Consumer Goods

Leading consumer
goods company of
branded products
 Peruvian based with operations in Argentina, Colombia, Ecuador
and Chile; and exports to more than 23 countries
 Second largest Andean Consumer Goods Company. Market leader
in all categories in Peru
 25% of revenue generated outside Peru
 Quoted in the Peruvian stock exchange; ranked as a top corporate
governance company
Manufacture and distribution:
Consumer Goods
Consumer
Goods
Consumer
Goods
4 Business Units
focused on 3
core businesses
Peru
Peru
Peru
Financial performance
Animal
Animal
Nutrition
Nutrition
Mercosur
Mercosur
Andean
Andean Region
Region
International Market
&
& C.America
C.America
Region
Region
106
106 family
family brands
brands in
in 16
16 different
different categories
categories





Industrial
Industrial
Industrial
Products
Products
Products
14
14 brands
brands directed
directed to
to 22 brands
brands for
for fish
fish and
and
the
shrimp
the food
food industry
industry
shrimp feed
feed
2011 Revenue: S/.4,256MM
CAGR (2005-2011): 14.6%
Debt to EBITDA ratio of 0.93
ROE: 18.1%
Bond rating:
 AA+ (PE) by Apoyo & Asociados (May 2011)
 AA+ (PE) by Pacific Credit Rating (October 2011)
Results
 Aggressive Growth
 Strong Competitive Position
 Cost Efficient Operations
 Cashflow Generation for Expansion
 Solid Market Shares in Core Categories
 International Expansion
 Higher Returns
Transformational Changes
 Consumer & Market Oriented
 Leading brands & Diversified Portfolio
 Higher Value Added Products
 Strong Distribution Network
 Commodity Consolidation
 Use of Economies of Scale
 Low Cost of Production
 New Product Development Process
 Aggressive M&A strategy
Growth through M&As and Integration
Acquisition
1995
Merger
Alicorp S.A.A
1996
1997
Acquisitions
2004
2005
S/.605MM (US$80MM) in Revenue in 1995
CIPPSA
La Fabril
2006
2007
2008
2011
S/.4,256MM (US$1,579MM) in Revenue (2011)
Consorcio de
Alimentos
Fabril Pacífico
Molinera
del Perú
2010
Planta de
detergentes
Industrias
Pacocha
Consorcio
Distribuidor
Peruvian Market Consolidation
International Expansion
2012
Industrial
Products
Consumer Goods
Andean Region
&
Central America
Peru
Mercosur
Region
•
Edible Oil
•
Pasta
•
Laundry Soap
•
Margarine
•
Sauces
•
Laundry Detergent
•
Mayonnaise / Sauces
•
Cookies & Crackers
•
Soap
•
Cookies & Crackers
•
Juices (Powder)
•
Hair Care
•
Pasta
•
Ice Cream
•
Softeners
•
Juices (Powder)
•
Pet Food
•
Deodorant
•
Baking Flour (household) •
Hair Care
•
Pasta
•
Cookies & Crakers
•
Jello
•
Personal care soap
•
Pet Food
•
Softeners
•
Laundry Soap
•
Laundry Detergent
•
Laundry Detergent
Animal
Nutrition
•
•
•
•
Flour
Pre-mix
Edible Oil
Shortenings
•
•
Shrimp Feed
Fish Feed
2011
Revenue:
S/. 4,256 MM (US$1,579MM)
EBITDA:
S/. 551.7MM (US$204.6MM)
% of Total 2011 Revenue
63%
30%
30%
7%
7%
30%
8%
% of Total 2011 EBITDA
62%
31%
7%
Market Share per Volume for the period May - June, 2012
Category
Market Share
Position
Mayonnaise
96%
#1
Laundry Soap
76%
#1
70%
#1
Margarines
63%
#1
Juice (Powder)
65%
#1
Edible Oil
55%
#1
Laundry Detergent
54%
#1
51%
#1
44%
#1
35%
#1
31%
#1
Animal Nutrition
Brands
(1)
Industrial Baking Flour
Pasta
Pet Food
(2)
Cookies & Crackers
(1)
Inca
Source: Kantar World Panel
(1) Internal Source
(2) CCR Audit
Competitors
Locals
Molinos Río de la Plata
GDP & PRIVATE CONSUMPTION1/2
(% YoY change)
Private Consumption
CONSUMER GOODS INDUSTRY1/2
(% YoY change)
GDP
10.0
9.0
8.0
7.0
6.0
5.0
4.0
3.0
2.0
1.0
0.0
2007
2008
2009
2010
2011
2012
1. In real terms
2. 2012 Figure is estimate
Source: BCR, APOYO Consultoría
1. In real terms
2. 2012 Figure is estimate
Source: Produce, APOYO Consultoría
URBAN PERU: POPULATION DISTRIBUTION BY SOCIOECONOMIC LEVEL
& PRODUCT INNOVATION
(2010)
E
D
CE
A/B
D
EC
DA/B EC
DA/B C
A/B
LIMA
URBAN
PROVINCES
PERU TOTAL
22
8
9
35
25
20
31
38
28
13
29
43
Source: IPSOS Apoyo
PREMIUM
MAINSTREAM
VALUE
Inca
National distribution coverage through:
Iquitos
Chiclayo
• 27 exclusive distributors
ORIENTE
240 clientes
Piura
• 100% of wholesalers and supermarkets
Tarapoto
Trujillo
Huaraz
• Food Service distribution system
• 12 warehouses nationwide
Huánuco Pucallpa
• 25 sale offices
Huacho Tarma
Huancayo
Lima
• 9 manufacturing facilities
Cusco
Chincha
Ica
Ayacucho
Juliaca
Arequipa
• Logistics in the 4 most important ports of
Peru
Tacna
Exclusive
Distributors
Warehouses
Sale offices
Industrial plants
TOTAL 200,000
clients
MARKET STRUCTURE & REVENUES PER DISTRIBUTION CHANNEL
Wholesalers
Modern Channel
Exclusive Distribution
Wholesalers
Modern Channel
EXPENSE DISTRIBUTION
B2B
(In
%)
Mom & Pop
Exclusive Distribution
Other
B2B
Mom & Pop
REVENUE STREAM
8
10
19
21
29
8
29
39
24
25
5
6
17
51
48
33
Peru Market
Alicorp Peru
Peru Market
Alicorp’s Share
7% in Modern
30%
Channel
21
per category
Edible Oil:
32.6%
25
17
13
42
Other
42
Peru Market
Alicorp Peru
2011
Source: Kantar Worldpanel, Apoyo Consultoría, CCR Audit
Pastas:
33.2%
Detergents:
42.6%
48& Crackers:
Cookies
16.0%
Mayonnaise:
83.4%
6
Alicorp Peru
REVENUE GROWTH
(YoY % Change)
Consumer
Goods
Argentina
Ecuador
Colombia
Chile
Bolivia
Haiti
Animal
Nutrition
Colombia
Ecuador
Guatemala
Honduras
Nicaragua
China
Ecuador
22%
46.7%
Colombia
6%
Industrial
Products
Canada
U.S.A.
Bolivia
Ecuador
Haiti Honduras
3%
3%
14.2%
Others
11%
Argentina
39%
New acquisition:
EEUU
4%
Canada
12%
15.6%
Foreign Revenue: S/.1,045.7M (US$387.9MM) 2011
( 25% of Total Revenue )
( 18.5% growth over 2009 )
CAGR 37.3% (2006-2011)
Long-Term Target: 50% of Total
Revenue
Market Share per Volume
Category
Argentina (1)
Hair Care
Brands
(OND’ 11)
Personal Care Soap (OND’11)
Laundry Detergent
(OND’11)
Cookies & Crackers (OND’11)
Pound Cakes
Pasta (Dry)
Juice
(4) (S’11)
(4)
(4)
Ecuador (2)
Pet Food (MA’12)
LIMZUL
Market Share
Position
27%
#2
18%
#2
6%
#3
3%
#9
7%
11%
5%
Mayonnaise (MJ’11)
23%
14%
#2
#2
Pasta (MA’12)
15%
#3
4%
5%
#4
#4
32%
#1
Baby Hair Care
4%
#6
Cookies (JJ’11)
2%
#7
Pet Food
2%
#6
Hair Care (MA’12)
Juice (Powder) (ND’11)
Animal Nutrition
Colombia
Competitors
(3)
Source: (1) Household Panel KWP Argentina
(2) Source: IPSA Audit
(3) Nielsen Audi
(4) Internal Source
GNCH
Our operational, distribution and sales platform
National Distribution Coverage
Regional Distribution Platform
Colombia
 Nation-wide distribution network
 1 industrial plant
 Plan to increase critical mass and coverage
Ecuador
Iquitos




Piura
Chiclayo
Nation-wide distribution through local distributors
Strong wholesaler and retailer distribution
Plan to increase participation in wholesale market
Animal Nutrition plant under construction
Tarapoto
Peru





Trujillo
Pucallpa
Huanuco
Huaraz
Huacho
Tarma
National distribution coverage
27 exclusive distributors
13 warehouses nationwide
25 sales offices
16 industrial plants
Argentina
Huancayo




Lima
Cusco
Own nation-wide distribution network
Strong presence in rural areas
5 industrial plants in Buenos Aires
Plan to increase presence in super markets
Chincha
Ica
Ayacucho
Juliaca
Arequipa
Tacna
Exclusive
Distributors
Sale
Offices
Chile




One industrial plant in the Chiloe Island
Direct sales to final client
Most of clients located in surrounding areas
Specialized sales force in the aquaculture business
and in constant contact with the client
Warehouses
15
Corporate
Unit
Business
Unit
Consumer Goods
Peru
International
Industrial
Products
Animal
Nutrition
Business Partners
Marketing
By Geographic
Area
By Category
Supply Chain
Finance
Increasing Consumer
& Customer Value
HR
Matrix Organizational
Structure
DIVERSIFIED PORTFOLIO
PRODUCT DIVERSIFICATION
(% of Total Revenues)
Edible Oil
Pastas
Laundry
Detergent
Industrial
Baking Flour
Food
Food
Mix
220
10%
10%
Food Mix
Other Categories
9%
9%
9%
7%
9% 8%
8%
9%
34%
Others
Categories
Others Categories
21%
37%
BRAND
EQUITY
9%
11%
Ace
100
Ideal Metro
Sao
Cristalino
Deleite
Bell’s
11%
11%
Marco Polo
GN
Sayón
Cogorno
Magia Blanca
Sapolio
Ña Pancha
Patito
20
20%
11%
34%
11
37%
INCA
Victoria
Don Angelo
Anita
Molitalia
Cogorno
Don Maximo
Anita
20%
21% 21%
20%
Santa Rosa
83%
83%
82%
57%
83%
82%
69%
54%
53%
68%
2009 2008
2010
69% 69%
45%
43%
68
Las Mercedes
Invicto
2006
2007
20082007
2006
0
CATEGORY

Home & Personal Care
9%9%
38%
Ariel


Home &
Personal
& Personal
Home CareCare
100 represents the national average.
Perceptor and IPSOS Apoyo Survey Methodology: 1,500 Households in
Lima + 12.
Brand equity is defined by drivers such as: performance, value equation,
quality, brand leadership, brand recognition, emotional attachment,
health and safety, taste, other variables.
Alicorp Total
Revenues (US$MM)


2007
2007
2008
2008
2009
900
1,253
1,233
2009
2011
2009
20
2010
2011
1,332
1,579
Clear strategy to diversify towards the HPC markets
Other Categories include: Omega, and Animal Nutrition
2010
MAIN CATEGORIES
GROWTH PER CATEGORY (2010-2011)
2011 Growth
- Revenues: 13.7%
- Volume: 1.8%
Sales Growth
Volume Growth
25.4%
21.3%
17.6%
15.0%
14.3%
13.8%
22.0%
20.2%
9.4%
5.5%
-9.7%
-4.6%
Edible Oil
Pastas
Laundry Detergent
Cookies &
Crackers
Industrial Baking Flour
Animal Nutrition
Industrial Products and
Animal Nutrition
Consumer Product
Goods
2011 RevenuesS/.
635MM
417MM
417MM
293MM
614MM
321MM
Weight in Sales
Revenue CAGR 20052011
14.9%
9.8%
9.8%
6.9%
14.4%
7.5%
8.1%
8.4%
43.1%
17.8%
8.8%
19.6%
12.3%
9.6%
16.7%
9.2%
7.4%
N/A
Market CAGR 20052010 (1)
(1)
Market CAGRs for Edible Oil, Pastas, Laundry Detergents, Cookies and Industrial
Flours consider Peru’s market growth per category.
Source: MINAG, PRODUCE, INEI, Euromonitor, SNI
Kantar World Panel, CCR Audit.
PERU & INTERNATIONAL GROWTH
GROWTH BY BUSINESS LINE
(Millions of Soles)
2005
(Millions of Soles)
2005
2005
2011
CAGR
CAGR
2005-2011:
2005-2011:
Revenues: 14.6%
14.5%
EBITDA: 15.2%
CAGR
2005-2011:
10.8%
CAGR
2005-2011:
13.1%
3,210
1,735
2,670
CAGR
2005-2011:
16.9% 152
Peru
277
2,658
CAGR
2005-2011:
19.6%
1,277
501
109
Peru
4,268
1,277
75.4%
CAGR
2005-2011:
1,277
16.9%
501
2,670
Consolidated
1,887
321
1,277
Consumer Product
Goods
Industrial Products
International
Consumer Product
Consolidated
Goods2005
8.1%
24.6%
2011
4,256
CAGR
2005-2011:
19.6%
109
Consumer
Product
Goods
Industrial Products
4,268
1,887
321
CAGR
2005-2011:
Animal Nutrition
19.6%
1,277
501
nsumer Product
Industrial Products
Animal Nutrition
2005
91.9%
Goods
2011
CAGR
2005-2011:
16.9%
1,046
International
EBITDA: 15.2%
CAGR
2005-2011:
CAGR 13.0%
4,256
1,887
2011
CAGR CAGR
2005-2011:
2005-2011:
14.5%
Revenues: 14.6%
2005-2011:
13.1%
CAGR
2005-2011:
37.9%
2011
109
Consolidated
1,887
321
Industrial
Animal Nutrition
Products
Animal Nutrition
Consolidated
67.7%
26.5%
5.8%
62.5%
30.0%
7.5%
OVERALL RESULTS
LAST 5 QUARTERS
LAST 5Q SALES
(Millions&ofGROSS
Soles) MARGIN
Sales
Gross Margin
Gross Margin
993
1,000
(Millions of Soles)
Sales
998
985
80%
CAGR 2010-Last 12M:
6.9%
883
878
70%
60%
50%
33.9%
32.1%
32.0%
31.9%
40%
29.7%
11.9%
30%
20%
LAST 5 QUARTERS
EBITDA
& EBITDA MARGIN
(Millions of Soles)
0
1Q 10
2Q 10 EBITDA 3Q 10EBITDA Margin
4Q 10
10%
OVERALL RESULTS
0%
(Millions of Soles)
1Q 11
200
EBITDA
60.0%
168
167
149
27.3%
136
136
100
30.0%
16.9%
15.4%
17.0%
16.7%
1Q 10
2Q 10
3Q 10
4Q 10
13.8%
0
0.0%
1Q 11
CAGR 2010-Last 12M:
0.1%
27.5%
EBITDA Margin
SG&A/Marketing
CAPEX
(as % of Total Revenues)
(Million of Soles / as a % of Total Revenues)
DEBT & DEBT/EBITDA RATIO
CURRENT RATIO & LEVERAGE
(Million of Soles)
2.3%
2.7%
2.5%
0
1.4%
EARNINGS PER SHARE
EARNINGS PER SHARE
(Soles)
(Soles)
CAGR 2010-Last 12M:
8.92%
ROIC & ROE
DIVIDENDS
PER SHARE
&
DIVIDENDS
PER SHARE
& DIVIDEND
DIVIDEND
YIELD
YIELD
Dividends per Share
0.2000
Dividends Yield
CAGR 2007-2011:
40.3%
0.1700
0.1287
0.1112
0.0491
1
ROIC is defined as Operating Profit minus Profit Sharing and Current Income Tax expense
divided by Working Capital plus Net Fixed Assets plus Other Net Operating Assets.
Where:
-Working capital excludes debt, other accounts (without financial costs), and Current Assets
available for sale.
-Net fixed assets exclude non operating fixed assets.
-Other net operating assets include software and brands.
2ROE is defined as the Net Earnings divided by average Last 12-Month Shareholders’ Equity.
7.8%
1.7%
4.7%
2.7%
0.0000
2007
2008
2009
2010
50.00%
45.00%
40.00%
35.00%
30.00%
25.00%
20.00%
15.00%
10.00%
5.00%
0.00%
As of May 31, 2012
Romero's
Group
45%
Inv. & Mutual
Funds
10%
Others
13%
AFP's
32%
2008
(As of Dec 31)
2009
(As of Dec 31)
2010
(As of Dec 31)
2011
(As of Dec 31)
2008-2011
Growth %
1H11
1H12
1H11-1H12
Growth %
Stock Price (S/.)
1.43
2.75
6.30
6.00
+320%
5.40
7.00
+29.6%
IGBVL
7,049
14,167
23,375
19,473
176%
18,879
20,207
+7.0%
Market Cap (MM US$)
386
806
1,900
1,885
+389%
1,664
2,220
+33.4%
EBITDA Multiple
5.81
5.12
10.74
10.02
+72.5%
10.05
11.62
+15.6%
166,973
408,255
325,837
340,729
+104.1%
424,565
224,710
-47.1%
14.74
10.66
18.92
22.20
+34.3%
FINANCIAL METRICS
Daily average trading volume
P/E Ratio
15.50
+5.2%
16.53
AVERAGE STOCK PRICE
(S/.)
VALUATION
Common Shares Outs. (MM)
Stock Price (as of Oct. 17th, 2012)
847
$2.81
Investment Shares Out. (MM)
Stock Price (as of Oct. 17th, 2012)
7
$1.67
$2,391 MM
Market Capitalization
Net Debt (2011)
$149 MM
$2,540 MM
Firm Value
EBITDA (2011)
$205 MM
12.41x
Firm Value / EBITDA
2009
2010
2011
2012
COVERAGE
Firm
Stock Price (as of Oct. 17th, 2012)
January 2009=100:
•
•
•
ALICORC1:
ALICORI1:
IGBVL:
502
410
286
EPS (Common) : S/. 0.39
P/E (Common) : 18.59
Dividend Yield
: 2.65%
Country
• BCP
• Inteligo
• HSBC
• Kallpa Securities
• Larrain Vial
• BBVA
•BTGPactual
Peru
Peru
USA
Peru
Chile
Peru
USA
Target
Price S/.
8.30
7.52
8.50
7.65
6.90
7.15
8.20
Recommendation
Buy
Buy
Overweigh
Neutral
Maintain
Neutral
Buy
Source: Bloomberg
*As of October 17th
Date
Aug. 12
May. 12
Mar. 12
Aug. 11
Jun. 12
May. 12
July 12
PERU: CONSUMER BASKET
STRUCTURE
PERU: ANNUAL
HOUSEHOLD SPENDING
(Millions
of Soles & % of Total Spending)
Food at Home
Food away from home
(As a % of Total Annual Household Spending)
Food at Home
Other goods and services
Education Food at Home
Other goods and services
Rent, Fuel and
Electricity
Education
Transport and
Communication
Rent,
Fuel and Electricity
Food away from home
Health
150,000
120,000
Food away from
home
Clothing
and Footwear
Health
Furniture
Clothing and Footwear
Furniture
Transport and Communication
130,000
Food
at Home
Other
goods and services
Food away from home
Total
Other goods and services
CAGR (2005-2010):
Total Household Spending
Total
9.7%
5%
8%
S/. 103,099
S/. 103,099
80,000
31%
5%
(1)
100,000
110,000
8%
90,000
31%
S/. 64,771
S/. 64,771
70,000
60,000
11%
%
50,000
34.6%
31.3%
40,000
5%
13%
7%
10%
11%
13%
11.3%
34.6%
(Millions of Soles)
Alicorp
Revenues
AlicorpPeru
Peru
Revenues
Alicorp Peru Revenues
Alicorp Peru Revenues
2
12
1 1 CAGR (2005-2010):
1 1 Alicorp Peru Revenues
1
7.3%
1
1
3,000
1,000 1
900
3,000
2,500
1,0001
800
9001
700
2,000
2,500
8001
600
1,500
7001
2,000
500
6000
400
1,000
1,500
5000
300
11.1%
500
200
4000
1
S/. 2,809
925.7
1
S/. 2,809
925.7
1
1
1
1
652.1
S/. 1,754
652.1
S/. 1,754
1
0
1,000 0 0
100
300
20,000
11.1% 0
11.3%
10,000
0
12.9%
2000 0
500
9.8%
2005
2010
2005
2010
2005
2010
100 0
(1) Total Household Spending includes food (away and at home), health,
education,
rent,
fuel,
electricity,
transport and
00 0
0
communication, clothing and footwear, furniture and other goods & services.
2005
2010
2005
2010
2005
2010
30,000
10%
ALICORP PERU
REVENUES
9.8%
31.3%
12.9%
7% and services include home and personal care,
Other goods
11%
tobacco, entertainment and travel and beauty expenses. HPC
represents almost 75% of this category.
HPC represents 6.5% of total Lima’s consumer basket.
(“HPC”)
Source: APOYO Consultoría, ENAHO-INEI
ent
Alicorp Peru
Other players
Alicorp Peru
7.3%
1.1%
Other players
Alicorp Peru
Other players
ALICORP PERU vs MARKET
(Main Categories)
(Thousands to MTs)
Alicorp Peru
Other players
CAGR (2005-2010)
Alicorp Peru (Volume)
Market (Volume)749
685
749
2.1%
3.1%
4.5%
5.1%
12
406
90
148
2005
2005
2005
2010
2010
2010
113
214
Industrial Flour
199
90
165
67
67
285
119
1
67
Edible
FlourOil
3
119
113
148
125
2005
2005
2005
2010
2010
2010
90
14Edible Oil 22 5
165
Pastas
Edible
Oil
119
148
2005
2010
36
199
199
6771
36
125
119
148
5667
1710
2005
2005
2005
2010
2005
2010
2010
2010
2005
2005
2005
47 Pastas 21
58
Cookies
& Crackers
Pastas
Edible
Oil71
56
113
125
2005
2010
Mature Categories
1
2
Edible Oil
3
4
Pastas
Industrial Flour
1.
2.
2010
2010
2005
2010
710 Detergent
811
3
4
Laundry
69
2
5
6
17
10
2005
2010
2005
8
Cookies & Crackers
Edible Oil
199
2
Pastas
9
10
406
56
117
117
17
50
50
125
285
67
67
10
10
2010
2005
2005
2005
912
5
67
Laundry
Detergent
Cookies
& Crackers
Pastas
117
36
7
749
165
71
71
117
36
36
113
50
90
749
749
685
36.6%
16.7%
165
56
17
113
685
50
16.8%
7.9%
71
36
2005
2010
2010 2010
2010
2010
2005
Cookies
11
12
12
714406& Crackers
8
10
613
11
Laundry Detergent
12
2005
13
Laundry Detergent
Flour
2010
14
Cookies & Crackers
2005
2010
2005
2010
2005
2010
2005
2010
2005
2010
Participation (% of
Total Volume)
28%
37%
64%
62%
46%
46%
14%
53%
27%
41%
Market Share
60%
55%
48%
53%
45%
45%
25%
41%
22%
33%
Industrial Flour and Cookies & Crackers shares were estimated from imports (Source: Produce)
Edible Oil, Pastas and Laundry Detergent ere estimated from polls (Source: Kantar).
Poll Methodology: 3,000 homes from Lima and 13 provinces. Deviation +/- 1.6%
1
285
Flour
Laundry
Laundry
Detergent
Detergent
Cookies
& Crackers
Growth Categories
2010
285
285
Source: MINAG, PRODUCE, INEI, Euromonitor, SNI
Kantar World Panel, CCR Audit.
2005
2005
13
13
9
22
Flour
Flour
La
COMMODITY EXPOSURE
(US$ x MT)
PRECIO AC
SOYA
(YoY:
T10CIF
vs. PERU
T11) (PRECIO ARGENTINA + FLETE)
Soybean CFR
Wheat CFR
Soya CFR
Trigo CFR
1,180
1,034
50.3% YoY
58.0% YoY
Gross Margin:
1Q11: 28.1%
GM 2Q11
27.3%
GM 3Q11:
27.8%
GM 4Q11:
27.1%
49.5% YoY
4.8% YoY
332
-6.4% YoY
31770.7% YoY
2009
2010
2011
14.1% YoY -8.6% YoY
-2.0% YoY
-3.9% YoY
GM 1Q12:
26.8%
GM 2Q12:
27.5%
-12.9% YoY
8.6% YoY
2012
Source: Reuters
2011: FOREIGN EXCHANGE HEDGING STRATEGY AND EXCHANGE RATE
PERFORMANCE
Average Exchange Rate
(In MM of US$ & S/. / US$)
USD Exposure
Total Hedging
Average Exchange Rate
2.80
2.80
2.77
2.75
-2.2%84
YoY
-2.7% YoY
88
102
-3.79% YoY
87
-0.5% YoY
80
80
79
70
58
-2.87% YoY
-4.75% YoY
2.70
2.67
2.67
55
43
38
38
37
30
15
15
15
15
25
21
18
13
-8
%J hedging
F
M
A
M
J
J
A
S
O
N
D
J
F
M
A
M
J
J
A
S
O
N
D
J
F
M
A
M
J
26%
35%
18%
187%
38%
54%
38%
42%
43%
31%
16%
18%
0%
0%
0%
0%
-24%
20%
2011
2012
Fuente: SBS