september, 202020 corporate presentation_inretail.pdf · market capitalization of 2 public...

September, 2020

1 INRETAIL OVERVIEW

2 INVESTMENT THESIS

3 Q2’20 FINANCIAL RESULTS

4 APPENDIX

33

Peruvian multi-format retailer, with presence in the

Andean region through the Pharma business

Leading positions in Peru in its 3 segments

#1 food retail chain

#1 pharmacy chain and distributor in Peru, with

presence in the Andean region

#1 shopping center operator

Controlled by Intercorp, one of Peru’s largest

business groups

INRETAIL OVERVIEW

44

BVL: INRETC1

Education

Float 28.8%

1/

LTM Q2’20 Intercorp metrics:a

More than USD 6.5 billion in sales in LTM Q2’20

Market capitalization of 2 public subsidiaries of ~ USD 6.1 billion as of September, 2020

More than 78,000 employees

1/ On January 26, 2018, InRetail announced the acquisition of Quicorp for an equity value of US$583 million. Nexus holds a ~12.98% participation in InRetail Pharma.

INRETAIL IS PART OF ONE OF PERU’S LEADING BUSINESS GROUPS

55

+LTM Q2’20(S/ mm; %)

Revenues% Revenues Contribution

6,22346%

6,84251%

4623%

13,439

Adj. EBITDA 2/

% EBITDA Contribution59229%

98554%

26114%

1,778

Adj. EBITDA Margin 3/ 9.5% 14.4% 77.1% 13.2%

Market Position 1st 1st 1st _

# of Stores 509 2,094 21 _

# of Employees 18,313 22,517 458 41,288

Food Retail

+ =

PharmaShopping

Malls

1/

1/ Consolidated figures for InRetail include intercompany eliminations and consolidation adjustments. 2/ Adj. EBITDA excludes mark-to-market gains from valuation of investment properties in the Food Retail and Shopping Malls segments and IFRS 16 effect. 3/ InRetail Shopping Malls’ Adjusted EBITDA margin is represented here as our Net Rental Margin, calculated as Adj. EBITDA (Pre-IFRS 16) /Net Rental Income. 4/ Includes 14 convenience stores.

LTM Q2’20 FINANCIAL AND OPERATIONAL SNAPSHOTMillion Soles (S/ mm)

1 INRETAIL OVERVIEW

2 INVESTMENT THESIS


4 APPENDIX

77

Proven track recordfor deliveringsustainable and

profitable growth

1 Consistent organic growth and successful integration of acquisitions

Seasoned management team with broad industry experience

Access to capital markets backed by a successful track record

Significant upsidepotential

Low penetration of modern retail in our three business segments

Peru’s modern retail is still in its early stages of development

Accelerated development of our leading e-commerce platforms

Market leadershipwith clear strategy

Geographically diversified footprint with prime locations in each of the 24 departmentsin Peru

Highly recognized brands with a clear value proposition in our different formats

Consistent sales area expansion while maintaining healthy SSS growth rates

2

3

INVESTMENT THESISThe leading multi-format retailer in a growing and underpenetrated Peruvian market

88

PROVEN TRACK RECORD OF PROFITABLE GROWTH

Revenues (S/ million)

20072006 20112008 20132009 2010 2012 20182014 2015 2016 2017 2019 LTM Q2’20

SPSA

launches

Vivanda and

Plaza Vea

Super

formats

First mall outside Lima

(Chiclayo)

Plaza Vea

expansion

outside

Lima

Agreement

to open

Inkafarma

stores in

Plaza Vea

First power center

is launched (Pro)

Acquisition

of

Inkafarma

International Bond

Issuance

InRetail’s

IPO

(US$ 460M)Strategic

Alliance:

Plaza Vea &

Tarjeta Oh!

Opening of

RP

Salaverry

Opening of

store #100

Mass format

expansion

(+40 stores)

Opening of

store #1000

Plaza Vea

becomes #1

in Peru

Mass

expansion

Quicorp

acquisition

International

Bond

issuance

Acquisition of

SPSA from

Royal Ahold

First mall opening in

Lima (2001)

13,439

SPSA TURNAROUND PERIOD

Opening of

Mass store

#400

Opening of

RP

Puruchuco

99

Proven track recordfor delivering

sustainable and profitable growth












2

3


1010

Source: Euromonitor, 2020

Pharmaceutical Sales as % of GDP - 2019Penetration as a % of Total Sales - 2019

Source: Fitch, 2020

ColombiaChileBrazilPeruBrazilPeru Chile Mexico

~2.2x

Sales Area per Capita:Peru 0.24 sqm vs Mexico

0.33 sqm

2.7 2.7

4.1

5.1

8.0

Source: Accep 2019

Malls per Million People - 2019

ChileBrazilPeru Colombia

Mean ex-Peru: 5.0

~1.8x

UruguayColombia

24.9%27.2%

58.3%61.6%

69.8%

Mean ex-Peru: 54.2%

0.6%

0.8%

1.3%

1.5% 1.5%

Mexico

~2.1x

Mean ex-Peru: 1.3%

Food Retail Pharmacies Shopping Malls

SIGNIFICANT UPSIDE POTENTIAL FOR MODERN RETAIL

1111

Proven track recordfor delivering

sustainable and profitable growth












3


2

1212

Food Retail Pharmacies Shopping Malls

First mover in 20 out of 24 cities outside of

Lima

Total sales area (sqm): 392k

46% of stores are owned 1/

(6)

(1)

(5)

(3)

(74)

(3)

(2)

(2)

(1)

(2)

(1)

(2)

(2)

(1) (1)

(396)

(1)

(1)

Present in all of Peru’s 24 departments

100% of stores are rented

46% in Lima / 54% in Provinces

First mover in 6 out of the 12 departments

Total GLA (sqm): 807k

Piura (2)

Chiclayo

Trujillo

Arequipa

Juliaca

Chimbote

Lima (9)

Cajamarca

Cusco

Huánuco

Huancayo

Ucayali

Only modern shopping

mall in the city

21 Malls

(16)

(11)(58)

(45)

(29)

(31)(24)

(13)(34)

(64)

(64)

(8)

(15)

(125)

(59)

(78)

(30)

(88)

(956)

(131)

(83)

(9)

(5)

(97)

2,094 Stores 2/

(1)

(2)

(1)

108 Spmkts

5 Economax

396 Mass

1/ Owned by Supermercados Peruanos or through a related party, calculated as % of sqm.2/ Excludes Bolivia pharmacy stores in map.

LARGEST NATIONWIDE FOOTPRINT OF PREMIER RETAIL LOCATIONS

1313

Openings Same Store Sales (SSS)

QUARTERLY OPENINGS AND SSS BY SEGMENT

Food RetailSales Area (‘000 sqm)

PharmaciesNo Stores

Shopping MallsGLA (‘000 sqm)

Pharmacies

2019: 4.1%YTD: 13.4%

Food Retail

Shopping Malls 1/

Q2’20Q4’19Q2’19 Q3’19

1.6%

Q1’20

2.9%

4.0%

0.7%

3.1%

2019: 2.6%YTD: 0.2%

2019: 3.3%YTD: 1.2%

296 296 306 306 305

56 61 66 65 65

395380

Q2’19

375

Q4’19 Q2’20Q1’20Q3’19

394 392

No Spmkts

No Economax

106

5

106

5

Mass

Spmkts

Economax

108

5

No Malls

676 676807 807 807

Q1’20Q2’19 Q2’20Q3’19 Q4’19

20 20 21 21 21

1/ In Q2’20, SSS of 3.1% considers only supermarkets and pharmacies, which were the only retail tenants allowed to operate their physical stores during that period.

1,080 1,082 1,094 1,108 1,107

981 980 983 987 987

Q4’19Q2’19 Q3’19

2,077

Q2’20Q1’20

2,061 2,062 2,095 2,094

Mifarma

Inkafarma

108

5

No Mass 347 376 405 398

23

4.1%2.0%

Q2’19 Q4’19Q3’19 Q2’20Q1’20

7.5%

1.5%

19.5%

23

108

5

396

2323

2.3%

Q3’19

-0.5%

Q2’19 Q4’19 Q1’20 Q2’20

2.4%

0.3% 0.2%

23

1414

Sales area range (sqm)

# of Stores

Format% of

Revenues 1/

2,000 – 5,000

500 – 2,000

900 – 1,200

70

30

8

150 - 200 396

70%

10%

5%

11%

Compact Hypermarket

Supermarket

High-endSupermarket

Hard Discount

5 5%3,500 – 4,500

Cash & Carry

Format

1/ Considers Q2’20 Revenues.

Every-Day-Low-Price strategy for Plaza Vea stores

Fast growing discount format Mass to capture

untapped demand and accelerate penetration of

traditional trade

New Cash & Carry format Economax to consolidate

multiformat strategy

Fastest growing chain with largest presence across

Peru

Secured access to landbank and Real Estate

development team to sustain growth

Leading e-commerce platform in Food Retail, with

Plaza Vea and Vivanda brands

Ranked #9 in Great Place to Work ranking and #10

among the most valuable brands in Peru

(Brandz 2020)

FOOD RETAIL SEGMENT

1515

Focused on offering the

lowest prices to a wider

audience

Ranked #1 top of mind

pharmacy chain in Peru

Every-Day-Low-Prices Discounts and promotions

Focused on assisted sales Mixed formats: Assisted sales and drugstores

Targeted discounts to loyal

customers. i.e. 10% discount on

Mondays and 10% discount for

people aged 50+

Supported by the successful

‘Monedero del Ahorro’ loyalty

program with over 12 million

subscribers

Leading pharmacy player in Peru with +2,000 stores Strong cash flow generation in a CAPEX light business model Solid track record in a resilient consumer non-discretionary industry

28%

Drugstore

Counter 1/

72%

PHARMA SEGMENTPharmacies

1/ Assisted sales model.

1616

Best-in-class distribution to other channels

Access to market intelligence

Best-in-class distribution to other channels

Instant access to own +2,000 pharmacies

Manufacturing capabilities

1

2

4

3

Leading pharmaceutical distributor in Peru with presence in the Andean region

Vital link between manufacturers and healthcare providers

Robust network density reaching +26k POS through all channels

Partner of choice for leading pharma companies

CIPA

PharmacyChains Public and Private

Institutions

41%

15%

23%

22%

Best-in-class distribution network Sales channel diversification (% of sales LTM Q2’20)

Brand Development

PHARMA SEGMENTManufacturing, Distribution and Marketing

IndependentPharmacies

Other Chanels

1717

Shopping Malls Sales

5,713

4,932

3,827

2,993 2,923 2,739

1,329 1,175

Source: ACCEP 2019

Sales (S/ millions) 2019

Nationwide premium portfolio of 21 locations, with 807k sqm of GLA

Preferred partner for local and international tenants:

High tenant renewal rates and low concentration of renewal per

year

High occupancy levels

Secured access to landbank to sustain growth

Proven track record in developing and operating successful

shopping malls

Ranked 4th in Great Place to Work ranking for companies from 251 to

1,000 employees and 7th among most valuable brands in Peru

(Brandz 2020)

1/

Real PlazaPuruchuco

Occupancy Rates

SHOPPING MALLS SEGMENT

1/ On June 2018, Parque Arauco combined businesses with the Wiese Family, owner of Mega Plaza. Parque Arauco holds 70% ownership of the combined operations, which is not included in this figure.

95% 96% 96% 94% 94% 93%

Q3’19Q2’19Q1’19 Q4’19 Q1’20 Q2’20

1 INRETAIL OVERVIEW

2 INVESTMENT THESIS


4 APPENDIX

1919

Q2’20 CONSOLIDATED FINANCIAL RESULTSMillion Soles (S/ mm)

Highlights Revenues

Adj. EBITDA 3/ Net Income 3/

3,156 3,368

6,4056,774

Q2’19 Q2’20 YTD’19 YTD’20

+6.7%

Margin Margin

414374

812 815

Q2’19 YTD’20Q2’20 YTD’19

-9.5%

112

12

219

104

YTD’20Q2’19 YTD’19Q2’20

-89.7%

Gross

Margin30.0% 27.8% 29.7% 28.5%

1/ From March 16th until June 22nd, our Shopping Malls operated only essential retail, which represented ~20% of GLA. Since June 22nd, non essential retail stores started gradually reopening. In Q2’20, Shopping Malls were closed 82 days out of 91. 2/ PEN/USD exchange rate was S/3.541 as of June 30th compared to S/3.442 as of March 31th. 3/ Adj. EBITDA excludes Mark-to-Market gains from valuation of investment properties of Food Retail and Shopping Malls segments. Adjusted EBITDA and Net Income include IFRS 16 effect.

Mid single-digit growth in Revenues, despite the almost complete

closure of our Shopping Malls during most of Q2’20 1/ due to the

National State of Emergency

High single-digit reduction in Adjusted EBITDA, explained by the

significant reduction in our Shopping Malls segment, despite the

strong double-digit growth in our Food Retail segment

Net Income mainly impacted by the negative performance of our

Shopping Malls segment and an FX loss related to the dollar

denominated lease liabilities as per IFRS 16 2/

13.1% 11.1% 12.0%12.7% 3.6% 0.3% 3.4% 1.5%

2020

FOOD RETAIL

Net opening of +17k sqm (+4.6%) of sales area since Q2’19, which included +9k sqm of 2 new Plaza Vea stores and +8k sqm of 49 new Mass stores. In Q2’20, opened 3 and closed 5 Mass stores (-0.4k sqm)

SSS growth of 19.5% in Q2’20, positively impacted by a strong increase in both food and non-food categories, and across all formats

Gross margin decreased 67 bps in Q2’20, mainly due to the higher penetration of new formats and e-commerce, among others

Adjusted EBITDA margin increased 111 bps in Q2’20, mainly due to better fixed cost dilution and cost saving initiatives aiming to offset incremental expenses related to COVID-19

Significant growth in e-commerce sales, 5.5x versus pre COVID-19 levels 2/

1/ Adjusted EBITDA excludes Mark-to-Market gains from valuation of investment properties and includes IFRS 16 effect.2/ Considers growth of Jul’20 vs. Feb’20.3/ Includes Corporate sales.

% Sales per format (Q2’20)

80%

5%

11%

5%

3/

S/ mm Q2'20 Q2'19 Var %

Revenues 1,666 1,360 22.5%

Gross Profit 435 364 19.4%

Adj. EBITDA 1/ 162 118 38.2%

Gross Mg 26.1% 26.8% -67 bps

Adj. EBITDA Mg 1/ 9.7% 8.6% 111 bps

2121

Pharmacies

Top line growth of 0.9% and SSS growth of 0.2% in Q2’20, negatively impacted by reduced foot traffic due to the National State of Emergency, which affected both pharma and non-pharma categories

Closed 1 pharmacy in Q2’20

Gross margin of 34.7%, in line with Q2’19

Adjusted EBITDA margin of 15.9%, despite incremental expenses related to COVID-19

Significant growth in e-commerce sales, 3x versus pre COVID-19 levels 3/

MDM

Revenue decline of -11.2% due to a high comparison basis in Q2’19, when we still distributed discontinued business lines, and due to the slowdown in the institutional and specialist channels due to the National State of Emergency

Gross margin of 12.6% in Q2’20, in line with Q1’20 mainly due to a change in client mix in the distribution unit in the context of COVID-19

Adjusted EBITDA margin of 3.7% in Q2’20, also in line with Q1’20, mainly due to the gross margin effect in the context of COVID-19

PHARMA

1/ Pharmacies refers to the retail pharma unit which operates mainly Inkafarma and Mifarma stores. MDM refers to the Manufacturing, Distribution and Marketing unit. Segment breakdown considers management figures.2/ Adj. EBITDA includes IFRS 16 effect. 3/ Considers growth of Jul’20 vs. Feb’20.

Q2'20 Var % Q2'20 Var % Q2'20 Q2'19 Var %

Revenues 1,242 0.9% 565 -11.2% 1,677 1,688 -0.6%

Gross Profit 432 1.4% 71 -18.7% 500 511 -2.1%

Adj. EBITDA 2/ 198 4.8% 21 -29.8% 216 223 -2.8%

Gross Mg 34.7% 34.6% 12.6% 13.8% 29.8% 30.3% -44 bps

Adj. EBITDA Mg 2/ 15.9% 15.3% 3.7% 4.6% 12.9% 13.2% -28 bps

S/ mmPharmacies 1/ MDM 1/ Total

2222

SHOPPING MALLS

From March 16th until June 22nd, our Shopping Malls operated only supermarkets, pharmacies and bank branches, which represented approximately ~20% of GLA due to the National State of Emergency

Since June 22nd, non-essential retail stores started gradually reopening within our Shopping Malls, as soon as authorized by Government

Revenues declined 63.2% and Net Rental margin declined to 35.6% in Q2’20, significantly affected by the National State of Emergency

Mark-to-Market 1/ loss of S/36.4 mm in Q2’20 vs a gain of S/3.8 mm in Q2’19

1/ Adjusted EBITDA excludes Mark-to-Market gains from valuation of investment properties and includes IFRS 16 effect.2/ Net Rental margin is calculated as Adj. EBITDA IFRS 16/Net Rental Income. Net Rental Income is defined as Total Income minus reimbursable operating costs related to the maintenance and management of Shopping Malls.

COVID-19 Liquidity Update:

As of June 30th, S/54 mm in cash and equivalents, and an investment of S/165 mm in InRetail shares

Secured additional medium term loan of S/110 mm disbursed in August

No relevant maturities of financial obligations due in 2020

Postponement of all non-essential CAPEX, and reduction of budgeted operating and SG&A expenses

S/ mm Q2'20 Q2'19 Var %

Revenues 48 130 -63.2%

Gross Profit 19 88 -78.4%

Adj. EBITDA 1/ 10 81 -87.8%

Gross Mg 39.8% 67.7% -2790 bps

Net Rental Mg 2/ 35.6% 81.1% -4551 bps

2323

Net Income 1/ Net Income Breakdown 1/

Net Income excluding FXand Mark-to-Market 2/

112

12

-39

Net Income Q2’19

EBITDA Reduction

-3

Higher Net

Financial Expenses

Lower Mark to Market

41-46

Net FX Effect

-10

Higher D&A

Lower TaxExpense

Net Income Q2’20

-43112

12

219

104

Q2’20Q2’19 YTD’19 YTD’20

-89.7%

Margin

Margin 3.6% 0.3% 1.5%3.4%

3.1% 1.8% 2.7%3.0%

1/ Net Income includes IFRS 16 effect. 2/ Net Income includes IFRS 16 and is adjusted for (i) FX loss/gain, net of tax effect (~30%) and (ii) Mark-to-Market from investment properties, net of tax effect (~30%). PEN/USD exchange rate was S/3.541 as of June 30th, 2020 compared to S/3.442 as of March 31th, 2020.

- S/36 mm of Mark-to-Market loss in Q2’20 compared to +S/7 mm in Q2’19

- S/32 mm in net FX loss in Q2’20 mainly explained by -S/28 mm from IFRS 16 effect on lease liabilities, compared to +S/14 mm in net FX gain in Q2’19, which includes a +S/13 mm gain from IFRS 16 effect on lease liabilities

98

60

193180

YTD’19Q2’19 Q2’20 YTD’20

-39.1%

CONSOLIDATED NET INCOMEMillion Soles (S/ mm)

2424

Consolidated CAPEX Cash-Flow Breakdown

183

152

249263

126

56

Q1’19 2T’19 Q2’203T’19 4T’19 Q1’20

2019: S/847 mm

740

480

72

Financial Expenses

CAPEXStarting Cash

Balance 2020

-213

Operating Cash Flow

Financial Debt and

Lease Liability

-182

-199

Dividend Distribution

-157

Other Non-

Operating Investing Activities

Ending Cash

Balance Q2’20

542

CAPEX AND CASH-FLOW BREAKDOWNMillion Soles (S/ mm)

2020: S/182 mm

2525

Consolidated Financial Debt 1/ USD Exposure on Financial Debt

Debt

Cash

Net Debt

38%48% 51% 53%

22%

40%49% 47% 45%

Dec-19

3%

Dec-17 Dec-18

2% 2%

Jun-20

Hedge USD PEN

2.9x 3.0x 3.0x

2.5x 2.5x2.6x

LTM Q1’202019 LTM Q2’20

762

4,488

885

4,661

5,250 5,546

1/ Financial Debt does not include lease liabilities associated to IFRS 16. Cash considers cash equivalents. Ratios are adjusted for currency hedge effect.

CONSOLIDATED FINANCIAL DEBTMillion Soles (S/ mm)

LTM Adj. EBITDA

Net Debt/Adj. EBITDA Debt/Adj. EBITDA

1,776 1,818

716

4,919

5,634

1,778

2626

Total Consolidated Debt: S/5,634 mm

Debt / Adj. EBITDA: 3.0xNet Debt / Adj. EBITDA: 2.6x

2.3x 2.3x2.1x

2.1x 2.1x1.9x

LTM Q1’202019 LTM Q2’20

2.2x 2.2x 2.2x

1.5x 1.6x

1.8x

2019 LTM Q1’20 LTM Q2’20

5.6x 5.9x

7.6x

5.0x 5.3x

6.7x

LTM Q2’202019 LTM Q1’20

133

1,140

1,273

108

1,124

1,232

640

1,614

2,254

635

1,468

2,103

209

1,810

2,019

203

1,712

1,915

1/ Financial Debt does not include lease liabilities associated to IFRS 16. Cash includes cash equivalents and treasury stock when at Subsidiary level. Ratios are adjusted for currency hedge effect. 2/ Cash reduction mainly explained by a dividend distribution to fund InRetail Peru’s dividend.

FINANCIAL DEBT BY SEGMENT 1/

Million Soles (S/ mm)

Debt

Cash

Net Debt

LTM Adj. EBITDA

547525 991965 332337

Net Debt/Adj. EBITDA Debt/Adj. EBITDA

147

1,124

1,271

592

414

1,879

2,293

985

219

1,852

2,071

261

2/

1 INRETAIL OVERVIEW

2 INVESTMENT THESIS


4 APPENDIX

2828

Accounting Operating Profit Q2’20 187 91 130 -30

D&A, including additional depreciation of assets with right-of-use as per IFRS 16

+151 +65 +86 +4

Mark-to-market effect +36 +6 - +36

Adj. EBITDA Q2’20 374 162 216 10

Excluded rental expenses of assets with right-of-use as per IFRS 16 2/ -92 -36 -64 -3

Adj. EBITDA Q2’20 – Pre IFRS 16 283 126 153 7

1/ Consolidated figures for InRetail include intercompany eliminations and consolidation adjustments.2/ Includes disposal of assets with right-of-use and associated liabilities, as per IFRS 16.

1/

Q2’20

IFRS 16 EBITDA RECONCILIATIONMillion Soles (S/ mm)

2929

Accounting Net Income Q2’20 12

Rental expenses of assets with right-of-use as per IFRS 16 2/ -92

Financial expenses from lease liabilities as per IFRS 16 +24

Exchange rate loss from lease liabilities as per IFRS 16 +28

Additional depreciation of assets with right-of-use as per IFRS 16 3/ +76

Deferred income tax -10

Net Income Q2’20 - Pre IFRS 16 38

1/ Consolidated figures for InRetail include intercompany eliminations and consolidation adjustments.2/ Includes disposal of assets with right-of-use and associated liabilities, as per IFRS 16.3/ Includes depreciation of key money as per IFRS 16.

1/

Q2’20

IFRS 16 NET INCOME RECONCILIATIONMillion Soles (S/ mm)

3030

Pharmacies 1/

1/Since Q1’18 includes Mifarma stores.

COMPOSITION OF STORES BY AGE

Food Retail

3131

Food Retail

1/ 2018 considers only eleven months of Quicorp’s operations.

CASH CYCLE

Pharma 1/

This material was prepared solely for informational purposes and is not to be construed as a solicitation or an offer to buy or sell any securities.

This presentation may include forward-looking statements or statements about events or circumstances which have not yet occurred. We have based these forward-looking statements largely on our current beliefs and expectations

about future events and financial trends affecting our businesses and our future financial performance. These forward-looking statements are subject to risk, uncertainties and assumptions, including, among other things, general

economic, political and business conditions, both in Peru and in Latin America as a whole. The words “believes”, “may”, “will”, “estimates”, “continues”, “anticipates”, “intends”, “expects”, and similar words are intended to identify

forward-looking statements. We undertake no obligations to update or revise any forward-looking statements because of new information, future events or other factors.

In light of these risks and uncertainties, the forward-looking events and circumstances discussed in this presentation might not occur. Therefore, our actual results could differ substantially from those anticipated in our forward-looking

statements.

No representation or warranty, either express or implied, is provided in relation to the accuracy, completeness or reliability of the information contained herein. It should not be regarded by recipients as a substitute for the exercise of

their own judgment. We and our affiliates, agents, directors, employees and advisors 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.

This material does not give and should not be treated as giving investment advice. 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 based upon your own judgment and advice from such advisers as you deem necessary and not upon any information in this material.

32

For more information contact:

[email protected]

www.inretail.pe

september, 202020 corporate presentation_inretail.pdf · market capitalization of 2 public...

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