apresentação 3q11 en

Click here to load reader

Post on 18-Feb-2017

114 views

Category:

Economy & Finance

0 download

Embed Size (px)

TRANSCRIPT

  • 0

    EARNINGS RESULTS

    3Q11

  • 1

    This presentation contains statements that are forward-looking within the meaning of Section 27A of

    the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-

    looking statements are only predictions and are not guarantees of future performance. Investors

    are cautioned that any such forward-looking statements are and will be, as the case may be,

    subject to many risks, uncertainties and factors relating to the operations and business environments

    of General Shopping and its subsidiaries that may cause the actual results of the companies to be

    materially different from any future results expressed or implied in such forward-looking statements.

    This material is published solely for informational purposes and is not to be construed as a solicitation

    or an offer to buy or sell any securities or related financial instruments and should not be treated as

    giving investment advice. It is not targeted to the specific investment objectives, financial situation

    or particular needs of any recipient. No representation or warranty, either express or implied, is

    provided in relation to the accuracy, completeness or reliability of the information contained

    herein. This material should not be regarded by recipients as a substitute for the exercise of their

    own judgment.

    Any opinions expressed in this material are expressed as of this date and subject to change without

    notice and General Shopping is not under the obligation to update or keep current the information

    contained herein. General Shopping and the respective affiliates, directors, partners and

    employees accept no liability whatsoever for any loss or damage of any kind arising out of the use

    of all or any part of this material. You should consult with your own legal, regulatory, tax, business,

    investment, financial and accounting advisers to the extent that you deem it necessary, and make

    your own investment, hedging and trading decision (including decisions regarding the suitability of

    this transaction) based upon your own judgment and advice from such advisers as you deem

    necessary and not upon any views expressed in this material.

    Disclaimer

  • 2

    Sector Overview

    Company Overview

    Financial Performance

    Agenda

  • 3

    Sector Overview

  • 4

    6.4%

    5.3%

    9.0%

    8.2%

    8.9%

    7.2%

    6.0%

    4.0%

    5.0%

    6.0%

    7.0%

    8.0%

    9.0%

    10.0%

    Sep

    /07

    Nov

    /07

    Jan/

    08M

    ar/0

    8M

    ay/0

    8Ju

    l/08

    Sep

    /08

    Nov

    /08

    Jan/

    09M

    ar/0

    9M

    ay/0

    9Ju

    l/09

    Sep

    /09

    Nov

    /09

    Jan/

    10M

    ar/1

    0M

    ay/1

    0Ju

    l/10

    Sep

    /10

    Nov

    /10

    Jan/

    11M

    ar/1

    1M

    ay/1

    1Ju

    l/11

    Sep

    /11

    Source: The Brazilian Institute of Geography and Statistics (IBGE)s Monthly Employment Survey Table prepared by General Shopping Brasil

    Economic Indicators

    Unemployment Rate

  • 5

    Unemployment Rate in September

    13.0%

    10.9%

    9.7%10.0%

    9.0%

    7.7% 7.7%

    6.2% 6.0%

    Sep/03 Sep/04 Sep/05 Sep/06 Sep/07 Sep/08 Sep/09 Sep/10 Sep/11

    Source: PME-IBGETable prepared by General Shopping Brasil

    Economic Indicators

  • 6

    Real Income of the Employee PopulationR$ billion

    24.225.7 26.3

    27.729.0

    31.732.5

    35.8 36.4

    Sep/03 Sep/04 Sep/05 Sep/06 Sep/07 Sep/08 Sep/09 Sep/10 Sep/11

    Source: PME-IBGE; Table prepared by General Shopping Brasil(1)Based on the employed population and average income of the employed population

    Economic Indicators

  • 7

    10%

    15%

    20%

    25%

    30%

    35%

    40%

    Sep

    /07

    Nov

    /07

    Jan/

    08M

    ar/0

    8M

    ay/0

    8Ju

    l/08

    Sep

    /08

    Nov

    /08

    Jan/

    09M

    ar/0

    9M

    ay/0

    9Ju

    l/09

    Sep

    /09

    Nov

    /09

    Jan/

    10M

    ar/1

    0M

    ay/1

    0Ju

    l/10

    Sep

    /10

    Nov

    /10

    Jan/

    11M

    ar/1

    1M

    ay/1

    1Ju

    l/11

    Sep

    /11

    300

    330

    360

    390

    420

    450

    480

    510

    540

    570

    600

    630

    (t-12) R$ billion

    Source: Central BankTable prepared by General Shopping Brasil

    Credit Performance

    Credit Volume Individuals

    Volume and Monthly Change

  • 8

    -10%

    -5%

    0%

    5%

    10%

    15%

    20%

    25%

    30%

    35%

    Sep

    /07

    Nov

    /07

    Jan/

    08M

    ar/0

    8M

    ay/0

    8Ju

    l/08

    Sep

    /08

    Nov

    /08

    Jan/

    09M

    ar/0

    9M

    ay/0

    9Ju

    l/09

    Sep

    /09

    Nov

    /09

    Jan/

    10M

    ar/1

    0M

    ay/1

    0Ju

    l/10

    Sep

    /10

    Nov

    /10

    Jan/

    11M

    ar/1

    1M

    ay/1

    1Ju

    l/11

    Sep

    /11

    30

    40

    50

    60

    70

    80

    90

    (t-12) R$ billion

    Source: Central Bank

    Table prepared by General Shopping Brasil

    Credit Performance

    Credit Concession Individuals

    Volume and Monthly Change

  • 9

    6.0

    8.1

    7.3

    6.87.1

    Sep

    /07

    Nov

    Jan/

    08

    Mar

    May Ju

    lSe

    p/0

    8

    Nov

    Jan/

    09

    Mar

    May Ju

    lSe

    p/0

    9

    Nov

    Jan/

    10

    Mar

    May Ju

    lSe

    p/1

    0

    Nov

    Jan/

    11

    Mar

    May Ju

    lSe

    p/1

    1

    General Individuals

    Source: Central BankTable prepared by General Shopping Brasil

    Credit Performance

    Default Rate

    Individuals and General Spread

  • 10

    80

    85

    90

    95

    100

    105

    110

    115

    120

    125

    130

    Sep

    /07

    Nov

    Jan/

    08

    Mar

    May Ju

    lSe

    p/0

    8

    Nov

    Jan/

    09

    Mar

    May Ju

    lSe

    p/0

    9

    Nov

    Jan/

    10

    Mar

    May Ju

    lSe

    p/1

    0

    Nov

    Jan/

    11

    Mar

    May Ju

    lSe

    p/1

    1

    Source: Fundao Getulio Vargas - FGVTable prepared by General Shopping Brasil

    Consumer Confidence Index

    Index - Quarterly Moving Average

    Economic Indicators

  • 11

    12.0

    5.1

    9.3

    8.3

    Sep

    /07

    Nov

    /07

    Jan/

    08M

    ar/0

    8M

    ay/0

    8Ju

    l/08

    Sep

    /08

    Nov

    /08

    Jan/

    09M

    ar/0

    9M

    ay/0

    9Ju

    l/09

    Sep

    /09

    Nov

    /09

    Jan/

    10M

    ar/1

    0M

    ay/1

    0Ju

    l/10

    Sep

    /10

    Nov

    /10

    Jan/

    11M

    ar/1

    1M

    ay/1

    1Ju

    l/11

    Sep

    /11

    Source: PMC-IBGETable prepared by General Shopping Brasil

    Retail Performance

    Sales Volume - Monthly change (%) Sep/07 to Sep/11

    As compared with same year-ago period

    5.3

  • 12

    Retail Industry: Monthly Change (VS Same Year-Ago Period) of Sales Volume (Jan/10-Sep/11)

    Retail Growth

    Source: Brazilian Institute of Geography and Statistics (IBGE)

    Total -Retail Books, newspapers, magazines and stationeryOffice supplies and equipment, personal computer

    and telecomOther personal and domestic products

    Jan/10 10.4 7.0 32.2 6.0

    Feb 12.2 10.2 21.0 4.7

    Mar 15.7 8.0 35.6 8.1

    Apr 9.2 8.7 15.4 5.6

    May 10.2 9.7 28.9 2.9

    Jun 11.4 4.8 23.2 9.6

    Jul 11.1 7.3 19.0 12.2

    Aug 10.5 13.5 25.4 11.7

    Sep 12.0 9.9 32.4 15.8

    Oct 8.7 12.5 10.1 9.9

    Nov 9.9 23.6 21.2 11.0

    Dec 10.2 26.7 27.1 10.2

    Jan/11 8.3 12.5 7.4 4.9

    Feb 8.5 14.9 14.8 12.5

    Mar 4.0 -1.2 4.2 4.6

    Apr 10.2 5.8 -0.8 12.1

    May 6.3 8.3 23.2 3.3

    Jun 7.1 9.0 34.7 3.2

    Jul 7.1 6.8 16.2 2.9

    Aug 6.3 5.2 26.3 1.7

    Sep 5.3 0.6 7.7 -0.1

    0

    5

    10

    15

    20

    25

    30

    35

    40

  • 13

    Source: Brazilian Institute of Geography and Statistics (IBGE)

    Retail Industry: Monthly Change (VS Same Year-Ago Period) of Sales Volume (Jan/10-Sep/11)

    Retail Growth

    Total - Retail Supermarkets and hypermarkets Fabrics. clothing na footwear Furniture and white/durable goodsPharmaceutical, medical, orthopedic

    and cosmetics

    Jan/10 10.4 10.2 2.3 17.7 10.3

    Feb 12.2 11.6 11.2 22.2 14.7

    Mar 15.7 15.4 15.7 25.4 14.9

    Apr 9.2 5.5 16.7 22.4 11.1

    May 10.2 8.2 11.9 19.6 12.1

    Jun 11.4 11.9 4.4 17.0 10.3

    Jul 11.1 11.0 12.8 12.2 8.1

    Aug 10.5 7.2 13.1 16.7 12.5

    Sep 12.0 9.7 12.9 14.4 12.0

    Oct 8.7 6.7 10.0 15.4 9.3

    Nov 9.9 5.6 9.3 20.5 13.4

    Dec 10.2 6.2 9.8 18.3 14.1

    Jan/11 8.3 4.2 9.8 19.1 12.7

    Feb 8.5 2.7 14.2 20.3 10.6

    Mar 4.0 1.4 5.7 11.2 5.3

    Apr 10.2 10.6 1.5 19.3 10.5

    May 6.3 1.9 5.6 20.4 12.0

    Jun 7.1 2.7 11.3 16.4 12.8

    Jul 7.1 4.6 1.4 21.1 10.4

    Aug 6.3 3.9 0.8 16.9 9.5

    Sep 5.3 3.5 0.6 16.5 10.6

    0

    5

    10

    15

    20

    25

  • 14

    Disclaimer

    Company Overview

  • 15

    Differentials

    Market-driven compan