EARNINGS RELEASE
4Q20
February 2021
Table of Contents
I. Executive Summary ……………………………… .……… .... … ................................................................................. 2
II. Summary of Consolidated Results ………………………… .…..……… .................................................................. 3
III. Highlights of the Period …………...........………… .…… ............................................................................... .... 4
IV. Consolidated Income Statement. ……………… .…… .... … ............................................................................. 6
V. Consolidated Income Statement Analysis… ............................................................................................ 8
VI. Balance Sheet & Cash Flow Statement Analysis ………………………………………………… . …………………………… 12
VII. Data by Country .................................................................................................................................. 17 VIII. Consolidated Financial Statements - IFRS
- Consolidated Balance Sheet ……… .... … ........................................................................................ 24
- Consolidated Income Statement ……… .... … ................................................................................. 25
- Consolidated Cash Flow Statement.… ......................................................................................... 26
Notes:
• All figures in dollars are calculated using the observed dollar exchange rate for October 1st, 2020: Ch$ 710.95/US$.
• Quarters: 1Q, 2Q, 3Q y 4Q.
• Periods ending June 30th, September 30th and December 31st: 6M, 9M, 12M.
• Currency symbols: Ch$, CLP or $: Chilean pesos. US$: U.S. dollars. COP: Colombian pesos. UYU: Uruguayan pesos. PEN: Peruvian sol.
• Units: M: millions, TH: thousands.
• DTC (Direct-to-Consumer) sales: revenue from Forus' brick & mortar stores and Forus' e-commerce websites, as well as Forus' sales on third-party marketplaces.
• Digital sales: revenue from Forus' e-commerce websites + Forus' sales on third-party marketplaces.
• Sqm: square meters.
• Other symbols: SSS: Same store sales. SG&A: Selling, General & Administration. YoY: Year over Year.
1
I. Executive Summary
Forus' robust revenue growth and increased profitability this quarter were the result of a tremendous display of creativity, agility and dedication from our team, which has been vital to consolidating our omnichannel strategy during these last few months, strengthening the Company and transforming us for the future, in the middle of a global pandemic that has seriously put into question traditional retail business models. In the fourth quarter, Forus' revenues increased 17.3% and EBITDA grew 66.6% YoY (with an 18.3% EBITDA margin, a 542 basis point YoY improvement). Net income reached MM $ 5,407, equivalent to 602x 4Q19's net income and 4.8% more than 4Q18. Our digital transformation was also made evident with our revenue mix: our consolidated digital sales went from 6% of total sales in 2019 to 35% of total sales in 2020.
Always looking for the best brands to offer our consumers -brands that also open new growth opportunities- this quarter we signed an agreement to become the exclusive distributor of Under Armor branded athletic performance apparel, accessories and footwear in Chile. The agreement, which should be operative during the first quarter of 2021, will strengthen our presence in the sportswear segment, and includes all sales channels, physical and digital (underarmour.cl, among others).
In Chile, 4Q20 revenues increased 25.1%, gross margin expanded by 63 basis points and expenses decreased by -1.4%, resulting in an 997.4% YoY increase in operating income, which reached Ch$ 6,886 million (66.7% higher than 4Q18). Revenue growth was driven by our e-commerce websites, marketplace channels and traditional wholesale, which offset the drop in sales from our physical stores. During the period, our physical stores continued to face temporary closures and other restrictions due to the pandemic, which depressed sales. In 4Q20, Chile's digital revenues grew 348% YoY and represented 32% of total revenues. In 2020, Chile's digital revenues grew 355% YoY and represented 37% of total revenues.
Our subsidiaries also made important progress implementing our omnichannel strategy and, therefore, once again, they reported strong digital revenue growth this quarter (figures in local currency): Peru grew 1,101%; Uruguay grew 194%; and Colombia, 1,560% (LBC + Forus Colombia) compared to 4Q19. As a result, for the year 2020, digital revenue of each subsidiary represented the following percentage of its total sales: Peru 22%; Uruguay 25%; and Colombia 32% (Forus Colombia + LBC).
This quarter we also continued to focus on reducing inventories and controlling expenses, without hindering revenue growth. Thanks to these efforts, we reduced inventories at the consolidated level by -24.5%, which helped us maintain prices, particularly in Chile, which translated into a better gross margin in that country, despite facing higher costs due to exchange rates. We were also able to reduce our SG&A expenses by -6.0%, mainly explained by optimization initiatives, reducing GAV/revenue by 975 basis points. Finally, we highlight that our cash and equivalents at the end of December 2020 reached Ch$ 110,879 million, 20.9% more than last year.
The year 2020 was a year of enormous challenges, but with innovation and teamwork, we turned those challenges into opportunities. This year is also very significant for another reason: Forus turned 40. In 1980, Mr. Alfonso Swett S., the founder of Forus, had the vision to look beyond Chile's borders and he brought the Hush Puppies brand to the country, creating Forus, a leading specialized retail company that today has a portfolio of 28 prestigious brands in 4 countries.
II. Summary of Consolidated Results
Fourth Quarter 2020
• Digital sales in Chile grew 348% YoY and represented 39% of DTC sales and 32% of total sales in Chile in 4Q20.
• Consolidated revenue increased 17.3% YoY to Ch$ 67,338 million in 4Q20.
• Gross profit increased 16.2% YoY to Ch$ 34,665 million. Gross margin decreased 49 basis points, to 51.5% in 4Q20.
• Operating income increased 408.6% YoY to Ch$ 8,110 million, with an operating margin of 12.0%, a margin expansion of 927 basis points in 4Q20.
• Ebitda grew 66.6% to Ch$ 12,322 million, with an Ebitda margin of 18.3%, a margin expansion of 542 basis points in 4Q20.
• Non-operating income reported a loss of Ch$ 2,823 million in 4Q20, 3% more than the loss in 4Q19.
• Net income reached Ch$ 5,407 million, with a net margin of 8.0% in 4Q20, marking a clear recovery with regards to 4Q19's net income of Ch$ 9 million.
For the year 2020
• Digital revenues in Chile grew 355% YoY and represented 47% of DTC sales and 37% of total sales in Chile in
2020.
• Consolidated revenue decreased 22.4% YoY to Ch$ 184,449 million in 2020.
• Gross profit decreased 26.4% YoY to Ch$ 92,233 million. Gross margin decreased 272 basis points, to 50.0%
in 2020.
• Operating income decreased 66,0% to Ch$ 6,319 million in 2020.
• Non-operating income reported a loss of Ch$ 2,629 million in 2020.
• Ebitda decreased by 37.0% to Ch$ 24,765 million, with a margin of 13.4%.
• Reported annual net income was Ch$ 4,538 million with a net margin of 2.5%. It is worth noting that in 2019, Forus registered a one-time, after-tax gain of Ch$ 8,347 from the sale of the Company's former corporate headquarters, as well as another, smaller real estate property in Chile.
III. Highlights of the Period
Forus enters into an Asset Purchase Agreement to distribute Under Armor in Chile
In Santiago, on November 19th, Forus published a Material Fact to announce that Forus S.A. and UA
Chile, the Chilean subsidiary of Under Armor, Inc. (Forus and UA Chile, hereinafter, the "Parties"), signed an Asset Purchase Agreement (APA) in which the following was agreed to: i) Forus S.A. will act as the exclusive distributor of Under Armor branded apparel, accessories and footwear in the country; ii) Forus will operate the Under Armour brand´s e-commerce in the country through the websitewww.underarmour.cland through other websites that the Parties will agree to in the future; iii) Forus will acquire the inventory and certain fixed assets owned by UA Chile in the country for an initially estimated amount of US$ 19,276,019, subject to review and adjustments in accordance with the APA; and iv) the Parties will make efforts so that Forus may continue to operate certain brick and mortar stores that UA Chile currently operates. The agreement is subject to the approval of the local anti-trust regulator.
Under Armor, Inc., headquartered in Baltimore, Maryland, in the United States, is a leading inventor, marketer and distributor of athletic performance apparel, footwear and accessories. The company has registered trademarks around the world, including UNDER ARMOR®, UA®, HEATGEAR®, COLDGEAR® and
UA HOVR ™, among others. The company reported $ 5.3 billion in global sales in 2019.
New websites and marketplaces
During the fourth quarter, Forus launched four new websites: Weloveshoes.cl in Chile; Jansport.uy in Uruguay; and Supermall.pe and Keds.pe in Peru. As a result, we ended the quarter with 36 own e-commerce sites (see details in Data by Country).
During the quarter, we also launched sales in Paris Marketplace in Chile, Falabella Online in Colombia and Mercado Ripley in Peru. As a result, we ended 4Q20 offering our brands in 13 marketplaces: five in Chile, four in Peru, three in Colombia and one in Uruguay (see details in Data by Country).
Gradual store reopening process, of stores temporarily closed due to Covid19
During the fourth quarter, Forus continued to gradually and cautiously reopen stores that had been temporarily shuttered since mid-March due to the public health crisis. The reopening process has had setbacks along the way, given that during the quarter we have had to close some of the recently reopened stores in municipalities that returned to more restrictive lockdowns. In addition to that, in the four countries, we have continued to observe restrictions regarding store hours, customers per storeand other public health measures determined by authorities. During this period, we have trained our staff and equipped our stores, and other facilities, to comply with sanitary protocols to protect the health and safety of our clients, employees and communities.
Store openings/closures
During 4Q20, we closed nine stores and opened three, a net reduction of six stores: in Chile, we closed seven stores (one of these was remodeled and reopened this same quarter as part of another store chain) and we opened three stores (all three were remodeled stores, closed either this quarter or in the previous quarter); in Uruguay, we closed one store; and in Peru, we closed one store (see details in Data by Country).
Highlights After the Period
New websites and marketplaces
After the end of the quarter, Forus launched an additional website in Chile: Calpany.cl. With this addition, we have a total of 37 e-commerce sites in the four countries.
Store openings/closures
After the end of the quarter, Forus has closed 29 stores: 23 in Chile, three in Peru, two in Uruguay and one in Colombia.
IV. Consolidated Income Statement
Fourth Quarter:
4Q20 Th Ch$
% Revenues
4Q19 Th Ch$
% Revenues
YoY
Revenues Cost of Sales Gross Profit
67,337,717 (32,672,467)
57,418,694 17.3%
-48.5% (27,580,643)
34,665,250 -
Distribution Expenses Administrative Expenses
(853,300)
(25,702,130)
51.5%
29,838,051 -
-48.0% 18.5% 52.0% 16.2%
-1.3%
(625,360) -1.1% 36.4%
-38.2% (27,618,137) -48.1% -6.9%
Selling, General and Administrative Expenses Operating Income
(26,555,430)
-39.4% (28,243,497)
8,109,820
12.0%
1,594,554
-49.2% -6.0% 2.8% 408.6%
Other income Other expenses Financial Income Financial Expenses
Participation in gains (losses) of joint venture businesses accounted by using the proportional value of participation FX Differences
230,960
138,677 66.5%
65,516
(301,737) -121.7%
124,061
(1,970,771) -106.3%
(371,727)
(582,803) -36.2%
84,023
116,520 -27.9%
(3,037,637)
(260,213) 1067.4%
Result of Indexation units Other gains and losses Non-Operating Income
795,443
31,685 2410.5%
(2,822,963)
(713,602)
-4.2%
(2,741,742)
86,900
-4.8%
-921.2% 3.0%
Profit before income tax Income Taxes
Profit (Loss)
5,286,857 120,322 5,407,179
7.9% (1,147,188)
-2.0% -560.9%
1,156,167 -89.6%
8.0%
8,979
0.0% 60120.3%
Profit (loss) attributable to equity holders of parent Profit (loss) attributable to minority interest
5,345,054 62,125 5,407,179
(141,398) -3880.1%
150,377 -58.7%
Profit (loss)
0.0% 60120.3%
EBITDA
12,321,595
12.9%
66.6%
8.0% 18.3%
8,979 7,397,271
For the year:
2020 Th Ch$
% Revenues
2019 Th Ch$
% Revenues
YoY
Revenues Cost of Sales Gross Profit
184,449,186 (92,216,598) 92,232,588
237,560,015 -22.4%
-50.0% 50.0%
(112,311,911) 125,248,104
-47.3% -17.9%
52.7% -26.4%
Logistic costs Administrative Expenses
(2,477,999)
Selling, General and Administrative Expenses Operating Income
(83,435,789) (85,913,788)
-1.3% -45.2% -46.6% 3.4%
(2,883,104) (103,767,169) (106,650,273)
-1.2% -14.1%
-43.7% -19.6%
-44.9% -19.4%
6,318,800
18,597,831
7.8% -66.0%
Other income Other expenses Financial Income Financial Expenses
Participation in gains (losses) of joint venture businesses accounted by using the proportional value of participation FX Differences
799,192
15,287,159 -94.8%
(212,808)
(4,447,118) -95.2%
(58,569)
3,608,113 -101.6%
(2,107,823)
(2,713,804) -22.3%
(47,238)
7,856 -701.3%
(1,035,915)
384,606 -369.3%
Result of Indexation units Other gains and losses Non-Operating Income
669,577
41,783
1502.5%
(635,463)
303,955 -309.1%
(2,629,047)
-1.4%
12,472,550
5.3% -121.1%
Profit before income tax Income Taxes
Profit (Loss)
3,689,753 848,541 4,538,294
2.0% 31,070,381
13.1% -88.1%
(7,666,853) -111.1%
2.5% 23,403,528
9.9% -80.6%
Profit (loss) attributable to equity holders of parent Profit (loss) attributable to minority interest
4,719,619 (181,325) 4,538,294
23,388,501 -79.8% 15,027 -1306.7%
Profit (loss)
9.9% -80.6%
EBITDA
24,764,884
16.5% -37.0%
2.5% 13.4%
23,403,528 39,295,410
V. Consolidated Income Statement Analysis
Operating Results
• Consolidated revenue increased 17.3% to Ch$ 67,338 million in 4Q20.
Consolidated revenues increased 17.3% YoY in 4Q20, driven primarily by Chile, given that the subsidiaries, as a group, declined 8.3% YoY, exclusively due to the decrease in sales in Uruguay.
Chile's revenues increased 25.1% this quarter, explained by 108.1% growth in the wholesale segment and 8.3% in the retail segment. Once again, this quarter both our wholesale and retail segments benefited from strong growth from our digital channels (own e-commerce + marketplaces). Taken together, our digital sales grew 348% and represented 39% of DTC Chile revenues and 32% of total Chilean sales in 4Q20.
Revenues from our retail segment in Chile (physical stores + own e-commerce) were driven by the 242% increase in sales from our e-commerce sites, partially offset by the -16.3% drop in revenue from our physical stores. Although all of our stores in Chile opened at some point during the quarter, many had to close again for different periods of time because of municipality-wide public health measures; if we adjust for these temporary closures, we had the equivalent of 68% of our stores open in 4Q20 (measured in equivalent days). Revenues from the wholesale Chile segment (which includes traditional wholesale + marketplace) were driven by the marketplace channel, which registered a growth of more than 1,000%, and also by traditional wholesale sales, which grew 30.4% this quarter.
The following is a summary of the revenues by subsidiary:
• In Peru, revenues increased 0.7% this quarter (+8.4% in local currency). The depreciation of the PEN against the CLP decreased the contribution of the subsidiary in consolidated results. Revenues from our digital channels, driven mostly by our e-commerce sites, increased by 1,101% (in local currency) and represented 23% of total sales this quarter. This digital sales growth more than offset the decline from traditional channels, which were lower due to mobility and store restrictions as a result of the pandemic. Physical store sales decreased 14% (in local currency) and wholesale revenue decreased 15.7%. As of December 2020, we had 7.7% less selling area than the same time last year (six net store closures). In November, we launched the multi-brand website Supermall.pe and began operating with Mercado Ripley, and in December we launched Keds.pe, all of which also contributed to our digital sales growth this quarter.
• In Uruguay, sales decreased 25.5% YoY (-15.7% in local currency). The depreciation of the UYU against the CLP decreased the contribution of the subsidiary in consolidated results. The uptick
in daily Covid cases in Uruguay led to more restrictive mobility measures by authorities, which reduced traffic to our stores and affected revenue this quarter. As of the end of December 2020, we had 4.9% less selling area (six net closings in 12 months). Our digital sales, including our own websites and third-party marketplace channels, grew 189% YoY (in local currency) and represented 20% of total sales in 4Q20. During the quarter, we launched Jansport.uy, which contributed to online sales.
• In Colombia, Forus Colombia's sales increased 14.0% YoY (22.0% in local currency), explained by the 9,348% growth (in local currency) in our digital sales channels in 4Q20. However, the depreciation of the COP against the CLP decreased the contribution of the subsidiary in consolidated results. Digital sales of Forus Colombia + LBC increased 1,560% YoY (in local currency) and represented 22.4% of revenue of both subsidiaries. Brick & mortar sales remained depressed due to operating and mobility restrictions. As of the end of December 2020, we had 2.2% less selling area (one net closing in 12 months).
• Gross Profit increased 16.2% to Ch$ 34,665 million in 4Q20. Gross margin decreased by 49 basis points, reaching 51.5%.
In Chile, gross profit increased 26.7% with a margin expansion of 63 basis points. The increase in gross margin is notable given that the depreciation of the Chilean peso against the dollar increased the cost of the spring / summer season by 15.1% compared to the same season of the previous year. The improvement in gross margin is the result, in large part, of the steps we took over the previous months to reduce purchases and manage inventories, thus starting the season with healthier inventory levels.
The retail segment's gross profit increased 9.8% YoY and registered a gross margin of 54.5%, an expansion of 73 basis points, largely as a result of lower promotional activity at both our physical stores and our e-commerce websites.
The wholesale segment's gross profit increased 149.0% YoY with a gross margin of 43.8%, an expansion of 720 basis points YoY, explained by higher mix of marketplace sales, which is a Direct-to-Consumer (DTC) sales channel in which Forus sells products to the end customer at a retail price (and pays a commission for services to the intermediary).
The following is a summary of gross profit by subsidiary:
• Peru: Gross profit decreased 1.0% YoY and gross margin contracted by 96 basis points, to 54.1% in 4Q20, explained by higher costs due to the depreciation of the PEN against the USD. Even so, the subsidiary had the highest gross margin of all the countries where we have operations.
• Uruguay: Gross profit declined 30.1% YoY and gross margin contracted by 338 basis points, to 52.2%, explained by increased costs due to the depreciation of the UYU against the dollar and increased promotional activity.
• Colombia: Forus Colombia's gross profit decreased 18.9% and gross margin decreased 1,682 basis points this quarter, given that Forus Colombia consolidated the digital sales of LBC's CAT and Merrell brands, in exchange for a fee.
• Operating Income increased 408.6% YoY to Ch$ 8,110 million this quarter and recorded an operating margin of 12.0%, an expansion of 927 basis points YoY.
Operating Income growth this quarter was the result of numerous efforts throughout the organization to simultaneously increase sales and reduce administrative and sales expenses. Thanks to these efforts, we increased revenue by 17.3% while decreasing SG&A by 6.0% YoY. This improvement in SG&A/sales (975 basis points) includes temporary savings, mainly related to the temporary closure of stores, as well as medium-term and permanent efficiencies associated with contract negotiations, staffing optimizations and the Company's increased shift to omnichannel and online sales.
Chile registered Ch$ 6,886 million in operating income, our highest fourth quarter result in four years, up 997.4% YoY. The growth was driven, primarily, by our digital channels. The retail segment, which includes our brick & mortar stores and our own websites, recorded an operating gain of Ch$ 4,373 million this quarter, up 1,254% YoY. The wholesale segment, which includes traditional wholesale and marketplace channels, increased operating profit by 725.4% YoY to Ch$ 2,513 million.
The following is a summary of operating income by subsidiary:
• Peru: Operating profit increased 102.7% YoY to Ch$ 1,096 million, with an operating margin of 17.2%, which represented an expansion of 867 basis points. We highlight the subsidiary's effective management of expenses, reducing SG&A by 20.1% (an improvement of 963 basis points in SG&A/revenue).
• Uruguay: Operating income decreased by 47% to CLP$ 151 million and the operating margin deteriorated by 149 basis points to 3.7%. SG&A decreased this quarter by 28.3% (an improvement of 189 basis points).
• Colombia: Forus Colombia reported an operating loss of Ch$ 23 million this quarter, compared to an operating gain of Ch$ 142 million in 4Q19. The subsidiary reduced SG&A expenses by 2.1% (702 basis points).
Non-Operating Income/Loss
• Non-Operating Loss of Ch$ 2,823 million in 4Q20.
We reported a Consolidated Non-Operating Loss of Ch$ 2,823 million this quarter, 3.0% more than 4Q19, mainly explained by the loss of Ch$ 3,038 million in FX Differences, explained by the impact on USD-denominated cash and short-term investment positions from the appreciation of the Chilean peso against the dollar, from September to December. Net financial income registered a loss of Ch$ 248 million in 4Q20, compared to a net loss of Ch$ 2,554 in 4Q19. This lower net financial income loss is explained, in large part, by the higher profitability of our investment funds and the higher position in cash and current financial assets than a year ago. We registered a net loss of Ch$ 714 million this quarter in Other Gains and Losses, as a result of provisions for store closures, which also contributed to the Consolidated Non-Operating Loss this quarter. Thanks to our continued disciplined approach to expenses and cash conservation, we increased our cash and equivalents position by 20.9% YoY.
Net Income and Ebitda
• Net Income in 4Q20 was Ch$ 5,407 million.
Net Income this quarter was wholly attributable to Operating Income. Chile contributed most to this quarter's consolidated net profit, with a net profit of Ch$ 4,618 million this quarter, while the subsidiaries, as a group, contributed Ch$ 705 million, primarily from Peru.
• Ebitda grew 66.6% to Ch$ 12,322 million with a margin of 18.3%, an expansion of 542 basis points.
EBITDA growth was driven by the increase in Operating Income. Chile contributed 80% of EBITDA this quarter, while Peru contributed 15%; Uruguay, 4% and Colombia, 2%.
VI. Balance Sheet & Cash Flow Statement Analysis
Consolidated Balance Sheet
• Assets (in millions of Ch$)
Dec-2020
Dec-2019
M Ch$
M Ch$
Variation M Ch$
%
Current Assets 198,931 203,119
Non-Current Assets 97,449 114,608
(4,188) (17,159)
-2.1% -15.0%
Total Assets 296,380 317,727 | (21,347) -6.7% |
Current Assets decreased 2.1%. The accounts that presented relevant changes include: Inventories with a decrease of Ch$ 18,941 million, mainly due to purchase optimizations in response to the decline in sales due to the Covid-19 pandemic; Other Current Financial Assets with an increase of Ch$ 15,161 million, due to an increase in investments in easily liquidated instruments, due to temporary cash surpluses; and Trade and Other Accounts Receivable, Net, which decreased by Ch$ 5,409 million, also explained by the decline in sales in the period.
Non-Current Assets decreased 15.0% and presented relevant changes in the following accounts: Property, Plants and Equipment, which registered a decrease of Ch$ 17,635 million, mainly due to amortization and a decrease in rights-of-use assets as a result of the conversion of some stores to variable obligations; Goodwill, which increased by Ch$ 406 million, mainly due to the acquisition of the company MATI S.A. in Uruguay; and Deferred Tax Assets, which increased by Ch$ 489 million due to tax losses in the period.
• Liabilities (in millions of Ch$)
Variation M Ch$
Dec-2020 | Dec-2019 | |||
M Ch$ | M Ch$ | % | ||
Current Liabilities | 37,774 | 43,912 | (6,138) | -14.0% |
Non-Current Liabilities | 25,714 | 38,726 | (13,011) | -33.6% |
Shareholder's Equity | 232,892 | 235,089 | (2,198) | -0.9% |
Total Liabilities & Shareholders' Equity | 296,380 | 317,727 | (21,347) | -6.7% |
Current Liabilities decreased 14.0%, mainly due to variations in the following accounts: Current Trade and Other Accounts Payable, which decreased by Ch$ 5,369 million due to lower payments related to inventory purchases and expenses; Other Non-Financial Liabilities, Current, which increased by Ch$ 1,384 million due to higher retained sales tax due to increased revenue in the fourth quarter; Other
Financial Liabilities, Current, which decreased Ch$ 1,041 million, due to the decrease in lease obligations.
Non-Current Liabilities, meanwhile, declined 33.6%, mainly due to the Ch$ 13,290 million decrease in Other Non-Current Financial Liabilities, as a result of a reduction in lease obligations.
• Shareholders' Equity
Shareholders' Equity on December 31st 2020 and 2019 was the following:
Variation M Ch$
Dec-2020 | Dec-2019 | ||
M Ch$ | M Ch$ | ||
Paid-in capital | 24,243 | 24,243 | |
Other reserves | 11,434 | 16,347 | (4,913) |
Retained earnings | 196,544 | 193,569 | 2,975 |
Non-controlling interest | 671 | 931 | (260) |
Total Shareholders' Equity | 232,892 | 235,090 | (2,198) |
-
% 0.0% -30.1% 1.5% -27.9% -0.9%
Shareholders' Equity decreased by Ch$ 2,198 million, mainly due to the Ch$ 4,913 million decrease in the subsidiaries' equity conversion reserves, partially offset by the increase in Retain Earnings explained by 2020 net income (minus a provision for the minimum legal dividend).
The change in Other Reserves is explained by the following FX consolidation differences at the subsidiaries:
M Ch$
Perú Forus S.A. Uruforus S.A.
(1,677) (2,967)
Forus Colombia S.A.S. Lyfestyle Brands of Colombia
(81)
(188)
Total FX consolidation differences
(4,913)
Financial Ratios
• Liquidity Ratios
Units | Dec-20 Dec-19 Var. |
Current liquidity Acid ratio
x x
5.27 3.72
4.63 0.64
2.86 0.86
The current liquidity index and the acid ratio show a slight improvement to December 2019, primarily due to the decline in current liabilities and the efforts to curtail expenses and preserve liquidity.
• Debt Ratios
Liabilities
Current Liabilities Non-Current Liabilities
Units
% %
Dec-20 | Dec-19 |
59.5% | 53.1% |
40.5% | 46.9% |
40.5% | 46.9% |
59.5% | 53.1% |
Dec-20 | Dec-19 |
• Profitability Ratios (12M period)
Units Dec-20 Dec-19 | Var. |
Units Dec-20 Dec-19 | Var. |
Non-Current Liabilities | ||||
Current Liabilities | ||||
0.27 | 0.35 | -0.08 | ||
11.75 | 14.48 | -2.73 | ||
ROA | % | 1.5% | 7.4% | -5.8% |
ROS | % | 2.5% | 9.9% | -7.4% |
ROE | % | 1.9% | 10.0% | -8.0% |
EPS | $ | 17.6 | 90.5 | -73.0 |
x x
Leverage
Interest Coverage
EPS decreased by $73.0 compared to the prior year.
Consolidated Cash Flow
Dec-2020
Dec-2019
Variation
M Ch$
M Ch$
M Ch$
Cash flows from Operating Activities
Cash flows from (used in) Investment Activities Cash flows from (used in) Financing Activities
Cash flows from operating activities generated more cash than the same period in 2019, in the amount of Ch$ 14,871 million, mainly due to lower payments associated with the purchase of inventory, expenses and taxes.
Cash flows from investment activities registered a negative Ch$ 27,066 million variation with the same period last year. The primary reason behind this variation is that, last year, the Company sold its corporate headquarters located in the La Florida neighborhood of Santiago, which generated a non-recurring, inflow of cash. This year, Forus has reduced investments in property and equipment by approximately Ch$ 5,000 million.
Cash flows from financing activities was Ch$ 11,424 million less negative this period, mainly due to less payments of letters of credit for the acquisition of merchandise and less cash outflow for dividend payments.
Market Risk Analysis
Risk outlook by country: Latin America continued to face a challenging economic environment during the fourth quarter of 2020, as a consequence of the impact of the coronavirus pandemic in the region. However, it is worth noting that the region has begun to recover, after suffering a pronounced contraction in 2Q20. In Chile, after registering a GDP decline of -9.1% YoY in 3Q20, the decline in economic activity continued to moderate in the following months, with the IMACEC registering -1.2% in October, +0.3% in November and -0.4% in December. In December, consumer confidence registered 29.8 points, a slight improvement with regards to September's 26.5 points (50 is neutral). The unemployment rate in December was 10.3%, two percentage points better than in September. Inflation in December was 3.0%, stable with regards to September. At the end of December, the Chilean government began a national, free vaccination program which aims to vaccinate 80% of the population against Covid-19 by June 2021. In Uruguay, consensus estimates that the economy contracted by -2.5% in 4Q20, a moderate improvement compared to -5.9% in 3Q20. Consumer confidence posted 47.3 in December, stable compared to September (50 is neutral). Unemployment registered 10.5% in December, a slight improvement compared to 11% in September. In Peru, economic activity, which shrank by -9.4% in 3Q20, also began to show some signs of stabilization, and GDP is expected to decline by -4.8% in 4Q20. Business confidence improved to 49.5 in December, compared to 46.6 in September (50 is neutral). Finally, Colombia's economy, which contracted by -9.0% in 3Q20, also showed some signs of returning to stabilization with GDP expected to register a decrease of -4.9% in 4Q20. Unemployment reached registered 14.3%, down from 16.3% in September. In December, the Consumer Confidence Index (CCI) remained pessimistic at -10.4, but showed an improvement compared to September (-21.6).
Foreign exchange risk: The CLP continued to appreciate against the USD this quarter, reaching its highest valuation in 14 months in the final days of December (appreciating 5% YoY). The CLP/USD impacts the Company's costs, as it directly impacts the cost of imported products. Regarding the subsidiaries, the local currencies of Uruguay, Colombia and Peru depreciated (closing price) 13%, 5% and 9% against the USD, respectively, YoY. The depreciation of the local currencies of our subsidiaries against the CLP also reduced the subsidiaries' contribution to consolidated results in CLP.
Financial risk: The Company continues to maintain a conservative cash position, with sufficient funds for its 2020 investment plans, while maintaining very low levels of financial debt.
VII. Data by Country
Revenue (Ch$ million)
4Q20
4Q19
Var %Local Currency
Chile
54,997
43,954 25.1% 25.1%
Colombia Peru Uruguay
1,890 6,365 4,086 12,341
1,658
14.0% 22.0%
6,320 0.7% 8.4% 15,246 20,735
Total Subsidiaries
Revenue (% total)
5,486 13,465
-25.5% -15.7% -8.3%
12M20
12M19
Var % | Currency | |
150,523 191,844 | -21.5% | -21.5% |
-25.7% | -25.1% | |
-26.5% | -29.4% | |
-25.1% | -20.3% | |
-25.8% |
3,488 4,697
15,192 20,284
33,926
Same Store Sales
Data in nominal values (in local currency) *
45,716
2020 | 2019 | ||||
1Q 2Q | 3Q | 4Q | 1Q 2Q | 3Q | 4Q |
Chile Colombia Peru Uruguay | -4.2% 2.0% -1.4% -8.1% NA NA NA NANA NA NA NANA NA NA NA | -11.7% -1.5% -3.1% -0.8%
-1.5% 3.8% -7.1%
|
2020 | 2019 |
12M | 12M |
-4.2% 2.0% -1.4% -8.1% | -10.7% 2.4% 2.8% 0.9% |
Local
* SSS is Not Applicable (NA) given the high percentage of stores temporarily closed or operating with significantly reduced hours during the period due to the pandemic. Annual SSS for 2020 only takes into account 1Q20.
Note: SSS includes own e-commerce websites.
Number of stores and selling area in square meters
Dec. 2020 | Dec. 2019 | YoY % | ||||
# Stores | Sqm | # Stores | Sqm | # Stores | Sqm | |
Chile | 336 | 38,200 | 345 | 39,887 | -2.6% | -4.2% |
Colombia | 53 | 3,481 | 54 | 3,559 | -1.9% | -2.2% |
Perú | 62 | 5,171 | 68 | 5,604 | -8.8% | -7.7% |
Uruguay | 56 | 4,706 | 62 | 4,948 | -9.7% | -4.9% |
Total | 507 | 51,558 | 529 | 53,998 | -4.2% | -4.5% |
17 |
E-commerce websites, by country
Digital stores
Chile
Website
1 | Cat | Cat.cl |
2 | Columbia | Columbia.cl |
3 | Merrell | Merrell.cl |
4 | Jansport | Jansport.cl |
5 | 7veinte | 7veinte.cl |
6 | Norseg | Norseg.cl |
7 | Zapatos | Zapatos.cl |
8 | Hush Puppies | HushPuppies.cl |
9 | Hush Puppies Kids | HushPuppiesKids.cl |
10 | Keds | Keds.cl |
11 | Mountain Hardwear | MountainHardwear.cl |
12 | Burton | Burton.cl |
13 | Azaleia | Azaleia.cl |
14 | Billabong | Billabong.cl |
15 | Rockford | Rockford.cl |
16 | B&S | Bodyandsoul.cl |
17 | Vans | Vans.cl |
18 | We Love Shoes | Weloveshoes.cl |
19 | Calpany * | Calpany.cl |
Uruguay | Website | |
1 | Cat | Catlifestyle.com.uy |
2 | Hush Puppies | Hushpuppies.com.uy |
3 | Merrell | Merrell.com.uy |
4 | Pasqualini | Pasqualini.com.uy |
5 | Columbia | Columbia.com.uy |
6 | Rockford | Rockford.com.uy |
7 | Forus | Forus.uy |
8 | Jansport | Jansport.uy |
Peru | Website | |
1 | Billabong | Billabong.pe |
2 | Columbia | Columbia.pe |
3 | Hush Puppies | Hushpuppies.pe |
4 | Rockford | Rockford.pe |
5 | Patagonia | Patagonia.pe |
6 | Supermall * | Supermall.pe |
7 | Keds | Keds.pe |
Colombia | Website | |
1 | Cat | Catlifestyle.co |
2 | Hush Puppies | Hushpuppies.com.co |
3 | Merrell | Merrellcolombia.com |
37 | Total Forus S.A. |
* Launched after the end of 4Q20.
Marketplaces, by country
Marketplaces Chile
1 Dafiti
2 MercadoLibre
3 Ripley Mercado
4 Linio
5 Paris Marketplace Uruguay
1 MercadoLibre Perú
1 Juntoz
2 Mercado Libre
3 Linio
4 Mercado Ripley Colombia
1 Dafiti
2 MercadoLibre
3 Falabella Online
4Q20 store openings/closures, by country
Store Openings
# StoresChain
Store
City
SqmCountry Chile
1 Vans*
1 Azaleia**
1 Azaleia*Alto las Condes Mall Curico Portal la Dehesa
3 0
0
0
Santiago Curicó Santiago
0 0
72 59 66 197
Total
3 197
* Stores closed in 3Q20, remodeled and launched as part of another chain in 4Q20. ** Store closed in 4Q20, remodeled and launched as part of another chain in 4Q20.
Store Closures
# StoresChain
Store
City
SqmCountry Chile
1 Nine West
1 Nine West
1 Shoe Express
1 We love Shoes**
1 Nine West
1 Shoe ExpressParque Arauco Costanera Center Talca II
1 D.House 7
Mall Curico Marina Arauco Talcahuano II Maipú
Santiago 44
Santiago 65
Talca 76
Curicó 59
Viña del Mar 55
Talcahuano 85
Santiago 849 1,233
Urugua y
1 Pasqualini
Punta del Este
Punta del Este 70
1 70
Peru
NW
NW Jockey
Lima 32
1 32
Total
9
1,334
Openings/closures, net
Country | # Stores | Sqm |
Chile | -4 | -1,035 |
Urugua y | -1 | -70 |
Perú | -1 | -32 |
Colombia | 0 | 0 |
Total | -6 | -1,137 |
CHILE
(Ch$ million)
Retail
P&L | 4Q20 | % Revenues | 4Q19 | % Revenues | YoY% |
Revenues | 39,610 | 36,559 | 8.3% | ||
Cost of Sales | (18,040) | (16,919) | 6.6% | ||
Gross Profit | 21,570 | 54.5% | 19,640 | 53.7% | 9.8% |
SG&A | (17,197) | -43.4% | (19,317) | -52.8% | -11.0% |
Operating Income | 4,373 | 11.0% | 323 | 0.9% | 1253.7% |
Wholesale | |||||
P&L | 4Q20 | % Revenues | 4Q19 | % Revenues | YoY% |
Revenues | 15,387 | 7,395 | 108.1% | ||
Cost of Sales | (8,649) | (4,689) | 84.4% | ||
Gross Profit | 6,739 | 43.8% | 2,706 | 36.6% | 149.0% |
SG&A | (4,226) | -27.5% | (2,401) | -32.5% | 76.0% |
Operating Income | 2,513 | 16.3% | 304 | 4.1% | 725.4% |
Retail + Wholesale | |||||
P&L | 4Q20 | % Revenues | 4Q19 | % Revenues | YoY% |
Revenues | 54,997 | 43,954 | 25.1% | ||
Cost of Sales | (26,689) | (21,608) | 23.5% | ||
Gross Profit | 28,308 | 51.5% | 22,346 | 50.8% | 26.7% |
SG&A | (21,422) | -39.0% | (21,718) | -49.4% | -1.4% |
Operating Income | 6,886 | 12.5% | 627 | 1.4% | 997.4% |
21
CHILE (continued)
(Ch$ million)
Retail
P&L | 12M20 | % Revenues | 12M19 | % Revenues | YoY% |
Revenues | 98,201 | 151,983 | -35.4% | ||
Cost of Sales | (47,268) | (69,301) | -31.8% | ||
Gross Profit | 50,933 | 51.9% | 82,682 | 54.4% | -38.4% |
SG&A | (54,479) | -55.5% | (73,680) | -48.5% | -26.1% |
Operating Income | (3,546) | -3.6% | 9,002 | 5.9% | -139.4% |
Wholesale | |||||
P&L | 12M20 | % Revenues | 12M19 | % Revenues | YoY% |
Revenues | 52,322 | 39,861 | 31.3% | ||
Cost of Sales | (28,640) | (21,929) | 30.6% | ||
Gross Profit | 23,683 | 45.3% | 17,932 | 45.0% | 32.1% |
SG&A | (13,361) | -25.5% | (9,833) | -24.7% | 35.9% |
Operating Income | 10,322 | 19.7% | 8,099 | 20.3% | 27.4% |
Retail + Wholesale | |||||
P&L | 12M20 | % Revenues | 12M19 | % Revenues | YoY% |
Revenues | 150,523 | 191,844 | -21.5% | ||
Cost of Sales | (75,907) | (91,230) | -16.8% | ||
Gross Profit | 74,616 | 49.6% | 100,614 | 52.4% | -25.8% |
SG&A | (67,840) | -45.1% | (83,513) | -43.5% | -18.8% |
Operating Income | 6,776 | 4.5% | 17,101 | 8.9% | -60.4% |
22
COLOMBIA
(Ch$ million)
P&L | 4Q20 | % Revenues | 4Q19 | % Revenues | YoY% |
Revenues | 1,890 | 1,658 | 14.0% | ||
Cost of Sales | (1,106) | (692) | 59.9% | ||
Gross Profit | 783 | 41.5% | 966 | 58.3% | -18.9% |
SG&A | (807) | -42.7% | (824) | -49.7% | -2.1% |
Operating Income | (23) | -1.2% | 142 | 8.6% | -116.5% |
P&L | 12M20 | % Revenues | 12M19 | % Revenues | YoY% |
Revenues | 3,488 | 4,697 | -25.7% | ||
Cost of Sales | (1,960) | (2,383) | -17.8% | ||
Gross Profit | 1,528 | 43.8% | 2,314 | 49.3% | -34.0% |
SG&A | (2,491) | -71.4% | (2,916) | -62.1% | -14.6% |
Operating Income | (964) | -27.6% | (603) | -12.8% | 59.9% |
PERU | |||||
(Ch$ million) | |||||
P&L | 4Q20 | % Revenues | 4Q19 | % Revenues | YoY% |
Revenues | 6,365 | 6,320 | 0.7% | ||
Cost of Sales | (2,923) | (2,842) | 2.9% | ||
Gross Profit | 3,442 | 54.1% | 3,478 | 55.0% | -1.0% |
SG&A | (2,346) | -36.9% | (2,938) | -46.5% | -20.1% |
Operating Income | 1,096 | 17.2% | 541 | 8.6% | 102.7% |
P&L | 12M20 | % Revenues | 12M19 | % Revenues | YoY% |
Revenues | 15,246 | 20,735 | -26.5% | ||
Cost of Sales | (7,027) | (9,453) | -25.7% | ||
Gross Profit | 8,219 | 53.9% | 11,282 | 54.4% | -27.1% |
SG&A | (7,965) | -52.2% | (10,170) | -49.0% | -21.7% |
Operating Income | 254 | 1.7% | 1,112 | 5.4% | -77.2% |
URUGUAY | |||||
(Ch$ million) | |||||
P&L | 4Q20 | % Revenues | 4Q19 | % Revenues | YoY% |
Revenues | 4,086 | 5,486 | -25.5% | ||
Cost of Sales | (1,954) | (2,439) | -19.9% | ||
Gross Profit | 2,131 | 52.2% | 3,048 | 55.5% | -30.1% |
SG&A | (1,981) | -48.5% | (2,763) | -50.4% | -28.3% |
Operating Income | 151 | 3.7% | 284 | 5.2% | -47.0% |
P&L | 12M20 | % Revenues | YoY% | ||
Revenues | 15,192 | -25.1% | |||
Cost of Sales | (7,322) | -20.8% | |||
Gross Profit | 7,870 | 51.8% | -28.7% | ||
SG&A | (7,617) | -50.1% | -24.2% | ||
Operating Income | 253 | 1.7% | -74.4% |
12M19 % Revenues 20,284
(9,246)
11,038 (10,050)
988
54.4% -49.5% 4.9%
23
FORUS S.A. & SUBSIDIARIES CONSOLIDATED BALANCE SHEETS expressed in Thousands of Chilean Pesos, as of
December 2020 | December 2019 | |
Th Ch$ | Th Ch$ | |
ASSETS | ||
Current Assets | ||
Cash and cash equivalents | 14,754,362 | 10,757,766 |
Other financial assets, current | 96,124,676 | 80,963,148 |
Other non-financial assets, current | 2,527,383 | 4,050,906 |
Trade and other account receivables | 20,972,275 | 26,381,313 |
Accounts receivables from related companies | 3,168 | 8 |
Inventories | 58,469,695 | 77,410,933 |
Tax assets, current | 6,079,870 | 3,554,657 |
Total Current Assets | 198,931,429 | 203,118,731 |
Non-Current Assets | ||
Other financial assets, non-current | - | - |
Other non-financial assets, non-current | 143,841 | 235,230 |
Fees receivables, non-current | 476,201 | 463,803 |
Investments in associated companies | 1,844,469 | 2,079,964 |
Net intangibles assets | 2,212,270 | 2,352,181 |
Goodwill | 5,832,083 | 5,426,310 |
Property, plant & equipment | 83,042,406 | 100,677,798 |
Deferred tax assets | 3,897,685 | 3,373,454 |
Total Non-Current Assets | 97,448,955 | 114,608,740 |
TOTAL ASSETS | 296,380,384 | 317,727,471 |
LIABILITIES | ||
Current Liabilities | ||
Other financial liabilities, current | 12,920,026 | 13,961,172 |
Current trade and other current accounts payable | 10,382,008 | 15,751,063 |
Current accounts payable to related companies | 893,913 | 652,340 |
Other short-term provisions | 4,579,428 | 5,383,737 |
Current tax liabilities | - | - |
Current provisions for employees benefits | 5,829,281 | 6,377,798 |
Other non-financial liabilities, current | 3,169,683 | 1,785,605 |
Total Current Liabilities | 37,774,339 | 43,911,715 |
Non-Current Liabilities | ||
Other non-current financial liabilities | 25,436,625 | 38,726,241 |
Other non-financial non-current liabilities | 277,832 | - |
Total Non-Current Liabilities | 25,714,457 | 38,726,241 |
TOTAL LIABILITIES | 63,488,796 | 82,637,956 |
SHAREHOLDER'S EQUITY | ||
Paid-in capital | 24,242,787 | 24,242,787 |
Retained earnings | 196,543,828 | 193,569,192 |
Issue premium | 17,386,164 | 17,386,164 |
Other reserves | (5,952,504) | (1,039,351) |
Equity attributable to equity holders of the parent | 232,220,275 | 234,158,792 |
Non-controlling interest | 671,313 | 930,723 |
Total Net Equity | 232,891,588 | 235,089,515 |
TOTAL NET EQUITY AND LIABILITIES | 296,380,384 | 317,727,471 |
24 |
FORUS S.A. & SUBSIDIARIES CONSOLIDATED INCOME STATEMENT
expressed in Thousands of Chilean Pesos for the end of the periods of
and for the quarters
Earnings per share $ 17.6 $ 90.5 | $ 20.9 $ 0.0 |
Revenues |
Cost of Sales |
Gross Margin |
Other incomes of total operation |
Logistic costs |
Administrative Expenses |
Other expenses of total operation |
Other gains or (losses) |
Financial Income |
Financial Expenses |
December 2019 | 4Q19 | |||
Th Ch$ | Th Ch$ | Th Ch$ | Th Ch$ | |
184,449,186 | 237,560,015 | 67,337,717 | 57,418,694 | |
(92,216,598) | (112,311,911) | (32,672,467) | (27,580,643) | |
92,232,588 | 125,248,104 | 34,665,250 | 29,838,051 | |
799,192 | 15,287,159 | 230,960 | 138,677 | |
(2,477,999) | (2,883,104) | (853,300) | (625,360) | |
(83,435,789) | (103,767,169) | (25,702,130) | (27,618,137) | |
(212,808) | (4,447,118) | 65,516 | (301,737) | |
(635,463) | 303,955 | (713,602) | 86,900 | |
(58,569) | 3,608,113 | 124,061 | (1,970,771) | |
(2,107,823) | (2,713,804) | (371,727) | (582,803) | |
Participation in gains (losses) of joint venture businesses accounted | (47,238) | 7,856 | 84,023 | 116,520 |
by using the proportional value of participation | ||||
Exchange Differentials | (1,035,915) | 384,606 | (3,037,637) | (260,213) |
Result of Indexation units | 669,577 | 41,783 | 795,443 | 31,685 |
Profit before income tax | 3,689,753 | 31,070,381 | 5,286,857 | (1,147,188) |
Income Taxes | 848,541 | (7,666,853) | 120,322 | 1,156,167 |
Profit (loss) | 4,538,294 | 23,403,528 | 5,407,179 | 8,979 |
Profit (loss) attributable to equity holders of parent | 4,719,619 | 23,388,501 | 5,345,054 | (141,398) |
Profit (loss) attributable to minority interest | (181,325) | 15,027 | 62,125 | 150,377 |
Profit (loss) | 4,538,294 | 23,403,528 | 5,407,179 | 8,979 |
25 |
December 2020
4Q20
FORUS S.A.
INDIVIDUAL CASH FLOWS STATEMENT expressed in Thousands of Chilean Pesos, as of
December 2020 | December 2019 | |
Th Ch$ | Th Ch$ | |
Cash Flows Originating from (used in) Operating Activities | ||
Types of Earnigns from operating activities | ||
Earnings from sales of goods and rendering of services | 212,529,365 | 264,329,905 |
Earnings from premiums and benefits, annual payments and other benefits of subscribed policies | 676,134 | 186,339 |
Other earnings from operating activities | 7,528 | 5,179 |
Types of Payment | ||
Payments to suppliers for the supply of goods and services | (119,901,514) | (171,420,682) |
Payments to and on behalf of employees | (32,734,886) | (41,215,669) |
Payments for premiums and benefits, annuities and other obligations derived from the policies subscribed | ||
(1,194,050) | (96,724) | |
Other payments for operating activities | (78,801) | (143,134) |
Net cash flows originating from (used in) the operation | 59,303,776 | 51,645,214 |
Dividends received, classified as operating activities | - | - |
Income taxes paid (reimbursed), classified as operating activities | (3,424,604) | (9,910,992) |
Other cash inflows (outflows), classified as operating activities | (11,053,479) | (11,779,186) |
Cash flows from (used in) operating activities | 44,825,693 | 29,955,036 |
Cash Flows Originating from (used in) investment activities | ||
Other payments to acquire equity or debt instruments of other entities, classified as investment activities | (3,526,168) | - |
Other charges on the sale of interests in joint ventures, classified as investment activities | - | - |
Other payments to acquire interests in joint ventures, classified as investment activities | - | - |
Loans to related entities | - | - |
Cash flows from sales of property, plant and equipment, classified as investing activities | - | 14,406,812 |
Purchases of property, plant and equipment, classified as investment activities | (3,548,476) | (16,494,581) |
Cash flows from sales of intangible assets, classified as investment activities | 11,084 | 512,971 |
Purchases of intangible assets, classified as investment activities | (307,113) | (856,361) |
Amounts from long-term assets classified as investment activities | 414,393 | - |
Purchases of other long-term assets classified as investment activities | (310,228) | (573,345) |
Interest received, classified as investment activities | - | 206,406 |
Income taxes paid (reimbursed), classified as investment activities | - | - |
Other cash inflows (outflows), classified as investment activities | (16,125,147) | 6,471,834 |
Cash Flows Originating from (used in) investment activities | (23,391,646) | 3,673,736 |
Cash Flows Originating from (used in) financing activities | ||
Amounts from short-term loans | 14,880,797 | 29,688,620 |
Loans Reimbursements, classified as financing activities | (14,296,195) | (32,320,790) |
Payments of finance lease liabilities, classified as financing activities | - | - |
Payments of lease liabilities | (14,045,408) | (15,661,570) |
Loan payments to related entities | - | - |
Amounts from government subsidies, classified as financing activities | - | - |
Dividends paid, classified as financing activities | (3,618,566) | (10,220,076) |
Interest paid, classified as financing activities | (50,449) | (40,574) |
Other cash inflows (outflows), classified as financing activities | - | - |
Cash flows from (used in) financing activities | (17,129,821) | (28,554,390) |
Increase (decrease) in cash and cash equivalents, before the effect of the changes in the | ||
exchange rate | 4,304,226 | 5,074,382 |
Effects of the Exchange Rate Variation on Cash and Cash Equivalents | ||
Effects of the Exchange Rate Variation on Cash and Cash Equivalents | (307,630) | 424,512 |
Increase (decrease) of the Cash and Cash Equivalents | 3,996,596 | 5,498,894 |
Cash and Cash Equivalents (Initial Balance) | 10,757,766 | 5,258,872 |
Cash and Cash Equivalents (Final Balance) | 14,754,362 | 10,757,766 |
FORUS is leading Chilean retail company, focused on the customer experience, connecting people to the brands that move them. The Company, which designs, markets and distributes proprietary and international brands of footwear, apparel and accessories, was founded in 1980 and to date has 507 stores and 37 e-commerce websites in Chile, Peru, Colombia and Uruguay. FORUS operates a portfolio of 28 brands, which includes CAT, Hush Puppies, Columbia, Merrell, Rockford, Azaleia and Vans, among others.
Address:
Ave. Las Condes N° 11,281, Tower C.
Las Condes
Santiago, Chile
Contact:
Isabel Darrigrandi
Head of Investor Relations
Phone: +56 (2) 2923-3035
Email:ir@forus.cl
Website:
www.forus.cl/inversionistas
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Forus SA published this content on 25 February 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 26 February 2021 23:25:09 UTC.