Conference Call Second Quarter 2013 Financial Results. Presentation3

Transcription

1 Conference Call Second Quarter 2013 Financial Results Presentation3 August 2, 2013

2 Agenda 1

3 Agenda 1 2 Opening Remarks 2Q13 Highlights 3 Operating and Financial Review 4 Closing Remarks 5 Q&A 2

4 1 Alicorp Highlights LTM 2Q13 Revenues: S/. 5,110 Million LTM 2Q13 EBITDA: S/. 636 Million Presence in over 25 countries, with operations in Peru, Brazil, Argentina, Ecuador, Chile and Colombia +10,000 SKU s and +150 brands Categories: Food, home and personal care products, industrial flours, food based products, fish and shrimp feed Leadership in all categories in Peru and in other Latin American Countries 3

5 1 Committed to Generating Shareholders Value We continue to consolidate our leadership in defined core platforms through organic growth Our presence in new markets and new categories are exceeding our expectations We have seen an excellent progress in our Consumer Goods and Animal Nutrition business Highest EBITDA in our history. EBITDA increased 55.4% YoY and 47.2% QoQ CAPEX plans continue to develop as planned for the year Market recognition with Gold Effie Award and Good Corporate Governance Index 4

6 2 Outstanding Quarter with highest Revenue and improved Profitability Revenue rose 38.4% YoY and 19.9% QoQ Main contributors were: pasta, cookies & crackers, edible oils, industrial flours, sauces, shrimp and fish feed Volume increased 33.1% YoY and 20.0% QoQ Main contributors were: pasta, industrial flours, cookies & crackers, sauces, edible oils, shrimp and fish feed. Gross Margin accounted for 27.6% in 2Q13, remained stable vs. the 27.5% in 2Q12 EBITDA (1) Margin increased to 13.4% in 2Q13 compared to the 11.9% we reach in 2Q12, due to a higher Gross Profit and a decrease of operating expenses as a percentage of total revenues Net Earnings for the 2Q13 were S/ million, a decrease of 33.7%, compared to the S/._74.9 million we reached in 2Q12, mainly due to exchange rate depreciation of 7.5% QoQ which generated an accounting negative effect on our debt denominated in US$ (1) EBITDA is defined as Operating Income plus depreciation and amortization 5

7 2 Strong Revenue Growth Revenues & Gross Margin Revenues & Gross Margin 1,465 1,058 1,190 1,234 1,221 4,256 4,474 5, % 27.5% 27.2% 25.4% 27.6% 1,048 1,058 1, % 27.5% 27.6% 27.6% 27.3% 27.0% 2Q12 3Q12 4Q12 1Q13 2Q13 2Q11 2Q12 2Q LTM (1) (1) Last 12M as of June

8 2 Stable Margins for Five Consecutive Quarters EBITDA & EBITDA Margin EBITDA & EBITDA Margin 686 (2) % 12.8% 12.5% 10.9% 13.4% % 11.9% 13.4% 13.0% 12.5% 12.4% 2Q12 3Q12 4Q12 1Q13 2Q13 2Q11 2Q12 2Q LTM (1) (1) Last 12M as of June 2013 (2) Including EBITDA generated by acquisitions, LTM EBITDA would be S/. 686 million 7

9 2 Earnings Per Share Earnings Per Share (PEN) Earnings Per Share (PEN) Q12 3Q12 4Q12 1Q13 2Q13 2Q11 2Q12 2Q LTM (1) (1) Last 12M as of June

10 3 2Q13 Performance by Business Unit & Region Alicorp seeks to continue its geographic diversification strategy CONSUMER PRODUCT GOODS B2B BRANDED PRODUCTS ANIMAL NUTRITION TOTAL PERU - Revenues - EBITDA Margin % % % % INTERNATIONAL - Revenues - EBITDA Margin % % % TOTAL - Revenues - EBITDA Margin % % % 1, % Peru Brazil Argentina Chile Ecuador Others Revenues Mix 63.3% 10.2% 9.9% 6.7% 6.3% 3.6% 9

11 3 Consumer Product Goods ( CPG ) Presentation3 Highlights Revenues increased 35.8% YoY Supported mainly by: pastas, cookies & crackers, laundry detergents, soap, chocolates, candies and sauces Volume grew 36.5% YoY Supported mainly by: pastas, cookies & crackers, laundry detergents, chocolates, sauces and candies Operating Income increased 71.8% to S/ million YoY Operating Margin increased 26.5% YoY Revenues & Operating Margin ,658 2,649 3, % 11.5% 11.1% 10.0% 12.4% % 9.8% % 10.7% 10.6% 11.3% 2Q12 3Q12 4Q12 1Q13 2Q13 2Q11 2Q12 2Q LTM (1) (1) Last 12M as of June

12 3 B2B Branded Products ( B2B ) Presentation3 Highlights Revenues increase 19.4% YoY Supported mainly by: bulks oil, industrial flours, sauces, frozen products and shortenings Volume grew 17.0% YoY Supported mainly by: industrial flours, bulks oil, sauces, frozen products and shortenings Operating Income increased 14.5% YoY to S/ million Revenues & Operating Margin ,266 1,305 1, % 12.4% 9.9% 8.5% 9.5% % 9.9% 9.5% 13.1% 11.8% 10.8% 2Q12 3Q12 4Q12 1Q13 2Q13 2Q11 2Q12 2Q LTM (1) (1) Last 12M as of June

13 3 Animal Nutrition ( AN ) Presentation3 Highlights Revenue rose 119.8% YoY, due to increased volume in both shrimp and fish feed (after the Salmofood acquisition) Volume grew 68.6% YoY, and 15.1% QoQ Operating Income increased 33.0% YoY to S/ million in 2Q13 since Inbalnor plant started operating Operating margin increased 54% QoQ Revenues & Operating Margin (PEN Millions) (PEN Millions) % 7.6% 6.1% 5.7% 8.8% 2Q12 3Q12 4Q12 1Q13 2Q % 9.7% 10.0% 9.9% 7.1% 14.6% 2Q11 2Q12 2Q LTM (1) (1) Last 12M as of June

14 3 Debt Net Debt Debt Breakdown by currency (1) 5% 2Q13 1Q13 Var. % 11% PEN 45% USD Short Term Debt % BRL 39% ARS Long Term Debt 1, , % Total Indebtedness 2, , % Debt Structure as of June 2013 (-) Cash % Net Debt 1, , % Local Bonds 6% Import Finance 4% Others 6% Bank Loans 23% International Bonds 61% (1) Debt after swap. 13

15 3 Financial Metrics Gross Debt EBITDA / Interest expenses STD LT - CP LTD 1,970 2, x 18.7x 1, ,534 1, x 6.5x 4.8x 2Q12 3Q12 4Q12 1Q13 2Q13 2Q12 3Q12 4Q12 1Q13 2Q13 Gross Debt / EBITDA Gross Debt / EBITDA (1) 2.4x 2.4x 3.5x 3.2x 2.4x 2.4x 3.2x 3.0x 1.1x 1.0x 0.9x 1.1x 1.0x 0.9x Q13 2Q Q13 2Q13 (1) Pro forma EBITDA Includes EBITDA generated by acquired companies during LTM 14

16 3 SG&A and CAPEX Expenses SG&A/Marketing (as % of Total Revenue) CAPEX (PEN Million / as a % of Total Revenue) % 8.2% 8.6% 9.1% 9.8% % 5.4% 5.6% 6.1% 4.4% 2.9% 2.4% 2.5% 1.8% 2.4% 8.1% 7.9% % 9.7% 3.9% 2Q12 3Q12 4Q12 1Q13 2Q13 2Q12 3Q12 4Q12 1Q13 2Q13 Marketing Administrative Expenses Selling Expenses 15

17 3 EBITDA Main Drivers Presentation3 Main Drivers of EBITDA Variation (YoY) Drivers to EBITDA Margin Variation 0.5% 0.6% 0.4% S/ M S/ M 11.9% 13.4% EBITDA 2Q12 Gross Profit SG&A Other Net Operating Expenses EBITDA 2Q13 16

18 Jan-11 Feb-11 Mar-11 Apr-11 May-11 Jun-11 Jul-11 Aug-11 Sep-11 Oct-11 Nov-11 Dec-11 Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jan-10 Feb-10 Mar-10 Apr-10 May-10 Jun-10 Jul-10 Aug-10 Sep-10 Oct-10 Nov-10 Dec-10 Jan-11 Feb-11 Mar-11 Apr-11 May-11 Jun-11 Jul-11 Aug-11 Sep-11 Oct-11 Nov-11 Dec-11 Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Presentation3 3 Capital Markets ALICORC1 profitability vs. benchmark Price Evolution, Liquidity and Stock Performance 300% ALICORC1 2Q13 2Q12 250% 200% 150% 100% Stock Price Average Trading Volume (PEN Millions) % Performance 2Q13 2Q12 0% -50% ALICORC1 IGBVL -3.1% 0% -4.5% -13.9% Industrial Sector IGBVL -21.7% -14.4% ALICORC1 EQUITY INDUSTRIAL SECTOR IGBVL IGBVL FOOD AND BEVERAGE Food and Beverage 5.5% -8.1% ALICORC1 Average Monthly Trading Volume Average Trading Volume (PEN Millions) 4.2 (PEN Millions) 2Q Q Q Q Q

19 Q&A 18

20 Agenda Opening Remarks 2Q13 Highlights Operating and Financial Review 4 Closing Remarks 5 Q&A 19