presentacion falabella dic 2014
DESCRIPTION
retail sectorTRANSCRIPT
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PRESENTATION
DECEMBER 2014
SACI
FALABELLA CONFIDENTIAL
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CONTENTS
• THE COMPANY
• CONSOLIDATED
STATEMENTS
• BUSINESS UNITS
• KEY INVESTMENT
HIGHTLIGHTS
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125th ANNIVERSARY OF THE COMPANY
3
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DE
PA
RT
ME
NT
ST
OR
ES
HO
ME
IM
PR
OV
EM
EN
T
SU
PE
RM
AR
KE
TS
FIN
AN
CIA
L S
ER
VIC
ES
RE
AL E
ST
AT
E
Note: Financial data and outlets information as of September 2014 LTM. FX rates as of 09/30/2014 (599.2 CLP/US$).
Includes Sodimac Colombia revenues and Aventura Plaza malls and GLA, which do not consolidate.
Revenues
US$ 4,118 m
Stores
93
Revenues
US$ 5,447 m
Stores
236
Revenues
US$ 1,928 m
Stores
92
Gross Loans
US$ 5,783 m
CMR Accounts
4.4 million
m2 GLA
1,9 million
Malls / Power &
Shopping
Centers
19 / 18
4
FALABELLA AT A GLANCE
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• 43 Department Stores
• 83 Home Improvement
• 49 Supermarkets
• 14 Malls
• 10 Power Centers /
Shopping Centers
• 24 Department Stores
• 55 Home Improvement
• 43 Supermarkets
• 4 Malls
• 8 Power Centers /
Shopping Centers
• 15 Department Stores
• 33 Home Improvement
• 1 Mall
11 Department Stores
8 Home Improvement
57 Home Improvement
Note: Data of number of stores and malls as of September 2014. Includes Sodimac Colombia and Aventura Plaza, which do not consolidate.
421 STORES
5 COUNTRIES
37 MALLS
98k EMPLOYEES
REGIONAL FOOTPRINT
5
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6
DIVERSIFIED PORTFOLIO
Does not consider Sodimac Colombia and Aventura Plaza in Peru, which do not consolidate
2009
REVENUES LTM
Sep 2014
EBITDA
LTM Sep 2014
2009
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CONTENTS
• THE COMPANY
• CONSOLIDATED
STATEMENTS
• BUSINESS UNITS
• KEY INVESTMENT
HIGHTLIGHTS
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B: 215
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B: 119
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B: 107
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G: 204
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B: 59
DEPARTMENT STORES
Regional Footprint
93 stores operating in Chile, Peru, Colombia and
Argentina
Main categories: apparel, home electronics
and home décor
Diverse portfolio of own brands, second generation
and exclusive brands in addition to international brands
Leading online retailer
Business Overview
24 Stores
43 Stores
15 Stores
11 Stores
Note: Figures in US$ converted using the September 30, 2014 exchange rate (599.2 CLP/US$).
1. Sales LTM divided by average m2
Revenues LTM Sep 2014
(US$ m)
Sales / m2 LTM Sep 20141
(US$)
LOCAL
MARKET
CUSTOMIZATION DIFFERENTIATION
PROFITABILITY
8
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236 stores in Chile, Peru, Colombia, Argentina and Brazil
Main categories: construction materials and home improvement products
Six formats: Homecenter, Sodimac Constructor, Imperial, Homy, Dicico and Maestro
Expertise in direct selling to construction sector and large companies
Strong online strategy
55 Stores
83 Stores
33 Stores
8 Stores
57 Stores
HOME IMPROVEMENT
DIY
Professional Wholesale
Business Overview
Regional Footprint Revenues LTM Sep 2014
(US$ m)
Sales / m2 LTM Sep 20141
(US$)
Note: Figures in US$ converted using the September 30, 2014 exchange rate (599.2 CLP/US$).
1. Sales LTM divided by average m2 9
R: 191
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B: 215
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B: 119
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B: 110
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G: 99
B: 107
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Started operations in 2002 in Peru under Tottus brand and entered
Chilean market in 2004 with the acquisition of San Francisco
Operates 92 stores in Chile and Peru, with two main formats:
hypermarkets and supermarkets
Increased penetration of private labels
Developed online platform
43 Stores
49 Stores
SUPERMARKETS
Value
Proposal
Price
Positioning
Brand
Positioning
Note: Figures in US$ converted using the September 30, 2014 exchange rate (599.2 CLP/US$).
1. Sales LTM divided by average m2
Business Overview
Regional Footprint Revenues LTM Sep 2014
(US$ m)
Sales / m2 LTM Sep 20141
(US$)
10
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G: 215
B: 48
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G: 179
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Bank Branches: 59
CMR Accounts: 0.9 million
Bank Branches: 95
CMR Accounts: 2.1 million
Bank Branches: 49
CMR Accounts: 0.7 million
Bank Branches: 0
CMR Accounts: 0.5 million
Banking Business1:
Banking services in Chile, Peru and Colombia
Offers consumer financing, credit cards, savings
and checking accounts, and mortgage loans
CMR:
Operations in Chile and Argentina
Provides credit through installment payment plan
options and cash advances
Total 4.4 million CMR accounts regionally
Gross Loan Portfolio (Sep 14) USD M
Loan Loss Provision2 (%, 3Q 2014)
1. Consolidates our CMR credit card operations in Peru and Colombia 2 Per local regulation (not comparable across the countries)
Note: Figures in US$ converted using the September 30, 2014 exchange rate (599.2 CLP/US$)
FINANCIAL SERVICES
Business Overview
Regional Footprint
11
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REAL ESTATE
Largest operator in Chile and Peru, and one of the leaders in Latin
America:
Mall Plaza: Operates large shopping malls in Chile, Peru
(through Aventura Plaza) and Colombia.
Open Plaza: Operates small shopping centers with 2 or 3 of
our retail formats as anchor stores, as well as other third-
party minor stores.
1 Owned by the company.
International
Expansion
Sustainable
Growth
Urban
Centers
3Q13 3Q14 3Q13 3Q14
Mall Plaza 13 14 1,033 1,136
Open Plaza 7 10 159 235
CHILE 20 24 1,192 1,371
Aventura Plaza 4 4 236 261
Open Plaza 7 8 206 231
PERU 11 12 442 492
Mall Plaza 1 1 26 26
COLOMBIA 1 1 26 26
TOTAL 32 37 1,660 1,889
Free Standing Stores1 782 904
# Shopping Malls '000 GLA
12
Business Overview
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CONTENTS
• THE COMPANY
• CONSOLIDATED
STATEMENTS
• BUSINESS UNITS
• KEY INVESTMENT
HIGHTLIGHTS
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B: 48
R: 149
G: 179
B: 215
R: 119
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B: 119
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G: 99
B: 107
R: 255
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14
1
2
3
4
5
Presence in dynamic markets with strong industry
fundamentals
Highly experienced management team with a long-term vision
and unmatched governance standards
Customer-centric strategy that drives superior brand
recognition
Proven execution of growth strategy through organic and
inorganic initiatives
Undisputed leadership in Latam across retail formats
KEY INVESTMENT HIGHLIGHTS
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15
Home Improvement Financial Services
• 2,062 M USD
905 M USD
599 M USD
551 M USD Only relevant player
Department Stores
3,023 M USD
555 M USD
1,318 M USD
214 M USD
336 M USD
Real Estate
24 Shopping Malls
GLA 1.4mm m²
12 Shopping Malls
GLA 0.5mm m²
1 Shopping Mall
Supermarkets
988 M USD
940 M USD
95 Bank Branches
CMR Accounts: 2.1 mm
59 Bank Branches
CMR Accounts: 0.9 mm
49 Bank Branches
CMR Accounts: 0.7 mm
No Bank Branches
CMR Accounts: 0.5 mm
Data as of September 2014
#1 #1 #4 #1
#1
#1
Market
position
#1
Market
position
#4
#1
#2
Market
position
#3
Market
position
Market
position
#1
#1
Market position based on sales¹ Market position based on GLA¹ Market position based on number of
active credit cards¹
Department Stores Home Improvement Supermarkets
Sales / m² LTM 2Q14 (US$)
Chile
Sales / m² LTM 2Q14 (US$) Sales / m² LTM 2Q14 (US$)
1. UNDISPUTED LEADERSHIP IN LATAM ACROSS RETAIL FORMATS
#1
Chile Peru
Revenues LTM Revenues LTM Revenues LTM
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Sodimac acquires
Imperial Home
Improvement in
Chile
Falabella-Sodimac
merger
Org
anic
In
itia
tive
s
Acq
uis
itio
ns
2002 2003 2004 2006 2007 2013 2014
First Tottus
in Peru
Falabella
acquires
San Francisco
supermarkets
in Chile
Falabella.com is
launched in
Argentina
Launch of
Móvil Falabella
Sodimac
acquires
Maestro
in Peru
Sodimac acquires
Dicico Home
Improvement in
Brazil
Source: Company filings (Chilean GAAP until 2008, IFRS from 2009 to 2013)
Note: Revenue calculated as follow: Revenue from continuing operations + Banking Business Income; Figures in US$ converted using the September 30, 2014 US$/Ch$ exchange rate of 599.2 16
Revenue evolution (US$ mm)
Falabella has an unparalleled history of growth
2. PROVEN EXECUTION OF GROWTH STRATEGY
1980
Falabella
launches
CMR
1990
Falabella
develops its
first shopping
center
Mall Plaza
Entry to
Argentina,
Peru and
Colombia
1993-5
Falabella.com
is launched
in Chile
1999 1998
Banco
Falabella is
launched
in Chile
2005 2010-11
Falabella.com
is launched in
Peru and
Colombia
Sodimac.com
is launched
in Peru
2000
Tottus.com
is launched
in Chile
Falabella
and
CMR enter
Colombia
Sodimac.com
is launched
in Colombia
Sodimac.com
is launched
in Chile
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17
157 STORES
15 MALLS
US$4.1bn
Investment (US$ mm)
# Stores & Malls
INVESTMENT PLAN 2014 – 2017
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G: 215
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B: 215
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R: 76
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B: 107
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B: 153
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Consistent interaction with
our customers...
...anticipating their preferences
and designing targeted
marketing campaigns
When does she
purchase
Where
does she
purchase
What
does she
like
What
are her
interests
How much
does she
spend
Means of
payment
What
does she
buy
18
...both in traditional and online
platforms…
3. CUSTOMER CENTRIC STRATEGY
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OUR CUSTOMERS
19
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632
3,994
1,220
4,707
Jun-07 Jul-08 Aug-09 Sep-10 Oct-11 Nov-12 Dec-13
Debit card transactions Credit card transactions
63%
30%
53% 42%
91%
37%
70%
47% 58%
9%
Formal (% total sales) Informal (% total sales)
20
Sources: ILACAD World Retail and US Census Bureau for In/Formal Retail Market, SBIF (Chilean Bank’s Superintendency) for Card Payments. Bloomberg for GDP growth and retail sales.
Considers only Chilean banks
Formal vs. Informal Retail (% of total sales)
Proliferation of Card Payments – Chile1 (US$ mm)
4. DYNAMIC MARKET WITH STRONG FUNDAMENTALS
Real GDP Growth Latam vs USA/EU (% annual var.)
Real Retail Sales Growth (% monthly var.)
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Name Position Position Held Since
Carlo Solari Donaggio Chairman 2014
Juan Carlos Cortés Solari Vice-Chairman 2014
José Luis del Rio Goudie Director 2003
Sergio Cardone Solari Director 1986
Carolina del Rio Goudie Director 2011
María Cecilia Karlezi Solari Director 2003
Paola Cuneo Queirolo Director 2014
Carlos Alberto Heller Solari Director 2002
Hernán Büchi Buc * Director 1996
Most Convincing and
Coherent Strategy in Latam
Best Managed Company in
Chile
CEO
- 20 years -
* Independent Member 1 As of September 30, 2014
More Than 13 Years in Average in the Group Market Recognition
Board of Directors Members Controlling Group Consisting of 7 Families1
21
Supermarket
GM
- 14 years -
Home
Improvement
General
Manager
- 12 years -
Department
Stores GM
- 14 years -
Financial
Services
General
Manager
- 6 years -
Chief Planning
and
Development
Officer
- 5 years -
CFO
- 8 years -
General Counsel
- 15 years -
Corporate
Controller
- less than one
year -
Peru Country
Manager
- 19 years -
Colombia
Country
Manager
- 20 years -
Real Estate GM
- 19 years -
Argentina
Country
Manager
- 15 years -
CIO
- 22 years -
Shopping Mall
GM
- 25 years -
Brazil Country
Manager
- 1 year -
5. HIGHLY EXPERIENCED MANAGEMENT TEAM
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SUSTAINABLE BUSINESS
CUSTOMERS
EMPLOYEES
SUPPLIERS
COMMUNITY
ENVIRONMENT
- +99,000 Employees
- 52% Women
- 3.3 Million hours of training
- +16,500 Suppliers
- 41% SMEs
- 231 KWH/M2 Consumption
- 3 Stores opened in 2013 meet with Leed
- First sustainable shopping mall in Chile, obtaining Leed Certification at Gold Level
- Partnership with América Solidaria
- Entrepreneurship Programs
- Partnership with NGOs and Foundations for Donations of Spare Change
- Haciendo Escuela Program
- Financial Training Program:
- Together we Learn Internet Portal through which customers can familirize in
the world of finance
- Let’s Play Together Contests in Schools
22
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B: 110
R: 76
G: 99
B: 107
R: 255
G: 204
B: 153
R: 57
G: 58
B: 59
CONTENTS
• THE COMPANY
• CONSOLIDATED
STATEMENTS
• BUSINESS UNITS
• KEY INVESTMENT
HIGHTLIGHTS
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G: 215
B: 48
R: 149
G: 179
B: 215
R: 119
G: 119
B: 119
R: 234
G: 234
B: 234
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G: 70
B: 110
R: 76
G: 99
B: 107
R: 255
G: 204
B: 153
R: 57
G: 58
B: 59
24 Note: Financial information as of September 2014 LTM. FX rates as of 09/30/2014 (599.22 CLP/US$)
3Q14 INCOME STATEMENT
(USD Million) 3Q13 % Rev. 3Q14 % Rev. Var %
Revenues of Non-Banking Operations 2,477 2,727 10.1%
Revenues of Banking Operations 198 230 15.9%
Total Revenues 2,676 2,957 10.5%
COGS of Non-Banking Operations (1,658) -66.9% (1,833) -67.2% 10.5%
COGS of Banking Operations (88) -44.1% (88) -38.2% 0.2%
Gross Profi t 930 34.7% 1,036 35.0% 11.4%
SG&A Expenses (687) -25.7% (775) -26.2% 12.8%
Operational Incom e 243 9.1% 261 8.8% 7.5%
Depreciation + Amortization 72 2.7% 86 2.9% 19.4%
EBITDA 315 11.8% 347 11.7% 10.2%
Other Income / (Expenses) 0 0 -82.5%
Net Financial Income / (Cost) (55) (55) -1.0%
Profit / (Loss) in Associates 7 11 50.2%
Exchange Rate Differences (3) (12) 268.9%
Non-Operating Profi t (51) -1.9% (56) -1.9% 9.8%
Profi t Before Tax Expenses 192 7.2% 205 6.9% 6.9%
Income Tax (45) (49) 9.2%
Minority Interest (19) (20) 4.2%
Net Profi t / (Loss) 128 4.8% 136 4.6% 6.4%
R: 191
G: 215
B: 48
R: 149
G: 179
B: 215
R: 119
G: 119
B: 119
R: 234
G: 234
B: 234
R: 50
G: 70
B: 110
R: 76
G: 99
B: 107
R: 255
G: 204
B: 153
R: 57
G: 58
B: 59
25
9M14 INCOME STATEMENT
(USD Million) 9M13 % Rev. 9M14 % Rev. Var %
Revenues of Non-Banking Operations 7,230 8,195 13.3%
Revenues of Banking Operations 558 675 21.0%
Total Revenues 7,788 8,870 13.9%
COGS of Non-Banking Operations (4,819) -66.6% (5,492) -67.0% 14.0%
COGS of Banking Operations (258) -46.3% (294) -43.6% 14.0%
Gross Profi t 2 ,711 34.8% 3,084 34.8% 13.8%
SG&A Expenses (1,929) -24.8% (2,232) -25.2% 15.7%
Operational Incom e 782 10.0% 852 9.6% 9.0%
Depreciation + Amortization 205 2.6% 248 2.8% 20.6%
EBITDA 987 12.7% 1,100 12.4% 11.4%
Other Income / (Expenses) (3) (0) -87.3%
Net Financial Income / (Cost) (121) (188) 55.7%
Profit / (Loss) in Associates 21 30 43.0%
Exchange Rate Differences (13) (38) 191.8%
Non-Operating Profi t (117) -1.5% (197) -2.2% 69.4%
Profi t Before Tax Expenses 665 8.5% 655 7.4% -1.6%
Income Tax (148) (136) -7.8%
Minority Interest (57) (51) -10.6%
Net Profi t / (Loss) 460 5.9% 467 5.3% 1.5%
Note: Financial information as of September 2014 LTM. FX rates as of 09/30/2014 (599.22 CLP/US$)
R: 191
G: 215
B: 48
R: 149
G: 179
B: 215
R: 119
G: 119
B: 119
R: 234
G: 234
B: 234
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G: 70
B: 110
R: 76
G: 99
B: 107
R: 255
G: 204
B: 153
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B: 59
26
BALANCE SHEET AS OF SEP 2014
Note: Financial information as of September 2014 LTM. FX rates as of 09/30/2014 (599.22 CLP/US$)
(USD Million) Sep-14 (USD Million) Sep-14
Non-Bank ing Operat ions Non-Bank ing Operat ions
Current Assets Current Liabil i t ies
Cash & cash equivalents 231 Other current financial liabilities 1,047
Current trade & other receivables 2,160 Current trade & otherpayables 1,300
Inventories 1,774 Others 383
Others 419
Total Current Assets 4,585 Total Current Liabil i t ies 2,717
Non-Current Assets Non-Current Liabil i t ies
Non-Current trade & other receivables 315 Other non-current financial laibilities 3,964
Goodwill 817 Others 542
PP&E 6,957
Others 798
Total Non-Current Assets 8,899 Total Non-Current Liabil i t ies 4,653
Total Non-Bank ing Operat ions Assets 13,484 Total Non-Bank ing Oper. Liabilt ies 7,371
Loans and accounts receivable from clients 3,516 Total Bank ing Oper. Liabil i t ies 4,129
Others 1,416 TOTAL LIABILITIES 11,500
Total Bank ing Operat ions Assets 4,932 Shareholders ' Equity 6,916
TOTAL ASSETS 18,416 TOTAL EQUITY & LIABILITIES 18,416
ASSETS EQUITY & TOTAL LIABILITIES
R: 191
G: 215
B: 48
R: 149
G: 179
B: 215
R: 119
G: 119
B: 119
R: 234
G: 234
B: 234
R: 50
G: 70
B: 110
R: 76
G: 99
B: 107
R: 255
G: 204
B: 153
R: 57
G: 58
B: 59
27
Note: Financial Statements in CLP translated at FX as of 09/30/2014 1. Does not include accrued interests
FINANCIAL SITUATION
LEVERAGE (times)
w/o Banking Operations
DEBT BY TYPE
w/o Banking Operations
NET FINANCIAL DEBT/EBITDA (times)
w/o Banking Operations
DEBT BY MATURITY
w/o Banking Operations Financial Debt
w/o Banks1:
US$ 4,922 MM
Duration:
5.04 years
Maestro
effect
R: 191
G: 215
B: 48
R: 149
G: 179
B: 215
R: 119
G: 119
B: 119
R: 234
G: 234
B: 234
R: 50
G: 70
B: 110
R: 76
G: 99
B: 107
R: 255
G: 204
B: 153
R: 57
G: 58
B: 59
Jordi Gaju
Chief Development Officer
Phone: +56 2 2380 2012
Alejandro González
Chief Financial Officer
Phone: +56 2 2380 2205
Lucrecia Fittipaldi
Corporate Development Manager / Head of IR
Phone: +56 2 2380 2012
Catalina Escaffi
IR / Development Associate
Phone: +56 2 2380 2012
CONTACT INFORMATION
28
R: 191
G: 215
B: 48
R: 149
G: 179
B: 215
R: 119
G: 119
B: 119
R: 234
G: 234
B: 234
R: 50
G: 70
B: 110
R: 76
G: 99
B: 107
R: 255
G: 204
B: 153
R: 57
G: 58
B: 59 CORPORATE
PRESENTATION
DECEMBER 2014
SACI
FALABELLA CONFIDENTIAL
R: 191
G: 215
B: 48
R: 149
G: 179
B: 215
R: 119
G: 119
B: 119
R: 234
G: 234
B: 234
R: 50
G: 70
B: 110
R: 76
G: 99
B: 107
R: 255
G: 204
B: 153
R: 57
G: 58
B: 59