UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16 under

the Securities Exchange Act of 1934

For the month of May, 2017

Commission File Number 001-35575

Cencosud S.A.

(Translation of registrant’s name into English)

Av. Kennedy 9001, Piso 6

Las Condes, Santiago

Chile

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F  ☒

Form 40 F  ☐

 

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ☐

 

This report on Form 6-K is being furnished for the purpose of providing a copy of the registrant's unaudited condensed consolidated interim financial statements as of and for the three month period ended March 31, 2017 (the “Consolidated Financial Statements”). The Consolidated Financial Statements are presented in Chilean pesos and prepared in accordance with International Financial Reporting Standards.

 

The attachment contains forward-looking statements. The registrant desires to qualify for the “safe-harbor” provisions of the Private Securities Litigation Reform Act of 1995, and consequently is hereby filing cautionary statements identifying important factors that could cause the registrant’s actual results to differ materially from those set forth in such forward-looking statements.

The registrant’s forward-looking statements are based on the registrant’s current expectations, assumptions, estimates and projections about the registrant and its industry. These forward-looking statements can be identified by words or phrases such as “anticipate,” “believe,” “continue,” “estimate,” “expect,” “intend,” “is/are likely to,” “may,” “plan,” “should,” “would,” or other similar expressions.

The forward-looking statements included in the attached involve various risks and uncertainties, including, among others: (i) changes in general economic, business or political or other conditions in Chile, Argentina, Brazil, Peru, Colombia or elsewhere in Latin America or global markets; (ii) changes in capital markets in general that may affect policies or attitudes towards investing in Chile, Argentina, Brazil, Peru, Colombia or securities issued by companies in such countries; (iii) the monetary and interest rate policies of the Central Banks of Chile, Argentina, Brazil, Peru and Colombia; (iv) high levels of inflation or deflation; (v) unanticipated increases in financing and other costs or our inability to obtain additional debt or equity financing on attractive terms; (vi) movements in interest and/or foreign exchange rates, and movements in equity prices or other rates or prices; (vii) changes in, or failure to comply with, applicable regulations or changes in taxes; (viii) loss of market share or changes in competition and pricing environments in the industries in which the Company operates; (ix) difficulties in successfully integrating recent and future acquisitions into the Company’s operations; (x) the Company’s inability to hedge certain risks economically; (xi) changes in consumer spending and saving habits; (xii) implementation of new technologies; (xiii) limitations on the Company’s ability to open new stores and operate them profitably; (xiv) difficulties in completing proposed store openings, expansions or remodeling; (xv) difficulties in acquiring and developing land in Chile, Argentina, Brazil, Peru or Colombia, and restrictions on opening new large stores in any such countries; and (xvi) the factors discussed under the heading “Risk Factors” as well as risks included in the Company’s other filings and submissions with the United States Securities and Exchange Commission.

Although the registrant believes that its expectations expressed in these forward-looking statements are reasonable, its expectations may turn out to be incorrect. The registrant’s actual results could be materially different from its expectations. In light of the risks and uncertainties described above, the estimates and forward-looking statements discussed in the attached might not occur, and the registrant’s future results and its performance may differ materially from those expressed in these forward-looking statements due to, including, but not limited to, the factors mentioned above. Because of these uncertainties, you should not make any investment decision based on these estimates and forward-looking statements.

The forward-looking statements made in the attached relate only to events or information as of the date on which the statements are made in the attached. The registrant undertakes no obligation to update any forward-looking statements to reflect events or circumstances after the date on which the statements are made or to reflect the occurrence of unanticipated events.

 

 

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	Cencosud S.A.
	By:	/s/  Sebastián Rivera Mart’nez
	Name:	Sebastián Rivera Mart’nez
	Title:	Legal Manager

 

 

 

 

 

Cencosud S.A. and subsidiaries, condensed consolidated interim statements of financial position

 

		As of
Assets	Note	March 31, 2017	December 31, 2016
		ThCh$	ThCh$
		(unaudited)
Current assets
Cash and cash equivalents		210,730,480	275,219,003
Other financial assets, current	5	135,722,987	219,988,622
Other non-financial assets, current		40,047,676	23,628,279
Trade receivables and other receivables	6	810,966,618	867,139,677
Receivables due from related entities, current		19,752,035	28,988,176
Inventory	8	1,189,061,331	1,149,286,014
Current tax assets		92,771,518	74,135,647
Total current assets other than non-current assets held for sale		2,499,052,645	2,638,385,418
Assets classified as held for sale	21	64,335,677	57,123,872
Total current assets		2,563,388,322	2,695,509,290
Non-current assets
Other financial assets, non-current	5	260,141,584	287,360,674
Other non-financial assets, non-current		54,238,261	52,335,275
Trade receivable and other receivables, non-current	6	15,405,265	11,893,706
Equity method investment		203,199,847	200,727,534
Intangible assets other than goodwill	9	413,353,370	408,168,114
Goodwill	10	1,474,940,351	1,432,319,489
Property, plant and equipment	11	2,597,225,118	2,578,793,573
Investment property	12	2,118,997,973	2,081,694,027
Non-current tax assets,		87,840,827	83,376,450
Deferred income tax assets		650,353,766	616,579,356
Total non-current assets		7,875,696,362	7,753,248,198
Total assets		10,439,084,684	10,448,757,488

 

The accompanying notes are an integral part of these condensed consolidated interim financial statements.

 

 

Cencosud S.A. and subsidiaries, condensed consolidated interim statements of financial position

 

		As of
Net equity and liabilities	Note	March 31, 2017	December 31, 2016
		ThCh$	ThCh$
		(unaudited)
Current liabilities
Other financial liabilities, current	13	421,486,044	408,009,016
Trade payables and other payables		1,775,953,152	1,926,847,052
Payables to related entities, current		14,397,527	18,722,919
Provisions and other liabilities	14	12,125,285	11,779,434
Current income tax liabilities		75,154,539	74,585,510
Current provision for employee benefits		84,938,467	106,496,839
Other non-financial liabilities, current		40,966,569	26,977,677
Total current liabilities other than non-current assets held for sale		2,425,021,583	2,573,418,447
Liabilities classified as held for sale	21	6,952,107	15,669,233
Total current liabilities		2,431,973,690	2,589,087,680
Non-current liabilities
Other financial liabilities,	13	2,886,736,735	2,903,625,666
Trade accounts payables		4,154,208	4,803,725
Provisions and other liabilities	14	69,875,329	68,256,160
Deferred income tax liabilities		742,903,658	719,542,091
Non-current income tax liabilities		13,700,884	-
Other non–financial liabilities, non–current		80,710,692	79,390,431
Total non-current liabilities		3,798,081,506	3,775,618,073
Total liabilities		6,230,055,196	6,364,705,753
Equity
Paid-in capital	15	2,420,564,735	2,420,564,735
Retained earnings		2,542,197,135	2,489,410,413
Issuance premium		461,302,097	461,302,097
Other reserves		(1,214,712,932)	(1,286,017,106)
Equity attributable to controlling shareholders		4,209,351,035	4,085,260,139
Non-controlling interest		(321,547)	(1,208,404)
Total equity		4,209,029,488	4,084,051,735
Total equity and liabilities		10,439,084,684	10,448,757,488

 

The accompanying notes are an integral part of these condensed consolidated interim financial statements.

 

Cencosud S.A. and subsidiaries, condensed consolidated interim statement of profit and loss (unaudited)

 

		For the three months ended
Statements of profit and loss	Note	3/31/2017	3/31/2016
		ThCh$	ThCh$
Revenues from ordinary activities	18	2,523,563,293	2,481,884,240
Cost of Sales	16	(1,785,921,395)	(1,765,306,972)
Gross Profit		737,641,898	716,577,268
Other income by function	16	29,472,472	40,774,188
Distribution cost	16	(6,438,007)	(6,242,744)
Administrative expenses	16	(585,030,025)	(541,751,349)
Other expenses by function	16	(39,740,805)	(36,495,483)
Other losses, net	16	(2,677,663)	(3,462,534)
Operating profit		133,227,870	169,399,346
Finance income	16	4,043,544	3,840,794
Finance expenses	16	(66,617,768)	(69,323,451)
Participation in profit of equity method associates		4,508,818	2,860,171
Exchange differences	16	31,615,843	38,525,604
Losses from indexation	16	(2,785,855)	(3,468,411)
Profit before income tax		103,992,452	141,834,053
Income tax expense	17	(35,915,116)	(32,805,216)
Profit from continuing operations		68,077,336	109,028,837
Profit from discontinued operations	22	-	-
Profit attributable to controlling shareholders		67,167,284	107,681,808
Profit attributable to non–controlling shareholders		910,052	1,347,029
Net Profit		68,077,336	109,028,837
Earnings per share
Basic earnings per share from continued operations		23.5	38.1
Basic earnings per share from discontinued operations		-	-
Diluted earnings per share from continued operations		23.5	37.8
Diluted earnings per share from discontinued operations		-	-

 

The accompanying notes are an integral part of these condensed consolidated interim financial statements.

 

 

Cencosud S.A. and subsidiaries, condensed consolidated interim statement of comprehensive income (loss) (unaudited)

 

	For the three months ended
Statements of comprehensive income (loss)	3/31/2017	3/31/2016
	ThCh$	ThCh$
Net Profit	68,077,336	109,028,837
Other comprehensive profit
Items that will not be reclassified to profit and loss
Revaluation surplus	-	-
Re-measurements of employee benefit obligations	-	-
Total OCI that will not be reclassified to profit and loss	-	-
Items that may be reclassified to profit and loss
Foreign currency translation losses	82,017,006	(92,461,573)
Cash flow hedge	(16,209,131)	(139,627)
Total items that may be reclassified to profit and loss	65,807,875	(92,601,200)
Other comprehensive income, before taxes	65,807,875	(92,601,200)
Income tax related to revaluation surplus	-	-
Income tax related to re-measurement of employee benefit obligations	-	-
Total income tax that will not be reclassified to profit and loss	-	-
Income tax related to cash flow hedge	4,376,465	38,945
Total income tax that may be reclassified to profit and loss	4,376,465	38,945
Total other comprehensive loss	70,184,340	(92,562,255)
Total comprehensive income (loss)	138,261,676	16,466,582
Income (loss) attributable to
Owners of the Company	137,374,819	15,371,505
Non-controlling interest	886,857	1,095,077
Total comprehensive income (loss)	138,261,676	16,466,582

 

The accompanying notes are an integral part of these condensed consolidated interim financial statements.

 

Cencosud S.A. and subsidiaries,

Condensed consolidated interim statement of changes in net equity

for the three months ended March 31, 2017 (unaudited)

 

Statement of changes innet equity ThCh$	Paid-incapital	Share premium	Revaluation surplus reserves	Translationr eserves	Hedge reserves	Employee benefit reserves	Share based payments reserves	Other reserves	Total reserves	Retained  earnings	Equity attributable to parent company shareholders	Non-controlling interest	Total equity
Opening balance as of January 1, 2017	2,420,564,735	461,302,097	14,252,148	(1,250,381,663)	(22,078,872)	(1,120,048)	26,949,962	(53,638,633)	(1,286,017,106)	2,489,410,413	4,085,260,139	(1,208,404)	4,084,051,735
Changes in equity
Net profit	-	-	-	-	-	-	-	-	-	67,167,284	67,167,284	910,052	68,077,336
Other comprehensive (loss) profit	-	-	-	82,040,201	(11,832,666)	-	-	-	70,207,535	-	70,207,535	(23,195)	70,184,340
Total Comprehensive (loss) profit	-	-	-	82,040,201	(11,832,666)	-	-	-	70,207,535	67,167,284	137,374,819	886,857	138,261,676
Share issuance	-	-	-	-	-	-	-	-	-	-	-	-	-
Dividends	-	-	-	-	-	-	-	-	-	(14,380,562)	(14,380,562)	-	(14,380,562)
Stock option (see Note 20)	-	-	-	-	-	-	1,096,628	-	1,096,628	-	1,096,628	-	1,096,628
Decrease due to changes in ownership interest without a loss of control	-	-	-	-	-	-	-	11	11	-	11	-	11
Total transactions with owners	-	-	-	-	-	-	1,096,628	11	1,096,639	(14,380,562)	(13,283,923)	-	(13,283,923)
Total Changes in equity	-	-	-	82,040,201	(11,832,666)	-	1,096,628	11	71,304,174	52,786,722	124,090,896	886,857	124,977,753
Ending balance, as of March 31, 2017	2,420,564,735	461,302,097	14,252,148	(1,168,341,462)	(33,911,538)	(1,120,048)	28,046,590	(53,638,622)	(1,214,712,932)	2,542,197,135	4,209,351,035	(321,547)	4,209,029,488

 

The accompanying notes are an integral part of these condensed consolidated interim financial statements.

 

 

Cencosud S.A. and subsidiaries,

Condensed consolidated interim statement of changes in net equity

for the three months ended March 31, 2016 (unaudited)

 

Statement of changes innet equity ThCh$	Paid-incapital	Share premium	Revaluation surplus reserves	Translation reserves	Hedge reserves	Employee benefit reserves	Share based payments reserves	Other reserves	Total reserves	Retained  earnings	Equity attributable to parent company shareholders	Non-controlling interest	Total equity
Opening balance as of January 1, 2016	2,321,380,936	526,633,344	-	(1,187,109,821)	14,859,584	(229,427)	19,276,599	(52,476,934)	(1,205,679,999)	2,329,411,478	3,971,745,759	(933,941)	3,970,811,818
Changes in equity
Net profit	-	-	-	-	-	-	-	-	-	107,681,808	107,681,808	1,347,029	109,028,837
Other comprehensive (loss) profit	-	-	-	(92,209,621)	(100,682)	-	-	-	(92,310,303)	-	(92,310,303)	(251,952)	(92,562,255)
Total Comprehensive (loss) profit	-	-	-	(92,209,621)	(100,682)	-	-	-	(92,310,303)	107,681,808	15,371,505	1,095,077	16,466,582
Share issuance	48,837,899	(35,102,239)	-	-	-	-	-	-	-	-	13,735,660	-	13,735,660
Dividends	-	-	-	-	-	-	-	-	-	(24,151,239)	(24,151,239)	-	(24,151,239)
Stock option (see Note 20)	-	-	-	-	-	-	3,739,726	-	3,739,726	-	3,739,726	-	3,739,726
Decrease due to changes in ownership interest without a loss of control	-	-	-	-	-	-	-	(1,161,699)	(1,161,699)	-	(1,161,699)	(52,597)	(1,214,296)
Total transactions with owners	48,837,899	(35,102,239)	-	-	-	-	3,739,726	(1,161,699)	2,578,027	(24,151,239)	(7,837,552)	(52,597)	(7,890,149)
Total Changes in equity	48,837,899	(35,102,239)	-	(92,209,621)	(100,682)	-	3,739,726	(1,161,699)	(89,732,276)	83,530,569	7,533,953	1,042,480	8,576,433
Ending balance, as of March 31, 2016	2,370,218,835	491,531,105	-	(1,279,319,442)	14,758,902	(229,427)	23,016,325	(53,638,633)	(1,295,412,275)	2,412,942,047	3,979,279,712	108,539	3,979,388,251

 

The accompanying notes are an integral part of these condensed consolidated interim financial statements.

 

 

Cencosud S.A. and subsidiaries,

Condensed consolidated interim statements of cash flows (unaudited)

 

	For the three months ended March 31,
	2017	2016
Cash flows from (used in) operating activities	ThCh$	ThCh$
Types of revenues from operating activities
Revenue from sale of goods and provision of services	3,126,287,700	3,003,212,238
Other operating activities revenue	4,927,075	5,896,987
Types of payments
Payments to suppliers for supply of goods and services	(2,614,020,513)	(2,583,357,497)
Payments to and on behalf of personnel	(363,279,335)	(305,999,620)
Other operating payments	(154,456,609)	(155,528,361)
Interest paid	(27,470)	(5,288)
Interest received	19,335	588,135
Taxes paid	(29,955,192)	(19,709,011)
Other cash inflows (outflows)	(2,902,577)	987,025
Cash flows from (used in) operating activities (continuing operations)	(33,407,586)	(53,915,392)
Cash flows used in operating activities (discontinued operations).	-	-
Net cash flow (used in) from operating activities	(33,407,586)	(53,915,392)
Cash flows (used in) from investing activities
Cash flows used to acquire non-controlled interests	-	(1,434,532)
Cash flows from sales of other entities' equity or debt instruments	-	9,010,753
Proceeds from sales of property, plant and equipment	392,748	1,779,681
Purchases of property, plant & equipment	(42,461,362)	(41,889,961)
Purchases of intangible assets	(9,406,431)	(8,074,386)
Interest received	500,456	435,537
Proceeds from sale of other financial assets—mutual funds	3,518,610,985	953,380,279
Purchases of other financial assets—mutual funds	(3,435,611,104)	(797,536,248)
Cash flows from (used in) investing activities (continuing operations)	32,025,292	115,671,123
Cash flows used in investment activities (discontinued operations)…    .	-	-
Net cash flow from (used in) investment activities	32,025,292	115,671,123
Cash flows from (used in) financing activities
Proceeds from exercise of stock options	-	13,735,660
Proceeds from borrowing at long–term	-	-
Proceeds from borrowing at short–term	37,795,315	45,464,010
Total loan proceeds from borrowing	37,795,315	45,464,010
Repayments of borrowing	(21,888,435)	(40,479,068)
Interest paid	(83,280,534)	(76,680,969)
Other cash outflows	(584,191)	(1,570)
Cash flows used in financing activities (continuing operations)  ..	(67,957,845)	(57,961,937)
Cash flows from financing activities (discontinued operations)..  .	-	-
Net cash flow used in financing activities	(67,957,845)	(57,961,937)
Net increase (decrease) in cash and cash equivalents before the effects of exchange rates variations	(69,340,139)	3,793,794
Effects of variations in the exchange rate on cash and cash equivalents	4,851,616	(20,529,028)
Net decrease in cash and cash equivalents	(64,488,523)	(16,735,234)
Cash and cash equivalents at the beginning of the period	275,219,003	268,275,126
Cash and cash equivalents at the end of the period	210,730,480	251,539,892
Incuded in cash and cash equivalents per the statement of financial situation	210,730,480	251,539,892
Incuded in the assets of the disposal group	-	-