1Q17 Earnings Presentation
1Q17 Earnings Presentation
Agenda
2
Recent Developments………..……………..………….3
1
Consolidated Results………..………………..……7
2
1Q17 5 6
7
3
Famsa Mexico……..……………………….……. 9
4
Famsa USA..……………………….....................11
Banco Famsa.…………………….….…………….. 13
Consolidated Results………..………………….……16
Financial Position Items..………...….................................18
Recent Developments
4
Recent Developments Progress in the monetization of the contributed assets: Banco del Bajio selected as Trustee. Guarantee Trust formally stablished on April, 20 2017 20 properties with a combined value of Ps.2,006 million were contributed to the trust Sell transactions of 10 properties located in the states of San Luis Potosi, Edo. Mex., Tamaulipas, Chihuahua and Nuevo Leon were completed, amounting to Ps.827 million The remaining properties (25), with a combined value of Ps.2,258 million, are currently in a sales process, for which a significant advancement in their monetization is expected as of June 30, 2017
Stores
5
Retail Stores & Banking
Business Units 1Q17
Openings Closures
4Q16
1Q16
∆% YoY
868 429
1 0
19 5
886
920
(5.7%)
434
431
(0.5%)
Famsa Mexico
377
0
3
380
377
0.0%
Famsa USA
26
0
0
26
26
0.0%
PL USA Branches
26
0
2
28
28
(7.1%)
Banking Branches¹
395
1
5
399
401
(1.5%)
To be Conv. Bches.²
44
0
9
53
88
(50.0%)
Total Stores
Employees
6
-10.5% -5.8%
19,420
-2.0%
705 18,462 691
-1.6%
17,736 648
17,667 628
18,715
17,385 555
Famsa MX
17,771
1Q16
2Q16
Famsa USA
17,088
17,039
16,830
3Q16
4Q16
1Q17
Consolidated Results
Consolidated Results
8
Net Sales grew by 3.6% YoY in 1Q17. Net Sales by country1
Net Sales by product mix
(Millions of MXP)
(Millions of MXP)
3,840 14.0%
+3.6%
0.6%
0.7% 1.9%
3,840
3,979
14.6%
12.3%
3.4% 5.7% 9.9% 12.9%
Famsa USA
12.7%
87.7%
85.4%
Famsa MX
1Q17
1Q16
Same Store Sales (SSS)
Business-units
9.4% 14.4% 31.8%
1Q17
Retail-area
-5.7% 920
1Q16
*
88
44
Total
+10.7%
2.3%
Famsa MX
+10.0%
+6.0%
28 26
26 26
(24.1%)
377
377
1Q16
1Q17
USA*
(3.9%)
Including intercompany and others Excluding exchange rate effect
-0.9%
868
401
Famsa 1
1Q17
Famsa-to-Famsa Others Seasonal goods Clothes Computers Motorcycles Mobile phones Appliances Electronics Furniture Personal loans
9.3% 0.4% 3.0% 6.1% 9.5% 13.3%
0.8% 1.9%
17.0% 21.2%
1Q16
3,979
395
567
562
6 41 4
66
66
3 40 4
To be converted branches Banking branches Branches
449
449
Stores USA
1Q16-m2*
1Q17-m2*
*m2 in thousands.
Stores MX
Famsa Mexico
Famsa Mexico
10
Contribution of Personal Loans, Seasonal Goods, Motorcycles and Appliances stood out in 1Q17. Sales by product mix
Sales growth by product category (1Q17)
(Millions of MXP) 60%
13.3%
Mobile Phones
13.0% 9.1% 9.5%
10.8%
Electronics
7.5%
10.0% 8.0%
6.9%6.8%
6.0%
Furniture
4Q16
Loans
3Q16
1Q17
Famsa MX ANTAD
2Q16
34.0%
Loans
12.4%
11.5% 10.0%
1Q16
1Q16
Appliances
4Q15
22.7%
Same Store Sales (SSS)
3Q15
12.9%
Motorcycles
1Q17
11.6%
Computers
13% Seasonal Goods
10.9%
12% Motorcycles
6.6%
9% Appliances
7.0%
-1%
8%
Mobile Phones
2.2%
-6% Furniture
3.7%
Seasonal Goods Clothes
-8% Computers
0.8%
0.9% 2.2% 3.1%
-25%
2Q15
15.7%
Others Electronics
10.0%
Clothes
3,460
1Q15
3,250
Famsa USA
Famsa USA
12
1Q17 Famsa USA Net Sales in USD decreased by 24.1% following a weak demand due to the political uncertainty in the United States. Sales by product mix Net Sales (Millions of MXP)
(Millions of MXP)
MXP: -13.3% USD: -24.1% 562 2.0%
4.3% 4.4%
562
487
487
2.0%
4.3% 3.3%
Computers
12.2% 19.2% 11.1% 11.0%
Others Famsa to Famsa Loans
12.4% 12.2%
1Q16
1Q17
Electronics Appliances
53.6%
48.0%
Furniture
F to F
1Q16
1Q17
Banco Famsa
Banco Famsa
14
Bank deposits as of March 31, 2017 increased by 16.5% above 1Q16, amounting to Ps.21,675 million. Bank Deposits (Millions of MXP)
18,611
19,742
+16.5% 21,166
21,063
21,675
Loans Famsa card, credit cards, microcredits, SMEs, Fovisste, enterprises, Credinero and Prendinero
5.0%
Deposits Savings, payroll, checks and investments
4.1%
4.1%
4.3%
4.5%
1Q16
2Q16
3Q16
4Q16
1Q17 Funding Cost
Bank Deposits Mix Services e-Banking, ATMs, payroll, TPVs, remittances, money orders and insurance
1Q16 Demand deposits 12% Opnl Availability Time 21% Deposits 67%
1Q17 Demand deposits 11% Opnl Availability 16% Time Deposits 73%
Banco Famsa
15
The Non-Performing loans ratio (NPL) ended at 8.5%, 20 bps. given the strengthening of our credit base. Portfolio of Loans*
(Millions of MXP)
4,198
3,618
2.5%
2.3%
1Q16
2Q16
Portfolio of Loans Mix
+6.8% 4,169
2.2%
3Q16
1Q16 4,004
2.1%
4Q16
1Q17
4,483 Others 17% 1.8%
PYME Financiero 12% 19% Microcredit
PYME 36%
Empresarial 44% Microcredit 3%
Others 17%
3%
Empresarial 49%
1Q17 Commercial NPL ratio
*Gross Balance **Includes credits discounted by payroll Source: Banco Famsa
8.7%
9.1%
8.8%
8.5%
8.5%
Jun'16
Sep'16
Dic'16
Mar'17
9.8% Dic'15
10.4%
Sep'15
11.9%
Jun'15
Mar'15
13.3%
Mar'16
Non-performing Loans Ratio (NPL)**
Consolidated Results
Consolidated Results
17
Gross Profit
(Millions of MXP)
EBITDA (Millions of MXP)
+1.8%
48.7%
47.9%
1,871
1,905
10.5%
10.9%
416
419
232
293
-0.7%
44 Famsa USA
1,673
1,578
Famsa MX
428 375
Famsa MX -11
1Q16
1Q17
Financial expenses(1)
1Q16 (Millions of MXP)
+105.9%
+20.6% 4.1% 5.6%
1Q17
Net Income
(Millions of MXP)
216
260
158
1Q16
1Q17
1Q16
(1) Financial expenses= Interest paid
8.2%
326
6.5%
Famsa USA
1Q17
Financial Position Items
Financial Position Items
19
Trade receivables (Millions of MXP)
Net debt & bank deposits +2.7%
(Millions of MXP)
26,581 2,188 4,021
25,893 2,619 3,691
Consumer USA
+0.9%
29,560
29,816
8,497
8,141 Net debt
Commercial MX
20,372
19,583
Consumer MX
21,675
21,063
Bank deposits
11.6%
4Q16
1Q17
4Q16
Stockholders’ equity
Inventories (Millions of MXP)
2,583 315
1Q17
(Millions of MXP)
-6.4%
+2.1% 2,418 255 Famsa USA
2,268
2,163
-4.7%
Famsa MX
8,315
8,493
5.7% 11.6%
4Q16
1Q17
2.8%
1.2%
4Q16
1Q17
2.8%
Financial Position Items: Debt Structure
20
Funding Sources
Debt Profile (Millions of MXP)
(Millions of MXP)
-7.9%
57%
55%
20% 23%
26% 19%
4T16
1T17
Debt Certificates
31,064 9%
9,215
10,001
Bank Loans
Foreign Debt
23%
30,890 9% 21%
68%
70%
4T16
1T17
Bank Deposits
5,324
Debt Maturity Profile (Millions of MXP)
3,390 298 1,298 1,794 2017 Debt Certificates ** Includes local notes and foreign senior notes and bond 144A Reg S.
-0.6%
4,727
501 501
597
2018
> 2019
Bank Loans
Foreign Debt
Debt Securities
Bank Loans
21
Note on Forward-Looking Statements
This presentation contains, or may be deemed to contain, forward-looking statements. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. The future results of Grupo Famsa, S.A.B. de C.V. and its subsidiaries may differ from the results expressed in, or implied by, the forward-looking statements set out herein, possibly to a material degree.
22
Contact We have a strong commitment to keeping you updated. Please do not hesitate to contact us.
Investor Relations Paloma Arellano [email protected]
+52 (81) 8389 3405
Agenda
2
Recent Developments………..……………..………….3
1
Consolidated Results………..………………..……7
2
1Q17 5 6
7
3
Famsa Mexico……..……………………….……. 9
4
Famsa USA..……………………….....................11
Banco Famsa.…………………….….…………….. 13
Consolidated Results………..………………….……16
Financial Position Items..………...….................................18
Recent Developments
4
Recent Developments Progress in the monetization of the contributed assets: Banco del Bajio selected as Trustee. Guarantee Trust formally stablished on April, 20 2017 20 properties with a combined value of Ps.2,006 million were contributed to the trust Sell transactions of 10 properties located in the states of San Luis Potosi, Edo. Mex., Tamaulipas, Chihuahua and Nuevo Leon were completed, amounting to Ps.827 million The remaining properties (25), with a combined value of Ps.2,258 million, are currently in a sales process, for which a significant advancement in their monetization is expected as of June 30, 2017
Stores
5
Retail Stores & Banking
Business Units 1Q17
Openings Closures
4Q16
1Q16
∆% YoY
868 429
1 0
19 5
886
920
(5.7%)
434
431
(0.5%)
Famsa Mexico
377
0
3
380
377
0.0%
Famsa USA
26
0
0
26
26
0.0%
PL USA Branches
26
0
2
28
28
(7.1%)
Banking Branches¹
395
1
5
399
401
(1.5%)
To be Conv. Bches.²
44
0
9
53
88
(50.0%)
Total Stores
Employees
6
-10.5% -5.8%
19,420
-2.0%
705 18,462 691
-1.6%
17,736 648
17,667 628
18,715
17,385 555
Famsa MX
17,771
1Q16
2Q16
Famsa USA
17,088
17,039
16,830
3Q16
4Q16
1Q17
Consolidated Results
Consolidated Results
8
Net Sales grew by 3.6% YoY in 1Q17. Net Sales by country1
Net Sales by product mix
(Millions of MXP)
(Millions of MXP)
3,840 14.0%
+3.6%
0.6%
0.7% 1.9%
3,840
3,979
14.6%
12.3%
3.4% 5.7% 9.9% 12.9%
Famsa USA
12.7%
87.7%
85.4%
Famsa MX
1Q17
1Q16
Same Store Sales (SSS)
Business-units
9.4% 14.4% 31.8%
1Q17
Retail-area
-5.7% 920
1Q16
*
88
44
Total
+10.7%
2.3%
Famsa MX
+10.0%
+6.0%
28 26
26 26
(24.1%)
377
377
1Q16
1Q17
USA*
(3.9%)
Including intercompany and others Excluding exchange rate effect
-0.9%
868
401
Famsa 1
1Q17
Famsa-to-Famsa Others Seasonal goods Clothes Computers Motorcycles Mobile phones Appliances Electronics Furniture Personal loans
9.3% 0.4% 3.0% 6.1% 9.5% 13.3%
0.8% 1.9%
17.0% 21.2%
1Q16
3,979
395
567
562
6 41 4
66
66
3 40 4
To be converted branches Banking branches Branches
449
449
Stores USA
1Q16-m2*
1Q17-m2*
*m2 in thousands.
Stores MX
Famsa Mexico
Famsa Mexico
10
Contribution of Personal Loans, Seasonal Goods, Motorcycles and Appliances stood out in 1Q17. Sales by product mix
Sales growth by product category (1Q17)
(Millions of MXP) 60%
13.3%
Mobile Phones
13.0% 9.1% 9.5%
10.8%
Electronics
7.5%
10.0% 8.0%
6.9%6.8%
6.0%
Furniture
4Q16
Loans
3Q16
1Q17
Famsa MX ANTAD
2Q16
34.0%
Loans
12.4%
11.5% 10.0%
1Q16
1Q16
Appliances
4Q15
22.7%
Same Store Sales (SSS)
3Q15
12.9%
Motorcycles
1Q17
11.6%
Computers
13% Seasonal Goods
10.9%
12% Motorcycles
6.6%
9% Appliances
7.0%
-1%
8%
Mobile Phones
2.2%
-6% Furniture
3.7%
Seasonal Goods Clothes
-8% Computers
0.8%
0.9% 2.2% 3.1%
-25%
2Q15
15.7%
Others Electronics
10.0%
Clothes
3,460
1Q15
3,250
Famsa USA
Famsa USA
12
1Q17 Famsa USA Net Sales in USD decreased by 24.1% following a weak demand due to the political uncertainty in the United States. Sales by product mix Net Sales (Millions of MXP)
(Millions of MXP)
MXP: -13.3% USD: -24.1% 562 2.0%
4.3% 4.4%
562
487
487
2.0%
4.3% 3.3%
Computers
12.2% 19.2% 11.1% 11.0%
Others Famsa to Famsa Loans
12.4% 12.2%
1Q16
1Q17
Electronics Appliances
53.6%
48.0%
Furniture
F to F
1Q16
1Q17
Banco Famsa
Banco Famsa
14
Bank deposits as of March 31, 2017 increased by 16.5% above 1Q16, amounting to Ps.21,675 million. Bank Deposits (Millions of MXP)
18,611
19,742
+16.5% 21,166
21,063
21,675
Loans Famsa card, credit cards, microcredits, SMEs, Fovisste, enterprises, Credinero and Prendinero
5.0%
Deposits Savings, payroll, checks and investments
4.1%
4.1%
4.3%
4.5%
1Q16
2Q16
3Q16
4Q16
1Q17 Funding Cost
Bank Deposits Mix Services e-Banking, ATMs, payroll, TPVs, remittances, money orders and insurance
1Q16 Demand deposits 12% Opnl Availability Time 21% Deposits 67%
1Q17 Demand deposits 11% Opnl Availability 16% Time Deposits 73%
Banco Famsa
15
The Non-Performing loans ratio (NPL) ended at 8.5%, 20 bps. given the strengthening of our credit base. Portfolio of Loans*
(Millions of MXP)
4,198
3,618
2.5%
2.3%
1Q16
2Q16
Portfolio of Loans Mix
+6.8% 4,169
2.2%
3Q16
1Q16 4,004
2.1%
4Q16
1Q17
4,483 Others 17% 1.8%
PYME Financiero 12% 19% Microcredit
PYME 36%
Empresarial 44% Microcredit 3%
Others 17%
3%
Empresarial 49%
1Q17 Commercial NPL ratio
*Gross Balance **Includes credits discounted by payroll Source: Banco Famsa
8.7%
9.1%
8.8%
8.5%
8.5%
Jun'16
Sep'16
Dic'16
Mar'17
9.8% Dic'15
10.4%
Sep'15
11.9%
Jun'15
Mar'15
13.3%
Mar'16
Non-performing Loans Ratio (NPL)**
Consolidated Results
Consolidated Results
17
Gross Profit
(Millions of MXP)
EBITDA (Millions of MXP)
+1.8%
48.7%
47.9%
1,871
1,905
10.5%
10.9%
416
419
232
293
-0.7%
44 Famsa USA
1,673
1,578
Famsa MX
428 375
Famsa MX -11
1Q16
1Q17
Financial expenses(1)
1Q16 (Millions of MXP)
+105.9%
+20.6% 4.1% 5.6%
1Q17
Net Income
(Millions of MXP)
216
260
158
1Q16
1Q17
1Q16
(1) Financial expenses= Interest paid
8.2%
326
6.5%
Famsa USA
1Q17
Financial Position Items
Financial Position Items
19
Trade receivables (Millions of MXP)
Net debt & bank deposits +2.7%
(Millions of MXP)
26,581 2,188 4,021
25,893 2,619 3,691
Consumer USA
+0.9%
29,560
29,816
8,497
8,141 Net debt
Commercial MX
20,372
19,583
Consumer MX
21,675
21,063
Bank deposits
11.6%
4Q16
1Q17
4Q16
Stockholders’ equity
Inventories (Millions of MXP)
2,583 315
1Q17
(Millions of MXP)
-6.4%
+2.1% 2,418 255 Famsa USA
2,268
2,163
-4.7%
Famsa MX
8,315
8,493
5.7% 11.6%
4Q16
1Q17
2.8%
1.2%
4Q16
1Q17
2.8%
Financial Position Items: Debt Structure
20
Funding Sources
Debt Profile (Millions of MXP)
(Millions of MXP)
-7.9%
57%
55%
20% 23%
26% 19%
4T16
1T17
Debt Certificates
31,064 9%
9,215
10,001
Bank Loans
Foreign Debt
23%
30,890 9% 21%
68%
70%
4T16
1T17
Bank Deposits
5,324
Debt Maturity Profile (Millions of MXP)
3,390 298 1,298 1,794 2017 Debt Certificates ** Includes local notes and foreign senior notes and bond 144A Reg S.
-0.6%
4,727
501 501
597
2018
> 2019
Bank Loans
Foreign Debt
Debt Securities
Bank Loans
21
Note on Forward-Looking Statements
This presentation contains, or may be deemed to contain, forward-looking statements. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. The future results of Grupo Famsa, S.A.B. de C.V. and its subsidiaries may differ from the results expressed in, or implied by, the forward-looking statements set out herein, possibly to a material degree.
22
Contact We have a strong commitment to keeping you updated. Please do not hesitate to contact us.
Investor Relations Paloma Arellano [email protected]
+52 (81) 8389 3405
