[July 31, 2018] |
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Alicorp Second Quarter 2018 Consolidated Financial Statements
Alicorp S.A.A. ("the Company" or "Alicorp") (BVL: ALICORC1 and ALICORI1)
announced today its unaudited financial results corresponding to the
Second Quarter 2018 (Q2 18'). Financial figures are reported on a
consolidated basis and are in accordance with International Financial
Reporting Standards ("IFRS") in nominal Peruvian Soles, based on the
following statements, which should be read in conjunction with the
Financial Statements and Notes to the Financial Statements published at
the Peruvian Securities and Exchange Commission (Superintendencia del
Mercado (News - Alert) de Valores - SMV). Financial figures include the effect of
the adoption of IFRS 9 (Financial Instruments) and IFRS 15 (Revenue from
Contracts with Customers). Additionally, consolidated statements include
results of the recently acquired company located in Bolivia ("Industrias
de Aceite S.A." or "Fino").
FINANCIAL HIGHLIGHTS
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Consolidated Revenue amounted to S/ 2,122.7 million (+18.8% YoY),
while Volume reached 630.8 thousand tons (+31.1% YoY). Excluding Fino,
Revenue amounted to S/ 1,890.7 million (+5.8% YoY), while volume
reached 524.5 thousand tons (+9.0 YoY). Excluding Fino, the leading
business contributors to the increase in Revenue and Volume were: i)
Consumer Goods Peru, growing 6.2% YoY in Revenue and 7.1% YoY in
Volume, ii) Aquaculture, rising 22.3% and 23.2% YoY, respectively, and
iii) B2B, with 5.7% and 3.7% YoY increase, respectively.
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Revenue and Volume from the Consumer Goods Peru business reached
S/677.8 million (+6.3% YoY) and 138.4 thousand tons (+7.3% YoY) during
Q2 18'. Several factors explain growth, highlighting the following: i)
the performance of our recent innovations, ii) the value products'
portfolio growth, achieved through our distribution strategy that
attends lower socio-economic levels, iii) a promotional activity
increase, looking to reduce seasonality and to capitalize the
consumption boost due to the FIFA World Cup campaign. Additionally, it
is important to remark that our commercial strategy resulted in an
equal or a higher volume share in 15 out of our 19 categories
(including subcategories).
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Regarding product innovation, during Q2 18' the Company
launched/revamped 28 products (19 in Consumer Goods Peru, 3 in B2B, 5
in Consumer Goods International and 1 in Aquaculture). To mention the
most important in Consumer Goods Peru: i) in the Laundry Care platform
we launched the new and specialized "Opal Sports" detergent, ii) in
the Cereals category we launched the "Angel" granola bars for the
value segment, and iii) in the Sauces category we launched the new
"Alacena" tartar sauce, aiming to increase this category consumption
frequency. In the Consumer Goods International division, we revamped
two categories in Argentina: i) Hair Care with a new image for the
"Plusbelle" brand and ii) Deodorants, also under the "Plusbelle"
brand. In B2B, we launched a dough improver was launched under the
"Nicolini" brand, aiming to diversify the brand portfolio. Finally, in
the Aquaculture business, we launched "Nicovita Qualis" a diet to
prevent diseases within farmed shrimps.
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Gross Profit reached S/ 516.3 million (+7.2% YoY) while Gross Margin
decreased by 2.6 p.p. YoY to 24.3%. Excluding Fino, Gross Profit
amounted to S/ 495.4 million (+2.9% YoY), while Gross Margin decreased
by 0.7 p.p. to 26.2%. The profitability decrease, excluding Fino, was
mainly explained by: i) higher raw material prices in the Aquaculture
business, coupled with a revenue mix towards economic shrimp diets in
Ecuador, and ii) revenue mix towards value products in the Consumer
Goods Peru Business. Efficiencies in procurement management and
manufacturing partially offset the aforementioned factors.
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EBITDA amounted to S/ 259.3 million (+6.4% YoY), and EBITDA Margin
reached 12.2%, a decrease of 1.4 p.p. compared to Q2 17'. Excluding
Fino, EBITDA amounted to S/ 252.1 million (+3.4% YoY), while EBITDA
Margin reached 13.3%, a 0.3 p.p. decrease.
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Consequently, Net Income totaled S/125.3 million during Q2 18', (-3.4%
YoY), while Net Margin reached 5.9%, (-1.4 p.p. YoY). Excluding Fino,
Net Income amounted to S/ 127.9 million (-1.3% YoY), while Net Margin
reached 6.8% (-0.5 p.p.). Earnings per Share (EPS) decreased from S/
0.150 in Q2 17' to S/ 0.147 in Q2 18' (-2.0% YoY).
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Cash flow from Operations as of June 2018 was S/ 273.5 million, S/
322.6 million lower than the figure generated as of June 2017, mainly
explained by the effect of the supply chain finance program
implemented in 2016. Cash Flow used in Investing Operations was S/
-822.0 million, compared to S/ -16.6 million registered as of June
2017 explained by the acquisition of Industrias de Aceite which
amounted to S/ 757.9 million, while CAPEX investments as of June 2018
were S/ 85.5 million.
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As of June 2018, Net Debt increased by S/ 1,183.2 million compared to
December 2017, reaching S/ 2,082.0 million. The increase was mainly
due i) the debt undertaken for Fino's acquisition (US$ 285 million)
and ii) the additional debt from the acquired company. Total Debt was
S/ 3,041.0 million as of June 2018, (S/ 1,098.8 million higher
compared to December 2017). Net Debt-to-EBITDA ratio increased from
1.00x as of December 2017 to 2.03x as of June 20181.
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1Excluding Fino, Net debt was S/ 865.4 million, a
decrease of S/ 33.4 million while Net Debt-to-EBITDA ratio was 0.92x
as of June 2018.
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ABOUT ALICORP
Alicorp is a leading Consumer Goods company headquartered in Peru, with
operations in other Latin American countries, such as Argentina, Brazil,
Chile, Ecuador, and exports to other countries. The Company focuses on
three core businesses: (1) Consumer Products (food, personal and home
care products), in Peru, Brazil, Argentina, Ecuador, Colombia and Chile,
among other countries, (2) B2B Products (industrial flour, industrial
lard, pre-mix and food service products), and (3) Aquaculture (fish and
shrimp feeding). Alicorp has over 7,600 employees in its operations in
Peru and international subsidiaries. The Company´s common and investment
shares are listed on the Lima Stock Exchange under the ticker symbols
ALICORC1 and ALICORI1, respectively.
View source version on businesswire.com: https://www.businesswire.com/news/home/20180731006006/en/
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