Vina Concha y Toro S.A. · BCS:CONCHATORO
Vina Concha y Toro — Deutsche Bank Conference 2013
63 slides from Vina Concha y Toro's conference presentation, May 2013
Slide 1: Investor Presentation Deutsche Bank Conference May 2013
Investor Presentation Deutsche Bank Conference May 2013 1 1/ 1
Slide 2: Wine Industry: Surface Area
23% Wine Industry: Surface Area • World Vineyards Surface Area Wine Fresh Grape Raisin 2000 2011 61% 69% 8% 7% 23% 32% million hectares 2000 2011 CAGR Wine 5.38 4.59 -1.4% Fresh Grape 1.84 2.45 2.6% Raisin 0.62 0.55 -1.2% Total 7.85 7.59 -0.3% Source: OIV, Concha y Toro Estimates 2 2/ 2
Slide 3: Wine Industry: Global decrease in wine vineyards
Wine Industry: Global decrease in wine vineyards hectares from 2000 to 2011 • CAGR 2000-2011: -1.4% • World : -1.4% • France, Spain, Italy: -2.7% • New*world: -0.3% World Wine Vineyards • Chile : 1.3% 5.40 • Argentina: -0.4% 5.40 • USA: -1.3% 5.20 • Australia: 0.8% 5.20 • South Africa: -0.6% 5.00 5.
Slide 4: Wine Industry: Top wine producers
Wine Industry: Top 10 wine producers • Global Production Decreasing 0.5% per year 7000 CAGR: -1.3% CAGR: 6000 -1.9% CAGR: 5000 -2.0% million liters 4000 CAGR: 2000 -1.2% 2005 3000 CAGR: CAGR: +1.9% CAGR: +2.9% CAGR: 2011 CAGR: CAGR: 2000 +2.0% +4.2% +3.0% -0.2% 1000 0 France Italy Spain USA Argentin
Slide 5: Wine Industry: Top wine consumers
Wine Industry: Top 10 wine consumers • Global Consumption Increasing 0.7% per year • Potential markets: Asia, Latin America and the US 4,000 CAGR: -1.3% 3,500 CAGR: CAGR: -2.6% +2.7% 3,000 CAGR: 2,500 million liters -0.1% CAGR: CAGR: +4.3% 2000 2,000 -2.9% CAGR: +2.6% CAGR: CAGR: 2005 +8.6% -2.2% 1,
Slide 6: Wine Industry: Top wine exporters
Wine Industry: Top 10 wine exporters • Significant increase in exports of main producers. 3000 CAGR: 4.7% CAGR: (includes bulk wine) 9.0% 2500 2000 CAGR: million liters -0.6% 2000 1500 CAGR: 7.7% 2005 CAGR: CAGR: 1000 2011 +8.7% CAGR: +5.0% CAGR: +3.9% CAGR: CAGR: +8.8% +3.9% +12.6% 500 0 Italy Spai
Slide 7: Wine Industry: Top wine exporters
Wine Industry: Top wine exporters • Significant increase in exports over total production. (includes bulk wine) Exports/Total Production 80.0% 70.0% 60.0% 50.0% 40.0% % 30.0% 20.0% 10.0% 0.0% France Italy Spain USA Argentina Australia Chile South Africa Germany 2000 26.1% 28.4% 20.7% 12.9% 6.7% 38.6
Slide 8: Wine Industry: Global situation
Wine Industry: Global situation • World Wine Consumption Increasing 0.7% per year from 2000 to 2011. • World Wine Production Decreasing 0.5% per year from 2000 to 2011. 30,000 29,000 28,000 27,000 million liters 26,000 25,000 World Wine Consumption 24,000 World Wine Production 23,000 22,000 21,000 2
Slide 9: Concha y Toro: Consolidated Sales
Concha y Toro: Consolidated Sales Sales Breakdown Million Ch$ Average Annual 2012 Chile Growth: 10.6% Domestic – wine Chile 13.7% Domestic– 450,545 Chile Exports new business 422,735 60.9% 374,019 6.3% 354,419 314,756 304,067 Argentina 246,640 5.4% Fetzer 11.9% Others 1.9% 2006 (*) 2007 (*) 2008 (*)
Slide 10: Performance
Concha y Toro Performance Income Statement 2006 (*) 2012 CAGR Sales (Ch$ million) $ 246,640 $ 450,545 10.6% Exports ** (Ch$ million) $ 157,620 $ 294,362 11.0% Exports ** (US$ million) $ 295 $ 606 12.8% % Exports 63.9% 65.3% Export volume ** ('000 cases) 12,924 20,549 8.0% Operating Result (Ch$ milli
Slide 11: Business Model: Key Factors & Growth Drivers
Concha y Toro Business Model: Key Factors & Growth Drivers Exclusive focus on wine Strong Distribution Strong Portfolio Network: Global of Wines across Reach / Leading all market Position in Key segments Markets Strong Brand Market Recognition Diversification Quality Assurance Investment that and Co
Slide 12: Business Model: Key Factors & Growth Drivers
Concha y Toro Business Model: Key Factors & Growth Drivers Exclusive focus on wine Strong Distribution Strong Portfolio Network: Global of Wines across Reach / Leading all market Position in Key segments Markets Strong Brand Market Recognition Diversification Quality Assurance Investment that and Co
Slide 13: Export Sales (Bottled Wine)
Concha y Toro Export Sales (Bottled Wine) Million Ch$ Thousand US$ Average Annual Average Annual Growth: 11.0% Growth: 12.8% 277,068 294,362 266,566 279,371 606,109 246,683 576,559 543,942 218,592 483,405 453,287 157,620 403,531 294,666 2006 (*) 2007 (*) 2008 (*) 2009 2010 2011 2012 2006 2007 2008 2
Slide 14: Export Sales - Total Bottled Volume
Concha y Toro Export Sales - Total Bottled Volume (Volume Cases ´000) Average Annual Growth: 8.0% 20,514 20,046 20,549 18,955 17,642 16,279 12,924 2006 2007 2008 2009 2010 2011 2012 It considers exports from Chile and Argentina, and the sales of our distribution subsidiaries (UK, Nordics, Brazil, Si
Slide 15: Export Sales: Average Price
Concha y Toro Export Sales (Average Price US$/9lt Case) Average Annual Growth: 4.4% 29.50 28.76 26.90 25.69 25.50 24.79 22.80 2006 2007 2008 2009 2010 2011 2012 15 15/ 15
Slide 16: Export Sales – Premium Wines
Concha y Toro Export Sales – Premium Wines (Volume Cases ´000) Average Annual Growth: 11.0% 4,545 4,155 4,022 3,692 3,620 3,542 2,433 2006 2007 2008 2009 2010 2011 2012 16 16/ 16
Slide 17: Total Chilean exports by category
Total Chilean exports by category Jan - Dec 2010 % Change 2010/2009 Liters US$ Av. Price Liters US$ Av. Price ('000) ('000) US$/Ltr Bottled 458,498 $ 1,350,216 $ 2.94 10.7% 11.8% 1.1% Bulk 274,754 $ 201,799 $ 0.73 -1.6% 15.9% 17.8% Total 733,252 $ 1,552,015 $ 2.12 5.7% 12.4% 6.3% Jan -Dec 2011 % Cha
Slide 18: Total Chilean exports by category
Total Chilean exports by category Jan - Dic 2012 % Change 2012/2011 Liters US$ Av. Price Liters US$ Av. Price ('000) ('000) US$/Ltr Bottled 473,391 $ 1,498,518 $ 3.17 0.2% 0.4% 0.2% Bulk 275,634 $ 291,964 $ 1.06 43.8% 47.2% 2.4% Total 749,026 $ 1,790,481 $ 2.39 12.8% 5.9% -6.1% Source: Vinos de Chil
Slide 19: Export – New World Producers
Export – New World Producers (Bottled wine exports by volume – million liters) % Change % Change % Change 2007 2008 2009 2010 2011 2012 2010/09 2011/10 2012/11 Australia 579 513 471 416 353 331 -11.8% -15.1% -6.2% Chile 375 386 414 458 472 473 10.7% 3.0% 0.2% USA 235 240 205 190 218 221 -7.1% 14.3%
Slide 20: Business Model: Key Factors & Growth Drivers
Concha y Toro Business Model: Key Factors & Growth Drivers Exclusive focus on wine Strong Distribution Strong Portfolio Network: Global of Wines across Reach / Leading all market segments Position in Key Markets Strong Brand Market Recognition Diversification Quality Assurance Investment that and Co
Slide 21: Operating plants, distribution subsidiaries, countries reached
Canada USA Excelsior China South Africa • Operating plants in 3 countries • 13 Distribution Subsidiaries • 137 countries reached • 329 independent distributors 21 21/ 21
Slide 22: Strong Distribution Network: Direct Distribution
Strong Distribution Network: Direct Distribution • Concha y Toro UK (Since 2001) UK • 5.5 million cases to Dec 2012 • Concha y Toro Nordics (Sweden, Finland & Norway – Since 2009) Nordics • 1.0 million cases to Dec 2012 • VCT Brasil (Since 2008) Brazil • 643 thousand cases to Dec 2012 • VCT Asia (Si
Slide 23: Leading market share over Chilean Exports
Leading market share over Chilean Exports Exports of bottled wine* Volume Value 2004 29.2% 25.8% 2005 32.2% 27.2% 2006 33.4% 28.3% 2007 34.9% 30.2% 2008 37.0% 31.4% 2009 38.3% 32.3% 2010 36.6% 31.5% 2011 33.7% 29.7% 2012 35.4% 31.3% Source: Vinos de Chile (*) Includes bottled & Bag in Box 23 23/ 23
Slide 24: The Chilean Bottled Industry – Leading Position
The Chilean Bottled Industry – Concha y Toro Leading Position Year 2012 Share over chilean % Part of CyT in total Rank Growth Rank Country bottled export Chilean bottled Exports Rank 2012 2012/2011 2011 (volume) (volume) st st 1 1 st United Kingdom 18.1% -6.6% 52.0% 1 nd st 2 2 nd USA 13.8% -7.2% 38
Slide 25: Distribution Subsidiaries: Driving the growth
Distribution Subsidiaries: Driving the growth Volume 2009 Volume 2010 Volume 2011 Volume 2012 Total Volume Holding 28,108 29,203 29,658 30,196 Total Volume through our 15,630 15,883 17,332 20,085 Distribution Subsidairies % of Total Vol ume 55.6% 54.4% 58.4% 66.5% Domestic Chile 8,248 7,826 7,235 6,
Slide 26: Export growth by Region – by Volume
Concha y Toro export growth by Region – by Volume Mix of Export Sales % Change Volume Region 2010 2011 2012 2010 2011 2012 U.K. 27.2% 25.3% 26.8% 6.3% -9.1% 8.5% Continental Europe 19.4% 18.5% 18.2% 3.7% -7.0% 1.0% Nordics (SWE, FIN, NOR) (1) 4.9% 4.8% 4.9% 15.4% -5.2% 6.0% U.S.A. 16.2% 16.3% 15.0%
Slide 27: UK Market – Consumption Volume Off Trade by Origin
UK Market – Consumption Volume (000 liters) Off Trade by Origin 200,000.0 180,000.0 160,000.0 140,000.0 120,000.0 100,000.0 80,000.0 60,000.0 40,000.0 20,000.0 0.0 -20,000.0 NEW UNITED AUSTRA SOUTH GERMA ARGENT PORTUG HUNGA BULGAR ROMANI ITALY USA FRANCE SPAIN CHILE ZEALAN KINGDO LIA AFRICA NY INA A
Slide 28: US Market – Consumption
US Market – Consumption • Despite the economic dowturn, in the US, the wine market has continued increasing in volume. • 2.4% growth in Volume up to December 2012. • Imports: Bottled decreased 4.5%. (million 9 liter cases) % Change % Change Ac Dec % Change 2008 2009 2010 2011 2010/2009 2011/2010 201
Slide 29: US Market – Imported Bottled Wines by Country
US Market – Imported Bottled Wines by Country Volume Value 30,000 +11.1% 1,500,000 +15.3% 25,000 Ac Dic 10 Ac Dic 10 1,200,000 Thousand 9 ltr Cases Ac Dic 11 Ac Dic 11 20,000 900,000 Thousand US$ -9.7% +23.6% -11.1% 15,000 600,000 +8.4% -5.0% +1.8% +6.6% +6.3% 10,000 -0.3% 300,000 +3.0% -1.5% +4.9%
Slide 30: Domestic Market Share
Domestic Market Share (by volume) 2005 2006 2007 2008 2009 2010 2011 2012 Concha y Toro 27.1 28.6 30.0 29.7 31.5 30.7 30.4 29.6 Santa Rita 24.4 25.5 27.9 28.7 28.9 29.4 29.1 28.0 San Pedro - Tarapacá 21.7 21.9 21.8 23.0 22.5 24.4 24.6 26.7 Santa Carolina 3.2 3.1 2.3 2.0 1.8 1.8 1.7 1.5 Others 23.6 2
Slide 31: Domestic market Chile – Volume & Value
Domestic market Chile – Volume & Value Thousand Liters Million Ch$ Average Annual Average Annual Growth: 3.4% Growth: -0.4% Annual 77,291 74,235 71,742 70,435 Decrease: 5.7% 59,100 61,998 61,573 53,221 53,705 63,261 65,119 50,467 50,184 Annual Growth: 0.3% 61,934 2006 2007 2008 2009 2010 2011 2012 2
Slide 32: Domestic market Chile – Premium Wine growth
Domestic market Chile – Premium Wine growth Million Ch$ % Premium/Total % Premium/Total Year Volume Value 2006 3.1% 13.0% 2007 2.7% 13.2% Average Annual 2008 3.1% 15.2% Growth: 13.7% 2009 3.5% 16.3% 2010 4.1% 17.5% 14,125 2011 5.2% 20.2% 12,508 2012 6.2% 22.9% 10,346 8,743 7,638 7,004 6,543 2006 200
Slide 33: Concha y Toro portfolio
Concha y Toro portfolio Category Bi Varietal & Varietal Premium Super Premium Ultra Premium Icon RRP USA US$ 4.99 US$ 6.99 US$ 7.99 US$ 9.99 US$ 13 US$ 16 US$ 20 US$ 30 US$ 45 US$ 95 US$ 120 US$ 135 RRP UK £ 4.99 £ 5.99 £ 6.99 £ 7.99 £ 9.99 £ 11.99 £ 12.99 £ 15.99 £ 18.99 £ 45 £ 65 £ 65 % sales 77%
Slide 34: Business Model: Key Factors & Growth Drivers
Concha y Toro Business Model: Key Factors & Growth Drivers Exclusive focus on wine Strong Portfolio Strong Distribution of Wines across Network: Global Reach / Leading all market Position in Key segments Markets Strong Brand Market Recognition Diversification Quality Assurance Investment that and Co
Slide 35: Cono Sur portfolio
Cono Sur portfolio £12.99 £30 | | Sug. retail £999) price 35
Slide 36: Trivento – portfolio
Trivento – portfolio Sug. Retail price USA USD 10 USD 15 USD 20 USD 79 Bi-varietal Tribu Reserve Amado Sur Golden Reserve Eolo Category Bi-varietal Varietal Premium Super Ultra Icon Premium Premium Price per case FOB USD18.5 USD 24 USD 34 USD 50 USD 75 USD 300 36 36/ 36
Slide 37: Business Model: Key Factors & Growth Drivers
Concha y Toro Business Model: Key Factors & Growth Drivers Exclusive focus on wine Strong Distribution Strong Portfolio Network: Global of Wines across Reach / Leading all market Position in Key segments Markets Strong Brand Market Recognition Diversification Quality Assurance Investment that and Co
Slide 38: Most admired wine brand in the world
Most admired wine brand in the world. (“World's Most Admired Wine Brands ”, Drinks International, 2013, 2012 and 2011) Ranking Brand Country 1 CONCHA Y TORO CHILE 2 Torres Spain 3 Penfolds Australia 4 Michel Chapoutier France 5 Cloudy Bay New Zealand 6 Ridge United States 7 Brancott State New Zealan
Slide 39: Business Model: Key Factors & Growth Drivers
Concha y Toro Business Model: Key Factors & Growth Drivers Exclusive focus on wine Strong Distribution Strong Portfolio Network: Global of Wines across Reach / Leading all market Position in Key segments Markets Strong Brand Market Recognition Diversification Quality Assurance and Consistency: Inves
Slide 40: Sustained Investment over time
Sustained Investment over time • US$ 673.6 million between 2005 – 2012 - Vineyard expansion Chile - Increasing cellar and vinification capacity - Improvements in bottling capacity and efficiency - 2011: Record year of investment for Viña Concha y Toro Investment US$ Million (*) 2012 Capital Investme
Slide 41: Costs: Significant shift in chilean bulk wine price curve
Costs: Significant shift in chilean bulk wine price curve Average Bulk Wine price ( Ch$/Liter) $ 600 $ 500 $ 400 Trend Price Ch $ / Liter Bulk Cabernet $ 300 Industry $ 200 $ 100 $0 Oct-07 Oct-08 Oct-09 Oct-10 Oct-11 Oct-12 Jan-07 Jul-07 Jan-08 Jul-08 Jan-09 Jul-09 Jan-10 Jul-10 Jan-11 Jul-11 Jan-12
Slide 42: Chilean Bulk Wine Exports
Chilean Bulk Wine Exports 60,000 1.20 Bulk Exports Monthly 50,000 1.00 Thousand Liters 40,000 0.80 US$/Liter 30,000 0.60 20,000 0.40 10,000 0.20 -;-* #.##0,0_-;_-* "-"??_-;_-@_- 0 0.00 LITERS (thousands) AVERAGE PRICE (US$/Lt) 350,000 1.20 Bulk Exports Moving Annual Total 300,000 1.00 Thousand Liter
Slide 43: Capacity Increase – Support Growth
Capacity Increase – Support Growth 12,000 Planted Hectares • Planted area growth of 10,000 USA 142% in the last 9 years 8,000 Argentina (CAGR = 10.3%) 6,000 Chile 4,000 2,000 - 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Wine Storage & Ageing Capacity (million liters) • 118% increase in Wine 5
Slide 44: Vineyard: Geographical Diversification
Concha y Toro vineyard: Geographical Diversification CHILE (Hectares) Vineyards Hectares to Total Planted 2012 be planted Hectares Valley - Chile Limarí 1,106 177 1,283 Casablanca 410 16 426 Aconcagua 100 - 100 Leyda 130 - 130 Maipo 954 27 981 Cachapoal 1,359 287 1,646 Colchagua 2,075 215 2,290 Curi
Slide 45: The Chilean Wine Industry: An overview
The Chilean Wine Industry: An overview Total Hectares 2012: 125,000 Total bottled wine exports 2012: 473,391 thousand liters Concha y Toro: 35.4% Mkt Share Volume Exported bottled wine 2012 29.6% Mkt Share Vol Domestic Market (Dec 2012) 9,133 Hectares Planted (2012) 360.9 Storage capacity (million l
Slide 46: Main wineries per volume
Main wineries per volume Concha y Toro is the 6th worldwide in volume. • The top ten players reached 12.5% of total volume sold in 2011. Volume Market Ranking Company Share 2011 1° E & J Gallo Winery Inc 2.5% 2° The Wine Group 1.6% 3° Constellation Brands Inc 1.6% 4° Accolade Wines 1.1% 5° Treasury
Slide 47: Area planted – largest wineries
Area planted – largest wineries (hectares planted) TWE (AUS/USA/NZ/IT) 11,000 Concha y Toro (CHI/ARG/USA) 10,750 E&J Gallo (USA) 8,100 Pernod Ricard (FR/AUS/ARG) 8,000 Constellation (USA/AUS/NZ/CAD) 7,729 Grupo Peñaflor (ARG) 5,215 0 2,000 4,000 6,000 8,000 10,000 12,000 Source: Companies Fact Sheet
Slide 48: Summary
Summary • We have the brands. • We have the portfolio. • We have the distribution. • We have the land. • We have the investments. • We have the experience. We are ready to continue growing… 48 48/ 48
Slide 49: Investor Presentation Deutsche Bank Conference
Investor Presentation Deutsche Bank Conference May 2013 49 49/ 49
Slide 50: Exhibits
Exhibits 50 50/ 50
Slide 51: Exchange Rate main producers
Exchange Rate main producers From 12/31/2009 to 03/31/2013 Against USD 130 120 110 South African Rand 100 Chilean Peso 90 Australian Dollar 80 Mar-10 Mar-11 Mar-12 Jul-10 Jul-11 Jul-12 Feb-10 Sep-10 Feb-11 Sep-11 Feb-12 Sep-12 Feb-13 Oct-10 Oct-11 Oct-12 Nov-10 Nov-11 Nov-12 Jun-10 Jun-11 Jun-12 Aug
Slide 52: Sales: Exchange Rate Sensitivity
Sales: Exchange Rate Sensitivity As a % of Total Sales: Currency Mix 2011 2012 CLP 22.6% 21.2% USD 36.5% 37.4% GBP 16.3% 16.9% EUR 10.3% 9.7% CAD 3.5% 3.2% ARG 1.9% 1.7% SEK 2.6% 2.6% NOK 0.9% 0.9% BRL 5.5% 5.0% MXN 1.3% 52 52/ 52
Slide 53: Financial Debt
Financial Debt Financial Debt* as of: Dic-11 Dic-12 Ch$ MM Av. Interest rate Ch$ MM Av. Interest rate USD 143,987 2.97% 148,654 2.96% EUR 3,836 2.28% 2,049 1.32% GBP 3,815 2.21% 2,715 2.36% CLP 9,846 5.94% 20,853 5.98% UF 49,178 3.92% 81,958 3.74% ARS 6,862 12.57% 7,331 14.58% BRL 1,391 10.98% 3,643
Slide 54: Income Statement (million Ch$)
Income Statement (million Ch$) 4Q2012 4Q2011 Change 2012 2011 Change Operating Results It considers the Sales revenues 134,814 125,837 7.1% 450,545 422,735 6.6% payment of Cost of sales (91,048) (83,955) 8.4% (302,963) (280,157) 8.1% Ch$19,555 million % of sales -67.5% -66.7% -67.2% -66.3% of the Ea
Slide 55: Shareholder structure (December 2012)
Shareholder structure (December 2012) Other Other Large ADR's 8.0% Shareholders 2.6% 20.7% Control Group 40.1% Brokerage H, Mutual F & Insurance 18.1% Chilean AFP's 10.4% 55 55/ 55
Slide 56: Company Stock
Company Stock • US$ 1.5 million of Average Daily Value Traded 3M (85% Local, 15% ADR) $ 3.00 $ 2.50 $ 2.00 Local Price in US$ $ 1.50 $ 1.00 $ 0.50 $- Jan-03 Jan-04 Jan-05 Jan-06 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 56 56/ 56
Slide 57: Preliminary Bottled Sales for 1Q13
Preliminary Bottled Sales for 1Q13 57 57/ 57
Slide 58: Total Argentinean exports by category
Total Argentinean exports by category Jan - Dec 2010 % Change 2010/2009 Liters US$ Av. Price Liters US$ Av. Price ('000) ('000) US$/Ltr Bottled 230,659 $ 699,088 $ 3.03 3.9% 17.0% 12.6% Bulk 44,580 $ 37,335 $ 0.84 -35.5% 2.9% 59.4% Concentrated Must 69,137 $ 128,087 $ 1.85 -14.7% -5.6% 10.6% Total 3
Slide 59: Total Argentinean exports by category
Total Argentinean exports by category Jan - Dec 2012 % Change 2012/2011 Liters US$ Av. Price Liters US$ Av. Price ('000) ('000) US$/Ltr Bottled 206,779 $ 783,809 $ 3.79 -4.3% 2.8% 7.4% Bulk 157,297 $ 134,060 $ 0.85 54.6% 58.0% 2.2% Concentrated Must 108,753 $ 238,255 $ 2.19 -1.4% 13.8% 15.4% Total 4
Slide 60: Trivento Export Sales: Argentina – Volume & Value
Trivento Export Sales : Argentina – Volume &Value Thousand Liters Thousand US$ Average Annual Average Annual Decrease: 2.8% Growth: 5.6% 13,307 13,700 Annual Decrease: 32,976 12,254 12,244 12.6% 30,056 11,271 28,425 28,432 29,190 10,274 9,500 24,296 Annual Decrease: 20,996 5.6% 2006 2007 2008 2009 2
Slide 61: Trivento Export Sales - Argentina
Trivento Export Sales - Argentina (Average Price US$/Case) Average Annual Growth: 8.7% 27.65 26.33 21.66 20.90 19.23 17.84 16.77 2006 2007 2008 2009 2010 2011 2012 61 61/ 61
Slide 62: Trivento Domestic Sales: Argentina – Volume & Value
Trivento Domestic Sales : Argentina – Volume &Value Thousand Liters Thousand AR$ Average Annual Average Annual Decrease: 3.1% Growth: 11.6% 66,898 63,794 64,414 Annual Decrease: 60,008 8,492 8,313 7,780 7,768 10.5% 51,798 6,409 6,107 42,316 5,311 33,426 Annual Growth: 4.9% 2006 2007 2008 2009 2010 2
Slide 63: Trivento Domestic Sales - Argentina
Trivento Domestic Sales - Argentina (Average Price AR$/Case) Average Annual Growth: 15.1% 109.15 94.02 77.51 64.97 54.89 48.95 46.94 2006 2007 2008 2009 2010 2011 2012 63 63/ 63