Alicorp Saa · BVL:ALICORC1
Alicorp Saa — Investor Presentation (March 2020)
78 slides from Alicorp Saa's investor presentation, March 2020
Slide 1: Corporate Presentation March 2020
Corporate Presentation March 2020 0
Slide 2: estimates and do not constitute any declaration of historical facts. Words such as “anticipates”,
This presentation may contain financial or business projections regarding recent acquisitions, their financial or business impact, management expectations and objectives regarding such acquisitions and current management expectations on the operating and financial performance of The Company, based o
Slide 3: Topics
Topics Key Investment Highlights [1] Alicorp at the Glance [2] Corporate Strategy [3] IMO Status [4] Guidance FY 2020 [5] Q4 19’ and FY 2019 Performance Summary [6] Financial Management Strategy [7] Appendix [8] 2
Slide 4: Key Investment Highlights
1 Key Investment Highlights Leading Regional Player with a Successful Business Model 1 Diversified Across Product Categories and Countries 2 Portfolio of Top-of-Mind & Leading Brands with a Proven Track Record of Successful New Product Offerings 3 Unique Manufacturing and Distribution Platform to Se
Slide 5: Key Investment Highlights: Leading brands portfolio
1 Key Investment Highlights • Unmatched portfolio of highly successful leading brands across different sectors and countries – Brands with leading position and market share in market and customer segmentation allows an efficient pricing process Consumer Goods B2B Aquafeed Crushing Categories Brands
Slide 6: Key Investment Highlights: New product launches
1 Key Investment Highlights • Successful new product launch strategy with 376 launches since 2011 – Over 100 leading brands across 16 different categories such as flour, sauces, pasta, oil, laundry Portfolio of detergent, laundry soap, cookies, among others Top-of-Mind Edible Oils Pasta Flour Laundr
Slide 7: Key Investment Highlights: M&A growth
1 Key Investment Highlights Successful strategic acquisitions have permitted continuous penetration of key markets and segments across South America Recent acquisition in Peru and Bolivia: – Intradevco, a leading Home & Personal Care player in Peru Integration Inorganic Growth through – Fino & S
Slide 8: Key Investment Highlights: Attractive long-term markets
1 Key Investment Highlights Exposure to Highly Attractive Long-term Markets LATAM 2019 & 2020E KEY INSIGHTS GDP GROWTH 2020 growth estimates above 2019 performance across all markets, driven by COUNTRY Δ2 INFLATION RATES3 FX EVOLUTION4 RATES1 a recovery of domestic demand and improving sentiment. •
Slide 9: Key Investment Highlights: Management and shareholders
1 Key Investment Highlights Highly Experienced Management with a “One Alicorp” Mindset, Supported by a leading & Innovative Shareholder Group in Peru Ownership structure Support from a regional conglomerate champion such as Grupo Romero Others New governance model under the “One Alicorp” mindset
Slide 10: Topics
Topics Key Investment Highlights [1] Alicorp at the Glance [2] Corporate Strategy [3] IMO Status [4] Guidance FY 2020 [5] Q4 19’ and FY 2019 Performance Summary [6] Financial Management Strategy [7] Appendix [8] 9
Slide 11: Leading consumer branded products company in Peru and South America
Alicorp is a leading consumer branded products company in 2 Peru and South America… Alicorp S.A.A. (BVL: ALICORC1) is the leading company of consumer goods in Peru and one of the biggest in Latin America ALICORP IN THE REGION DIVISION BY BUSINESS 37 +30 51% Edible Oils +9,000 CONSUMER OF TOT
Slide 12: Well-defined strategy providing sustainable growth
…with a well-defined strategy that provides sustainable growth 2 rates… STRATEGIC PILLARS LEVERAGED IN COMPETITIVE ADVANTAGES SOLID FINANCIAL PERFORMANCE (Million of soles) CONSUMER GOODS - PERU PRODUCT GO-TO-MARKET STRATEGY DEVELOPMENT Revenues EBITDA EBITDA Margin +110k POS 815 POS 376 NEW LAUNCHE
Slide 13: Organic and inorganic growth
2 …both organic and inorganic Growth focused on core and next-to-core platforms 1 Successful new product launch strategy, with 376 launches since 2011 (# of products) Selected products launched in Q4 ‘19 78 Consumer Goods Peru Consumer Goods 72 International 43 43 42 33 25 28 12 1 2011 2012 2013 201
Slide 14: Actively managing brand segmentation across LatAm
2 Actively managing brand segmentation across LatAm… Market and customer segmentation allows a more efficient pricing process and pass-through of commodities price increases Segmentation1 Edible oils Pasta Flour Laundry Care2 Cookies & crackers Premium Mainstream Value 1 Countries where Alicorp has
Slide 15: Leveraging our distribution model
2 …while leveraging our distribution model Consumer Goods Peru: Go-to-Market model1 Strong Presence of Alicorp’s products in Peruvian households1,4 (% household presence) Alicorp Competitor 42% Average Exclusive 87 Laundry Sales ticket 86 distributors Mayonnaise Soap TRADITIONAL CHANNEL S/ 150 1 0 A
Slide 16: Undisputed leader in core markets
2 Alicorp is the undisputed leader in its core markets Ranked #1 for main categories Business Category Brands Rank % of sales1 Competitors Laundry Detergents #1 7.4% Edible Oils #1 5.4% CONSUMER GOODS (PERU)2 Pasta #1 4.1% Cookies & Crackers #1 2.9% Industrial Baking Flour #1 6.0% B2B2 Industrial Oi
Slide 17: Topics
Topics Key Investment Highlights [1] Alicorp at the Glance [2] Corporate Strategy [3] IMO Status [4] Guidance FY 2020 [5] Q4 19’ and FY 2019 Performance Summary [6] Financial Management Strategy [7] Appendix [8] 16
Slide 18: Hard-to-replicate set of competitive advantages
Alicorp has a hard-to-replicate set of competitive advantages 3 that drives our growth Go-to-Market strategy: Brand Development and Management: Industrial Capacity: Strong distribution network composed of Extensive experience in market Extensive technical capacity and deep I more than 110K1 POS and
Slide 19: Strategic initiatives since 2016
Since Alicorp’s strategy relaunched in 2016, we have 3 implemented multiple strategic initiatives to grow and create value… 2016 2017 2018 Corporate Strategy Smart growth Andean Player ▪ Launching of the 17’-19’ ▪ Core categories consolidation ▪ Inorganic growth in Bolivia corporate strategy with th
Slide 20: Achieved growth objectives and exceeded profitability goals
…which allowed us to achieve our growth objectives and 3 exceed our profitability goals… ALICORP’S CURRENT STRATEGY PILLARS OBJECTIVES METRICS1 WHAT WE DID Revenue growth ▪ Growth in the Andean Region and Aquafeed ▪ Focus on Andean Region, leveraging 7.3% our competitive advantages 4.6% 6.2% ▪ Succe
Slide 21: TSR above 15% aligned with shareholder value creation
… and deliver a TSR above 15% aligned with our 3 shareholder value creation mindset Historic TSR in PEN1 (%) CAGR: + 23% 27.1% 19.4% 20.0% 2016 2017 2018 Historic TSR in USD1 (%) CAGR: + 24% 31.2% 17.1% 10.1% 2016 2017 2018 1Excluding Fino and SAO 20
Slide 22: Strategic pillars and enablers
In order to secure our leadership, we adjusted our strategy to 3 embrace enablers that allow us to i) achieve our long-term objectives and ii) face the changing business dynamics OBJECTIVES STRATEGIES ENABLERS Focus on opportunities ▪ Maximize the value of our core within the Andean Region categorie
Slide 23: 5-year strategy and 15% annual return commitment
Our 5-year strategy responds to our commitment to our 3 shareholders to deliver a minimum of 15% annual return OBJECTIVES STRATEGY ▪ Centralize our growth in the Andean Region leveraged on our competitive ▪ Maximize value in our consolidated categories, maintaining growth and maximizing profitabilit
Slide 24: Strategic initiatives for 2020
3 For 2020 we have an array of strategic initiatives Description ▪ Continue with the integration of Fino & SAO ▪ Continue with the integration of Intradevco M&A ▪ Focus on the Andean Region ▪ Centralization of efforts and know-how of integration in the IMO team Growth Innovation ▪ Training of multif
Slide 25: Gap between market and fundamental value of the firm
There is a gap between the Market and the Fundamental 3 Value of the Firm Alicorp’s Market Value 1 Growth Alicorp’s Alicorp’s post Fundamental Optimal 2 5 Value Capital Structure Efficiency Value People Increase our margins leveraging through our Creation: Capital Optimization Competitive Advantages
Slide 26: Topics
Topics Key Investment Highlights [1] Alicorp at the Glance [2] Corporate Strategy [3] IMO Status [4] Guidance FY 2020 [5] Q4 19’ and FY 2019 Performance Summary [6] Financial Management Strategy [7] Appendix [8] 25
Slide 27: IMO: Update on Intradevco integration
4 IMO: Update on Intradevco’s1 integration Intradevco’s synergies and value creation initiatives progressed better than planned in our DD in 2019. Accelerated commercial and DTV initiatives and better execution of the business-as-usual, in CGP and CGI, are resulting in an incremental run-rate EBITDA
Slide 28: IMO: Integration of Fino and Sao acquisitions
4 IMO: Integration of Fino and Sao acquisitions Integration activities are on schedule and value creation potential is above acquisition case and previous review, with RR EBITDA on the high-end of the USD 17.0 to USD 20.0 million range. Moreover, business-as-usual is performing above base case estim
Slide 29: Topics
Topics Key Investment Highlights [1] Alicorp at the Glance [2] Corporate Strategy [3] IMO Status [4] Guidance FY 2020 [5] Q4 19’ and FY 2019 Performance Summary [6] Financial Management Strategy [7] Appendix [8] 28
Slide 30: Guidance for FY 2020
5 Guidance for FY 2020 FY 2019 Guidance 2020 REVENUE 19.1% 4% - 6% GROWTH (PEN) (%) 12.9% EBITDA MARGIN (%) 12.5% - 13.5% 13.3% 4.9% NET MARGIN (%) 4.5% - 5.5% 5.3% NET DEBT/ EBITDA1 2.5x 2.5x - 2.6x NET DEBT/ EBITDA1,2 2.4x 2.4x - 2.5x (Ex Crushing Raw Material Inventory) EPS (PEN) 0.6 0.6 - 0.8 CA
Slide 31: Revenue Guidance FY 2020
5 Revenue Guidance FY 2020 FY20191 Guidance 2020 CONSUMER GOODS PERU 20.6% 3% - 5% B2B 3.8% 3% - 5% CONSUMER GOODS 32.4% 4% - 7% INTERNATIONAL 30.6% 4% - 7% 3.9% 6% - 8% AQUAFEED 2.3% 6% - 8% Total Excl. Crushing 14.5% 4% - 6% 81.9% 5% - 10% CRUSHING 80.4% 5% - 10% Consolidated 19.1% 4% - 6% 1 Inclu
Slide 32: EBITDA Margin Guidance FY 2020
5 EBITDA Margin Guidance FY 2020 FY 2019 Guidance 2020 CONSUMER 19.3% 18.0% - 20.0% GOODS PERU B2B 13.1% 10.0% - 12.0% CONSUMER GOODS 5.2% 7.0% - 9.0% INTERNATIONAL 7.2% AQUAFEED 14.6% 12.0% - 14.0% Total Excl. Crushing 14.7% 13.5% - 14.5% CRUSHING 1.8% 0.5% - 1.5% 12.9% Consolidated 12.5% - 13.5% 1
Slide 33: Topics
Topics Key Investment Highlights [1] Alicorp at the Glance [2] Corporate Strategy [3] IMO Status [4] Guidance FY 2020 [5] Q4 19’ and FY 2019 Performance Summary [6] Financial Management Strategy [7] Appendix [8] 32
Slide 34: Q4 revenue increased 15.3% YoY
Solid quarterly results across our businesses despite market slowdown. 6 Revenue increased 15.3% YoY and 5.7% YoY organically Q4 PERFORMANCE SUMMARY – REVENUE GROWTH (YoY %) Total Consolidated Revenue increased 15.3% YoY (+S/ 345 million) in Q4 ‘19, mostly explained by the acquisition of Intradevco
Slide 35: 2019 total revenue increased 19.1% YoY
2019 Total Revenue increased 19.1% YoY and Organic Revenue grew 6 3.3% YoY, outperforming private consumption growth in all our markets FY PERFORMANCE SUMMARY – REVENUE GROWTH REVENUE Total Consolidated Revenue in 2019 amounted to S/ 9,872 million (+19.1% or +S/ 1,583 million YoY), mostly explained
Slide 36: Q4 EBITDA up 48.2% YoY
Strong profitability with EBITDA for the quarter up 48.2% YoY and EBITDA 6 margin expanding 3.1 p.p. Organic EBITDA increased 22.8% YoY Q4 PERFORMANCE SUMMARY – EBITDA GROWTH (YoY %) Consolidated Q4 ‘19 EBITDA increased 48.2% YoY (+S/ 116 million), with margin expanding from 10.7% to 13.8% (+3.1 p.p
Slide 37: FY EBITDA increased 25.0% YoY
Total Consolidated EBITDA increased 25.0% YoY and 6.4% YoY organically, 6 with EBITDA margin growing 0.6 p.p. FY PERFORMANCE SUMMARY – EBITDA GROWTH EBITDA & EBITDA MARGIN Total Consolidated EBITDA in 2019 increased 25.0% YoY (+S/ 255 million), with margin expanding (PEN million) CAGR’16-’19: 16.8%
Slide 38: Q4 19' Performance by Business
Q4 19’ Performance by Business
Slide 39: Consumer Goods Peru: Update on Market Dynamics
6 Consumer Goods Peru: Update on Market Dynamics Peru’s GDP grew less than expected in 2019, due to a deceleration of total investment and household consumption, as well as a decline in consumer confidence, which resulted in lower market growth and a tiering-down effect. Nevertheless, Alicorp contin
Slide 40: Consumer Goods Peru: Q4 and FY Performance
6 Consumer Goods Peru: Q4 and FY Performance HIGHLIGHTS Q4 AND FY 2019 INSIGHTS REVENUE & GROSS MARGIN • Reported Revenue and Volume grew 17.7% YoY and 24.8% YoY, respectively due to the (PEN Million) acquisition of Intradevco. Organically, Revenue and Volume grew 3.9% YoY and 6.7% YoY, respectively
Slide 41: B2B: Update on Market Dynamics
6 B2B: Update on Market Dynamics B2B Performance is highly correlated to Restaurant GDP (%): this sector continues to grow since first quarter reaching 4.9% YTD as of November. Edible Oils’ margins decreased due to higher commodity prices against previous quarters, while wheat prices remain below th
Slide 42: B2B: Q4 and FY Performance
6 B2B: Q4 and FY Performance HIGHLIGHTS Q4 AND FY 2019 INSIGHTS ▪ Revenue increased 4.5% YoY, growing among all B2B platforms: Bakery (+4.9%), Industrial clients (+7.5%) and Food Service (+2.0%). Excluding edible oils segment into the Food Service unit, growth would have been 8.6% ▪ Gross Margin inc
Slide 43: Consumer Goods International: Q4 and FY Performance
6 Consumer Goods International: Q4 and FY Performance HIGHLIGHTS Q4 AND FY 2019 INSIGHTS ▪ Reported Revenue amounted to S/ 467 million while Volume reached 105 thousand tons, growing 29.6% and 15.0% YoY, respectively, mainly due to the acquisition of Intradevco ▪ Organic Gross Margin reached 30.5% (
Slide 44: Consumer Goods International – Bolivia: Q4 and FY Performance
6 Consumer Goods International – Bolivia: Q4 and FY Performance HIGHLIGHTS Q4 AND FY 2019 INSIGHTS ▪ Revenue increased 4.4% and amounted to USD 48 million, mostly explained by increases in volume behind Intradevco. Organically, Revenue decreased 3.7% YoY, due to widespread protests that caused roadb
Slide 45: Consumer Goods International – CAM-Ec: Q4 and FY Performance
Consumer Goods International – Central America & 6 Ecuador (CAM-Ec): Q4 and FY Performance HIGHLIGHTS Q4 AND FY 2019 INSIGHTS ▪ CAM-Ec region includes financial results of Ecuador and Central America region ▪ Revenue and Volume were USD 17 million (+38.5% YoY) and 13 thousand tons driven mostly by I
Slide 46: Consumer Goods International – Brazil: Q4 and FY Performance
Consumer Goods International – Brazil: Q4 and FY 6 Performance HIGHLIGHTS Q4 AND FY 2019 INSIGHTS PRODUCT INNOVATION ▪ The restructuring program is in place and we are expecting to achieve positive normalized figures in 2020 ▪ Reported Revenue amounted to BRL 118 million while Volume reached 27 thou
Slide 47: Consumer Goods International – Southern Cone: Q4 and FY Performance
Consumer Goods International – Southern Cone: Q4 and 6 FY Performance HIGHLIGHTS Q4 AND FY 2019 INSIGHTS ▪ Southern Cone region includes financial results of Argentina, Chile, Uruguay, and Paraguay ▪ Election results and interventionist policies of the new government resulted in a further contractio
Slide 48: Aquafeed: Update on Market Dynamics
6 Aquafeed: Update on Market Dynamics The Aquafeed industry remains healthy with a strong demand in Ecuador and a market consolidation process in Chile SHRIMP SALMON MARKET DYNAMICS ▪ Vitapro maintained its market leadership (#1) with 33.7% market share in FY ▪ Vitapro maintained its market position
Slide 49: Aquafeed: Q4 and FY Performance
6 Aquafeed: Q4 and FY Performance HIGHLIGHTS Q4 AND FY 2019 INSIGHTS ▪ Revenue and Volume increased 15.3% and 19.5% YoY, respectively. Revenue growth was mainly due to Volume increase related to a strong recovery in our fish feed business in Chile and to sustained growth in our shrimp feed business
Slide 50: Crushing: Q4 and FY Performance
6 Crushing: Q4 and FY Performance HIGHLIGHTS Q4 AND FY 2019 INSIGHTS PROFITABILITY IMPROVEMENT LEVERS ▪ Volume and Revenue grew 6.6% and 5.0%, respectively, on a YoY basis mainly due to a larger soybean crop and an ▪ Agroinputs Agro increase in the international prices of soybean meal and oil Soluti
Slide 51: Topics
Topics Key Investment Highlights [1] Alicorp at the Glance [2] Corporate Strategy [3] IMO Status [4] Guidance FY 2020 [5] Q4 19’ and FY 2019 Performance Summary [6] Financial Management Strategy [7] Appendix [8] 54
Slide 52: Q4 2019 Financial Highlights
7 Q4 2019 Financial Highlights I • As of December 2019, Net Debt-to-EBITDA ratio1 increased to 2.52x2 from 2.25x as of December 2018, and decreased from 3.58x as of Q1 ‘19 (acquisition of Intradevco). FINANCIAL • In the same period, Net Debt3 increased to S/ 3,351 million, from S/ 2,334 million (a S
Slide 53: Indebtedness Evolution
7 Indebtedness Evolution • Net Debt-to-EBITDA ratio1 as of Q4 ‘19 on a pro-forma basis (including LTM Intradevco’s) amounted to 2.52x1,2 • Local and International credit ratings agencies confirmed our investment grade with a "stable" outlook Credit Rating as of Q4 ‘19 Global Local3,4 BBB- / Stable =
Slide 54: Net Income & Net Margin Evolution
7 Net Income & Net Margin (%) Evolution FINANCIAL EXPENSES EVOLUTION(1) 4.0% (As % of Total Revenue) 2.9% ▪ Net Income increased S/ 33.3 million, reaching S/ 122.6 2.8% Ex-INTRADEVCO 3.0% 2.5% million in Q4 19’. Net Margin was 4.7% 1.9% 0.4% 0.3% 0.0% (+0.7 p.p. YoY) due to an increase in operating
Slide 55: Q4 2019 Debt Management
7 Q4 2019 Debt Management • Net Debt-to-EBITDA ratio increased as of Q4 19’ from Q4 18’, mainly due to the debt undertaken to finance Intradevco’s acquisition. • As of December 2019, 7.1% of our total financial debt had FX exposure to the USD volatility. FINANCIAL GUIDELINES FINANCIAL EXPENSES RATIO
Slide 56: Q4 2019 Debt maturity profile
7 Q4 2019 Debt maturity profile A During 2018, Alicorp took USD 400MM of LT bank debt (Club Deal) to acquire Fino and SAO. By the end of 2018, the outstanding of such debt was USD 222MM, as a result of the refinancing through the peruvian capital market. B As of December 2019, our total debt was PEN
Slide 57: Working Capital and CAPEX Management for Q4 2019
7 Working Capital and CAPEX Management for Q4 2019 KEY MILESTONES •A Alicorp, increased its Cash Conversion Cycle (CCC) from 26.5 days as of Q4 18’ to 34.2 days as of Q4 19’ as a result of the higher days of inventory from acquisitions (FINO/SAO and Intradevco). Ex acquisitions, the CCC would have b
Slide 58: Cash Flow Build Up as of Q4 2019
7 Cash Flow Build Up as of Q4 2019 HIGHLIGHTS ▪ Cash Flow from Operations was S/ 1,087 million, S/167 million higher than Q4 18’ mainly explained by lower taxes and higher sales. ▪ Cash Flow used in Investing Activities was S/ 1,465 million; higher than S/ 1,203 million as of Q4 18’, mainly explaine
Slide 59: OCF & FCF Evolution
7 OCF & FCF Evolution OPERATING & FREE CASH FLOW1 (PEN Million) 3 3 FY 2017 FY 2018 FY 2019 2 1,087 1,212 ▪ Free Cash Flow for 882 921 844 701 2019 was higher than 184 2 -177 2 2018 mainly due to: i) 2 higher revenues and -460 -369 ii) the sale of - 177 2 Credicorp Ltd. shares 4 Operating Cash Flow
Slide 60: Dividend Evolution
7 Dividend Evolution During the last years, our payout ratio has maintained above 40%, as a sign of our strong commitment to our investors. 0.24 0.24 0.19 0.17 0.14 205 205 0.13 0.12 0.12 0.11 162 0.06 0.05 145 0.05 120 110 103 103 95 50 46 42 2005 2007 2008 2009 2010 2011 2012 2013 2015 2016 2017 2
Slide 61: Topics
Topics Key Investment Highlights [1] Alicorp at the Glance [2] Corporate Strategy [3] IMO Status [4] Guidance FY 2020 [5] Q4 19’ and FY 2019 Performance Summary [6] Financial Management Strategy [7] Appendix [8] 64
Slide 62: LatAm Home & Personal Care Strategy
LatAm Home & Personal Care Strategy
Slide 63: Home & Personal Care Relevance in the Region
8 Home & Personal Care Relevance in the Region 1 Home & Personal Care Market Value (only operating countries) Alicorp Footprint (SOV’18) FABRIC CARE HC PC HOME CARE VALUE MIX Value US$ Bn 0.5 0.3 FABRIC CARE Alicorp SOV % 0.5 - 26% Laundry Detergent 17% Value US$ Bn 0.8 1.1 Others Laundry Soap 4% 74
Slide 64: Alicorp Home & Personal Care Proforma Platform
8 Alicorp Home & Personal Care Proforma Platform Home and Personal Care Proforma Revenue (USD Million) H&P Care CAGR13’-19E’: ~13.0% ~44 ~1,412 ~346 ~27 1,098 ~996 29% 18% 82% 71% 2013 Food Peru Bolivia Ecuador Consolidated 2019E Financial 63% CGP 66% CGP Figures 37% CGI 34% CGI H&PC EBITDA 28 ~84 E
Slide 65: Home & Personal Care Aspiration by 2023
8 Alicorp’s Home & Personal Care Aspiration by 2023 Strategic Pillars Intradevco’s Fit in Alicorp’s Strategy • Defend and maintain current market share levels in detergents and laundry soap in Peru in spite Current of new incumbents Focus on Business • Continue to grow in detergents in Argentina and
Slide 66: B2B Strategy
B2B Strategy
Slide 67: B2B at the Glance: Differentiated business model
B2B at the Glance: Differentiated business 8 model B2B represents ~17% of Alicorp total sales (US$~500 mm) and ~16% of total EBITDA, composed by 4 large platforms that group the most important food segments and B2B industries in Peru; high complementarity with Consumer Goods Business along the value
Slide 68: B2B Competitive Advantages and Value Proposition
8 B2B Competitive Advantages and Value Proposition Our unique model is based on 3 key competitive advantages allowing us to have sustainable growth and generate value above the traditional B2Bs How B2B adds value… Go-to-market ✓ Ample coverage: National presence levered 27 +230 by our effcient distr
Slide 69: B2B Strategy
8 B2B Strategy Strategic Pillars Key Metrics Business Insights 1 Revenue Growth (PEN mm) • Product portfolio value improvement: Exploring new 3.8% YoY high-value categories +2.8% 1,647 • Boost B2B commercial strategy using digital tools such 1,586 as e-commerce Growth 1,459 • Reinforce B2B’s value p
Slide 70: Milestones & Performance by Business Unit
Milestones & Performance by Business Unit
Slide 71: Performance by Business Unit & Regions (1)
8 Performance by Business Unit & Regions (1) Under IFRS 16 Under IFRS 16 Variation Consolidated 2018 2019 Q4 19 CONSOLIDATED PEN MM Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY YoY Revenues 1,711 2,123 2,208 2,247 8,289 2,226 2,461 2,593 2,592 9,872 15.3% Gross Profit 471 518 555 504 2,048 545 607 658 643 2,452 27
Slide 72: Performance by Business Unit & Regions (2)
8 Performance by Business Unit & Regions (2) Under IFRS 16 Under IFRS 16 Variation Food Service 2018 2019 Q4 19 PEN MM Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY YoY Revenues 136 138 148 153 574 141 142 151 156 589 2.0% Gross Profit 34 35 37 40 146 38 40 44 43 166 5.7% SG&A 14 14 14 16 57 17 15 16 17 66 12.0% EB
Slide 73: Performance by Business Unit & Regions (3)
8 Performance by Business Unit & Regions (3) Under IFRS 16 Under IFRS 16 Variation CGI 2018 2019 Q4 19 PEN MM Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY YoY Revenues 250 313 366 360 1,289 394 439 406 467 1,706 29.6% Gross Profit 75 90 103 51 320 109 119 113 118 459 131.2% SG&A 88 86 107 99 380 104 109 93 102 409
Slide 74: Performance by Business Unit & Regions (4)
8 Performance by Business Unit & Regions (4) Under IFRS 16 Under IFRS 16 Variation CGI Brazil 2018 2019 Q4 19 PEN MM Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY YoY Revenues 103 100 99 103 405 90 98 95 97 379 -5.6% Gross Profit 34 32 33 32 131 27 30 27 28 111 -12.5% SG&A 39 35 33 36 143 37 34 30 29 130 -20.0% EBI
Slide 75: Performance by Business Unit & Regions (5)
8 Performance by Business Unit & Regions (5) Under IFRS 16 Under IFRS 16 Variation Crushing 2018 2019 Q4 19 PEN MM Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY YoY CRUSHING Revenues - 158 177 227 562 213 247 323 238 1,022 5.1% Gross Profit - 2 26 6 33 -2 -2 24 26 46 345.8% SG&A - 7 30 24 61 18 27 13 11 68 -54.3% E
Slide 76: Performance by Business Unit & Regions (6): FX rates
8 Performance by Business Unit & Regions (6) FX RATES1 Year 2018 2019 Quarter Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY USD/PEN 3.24 3.26 3.29 3.36 3.29 3.32 3.32 3.34 3.36 3.34 USD/ARS 19.7 23.53 32.09 37.11 28.11 39.1 43.96 50.54 59.38 48.25 USD/BRL 3.24 3.61 3.96 3.81 3.65 3.77 3.92 3.98 4.12 3.95 ARS/PEN 6.
Slide 77: Q4 2019 Milestones
8 Q4 2019 Milestones RESEARCH & DEVELOPMENT 9 products were launched as part of our innovation strategy, being the most remarkable: A new softener with tulip A new caramel-flavored New flavors of powder A new multi-surface cleaner scent under the “Bolivar” panettone under the “Blanca juices under th
Slide 78: Investors Contact
Investors Contact: Gisele Remy Ferrero Investor Relations Officer (+51) 997515700 [email protected] www.alicorp.com.pe This presentation and further detailed information can be found in the following link in our section “Investor Services”: https://inversionistas.alicorp.com.pe/alicor