VIÑA CONCHA Y TORO S.A. conchaytoro-ir@conchaytoro.cl www.conchaytoro.com
Santiago, Chile, November 13th, 2015 - Viña Concha y Toro S.A. ('The Company' or 'Concha y Toro') (NYSE: VCO, IPSA: Conchatoro), global leading winery and the principal wine producer and exporter of Chile, announced today its consolidated financial results, stated under IFRS, for the third quarter 2015 ended September 30th, 2015. US dollar figures (US$), except export figures, are based on the exchange rate effective September 30th, 2015 (US$1.00 = Ch$ 698.72).
Total sales increased by 14.7% to Ch$170,206 million in the quarter.
Total volume increased 7.7%. The 'Wine' Operating Segment contributed with a 7.4% growth, while the 'Others' Operating Segment contributed with an 12.4% increase during this quarter.
Regarding the 'Wine' Operating Segment, stands out:
Export Markets increasing 16.0% in value totaling Ch$113,729 million, driven by a 9.7% of higher volumes.
Chilean Domestic Market growing 6.4% and 2.9% in value and volume, respectively.
Consolidated sales in Argentinean Markets increasing 28.3% in value, explained by higher sales in Export Market totaling Ch$2,787 million (+11.7%).
Consolidated sales in US markets totaling Ch$16,898 million, figure that represents a growth of 21.3% in value and 5.9% in volume.
Net income attributable to owners of the company totaled Ch$15,826 million, representing an increase of 37.0% during the quarter.
Operating Income plus depreciation and amortization increased 28.9% to Ch$27,686 million, the figure over sales reached 16.3%.
In the third quarter of 2015, net sales increased by 14.7% totaling Ch$170,206 million, in comparison to the Ch$148,412 totaled in 2014. The increase in sales is explained by higher sales in the 'Wine' Operating Segment as well as the 'Others' Operating Segment. Both segments contributed 15.8% and 3.2% in value respectively.
The 'Wine' Operating Segment registered growths in most relevant markets. The increase of 15.8% in value in the third quarter was driven by higher sales in Exports Markets of 16.0% in value boosted by an increase of 9.7% in volume; higher sales in Chilean Domestic Markets of 6.4% and 2.9% in value and volume; higher sales in the us operation of 21.3% and 5.9% in value and volume respectively and a positive impact derived from exchange rate fluctuations.
Fetzer's total wine sales to third parties (excluding shipments to distribution subsidiaries) in Chilean pesos increased 21.3% during the third quarter of 2015, driven by higher commercialized volumes in both, domestic (4.7%) and export markets (20.1%). The average sales price in the domestic market, in U.S. dollars, registered an increase of 1.3% in comparison to 3Q14.
In the quarter, Argentinean total wine sales to third parties (excluding shipments to distribution subsidiaries) increased 28.3% in value and registered flat volumes. The rise in sales was mainly driven by higher average sales price in US dollar and a positive impact derived from exchange rate fluctuations.
In the quarter, the operating income plus depreciation and amortization totaled Ch$27,686 million, representing an increase of 28.9% in comparison to the same period of 2014. The result is explained by higher commercialized volumes; premiumization in the mix of sales and a positive effect from currency fluctuations. As a resultant, the figure of the operating income plus depreciation and amortization over sales reached 16.3% during the third quarter of 2015, representing an improvement of 179bp in comparison to the 3Q14.
In this quarter, the net income attributable to owners of the company increased 37.0% to Ch$15,826 million.
Third Quarter 2015 ResultsConsolidated sales increased 14.7% totaling Ch$170,206 million in the third quarter, driven by a two-digit growth in most markets, in value.
Total Sales⁽ *⁾ (in Ch$ million) | 3Q15 | 3Q14 | Change (%) | 9M 2015 | 9M 2014 | Change (%) |
Chile Domestic Market - wine | 18,844 | 17,711 | 6.4% | 47,655 | 44,771 | 6.4% |
Export markets⁽¹⁾ | 113,729 | 98,071 | 16.0% | 295,059 | 271,645 | 8.6% |
Argentina Domestic | 1,991 | 1,538 | 29.4% | 4,497 | 3,056 | 47.1% |
Argentina Exports⁽²⁾ | 5,342 | 4,177 | 27.9% | 13,892 | 12,365 | 12.3% |
U.S.A. Domestic | 15,582 | 12,887 | 20.9% | 40,294 | 35,773 | 12.6% |
U.S.A. Exports⁽²⁾ | 1,315 | 1,041 | 26.4% | 3,717 | 3,795 | -2.1% |
Total Wine Operating Segment | 156,804 | 135,426 | 15.8% | 405,114 | 371,406 | 9.1% |
Chile Domestic Market - new business | 11,320 | 10,303 | 9.9% | 33,419 | 29,875 | 11.9% |
Other Revenues | 2,083 | 2,683 | -22.4% | 5,596 | 4,332 | 29.2% |
Total Other Operating Segment | 13,403 | 12,986 | 3.2% | 39,015 | 34,207 | 14.1% |
Consolidated Sales | 170,206 | 148,412 | 14.7% | 444,128 | 405,613 | 9.5% |
Total Volume⁽ *⁾ (thousand liters) | 3Q15 | 3Q14 | Change (%) | 9M 2015 | 9M 2014 | Change (%) |
Chile Domestic Market - wine | 18,985 | 18,457 | 2.9% | 49,515 | 47,404 | 4.5% |
Export markets⁽¹⁾ | 54,209 | 49,403 | 9.7% | 146,951 | 139,827 | 5.1% |
Argentina Domestic | 1,215 | 1,478 | -17.8% | 3,444 | 3,242 | 6.2% |
Argentina Exports⁽²⁾ | 2,787 | 2,495 | 11.7% | 7,239 | 7,526 | -3.8% |
U.S.A. Domestic | 4,430 | 4,230 | 4.7% | 12,072 | 12,720 | -5.1% |
U.S.A. Exports⁽²⁾ | 412 | 343 | 20.1% | 1,115 | 1,249 | -10.8% |
Total Wine Operating Segment | 82,039 | 76,406 | 7.4% | 220,336 | 211,970 | 3.9% |
Chile Domestic Market - New Business | 5,562 | 4,949 | 12.4% | 16,774 | 15,945 | 5.2% |
Total Other Operating Segment | 5,562 | 4,949 | 12.4% | 16,774 | 15,945 | 5.2% |
Consolidated Volume | 87,601 | 81,355 | 7.7% | 237,110 | 227,915 | 4.0% |
A verage Price (per liter) | Currency | 992.5 | 959.6 | 3.4% | 962.4 | 944.7 | 1.9% |
Chile Domestic Market - wine | Ch$ | ||||||
Export Markets | US$ | 3.13 | 3.46 | -9.7% | 3.19 | 3.51 | -9.2% |
Argentina Domestic | US$ | 2.50 | 1.81 | 38.1% | 2.16 | 1.90 | 13.7% |
Argentina Exports | US$ | 3.11 | 3.19 | -2.4% | 3.20 | 3.19 | 0.4% |
U.S.A. Domestic | US$ | 5.50 | 5.43 | 1.3% | 5.44 | 5.20 | 4.6% |
U.S.A. Exports | US$ | 4.77 | 5.26 | -9.3% | 5.22 | 5.43 | -3.7% |
Export Volumes include exports to third parties and sales volumes of the company's distribution subsidiaries (UK, Nordics, Brazil, Singapore, Mexico).
This figure excludes shipments to the company's distribution subsidiaries. (*) This figure includes bulk wine sales.
Consolidated Sales in 'Wine' Operating Segment
Consolidated Sales that come from the 'Wine' Operating Segment increased 15.8% in the third quarter of 2015 explained by higher commercialized volumes, a premiumization of sales and a mid-single digit of positive effect derived from exchange rate fluctuations.
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Export Sales
Export sales from Chile and distribution subsidiaries increased 16.0% to Ch$113,729 million as compared to Ch$98,071 million in 3Q2014. The increase in sales was driven by higher commercialized volumes (9.7%) during the quarter. In addition, Export Sales were beneficiated by a positive effect that came from the exchange rate due to the depreciation of the Chilean peso against U.S. dollar (17.3%) and Sterling pound (8.9%) that was partially offset by the appreciation of Chilean peso against the Brazilian Real (24.5%), Euro (1.4%), Norwegian (10.9%) and Swedish (3.9%) kroners, Mexican peso (6.4%) and Canadian dollar (2.4%).
Graph 1 Total Export Bottled Volume by Region (Considers Exports from Chile, Argentina, Fetzer and Distribution Subsidiaries) 3rd Quarter 2015In accordance to the commercialized volume in export regions, the third quarter brought increases in most regions highlighting the 50.0% of growth in Asia. Others regions that registered growth were: Canada (11.0%); Central America & Caribbean (7.8%); US (7.7%) and Europe (7.6%). In the other hand, Africa and South America registered decreases of 7.5% and 4.8%, respectively.
- Domestic Sales, Chile
Domestic wine sales increased 6.4% in value totaling Ch$18,844 million and 2.9% in volume totaling 2.1 million nine liter cases. The average sale price increased 3.4% during the quarter.
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