Professional Documents
Culture Documents
Fourth Quarter
2014
Financial
Results
Presentation3
[CLIENT NAME]
Agen
da
[CLIENT NAME]
Presentation3
Agenda
Opening Remarks
4Q14 Highlights
Guidance
Q&A
3
[CLIENT NAME]
Presentation3
4Q14 Highlights
Revenue and Volume increased 5.7% and 1.3% YoY, respectively. Consumer Goods
revenues remained stable YoY, B2B Branded Products decreased 7.9% YoY and
Animal Nutrition revenues increased 50.5% maintaining
the
extraordinary
growth in previous quarters. Main contributors were: sauces, panettones,
cereals, fabric softeners, edible oils, industrial margarines, frozen products and
shrimp and fish feed
We launched and re-launched 14 new products for Consumer Goods and B2B products
Gross Profit increased 4.3%
and Animal
Nutrition
EBITDA and EBITDA margin were S/. 175.9 million and 10.4% respectively,
Net Income reached -S/. 168.6 million due to higher financial expenses related to
Presentation3
FY 2014 Highlights
Revenue and Volume increased 8.0% and 5.6% YoY, respectively. Consumer Goods
revenues increased
2.4% YoY, B2B Branded Products remained stable (0.5% YoY) and Animal Nutrition
revenues increased
42.2% showing an outstanding growth in this year. Main drivers for growth were: pasta,
cereals, sauces,
detergent, panettones, industrial margarines and shrimp and fish feed
During 2014, Alicorp launched 43 and re-launched 21 products, pushing for organic
and
EBITDA
margin
amounted
to
S/.
692.2
million
and
11.0%
respectively, due to significant reduction in Operating Income in
Argentina and extraordinary expenses through the year
Net Income decreased to S/. 18.9 million on the back of higher financial
[CLIENT NAME]
Presentation3
leading producer of branded ready-to-eat cereals in Peru under the Angel brand
Animal Nutrition: We created Vitapro, a 100% Alicorp-owned subsidiary that
recognized for Good Corporate Governance and was listed on this Index in the
Lima Stock Exchange. Alicorp was recognized for its good corporate practices,
transparency of information as well as professionalism standards
Alicorp was recognized by Merco as one of the 10 best employers in Peru and
as part of the
Great Corporate Governance Index 2014
G-Magazine and PwC acknowledged Alicorp as one of the 10 Most Admired
Presentation3
(PEN Million)
(PEN Million)
1,59
8
1,56
3
1,644
1,688
6,285
5,81
8
4,474
28.6%
27.2%
27.7%
28.5%
28.2%
1,234
4Q13
3Q14
1Q14
4Q14
[CLIENT NAME]
2Q14
1,598
1,688
27.2%
27.9%
28.6%
28.2%
27.3%
27.4%
4Q12
2014
4Q13
4Q14
2012
2013
Presentation3
(PEN Million)
(PEN Million)
75
3
697
243
20
2
16
4
15
0
56
0
17
6
10.8%
10.4%
10.5%
2
12.3%
15
4
12.5
%
4Q13
3Q14
1Q14
4Q14
[CLIENT NAME]
2Q14
4Q12
2014
24
3
15.2
%
4Q13
17
6
12.5%
12.9% 5
10.4
%
4Q14
2012
11.0%
2013
EBITDA and EBITDA margin without the tax benefits from REFIS program in Brazil would have been S/. 185.7 million and
11.6%
2
EBITDA and EBITDA margin for 4Q14 without extraordinary expenses would have been S/. 211.1 million and 12.5%
3Includes EBITDA from acquisitions for S/. 5.1 million
4
EBITDA and EBITDA margin for 2013 without extraordinary benefits from REFIS would have been S/. 695 million and
8
12.0%
5
EBITDA and EBITDA margin for 2014 without extraordinary expenses would have been S/. 726.5 million and 11.6%
Presentation3
CONSUMER
PRODUCT GOODS
2014
- Revenues
PERU
- EBITDA
Margin
- Revenues
INTERNATIO
NAL
- EBITDA
Margin
- EBITDA
Margin
[ C L I E N T Mix
NAME]
Revenue
Var.
%
201
4
201
3
Var.
%
201
4
201
3
Var.
%
201
4
201
3
Var. %
2,297
.8
2,193
.7
4.7
%
1,471
.4
1,441
.6
2.1
%
112.
8
98.
9
14.1
%
3,883
.0
3,730
.5
4.1%
14.9
%1
15.4
%
10.9
%
11.5
%
12.7
%
16.2
%
1,266
.0
1,285
.9
0.
8
23.
0
1,135
.6
778.
8
3.7
%
11.8
%
6.9
%
9.0
%
13.7
%
10.2
%
3,563
.8
3,479
.6
10.9
%
14.1
%
Per
u
61.2%
1
ANIMAL NUTRITION
201
3
1.5
%
- Revenues
TOT
AL
B2B BRANDED
PRODUCTS
TOTAL
2.4
%
1,472
.2
10.9
%5
Ecuador
9.8
%
1,464
.6
11.5
%
Brazil
8.7
%
96.7
%
0.5
%
1,248
.4
877.
7
13.7
%
10.9
%
Argentina
8.7
%
12.6
%
45.8
%
2,402
.4
8.4
%4
42.2
%
Chil
e
8.5
%
13.8
%
2,087
.8
11.3
%
15.1%
7.9%
6,284
.4
5,821
.9
11.0
%
12.9
%
Others
3.1
%
Total EBITDA and EBITDA Margin ex extraordinary expenses resulted in S/. 352.7 million and 15.4% respectively
Total EBITDA of Peru includes Operating Losses from Other Businesses for S/. 26.6 million
Ex tax benefits from REFIS programme in Brazil, resulted in EBITDA margin of 7.4%
3
4
9Total EBITDA of other countries includes Operating Losses from Other Businesses for S/. 1.0 million
5
Ex adjustment in inventory costs, EBITDA and EBITDA margin resulted in S/. 42.7 million and 11.5% respectively
Ex tax benefits from REFIS programme in Brazil, resulted in EBITDA margin of 12.2%
Presentation3
Highlights
(PEN Million)
2,194
587
50
0
17.0%
15.9%
4Q13
3Q14
1Q14
4Q14
[CLIENT NAME]
1,95
9
612
563
622
2Q14
2,298
518
622
587
14.9%
12.7%
4Q12
2014
4Q13
15.9%
4Q14
15.4%
14.9%
15.1%
2012
2013
10
Presentation3
Highlights
2,649
22.4
%
1,286
361
298
3.3%
4Q13
3Q14
1,266
2
1Q14
4Q14
[CLIENT NAME]
325
6.4%
2Q14
324
319
7.8
%
3.9%
1.0%
18
6
4Q12
2014
10.6%
11.8%
361
319
3.7%
1.0%
4Q13
4Q14
2012
2013
11
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Highlights
(PEN Million)
405
32
6
12.4
%
395
377
373
10.7%
11.0%
1,465
1,471
12.6%
11.5%
1,30
5
13.0
%
341
405
12.4%
10.9%
373
8.7%
13.2
%
4Q13
3Q14
1Q14
4Q14
[CLIENT NAME]
2Q14
4Q12
2014
4Q13
4Q14
2012
2013
12
Highlights
Revenue and Volume increased 50.5% and 40.4% YoY, due to an increase in sales of shrimp
feed in Ecuador and
higher sales of fish feed in Chile
EBITDA increased 34.1% YoY to S/. 50.5 million on the back of strong sales increase and stable
gross margins
EBITDA margin decreased 10.9% YoY, mainly due to an increase in SG&A expenses
1,248
373
87
8
297
312
248
266
492
15.2%
14.7%
15.4%
11.3%
13.5%
17
9
7.3
%
24
8
15.2%
13.7%
37
3
13.5%
11.3%
10.9%
4Q13
3Q14
1Q14
4Q14
2Q14
4Q12
2014
4Q13
4Q14
2012
2013
Presentation3
13
[CLIENT NAME]
Presentation3
Consolidated Debt
Net Debt /
EBITDA
(PEN
Million)
EBITDA
1,936
2,000
1,893
2,057
2,403
2,732
636
675
759
783
763
770
3.15
x
3.05x
2.96x
3.55
x
2,57
7
697
329
3.70x
2.63
x
2.49
x
327
58
2,69
9
1,98
6
Debt 4Q13
Recovery
Global Alimentos
Plant
Argentina
Working Capital
4Q14
Debt
3Q13
4Q13
1Q14
2Q14
3Q14
4Q14
11%
26
%
USD
PEN
57%
[CLIENT NAME]
BRL
ARS
14
Presentation3
CAPEX
Accounts Receivable
accounts payable
(PEN
millions)
Inventory
99.9
73.5
82.8
50.2
59.9
40.4
41.7
4Q13
3Q14
69.
7
57.1
Acquisitions
88.
3
80.0
382
69.
5
45.2
44.5
30
1
88
47.6
1Q14
4Q14
52
82
2Q14
4Q13
120
70
81
120
70
3Q14
1Q14
4Q14
2Q14
SG&A/Marketing
10.9%
[CLIENT NAME]
10.2%
10.6%
10.6%
5.2%
5.4%
5.8%
5.1%
6.0%
2.8%
2.4%
2.7%
2.5%
2.6%
4Q13
1Q14
2Q14
3Q14
4Q14
Marketing
Administrative Expenses
Selling Expenses
10.4%
Average days
15
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85.6
Investment Activities S/. 587.8
348.1
822.6
102.6
587.8
208.
7
544.
7
5.1
92.9
Net Cash
on Dec13
1
122.4
Cash
generated
from
operations
Taxes
Debt
Dividend
payment
Interest
payment
Other
financial
activities
Net
Cash
on
Dec14
16
[CLIENT NAME]
Presentation3
Main drivers
to
EBITDA
Margin
0.8%
0.2%
0.7%
1.0%
0.8%
S/. 752.6MM
S/. 692.2MM
12.9%
11.0%
EBITDA
2013
[CLIENT NAME]
Gross
Proft
SG&A
Operating
Other Net
Expenses
REF
IS
Extraordin
ary
Expens
es
EBITDA 2014
17
Presentation3
0.5%
1.8%
0.6%
0.2%
2.8%
1.1%
1.5
%
0.7%
S/. 330.6MM
S/. 18.9MM
5.7%
0.3%
Net
Income
201
3
Operati
ng
Prof
it
[CLIENT NAME]
Net
Financial
Expens
es
Exchan
ge
Rate
Losses
Results
for
Hedging
Operati
ons
Incom
e
Ta
x
Income
from
Discontin
ued
Operation
s1
REF
IS
Extraordin
ary
Expens
es
Net
Income
201
4
18
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Guidance
Guidance 2014
Revenues
growth PEN
CAPEX
EBITDA Margin
7.0% 8.0%
S/. 300 - 330
MM
12.5% 13.0%
Net Margin
Net Debt /
EBITDA
[CLIENT NAME]
2.00x
3.00x
201
4
Guidance 2015
8.0
%
8.0% - 10.0%
S/. 323
MM
1
11.0
%
11.% - 12.0%
0.3
%
4.0% - 6.0%
3.70
x2
2.80x -3.20x
EBITDA margin without considering operations in Argentina for 2014 would have been 12.8%
Net Debt/EBITDA resulted in 3.05x assuming:
19
Q&
A
20