20.3% versus 4Q12. As a consequence EBITDA margin went from 7.5% to 8.4%. Paris Chile posted EBITDA margin of 9.8% while Johnson finished the quarter with a positive EBITDA contribution. Due to the startup costs of our operations in Peru, which expanded to six stores in the period, Peru’s EBITDA contribution was CLP (1,852) million in the quarter.
Shopping Center EBITDA reached CLP 104,604 million in 4Q13, a 30.3% increase versus the same period in 2012. The increase was due to strong and steady growth in Chile, where the Costanera Shopping Center performed very strongly and other properties continued to post good performances. Additionally, growth also was driven by the contribution of the Colombian real estate operations (CLP 3,038 million in 4Q13 vs. CLP 885 million in 4Q12). Excluding income from the revaluation of assets, consolidated Shopping Centers EBITDA reached CLP 44,499 million, a 20.1% increase Financial Service EBITDA decreased 12.9% to CLP 18,631 million in 4Q13, mainly because of lower contribution from Chile and Argentina. This was partially offset by lower losses in Peru and the addition of the financial services division in Colombia which contributed CLP 3,055 million in 4Q13.
Ebitda and Adjusted Ebitda by Country
Fourth Quarter Twelve-Month, ended December 31st
CLP MM as of December 31st CLP MM as of December 31st
EBITDA 2013 2012 % 2013 2012 %
295.627 238.480 24,0% 767.790 717.659 7,0%
Chile 176.927 128.991 37,2% 435.045 397.394 9,5%
Argentina 72.945 45.509 60,3% 193.117 177.443 8,8%
Brazil 9.338 16.147 -42,2% 50.832 60.047 -15,3%
Peru 23.732 28.025 -15,3% 43.111 64.993 -33,7%
Colombia 12.686 19.807 -36,0% 45.685 17.782 156,9%
EBITDA Margin (%) 10,3% 9,2% 7,4% 7,8%
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Fourth Quarter Twelve-Month, ended December 31st
CLP MM as of December 31st CLP MM as of December 31st
Adjusted EBITDA 2013 2012 % 2013 2012 %
252.652 213.609 18,3% 728.363 647.621 12,5%
Chile 145.503 115.248 26,3% 393.475 331.382 18,7%
Argentina 68.039 47.280 43,9% 190.540 181.763 4,8%
Brazil 11.693 17.861 -34,5% 57.789 69.438 -16,8%
Peru 15.581 17.534 -11,1% 41.826 51.379 -18,6%
Colombia 11.836 15.685 -24,5% 44.733 13.660 227,5%
Adjusted EBITDA Margin (%) 8,8% 8,3% 7,0% 7,1%
Analysis by Business and Country
Hypermarkets & Supermarkets
SUPERMARKETS SELLING SPACE9 HYPERMARKETS SELLING SPACE9 OTHERS SELLING SPACE
Square Meters as of December 31 Square Meters as of December 31 Square Meters as of December 31
N° of Stores Selling space % leased N° of Stores Selling space % leased N° of Stores Selling space % leased
Chile 187 266.661 66% Chile 37 295.085 16% Chile
Argentina 269 365.071 53% Argentina 21 361.666 8% Argentina
Peru 73 168.655 49% Peru 14 90.705 43% Peru
Brazil 182 433.113 95% Brazil 39 163.633 77% Brazil 152 17.830 93%
Colombia 21 4.065 100% Colombia 79 424.404 14% Colombia 79 13.692 14%
Total 732 1.237.565 73% Total 190 1.112.416 45% Total 231 31.522 66%
Chile
CHILE – HYPERMARKETS & SUPERMARKETS*
Nominal Same Store Sales Q1 Q2 Q3 Q4 6M 9M 12M
2013 2,6% -0,2% 0,5% 3,3% 1,1% 0,9% 1,6%
2012 6,6% 5,0% 5,2% 2,8% 5,8% 5,6% 4,8%
2011 5,4% 4,4% 4,6% 4,6% 4,9% 4,8% 4,7%
N° Same Store Tickets
2013 -3,6% -4,1% -3,3% -0,9% -4,0% -3,8% -3,0%
2012 9,2% -2,5% -1,9% -4,1% 3,3% 1,5% 0,0%
2011 4,7% -2,2% -3,6% -2,5% 1,2% -0,5% -1,1%
SS Average Ticket Nominal
2013 6,4% 4,0% 3,9% 4,2% 5,4% 4,9% 4,7%
2012 -2,4% 7,6% 7,2% 7,3% 2,4% 4,0% 4,8%
2011 0,7% 6,7% 8,5% 7,3% 3,7% 5,3% 5,8%
* Measured in local currency
Gross Margin Evolution Supermarkets
Chile
27,2%
24,6% 23,3% 25,0% 24,1% 23,4% 23,9% 25,2%
1Q’13 1Q’12 2Q’13 2Q’12 3Q’13 3Q’12 4Q’13 4Q’12
9 Previously some new Jumbo stores of a smaller format (app. 2,500 sq meters) were classified as hypermarkets. Now the table shows our number of stores separated by format (supermarket and hypermarkets) instead of by brand.
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Argentina
ARGENTINA – HYPERMARKETS & SUPERMARKETS
Nominal Same Store Sales Q1 Q2 Q3 Q4 6M 9M 12M
2013 15,0% 14,4% 17,8% 21,5% 14,7% 15,8% 17.3%
2012 22,3% 19,2% 17,7% 15,9% 20,6% 19,6% 18,5%
2011 23,8% 23,0% 22,9% 22,8% 23,4% 23,2% 22,5%
N° Same Store Tickets
2013 -5,8% -5,7% -6,3% -4,9% -5,7% -5,9% -5.7%
2012 -0,8% -0,8% -1,3% 1,6% -0,8% -2,0% -0,5%
2011 -4,7% -4,9% -4,3% -2,4% -4,8% -4,6% -4,1%
SS Average Ticket Nominal
2013 22,1% 21,3% 25,7% 27.7% 21,7% 23,0% 24.4%
2012 23,3% 20,2% 19,3% 14,2% 21,6% 22,0% 19,0%
2011 29,8% 29,4% 28,5% 25,8% 29,6% 29,2% 28,3%
* Measured in local currency
Gross Margin Evolution Supermarkets
Argentina
29,9% 29,4% 29,5% 30,0% 30,4% 29,2% 31,3% 29,3%
1Q’13 1Q’12 2Q’13 2Q’12 3Q’13 3Q’12 4Q’13 4Q’12
Brazil
Brazilian SSS were positive in Gbarbosa and Perini, while Bretas and Prezunic had a negative performance. In Bretas, the Company is still in the process of stabilizing SAP, training staff and defining the appropriate product mix. In the case of Prezunic, sales were affected by two factors; (i) increased regional competition (ii) a change in the tax regime in the state of Rio de Janeiro at the same time that the stabilization of SAP was taking place, which created issues in our supply chain and a consequent loss in traffic.
BRASIL – HYPERMARKETS & SUPERMARKETS
Nominal Same Store Sales Q1 Q2 Q3 Q4 6M 9M 12M
2013 2,3% 0,0% -0,6% -3,3% 1,1% 0,0% -0.5%
2012 2,6% 1,7% -2,8% 0,5% 2,2% 0,5% 0,5%
2011 4,6% 3,5% 0,0% -0,3% 4,0% 2,5% 1,4%
N° Same Store Tickets
2013 -7,7% -9,1% -8,9% -12,7% -8,4% 0,0% -9.6%
2012 -3,1% -4,4% -6,1% -5,2% -3,7% -4,5% -4,7%
2011 -2,0% 5,7% 0,9% -12,9% 1,8% 1,5% -4,4%
SS Average Ticket Nominal
2013 10,9% 10,0% 9,0% 10,0% 10,4% 0,0% 10.0%
2012 5,9% 6,4% 3,6% 6,0% 6,1% 5,2% 5,4%
2011 6,7% -2,1% -0,9% 14,4% 2,2% 1,0% 6,2%
* Measured in local currency
* Excludes Prezunic in the last two years. Since 1Q13 includes Prezunic
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Gross Margin Evolution Supermarkets
Brazil
22,2% 22,0% 22,4% 21,6% 23,8% 21,9% 22,3% 21,3%
1Q’13 1Q’12 2Q’13 2Q’12 3Q’13 3Q’12 4Q’13 4Q’12
Peru
The Peruvian supermarket operation was affected by a tougher competitive environment, with one competitor aggressively cutting prices. Cencosud prioritized margins over traffic, and so saw a limited increase in SSS.
PERU – HYPERMARKETS & SUPERMARKETS
Nominal Same Store Sales Q1 Q2 Q3 Q4 6M 9M 12M
2013 1,0% 2,1% 2,0% 1,0% 1,5% 1,7% 1,5%
2012 8,6% 4,3% 1,8% 2,8% 6,4% 4,8% 4,2%
2011 1,7% 4,5% 10,4% 8,7% 3,1% 5,6% 6,5%
N° Same Store Tickets
2013 -3,7% -4,4% -2,9% -2,9% -4,1% -3,7% -4,4%
2012 1,5% 0,2% -1,2% 0,8% 0,8% 0,1% 0,2%
2011 -2,2% -1,8% 0,0% 0,8% -2,0% -1,3% -0,8%
SS Average Ticket Nominal
2013 4,9% 6,9% 5,0% 7,9% 5,8% 5,6% 6,2%
2012 7,0% 4,1% 3,1% 2,0% 5,5% 4,7% 4,0%
2011 3,9% 6,5% 10,4% 7,8% 5,2% 7,0% 7,3%
* Measured in local currency
Gross Margin Evolution Supermarkets
Peru
23,8% 23,9% 22,9% 24,4% 25,1% 24,2% 26,3% 26,7%
1Q’13 1Q’12 2Q’13 2Q’12 3Q’13 3Q’12 4Q’13 4Q’12
Colombia
COLOMBIA –SUPERMARKETS
Nominal Same Store Sales Q1 Q2 Q3 Q4 6M 9M 12M
2013 -7,7% 3,6% -13,9% -9,4% -2,7% -6,6% -7,4%
N° Same Store Tickets
2013 -2,4% -7,8% -6,1% -7,0% -5,1% -5,5% -5,9%
SS Average Ticket Nominal
2013 -5,4% 12,4% -8,3% -2,6% 2,6% -1,2% -1,6%
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The Colombian supermarket operation had a SSS decrease of 9.4% in 4Q13, reflecting a 7.0% decrease in the number of same store tickets and a 2.6% decrease of same store average nominal ticket. SSS showed an improvement compared to 3Q13, but were still affected by the delayed launch of a country-wide marketing campaign, and the ongoing process of positioning the Jumbo brand in the Colombian market. Additionally, growth in the formal retail market has slowed in the country.
Home Improvement Stores
HOME IMPROVEMENT SELLING SPACE
as of December 31st
N° of Stores Selling space % leased
Chile Easy 32 307.853 3%
Argentina Easy 40 359.851 28%
Argentina Blaisten 8 13.639 25%
Colombia Easy 9 75.732 33%
Total 89 757.074
Chile
EASY CHILE – HOME IMPROVEMENT*
Nominal Same Store Sales Q1 Q2 Q3 Q4 6M 9M 12M
2013 7,2% 4,1% 5,9% 7,1% 5,7% 5,7% 6,1%
2012 3,1% 7,8% 8,6% 6,2% 5,3% 6,4% 6,3%
2011 11,2% 1,7% 1,6% 4,8% 6,4% 4,9% 4,9%
N° Same Store Tickets
2013 0,5% 0,9% 1,2% 5,2% 0,7% 0,9% 2,1%
2012 0,9% -0,1% 1,6% -2,3% 0,4% 0,8% 0,0%
2011 11,0% 5,1% 5,8% 5,2% 8,0% 7,3% 6,7%
SS Average Ticket Nominal
2013 6,6% 3,1% 4,6% 1,8% 4,9% 4,8% 4,0%
2012 2,1% 7,9% 6,9% 8,7% 4,9% 5,5% 6,4%
2011 0,2% -3,2% -4,0% -0,4% -1,5% -2,3% -1,7%
* Measured in local currency
Gross Margin Evolution
Home Improvement Stores - Chile
33,9% 34,0%
26,8% 26,1% 26,5% 26,3% 27,6% 27,9%
1Q’13 1Q’12 2Q’13 2Q’12 3Q’13 3Q’12 4Q’13 4Q’12
Argentina
EASY ARGENTINA – HOME IMPROVEMENT
Nominal Same Store Sales Q1 Q2 Q3 Q4 6M 9M 12M
2013 25,3% 30,9% 24,8% 38,6% 28,1% 26,9% 30,3%
2012 30,0% 31,0% 28,3% 19,5% 30,5% 29,7% 26,6%
2011 28,0% 26,2% 34,2% 38,3% 27,1% 29,7% 32,3%
N° Same Store Tickets
2013 -3,9% -1,8% -5,9% 4,0% -2,9% -3,9% -1,9%
2012 2,8% 4,4% -0,5% -8,7% 3,6% 2,2% -8,6%
2011 1,1% 1,5% 5,0% 10,0% 1,3% 2,6% 4,6%
SS Average Ticket Nominal
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2013 30,3% 33,4% 32,7% 33,3% 31,9% 32,1% 32,9%
2012 27,0% 25,5% 29,0% 30,8% 26,0% 27,0% 38,5%
2011 26,6% 24,3% 27,8% 25,8% 25,5% 26,4% 26,5%
* Measured in local currency.
SSS excludes Blaisten.
Gross Margin Evolution
Home Improvement Stores - Argentina
36,8% 35,3% 35,1% 35,2% 36,4% 37,2% 36,8% 37,3%
1Q’13 1Q’12 2Q’13 2Q’12 3Q’13 3Q’12 4Q’13 4Q’12
Colombia
EASY COLOMBIA – HOME IMPROVEMENT
Nominal SameStore Sales Q1 Q2 Q3 Q4 6M 9M 12M
2013 -3,4% 0,5% 4,7% -0,5% -1,5% 0,6% 0,3%
2012 11,2% 5,3% 10,2% -7,6% 8,3% 8,9% 4,1%
2011 6,7% 12,1% 11,6% 13,9% 10,3% 10,8% 11,8%
N° SameStore Tickets
2013 -0,7% -1,7% -1,3% -3,9% -1,2% -1,2% -2,0%
2012 5,9% 2,3% 3,9% -6,6% 4,1% 4,0% 1,0%
2011 -10,9% -10,3% -5,5% -2,0% -10,5% -8,5% -6,5%
SS Average Ticket Nominal
2013 -2,7% 2,2% 6,1% 3,5% -0,3% 1,8% 2,3%
2012 5,0% 3,0% 6,0% -1,0% 4,0% 4,7% 3,1%
2011 19,8% 24,9% 18,0% 16,2% 23,2% 21,1% 19,6%
* Measured in local currency
Gross Margin Evolution
Home Improvement Stores - Colombia
25,0% 26,2% 25,3% 25,6% 24,0% 26,5% 32,4% 28,5%
1Q’13 1Q’12 2Q’13 2Q’12 3Q’13 3Q’12 4Q’13 4Q’12
Department Stores
DEPARTMENT STORE SELLING SPACE
as of December 31st
N° of Stores Selling space % leased
Chile Paris 40 261.799 63%
Chile Johnson 37 110.092 84%
Peru Paris 6 32.222 83%
Total 83 404.113 73%
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CHILE - DEPARTMENT STORES
Same Store Sales Nominal Q1 Q2 Q3 Q4 6M 9M 12M
2013 4,9% 2,9% 3,3% 6,8% 3,8% 3,7% 4,7%
2012 9,4% 5,5% 5,2% 2,7% 7,3% 6,6% 5,3%
2011 17,9% -1,9% 3,5% 4,7% 6,4% 5,4% 5,2%
N Same Store Tickets
2013 4,1% 6,5% 4,1% 7,3% 5,2% 4,8% 5,7%
2012 3,3% -0,6% -0,1% 0,1% 1,4% 0,9% 0,6% 2011 17,4% 2,0% -0,3% -0,1% 9,4% 6,0% 3,9%
SS Average Ticket Nominal
2013 0,8% -3,4% -0,8% -0,5% -1,3% -1,1% -0,9%
2012 5,7% 6,2% 5,3% 2,6% 5,9% 5,6% 4,7%
2011 0,4% -3,9% 3,8% 4,8% -2,7% -0,5% 1,2%
* Measured in local currency
**SSS excludes Umbrale & Foster and includes Johnson since 1Q13
Gross Margin Evolution
Department Stores - Chile
27,1% 25,7% 30,4% 29,6% 25,0% 24,7% 28,5% 28,3%
1Q’13 1Q’12 2Q’13 2Q’12 3Q’13 3Q’12 4Q’13 4Q’12
Shopping Centers
Mega Center: shopping centers over 100,000 m2 of Gross Leasable Area (GLA) of mixed usage. They contain anchor stores, other stores, medical center, offices and a hotel.
Regional: great shopping center up to 100,000 m2 of GLA with impact over multiple geographic areas, with anchor stores, other stores and a medical center.
Local: shopping centers up to 70,000 m2 of GLA with areas of influence on nearby communities, with anchor stores, other stores and a medical center in some cases.
Factory: shopping centers with brands discounts.
Power Centers: shopping centers up to 35,000 m2 of GLA including a maximum of two anchor stores and a small number of other stores.
Strip Centers: shopping centers of up to 10,000 m2 composed by 1 anchor store of maximum 5,000 m2, plus a reduced number of other stores.
SHOPPING CENTERS LEASED AREA SHOPPING CENTERS LEASED AREA
Square Meters Square Meters
4Q 2013 4Q 2012
N GLA Third GLA Related GLA total
N GLA Third GLA GLA total
CHILE parties parties
CHILE parties Related parties
Mega Center 1 99.774 34.864 134.638
Mega Center 1 99.774 34.864 134.638
Regional 1 74.559 43.362 117.920
Regional 1 74.559 43.362 117.920
Local 9 218.889 261.036 479.925
Local 8 216.967 253.361 470.329
Power Center 14 19.197 333.466 352.663
Power Center 13 18.817 304.869 323.686
Total 25 412.418 672.728 1.085.146
Total 23 410.117 636.455 1.046.573
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N GLA Third GLA Related GLA total
N GLA Third GLA GLA total
ARGENTINA parties parties
ARGENTINA parties Related parties
Regional 1 72.376 23.723 96.098
Regional 1 72.376 23.723 96.098
Local 10 130.478 259.593 390.071
Local 10 130.478 259.593 390.071
Factory 3 30.637 81.642 112.278
Factory 3 30.637 81.642 112.278
Power Center 3 7.443 58.125 65.568
Power Center 3 7.443 58.125 65.568
Strip Center 1 477 4.180 4.657
Strip Center 1 477 4.180 4.657
Total 18 241.410 427.263 668.673
Total 18 241.410 427.263 668.673
N GLA Third GLA Related GLA total
N GLA Third GLA GLA total
PERU parties parties
PERU parties Related parties
Regional 1 40.277 13.024 53.301
Mega Center 1 40.277 13.024 53.301
Local 1 17.085 12.579 29.664
Regional - - 0 -
Strip Center 1 1.026 4.728 5.754
Local 1 1.026 4.728 5.754
Total 3 58.388 30.331 88.719
Total 2 41.303 17.752 59.055
N GLA Third GLA Related GLA total
COLOMBIA parties parties
Local 2 14.514 19.580 34.094
Total 2 14.514 19.580 34.094
Gross Margin Evolution
Shopping Centers Chile 91,0% 89,2% 93,7% 96,7% 99,5% 92,9% 91,7% 87,3% 1Q’13 1Q’12 2Q’13 2Q’12 3Q’13 3Q’12 4Q’13 4Q’12
Gross Margin Evolution
Shopping Centers Argentina 79,2% 79,1% 78,6% 78,9% 83,0% 83,9% 74,8% 73,1% 1Q’13 1Q’12 2Q’13 2Q’12 3Q’13 3Q’12 4Q’13 4Q’12
Gross Margin Evolution
Shopping Centers Peru 90,3% 85,5% 95,5% 84,4% 82,6% 85,2% 90,7% 83,2% 1Q’13 1Q’12 2Q’13 2Q’12 3Q’13 3Q’12 4Q’13 4Q’12
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SHOPPING CENTERS OCCUPANCY RATES
as of December 31st 2013 2012
Chile 97.0% 96.0%
Argentina 95.2% 97.9%
Peru 90.5% 95.2%
Financial Services
Chile10
FINANCIAL RETAIL OPERATION
Credit Card Loan Portfolio ( MM $)11
Q1 Q2 Q3 Q4
2013 429.526 412.007 377.065 443.888
2012 418.316 414.216 408.115 447.401
2011 406.317 412.366 400.937 446.795
Credit Card Provisions / Loans13
Q1 Q2 Q3 Q4
2013 7,9% 8,4% 7,8% 6,5% 2012 7,6% 7,9% 8,0% 6,9% 2011 7,2% 7,5% 7,5% 7,2%
Credit Card Average loan per customer
Q1 Q2 Q3 Q4
2013 278.311 276.755 274.507 300.436
2012 260.853 257.918 256.281 274.998
2011 238.800 241.236 245.951 274.083
Credit Card Write-Offs Net / Loans14
Q1 Q2 Q3 Q4
2013 10,1% 9,6% 9,8% 9,4%
2012 12,9% 12,2% 12,9% 12,4%
2011 6,5% 7,0% 8,2% 8,9%
Credit Card Write-Offs Net ( MM $)
Q1 Q2 Q3 Q4
2013 10.921 20.503 30.440 38.816
2012 13.720 25.677 40.391 51.822
2011 6.608 14.231 25.001 36.385
Credit Card Duration (days)
Q1 Q2 Q3 Q4
2013 128 128 132 132
2012 148 144 136 128
2011 161 162 158 151
Monthly statements of account issued in Chile (thousands) (Credit card)
Q1 Q2 Q3 Q4
2013 1.698 1.639 1.611 1.597
2012 1.759 1.719 1.724 1.717
2011 1.826 1.825 1.819 1.759
*Measured in Thousands.
BANCO PARIS OPERATION Bank Loan Portfolio ( MM $)12
Q1 Q2 Q3 Q4
2013 133.644 138.651 141.664 144.937
2012 135.174 134.105 128.424 130.688
2011 151.517 152.709 144.218 139.768
Bank Provisions / Loans
Q1 Q2 Q3 Q4
2013 7,1% 7,0% 6,8% 7,1%
2012 6,3% 6,3% 6,6% 6,9%
2011 6,5% 6,1% 6,1% 6,1%
Bank Average loan per customer ($)
Q1 Q2 Q3 Q4
2013 995.047 973.278 946.048 944.182
2012 1.136.057 1.116.993 1.065.828 1.029.487
2011 1.217.444 1.242.053 1.211.094 1.180.913
Bank Write-Offs Net / Loans
Q1 Q2 Q3 Q4
2013 2,9% 2,5% 2,1% 1,9%
2012 4,0% 3,7% 3,5% 3,4%
2011 4,5% 4,0% 3,8% 3,6%
Bank Write-Offs Net ( MM $)
Q1 Q2 Q3 Q4
2013 977 1.684 2.109 2.567
2012 1.357 2.478 3.518 4.472
2011 1.687 3.017 4.233 5.363
10 The loan portfolio and stock of provisions includes 100% of the portfolio in Chile, including CLP 96,859 million of the portfolios sold to Banco Paris as of December, 2013.
11 The Bank’s loan portfolio excludes the purchase of the portfolio to the credit card operations.
12 The ratio Provisions / Loan does not include CLP 3,533 million of anti-cyclical provisions registered in December, which is in accordance with the best practices of the banking industry, and in line with Basel III regulations to anticipate future changes in the macroeconomic environment.
13Corresponds to the net write offs of recovery annualized measured over the average loan portfolio for the period.
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% Sales With Credit Cards Over Total Sales
Q1 Q2 Q3 Q4
Hypermarkets - Chile
2013 17,3% 17,2% 17,2% 18,5%
2012 18,0% 18,7% 18,5% 19,0%
2011 20,5% 21,4% 20,4% 19,8%
Supermarkets - Chile
2013 7,4% 6,8% 6,5% 6,8%
2012 7,5% 7,8% 8,4% 8,5%
2011 8,1% 8,6% 7,9% 7,9%
Department stores - Chile
2013 44,5% 47,3% 46,4% 45,7%
2012 46,9% 50,0% 50,0% 51,0%
2011 50,5% 55,8% 52,6% 53,6%
Home Improvement - Chile
2013 19,9% 19,9% 19,7% 22,2%
2012 19,6% 19,2% 19,3% 21,3%
2011 20,7% 21,6% 20,4% 20,5%
Gross Margin Evolution
Financial Services - Chile
72,7% 80,1% 69,8% 61,8% 62,5% 61,4% 61,1% 66,0%
1Q’13 1Q’12 2Q’13 2Q’12 3Q’13 3Q’12 4Q’13 4Q’12
Argentina
Credit Card Loan Portfolio (ARS M $)
Q1 Q2 Q3 Q4
Argentina
2013 1.405.060 1.498.750 1.715.248 2.100.734
2012 1.041.734 1.065.452 1.127.285 1.322.401
2011 750.355 794.493 861.829 1.042.196
Credit Card Provisions / Loans
Q1 Q2 Q3 Q4
Argentina Risk ratio
2013 5,4% 4,9% 3,4% 2,7%
2012 6,9% 6,0% 6,0% 6,3%
2011 8,4% 10,0% 10,1% 7,6%
% Sales With Credit Cards Over Total Sales
Q1 Q2 Q3 Q4
Total Retail - Argentina
2013 11,4% 12,4% 12,9% 13,0%
2012 9,8% 10,7% 10,6% 12,0%
2011 8,9% 9,1% 9,8% 11,6%
Hyper/Supermarkets-Arg
2013 9,2% 10,3% 10,5% 10,0%
2012 7,9% 8,7% 8,7% 10,0% 2011 6,8% 7,3% 7,9% 9,1%
Home Improvement - Arg
2013 18,5% 19,1% 20,4% 21,4%
2012 16,0% 17,1% 16,5% 19,1%
2011 14,9% 15,0% 15,3% 18,2%
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Gross Margin Evolution
Financial Services - Argentina
71,5%
74,0%
79,3% 76,3% 79,7% 75,1%
68,0%
69,9%
1Q’13 1Q’12 2Q’13 2Q’12 3Q’13 3Q’12 4Q’13 4Q’12
Peru
Credit Card Loan Portfolio (M Soles)
Q1 Q2 Q3 Q4
2013 194.264 216.891 259.098 304.153
2012 116.795 131.929 145.256 179.113
Credit Card Provisions / Loans
Q1 Q2 Q3 Q4
2013 14,5% 15,2% 10,3% 5,7%
2012 11,5% 15,5% 13,6% 13,9%
% Sales With Credit Cards Over Total Sales
Hyper/Supermarkets
Q1 Q2 Q3 Q4
2013 8,9% 10,1% 10,0% 9,5%
2012 7,6% 8,6% 8,3% 8,5%
2011 5,2% 8,1% 6,8% 7,0%
Gross Margin Evolution
Financial Services - Peru
44,0% 42,5% 36,6% 35,2% 29,6% 24,8% 22,1% -2,2%
1Q’13 1Q’12 2Q’13 2Q’12 3Q’13 3Q’12 4Q’13 4Q’12
Brazil
% Sales With Credit Cards Over Total Sales
Q1 Q2 Q3 Q4
Hyper/Supermarkets
2013 41,7% 43,5% 44,1% 45,1%
2012 41,1% 42,3% 42,2% 44,7% 2011 42,0% 44,0% 44,2% 43,5%
Credit Card Loan Portfolio (M Reales)
Q1 Q2 Q3 Q4
Brazil
2013 449.138 457.827 445.522 498.153
2012 425.992 432.652 411.920 454.243
2011 385.201 405.635 410.605 438.790
Credit Card Provisions / Loans
Q1 Q2 Q3 Q4
Brazil Risk ratio
2013 6,1% 7,2% 7,1% 6,0%
2012 6,4% 7,1% 6,9% 5,8%
2011 2,8% 3,7% 4,1% 3,9%
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Capex
Cencosud’s funds used in investment activities amounted to CLP 100,864 million in 4Q13. Capex related to organic growth in 4Q13 was CLP 68,733 million, compared with CLP 148,151 million in 4Q12, in keeping with Cencosud’s strategy of focusing on integration and deleveraging in 2013.
Store Openings
In 4Q13, the Company had 14 net store openings. In Chile; the Company closed one Santa Isabel store. In Brazil Cencosud opened 5 new supermarkets; 3 Gbarbosa, 1 Bretas and 1 Mercantil Rodrigues. In Colombia, the Company opened 3 Metro supermarkets and 4 home improvement stores. In Peru the company opened 3 department stores adding 15,509 m2 of selling space.
At the end of December 2013 Cencosud operated 1,094 stores and 29 shopping centers, including supermarkets in Colombia.
The total increase in selling area in 4Q13 versus 4Q12 was 190,304 m2, or 4.7%, after taking into account the remodeling of retail stores and shopping centers, and including the selling space of Colombian supermarkets.
Balance Sheet Summary
Total assets increased by CLP 322 billion to CLP 10,065 billion compared to December 31, 2012. This is mainly due to higher inventory levels (CLP 134,677 million), Investment properties (CLP 97,088 million), trade receivables and other receivables (CLP 74,821 million), partially offset by lower cash and cash equivalents (CLP 66,009 million).
Total liabilities decreased CLP 528 billion compared with December 2012, as a result of the reduction in Other financial liabilities current (CLP 440 billion) and other non-current financial liabilities (CLP 144 billion). This was a consequence of the early repayment a bridge loan taken out with JP Morgan (related to the acquisition of Carrefour) in the amount of US 1.5 billion with proceeds from the rights issuance that was successfully subscribed in March 2013 (the bridge loan was paid on March 19th, 2013).
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Debt Amortization Schedule (USD million)
1.500 1.275 885 1.000 814 500 383 268 217 240 256
37 35 74 92 110 111 95 45 17 103 0
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031
Indebtedness
Historically the main financing sources for the company have been domestic and international capital markets, both debt and equity and bank loans. As of December 31 2013, financial liabilities (not considering Banco Paris) reached CLP 2,725,747 million, a reduction of 19% compared to December 31, 2012, mainly due to the successful capital increase in March this year.
On October 17, 2012 the Company entered into a Bridge Loan of USD 2.5 billion with JP Morgan in order to finance the acquisition of Carrefour Colombia, the second largest supermarket player in the country. On December 6, 2012 the company issued a 10 year 144A Reg-S Bond for USD 1.2 billion and an annual coupon rate of 4.875%. The proceeds of this issuance were used to prepay USD 1.0 billion of the said Bridge Loan and USD 150 million to prepay the Syndicate Credit “Gbarbosa” which was originally due January 11, 2013. With the pre-payment of this latter credit, the company is free from having to maintain the financial covenant Net Debt / EBITDA <4.25 times. The rest of the bridge loan with JP Morgan (USD 1.5 billion) was paid on March 19th, 2013 using proceeds from the capital increase.
As a consequence of the operations mentioned previously, net financial debt, without considering banking activities decreased from CLP 3,031,615 million as of December 31, 2012 to CLP 2,457,125 million for the same period in 2013, being the main driver for the change in the financial ratios.
Financial Ratios15
(in times)
Dec-13 Dec-12
Financial debt / Ebitda
3.40 4.62
Financial Expense Ratio
3.02 3.73
Financial Debt / Equity
0.58 0.89
Total Liabilities / Equity
1.32 1.86
Current Assets / Current Liabilities
0.82 0.69
Please note:
These financial ratios do not necessarily represent financial covenants associated to debt contracts and Bonds, and these are displayed for information purposes only.
The ratios shown above do not include the assets and liabilities of Cencosud banking activities; therefore the assets and liabilities from banking activities are not considered in the Company’s financial covenants.
15
The financial indicators set out do not mean they are 100% associated to financial covenants of our debt agreements and bonds. According to our debt agreements the company does not consider assets and liabilities of the banking operations.
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EBITDA used in the calculation of these ratios only consider the month of December to September of Jumbo supermarket operations in Colombia. According to the Company’s debt contracts, the covenants which have an EBITDA calculation have to be adjusted incorporating the pro-forma EBITDA of a year of Jumbo operations in Colombia.
Excluding the effects of the deconsolidation of the financial retail business, the Company’s liquidity presents a rise compared to December 2012, from 0.69 times to 0.82 times as measured by “Current Assets/Current Liabilities” ratio and the acid test is 0.47 times.
Interest rate risk
As of December 31, 2013, including the cross currency swaps, 47% of the financial debt of the Company was at fixed interest rates, primarily short-term debt and bonds. The remaining percentage of debt was at variable interest rates. Of the variable-rate debt, 99% is indexed to local interest rates (either by its original terms or under derivative arrangements). These percentages include all the Cross Currency Swaps. The Company’s hedging policy also provides for the periodic review of exposure to exchange rate and interest rate risks.
Currency Hedges
In the countries in which Cencosud operates, the majority of costs and revenues are denominated in local currencies. The majority of the Company’s debt is denominated in Chilean pesos. As of December 31, 2013, roughly 43% of consolidated financial debt was denominated in US dollars; of the total financial debt in dollars, 74% was covered using Cross Currency Swaps or other Exchange rate hedges. The policy of the company consists in covering the risk caused by variations in exchange rate on the position of net payable liabilities in foreign currency through market instruments designed for such purposes. With respect to the latter, if we look at the exchange rate hedging (Cross Currency Swaps), the Company’s exposure to the US dollar is 11% of the total debt of the Company.
Cash Flow Summary
as of December 31 2013
MM CLP
Net cash flow from operating activities
Net cash flow used in investment activities
Net cash flow from (used in) financing activities
Consolidated
Supermarkets 297.980 -250.967 -78.033 -31.020
Shopping Centers 116.801 -56.305 -63.008 -2.512
Home Improvement -11.153 -27.988 34.736 -4.405
Department Stores 23.490 -14.195 -24.551 -15.255
Financial Service 61.466 -11.227 -59.941 -9.702
Others -123.802 40.175 83.768 140
Consolidated 364.782 -320.507 -107.029 -62.755
as of December 31 2012
MM CLP
Net cash flow from operating activities
Net cash flow used in investment activities
Net cash flow from (used in) financing activities
Consolidated
Supermarkets 511.615 -1.840.669 1.386.938 57.885
Shopping Centers 138.682 -169.431 35.773 5.024
Home Improvement 59.899 -30.631 -21.716 7.552
Department Stores 37.800 -35.054 11.407 14.153
Financial Service 60.778 2.526 -56.969 6.335
Others -90.061 -42.991 133.327 275
Consolidated 718.715 -2.116.249 1.488.759 91.224
Cash Flow for the twelve months ended December 31, 2013 compared to the twelve months ended December 31, 2012
Taking into account cash flow from operations, cash flow from financing activities and cash used in investing activities, Cencosud had negative net cash flow of CLP 62,755 million for the 12 months ended December
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31, 2013 compared to a positive net cash flow of CLP 91,224 million for the 12 months ended December 31, 2012.
Operating activities: Net cash flow from operations decreased to CLP 364,782 million for the 12 months ended December 31,2013 from CLP 718,715 million for the 12 months ended December 31, 2012. The change was primarily due to:
Supermarkets: Net cash flow from supermarket operations decreased 41.8% to CLP 297,980 million for the 12 months ended December 31, 2013 from CLP 511,615 million for the 12 months ended December 31, 2012. The variation was primarily due to increased working capital needs particularly in Argentina and Brazil, and the devaluation of currencies.
Home Improvement: Net cash flow from home improvement operations decreased 118.6% to CLP (11,153) million for the 12 months ended December 31, 2013 from CLP 59,899 million for the 12 months ended December 31, 2012. The variation was primarily due to an inventory buildup in the period.
Department Stores: Net cash flow from department store operations decreased 37.9% to CLP 23,490 million for the 12 months ended December 31, 2013 from CLP 37,800 million for the 12 months ended December 31, 2012. The variation was primarily due to the start up of Peruvian operations.
Shopping Centers: Net cash flow from shopping center operations decreased 15.8% to CLP 116,801 million for the 12 months ended December 31, 2013 from CLP 138,682 million for the 12 months ended December 31, 2012. The variation was primarily due to the depreciation of Latin-American currencies against the Chilean peso.
Financial Services: Net cash flow from financial service operations increased 1.1% to CLP 61,466 million for the 12 months ended December 31, 2013 from CLP 60,778 million for the 12 months ended December 31, 2012. The variation was primarily due to lower working capital needs as a result of a smaller loan portfolio.
Investing Activities: Net cash flow from investing activities amounted to CLP 320,507 million for the twelve months endedin December 31, 2013 from CLP 2,116,249 million for the twelve months ended December 31, 2012. This change was mainly due to:
Supermarkets: net cash flow from supermarket operations amounted to CLP 250,967 million for the twelve months ended as of December 31, 2013 from CLP 1,840,669 million for the twelve months ended December 31, 2012. The variation was primarily due to lower investment in Property, Plant and
Equipment, as a result of the Carrefour acquisition in 2012.
Home Improvement: net cash flow from home improvement operations amounted to CLP 27,988 million for the twelve months ended December 31, 2013 from CLP 30,631 million for the twelve months ended December 31, 2012. The variation was primarily due to the 17% devaluation of the
Argentine peso.
Department Stores: net cash flow from department store operations amounted to CLP 14,195 million for the twelve months ended December 31, 2013 from CLP 35,054 million for the twelve months ended December 31, 2012. The variation was primarily because of lower investments in Properties,
Plant and Equipment in 2013 associated to the Johnson acquisition and integration in 2012.
Shopping Centers: net cash flow from shopping center operations amounted to CLP 56,305 million for the twelve months ended December 31, 2013 from CLP 169,431 million for the twelvemonths ended December 31, 2012. The variation was primarily due to lower investments related to the Costanera
Center project.
Financial Services: net cash flow from financial services operations amounted to CLP 11,227 million for the twelve monthsended December 31, 2013 from CLP 2,526 million for the twelve months
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ended December 31, 2012. The variation is explained by lower expenses as a result of having completed the integration of Johnson´s financial services segment into Paris´ portfolio during 2012.
Financing Activities: net cash flows from financing activities decreased to CLP (107,029) million from CLP
1,488,759 million, for the twelve months ended December 31, 2012. This change was primarily due to:
Supermarkets: Our net cash flows from supermarket operations decreased to CLP (78,033) million for the twelve months ended December 31, 2013 from CLP 1,386,938 million for the twelve months ended December 31, 2012. The variation is a result of the financing required for the acquisition of
Carrefour in Colombia in 2012.
Home Improvement: net cash flows from home improvement operations increased to CLP 34,736 million for the twelve months ended December 31, 2013 from CLP (21,716) million for the twelve months ended December 31, 2012 due to the consolidation of Colombian operations.
Department Stores: net cash flows from department store operations decreased to CLP (24,551) million for the twelve months ended December 31, 2013 from CLP 11,407 million for the twelve months ended December 31, 2012 due to the ramp up of Peruvian operations.
Shopping Centers: net cash flows from shopping center operations decreased to CLP (63,008) million for the twelve months ended December 31, 2013 from CLP 35,773 million for the twelve months ended December 31, 2012. The variation was primarily due to the devaluation of the argentine peso. Financial Services: net cash flows from financial service operations decreased to CLP (59,941) million for the twelve months ended December 31, 2013 from CLP (56,969) million for the twelve months ended December 31, 2012. The variation was primarily due to a higher need for funds related to the start up of Peruvian operations.
Working Capital Ratios16 (days) 4Q 2013 4Q 2012 Difference Average period of receivables [1] Supermarkets 18,8 16,7 2,1 Home Improvement 20,5 18,9 1,6 Department Store 13,4 10,0 3,4 Shopping Centers 42,6 41,4 1,2 Average period of payables45,1 44,0 1,1 Supermarkets 44,5 43,0 1,5 Home Improvement 49,3 44,0 5,3 Department Store 50,0 50,0 0,0 Shopping Centers 31,3 41,0 -9,7 Financial Retail 30,6 57,0 -26,4 Inventory turnover Supermarkets 42,1 35,8 6,3 Home Improvement 96,6 100,0 -3,4 Department Store 88,9 79,9 9,0
Days Receivable:
Supermarkets: Days receivable of the supermarket division increased 2.1 days for the 4Q13 compared with the end of December 2012, due to an increase in days receivable of Peru and Argentina 5 and 17 days respectively. The aforementioned was partially offset by a decrease of 4 days in Chile, 2 days in
Brazil and 70 days in Colombia.
16
The ratio average period of payables costs and expenses of merchandise are included. The Inventory ratio considers cost ofmerchandise of retail businesses: supermarkets, home improvement and department stores.
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Home Improvement: Days receivable of the home improvement division increased 1.6 days for the 4Q13 compared with the end of December 2012, due to an increase of 3 days in Colombia, partially offset by a reduction of 2 days in Chile and 2 days in Argentina.
Department Store: Days receivable of the department store division increased 3.4 days due to an increase of days receivable in Chile.
Shopping Center: Days receivable of the shopping center division increased 1.2 days as of 4Q13 compared with the end ofDecember 2012, due to an increase in days receivable in Chile and Argentina.
Average period of payables:
Supermarkets: Days payable of the Supermarket division increased 1.5 days for the 4Q13 compared with the end of December 2012, due to an increase of 2 days receivable in Chile, 1 day in Peru, 2 in Brazil and 14 days in Colombia.
Home Improvement: increased 5.3 days for the 4Q13 compared with the end of December 2012, due to an increase of 9 days in Argentina, partially offset by a reduction of 8 days in Colombia.
Department Store: Days payable of the Department Store division remained stable at 50 days. Shopping Center: Days payable of the Shopping Center division decreased 10 days to 31 days in 4Q12 from 41 days in December 2012, due to areduction of 10 days payable in Chile and Argentina.
Financial Retail: Days payable of the Financial Service division decreased 26 days for the 4Q13 versus December 2012, due to a reduction of 10 days in Argentina and 35 in Peru.
Inventory turnover:
Supermarkets: Days inventory from supermarkets increased from 35.8 days in December 2012 to 42.1 days in the 4Q13, due to lower inventory turnover in Colombia and Brazil.
Home Improvement: Days inventory from home improvement decreased from 100 days in December 2012 to 96.6 days in 4Q13, due to a decrease in Argentina and Colombia.
Department Store: Days inventory from department store division increased 9 days due to an increase in Chile and start-up in Peru.
Forward Looking Statements
This earnings release contains forward-looking statements. The Company desires to qualify for the “safe-harbor” provisions of the Private Securities Litigation Reform Act of 1995, and consequently is hereby filing cautionary statements identifying important factors that could cause the registrant’s actual results to differ materially from those set forth in this report. These forward-looking statements are based on the registrant’s current expectations, assumptions, estimates and projections concerning the Company, the industries and countries in which it operates. These forward-looking statements can be identified by words or phrases such as “anticipate,” “believe,” “continue,” “estimate,” “expect,” “intend,” “is/are likely to,” “may,” “plan,” “should,” “would,” or other similar expressions. These forward-looking statements include statements with respect to the Company’s plans, strategies, beliefs and other statements that are not historical facts. These statements are based on the Company’s management’s assumptions and beliefs in light of the information currently available to them. These assumptions also involve risks and uncertainties which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Potential risks and uncertainties include, without limitation: (i) changes in general economic, business or political or other conditions in Chile, Argentina, Brazil, Peru, Colombia or elsewhere in Latin America or global markets; (ii) changes in capital markets in general that may affect policies or attitudes towards investingin Chile, Argentina, Brazil, Peru, Colombia or securities issued by companies in such countries; (iii) the monetary and interest rate policies of the Central Banks of Chile, Argentina, Brazil, Peru and Colombia;
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(iv) high levels of inflation or deflation; (v) unanticipated increases in financing and other costs or our inability to obtain additional debt or equity financing on attractive terms; (vi) movements in interest and/or foreign exchange rates, and movements in equity prices or other rates or prices; (vii) changes in, or failure to comply with, applicable regulations or changes in taxes; (viii) loss of market share or changes in competition and pricing environments in the industries in which the Company operates; (ix) difficulties in successfully integrating recent and future acquisitions into the Company’s operations; (x) the Company’s inability to hedge certain risks economically; (xi) changes in consumer spending and saving habits; (xii) implementation of new technologies; (xiii) limitations on the Company’s ability to open new stores and operatethem profitably; (xiv) difficulties in completing proposed store openings, expansions or remodeling; (xv) difficulties in acquiring and developing land in Chile, Argentina, Brazil, Peru or Colombia, and restrictions on opening new large stores in any such countries; and (xvi) the factors discussed under the rubric “Risk Factors” as well as other risks included in the Company’s other filings and submissions with the United States Securities and Exchange Commission. In light of the risks and uncertainties described above, the estimates and forward-looking statements discussed in this earnings release might not occur, and the Company’s future results and its performance may differ materially from those expressed in these forward-looking statements due to, inclusive, but not limited to, the factors mentioned above. Because of these uncertainties, you should not make any investment decision based on these estimates and forward-looking statements. The forward-looking statements made in this earnings release relate only to events or information as of the date on which the statements are made. The registrant undertakes no obligation to update any forward-looking statements to reflect events or circumstances after the date on which the statements are made or to reflect the occurrence of unanticipated events.
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Operating Data by Business Segment and Country
Fourth Quarter 2013 2012 N stores (by the end of period): Supermarkets: Chile 224 214 Argentina 290 288 Brazil 221 204 Peru 87 86 Colombia 100 96 Supermarkets Subtotal 922 888 Home Improvement: Chile 32 31 Argentina 48 47 Colombia 9 4 Home Improvement Subtotal 89 82 Department Stores: Chile 77 78 Peru 6 0 Department Store Subtotal 83 78 Shopping Centers 17 : Chile 25 23 Argentina 18 18 Peru 3 2 Colombia 2 0 Shopping Centers Subtotal 48 43 Total 1.142 1.091 Total Selling Space (by the end of period) Supermarkets: Chile 546.236 524.677 Argentina 519.171 522.270 Brazil 596.746 552.764 Peru 259.360 258.762 Colombia 428.469 416.699 Supermarkets Subtotal 2.349.981 2.275.172 Home Improvement: Chile 307.853299.806 Argentina 373.490 369.06718 Colombia 75.732 37.060 Home Improvement Subtotal 757.074 705.933 Department Stores: Chile 371.891 377.191 Peru 32.222 0 Department Store Subtotal 404.113 377.191 Shopping Centers: Chile 412.418 410.117 Argentina 241.410 241.410 Peru 58.388 41.303 Colombia 14.514 0 Shopping Centers Subtotal 726.730 692.830 Total 4.237.899 4.051.126 Average selling space per store: Supermarkets: Chile 2.439 2.452 Argentina 1.790 1.813 Brazil 2.700 2.710 Peru 2.981 3.009 Colombia 4.285 0 2.549 2.562 Home Improvement: Chile 9.620 9.671 Argentina 7.781 7.852 Colombia 8.415 9.265
17
Since December 2013, Cencosud informs all of its formats in every country.
18
Due to a change in the criteria to account m2 of selling space, 2012 figure was modified, in order to have comparable figures in both periods 2013 and 2012. This new criteria excludes the area of check-outs and aisles.
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8.506 8.609
Department Stores: Chile 4.830 4.836
Peru 5.370 0
4.869 4.836
Shopping Centers: Chile 16.497 17.831
Argentina 13.412 13.412
Peru 19.463 20.652
Colombia 7.257 0
15.140 16.112
Fourth Quarter
Average sales per store (in CLP$ millions): 2013 2012
Supermarkets: Chile 2.755 2.705
Argentina 1.675 1.600
Brazil 2.355 2.594
Peru 2.388 2.336
Colombia 2.498 1.202
Supermarkets Subtotal 2.257 2.123
Home Improvement: Chile 3.827 3.573
Argentina 4.148 3.547
Colombia 1.475 2.679
Home Improvement Subtotal 3.762 3.514
Department Store: Chile 4.007 3.686
Peru 1.268 NA
Department Store subtotal 3.809 3.686
Shopping Centers: Chile 1.284 1.315
Argentina 1.102 1.006
Peru 1.250 1.523
Colombia 1.116 NA
Shopping Center Subtotal 1.206 1.214
Sales per square meter (in CLP$ millions): 2013 2012
Supermarkets: Chile 1,13 1,10
Argentina 0,94 0,88
Brazil 0,87 0,96
Peru 0,80 0,78
Colombia 0,58 0,28
Supermarkets Subtotal 0,89 0,9519
Home Improvement: Chile 0,40 0,37
Argentina 0,53 0,45
Colombia 0,18 0,29
Home Improvement Subtotal 0,4720 0,41
Department Store: Chile 0,83 0,76
Peru 0,24 NA
Department Store subtotal 0,78 0,76
Shopping Centers: Chile 0,08 0,07
Argentina 0,08 0,07
19
Excludes sales and square meters from Colombia. Cencosud only consolidated one month of operations in Colombia during that year.
20
Excludes sales and square meters from Colombia. Cencosud opened 4 stores in the month of December.
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Peru 0,06 0,07
Colombia 0,15 NA
Shopping Center Subtotal 1,1221 0,08
Increase (decrease) in Nominal Same Store Sales in LOCAL CURRENCY 2013 2012
Supermarkets: Chile 3,3% 2,8%
Argentina 21,5% 15,9%
Brazil -3,3% 0,5%
Peru 1,0% 2,8%
Colombia -9,4% N.A.
Home Improvement: Chile 7,1% 6,2%
Argentina 38,6% 19,5%
Colombia -0,5% -7,6%
Department Store: Chile 6,8% 2,7%
CONSOLIDATED INCOME DATA
(In millions of Chilean pesos as of December 31st, 2013)
Twelve-Month, ended December
Fourth Quarter 31st
2013 2012 2013 2012
CLP MM CLP MM % CLP MM CLP MM %
Net revenues 2.863.289 2.580.648 11,0% 10.341.040 9.149.077 13,0%
Cost of sales -2.016.661 -1.832.012 10,1% -7.371.549 -6.547.832 12,6%
Gross profit 846.629 748.635 13,1% 2.969.491 2.601.245 14,2%
Selling and administrative expenses -664.276 -581.140 14,3% -2.480.441 -2.101.821 18,0%
Other income by function 64.497 45.183 42,7% 108.714 107.110 1,5%
Other gain (Losses) 16.086 938 1615,4% 26.382 -7.369 N.A.
Operating income 262.936 213.616 23,1% 624.146 599.165 4,2%
Participation in profit or loss of equity method associates 6.310 2.153 193,1% 10.289 5.640 82,4%
Net Financial Income -66.809 -63.380 5,4% -252.830 -202.912 24,6%
Income (loss) from foreign exchange variations -7.923 -6.560 20,8% -34.723 -2.680 1195,7%
Result of indexation units -8.876 -9.235 -3,9% -20.960 -25.915 -19,1%
Non-operating income (loss) -77.298 -77.022 0,4% -298.224 -225.867 32,0%
Income before income taxes 185.638 136.594 35,9% 325.923 373.297 -12,7%
Income taxes -28.184 -24.276 16,1% -96.158 -100.488 -4,3%
Profit (Loss) 157.454 112.319 40,2% 229.765 272.809 -15,8%
Profit (Loss) Attributable to Equity Holders of Parent 158.087 112.876 40,1% 229.930 269.959 -14,8%
Profit (Loss) Attributable to Minority Interest -633 -558 13,5% -166 2.851 -105,8%
Net income per share 57,2 48,5 12,3% 83,2 116,0 -27,7%
Number of shares outstanding (in millions) 2.743.483 2.327.519 17,9% 2.743.483 2.327.519 17,9%
Cash Flow Data
Net cash provided by (used in):
Operating activities 282.031 407.192 -30,7% 364.782 718.715 -49,2%
Financing activities -116.794 1.059.217 N/A -107.029 1.488.759 N.A.
Investing activities -100.864 -1.330.064 -92,4% -320.507 -2.116.249 -84,9%
Other Financial Information
Organic Capex -68.733 -114.163 -39,8% -318.597 -584.817 -45,5%
Acquisitions 0 0 0,0% 0 -362.083 -100,0%
Depreciation 38.096 35.545 7,2% 173.650 131.470 32,1%
21 Excludes Colombia.
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Amortization 5.085 2.961 71,7% 15.387 9.980 54,2%
Revaluation of Assets -59.775 -40.666 47,0% -95.110 -98.633 -3,6%
EBITDA 295.627 238.480 24,0% 767.790 717.659 7,0%
Adjusted EBITDA 252.652 213.609 18,3% 728.363 647.621 12,5%
Financial Ratios
Gross margin 29,6% 29,0% 0,6Pt 28,7% 28,4% 0,3Pt
Operating margin 9,2% 8,3% 0,9Pt 6,0% 6,5% -0,5Pt
Net margin 5,5% 4,4% 1,1Pt 2,2% 3,0% -0,7Pt
EBITDA margin 10,3% 9,2% 1,1Pt 7,4% 7,8% -0,4Pt
Adjusted EBITDA 8,8% 8,3% 0,5Pt 7,0% 7,1% 0,0Pt
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SELECTED FINANCIAL DATA BY BUSINESS SEGMENT
(In millions of Chilean pesos as of December 31st, 2013)
Fourth Quarter Twelve-Month, ended December 31st
2013 2012 % 2013 2012 %
CLP MM CLP MM CLP MM CLP MM
Revenues: 2.863.289 2.580.648 11,0% 10.341.040 9.149.077 13,0%
Supermarkets 2.080.726 1.884.953 10,4% 7.682.064 6.733.610 14,1%
Shopping Centers 57.904 52.214 10,9% 205.332 172.104 19,3%
Home Improvement 334.827 288.188 16,2% 1.176.890 1.063.086 10,7%
Department Stores 316.171 287.486 10,0% 970.360 886.075 9,5%
Financial Service 69.425 66.484 4,4% 288.533 282.180 2,3%
Others 4.237 1.323 220,3% 17.861 12.022 48,6%
Cost of Sales: -2.016.661 -1.832.012 10,1% -7.371.549 -6.547.832 12,6%
Supermarkets -1.544.274 -1.408.037 9,7% -5.770.070 -5.057.477 14,1%
Shopping Centers -6.475 -8.319 -22,2% -23.341 -27.213 -14,2%
Home Improvement -215.829 -185.269 16,5% -787.402 -711.500 10,7%
Department Stores -227.070 -206.269 10,1% -701.530 -644.668 8,8%
Financial Service -22.851 -23.789 -3,9% -85.755 -104.680 -18,1%
Others -162 -329 -50,7% -3.451 -2.294 50,4%
Gross Margin: 846.629 748.635 13,1% 2.969.491 2.601.245 14,2%
Supermarkets 536.452 476.916 12,5% 1.911.994 1.676.133 14,1%
Shopping Centers 51.429 43.895 17,2% 181.991 144.891 25,6%
Home Improvement 118.998 102.919 15,6% 389.487 351.586 10,8%
Department Stores 89.101 81.217 9,7% 268.830 241.407 11,4%
Financial Service 46.574 42.695 9,1% 202.778 177.501 14,2%
Others 4.075 994 310,1% 14.410 9.728 48,1%
SG&A: -664.276 -581.140 14,3% -2.480.441 -2.101.821 18,0%
Supermarkets -429.673 -371.600 15,6% -1.636.018 -1.368.789 19,5%
Shopping Centers -13.913 -8.901 56,3% -38.231 -26.739 43,0%
Home Improvement -84.590 -78.396 7,9% -309.684 -278.043 11,4%
Department Stores -71.341 -63.544 12,3% -245.331 -221.492 10,8%
Financial Service -29.486 -22.326 32,1% -126.007 -100.235 25,7%
Others -35.273 -36.374 -3,0% -125.169 -106.524 17,5%
Operating Result 262.936 213.616 23,1% 624.146 599.165 4,2%
Supermarkets 110.696 108.426 2,1% 288.088 314.440 -8,4%
Shopping Centers 97.313 76.272 27,6% 238.962 217.058 10,1%
Home Improvement 34.461 24.473 40,8% 80.042 73.646 8,7%
Department Stores 17.796 17.935 -0,8% 24.754 20.231 22,4%
Financial Service 17.496 20.369 -14,1% 77.194 77.365 -0,2%
Others -14.825 -33.860 -56,2% -84.894 -103.575 -18,0%
EBITDA: 295.627 238.480 24,0% 767.790 717.659 7,0%
Supermarkets 138.843 134.479 3,2% 418.459 401.496 4,2%
Shopping Centers 104.604 80.296 30,3% 253.035 227.748 11,1%
Home Improvement 39.420 29.169 35,1% 99.523 91.386 8,9%
Department Stores 24.053 21.532 11,7% 49.364 43.127 14,5%
Financial Service 18.631 21.395 -12,9% 81.432 80.904 0,7%
Others -29.925 -48.391 -38,2% -134.024 -127.002 5,5%
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SELECTED FINANCIAL DATA BY BUSINESS SEGMENT AND COUNTRY
(In millions of Chilean pesos as of
December 31st, 2013)
Fourth Quarter Twelve-Month, ended December 31st
2013 2012 2013 2012
CLP MM CLP MM % CLP MM CLP MM %
Supermarkets Chile 617.033 578.949 6,6% 2.227.303 2.057.976 8,2%
Argentina 485.762 460.687 5,4% 1.786.933 1.751.869 2,0%
Brazil 520.401 529.074 -1,6% 2.003.898 2.095.104 -4,4%
Peru 207.731 200.889 3,4% 745.470 713.308 4,5%
Colombia 249.800 115.354 116,6% 918.460 115.354 696,2%
Subtotal 2.080.726 1.884.953 10,4% 7.682.064 6.733.610 14,1%
Home Improvement Chile 122.459 110.755 10,6% 448.703 400.375 12,1%
Argentina 199.089 166.717 19,4% 682.010 619.985 10,0%
Colombia 13.278 10.716 23,9% 46.177 42.727 8,1%
Subtotal 334.827 288.188 16,2% 1.176.890 1.063.086 10,7%
Department Stores Chile 308.562 287.486 7,3% 955.777 886.075 7,9%
Peru 7.609 0 N/A 14.583 0 N/A
Subtotal 316.171 287.486 10,0% 970.360 886.075 9,5%
Shopping Centers Chile 32.091 30.248 6,1% 112.838 93.091 21,2%
Argentina 19.831 18.100 9,6% 69.297 65.468 5,8%
Peru 3.750 3.047 23,1% 14.555 12.726 14,4%
Colombia 2.232 819 172,6% 8.642 819 955,3%
Subtotal 57.904 52.214 10,9% 205.332 172.104 19,3%
Financial Service Chile 45.669 50.667 -9,9% 206.882 223.726 -7,5%
Argentina 11.719 10.099 16,0% 44.740 41.238 8,5%
Brazil 790 774 2,1% 3.983 3.676 8,4%
Peru 8.192 4.518 81,3% 25.347 13.115 93,3%
Colombia 3.055 425 618,2% 7.581 425 1681,9%
Subtotal 69.425 66.484 4,4% 288.533 282.180 2,3%
Others Chile -505 -1.573 -67,9% -1.200 1.125 -206,6%
Argentina 4.653 2.852 63,1% 18.872 10.589 78,2%
Peru 90 44 103,3% 189 308 -38,5%
Subtotal 4.237 1.323 220,3% 17.861 12.022 48,6%
TOTAL REVENUES 2.863.289 2.580.648 11,0% 10.341.040 9.149.077 13,0%
Supermarkets Chile -449.346 -433.193 3,7% -1.667.850 -1.560.272 6,9%
Argentina -333.701 -325.839 2,4% -1.245.361 -1.235.669 0,8%
Brazil -404.604 -416.212 -2,8% -1.550.663 -1.639.792 -5,4%
Peru -153.133 -146.378 4,6% -565.443 -535.330 5,6%
Colombia -203.489 -86.415 135,5% -740.753 -86.415 757,2%
Subtotal -1.544.274 -1.408.037 9,7% -5.770.070 -5.057.477 14,1%
Home Improvement Chile -80.959 -73.145 10,7% -319.188 -285.325 11,9%
Argentina -125.899 -104.463 20,5% -434.482 -394.867 10,0%
Colombia -8.970 -7.660 17,1% -33.732 -31.308 7,7%
Subtotal -215.829 -185.269 16,5% -787.402 -711.500 10,7%
Department Stores Chile -220.619 -206.269 7,0% -689.360 -644.668 6,9%
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Peru -6.451 0 N/A -12.170 0 N/A
Subtotal -227.070 -206.269 10,1% -701.530 -644.668 8,8%
Shopping Centers Chile -2.658 -3.846 -30,9% -6.820 -8.201 -16,8%
Argentina -3.381 -2.906 16,4% -13.833 -14.499 -4,6%
Peru -347 -1.538 -77,4% -2.337 -4.483 -47,9%
Colombia -89 -30 200,0% -351 -30 1077,8%
Subtotal -6.475 -8.319 -22,2% -23.341 -27.213 -14,2%
Financial Service Chile -13.786 -17.209 -19,9% -59.817 -83.598 -28,4%
Argentina -3.752 -3.042 23,3% -11.406 -10.787 5,7%
Brazil 0 0 N/A 0 0 N/A
Peru -5.312 -3.537 50,2% -14.532 -10.295 41,1%
Subtotal -22.851 -23.789 -3,9% -85.755 -104.680 -18,1%
Others Chile -77 -158 -50,9% -569 -536 6,1%
Argentina -176 -160 9,8% -2.742 -1.697 61,5%
Peru 91 -12 -884,4% -140 -61 131,0%
Subtotal -162 -329 -50,7% -3.451 -2.294 50,4%
TOTAL COST OF SALES -2.016.661 -1.832.012 10,1% -7.371.549 -6.547.832 12,6%
Supermarkets Chile 167.686 145.757 15,0% 559.453 497.704 12,4%
Argentina 152.061 134.847 12,8% 541.572 516.200 4,9%
Brazil 115.797 112.862 2,6% 453.235 455.312 -0,5%
Peru 54.598 54.511 0,2% 180.027 177.978 1,2%
Colombia 46.311 28.939 60,0% 177.707 28.939 514,1%
Subtotal 536.452 476.916 12,5% 1.911.994 1.676.133 14,1%
Home Improvement Chile 41.500 37.610 10,3% 129.515 115.050 12,6%
Argentina 73.190 62.254 17,6% 247.528 225.117 10,0%
Colombia 4.308 3.055 41,0% 12.445 11.419 9,0%
Subtotal 118.998 102.919 15,6% 389.487 351.586 10,8%
Department Stores Chile 87.943 81.217 8,3% 266.417 241.407 10,4%
Peru 1.158 0 N/A 2.413 0 N/A
Subtotal 89.101 81.217 9,7% 268.830 241.407 11,4%
Shopping Centers Chile 29.433 26.402 11,5% 106.018 84.889 24,9%
Argentina 16.450 15.195 8,3% 55.463 50.970 8,8%
Peru 3.403 1.509 125,5% 12.218 8.243 48,2%
Colombia 2.143 789 171,6% 8.291 789 950,7%
Subtotal 51.429 43.895 17,2% 181.991 144.891 25,6%
Financial Service Chile 31.882 33.458 -4,7% 147.065 140.129 5,0%
Argentina 7.966 7.057 12,9% 33.334 30.451 9,5%
Brazil 790 774 2,1% 3.983 3.676 8,4%
Peru 2.880 981 193,6% 10.816 2.820 283,6%
Colombia 3.055 425 618,2% 7.581 425 1681,9%
Subtotal 46.574 42.695 9,1% 202.778 177.501 14,2%
Others Chile -583 -1.731 -66,3% -1.768 589 -400,1%
Argentina 4.477 2.692 66,3% 16.129 8.891 81,4%
Peru 181 33 453,1% 49 247 -80,1%
Subtotal 4.075 994 310,1% 14.410 9.728 48,1%
TOTAL GROSS MARGIN 846.629 748.635 13,1% 2.969.491 2.601.245 14,2%
CONSOLIDATED BALANCE SHEET
(In millions of Chilean pesos as of December 31st, 2013)
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Dec-13 Dec-12 % MM Ch$ MM Ch$
Current Assets:
Cash and cash equivalents 171.712 237.721 -66.009 -27,8%
Other financial assets, current 49.584 68.167 -18.583 -27,3%
Other non-financial assets, current 11.605 10.474 1.132 10,8%
Trade receivables and other receivables 1.133.448 1.058.627 74.821 7,1%
Receivables from related entities, current 432 324 109 33,6%
Inventory 1.044.907 910.230 134.677 14,8%
Current tax assets 22.797 31.270 -8.473 -27,1%
TOTAL CURRENT ASSETS 2.434.485 2.316.812 117.673 5,1%
Non-Current Assets
Other financial assets, non-current 92.405 41.007 51.398 125,3%
Other non-financial assets, non-current 38.263 38.280 -16 0,0%
Trade receivable and other receivables, non current 155.840 142.306 13.534 9,5%
Equity method investment 49.942 42.260 7.682 18,2%
Intangible assets other than goodwill 571.622 555.284 16.338 2,9%
Goodwill 1.696.041 1.728.263 -32.222 -1,9%
Property, plant and equipment 3.101.884 3.134.528 -32.644 -1,0%
Investment property 1.568.432 1.471.344 97.088 6,6%
Current Tax assets, non-current 53.727 4.826 48.902 1013,4%
Deferred income tax assets 302.594 268.680 33.913 12,6%
TOTAL NON-CURRENT ASSETS 7.630.749 7.426.778 203.971 2,7%
TOTAL ASSETS 10.065.234 9.743.590 321.644 3,3%
Current Liabilities:
Other financial liabilities, current 739.106 1.179.132 -440.026 -37,3%
Trade payables and other payables 1.957.993 1.901.057 56.936 3,0%
Payables to related entities, current 556 974 -418 -42,9%
Provisions and other liabilities 46.406 31.552 14.855 47,1%
Current income tax liabilities 63.131 46.798 16.333 34,9%
Current provision for employee benefits 96.697 78.800 17.897 22,7%
Other non-financial liabilities, current 47.809 84.317 -36.508 -43,3%
TOTAL CURRENT LIABILITIES 2.951.699 3.322.630 -370.931 -11,2%
Non-current liabilities
Other financial liabilities 2.218.035 2.362.414 -144.379 -6,1%
Trade accounts payable 8.955 7.411 1.544 20,8%
Provisions and other liabilities 88.223 121.057 -32.834 -27,1%
Deferred income tax liabilities 471.481 446.958 24.523 5,5%
Current tax liabilities - - - N.A.
Other non-financial liabilities, non-current 65.475 70.909 -5.435 -7,7%
TOTAL NON-CURRENT LIABILITIES 2.852.168 3.008.748 -156.580 -5,2%
TOTAL LIABILITIES 5.803.867 6.331.378 -527.511 -8,3%
Equity:
Paid-in Capital 2.321.381 1.551.812 769.569 49,6%
Retained earnings (accumulated losses) 2.049.483 1.866.746 182.738 9,8%
Issuance premium 526.633 477.341 49.292 10,3%
Other reserves -636.231 -484.364 -151.866 31,4%
Net equity attributable to controlling shareholders 4.261.267 3.411.534 849.733 24,9%
Non-controlling interest 100 678 -578 -85,2%
TOTAL NET EQUITY 4.261.367 3.412.212 849.155 24,9%
TOTAL NET EQUITY AND LIABILITIES 10.065.234 9.743.590 321.644 3,3%
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Reconciliation of Non-IFRS Measures to (Profit/Loss)
This earnings release makes reference to certain non-IFRS measures, namely EBIT, EBITDA and Adjusted EBITDA, These non-IFRS measures are not recognized measures under IFRS, do not have a standardized meaning prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other companies, Rather, these measures are provided as additional information to complement IFRS measures by providing further understanding of the Company’ results of operations from management’s perspective, Accordingly, they should not be considered in isolation nor as a substitute for analysis of our financial information reported under IFRS,
EBIT represents profit attributable to controlling shareholders before net interest expense and income taxes, EBITDA represents EBIT plus depreciation and amortization expense, Adjusted EBITDA represents EBITDA as further adjusted to reflect items set forth in the table below, We have included EBIT, EBITDA and Adjusted EBITDA to provide investors with a supplemental measure of our operating performance,
We believe EBIT, EBITDA and Adjusted EBITDA are an important supplemental measure of operating performance because they eliminate items that have less bearing on our operating performance and thus highlight trends in our core business that may not otherwise be apparent when relying solely on IFRS financial measures, We also believe that securities analysts, investors and other interested parties frequently use EBITDA in the evaluation of issuers, many of which present EBITDA when reporting their results,
Our management also uses EBITDA and Adjusted EBITDA in order to facilitate operating performance comparisons from period to period, prepare annual operating budgets, assess our ability to meet our future debt service, capital expenditure and working capital requirements and assess our ability to pay dividends on our capital stock,
EBIT, EBITDA and Adjusted EBITDA have important limitations as analytical tools, For example, neither EBIT, EBITDA nor Adjusted EBITDA reflect (a) our cash expenditures, or future requirements for capital expenditures or contractual commitments; (b) changes in, or cash requirements for, our working capital needs; (c) the significant interest expense, or the cash requirements necessary to service interest or principal payments, on our debt; and (d) tax payments or distributions to our parent to make payments with respect to taxes attributable to us that represent a reduction in cash available to us, Although we consider the items excluded in the calculation of non-IFRS measures to be less relevant to evaluate our performance, some of these items may continue to take place and accordingly may reduce the cash available to us,
We believe that the presentation of the non-IFRS measures described above is appropriate, However, these non-IFRS measures have important limitations as analytical tools, and you should not consider them in isolation, or as substitutes for analysis of our results as reported under IFRS, Because of these limitations, we primarily rely on our results as reported in accordance with IFRS and use EBIT, EBITDA and Adjusted EBITDA only supplementally, In addition, because other companies may calculate EBITDA and Adjusted EBITDA differently than we do, EBITDA may not be, and Adjusted EBITDA as presented in this report is not, comparable to similarly titled measures reported by other companies,
A reconciliation of our profit (loss) attributable to controlling shareholders, the most directly comparable
IFRS financial measure, to EBITDA and to Adjusted EBITDA is set forth below:
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Fourth Quarter
Twelve-Month, ended December 31st
2013 2012 2013 2012
Adjusted EBITDA Composition
CLP MM CLP MM %
CLP MM CLP MM %
Profit (Loss) 157.454 112.319 40,2% 229.765 272.809 -15,8%
Net Financial Costs 66.809 63.380 5,4% 252.830 202.912 24,6%
Result from Indexation Units 8.876 9.235 -3,9% 20.960 25.915 -19,1%
Result from Exchange Variations 7.923 6.560 20,8% 34.723 2.680 1195,7%
Income taxes 28.184 24.276 16,1% 96.158 100.488 -4,3%
Depreciation & Amortization 43.181 38.506 12,1% 189.038 141.450 33,6%
Revaluation of Investment Properties -59.775 -40.666 47,0% -95.110 -98.633 -3,5%
Adjusted EBITDA 252.652 213.609 18,3% 728.363 647.621 12,4%
Quarter ended December 31, 2013 (in millions of Ch$)
Information by Segment Supermarkets Shopping Centers Home Improvement Department Store Financial Service Others Consolidated
-
Profit (loss) attributable to controlling shareholders 110.818 103.470 34.461 17.796 17.496 126.586 157.454
Profit attributable to non-controlling shareholders 0 0 0 0 0 0 0
-
Net Income 110.818 103.470 34.461 17.796 17.496 126.586 157.454
Financial Expense (net) 0 0 0 0 0 66.809 66.809
Income Tax Charge 0 0 0 0 0 28.184 28.184
EBIT 110.818 103.470 34.461 17.796 17.496 -31.593 252.446
Depreciation and Amortization 28.448 804 4.960 6.257 1.136 1.576 43.181
EBITDA 139.266 104.274 39.420 24.053 18.631 -30.017 295.627
Exchange differences 0 0 0 0 0 7.923 7.923
Increase on Revaluation of Investment Properties 0 -59.775 0 0 0 0 -59.775
(Losses) gains from indexation 0 0 0 0 0 8.876 8.876
Adjusted EBITDA 139.266 44.499 39.420 24.053 18.631 -13.218 252.652
Twelve-month ended December 31, 2013 (in millions of Ch$)
Information by Segment Supermarkets Shopping Centers Home Improvement Department Store Financial Service Others Consolidated
-
Profit (loss) attributable to controlling shareholders 288.921 248.557 80.042 24.754 77.194 489.704 229.765
Profit attributable to non-controlling shareholders 0 0 0 0 0 0 0
-
Net Income 288.921 248.557 80.042 24.754 77.194 489.704 229.765
Financial Expense (net) 0 0 0 0 0 252.830 252.830
Income Tax Charge 0 0 0 0 0 96.158 96.158
-
EBIT 288.921 248.557 80.042 24.754 77.194 140.716 578.753
Depreciation and Amortization 132.100 2.430 19.481 24.610 4.238 6.178 189.038
-
EBITDA 421.021 250.987 99.523 49.364 81.432 134.537 767.790
Exchange differences 0 0 0 0 0 34.723 34.723
Increase on Revaluation of Investment Properties 0 -95.110 0 0 0 0 -95.110
(Losses) gains from indexation 0 0 0 0 0 20.960 20.960
Adjusted EBITDA
421.021
155.877
99.523
49.364
81.432
-78.854
728.363
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cencosud
Quarter ended December 31, 2012 (in millions of Ch$)
Information by Segment
Supermarkets
Shopping Centers
Home Improvement
Department Store
Financial Service
Others
Consolidated
Profit (loss) attributable to controlling shareholders 108.433 78.519 24.473 17.935 20.368 -136.852 112.876
Profit attributable to non-controlling shareholders 0 0 0 0 0 -558 -558
Net Income 108.433 78.519 24.473 17.935 20.368 -137.410 112.319
Financial Expense (net) 0 0 0 0 0 63.380 63.380
Income Tax Charge 0 0 0 0 0 24.276 24.276
EBIT 108.433 78.519 24.473 17.935 20.368 -49.754 199.974
Depreciation and Amortization 26.046 1.777 4.696 3.598 1.027 1.363 38.506
EBITDA 134.479 80.296 29.169 21.532 21.395 -48.391 238.480
Exchange differences 0 0 0 0 0 6.560 6.560
Increase on Revaluation of Investment Properties 0 -40.666 0 0 0 0 -40.666
(Losses) gains from indexation 0 0 0 0 0 9.235 9.235
Adjusted EBITDA 134.479 39.630 29.169 21.532 21.395 -32.596 213.609
Twelve-month ended December 31, 2012 (in millions of Ch$)
Information by Segment
Supermarkets
Shopping Centers
Home Improvement
Department Store
Financial Service
Others
Consolidated
Profit (loss) attributable to controlling shareholders 314.538 222.701 73.646 20.231 77.362 -438.520 269.959
Profit attributable to non-controlling shareholders 0 0 0 0 0 2.851 2.851
Net Income 314.538 222.701 73.646 20.231 77.362 -435.669 272.809
Financial Expense (net) 0 0 0 0 0 202.912 202.912
Income Tax Charge 0 0 0 0 0 100.488 100.488
EBIT 314.538 222.701 73.646 20.231 77.362 -132.269 576.209
Depreciation and Amortization 86.958 5.047 17.740 22.896 3.542 5.268 141.450
EBITDA 401.496 227.748 91.386 43.127 80.904 -127.002 717.659
Exchange differences 0 0 0 0 0 2.680 2.680
Increase on Revaluation of Investment Properties 0 -98.633 0 0 0 0 -98.633
(Losses) gains from indexation 0 0 0 0 0 25.915 25.915
Adjusted EBITDA 401.496 129.115 91.386 43.127 80.904 -98.406 647.621
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