Grandes marcas, preços baixos, todos os dias.
RESULTS 2006
1
2005 Overview
Grandes marcas, preços baixos, todos os dias.
AMERICANAS
Express
 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.
 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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Operating Highlights - 2005
Grandes marcas, preços baixos, todos os dias.
Profitability
 Consolidated EBITDA (R$330.9 million) grew 20.5% over 2004
 Stable EBITDA margin (12.0%) vs. 2004 (12.1%)
 Net Income (R$176.1 million) - 174.7% higher vs. 2004
Greater Operating Efficiency
 Operating expenses margin, as a % of NR, fell 0.5 percentage points
compared to 2004
 Gross revenues per associate went up 11.3% over 2004
Expansion / Investments
 37 store openings in 2005 – 25 Traditional and 12 Express
 Scheduled openings: +19 stores and 30 stores under evaluation and
negotiation
Shoptime and Americanas Taií
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2005 Gross Revenue
Grandes marcas, preços baixos, todos os dias.
 Same stores sales growth:
 New stores opened:
 Americanas.com/Shoptime Growth:
 Total Gross Revenue Growth:
+ 0.4% (4Q05 = 8.8%)
+ 37 stores (4Q05 – 21 stores)
+ 99.3% (4Q05 = 106.6%)
+ 23.4%
Sales Area x Number of Stores
330.1
CAGR: + 8.8%
293.7
259.1
235.9
105
Stores
98
Stores
2001
156
Stores
243.0
2002
2003
121
Stores
2004
193
Stores
Sales Area
2005 x 2004:+12.4%
Stores
Sales Area (thousand m2)
2005
4
Grandes marcas, preços baixos, todos os dias.
Operating Expenses (excluding depreciation and amortization)
 0.5 percentage points reduction in 2005, even with the 37 store
openings and Americanas.com/Shoptime sales growth
Operating Expenses (excluding depreciation and amortization)
(% of NR)
- 0.5 p.p.
22.4%
20.8%
2001
2002
19.0%
18.9%
18.4%
2003
2004
2005
5
EBITDA Evolution
Grandes marcas, preços baixos, todos os dias.
 Nominal EBITDA Growth – 20.5% in 2005
 Stable EBITDA margin – 12.0% in 2005
 Adjusted EBITDA in 2005 :+25.5% / Adjusted EBITDA Margin:+ 0.3 p.p.
EBITDA
Adjusted EBITDA Excluding
Facilita (R$ million)
(R$ million)
+ 25.5%
322.9
330.9
CAGR:+ 38.4%
257.3
274.7
217.6
142.8
90.1
6.2%
2001
12.1%
12.0%
11.2%
11.5%
11.8%
9.1%
2002
2003
2004
2005
2004
2005
6
Changes in Net Income
Grandes marcas, preços baixos, todos os dias.
Quarterly Net Income
Annual Net Income
(R$ Million)
(R$ Million)
+ 5.7%
48.2
45.5
Impacts:
acquisition,
expansion
(depreceation)
and nonoperating
results.
176.1
+ 174.7%
Highest net
income along
the last years.
64.1
4Q04
4Q05
2004
“We Always Want More”
2005
7
Net Cash* and Capex
Grandes marcas, preços baixos, todos os dias.
Net Cash (R$ million)
70.6%
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 MM
1,407.4
1,236.6
874.8
974.9
2004
Gross Debt
* Considering Credit Cards Receivables
R$ 170.8MM
2005
Cash
8
Share Performance - 2005
Grandes marcas, preços baixos, todos os dias.
 76.1% (LAME4) and 70.7% (LAME3) valorization vs. 27,7% of Ibovespa’s
 Higher liquidity – LAME4 average daily trading volume: R$6.6 million
 Inclusion in MSCI (2005) and in IBRX-50 (January, 2006)
LAME4 X IBOVESPA
Volume
(R$ million)
Price
40
70.0
60.0
35
LAME4 Volume
LAME4
IBOVESPA
30
25
50.0
20
40.0
15
10
30.0
5
20.0
0
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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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