Alicorp First Quarter 2018 Consolidated Financial Statements

Consolidated Revenue amounted to S/ 1,710.7 million (+10.1% YoY). EBITDA increased by S/ 23.6 million, to S/ 210.2 million (+12.7% YoY) with an EBITDA Margin of 12.3%. Additionally, Net Income reached S/ 103.8 million, with a Net Margin of 6.1%, an increase of 1.1 p.p. YoY. Net Debt-to-EBITDA ratio decreased from 1.00x as of December 2017 to 0.94x as of March 2018.

LIMA, Peru--()--Alicorp S.A.A. (“the Company” or “Alicorp”) (BVL: ALICORC1 and ALICORI1) announced today its unaudited financial results corresponding to the First Quarter 2018 (Q1 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 de Valores - SMV). Financial figures include the effect of the adoption of IFRS 9 (Financial Instruments) and IFRS 15 (Revenue from Contracts with Customers).




1. Consolidated Revenue amounted to S/ 1,710.7 million (+10.1% YoY), while Volume reached 461.7 thousand tons (+12.4% YoY). Increase in Revenue was mainly explained by: i) a 11.8% YoY increase in the Consumer Goods Peru business due to growth from implemented innovations and from redesigning our commercial strategy for the economic segment, mainly in our core categories, and ii) a 35.0% 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/624.4 million (+11.8% YoY) and 127.0 thousand tons (+10.1% YoY) during Q1 18’. This increase was mainly explained by: i) mainly the growth in our core categories such as Laundry Detergents (+S/ 13.6 million YoY), Sauces (+S/ 11.2 million YoY), Pasta (+S/ 6.2 million YoY), as well as Domestic Oil (+S/ 5.1 million YoY), and ii) the Canned Tuna category, launched in Q2 17’ (+S/ 15.3 million YoY). Furthermore, the Company’s commercial strategy resulted in an equal or a higher volume share in 13 out of our 19 categories (including subcategories).
3. Regarding product innovation, during Q1 18’ the Company launched/revamped 9 products (4 in Consumer Goods Peru, 2 in B2B, 1 in Consumer Goods International and 2 in Aquaculture). The following launches can be highlighted: i) the new vanilla & caramel fragrance softener under the “Bolivar” mega brand, seeking to strengthen the brand positioning, and ii) “Frutisimos” drinkable jelly under the “Negrita” brand; aiming to highlight and increase the naturalness of the brand.
4. Gross Margin increased by 1.3 p.p. YoY (27.6% in Q1 18’ versus 26.3% in Q1 17’), while Gross Profit reached S/ 471.4 million, a 15.3% increase compared to the S/ 408.9 million of


Q1 17’. The improvement was mainly explained by i) a revenue mix towards more value added products, manufacturing efficiencies, and lower raw material prices in the Consumer Goods Peru Business, ii) product formula optimization and lower raw material prices in the Aquaculture business, iii) 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/ 210.2 million (+12.7% YoY), and EBITDA Margin reached 12.3%, in line with Q1 17’. Excluding one-time expenses associated to i) efficiency program and ii) the M&A transaction in Bolivia, EBITDA Margin added up to 12.8%.

Consequently, Net Income totaled S/103.8 million during Q1 18’, (+34.1% YoY), while Net Margin reached 6.1%, (+1.1 p.p. YoY). As a result of the increase in profitability and lower Net Financial Expenses, Earnings per Share (EPS) increased from S/ 0.090 in Q1 17’ to S/ 0.121 in Q1 18’ (+34.4% YoY). On March 2018, Alicorp’s General Shareholders Meeting approved a dividend payment of S/ 205.1 million, resulting in S/ 0.24 per share to be distributed on May 25th, 2018.

7. Cash flow from Operations as of March 2018 was S/ 47.1 million, S/ 222.7 million lower than the figure generated as of March 2017, mainly explained by the effect of the supply chain finance program implemented in 2016. Cash Flow from Investing Operations was S/ 29.8 million, compared to S/ -15.3 million registered as of March 2017 explained by the income of held for investments of S/ 76.2 million, while CAPEX investments as of March 2018 was S/ 40.3 million.

As of March 2018, Net Debt decreased by S/ 31.9 million versus December 2017, reaching S/ 866.9 million. Although Total Debt was S/ 1,830.6 million as of March 2018, (S/ 111.6 million lower compared to December 2017), 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 slightly decreased from 1.00x as of December 2017 to 0.94x as of March 2018.


For a full version of ALICORP’s First Quarter 2018 Earnings Release, please visit:


Conference Call

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

Cordially invites you to discuss First Quarter 2018 Results
Date: Wednesday, May 2, 2018
Time: 12:00 p.m. Eastern Time
11:00 a.m. Lima Time
To access the call, please dial:
From the U.S.: 1-877-830-2576
From Outside the U.S.: 1-785-424-1726
Conference ID Number: ALICORP

Alicorp’s 1Q18 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