Embed Size (px)
Citation preview
1
Fourth Quarter 2013 Consolidated Financial Statements
Revenues reached S/. 1,600.8 million, an outstanding 29.8%
increase versus 4Q12; sales volume reached 439.9 thousand
tons, a 25.9% increase versus 4Q12. EBITDA reached
S/._245.6 million, a 59.8% increase compared to 4Q12 and
Net Income reached S/.184.7 million, a remarkable 123.5%
increase compared to 4Q12
Lima, Peru, February 14, 2014. Alicorp S.A.A. (“the Company” or “Alicorp”) (BVL: ALICORC1 and ALICORI1) announced
today its unaudited financial results corresponding to the Fourth Quarter 2013 (“4Q13”). Financial figures are reported
on a consolidated basis in accordance with International Financial Reporting Standards (“IFRS”) in nominal Peruvian
Nuevos 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 de Valores (SMV)).
I. FINANCIAL HIGHLIGHTS
During 4Q13, Net Sales reached S/. 1,600.8 million, a 29.8% increase versus 4Q12, while sales volume reached
439.9 thousand tons, a 25.9% increase versus 4Q12, mainly due to additional sales generated by the acquired
companies, Pastificio Santa Amalia and Industrial Teal, as well as revenue increases in pasta, laundry detergents,
cookies & crackers, industrial flour, food service sauces and shrimp feed categories. Organic and inorganic
Revenues reached S/.1,367.6 million and S/. 233.23 million respectively. International Revenues represented
37.1% of Total Revenues due to higher revenues in Brazil, Argentina, Ecuador and Chile.
Gross Profit totaled S/. 460.0 million during 4Q13, a 37.3% increase compared to S/. 335.2 million in 4Q12, mainly
due to an increase in sales volume. Gross Margin increased to 28.7% in 4Q13 compared to 27.2% in 4Q12
INVESTOR CONTACT
Mrs. Fiorella Debernardi Baertl
Treasury Manager & IRO
T: (511) 315-0820
F: (511) 315-0867
E-mail: [email protected]
2
EBITDA reached all-time record of S/. 245.6 million during 4Q13, a 59.8% increase compared to the S/. 153.7
million reported in 4Q12. EBITDA margin increased from 12.5% in 4Q12 to 15.3% in 4Q13. Net income for the
quarter reached S/._184.7 million, a 123.5% increase compared to S/. 82.6 million reported in 4Q12, mainly due to
the solid Company performance, net income generated by the acquired companies, along with the benefit
generated by tax benefit under the REFIS program and the sale of the Pet Food Business.
Alicorp was active in product innovation over 4Q13, launching and relaunching a variety of products: two new
products in the domestic flour portfolio, Blanca Flor and Favorita with quinoa, a mix of wheat and quinoa flour. A
new cookies portfolio under the Artesanas brand which introduced the Company to the homemade cookies
segment. New flavors and textures for the juice powders Kanu and Negrita portfolios, and a new industrial
detergent under the Marsella Brand. In the Industrial segment, Alicorp launched a new presentation for Regia
shortening. In Argentina, Alicorp launched a new variety of cookies under the Okebon brand called “Molino
Natural.” In Brazil, Alicorp launched a new segment of extra thin potato as a side dish. Also, Alicorp Peru re-
launched 3 products: Nicolini pasta made with Peruvian wheat, Victoria pasta with short noodles in bulk
presentation and Kraps crackers with a new presentation.
On October 17, 2013, Alicorp launched a new recipe of industrial flour using wheat and quinoa under the brand
“Panqui.”
On December 3, 2013, Alicorp sold its balanced Pet food business to the Chilean consumer goods products
company Carozzi and its subsidiary in Peru, Molitalia S.A, which included Mimaskot and Nutrican brands and their
respective assets, for a total value of US$ 36.7 million. With this sale, Alicorp seek to strengthen and focus its
growth strategy to further create value and wellbeing for consumers.
3
II. FINANCIAL INFORMATION
1. Gross Debt to EBITDA is defined as Total Financial Debt divided by EBITDA for the last twelve months. 2. Leverage Ratio is defined as Total Liabilities divided by Shareholders’ Equity 3. ROE is defined as last twelve months Net Profit divided by Average Shareholders’ Equity for the last twelve months
FINANCIAL HIGHLIGHTS
(In millions of Peruvian Nuevos Soles) 4Q 2013 4Q 2012 YoY 3Q 2013 QoQ
Net Sa les 1,600.8 1,233.5 29.8% 1,535.1 4.3%
Gross Profi t 460.0 335.2 37.3% 422.6 8.9%
Operating Profi t 215.5 132.8 62.3% 164.1 31.3%
EBITDA 245.6 153.7 59.8% 191.7 28.1%
Last 12 Months EBITDA 766.6 560.4 36.8% 674.8 13.6%
Net Earnings for the Period/Year 184.7 82.6 123.5% 89.3 106.8%
Earnings per Share (Common Shares) 0.215 0.097 123.5% 0.105 106.8%
Current Assets 2,131.7 2,229.2 -4.4% 2,208.5 -3.5%
Current Liabi l i ties 1,191.4 1,266.3 -5.9% 1,370.8 -13.1%
Total Liabi l i ties 3,528.3 2,169.8 62.6% 3,496.5 0.9%
Working Capita l 940.3 962.9 -2.4% 837.7 12.3%
Cash and Cash Equiva lents 92.9 496.1 -81.3% 58.5 58.7%
Total Financia l Debt 1,985.6 1,328.8 49.4% 2,058.4 -3.5%
Bank Loans 280.8 581.1 -51.7% 495.1 -43.3%
Long-Term Debt 1,704.8 747.7 128.0% 1,563.3 9.1%
Shareholders ' Equity 2,366.0 2,108.9 12.2% 2,200.9 7.5%
RATIOS
Gross Margin 28.7% 27.2% 27.5%
Operating Margin 13.5% 10.8% 10.7%
EBITDA Margin 15.3% 12.5% 12.5%
Current Ratio 1.79 1.76 1.61
Gross Debt to EBITDA 2.59 2.37 3.05
Leverage Ratio 1.49 1.00 1.59
Return on Equity 16.9% 17.6% 12.5%
4
III. INCOME STATEMENT
Revenues
During 4Q13, Revenues reached S/. 1,600.8 million, a
29.8% increase YoY. Domestic revenues increased 13.9%
YoY and international revenues increased 69.8% YoY.
During the quarter, international revenues represented
37.1% of total revenues, mainly due to higher revenues in
Brazil, Argentina, Ecuador and Chile.
The main contributors to revenue growth in 4Q13 were
the increased sales generated by acquired companies,
Pastificio Santa Amalia and Industrias Teal and the sales
growth in the following categories: cookies and crackers,
sauces, and pasta in Peru; detergents, beauty soap and
pasta in Argentina. Also contributing to sales were
industrial flours and shortenings in Peru and shrimp feed
in Ecuador. Organic Revenues continued to drive growth,
representing 85% of Total Revenues generated in 4Q13.
Volume in 4Q13 increased 25.9% YoY, mainly due to increased sales generated by acquired companies, Pastificio
Santa Amalia and Industrias Teal, as well as growth in the following categories: cookies, pasta, candies and detergents
in Peru; detergents, beauty soap and pasta in Argentina; industrial flours in Peru and shrimp feed in Ecuador.
Gross Profit
Gross Profit striked S/. 460.0 million during 4Q13, a 37.3% increase compared to 4Q12, mainly due to an increase in
revenues generated by acquired companies, Pastificio Santa Amalia and Industrias Teal, and solid organic growth in
1,234 1,221
1,465 1,535 1,601
27.2% 25.4% 27.6% 27.5% 28.7%
4Q12 1Q13 2Q13 3Q13 4Q13
Revenues & Gross Margin (PEN Million)
Argentina 30.6%
Brazil 23.2%
Ecuador 21.0%
Chile 17.4%
Bolivia 1.5%
Panama 1.3%
Others 5.0%
International Revenues (4Q13)
5
the categories of cookies and crackers, pasta, laundry detergents in Peru; detergents and beauty soaps in Argentina;
industrial flours and shortenings in Peru, and shrimp feed in Ecuador. Gross margin increased 5.8% YoY, reaching
28.7% during 4Q13.
Alicorp is well-positioned to offset volatility in commodity prices due to the following: 1) a purchasing strategy that
allows pricing flexibility, 2) greater efficiencies in cost and expense management to improve Alicorp’s competitiveness,
and, 3) diversification of the product portfolio to include higher value-added products.
Operating Income and EBITDA
Operating Income reached a new record of S/. 215.5 million (13.5% of net sales) in 4Q13, a 62.3% increase compared
to 4Q12. Mainly due to a solid organic growth and income generated by acquired companies.
In 4Q13, Earnings Before Interest, Taxes, Depreciation and
Amortization (EBITDA) was S/. 245.6 million. This was a
remarkable 59.8% increase compared to the S/. 153.7
million reached in 4Q12, which was mainly due to a higher
operating profit compared to 4Q12. As a result, the EBITDA
margin reached 15.3% during 4Q13, a significant increase
compared to the 12.5% in 4Q12, and the 12.5% reported in
3Q13. This increase in margin was explained mainly by the
REFIS tax benefit program in Brazil.
Net Financial Expenses
During 4Q13, Net Financial Expenses decreased S/. 18.3 million YoY, mainly due to financial income generated by the
REFIS tax benefit program in Brazil.
Net Income
Net Income reached S/. 184.7 million in 4Q13 (11.5% of
Total Revenues), an increase compared to the S/. 82.6
million reached in 4Q12, due to increase in Sales and
Operating Income and a significant reduction of the Net
Financial Expenses mainly due to financial income from the
tax benefit in brazil. During 4Q13, Earnings per Share (EPS)
0.097
0.053 0.059
0.105
0.215
4Q12 1Q13 2Q13 3Q13 4Q13
Earnings Per Share (PEN)
154 133
196 192
246
12.5% 10.9% 13.4% 12.5% 15.3%
4Q12 1Q13 2Q13 3Q13 4Q13
EBITDA & EBITDA Margin (PEN Million)
6
reached S/. 0.215, higher than the S/. 0.097 reported during 4Q12, explained by organic and inorganic growth in 2013.
Results by Business Segments
Consumer Goods
During 4Q13, Revenues and Volume increased 34.7% and
27.7% respectively YoY, due to additional revenues
generated by acquired companies Pastificio Santa Amalia
and Industrias Teal and an increase in revenues from the
following categories: cookies in Peru; detergents and
beauty soap in Argentina. Operating Income reached
S/._137.0 million, a 74.6% increase YoY, explained by the
solid operation and additional Operating Income from
acquired companies. Operating margin was 14.4% during
4Q13, higher than 11.1% reported during 4Q12 mainly due
to higher gross margin and REFIS tax benefit program in
Brazil. EBITDA margin reached 16.4% during 4Q13,
compared to 13.4% in 4Q12.
Industrial Products
Revenues reached S/. 404.7 million during 4Q13, an
increase of 18.6% compared to 4Q12, mainly due to an
increase in revenues of the following categories: industrial
flours (partly by Industrias Teal acquisition), bakery and
premixes. Volume increased 22.2% compared to 4Q12
mainly due to increase in the following categories:
industrial flours, food service oils, food service sauces,
shortenings and frozen products. During 4Q13, Operating
Income reached S/. 41.9 million, a 0.9% decrease
compared to 4Q12, mainly due to higher Operating
Expenses. In 4Q13 Operating margin and EBITDA margin
reached 10.3% and 12.4%, respectively, which were lower
than 12.4% and 13.2% reported in 4Q12, mainly due to an
increase in Operating Expenses.
704 730
887 915 948
11.1% 10.0% 12.4% 10.9% 14.4%
4Q12 1Q13 2Q13 3Q13 4Q13
Revenues & Operating Margin (PEN Million)
341 307
360 394 405
12.4% 8.5% 9.5% 11.0% 10.3%
4Q12 1Q13 2Q13 3Q13 4Q13
Revenues & Operating Margin (PEN Million)
7
Animal Nutrition
Revenues reached S/. 247.8 million, an increase of 38.3%
YoY, mainly due to an increase in sales of shrimp feed in
Ecuador, as a result of the inauguration of the shrimp feed
production plant in Ecuador. Volume increased 29.5% YoY
and 5.7% QoQ. During 4Q13, Operating Income reached
S/._34.3 million, a 213.1% increase YoY, mainly due to a
decrease in Selling, General and Administrative expenses
as a percentage of revenues. Operating margin reached
13.8% in 4Q13. EBITDA margin increased significantly from
7.3% in 4Q12 to 15.2% in 4Q13, showing a remarkable
recovery compare to previous quarters.
179 185
218 227 248
6.1% 5.7% 8.8% 7.9%
13.8%
4Q12 1Q13 2Q13 3Q13 4Q13
Revenues & Operating Margin (PEN Million)
8
IV. BALANCE SHEET
Assets
As of December 31, 2013, Total Assets increased S/. 1,615.6 million YoY, or 37.8%, mainly as a result of an increase in
Long-term Assets of S/._1,713.2 million. This increase in Long-term Assets was mainly explained by higher levels of
surplus, intangible assets and property, and plant and equipment, due to the acquisition of Pastificio Santa Amalia,
Industrias Teal and Other Financial Assets.
Cash and Cash Equivalents decreased from S/. 496.1 million as of December 2012 to S/. 92.9 million as of December
2013, due to the Company had a high level of cash for the acquisition of Industrias Teal in January 2013. Commercial
Accounts Receivable increased from S/. 746.6 million, as of December 2012, to S/. 959.8 million, as of December 2013.
Commercial Accounts Receivable turnover was 40.4 days during 4Q13 versus 43.8 days during 4Q12.
Inventories increased from S/. 754.3 million, as of December 2012, to S/. 790.3 million, as of December 2013, mainly
explained by the inventories of acquired companies. Efficiencies generated during the year improved inventory
management. Inventory turnover decreased significantly from 82.4 to 73.5 days from 4Q12 to 4Q13, respectively.
Property, Plant and Equipment increased S/. 550.1 million, from S/. 1,326.8 million, as of December 2012, to S/.
1,876.9 million, as of December 2013, mainly due to Capex: 1) the purchase of land for the construction of a new
distribution center in Chilca, 2) the construction of the new detergent plant in Lima, 3) the implementation of a new
cookie production line, 4) the implementation of a new pasta production line, 5) the expansion of the distribution
center in Arequipa, and 6) the property, plant and equipment of acquired companies Industrias Teal and Santa Amalia.
Liabilities
As of December 31, 2013, Total Liabilities increased S/. 1,358.5 million, mainly due to increased financial debt incurred
to finance acquired companies.
The change in Current Liabilities was primarily due to the increase in Accounts Payable of S/. 147.2 million, and an
increase of Other Accounts Payable in S/. 64.6 million. Accounts Payable turnover increased 6.6 days, from 43.6 to
50.2 days from 4Q12 to 4Q13, respectively.
Long-term Liabilities increased in S/. 1,433.3million, mainly due to the increase of Other Financial Liabilities, of
S/._1,014.5 million as a result of: 1) the issuance of international bonds for US$ 450 million, the proceeds of which
were used to restructure the overall risk profile of short and medium-term existing debt, 2) a loan of US$ 48.0 million
9
to Salmofood’s to restructure its medium-term debt, and 3) a loan of US$ 90.0 million to restructure the overall risk
profile of Pastificio Santa Amalia’s.
Total Financial Short-Term Debt as of December 31, 2013, was S/._280.8 million. The Company operates with
revolving credit lines for import financing and working capital requirements.
Total Financial Long-Term Debt at December 2013 was S/. 1,704.8 million, representing 85.9% of Total Financial Debt.
The currency mix for the Financial Debt, after the derivatives hedge, was: 45% in Peruvian Nuevos Soles, 32% in U.S.
Dollars, 18% in Brazilian Reais, with the remaining 5% in Argentine Pesos. The duration of the debt was 6.56 years (not
including short-term debt). During 4Q13, Alicorp undertook 38 foreign exchange forward agreements in order to cover
net cash flow exposure. Currently, the majority of liabilities are fixed-rate, either direct or through derivative
transactions. The average rate of U.S. dollar-denominated debt was 3.51% during 4Q13.
Equity
Shareholders’ Equity increased by S/. 257.2 million, or
12.2%, from S/. 2,108.9 million as of December 31,
2012, to S/. 2,366.0 million as of December 31, 2013,
mainly due to Net Income from the period of S/._368.9
million. As of December 31, ROE reached 16.9% (this
ratio considers the average Shareholders’ Equity and
Net Earnings for the last twelve months), a decrease
from the 17.6% reported in 4Q12. This was mainly due
to a higher Shareholders´s Equity average during 2013.
331
351
369
18.1%
17.6% 16.9%
2011 2012 2013
Net Income & ROE (PEN Million)
10
V. STATEMENT OF CASH FLOWS
Operating Activities
During 2013, cash flow from operations was S/. 242.9 million, higher than the S/. 203.3 million reported during 2012,
explained by higher revenues. The Company’s cash position totaled S/. 92.9 million as of December 31, 2013.
Investing Activities
Cash flow from investing activities for 2013 totaled S/. -762.4 million compared to the S/.-300.7 million of 2012. Net
cash flow during the period was mainly from CAPEX of S/. 368.7 million and S/. 589.1 million from the acquisition of
Pastificio Santa Amalia and Teal.
Financing Activities
Cash flow from financing activities as of December 31, 2013 was S/. 116.3 million, compared to S/. 493.1 million as of
December 31, 2012, as a result of the restructuring of debt, such as the payment of long-term loans and the issuance
of the international senior unsecured bonds, and the loans for Pastificio Santa Amalia and Salmofood.
Existing bank loans are subject to certain debt restrictions, liquidity, profitability and a minimum Shareholders’ Equity.
We no longer have financial covenants in the capital markets. Alicorp is fully compliant with the existing credit
requirements, which allows the Company to take on additional debt, if necessary.
11
Liquidity and Leverage Ratios
The Company’s liquidity ratio increased from 1.76x as of
December 31, 2012, to 1.79x as of December 31, 2013,
mainly due to the restructuring of short-term debt. The
leverage ratio (Total Liabilities / Equity) increased from 1.00x
as of December 31, 2012 to 1.49x as of December 31, 2013,
due to higher financial liabilities. In terms of the Gross Debt /
EBITDA ratio, this ratio slightly increased from 2.30x as of
December 31, 2012 to 2.59x, as of December 31, 2013 also
due to higher financial obligations incurred in the financing
for the acquired companies. The Company reported at the
last 12 months EBITDA figure of S/. 766.6 million.
.
1.76 1.57
1.85 1.61
1.79
2.30
3.48 3.20
3.05
2.59
4Q12 1Q13 2Q13 3Q13 4Q13
Current Ratio & Gross Debt / EBITDA
Current Ratio Gross Debt / EBITDA
12
VI. RECENT EVENTS
Sale of Pet Food Business
On December 3, 2013, Alicorp sold its balanced pet food business to the Chilean consumer goods products company,
Carozzi, and its subsidiary in Peru, Molitalia S.A, which included the sale of the Mimaskot and Nutrican brands with
their respective assets, for a total value of US$ 36.7 million.
With this sale, Alicorp strengthened and focused its growth strategy to further create value and wellbeing for
consumers. The sale of these assets allowed Alicorp to consolidate its product portfolio and focus on its core
businesses (edible oils, pasta, sauces, impulse, personal care, home care and bakery), a strategy that will allow the
Company to triple its value by 2021.
Refinancing Tax Program of Pastificio Santa Amalia
Brazil’s president signed a law on October 2013 that introduced a tax benefit offered to taxpayers an opportunity to
pay off their Brazilian tax debts in installments and under less stringent conditions. This law allows discounted
installment payments to be made for tax debts (REFIS, which covers tax debts that were due by November 30, 2008),
to taxpayers that have not previously applied for relief under this program. Pastificio Santa Amalia enrolled in the
REFIS program. Under this program Pastificio Santa Amalia reduced contingencies, penalties, interest and other
charges associate with its tax debt.
New Distribution Center in Arequipa
In December 2013, Alicorp inaugurated a new distribution center in Arequipa, which represents an opportunity to
consolidate the distribution model in the southern region of the country. The Distribution Center has a modern
infrastructure and technology. It counts with 7 height levels, 8,600 locations, with the possibility to increase capacity
to 13,500 locations.
Strategic Alliance with Mars Inc.
In order to consolidate the market share in the chocolate market, Alicorp made a strategic alliance with Mars Inc., a
global leading chocolate producer. This alliance allows Alicorp to distribute five new brands on its chocolate portfolio,
contributing to build a larger and stronger portfolio.
13
New Product Launches and Re-launches
During 4Q13, Alicorp made several launches and re-launches, mainly in Peru, Argentina and Brazil, in the Consumer
Goods business.
In the domestic flour category, Alicorp launched two new products: Blanca Flor with
quinoa, and Favorita with quinoa. Both products are positioned to be a new alternative to
domestic flour by offering the actual benefits of flour and the nutritional value of the
quinoa.
In the cookies and crackers category, Alicorp launched a new segment of cookies under
the Artesanas brand. This product is the first of the homemade cookies portfolio that
Alicorp is planning to introduce to the market. Also, the Kraps crackers were re-launched
with a new presentation.
In the juice powder category, Alicorp developed and launched a new variety of Peruvian
flavors, under the Negrita portfolio. The goal is to strengthen the brand´s position as the
ideal complement for Peruvian food. In this category, under the Kanu Brand, new fruit
flavors, which have thicker pulp, were launched. The goal was to increase the
consumption of juice powder among the medium/light user category.
In the pasta category, Alicorp had two re-launches: a new formula for Nicolini pasta with
Peruvian wheat aimed at promoting its new brand strategy of recognizing the authenticity
of the homemade dishes and the Peruvian family. Alicorp also re-launched the Victoria
brand formula to intensify the yellow color in their bulk presentation.
In the detergent category, Alicorp launched a new detergent for industrial uses with the
objective to increase market share
In Argentina, Alicorp launched a new product in the natural line portfolio, under the
name of “10 Semillas”. This product was launched to extend the natural line products and
increase sales volumes.
14
In Brasil, Alicorp launched a new segment of extra thin potatoes under the Santa Amalia
brand. This product was launched in response to the rapidly growing market of this
segment.
In the Industrial segment, Alicorp launched a new presentation of Regia shortening. The
2kg presentation maintains the original formula which makes desserts with better texture,
colour, flavor and durability.
15
Awards and Social Responsibility
Alicorp was awarded for being one of the best employers in Peru by Arellano Marketing and Laborum. The “Marca
Empleadora” award is a result of 9,200 surveys with people from different socioeconomic levels, in which they
were asked about the companies they would want to work for and the most valued attributes of each one.
Alicorp was recognized as one of the companies with best reputation in Peru. This award was given by Monitor of
Corporate Reputation (Merco Peru) in alliance with Gestion, the leader journal in economics in Peru. Alicorp
occupied the 1st
place in the food and beverage category as a result of surveys to businessmen, financial analysts
and journalists. Moreover, Alicorp’s CEO, Paolo Sacchi, was considered among the group of the 20 most reputable
leaders in Peru.
The Argentinean Marketing Association, dedicated to the recognition of the best marketing strategies in the
country, awarded Alicorp and its Don Italo Lassagnette brand with the Premio Mercurio. The winner was chosen
among 1,200 products and 350 brands by asking the consumers their opinion.
Alicorp volunteers contributed with the Forge Foundation by participating in workshops that focus on teaching
about four different topics: positive attitude, resume writing, coworker and employer relationships, and
introduction to working environment.
Alicorp hosted an internal contest to promote new initiatives to be implemented in the Alicorp’s volunteer
program. The three winning proposals were: Regalando una Sonrisa, Todos para Mamá Victoria, and Tierra de
Risas.
16
About Alicorp
Alicorp is a leading consumer goods company headquartered in Peru, with operations in other Latin American
countries, such as Argentina, Brazil, Colombia, Chile, Ecuador, and exports to 23 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) Industrial Food Products (industrial flour,
industrial lard, pre-mix and food service products), and (3) Animal Nutrition (fish and shrimp feeding). Alicorp has
over 7,314 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.
Disclaimer
This Press Release may contain forward-looking statements concerning recent acquisitions, its financial and business
impact, management’s beliefs and objectives with respect thereto, and management’s current expectations for future
operating and financial performance, based on assumptions currently believed to be valid. Forward-looking
statements are all statements other than statements of historical facts. The words “anticipates,” “may,” “can,”
“plans,” “believes,” “estimates,” “expects,” “projects,” “intends,” “likely,” “will,” “should,” “to be,” and any similar
expressions or other words of similar meaning are intended to identify those assertions as forward-looking
statements. It is uncertain whether the events anticipated will transpire, or if they do occur what impact they will have
on the results of operations and financial condition of Alicorp or of the consolidated company. Alicorp does not
undertake any obligation to update the forward-looking statements included in this press release to reflect
subsequent events or circumstances.
17
NotesDecember 31
2013
December 31
2012Notes
December 31
2013
December 31
2012
Assets Liabilities and Shareholders´ Equity
Current Assets Current Liabilities
Cash and Cash Equivalents 2 92,890 496,070 Other Financial Liabilities 10 292,175 581,086
Other Financial Assets 3 4,740 426 Trade Account Payables 678,974 531,729
Trade Account Receivables, Net 959,774 746,555 Other Account Payables 11 104,871 40,261
Other Account Receivables, Net 4 164,478 120,348 Account Payables to Related Parties 5,151 992
Account Receivables from Related Parties 425 649 Provisions 12,358 8,869
Advances to Suppliers 35,531 38,414 Current Income Tax 2,593 8,726
Inventories 5 790,252 754,328 Provision for Employee Benefits 12 95,326 94,653
Biological Assets 0 0 Total Current Liabilities 1,191,448 1,266,316
Deferred Tax 61,967 27,103
Other non f inancial assets 12,104 35,871
Assets classif ied as held for sale 9,559 9,473 Non-Current Liabilities
Total Current Assets 2,131,720 2,229,237 Other Financial Liabilities 10 1,762,184 747,667
Other Account Payables 11 126,598 0
Non-Current Assets Account Payables to Related Parties 0 0
Other Financial Assets 3 271,609 196,865 Deferred Income Tax Liabilities 432,357 150,119
Investments in associates 6 29,205 35,471 Provisions 8,264 0
Other Account Receivables 21,375 637 Provision for Employee Benefits 12 7,403 5,679
Property, Plant and Equipments, Net 7 1,876,942 1,326,827
Intangible Assets, Net 8 777,069 102,435 Total Non-Current Liabilities 2,336,806 903,465
Deferred Tax 89,067 34,224 Total Liabilities 3,528,254 2,169,781
Goodw ill 9 697,310 352,968
Total Non-Current Assets 3,762,577 2,049,427 Sharedholders' Equity
Share Capital 847,192 847,192
Investment Shares 7,388 7,388
Reserves 160,903 129,342
Retained Earnings 1,263,995 1,029,995
Other Shareholders' Equity Reserves 77,734 88,206
Equity Attributable to Owners of the Company 2,357,212 2,102,123
Non-Controlling Interests 8,831 6,760
Total Shareholders' Equity 2,366,043 2,108,883
TOTAL ASSETS 5,894,297 4,278,664 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 5,894,297 4,278,664
ALICORP S.A.A.
Consolidated Quarterly Financial Statements
As of December 31, 2013 and December 31, 2012
(in thousands of Peruvian Nuevos Soles)
Consolidated Statement of Financial Position
18
Notes
For the
Quarter Ended
December 31,
2013
For the Quarter
Ended
December 31,
2012
For the cumulative
period Starting on
January 1 and
Ending December
31, 2013
For the cumulative
period Starting on
January 1 and Ending
December 31, 2012
Continuing Operations
Revenue 1,600,839 1,233,527 5,822,004 4,473,717
Other Revenues 0 0 0 0
Net Sales 1,600,839 1,233,527 5,822,004 4,473,717
Cost of Sales -1,140,807 -898,373 -4,224,270 -3,254,369
Gross Profit (Loss) 460,032 335,154 1,597,734 1,219,348
Selling and Expenses -219,023 -137,253 -718,477 -495,350
Administrative Expenses -80,174 -69,386 -289,521 -242,706
Profit (loss) on the disposal of f inancial assets measured at amortized cost 0 -1,429 0
Other Operating Income 54,660 5,694 69,898 7,366
Other Operating Expenses 0 0 0 0
Other income (Expenses) 0 0 0 0
Operating Profit (Loss) 215,495 132,780 659,634 488,658
Financial Income 15 47,996 2,839 58,558 12,003
Financial Expenses16 -40,256 -13,388 -150,427 -45,235
Exchange differences on translating foreign operations.-11,353 7,797 -121,497 26,329
Share in Profits from Associates 0 871 -1,496 -636
Profit (Loss) arising from the Difference betw een the Book Value and Fair Value of
the Financial Assets Reclassif ied measured at Fair Value-43,154 -4,146 -16,134 -21,128
Profit (Loss) before Income Tax 168,728 126,753 428,638 459,991
Income Tax Expense -45,335 -43,211 -123,239 -149,771
Profit for the Year from Continuing Operations123,393 83,542 305,399 310,220
Profit (Loss) for the Year from Discontinued Operations 61,276 -930 63,489 41,170
Profit (Loss) for the Period/Year (Net Value) 184,669 82,612 368,888 351,390
Net Profit (Loss) attributable to:
Ow ners of the Company 184,281 82,773 368,111 352,222
Non-Controlling Interests 388 -161 777 -832
Net Earnings (Loss) for the Period/Year 184,669 82,612 368,888 351,390
Basic (cents per share):
Earnings per Share Capital in Continuing Operations 0.144 0.098 0.358 0.342
Earnings per Share Premium in Continuing Operations 0.071 -0.001 0.074 0.069
Earnings per Share Capital in Discontinued Operations 0.144 0.098 0.358 0.342
Earnings per Share Premium in Discontinued Operations 0.071 -0.001 0.074 0.069
Earnings per Share 0.215 0.097 0.432 0.411
Earnings per Share Premium 0.215 0.097 0.432 0.411
Diluted (cents per share):
Earnings per Share Capital in Continuing Operations 0.144 0.098 0.358 0.342
Earnings per Share Premium in Continuing Operations 0.071 -0.001 0.074 0.069
Earnings per Share Capital in Discounted Operations 0.144 0.098 0.358 0.342
Earnings per Share Premium in Discounted Operations 0.071 -0.001 0.074 0.069
Earnings per Share Capital 0.215 0.097 0.432 0.411
Earnings per Share Premium 0.215 0.097 0.432 0.411
ALICORP S.A.A.
Consolidated Statement of Comprehensive Income
For the Quaters Ended December 31, 2013 and 2012
(in thousands of Peruvian Nuevos Soles)
19
Notes
For the cumulative
period Starting on
January 1 and Ending
December 31, 2013
For the cumulative
period Starting on
January 1 and Ending
December 31, 2012
CASH FLOW FROM OPERATING ACTIVITIES
Collections from (due to):
Sales of Goods and Services Offered 5,617,244 5,120,799
Fees 0 0
Royalties, commissions, and other income from ordinary activities 0 0
Interests and Returns Received (not included under Investment Activities) 0 0
Income Tax Reinbursement 0 0
Dividends Received (not incluided under Investment Activities) 0 0
Other Operating Collections 218,098 5,601
Payments to (due to):
Suppliers of Goods and Services -4,641,590 -4,054,957
Salaries -551,074 -437,319
Income Taxes Paid -170,555 -181,241
Interests and Returns (not incluided under Financing Activities) 0 0
Dividends (not included under Financing Activities) 0 0
Royalties 0 0
Other Operating Payments -229,241 -249,545
Net Cash Generated by Operating Activities 242,882 203,338
CASH FLOW FROM INVESTMENT ACTIVITIES
Collections to (due to):
Reinbursement from Advanced Loans and Loans to Third Parties 0 0
Repayments by Related Parties 0 0
Sale of Financial Instruments (Debt or Equity) to other Entities 10,302 0
Derivative Contracts (futures, options) 0 0
Net Cash Inflow on Disposal of Associate 0 0
Sale of Participation in Joint Venture, Net of Cash Disbursement 0 0
Sale of Investment Properties 0 0
Sale of Properties, Plant and Equipment 47,176 129,663
Sale of Intangible Assets 83,878 0
Proceeds from Disposal of Other Long Term Assets 0 0
Interests and Returns Received 55,000 8,610
Dividends Received 3,558 3,393
Income Tax Reinbursement 0 0
Other Cash Collected from Investment Activities 0 0
Payments to (due to):
Advanced Payments and Loans to Third Parties 0 0
Loans to Related Parties 0 0
Purchase of Financial Instruments (Debt or Equity) from Other Entities 0 0
Derivative Contracts (futures, options) 0 0
Net Cash Outflow on Acquisition of Subsidiaries -589,053 -207,356
Purchase of Participation in Joint Ventures, Net of cash acquired 0 0
Purchase of Participation in Non-Controlling Interests 0 0
Purchase of Investment Properties 0 0
Purchase of Properties, Plant and Equipment -368,691 -243,791
Advance Payments for Work in Progress for Property, Plant and Equipment 0 0
Purchase of Intangible Assets -4,794 -685
Purchase of Other Long Term Assets 0 0
Income Tax Paid 0 0
Other Cash Payments from Investment Activities 224 9,502
Net Cash (Used in) Generated by Investment Activities -762,400 -300,664
CASH FLOWS FROM FINANCING ACTIVITIES
Collections to (due to):
Short Term and Long Term Loans 2,780,081 836,033
Loans to Related Parties 0 0
Issue of Ordinary Shares and Other Instruments of Equity 0 0
Sale of Treasury Shares 0 0
Income Tax Reimbursement 0 0
Other Cash Collected from Financing Activities 0 0
Payments to (due to):
Short Term & Long Term Loan Amortizations -2,436,201 -126,912
Loans from Related Entities 0 0
Liabilities from Leasing Operations 0 0
Repurchase of Shares (Treasury Shares) 0 0
Adquisition of other Participations under Share Capital 0 0
Interests and Returns -121,326 -53,641
Dividends -102,550 -162,370
Income Tax Paid 0 0
Other Cash Payments from Financing Activities -3,740 0
Net Cash Used in Financing Activities 116,264 493,110
Increase (Decrease) Net Cash Flow, before Exchange Rate Changes -403,254 395,784
Effects of Exchange Rate Changes on the Balance of Cash Held in Foreign
Currerncies 74 -1,532
Increase (Decrease) Net Cash Flow, after exchange rate changes -403,180 394,252
Cash and cash equivalents at the beginning of the year 496,070 101,818
Cash and cash equivalents at the end of the year 92,890 496,070
(in thousands of Peruvian Nuevos Soles)
ALICORP S.A.A.
Consolidated Statement of Cash Flows
Direct Method
For the Quarters Ended December 31, 2013 and 2012
