grandes marcas, preços baixos, todos os dias. 1 results 2006
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Grandes marcas, preços baixos, todos os dias.
RESULTS 2006
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Grandes marcas, preços baixos, todos os dias.2005 Overview2005 Overview
193 stores at the end of 2005 174 traditional – sales area above 1,000 m2 19 express – sales area between 400 and 600 m2
Total area of 330.1 thousand m2
Present in most Brazilian states, with strong presence in the major Brazilian urban centers.
AAMMEERRIICCAANNAASSEExxpprreessss
Largest portal in sales volume and shopping destination in Latin America Best e-commerce website by the fifth consecutive year, according to Ibest Award popular jury Shoptime acquisition, adding a new clients base and two new sales chanels - TV and catalog
Financing company created through a joint-venture with Banco Itaú, aimed at financing purchases, offering personal credit and credit cards to Lojas Americanas’ customers.
Completed the refurbishment of all Facilita’s points of sale in 2H05, two years ahead of schedule,
Total of 210 points of sale, including 17 own stores
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Grandes marcas, preços baixos, todos os dias.Operating Highlights - 2005Operating Highlights - 2005
Profitability
Consolidated EBITDA (R$330.9 million) grew 20.5% over 2004
Stable EBITDA margin (12.0%) vs. 2004 (12.1%)
Net Income (R$176.1 million) - 174.7% higher vs. 2004
Greater Operating Efficiency
Operating expenses margin, as a % of NR, fell 0.5 percentage points compared to 2004
Gross revenues per associate went up 11.3% over 2004
Expansion / Investments
37 store openings in 2005 – 25 Traditional and 12 Express
Scheduled openings: +19 stores and 30 stores under evaluation and negotiation
Shoptime and Americanas Taií
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Grandes marcas, preços baixos, todos os dias.2005 Gross Revenue2005 Gross Revenue
Same stores sales growth: + 0.4% (4Q05 = 8.8%) New stores opened: + 37 stores (4Q05 – 21 stores) Americanas.com/Shoptime Growth: + 99.3% (4Q05 = 106.6%) Total Gross Revenue Growth: + 23.4%
Sales Area (thousand m2)
Stores
Sales Area x Number of StoresSales Area x Number of Stores
Sales Area
2005 x 2004:+12.4%
235.9243.0
259.1
293.7
330.1
193Stores
156Stores
121Stores98
Stores
105Stores
2001 2002 2003 2004 2005
CAGR: + 8.8%
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Grandes marcas, preços baixos, todos os dias.
Operating Expenses Operating Expenses (excluding depreciation and amortization)(excluding depreciation and amortization)
Operating Expenses Operating Expenses (excluding depreciation and amortization)(excluding depreciation and amortization)(% of NR)(% of NR)
18.9%
20.8%22.4%
18.4%19.0%
2001 2002 2003 2004 2005
0.5 percentage points reduction in 2005, even with the 37 store openings and Americanas.com/Shoptime sales growth
- 0.5 p.p.
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Grandes marcas, preços baixos, todos os dias.EBITDA EvolutionEBITDA Evolution
Nominal EBITDA Growth – 20.5% in 2005 Stable EBITDA margin – 12.0% in 2005 Adjusted EBITDA in 2005 :+25.5% / Adjusted EBITDA Margin:+ 0.3 p.p.
EBITDAEBITDA(R$ million)(R$ million)
Adjusted EBITDA Excluding Adjusted EBITDA Excluding Facilita Facilita (R$ million)(R$ million)
274.7
90.1
330.9
217.6
142.8
6.2%9.1%
12.1% 12.0%11.2%
2001 2002 2003 2004 2005
322.9
257.3
11.8%11.5%
2004 2005
+ 25.5%
CAGR:+ 38.4%
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Grandes marcas, preços baixos, todos os dias.Changes in Net IncomeChanges in Net Income
““We Always Want More”We Always Want More”
48.2
45.5
4Q04 4Q05
Quarterly Net IncomeQuarterly Net Income(R$ Million)(R$ Million)
176.1
64.1
2004 2005
Annual Net IncomeAnnual Net Income(R$ Million)(R$ Million)
+ 5.7% + 174.7%
Impacts: acquisition, expansion (depreceation) and non-operating results.
Highest net income along the last years.
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Grandes marcas, preços baixos, todos os dias.Net CashNet Cash** and Capex and Capex
Net Cash Net Cash (R$ million) (R$ million)
Net cash expansion, despite of aggressive organic growth:
37 new stores (R$77.4 million) Acquisition of Shoptime in August, 2005 (R$117.0 million) Capitalization of Financeira Americanas Itaú – FAI (R$40.0 million)
R$ 100.1 MMR$ 100.1 MM R$ 170.8MMR$ 170.8MM
974.9
1,236.6
874.8
1,407.4
2004 2005
Gross Debt Cash
* Considering Credit Cards Receivables
70.6%70.6%
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Grandes marcas, preços baixos, todos os dias.
LAME4 X IBOVESPA
20.0
30.0
40.0
50.0
60.0
70.0
3-jan
17-ja
n1-
feb
17-fe
b
3-m
ar
17-m
ar
1-ap
r
15-a
pr
2-m
ay
16-m
ay
31-m
ay
14-ju
n
28-ju
n12
-jul
26-ju
l
9-au
g
23-a
ug6-
sep
21-s
ep
5-oc
t
20-o
ct
4-no
v
21-n
ov
5-de
c
19-d
ec
Price
0
5
10
15
20
25
30
35
40
Volume (R$ million)
LAME4 VolumeLAME4
IBOVESPA
Share Performance - 2005Share Performance - 2005 76.1% (LAME4) and 70.7% (LAME3) valorization vs. 27,7% of Ibovespa’s Higher liquidity – LAME4 average daily trading volume: R$6.6 million Inclusion in MSCI (2005) and in IBRX-50 (January, 2006)
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Grandes marcas, preços baixos, todos os dias.
This presentation contains forward-looking statements. Such statements are not statements of historical fact, and reflect the beliefs and expectations of the Lojas Americanas’ management. The words "anticipates", “wishes”, “expects”, "estimates", “intends", "forecasts", "plans", "predicts", "projects", "targets" and similar words are intended to identify these statements, which necessarily involve known and unknown risks and uncertainties. Known risks and uncertainties include, but are not limited to, the impact of competitive products and pricing, market acceptance of products, regulatory environment, currency fluctuations, supply difficulties, changes in product sales mix, and other risks. Forward-looking statements speak only as of the date they are made, and the Company does not undertake any obligation to update them in light of new information or future developments.
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