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ESTRICTAMENTE PRIVADO & CONFIDENCIAL
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0
Corporate
Presentation
December, 2017
1 1
Disclaimer
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
on assumptions that, as of today, are considered valid. Financial and business projections are
estimates and do not constitute any declaration of historical facts. Words such as “anticipates”,
“could”, “may”, “can”, “plans”, “believes”, “estimates”, “expects”, “projects”, “pretends”, “probable”,
“will”, “should”, and any other similar expression or word with a similar meaning pretend to identify
such expressions as projections. It is uncertain if the anticipated events will happen and in case they
happen, the impact they may have in Alicorp’s or The Consolidated Company’s operating and financial
results. Alicorp does not assume any obligation to update any financial or business projections
included in this presentation to reflect events or circumstances that may happen.
Agenda
3 3
Agenda
Guidance for FY 2017
3
4
5 Q3 2017 Business & Operating Review
Q3 2017 Highlights
Macro Outlook 1
2 Strategy Update: Growth
4 4
Agenda
Guidance for FY 2017
3
4
5 Q3 2017 Business & Operating Review
Q3 2017 Highlights
Macro Outlook 1
2 Strategy Update: Growth
5
Macro Outlook (1/3): LatAm Landscape for 17´and 18´ 1
Economic recovery is expected for most economies in LatAm; albeit no sign of superior returns for any
particular region. In Peru, we believe the next 6 months will be key to unlock public investment in order to
spur private consumption
LATAM 2017E & 2018E
1 Median of the research estimates as of September 2017. 2 Versus previous estimate as of June 2017.
3 Implied depreciation based on end of period exchange rates. Median of the research &
company’s estimates as of September 2017. 5
1.9%
3.4%
4.1%
2.7%
4.5%
1.1%
4.1%
3.5%
2.5%
3.7%
2017 2018
0.9%
2.7%
2.2%
2.9%
3.9%
3.8%
0.6%
1.8%
0.6%
2.6%
2.5%
4.0%
2017 2018
Bolivia
Peru
Argentina
Brazil
Chile
Ecuador
INFLATION RATES GDP GROWTH RATES1 Δ2
+95% of our shrimp
feed business is
export-driven
22.2%
15.4%
Δ CURRENCIES3
1.8%
5.0%
1.2%
2.5%
2017 2018
-0.2%
-1.5%
N/A
13.4%
11.9%
N/A
Bolivia and
Peru should
continue to
outperform
the region
Brazil starting
show positive
trends.
Nevertheless,
we might have
to wait until
2019 to see a
full recovery
Argentina
expects a soft
rebound next
year on the
back of pro-
market &
business-
friendly
reforms
6
We are noticing a pick-up in various macro indicators that confirm a recovery in consumption; albeit
recovery is soft and still lagging against other components of GDP
FA
RIN
AC
EO
US
& O
LE
AG
INO
US
(P
ER
U)
SUPPLY VIEW
95
110
125
140
SOYBEAN OIL1
85
90
95
100
105
Oct 17’ YTD Evolution
Oct 17’ YTD Evolution
WHEAT1
80
90
100
110
Oct 17’ YTD Evolution
CRUDE PALM OIL1
1 Macro Outlook (2/3): Top-down drivers for Peru
6
DEMAND VIEW2
-10.0
-8.0
-6.0
-4.0
-2.0
0.0
2.0
4.0
Q1 16' Q2 16' Q3 16' Q4 16' Q1 17' 2017E
Consumer Basket Food Basket
Private Investment GDP Construction
ECONOMIC INDICATORS EVOLUTION (%)2
1 Chicago Board of trade – Index based on closing future prices.
2 Source: Central Bank (BCRP) & INEI (National institute of statistics & Informatics).
3 For the period 2012 – Q3 17’(21 quarters). 4 According to Kantar World Panel.
Private
Investment
GDP
Construction
Urban
Employment
Exchange Rate
Consumer
Basket4
Food
Basket4
Edible Oils +
Pasta
0.5 0.6 0.7
0.5 0.6 0.5
0.6 0.7 0.7
-0.4 -0.4 -0.6
Correlation
coefficient3
▪ Slight increase in raw material prices for our farinaceous platform (wheat)
▪ Soybean oil price has been stabilizing the past months while crude palm oil price is declining
7
The global aquaculture industry outlook remains positive underpinned by solid S&D fundamentals. With the
"El Niño" phenomenon behind us, we expect steady growth in the upcoming quarters
1 Macro Outlook (3/3): Top-down drivers for Aquaculture
1 Chicago Board of Trade – Index based on closing future prices.
2 Fishmeal, Peru Fishmeal/pellets 65% protein, CIF. Source: World bank.
3 Internal information from official sources. 4 Source: Salmon Farming Industry Handbook 2017 – Marine Harvest & Kontali Analyse . 5 Source: Urner Barry Index.
Oct 17’
Oct 17’
Oct 17’
80
100
120
YTD Evolution
SOYBEAN MEAL1
90
105
120
135
WHEAT1
SUPPLY VIEW
YTD Evolution
FISH MEAL2
80
90
100
110
YTD Evolution
3.0
3.5
4.0
4.5
5.0
5.5
6.0
Price Salmon (USD /lb) Price Shrimp (USD /lb)
1,516 1,644 1,670 1,811
2013 2014 2015 2016
(Thousands of MT)
GLOBAL VIEW
Oct 17’
1,800 2,000 2,100 1,900
2013 2014 2015 2016
SH
RIM
P O
UT
PU
T3
S
AL
MO
N O
UT
PU
T4
7
SH
RIM
P A
ND
SA
LM
ON
2015 2016 2017
INTERNATIONAL PRICES5
CAGR 6.1%
CAGR 1.8%
8 8
Agenda
Guidance for FY 2017
3
4
5 Q3 2017 Business & Operating Review
Q3 2017 Highlights
Macro Outlook 1
2 Strategy Update: Growth
9
2
STRATEGIC PILLARS
1 Excludes commodity hedging and other operating expenses.
People
“One Alicorp” Mindset • Transfer knowledge across the organization
• Leverage corporate capabilities
• Share best practices among business and geographies
Efficiencies
Growth
Gross Profit SG&A1
Revenue Growth EBITDA Growth
6,580 6,629 7,052
2015 2016 2017 LTM
722 802
894
2015 2016 2017 LTM
(PENM)
1,867 2,008
1,069 605
2015 2016 1H17 3T17
28.4% 30.3% 31.3% 33.2%
(PENM)
1,284 1,347
713 381
2015 2016 1H17 3T17
19.5% 20.3% 20.9% 20.9%
(PENM) (PENM)
+1.0 p.p. +2.1 p.p. Savings +0.6 p.p. Savings
20.2% 19.7% Without non-recurring expenses
CAGR 15’-17’: 2.3% CAGR 15’-17’: 7.4%
Gross Margin SG&A / Revenue
We have continued to focus on our three pillars for value creation…
9
10
… allowing us to significantly reduce the gap between the Market and
the Fundamental Value of the Firm … 2
10
Value
Creation:
TSR
1
2
3 4
5
Growth
Efficiencies People
Alicorp
Market Value
Alicorp
Fundamental
Value
Alicorp post
Optimal
Capital
Structure
Increase our margins
leveraging through our
Competitive Advantages
Brand Management
Go-To-Market strategy
Supply Chain
Product development
Revenue Management
Working Capital and
Financial / tax efficiencies
Organic Growth
Focus on the economic
Segment (T41) in Peru
Canned tuna, Laundry Care
Food Service in B2B
Personal Care in Brazil
Alicorp
Fundamental
Value post
internal
initiatives
Alicorp
Fundamental
Value post
inorganic
initiatives
Inorganic Growth
Andean Region
Area II and III in Brazil
Peru: Core Categories2
Capital Optimization
Focus on ROIC and
Profitability
Divestiture (Real
state, non operating
assets and non
strategic assets)
1 Tier 4.
2 Edible Oils, Detergents, Pastas and Sauces.
11
2
11
Source: Bloomberg as of Oct 31. 1
LTM basis. 2
Companies with excess of cash over financial debt.
5,800
3,801
4,975
4,134
920
2,725
Market Cap Revenues1 EBITDA1 Net Debt/EBITDA (USDM)
3,730
3,104
1,703
2,923
1,017
2,102
1,389
593
847
383
319
357
166
263
2.73x
1.47x
5.78x
2.71x
1.61x
0.98x • Profitability
increase and
efficiencies in
working capital
increased Free
Cash Flow
generation and
ROIC levels
• Long-term
leverage should
remain between
2.0x to 2.5x Net
Debt/EBITDA, at
“Investment
Grade” levels
n.a2
n.a2
2.86x
11,013
11,086
10,219
13,953
…while reducing Alicorp’s leverage below that of its median LatAm
consumer player comp set …
12
… and enabling us to boost Total Shareholder Return (TSR) during
the past year 2
1 Source: Bloomberg as of Oct 31.
2 Stock appreciation from Jan-15’ to Oct-17’.
3 Annualized rate. 4 Difference between TSR and Capital appreciation.
5 TSR formula: (Ending Stock Price + Dividend per period – Beginning Stock Price) / Beginning Stock Price.
-
10,000
20,000
30,000
40,000
50,000
60,000
40
80
120
160
Jan
-15
Fe
b-1
5
Ma
r-1
5
Ap
r-15
Ma
y-1
5
Jun
-15
Jul-
15
Au
g-1
5
Se
p-1
5
Oct-
15
Nov-1
5
Dec-1
5
Jan
-16
Fe
b-1
6
Ma
r-1
6
Ap
r-16
Ma
y-1
6
Jun
-16
Jul-
16
Au
g-1
6
Se
p-1
6
Oct-
16
Nov-1
6
Dec-1
6
Jan
-17
Fe
b-1
7
Ma
r-1
7
Ap
r-17
Ma
y-1
7
Jun
-17
Jul-
17
Au
g-1
7
Se
p-1
7
Oct-
17
Mill
are
s
ADTV ALICORC1 S&P BVL
ADTV
(PENk)
ALICORC1 vs. S&P BVL Performance1
Total Shareholder Return (TSR) Evolution1
ALICORC1 vs. S&P
BVL appreciation:
+1.56x2
YTD + = 48.4% 2.4% 50.8%
1 Year + = 29.7% 1.8% 31.4%
3 Year + = 9.3% 0.2% 9.5%
5 Year + = 6.6% 0.9% 7.5%
xx3 xx3 4 xx3 5 Cap. appreciation Div. Yield TSR
Alicorp seeks to maximize Shareholder
value by increasing ROIC to boost TSR
Available levers to increase TSR:
• Increase payout ratio
• Distribution of special dividend
• Monetization of non-core assets (BAP
shares, non-operating assets)
12
13
Increased M&A activity in LatAm underpinned by sound financial position of leading players.
There is an on-going regional consolidation, driven by the limited number of "potential targets"
2 Regarding inorganic growth, our M&A strategy takes place in a
dynamic scenario of consolidation in the region…
Multinationals
Mexican Players
Bolivia
Argentina
Chile
Ecuador
Honduras
Nicaragua
Peru
Panama
Colombia
Mexico
Inc. scale Areas II & III
Consolidate market
Increase footprint
Potential M&A workstreams
Guidelines for M&A transactions
Rigorous screening &
approval process – focus on
acquiring businesses that
allow us to replicate our
competitive advantages
(brand management,
distribution, procurement)
Payment of a “Fair Price”
(in terms of EV/ EBITDA) to
secure adequate risk /return
profiles
Ensure adequate integration
through the creation of an
Integration Management
Office (“IMO”)
13
LatAm Players
14
Consumer Goods Peru (CGP) Business to Business (B2B)
Regarding organic growth, we have gained market share in our Peru
Businesses increasing both Volume and Revenue…
Our competitive advantages in Peru allow us to growth even in a challenging environment
2
ALL CATEGORIES (in PEN)
2.1%
4.3%
2.6%
5.6%
Volume Revenue Volume Revenue
CAGR 2014 - 2016 2017 LTM vs. 2016
SHARE GAINING 2014 – 2017 YTD1/2
ALL CATEGORIES (in PEN)
1.9%
1.4%
3.5% 3.6%
Volume Revenue Volume Revenue
CAGR 2014 - 2016 2017 LTM vs. 2016
SHARE GAINING 2014 – 2017 YTD1/3
Edible Oils
Detergents
Pasta
+3.7
+4.2
+4.1
+5.0
+10.6
Bulk Oils
Industrial
Flours
Industrial
Sauces
Canned Tuna
Stain Remover
-1.1
+11.3
+8.7
1 According to internal estimates based on public sources.
2 In terms of Value Share. According to Kantar World Panel & company estimates.
3 Implied Volume Share. Market according to Kantar World Panel & Company estimates.
Brand
Extensions
16’-17’
14
+ 2.4% 17YTD
15
1.8%
8.3%
-3.4% -2.1%
Volume Revenue Volume Revenue
-3.4%
31.3%
-5.7%
8.2%
Volume Revenue Volume Revenue
CONSUMER GOODS INTERNATIONAL AQUACULTURE
…while a good market momentum in Aquaculture is occurring
coupled with a mix performance in our International division
Our international division has been affected by the re-estructuring of our Argentine operation, while the
acquaculture business is in recovery mode after “El Niño” phenomenon during last year
2
HAIR CARE GROWTH (In ARS)1
PASTA GROWTH (In BRL)2
ARGENTINA
BRAZIL
Evolution 2014 - 2016 2017 LTM vs. 2016
SHRIMP (In USD)
Evolution 2014 - 2016 2017 LTM vs. 2016
1
SALMON (In USD)
0.5% 1.3%
18.0% 18.2%
Volume Revenue Volume Revenue
CAGR 2014 - 2016 2017 LTM vs. 2016
-0.4%
2.4%
29.5%
20.1%
Volume Revenue Volume Revenue
CAGR 2014 - 2016 2017 LTM vs. 2016
1 Hair Care represents +35% of the total Revenue from Argentina. 2 Pasta represents ~65% of the total Revenue from Brazil.
Despite this
contraction, we have
improved our
profitability
15
16 16
Agenda
Guidance for FY 2017
3
4
5 Q3 2017 Business & Operating Review
Q3 2017 Highlights
Macro Outlook 1
2 Strategy Update: Growth
17
3 Q3 2017 Key Highlights
74 90
116
157
302
407
4.4% 5.2% 6.4% 2.4% 4.6% 5.8%
Q3 15' Q3 16' Q3 17' FY2015
FY 2016
LTM
223 226 248
722 802
894
13.1% 12.9% 13.6% 11.0% 12.1% 12.7%
Q3 15' Q3 16' Q3 17' FY2015
FY2016
LTM
1,699 1,751 1,824
6,580 6,629 7,052
29.5% 30.4% 33.2% 28.4% 30.3% 31.5%
Q3 15' Q3 16' Q3 17' FY2015
FY2016
LTM
Total Revenue increased 4.2% YoY
Gross Profit increased 13.6% YoY (+ S/ 72.5 million) while
Gross Margin reached 33.2% (+2.8 p.p.)
EBITDA increased 9.6% YoY (+ S/ 21.8 million) while
EBITDA Margin reached 13.6% (+ 0.7 p.p.)
Net income increased 28.7% YoY (+ S/ 25.9 million) while
Net Margin reached 6.4% (+ 1.2 p.p.)
HIGHLIGHTS
(PEN Million)
REVENUE & GROSS MARGIN
EBITDA & EBITDA MARGIN NET INCOME & NET MARGIN
(PEN Million) (PEN Million)
We continue to grow and improve in margins, although smoother than past quarters. We expect this trend to continue
based on i) the macroeconomic recovery in Peru and ii) our strategic initiatives
39.6% 29.3%
xx Dividend Payout Ratio
17
18
Q3 2017 Operational Highlights 3
Our performance continues to experience steady growth and profitability improvement backed on i) our organic growth
strategy and ii) the results accomplished by our efficiencies initiatives implemented
REVENUE
GROWTH
PR
OF
ITA
LIB
ITY
• Consolidated Revenue grew 4.2% YoY backed on: i) sound results in Consumer Goods Peru due
to our brands strategy and innovation and ii) the good performance of the Aquaculture business
• Gross Margin reached 33.2% (+ 2.8 p.p. YoY) mainly explained by: i) Revenue Management and
design-to-value initiatives in the Consumer Goods Peru Business, ii) savings in procurement and
manufacturing as a result of our efficiencies program, iii) lower raw material prices in the Aquaculture
business, and iv) higher operative contribution from the Food Service platform
GROSS
PROFIT
EBITDA
• EBITDA margin reached 13.6% (+ 0.7 p.p. YoY) on the back of a higher Gross Margin contribution
from Peru and the Aquaculture businesses, partially offset by non-recurring expenses associated to
our efficiencies program.
I
II
CONTINUOUS
INNOVATION
• Consumer Goods Peru (“CGP”): In order to maintain our leadership we launched/revamped 8
products, among these, the following can be highlighted: i) pancake premix under the “Blanca Flor”
Megabrand, launching a new line of ready-to-cook products, ii) under the Bolivar brand, we launched
a new laundry care line for Baby clothes “Baby & Kids”, and ii) “Opal Advance”, aiming to strengthen
the brand position in the stain remover detergent
18
19
Q3 2017 Financial Highlights 3
Net income increased 28.7% YoY, boosted by lower Net Financial Expenses
WORKING
CAPITAL
• Net Debt-to-EBITDA ratio decreased to 0.98x as of September 2017 from 1.66x as of December
2016
• Net Debt1 decreased to S/ 877.1 million as of September 2017 from S/ 1,332.9 million as of
December 2016 (a decrease of S/ 455.8 million)
• All-in cost of debt was 7.1% during Q3 17'
• Cash Conversion Cycle, measured in LTM basis, improved to 11.8 days (as of September
2017) from 37.4 days (as of December 2016), mainly due to better commercial conditions with
suppliers and a better inventory rotation
II
NET INCOME
III • Net income reached S/ 116.4 million (+ 28.7% YoY), while Net Margin was 6.4% (+ 1.2 p.p. YoY)
• Lower financial expenses of S/ 21.0 million (- 54.1% YoY), and lower FX exchange losses of S/ 1.8
million (- 45.7% YoY)
• EPS increased to S/ 0.138 as of Q3 17’ from S/ 0.106 as of Q3 16’
CREDIT
RATING
• All credit ratings agencies have reaffirmed the investment grade with a "stable" outlook, both
in Peru (“Apoyo & Asociados” and “PCR”) and internationally (“S&P”, “Fitch and Moody’s”)
• Additionally, on October 2017, Equilibrium – our recent local Credit Rating agency – published an
"AAA” credit rating
IV
FINANCIAL
LEVERAGE
I
1 Net Debt is Financial Debt minus cash and cash equivalents as of Q3 17’. 19
20 20
Agenda
Guidance for FY 2017
3
4
5 Q3 2017 Business & Operating Review
Q3 2017 Highlights
Macro Outlook 1
2 Strategy Update: Growth
21
Consolidated Guidance for FY 2017
FY 2016
0.7%
12.1%
S/123.8M
1.66x NET DEBT-TO-EBITDA
(x)
4.6% NET MARGIN (%)
REVENUE
GROWTH (PEN) (%)
EBITDA MARGIN (%)
CAPEX
4
Given our strong year-to-date performance, both in top and bottom line, we have adjusted upwards our
guidance for 2017 driven by: i) the growth and profitability improvement in Peru due to our efficiencies
initiatives and innovation, and ii) a strong recovery and market growth of the Aquaculture business
• The execution of
Peruvian Government
stimulus package and
Multiannual
Macroeconomic
Framework
• Healthy Nutrition Act
in Peru
• International growth
drivers, especially for
Brazil, and Argentine
restructuring
• FX and commodities
behaviors
Watchouts
21
Previous
Guidance1
5.0% - 7.0%
12.0% - 12.5%
S/150 – 200M
1.00x - 1.20x
5.5% - 5.8%
Q3 Guidance
2017
6.0% - 8.0%
12.25% - 12.75%
S/100 - 150M
0.90x - 1.00x
5.8% - 6.0%
2017
YTD Results
8.8%
12.9%
S/ 64.9M
0.98x
6.2%
1 Previous guidance of Q2 17’.
22 22
Agenda
Guidance for FY 2017
3
4
5 Q3 2017 Business & Operating Review
Q3 2017 Highlights
Macro Outlook 1
2 Strategy Update: Growth
23
Consumer Goods Peru
23
Revenue and Volume increased by 7.8% YoY and 4.5% YoY
respectively, on the back of the growth in our core categories and
innovations
Gross Margin increased by 2.7 p.p. YoY explained mainly by Revenue
management, and our efficiencies initiatives
EBITDA reached S/ 140.1 million (+ 19.4% YoY) and EBITDA Margin
increase 1.9 p.p. YoY to 19.7% mainly explained by the increase in Gross
Margin, partially offset by a higher SG&A
(PEN Million) (PEN Million)
117 117 140
393
434
496
18.0% 17.8% 19.7% 16.2% 17.4% 18.8%
Q3 15' Q3 16' Q3 17' FY2015
FY2016
LTM
HIGHLIGHTS
REVENUE & GROSS MARGIN
5
EBITDA & EBITDA MARGIN
Q3 2017 INSIGHTS
650 658 710
2,424 2,500 2,640
37.1% 38.0% 40.8% 35.6% 38.1% 39.7%
Q3 15' Q3 16' Q3 17' FY2015
FY2016
LTM
Market share (Δ% YoY) > - 0.5 p.p. - 0.6 p.p. <Market share (Δ% YoY) < - 0.9 p.p. Market share (Δ% YoY) < -1.0 p.p.
1 Colors following the next criteria:
INNOVATION & POSITIONING
Laundry
Premixes
Category Rank1
Edible Oils #1
#1
Pasta #1
#1
Cereals #1
Jelly #1
Laundry
Detergents
Mayonnaise
24
B2B
24
Revenue and Volume increased by 5.7% and 4.5% YoY, respectively,
mainly due to the growth of our Food Service platform
Gross Margin increased by 1.7 p.p. YoY due to lower raw material prices
EBITDA reached S/ 52.2 million (+7.3% YoY) and EBITDA Margin
reached 12.4% (+0.2 p.p. YoY)
(PEN Million) (PEN Million)
HIGHLIGHTS
5
EBITDA & EBITDA MARGIN
PRODUCT INNOVATION Q3 2017 INSIGHTS
394 398 420
1,459 1,512
1,567
22.5% 25.7% 27.4% 21.9% 25.3% 25.4%
Q3 15' Q3 16' Q3 17' FY2015
FY2016
LTM
Industrial Sauces
REVENUE & GROSS MARGIN
35
49 52
106
168 164
9.0% 12.2% 12.4% 7.3%
11.1% 10.5%
Q3 15' Q3 16' Q3 17' FY2015
FY2016
LTM
25
Consumer Goods International
25
Revenue and Volume decreased by 14.8% YoY and 12.5% YoY,
respectively. Revenue in Argentina and Brazil amounted to S/ 97.8 million
(- 19.0% YoY) and S/ 122.7 million (- 10.2% YoY), respectively
Gross Margin increased by 2.9 p.p. YoY, mainly explained by Brazil’s
Gross Margin increase (+ 4.9 p.p. YoY)
EBITDA was S/ - 3.8 million and EBITDA Margin was - 1.4% (- 4.9 p.p.)
(PEN Million) (PEN Million)
HIGHLIGHTS
5
EBITDA & EBITDA MARGIN
PRODUCT INNOVATION Q3 2017 INSIGHTS
317 312 266
1,280 1,185 1,169
33.2% 32.4% 35.3% 32.3% 32.3% 34.5%
Q3 15' Q3 16' Q3 17' FY2015
FY2016
LTM
17 11 -4
75
40
17
5.2% 3.5% -1.4% 5.8% 3.4% 1.5%
Q3 15' Q3 16' Q3 17' FY2015
FY2016
LTM
REVENUE & GROSS MARGIN
Tomato Sauce1 Powder
Detergent1
1 Both innovations launched in the Andean Region: A new presentation of the Don Vittorio Tomato Sauce and a new Bolivar formula revamped.
26
Aquaculture
26
Revenue and Volume increased by 11.9% and 21.6% YoY, respectively. Revenue amounted to S/ 427.2
million and Volume reached 121.0 thousand tons.
Gross Margin increased by 4.3p.p. YoY to 25.0%, mainly due to lower raw material prices
EBITDA reached S/ 70.8 million (+ 28.4% YoY) and EBITDA Margin reached 16.6% (+ 2.1 p.p.), mainly
explained by a higher Gross Margin
(PEN Million) (PEN Million)
HIGHLIGHTS
5
EBITDA & EBITDA MARGIN
Q3 2017 INSIGHTS
337 382 427
1,418 1,430
1,677
19.6% 20.7%
25.0% 19.2% 20.2% 22.1%
Q3 15' Q3 16' Q3 17' FY2015
FY2016
LTM
47 55
71
191 181
242
13.8% 14.4% 16.6% 13.5% 12.7% 14.4%
Q3 15' Q3 16' Q3 17' FY2015
FY2016
LTM
REVENUE & GROSS MARGIN