Alicorp Third Quarter 2020 Consolidated Financial Statements

LIMA, PERU / ACCESSWIRE / November 2, 2020 / Alicorp S.A.A. ("the Company" or "Alicorp") (BVL:ALICORC1 and ALICORI1) announced today its unaudited financial results corresponding to the Third Quarter 2020 (Q3 '20). 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. Q3 '20 HIGHILIGHTS

• Consolidated Revenue increased 1.1% YoY in Q3 '20, while Volume decreased 4.1% YoY, due to the recovery of our production capacity in Peru and solid growth in our Consumer Goods business in Peru, as well as in our Consumer Goods International business, partially offset by reductions in volume in our B2B and Aquafeed units explained by the impacts of COVID-19. Excluding the Crushing business. Consolidated Revenue increased 1.7%, while Volume decreased 4.1% YoY.
• Gross Profit decreased 4.5% YoY, while Gross Margin decreased 1.4 p.p. compared to Q3 '19 mainly explained by the impacts of COVID-19 on the top line, as well as on the product mix and competitive environment of our B2B and Aquafeed businesses, coupled with higher COVID-19-related costs impacting COGS.
• EBITDA decreased 5.0% YoY, mainly explained by lower gross margin.
• Net Income totaled S/ 158 million in Q3 '20 (-0.5% YoY), as lower operating profit was offset by a lower FX loss and lower effective tax rate.
• Earnings per Share (EPS) increased slightly from S/ 0.185 in Q3 '19 to S/ 0.186 in Q3 '20.
• As of September 2020, Net Debt[1] reached S/ 3,303 million, a S/ 48 million decrease from December 2019, mainly explained by higher holdings of Cash and Cash Equivalents. Excluding raw material inventory from our Crushing business, Net Debt-to-EBITDA ratio fell from 2.41x[2],[3] as of December 2019 to 2.33x[4] as of September 2020.

Recent events

• Production in Peru was restored to full capacity and we were able to recover market shares in most categories.
• Our second Innovation and Digital Forum (FID) took place in September.
• Alicorp's stock was included in the Good Corporate Governance Index of the Lima Stock Exchange (IBGC) for 13th consecutive year.
• Alicorp was recognized as the company with the best corporate reputation in Peru by Merco. Alfredo Pérez (CEO) and Patricio Jaramillo (VP Consumer Goods Peru and Innovation) were also recognized among the top positions in the Merco Leaders ranking.

For a full version of ALICORP's Third Quarter 2020 Earnings Release, please visit:
https://www.alicorp.com.pe/en/investors/financial-information/

Conference Call

Alicorp S.A.A. (BVL: ALICORC1 and ALICORI1)
Third Quarter 2020 Earnings Conference Call

Date: Tuesday, November 3, 2020
Time: 11:00 a.m. Eastern Time
11:00 a.m. Lima Time

Presenting for Alicorp:
Mr. Alfredo Perez, Chief Executive Officer
and other members of the senior management team

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: ALICORP

Alicorp's 3Q20 Results will be accompanied by a webcast presentation
available at: https://www.webcast-eqs.com/alicorp20201103

Contact Information:

InvestorRelations@alicorp.com.pe

Gisele Remy Ferrero
MD Corporate Finance & Investor Relations
GremyF@alicorp.com.pe

Paola Alva Aliaga
Associate - Investor Relations
EAlvaA@alicorp.com.pe

Samantha Khadige Merino
Senior Analyst - Investor Relations
SKhadigeM@alicorp.com.pe

About Alicorp

Alicorp is a leading Consumer Goods company headquartered in Peru, with operations in other Latin American countries, such as Bolivia, Ecuador, Argentina, Brazil, Chile and exports to other countries. The Company focuses on four core businesses: (1) Consumer Products (food, personal and home care products), in Peru, Bolivia, Ecuador, Brazil, Argentina, among other countries, (2) B2B Products (industrial flour, industrial lard, pre-mix and food service products), (3) Aquafeed (fish and shrimp feed) and (4) Oilseeds crushing (soybean and sunflower) which is part of the vertically-integrated consumer business in Bolivia. Alicorp has over 9,000 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.

[1] Net Debt is Financial Debt less cash and cash equivalents as of September 2020 and includes the effect of IFRS 16.

[2] Net debt-to-EBITDA ratio excludes the effect of impairments for S/ 37 million (Dec-19).

[3] As of December 2019, Net Debt-to-EBITDA ratio includes Intradevco results over the previous 12 months.

[4] Net debt-to-EBITDA ratio excludes the effect of impairments LTM for S/ 85 million (Sep-20).

SOURCE: ALICORP S.A.A.

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