Alicorp Fourth Quarter 2017 Consolidated Financial Statements

Consolidated Revenue amounted to S/ 1,860.3 million (+2.7% YoY). EBITDA increased by S/ 6.6 million, to S/ 225.3 million (+3.0% YoY) with an EBITDA Margin of 12.1%. Additionally, Net Income reached S/ 125.9 million, with a Net Margin of 6.8%, an increase of 2.3 p.p. YoY. Net Debt-to-EBITDA ratio decreased from 1.66x as of December 2016 to 1.00x as of December 2017.

LIMA, Peru--()--Alicorp S.A.A. (“the Company” or “Alicorp”) (BVL:ALICORC1 and ALICORI1) announced today its unaudited financial results corresponding to the Fourth Quarter 2017 (Q4 17’). 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 de Valores - SMV).


1. Consolidated Revenue amounted to S/ 1,860.3 million (+2.7% YoY), while Volume reached 491.3 thousand tons (+6.0% YoY). Increase in Revenue was mainly explained by:

i) a 2.2% YoY increase in the Consumer Goods Peru business due to growth from existing innovations and from redesigning our commercial strategy for the economic segment, mainly in our core categories, and ii) a 14.6% YoY increase in the Aquaculture business mainly as a result of gaining market share in the Ecuador’s shrimp feed market, coupled with an expansion within the market.

2. Revenue and Volume from the Consumer Goods Peru business reached S/693.5 million (+2.2% YoY) and 137.3 thousand tons (+1.0% YoY) during Q4 17’. This increase was mainly explained by: i) the Canned Tuna category (+S/ 12.5 million), and ii) the growth in our economic segment of our core categories such as Sauces (+10.0% YoY), Cookies & Crackers (+7.9% YoY), Domestic Oil (+2.4% YoY), as well as Softeners (+39.7% YoY). Furthermore, the Company’s commercial strategy resulted in an equal or a higher volume share in 17 out of our 21 categories (including subcategories).

3. Regarding product innovation, during Q4 17’ the Company launched/revamped 12 products (8 in Consumer Goods Peru, 3 in Consumer Goods International and 1 in B2B) The following launches can be highlighted: i) an orange flavored panettone under the “Blanca Flor” mega brand, seeking to strengthen the brand and widen its portfolio, ii) “Choco ¡bum! pop” & “Mini glacitas” under the “Victoria” brand and “Margarita mini” under the “Sayon” brand; we are aiming to gain market share with these new format presentations within the Cookies & Crackers categories.

4. Gross Margin increased by 2.4 p.p. YoY (32.5% in Q4 17’ versus 30.1% in Q4 16’), while Gross Profit reached S/ 603.7 million, a 10.8% increase compared to the S/ 544.9 million of Q4 16’. The improvement was mainly explained by i) lower raw material prices in the Aquaculture business, ii) revenue management, and lower raw material prices in the Consumer Goods Perú Business, iii) a higher contribution from the Food Service Platform, and

iv) savings in procurement and manufacturing as a result of our efficiency program.

5. EBITDA amounted to S/ 225.3 million (+3.0% YoY), and EBITDA Margin reached 12.1%, aligned with the Margin reported in Q4 16’

6. Consequently, Net Income totaled S/125.9 million during Q4 17’, (+56.9% YoY), while Net Margin reached 6.8%, (+2.3 p.p. YoY). As a result of lower Net Financial Expenses, Earnings per Share (EPS) increased from S/ 0.095 in Q4 16’ to S/ 0.149 in Q4 17’ (+56.9% YoY).

7. Cash flow from Operations as of December 2017 was S/ 882.3 million, S/ 47.1 million lower than the figure generated as of December 2016 as a result of expenses related to the implementation of our efficiency program. Cash Flow used in Investing Operations was S/ 223.0 million, compared to S/ 103.4 million registered as of December 2016 explained by cash held for investment of S/ 184.3 million, while CAPEX investments as of December 2017 was S/ 83.9 million.

8. As of December 2017, Net Debt decreased by S/ 434.1 million versus December 2016, reaching S/ 898.8 million. Although Total Debt was S/ 1,942.2 million as of December 2017, S/ 335.8 million higher compared to December 2016, Net Debt decreased as a result of i) an efficient working capital management, ii) higher EBITDA contribution, and iii) lower financial expenses and FX losses. Net Debt-to-EBITDA ratio decreased from 1.66x as of December 2016 to 1.00x as of December 2017.

For a full version of ALICORP’s Fourth Quarter 2017 Earnings Release, please visit:


Conference Call

Alicorp S.A.A. (BVL: ALICORC1 and ALICORI1)

Cordially invites you to discuss Fourth Quarter 2017 Results
Date: Monday, February 19, 2018
Time: 11:00 a.m. Eastern Time
11:00 a.m. Lima Time
To access the call, please dial:
From the U.S.: 1-877-888-4312
From Outside the U.S.: 1-785-424-1876

Conference ID: ALICORP


Alicorp’s 4Q17 Results will be accompanied by a webcast presentation available at:


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.


Alicorp S.A.A.
Investor Relations
Alexander Pendavis, 511-315-0800 Ext.444410
Corporate Finance Director & IRO


Alicorp S.A.A.
Investor Relations
Alexander Pendavis, 511-315-0800 Ext.444410
Corporate Finance Director & IRO