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FINANCIAL REPORT
THIRD QUARTER 2010
NOVEMBER 2010
2
Index
1. Summary of Consolidated Results 3rd Quarter 2010 .…….........................
2. Summary of Consolidated Results accumulated to September 2010 .........
3. Highlights in the Period ….…….........................
4. Consolidated Income Statement ………....…...................
5. Analysis of Consolidated Results ………....…...................
6. Data by Country and Business …..................................
7. Financial and Profitability Ratios …..................................
8. Consolidated Financial Statements - IFRS
- Consolidated Balance Sheets ………....…...................
- Consolidated Income Statement ………....…...................
Notes:
� All figures in dollars are calculated using the observed dollar exchange rate for September 30,
2010 (Ch$ 483.65 per US$1).
• Symbols for periods in the year: Quarters: 1Q (first quarter), 2Q (second quarter), 3Q (third
quarter) and 4Q (fourth quarter). 1S (First semester) and 9M (first nine months of the year), as
applicable.
• Currency symbols: Ch$: Chilean pesos; US$: U.S. dollars; MM: millions.
• Other symbol: SSS: Same store sales.
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3
Summary of Consolidated Results 3rd Quarter 2010
• EBITDA of Ch$ 4,905 million (US$ 10.1 million) increased by 25.4%
reaching an EBITDA margin of 17.3%. It grew in 2.7 percents points in
comparison with the 14.6% EBITDA margin during 3Q 2009.
• Consolidated Revenues increased by 5.9% in the 3Q 2010 to Ch$ 28,417
million (US$ 58.8 million).
• Gross Margin of Ch$ 14,868 million (US$ 30.7 million) increased by 14.7%,
obtaining a gross margin of 52.3% as a percentage of net Revenues in the
3Q 2010. It was higher in 4.0 percents points than the 48.3% obtained in
the 3Q 2009.
• Operating Income increased by 42.7% in the 3Q 2010 to Ch$ 4,249 million
(US$ 8.8 million).
• Net Profit increased by 1.5% to Ch$ 4,126 million (US$ 8.5 million). It is
14.5% as a percentage of net revenues.
• The Revenues from the international operations in Colombia, Peru and
Uruguay represented 14.7% of the consolidated revenues in the 3Q 2010.
Forus began to report its results to the Chilean SVS under the IFRS standard since March 2010.
4
Summary of Consolidated Results Accumulated to September 2010
• EBITDA of Ch$ 17,431 million (US$ 36.0 million) increased by 38.9%
reaching an EBITDA margin of 19.4%. It grew in 3.4 percents points in
comparison with the 16.0% obtained as of September 2009.
• Consolidated Revenues increased by 14.8% as of September 2010 to Ch$
89,656 million (US$ 185.8 million).
• Gross Margin of Ch$ 48,924 million (US$ 101.2 million) increased by
25.1%, obtaining a gross margin of 54.4% as a percentage of net
Revenues accumulated to September 2010. It grew in 4.5 percents points
in comparison with the 50.0% obtained as of September 2009.
• Operating Income increased by 46.0% as of September 2010 to Ch$
14,953 million (US$ 30.9 million).
• Net Profit accumulated to September 2010 increased by 99.2% to Ch$
13,163 million (US$ 27.2 million). Net Profit reached 14.6% as a
percentage of net revenues. It grew in 6.2 percents points in comparison
with the 8.4% obtained as of September 2009.
• The Revenues from the international operations in Colombia, Peru and
Uruguay represented 15.6% of the consolidated revenues as of September
2010. This represents an increase of 0.8 percents points in comparison
with the 14.8% during 2009.
5
Highlights of the 3rd Quarter 2010
Stores Opening
Total of new stores opened in 3Q 2010: 4 stores
During the 3rd quarter 2010 the following new stores were opened:
Chile: 1 store
� One Caterpillar store with 118 square meters, located in Marina Arauco
mall, in the city of Viña del Mar.
Colombia: 1 store
� One Hush Puppies store with 36 square meters, located in Andino mall, in
the Bogota city.
Peru: 1 store
� One Hush Puppies store with 98 square meters, located in the Open
Angamos mall, in the Lima city.
Uruguay: 1 store
� One Rockford store with 84 square meters, located in Portones mall, in the
Montevideo city.
New Concept in Hush Puppies Kids Stores
6
Highlights of the 3rd Quarter 2010
A new store concept has been developed for the Hush Puppies Kids chain, which
includes a complete renovation of stores with this new image and concept. Stores
with this new concept can already be found in Parque Arauco, Alto Las Condes,
Plaza Vespucio and Plaza Trébol.
In the upcoming months the 8 remaining stores of this chain will be renovated.
Massimo Cerutti Italian Collection for Hush Puppies
In September of this year a new collection of sandals was launched for the Hush
Puppies stores, from renowned Italian designer Massimo Cerutti. It consists of a
collection of sandals designed for women, produced and brought directly from
Italy.
7
Consolidated Income Statement - IFRS
3Q '10 % Revenues 3Q '09 % Revenues Var. % 10/09
Th Ch$ Th Ch$
Revenues 28.416.879 26.824.077 5,9%
Cost of Sales (13.549.208) -47,7% (13.856.494) -51,7% -2,2%
Gross Margin 14.867.671 52,3% 12.967.583 48,3% 14,7%- -
Selling, General and Administrative Expenses (10.618.579) -37,4% (9.990.855) -37,2% 6,3%Operating Income 4.249.092 15,0% 2.976.728 11,1% 42,7%
Financial Income 53.235 6.393 732,7%
Financial Expenses 470.877 165.274 184,9%
Participation in gains (losses) of joint venture businesses 43.088 (7.806) -652,0%
accounted by using the proportional value of participation
Exchange Differentials (616.066) 1.104.681 -155,8%
Result of Indexation units (203.057) 364.566 -155,7%
Other gains and losses (166.994) (134.491) 24,2%
Non-Operating Income 727.548 2,6% 1.780.159 6,6% -59,1%- -
Profit before income tax 4.976.640 17,5% 4.756.887 17,7% 4,6%
(Expenses) Income Taxes (850.202) (690.778) 23,1%
Profit (loss) 4.126.438 14,5% 4.066.109 15,2% 1,5%
Profit (loss) attributable to equity holders of parent 4.128.527 4.068.883 1,5%
Profit (loss) attributable to minority interest (2.089) (2.774) -24,7%
Profit (loss) 4.126.438 14,5% 4.066.109 15,2% 1,5%
EBITDA 4.904.916 17,3% 3.911.131 14,6% 25,4%
expressed in Thousands of Chilean Pesos from July 1 to September 30
FORUS S.A. & SUBSIDIARIES
Consolidated Income Statement 3rd Quarter
9M 2010 % Revenues 9M 2009 % Revenues Var. % 10/09
Th Ch$ Th Ch$
Revenues 89.856.395 78.254.495 14,8%
Cost of Sales (40.932.791) -45,6% (39.152.602) -50,0% 4,5%
Gross Margin 48.923.604 54,4% 39.101.893 50,0% 25,1%- -
Selling, General and Administrative Expenses (33.970.877) -37,8% (28.861.263) -36,9% 17,7%Operating Income 14.952.727 16,6% 10.240.630 13,1% 46,0%- -
Financial Income 60.513 16.898 258,1%
Financial Expenses (19.390) 82.956 -123,4%
Participation in gains (losses) of joint venture businesses 228.105 (14.999) -1620,8%
accounted by using the proportional value of participation
Exchange Differentials (277.643) (2.464.344) -88,7%
Result of Indexation units (25.191) (13.667) 84,3%
Other gains and losses (158.015) (178.160) -11,3%
Non-Operating Income 984.710 1,1% (2.306.431) -2,9% -142,7%-
Profit before income tax 15.937.437 17,7% 7.934.199 10,1% 100,9%
(Expenses) Income Taxes (2.774.480) -3,1% (1.326.307) -1,7% 109,2%
Profit (loss) 13.162.957 14,6% 6.607.892 8,4% 99,2%
Profit (loss) attributable to equity holders of parent 13.208.001 6.646.088 98,7%
Profit (loss) attributable to minority interest (45.044) (38.196) 17,9%
Profit (loss) 13.162.957 14,6% 6.607.892 8,4% 99,2%
EBITDA 17.430.882 19,4% 12.552.161 16,0% 38,9%
expressed in Thousands of Chilean Pesos as of September 30
8
Analysis of Consolidated Results
Operating Income
• Consolidated Revenues increased by 5.9% in the 3Q 2010 to Ch$ 28,417
million (US$ 58.8 million).
In Chile Forus sales increased 8.2%, totalizing Ch$ 24,765 million (US$ 51.2
million) during 3Q 2010. This increase in sales is explained in 87% by the
growth in Retail Business, which sales grew 10.7% and the remaining 13% is
explained by growth in Wholesale Business, which sales raised 3.2%,
obtaining sales for Ch$ 7,991 million (US$ 16.5 million). These increases
respond to a higher consumption that our country experienced in the trade
sector. It should be noted that if we would have had sufficient inventory levels,
the growth would have been much higher, but because of higher sales during
the previous trimester (2Q’10), which had increases of 14.5% in Retail and
49.6% in Wholesale, consumed part of the inventory that was considered for
3Q. This can be confirmed by our reduction in inventory levels, which in Chile
decreased 44% as of June 2010 regarding June 2009 and dropped 21% as of
September 2010 regarding September 2009.
In our Retail Business, growth in Chile’s SSS was 4.4% nominal in 3Q’10,
which gives us an accumulated SSS growth in September 2010 of 8.4%. As of
October, with the arrival of new inventory –spring/summer collection- increases
in SSS close to 10% can be observed.
An increase in sales per square meter stands out, with a rise of 3.8% in 3Q’10
regarding 2009.
International subsidiaries’ sales grew 2.6% as a whole. Their results are as
follows:
Revenues (Million Ch$)
3Q '10 3Q '09 Var. % 10/09
Colombia 699 817 -14,5%
Peru 1.271 1.296 -1,9%
Uruguay 2.204 1.955 12,8%Total 4.175 4.068 2,6%
9
Analysis of Consolidated Results
Same Store Sales. Data in nominal values (in local currency)
3Q '10 3Q '09 2010 2009
Colombia 2,6% 10,7% -1,4% 23,9%Peru -5,2% 19,9% -4,2% 38,8%
Uruguay 0,6% 12,2% 9,6% -2,3%
• In Colombia although sales decreased 14.5% in 3Q’10 regarding the
previous period, it must be mentioned that surface sales in square
meters reduced 24.8%, corresponding to a reduction of 4 stores. On the
other hand, SSS sales increased 2.6% nominal.
• In Peru sales decreased 1.9% in 3Q’10 and SSS sales reduced 5.2%
nominal. Growth in sales would have been highly positive if the correct
amount of inventories would have been available, considering that
together with higher sales during the previous trimester (growth of
20.1% regarding 2009) which consumed part of the inventory of 3Q’10,
there was a delay in the arrival of the new inventory, which instead of
arriving in July, arrived in September. This being noted, inventory as of
September 2010 is 40% smaller than September 2009.
In these months, when new inventories are already available we can
observe two digit increases in SSS sales during October.
• In Uruguay sales increased 12.8% during 3Q’10 and SSS sales grew
0.6% nominal.
• Regarding national subsidiary TopSafety (and subsidiary Forus Safety,
engaged in the industrial safety footwear business) sales decreased
4.3% in 3Q 2010.
Revenue participation of international operations in Colombia, Peru and
Uruguay represented 14.7% of consolidated revenues during 3Q’10.
10
Analysis of Consolidated Results
Cumulative consolidated sales as of September 2010 totalized Ch$ 89,656
million (US$ 185.8 million), growing 14.8% regarding the cumulative
consolidated sales as of September 2009. This rise is explained both by
Chile’s growth, where sales in Retail Business are 10.5% regarding the
previous year and sales in Wholesale Business –which represents 32.9% of
total sales as of September 2010- grew 20.3%, as well as growth in
international subsidiaries, where sales increased 21.1% regarding 2009.
Operating revenues of Colombia, Peru and Uruguay represented 15.6% of
cumulative consolidated income as of September 2010.
* Retail Chile: Retail + Wholesale business in Chile.
Retail Chile83,4%
Uruguay7,8%
Perú4,5% Colombia
2,5% TopSafety1,9%
Revenues by Subsidiaries 3Q 2010
Retail Chile82,8%
Uruguay7,3%
Perú4,8% Colombia
3,0%TopSafety
2,1%
Revenues by Subsidiaries 3Q 2009
Retail Chile82,7%
Uruguay7,6%
Perú4,7%
Colombia3,3%
TopSafety1,7%
Revenues by Subsidiaries 9M 2010
Retail Chile83,1%
Uruguay7,2%
Perú5,1% Colombia
2,5%TopSafety
2,1%
Revenues by Subsidiaries 9M 2009
11
Analysis of Consolidated Results
• Gross Margin of Ch$ 14,868 million (US$ 30.7 million) increased by
14.7%, obtaining a gross margin of 52.3% as a percentage of net
Revenues in the 3Q 2010. It was higher in 4.0 percents points than the
48.3% obtained in the 3Q 2009.
Chile’s individual gross margin grew 16.7% regarding the third trimester of the
previous year, totalizing Ch$ 12,811 million (US$ 26.5 million). A percentage
margin of 51.7% was obtained as a percentage of sales, which improved by
3.8 percentage points compared to a 48.0% obtained in 3Q’09. This increase
is explained both by growth in Retail and Wholesale Businesses. Growth in
gross margin in Retail Business -which explains 93% of the total growth-
increased 22.3% due to a decrease in costs of sales by 0.9%, while sales
grew 10.7%. This is explained by two effects; first by a revenue management
policy of the Company, and secondly due to the lower dollar exchange rate
when the winter 2010 goods as well as the new summer collection were
entered regarding the previous year. Winter merchandise entered the country
mostly by December 2009 with a dollar -of $515.6- significantly lower
compared to the dollar as of December 2008 -$602.8- and the summer
collection which entered mostly by September with an exchange rate of
$495.3, compared to an exchange rate as of September 2009 of $551.6, fall
which impacts directly on the cost of sales of these products.
On the other hand, gross margin in Wholesale Business increased 3.2%.
Regarding gross margin of international subsidiaries, during 3Q’10 it grows as
a whole 10.5%, where Peru’s gross margin increases 10.9%, obtaining a gross
margin percentage of 48.3% of sales. Uruguay’s gross margin grew 13.3%
reaching a gross margin of 45.9% of sales and Colombia highlights with a
gross margin of 53,3% of sales, which grows 9.0 percentage points compared
to the gross margin of 44.3% of sales during 3Q’09.
The Gross Margin accumulated to September 2010 of Ch$ 48,924 million
(US$ 101.2 million) increased 25.1%, obtaining a cumulative percentage
margin of 54.4% in September 2010, which increased 4.5 percentage points
compared with a 50.0% obtained in September 2009.
12
Analysis of Consolidated Results
This is explained both by operations in Chile as by those in international
subsidiaries. In Chile’s case, the gross margin -of Ch$ 41,864 million (US$
86.6 million) - increases 26.8% regarding 2009, growth which is explained in
54% by the increase in gross margin in Retail Business of 19.0% and in 46%
it is explained by growth in Wholesale Business, which margin of Ch$12,071
million (US$ 25.0 million) grows 51,6%. Regarding international subsidiaries,
gross margin increased 20.0% as of September 2010.
• Operating Income increased by 42.7% in the 3Q 2010 to Ch$ 4,249 million
(US$ 8.8 million).
The Forus Chile individual operating income growth explains by 93% the total
growth, reaching Ch$ 4,093 million (US$ 8.5 million), increasing 40.4% in
regards to 3Q’09. Operating income in Chile’s Retail Business grew 50.0%,
while in Wholesale Business it rose 25.9%. In Wholesale Business, selling and
administrative expenses as a percentage of revenues decreased 7.4%, falling
from 28.6% of revenues in 3Q’09 to 25.6% of revenues in 3Q’10.
Regarding foreign subsidiaries, these present the following operational results:
• Colombia: Its loss in operational results decreases 20.8%, from a loss
of Ch$ 112 million (US$ 0.23 million) in 3Q’09 to a loss of Ch$ 89
million (US$ 0.18 million) in 3Q’10.
• Peru: Its operational result increases 246.7% from a loss of Ch$ 15
million (US$ 0.03 million) in 3Q’09 to a profit of Ch$ 22 million (US$
0.05 million) in 3Q’10.
• Uruguay: Its operational result of Ch$ 261 million (US$ 0.5 million)
grows 113.2% regarding 3Q’09. This growth explains itself both from
the growth in gross margin of 13.3% regarding 3Q’09 and from a
considerable drop in selling and administrative expenses of 2.6%, thus
obtaining an improvement in selling and administrative expenses on
revenues from 39.4% in 3Q’09 to 34.1% in 3Q’10, this entailing an
increase in operational results on revenues of 5.6 percentage points -
from 6.3% of revenues in 2009 to 11.8% in 3Q’10.
13
Analysis of Consolidated Results
The consolidated operational result accumulated to September 2010 of Ch$
14,953 million (US$ 30.9 million) grew 46.0% regarding 2009, due to a strong
growth in gross margin of 25.1% and also explained 90% by the growth in
operational results in Chile, were the result in Retail Business accounts for
63% and Wholesale Business accounts for the other 37%. The remaining 10%
of operational results’ growth is explained by international operations, were its
result improved by 117.2%.
Non-Operating Income
• Non-Operating Income totalized a gain of Ch$ 728 million (US$ 15.1
million), decreasing by 59.1%.
This gain in Non-Operating Income is accounted for by the line Other Incomes
of total operation, which gained a profit of Ch$ 1,160 million (US$ 2.4 million).
Besides, the Exchange Differentials account decreases 155.8%, from a profit
of Ch$ 1,105 million (US$ 2.3 million) in 3Q’09 to a loss of Ch$ 616 million
(US$ 1.3 million) in 3Q’10.
The Non-Operating Income accumulated to September 2010 improved
142.7%, from a loss of Ch$ 2,306 million (US$ 4.8 million) in September 2009
to a profit of Ch$ 985 million (US$ 2.0 million) in September 2010. Just as in
3Q, this difference is explained by the Other Incomes of total operation
account, with a profit of Ch$ 1,214 million (US$ 2.5 million), which contrasts
with the previous loss of Ch$ 278 million (US$ 0.6 million) of the exchange
differentials account.
Net Profit and EBITDA
• Net Profit increased by 1.5% to Ch$ 4,126 million (US$ 8.5 million). It is
14.5% as a percentage of net revenues.
14
Analysis of Consolidated Results
The Consolidated Net Profit accumulated to September 2010 increased by
99.2% to Ch$ 13,163 million (US$ 27.2 million). As a percentage of sales, Net
Profit increased in 6.2 percentage points to 14.6% during 2010, from 8.4%
during the same period 2009.
• EBITDA of Ch$ 4,905 million (US$ 10.1 million) increased by 25.4%
reaching an EBITDA margin of 17.3%. It grew in 2.7 percents points in
comparison with the 14.6% EBITDA margin during 3Q 2009.
The Consolidated EBITDA accumulated to September 2010 of Ch$ 17,431
million (US$ 36.0 million) increased by 38.9% reaching an EBITDA margin of
19.4%. It grew in 3.4 percentage points in comparison with the 16.0% EBITDA
margin during 2009.
15
Data by Country and Business
CHILE
• Retail
(Million Ch$)
P&L 3Q '10 3Q '09 Var. % 10/09
Revenues 16.773 15.146 10,7%Cost of Sales -7.469 -7.539 -0,9%
Gross Margin 9.305 7.607 22,3%Operating Income 2.635 1.757 50,0%
(Million Ch$)
P&L 9M '10 9M '09 Var. % 10/09
Revenues 51.783 46.870 10,5%
Cost of Sales -21.990 -21.828 0,7%
Gross Margin 29.793 25.043 19,0%Operating Income 10.166 7.526 35,1%
Same Store Sales Growth
Data in nominal values (in local currency)
3Q '10 3Q '09 2010 2009
Growth Retail Sales 4,4% 1,1% 8,4% 0,5%
Stores Openings / Closings
Date Chain Store Sq.meters
Closing aug-10 Rockford Carpa Portal Chillan 300
Closing aug-10 Nine West Portal Temuco 54
Closing sep-10 Shoe Express Exposición 90
Opening sep-10 Caterpillar Marina Arauco 118
Closing sep-10 Women Secret Plaza el Trebol 103
Total -429
Change in Total square meters
Sept-10 Sept-09 Var. 10/09 Var. % 10/09
N° Stores 191 191 0 0,0%
Square meters 23.562 22.079 1.483 6,7%
16
Data by Country and Business
CHILE
• Wholesale
(Million Ch$)
P&L 3Q '10 3Q '09 Var. % 10/09
Revenues 7.991 7.744 3,2%
Cost of Sales -4.485 -4.373 2,6%
Gross Margin 3.506 3.370 4,0%Operating Income 1.457 1.157 25,9%
(Million Ch$)
EERR 9M '10 9M '09 Var. % 10/09
Revenues 25.353 21.083 20,3%
Cost of Sales -13.281 -13.118 1,2%
Gross Margin 12.071 7.964 51,6%Operating Income 3.677 2.095 75,5%
• TopSafety
(Million Ch$)
P&L 3Q '10 3Q '09 Var. % 10/09
Revenues 529 553 -4,3%
Cost of Sales -471 -372 26,6%
Gross Margin 58 181 -67,8%Operating income -38 66 -156,9%
(Million Ch$)
P&L 9M '10 9M '09 Var. % 10/09
Revenues 1.511 1.636 -7,6%Cost of Sales -1.239 -1.195 3,7%
Gross Margin 272 441 -38,3%Operating income -26 96 -126,9%
17
Data by Country and Business
COLOMBIA
(Million Ch$)
P&L 3Q '10 3Q '09 Var. % 10/09
Revenues 699 817 -14,5%
Cost of Sales -327 -455 -28,2%
Gross Margin 372 362 2,9%Operating income -89 -112 -20,8%
(Million Ch$)
P&L 9M '10 9M '09 Var. % 10/09
Revenues 2.976 1.932 54,0%
Cost of Sales -1.743 -980 78,0%
Gross Margin 1.232 952 29,4%Operating income -221 -359 -38,4%
Same Store Sales Growth
Data in nominal values (in local currency)
3Q '10 3Q '09 2010 2009
Growth Retail Sales 2,6% 10,7% -1,4% 23,9%
Stores Openings / Closings
Date Chain Store sq.meters
Opening jul-10 Hush Puppies Andino 36
Closing jul-10 Hush Puppies Unicentro 2 75
Closing aug-10 Hush Puppies Shoe Express Restrepo 100
Total -139
Change in Total square meters
Sept-10 Sept-09 Var. 10/09 Var. % 10/09
N° Stores 15 19 -4 -21,1%
Square meters 1.059 1.408 -349 -24,8%
18
Data by Country and Business
PERU
(Million Ch$)
P&L 3Q '10 3Q '09 Var. % 10/09
Revenues 1.271 1.296 -1,9%
Cost of Sales -657 -742 -11,5%
Gross Margin 614 554 10,9%Operating Income 22 -15 -246,7%
(Million Ch$)
P&L 9M '10 9M '09 Var. % 10/09
Revenues 4.233 3.988 6,1%
Cost of Sales -2.049 -1.978 3,6%
Gross Margin 2.184 2.010 8,7%Operating Income 380 296 28,4%
Same Store Sales Growth
Data in nominal values (in local currency)
3Q '10 3Q '09 2010 2009
Growth Retail Sales -5,2% 19,9% -4,2% 38,8%
Stores Openings / Closings
Date Chain Store Sq.meters
Opening sep-10 Hush Puppies Angamos 98
Total 98
Change in Total square meters
Sept-10 Sept-09 Var. 10/09 Var. % 10/09
N° Stores 23 22 1 4,5%
Square meters 2.473 2.300 173 7,5%
19
Data by Country and Business
URUGUAY
(Million Ch$)
P&L 3Q '10 3Q '09 Var. % 10/09
Revenues 2.204 1.955 12,8%
Cost of Sales -1.192 -1.061 12,3%
Gross Margin 1.012 893 13,3%Operating Income 261 122 113,2%
(Million Ch$)
P&L 9M '10 9M '09 Var. % 10/09
Revenues 6.805 5.650 20,4%
Cost of Sales -3.433 -2.958 16,1%
Gross Margin 3.371 2.692 25,2%Operating Income 976 585 66,8%
Same Store Sales Growth
Data in nominal values (in local currency)
3Q '10 3Q '09 2010 2009
Growth Retail Sales 0,6% 12,2% 9,6% -2,3%
Stores Openings / Closings
.
Date Chain Store Sq.meters
Opening jul-10 Rockford Portones 84
Total 84
Change in Total square meters
Sept-10 Sept-09 Var. 10/09 Var. % 10/09
N° Stores 24 22 2 9,1%
Square meters 2.258 1.967 291 14,8%
20
Financial and Profitability Ratios
• Liquidity Ratios
Units Sept-10 Dec-09
Current liquidity times 5,29 5,93
Acid ratio times 3,92 3,91
• Financial Ratios
Units Sept-10 Dec-09
Liabilities composition
Current Liabilities % 78,68% 71,57% Non-Current Liabilities % 21,32% 28,43%
Units Sept-10 Dec-09
Leverage times 0,23 0,23
• Profitability Ratios
Units Sept-10 Dec-09
ROA % 11,97% 2,62%
ROS % 14,65% 4,94%
ROE % 14,76% 3,22%
All data is in term of Consolidated Forus.
78,68%71,57%
21,32% 28,43%
Sept-10 Dec-09
Non-Current Liabilities
Current Liabilities
21
Consolidated Balance Sheets
FORUS S.A. & SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
expressed in Thousands of Chilean Pesos as of September 30, 2010 and December 31, 2009
Sept 30, 2010 Dec 31, 2009
Th Ch$ Th Ch$
ASSETS
Current Assets
Cash and cash equivalents 11.256.899 9.872.214
Other financial assets, current 32.728.715 23.568.524
Other non-financial assets, current 2.323.425 1.122.002
Trade and other account receivables 17.533.404 14.512.913
Accounts receivables from related companies - 189.505
Inventories 22.483.083 25.974.196
Tax Assets, current 213.633 1.512.626 Total Current Assets 86.539.159 76.751.980
Non-Current Assets
Other financial assets, Non-current 539 -
Other non-financial assets, Non-current 501.420 160.350
Investments in Associated 1.192.104 1.182.253
Net intangibles assets 2.336.791 2.322.094
Goodwill 1.545.106 1.545.106
Property, plant and equipments 16.566.961 14.026.358
Deferred tax Assets 1.283.321 1.195.968 Total Non-Current Assets 23.426.242 20.432.129
TOTAL ASSETS 109.965.401 97.184.109
LIABILITIES
Current Liabilities
Other financial liabilities, current 1.900.832 2.081.533
Current trade and other current accounts payable 8.204.416 7.484.730
Current accounts payable to related companies 14.451 -
Other current Provisions 5.598.678 3.074.552
Other non-financial liabilities, current 633.262 228.714 Total Current Liabilities 16.351.639 12.869.529
Non-Current Liabilities
Other non-current financial liabilities 1.469.692 1.841.720
Non-current liabilities 1.946.115 1.954.803
Deferred taxes liabilities 1.004.575 1.050.081
Other non-financial non-current liabilities 11.741 583.836 Total Non-Current Liabilities 4.432.123 5.430.440
SHAREHOLDER'S EQUITY
Paid-in capital 24.813.496 24.813.496
Retained earnings 47.509.282 37.335.183
Other reserves 16.694.023 16.578.452
Equity attributable to equity holders of the parent 89.016.801 78.727.131
Non-controlling interest 164.838 157.009
Total Net Equity 89.181.639 78.884.140
TOTAL NET EQUITY AND LIABILITIES 109.965.401 97.184.109
22
Consolidated Income Statement
2010 2009
Th Ch$ Th Ch$
Revenues 89.856.395 78.254.495 Cost of Sales (40.932.791) (39.152.602) Gross Margin 48.923.604 39.101.893
Other incomes of total operation 1.214.254 316.392
Logistic costs (938.275) (899.573) Administrative Expenses (33.032.602) (27.961.690) Other costs of total operation (37.923) (51.507)
Financial Gains 60.513 16.898 Financial Expenses (19.390) 82.956 Participation in gains (losses) of joint venture businesses accounted 228.105 (14.999)
by using the proportional value of participation
Exchange Differentials (277.643) (2.464.344)
Result of Indexation units (25.191) (13.667)
Other gains and (losses) (158.015) (178.160) Profit before income tax 15.937.437 7.934.199
Income Taxes (2.774.480) (1.326.307) Profit (loss) 13.162.957 6.607.892
Profit (loss) attributable to equity holders of parent 13.208.001 6.646.088
Profit (loss) attributable to minority interest (45.044) (38.196) Profit (loss) 13.162.957 6.607.892
Net Income per Share
Commom shares
Income per Share $ 50,9266 $ 25,5655
expressed in Thousands of Chilean Pesos as of September 30
FORUS S.A. & SUBSIDIARIES
CONSOLIDATED INCOME STATEMENT
23
Forus S.A.
Address:
Av. Departamental Nº 01053
La Florida
Santiago, Chile
Contact:
Macarena Swett
Investor Relations
Telephone: (56 2) 923 3017
E-mail: macarena.swett@forus.cl
Website:
www.forus.cl
Go to the Investors menu.
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