0001019056-16-001219.txt : 20160329 0001019056-16-001219.hdr.sgml : 20160329 20160329170707 ACCESSION NUMBER: 0001019056-16-001219 CONFORMED SUBMISSION TYPE: 6-K PUBLIC DOCUMENT COUNT: 5 CONFORMED PERIOD OF REPORT: 20151231 FILED AS OF DATE: 20160329 DATE AS OF CHANGE: 20160329 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CONCHA Y TORO WINERY INC CENTRAL INDEX KEY: 0000930543 STANDARD INDUSTRIAL CLASSIFICATION: WHOLESALE-BEER, WINE & DISTILLED ALCOHOLIC BEVERAGES [5180] IRS NUMBER: 000000000 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 6-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-13358 FILM NUMBER: 161535991 BUSINESS ADDRESS: STREET 1: CASILLA 213 STREET 2: NUEVA TAJAMAR 481 NORTE PISO 15 LAS CITY: SANTIAGO CHILE STATE: F3 BUSINESS PHONE: 5625567882 MAIL ADDRESS: STREET 1: CASILLA 213 NUEVA TAJAMAR STREET 2: 481 TORRE NORTE PI8SO 15 LAS CONDES CITY: SANTIAGO CHILE STATE: F3 ZIP: 00000 6-K 1 concha_6k.htm FORM 6-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN ISSUER
PURSUANT TO RULE 13a-16 OF 15d-16 OF
THE SECURITIES EXCHANGE ACT OF 1934

For the month of March 2016

 

CONCHA Y TORO WINERY INC.

(Translation of registrant’s name into English)

 

CASILLA 213

AVDA. NUEVA TAJAMAR 481,

TORRE NORTE, PISO 15

SANTIAGO, CHILE

(Address of principal executive offices)

 

Form 20-F x     Form 40-F o

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2 (b) under the securities Exchange Act of 1934.

Yes x     Noo


 

EXHIBITS

Exhibit 99.1      News Release dated March 28, 2016, announcing fourth quarter period ended December 31, 2015 results.



SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

 

 

 

 

 

 

VIÑA CONCHA Y TORO S.A.

 

 

 

 

 

By:

 

/s/ OSVALDO SOLAR V.

 

 

 

 

 

 

Name : Osvaldo Solar V.

 

 

 

Title : Gerente de Administracion y Finanzas /

 

 

 

Administration and Finance Manager

 

 

 

   (Chief Financial Officer)

Date: March 29, 2016

 EX-99.1 2 ex99_1.htm EXHIBIT 99.1
 

Exhibit 99.1 

 

  (concha logo)  Osvaldo Solar - CFO
Patricio Garreton - Head of IR
Tel: (56 2) 2476 5644
conchaytoro-ir@conchaytoro.cl
www.conchaytoro.com

 

 

 

VIÑA CONCHA Y TORO REPORTS

FOURTH QUARTER 2015 RESULTS

 

Santiago, Chile, March 28th, 2016 - 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 fourth quarter 2015 ended December 31st, 2015. US dollar figures (US$), except export figures, are based on the exchange rate effective December 31st, 2015 (US$1.00 = Ch$ 716.10).

 

Highlights 4Q2015 vs 4Q2014

 

·Total sales increased by 8.1% to Ch$192,066 million in the quarter.
·Total volume increased 3.0%. The Wine Operating Segment (“Wine”) contributed with a 2.1% growth, while the Others Operating Segment (“Others”) contributed with a 15.6% increase during this quarter.
·Regarding Wine sales, stands out:
oExport Markets increasing 5.3% in value totaling Ch$131,137 million, driven by a 1.0% of higher volumes.
oChilean Domestic Market growing 14.5% and 6.4% in value and volume, respectively.
oConsolidated sales in Argentinean Markets increasing 30.8% in value, explained by higher sales in Export Market and Domestic Market totaling Ch$4,827 million (+20.2%) and Ch$2,251 million (+61.4%), respectively.
oConsolidated sales in US markets totaling Ch$20,134 million, figure that represents a growth of 14.7% in value and 2.4% in volume.
·Net income attributable to owners of the company totaled Ch$18,083 million, representing an increase of 33.9% during the quarter.
·Operating Income plus depreciation and amortization increased 12.3% to Ch$31,206 million, the figure over sales reached 16.2%.
 
 

 

 

 

Summary

  

In spite of the tough comparison base set in the 4Q2014, during the fourth quarter of 2015, net sales increased by 8.1% totaling Ch$192,066 million, in comparison to the Ch$177,700 totaled in 2014. The increase in sales is explained by higher sales in both operating segments, Wines and Others, registering 8.0% and 8.7% of growth in value, respectively.

 

The increase in Wine sales was driven by: i) higher sales in Exports Markets of 5.3% in value and 1.0% in volume; ii) higher sales in Chilean Domestic Markets of 14.5% and 6.4% in value and volume; iii) higher sales in the Argentinean operation of 30.8% and 2.5% in value and volume; iv) higher sales in the US operation of 14.7% and 2.4% in value and volume respectively; v) 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 14.7% during the fourth quarter of 2015, driven by higher commercialized volumes in export markets (43.1%) and a positive impact derived from exchange rate fluctuations.

 

In the quarter, Argentinean total wine sales to third parties (excluding shipments to distribution subsidiaries) increased 30.8% in value and 2.5% in volume. The rise in sales was mainly due by higher commercialized volumes in the Domestic Market; 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$31,206 million, representing an increase of 12.3% in comparison to the same period of 2014. The result is explained by higher commercialized volumes; lower costs from an historical harvest; premiumization of 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 16.2% during the fourth quarter of 2015, representing an expansion of 62bp in margins in comparison to the 4Q14.

 

Finally, the net income attributable to owners of the company increased 30.5% to Ch$18,083 million, a 9.4% as percentage over sales.

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Fourth Quarter 2015 Results

 

1.Consolidated Sales

 

Consolidated sales increased 8.1% totaling Ch$192,066 million in the fourth quarter, in value. In spite of the tough comparison base set in 4Q2014, the quarter registered two digits growth in several markets.

 

Table 1

Total Sales

                           
Total Sales (*)  (in Ch$ million)   4Q15   4Q14   Change
(%)		   12M 2015   12M 2014   Change
(%)		 
Chile Domestic Market - wine   17,423    15,210    14.5%   65,078    59,981    8.5%
Export markets (1)   131,137    124,535    5.3%   426,196    396,179    7.6%
Argentina Domestic   2,251    1,395    61.4%   6,748    4,451    51.6%
Argentina Exports (2)    4,827    4,017    20.2%   18,719    16,382    14.3%
U.S.A. Domestic   18,556    16,478    12.6%   58,850    52,252    12.6%
U.S.A. Exports (2)   1,578    1,080    46.0%   5,295    4,875    8.6%
Total Wine Operating Segment   175,771    162,715    8.0%   580,885    534,121    8.8%
Chile Domestic Market - new business   14,549    11,770    23.6%   47,968    41,645    15.2%
Other Revenues    1,745    3,215    -45.7%   7,341    7,548    -2.7%
Total Other Operating Segment   16,294    14,985    8.7%   55,309    49,192    12.4%
Consolidated Sales   192,066    177,700    8.1%   636,194    583,313    9.1%
                               
Total Volume (*)  (thousand liters)  4Q15  4Q14  Change
(%)		   12M 2015   12M 2014   Change
(%)		 
Chile Domestic Market - wine   16,265    15,284    6.4%   65,780    62,688    4.9%
Export markets (1)   62,336    61,699    1.0%   209,287    201,526    3.9%
Argentina Domestic   1,961    1,785    9.8%   5,405    5,027    7.5%
Argentina Exports (2)   2,344    2,415    -2.9%   9,583    9,941    -3.6%
U.S.A. Domestic   5,245    5,257    -0.2%   17,317    17,977    -3.7%
U.S.A. Exports (2)   487    340    43.1%   1,602    1,590    0.8%
Total Wine Operating Segment   88,637    86,779    2.1%   308,974    298,749    3.4%  
Chile Domestic Market - New Business   7,064    6,110    15.6%   23,838    22,056    8.1%
Total Other Operating Segment   7,064    6,110    15.6%   23,838    22,056    8.1%
Consolidated Volume   95,702    92,890    3.0%    332,812    320,805    3.7%
                                    
Average Price (per liter)  Currency                               
Chile Domestic Market - wine   Ch$    1,068.8    995.2    7.4%   988.7    957.0    3.3%
Export Markets   US$    3.05    3.40    -10.2%   3.15    3.47    -9.5%
Argentina Domestic   US$    2.11    1.86    13.5%   2.15    1.89    13.6%
Argentina Exports   US$    3.22    3.02    6.9%   3.20    3.14    1.9%
U.S.A. Domestic   US$    5.14    5.31    -3.1%   5.35    5.23    2.2%
U.S.A. Exports   US$    4.63    5.31    -12.7%   5.04    5.40    -6.6%

(1) Export Volumes include exports to third parties and sales volumes of the company’s distribution subsidiaries (UK, Nordics, Brazil, Singapore, Mexico).

(2) This figure excludes shipments to the company’s distribution subsidiaries.

(*) This figure includes bulk wine sales.

3
 

 

 

 

1.1.Consolidated Sales in Wine Operating Segment

 

Consolidated Sales that come from Wine sales increased 8.0% in the fourth quarter of 2015 explained by higher commercialized volumes; a premiumization of sales; and a positive effect derived from exchange rate fluctuations.

 

1.1.1.Export Sales

 

Export sales from Chile and distribution subsidiaries increased 5.3% to Ch$131,137 million as compared to Ch$124,535 million in 4Q2014. Higher commercialized volumes (+1.0%) drove the increase in sales during the quarter. In addition, Export Sales were beneficiated by a positive effect that came from the FX fluctuations. The depreciation of the Chilean peso against U.S. dollar (16.7%) and Sterling pound (11.8%) boosted the top line that was partially offset by the appreciation of Chilean peso against the Brazilian Real (22.8%); Norwegian krones (6.0%); Mexican peso (3.5%); Argentinean peso (1.7%) and Canadian dollar (0.8%). 

 

Graph 1

Total Export Bottled Volume by Region

(Considers Exports from Chile, Argentina, Fetzer and Distribution Subsidiaries)

4th Quarter 2015

 

(PIE CHART)

 

 

In accordance to the commercialized volume in export regions, the fourth quarter brought increases in most regions highlighting the 14.1% of growth in Canada. Others regions that registered growth were: Asia (9.9%); US (7.4%) and Central America & Caribbean (4.2%). In the other hand, Africa registered a drop of 24.3% as well as South America (16.1%) and Europe (0.4%). 

4
 

 

 

 

1.1.2.Domestic Sales, Chile

 

Domestic wine sales increased 14.5% in value totaling Ch$17,423 million and 6.4% in volume totaling 1.8 million nine liter cases. The average sale price increased 7.4% during the quarter.

 

The increase in value reflects higher sales in value in the Premium segment (25.2%) as well in Non-Premium segment (8.8%). In terms of volume, both categories (Premium and Non-Premium) also registered increases of 29.6% and 4.1%, respectively. Premium (and above) categories represented 11.1% of the domestic volume and 36.3% of the domestic sales in Chilean pesos.

 

1.1.3.Argentinean Operations

 

Total sales from the Argentine operation (excluding shipments to distribution subsidiaries) registered an increase of 30.8% to Ch$7,078 million as a resultant of higher sales in export markets (20.2%) as well as in the domestic market (61.4%).

 

In terms of volume, the domestic market registered an increase of 9.8% offset by a drop of 2.9% in export markets. In the fourth quarter, export sales totaled 260 thousand of nine liter cases. Regarding the domestic market, the 4Q2015 totaled sales of 218 thousand of nine liter cases.

 

The average sales price registered in the domestic market increased 13.5% reaching US$2.11 per liter during the fourth quarter. In export markets, the average sales price rose 6.9% reaching US$3.22 per liter.

 

1.1.4.U.S.A (Fetzer)

 

During the fourth quarter of 2015, Fetzer’s total sales (excluding shipments to distribution subsidiaries) increased 14.7% totaling Ch$20,134 million, driven by higher sales in export markets (46.0%) as well in domestic market (12.6%), both in terms of value.

 

In terms of volume, Fetzer’s sales rose 2.4% totaling 637 thousand of nine liter cases in the fourth quarter. Higher sales in export markets (43.1%) and flat volumes in the domestic market explained the growth registered during the 4Q2015.

 

The average sales price in the domestic market reached US$5.14 per liter, representing a drop of 3.1%. The average sales price in Export Markets dropped 12.7% totaling US$4.63 per liter, impacted by the depreciation of the Canadian dollar, Sterling Pound and Euro against the U.S. dollar.

 

1.2.Consolidated Sales in Others Operating Segment

 

Consolidated Sales that come from the Others sales increased 8.7% during the fourth quarter of 2015 driven by the growth registered in the distribution of spirits, beers, energy drinks and mineral water.

5
 

 

 

 

1.2.1.Chilean Domestic Sales - New Business

 

Domestic sales of new business, carried out by the domestic distribution subsidiary “Comercial Peumo”, including premium beer; spirits; and energy drinks increased 23.6% totaling Ch$14,549 million in terms of value and 15.6% totaling 7.1 million liters in terms of volume. The mentioned increase in value is explained by higher sales in the distribution of Diageo’s portfolio (18.5%); beers category (14.6%); and energy drink category (60.3%).

 

1.2.2.Other Revenues

 

Other revenues, comprising fees for bottling services, sales of fruit, among others, decreased 45.7% to Ch$1,745 million, in comparison to the 4Q2014.

 

2.Cost of Sales

 

In the quarter, the total cost of sales increased 6.9% to Ch$115,822 million (US$163.1 million) from Ch$108,326 million (US$152.5 million) in 4Q2014. The cost of sales as a percentage of total sales reached 60.3%, representing an improvement of 66bp in comparison to 4Q2014. The mentioned improvement had a positive impact over the gross margin reaching 39.7% as percentage over total sales in comparison to the 39.0% registered in 4Q2014. The lower cost as percentage over sales is explained by a lower wine cost.

 

3.Selling, General and Administrative Expenses

 

Selling, General and Administrative Expenses (Distribution costs and Administrative expenses) increased 7.4% to Ch$51,511 million (US$72.5 million) in 4Q2015 compared to Ch$47,948 million (US$67.5 million) in 4Q2014. As a percentage of sales, SG&A reached 26.8%, 16bp over the figure registered in 2014.

 

4.Operating Income

 

In the fourth quarter the Operating Income (Gross Profit - Distribution Cost and Administrative Expenses) increased 15.4% to Ch$24,733 million in comparison to Ch$21,427 million in 4Q2014. The operating margin as a percentage of sales improved 82bp from 12.1% in 4Q2014, reaching a 12.9% over total sales. The increase is driven by the effects mentioned above, mainly explained by higher commercialized volumes; premiumization of sales; lower cost of wine; and a positive effect derived to exchange rate fluctuations.

 

5.Operating Income plus Depreciation and Amortization

 

In the fourth quarter of 2015 the Operating Income plus Depreciation and Amortization increased 12.3% to Ch$31,206 million in comparison to Ch$27,778 million in 4Q2014. The operating income plus depreciation and amortization margin as a percentage of sales reached 16.2% in comparison to the 15.6% in 4Q2014. Higher commercialized volumes; premiumization of sales; lower cost of wine; and a positive effect derived from the exchange rate fluctuations, explained the improvement in margins during the quarter.

6
 

 

 

 

6.Other Results by Function

 

The Other Results by Function (Other Income, Other Expenses, Financial Income, Financial Expenses, Participation of Associates, Exchange Differences and Expenses by Adjustment Units) registered a loss of Ch$795 million a 79.7% down in comparison to the 4Q2014.

 

Financial expenses registered a decrease of 10.6% totaling Ch$2,627 million in the quarter, in comparison to the Ch$2,939 million obtained during the same period of 2014.

 

During the quarter, the Exchange rate Differences influenced positively the non-operating income due to the depreciation of the Argentinean peso against the US dollar.

 

As of December 31st, 2015, Net Financial Debt1 amounted to Ch$205,582 million, representing a decrease of Ch$11,047 million as compared to the Net Financial Debt as of December 31st, 2014.

 

7.Net Income and Earnings per Share (EPS)

 

Net Income attributable to owners of the company increased 33.9%, totaling Ch$18,083 million. Based on 747,005,982 weighted average shares, Concha y Toro’s earnings totaled Ch$24.2 per share in comparison to Ch$18.1 registered during the 4Q2014.

 

 

1 Net Financial Debt: Other current financial liabilities + Other non-current financial liabilities - Cash and cash equivalents - Derivatives.

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Twelve Months 2015 Results

 

1.Consolidated Sales

 

Consolidated sales increased 9.1% totaling Ch$636,194 million during 2015, as a resultant of increases in most markets, highlighting higher sales in Export and Domestic Markets and New Business from Chile.

 

1.1.Consolidated Sales in Wine Operating Segment

 

Consolidated Sales that come from the Wine’s sales increased 8.8% in 2015 explained by higher commercialized volumes; a premiumization of sales; and a positive effect derived from exchange rate fluctuations.

 

1.1.1.Export Sales

 

Export sales from Chile and distribution subsidiaries increased 7.6% to Ch$426.196 million as compared to Ch$396,179 million in 2014. Higher commercialized volumes drove the increase in sales during the period (3.9%). 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 (14.8%) and Sterling pound (6.5%). The upside was partially offset by the appreciation of Chilean peso against the Brazilian Real (19.0%); Euro (4.1%); Norwegian (10.4%) and Swedish (6.7%) crowns; Mexican peso (3.8%); and Canadian dollar (0.9%). 

 

Graph 2

Total Export Bottled Volume by Region

(Considers Exports from Chile, Argentina, Fetzer and Distribution Subsidiaries)

Twelve Months 2015

 

(PIE CHART)

 

In accordance to the commercialized volume in export regions, 2015 has brought increases in several regions: Asia (8.1%); Canada (5.2%); Central America & Caribbean (4.6%); US (3.6%); Europe (2.2%) and Africa & Others (1.5%). Only South America registered lower volumes (-2.3%) during 2015.

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1.1.2.Domestic Sales, Chile

 

Domestic wine sales increased 8.5% in value totaling Ch$65,078 million, based on an expansion of 4.9% in volume, where sales totaled 7.3 million nine liter cases. The average sale price rose 3.3% to Ch$988.7 per liter in 2015.

 

The increase in value reflects higher sales in the Premium segment (17.2%) as well in Non-Premium segment (5.1%). In terms of volume, both categories (Premium and Non-Premium) also registered increases of 20.9% and 3.7%, respectively. Premium (and above) categories represented 8.3% of the domestic volume and 30.2% of the domestic sales in Chilean pesos.

 

1.1.3.Argentinean Operation

 

Total sales from the Argentine operation (excluding shipments to distribution subsidiaries) registered an increase of 22.2% to Ch$25,467 million as a resultant of higher average sales price in domestic and export markets; higher commercialized volumes in domestic market (7.5%); and a drop in volume in export markets (3.6%).

 

In 2015, export sales totaled 1.1 million nine liter cases. Regarding the domestic market, the 2015 registered an increase in commercialized volume totaling 600 thousand of nine liter cases.

 

The average sales price registered in the domestic market increased 13.6% reaching US$2.15 per liter in 2015. In export markets the average sales price rose 1.9% to US$3.20 per liter in the period.

 

1.1.4.U.S.A (Fetzer)

 

During 2015, Fetzer’s total sales (excluding shipments to distribution subsidiaries) increased 12.3% totaling Ch$64,145 million, as a resultant of higher sales in the domestic market (12.6%) as well as in export markets (8.6%). Sales in value in Ch$ terms were benefited by the depreciation of the Chilean peso against de US dollar.

 

In terms of volume, Fetzer’s sales dropped 3.3% totaling 2.1 million of nine liter cases during the period. Export Markets registered a growth of 0.8% in terms of volume, while the Domestic Market dropped a 3.7% during 2015.

 

The average sales price in the domestic market reached US$5.35 per liter, representing an increase of 2.2% in line with the positioning that has been implementing Fetzer’s products in premium categories. The average sales price in Export Market dropped 6.6% to US$5.04 per liter, mainly explained by the depreciation of Canadian dollar; Sterling Pound; and Euro against U.S. dollar, currencies that are predominant within the export portfolio.

9
 

 

 

  

1.2.Consolidated Sales in Others Operating Segment

 

Consolidated Sales that come from the Others sales increased 12.4% during 2015, driven by the growth registered in the distribution of spirits, beers, energy drinks and mineral water.

 

1.2.1.Chilean Domestic Sales - New Business

 

Domestic sales of new business, carried out by the domestic distribution subsidiary “Comercial Peumo”, including premium beer and spirits increased 15.2% totaling Ch$47,968 million in terms of value and 8.1% totaling 23.8 million liters in terms of volume. The mentioned increase is explained by higher sales in Diageo’s portfolio (10.2% in value); beers category (12.7% in value); and energy drink category (42.8% in value).

 

1.2.2.Other Revenues

 

Other revenues, comprising fees for bottling services and sales of fruit, decreased 2.7% to Ch$7,341 million, in comparison to 2014.

 

2.Cost of Sales

 

During 2015, the total cost of sales increased 8.7% to Ch$391,505 million (US$551.3 million) from Ch$360,131 million (US$507.1 million) in 2014. The cost of sales as a percentage of total sales reached 61.5%. The gross margin reached 38.5%, representing an expansion of 20bp during the period.

 

3.Selling, General and Administrative Expenses

 

Selling, General and Administrative Expenses (Distribution costs and Administrative expenses) increased 8.3% to Ch$172,453 million (US$242.8 million) in 2015 compared to Ch$159,300 million (US$224.3 million) in 2014. As a percentage of sales, SG&A reached 27.1%, an improvement of 20bp over the 27.3% registered in 2014.

 

4.Operating Income

 

During 2015, the Operating Income (Gross Profit - Distribution Cost and Administrative Expenses) increased 13.1% to Ch$72,236 million in comparison to Ch$63,882 million in 2014. The operating margin reached 11.4%, representing an expansion of 40bp compared to the 11.0% registered in 2014.

 

5.Operating Income plus Depreciation and Amortization

 

In 2015, the Operating Income plus Depreciation and Amortization increased 12.3% to Ch$94,646 million in comparison to Ch$84,296 million in 2014. The operating income plus depreciation and amortization margin reached 14.9% in comparison to the 14.5% in 2014. Higher commercialized volumes; premiumization of sales; lower cost of wine and a positive effect derived from the exchange rate fluctuations, explained the improvement in margins.

10
 

 

 

 

6.Other Results by Function

 

The Other Results by Function (Other Income, Other Expenses, Financial Income, Financial Expenses, Participation of Associates, Exchange Differences and Expenses by Adjustment Units) registered a loss of Ch$5,355 million, representing an improvement of 28.4%, explained by a higher income from participation in associates; lower losses from adjustment units and lower financial expenses.

 

Financial expenses dropped 3.0% totaling Ch$10,035 million in the period, in comparison to the Ch$10,342 million registered during 2014.

 

As of December 31st, 2015, Net Financial Debt2 amounted to Ch$205,582 million, representing a decrease of Ch$11,047 million as compared to the Net Financial Debt as of December 31st, 2014.

 

7.Net Income and Earnings per Share (EPS)

 

Net Income attributable to owners of the company increased 15.7%, totaling Ch$49,797 million, result that is explained by a higher operating income that is partially offset by the loss resulting from a lower exchange difference during the period. Based on 747,005,982 weighted average shares, Concha y Toro’s earnings totaled Ch$66.7 per share in comparison to Ch$57.6 registered during 2014.

 

 

2 Net Financial Debt: Other current financial liabilities + Other non-current financial liabilities - Cash and cash equivalents - Derivatives.

 

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Balance Sheet

 

Assets

 

As of December 31st, 2015, Concha y Toro consolidated assets totaled Ch$987,471 million, representing an increase of 7.6% in comparison to December 31st, 2014, mainly due to a higher level of Inventories and Account Receivables.

 

Liabilities

 

As of December 31st, 2015, Net Financial Debt3 amounted to Ch$205,582 million, representing a decrease of Ch$11,047 million as compared to the Net Financial Debt as of December 31st, 2014.

 

* * * * *

About Viña Concha y Toro

 

Viña Concha y Toro is South America’s leading wine producer whose products are distributed in 145 countries. Founded in 1883 by Don Melchor Concha y Toro, the Company produces and markets fine wines under the labels: Don Melchor, Amelia, Terrunyo, Marqués de Casa Concha, Trio, Casillero del Diablo, Sunrise and Frontera. The Company cultivates around 9,194 hectares of vineyards in Chile; 1,142 hectares in Argentina and 468 in the U.S (As of December 31st, 2015).

 

Viña Concha y Toro has been listed on the Santiago Stock Exchange since 1933 under the ticker symbol “Conchatoro”. In 1994, it became the first winery in the world to be listed on the New York Stock Exchange, under the ticker symbol “VCO”. The Company has 3,450 employees and is headquartered in Santiago, Chile (As of December 31st, 2015).

  

Forward Looking Statements

 

This press release may contain certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, with respect to the financial condition, results of operations and business of the Company and certain plans and objectives of the Company with respect to these items. Forward-looking statements may be identified by the use of words such as “anticipate”, “continue”, “estimate”, “expect”, “intend”, “may”, “believe” and similar expressions. By their nature, forward-looking statements involve risk and uncertainty because they relate to events and depend on circumstances that occur in the future. There are a number of factors that could cause results and developments to differ materially from those expressed or implied by these forward-looking statements. These factors include: levels of consumer spending in major economies, changes in consumer tastes and preferences, the levels of marketing and promotional expenditures by the Company and its competitors, raw materials costs, future exchange and interest rates, as well as other risk factors referred in the Company’s filings with the Securities and Exchange Commission.

 

 

3 Net Financial Debt: Other current financial liabilities + Other non-current financial liabilities - Cash and cash equivalents - Derivatives.

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Viña Concha y Toro S.A.

Consolidated Income Statement

In thousand Chilean pesos

                         
STATEMENT OF INCOME BY FUNCTION  4Q2015   4Q2014   Change   12M 2015   12M 2014   Change 
  Th. Ch$   Th. Ch$   %   Th. Ch$   Th. Ch$   % 
Income from ordinary activities   192,065,833    177,700,495    8.1%   636,194,074    583,313,064    9.1%
Cost of sales   (115,822,146)   (108,325,781)   6.9%   (391,505,147)   (360,130,910)   8.7%
                               
Gross Profit   76,243,687    69,374,714    9.9%    244,688,927    223,182,154    9.6% 
                               
Other income by function   531,493    205,360    158.8%   1,683,792    1,108,421    51.9%
Distribution costs   (45,251,488)   (41,545,529)   8.9%   (140,617,106)   (129,478,984)   8.6%
Administrative expenses   (6,259,434)   (6,402,319)   -2.2%   (31,836,192)   (29,821,043)   6.8%
Other expenses by function   (1,055,663)   (1,171,384)   -9.9%   (2,897,513)   (1,980,063)   46.3%
Financial income   116,449    262,549    -55.6%   621,644    736,622    -15.6%
Financial expenses   (2,626,810)   (2,938,897)   -10.6%   (10,034,845)   (10,342,307)   -3.0%
Participation in income (loss) of associates and joint-ventures recorded using the equity method   1,079,357    497,745    116.8%   5,324,722    3,694,551    44.1%
Exchange differences   1,246,210    515,537    141.7%   796,468    2,231,871    -64.3%
Income/expense by adjustment units   (86,449)   (1,295,398)   -93.3%   (849,417)   (2,933,059)   -71.0%
                               
Income before tax   23,937,352    17,502,378    36.8%   66,880,480    56,398,163    18.6%
Income tax expense   (5,489,900)   (3,535,612)   55.3%   (16,518,092)   (12,747,100)   29.6%
                               
Net Income   18,447,452    13,966,766    32.1%   50,362,388    43,651,063    15.4%
                              
Net income attributable to owners of the company   18,082,897    13,500,212    33.9%   49,797,379    43,051,491    15.7%
Net income attributable to non-controling interests   364,555    466,554    -21.9%   565,009    599,572    -5.8%
Operating Income plus Depreciation and Amortization   31,205,641    27,777,960    12.3%     94,645,637    84,296,486    12.3%
Gross Revenue   76,243,687    69,374,714    9.9%   244,688,927    223,182,154    9.6%
Distribution costs   (45,251,488)   (41,545,529)   8.9%   (140,617,106)   (129,478,984)   8.6%
Administrative expenses   (6,259,434)   (6,402,319)   -2.2%   (31,836,192)   (29,821,043)   6.8%
Depreciation   6,184,206    6,081,706    1.7%   21,311,957    19,371,684    10.0%
Amortization   288,670    269,388    7.2%   1,098,051    1,042,675    5.3%

13
 

 

 

 

Viña Concha y Toro S.A.

Consolidated Balance Sheet

In thousand Chilean pesos

         
   As of   As of 
   December 31, 2015        December 31, 2014 
Assets          
           
Cash and cash equivalents   30,635,184    30,304,154 
Inventories   235,986,491    218,336,130 
Accounts receivable   186,481,426    165,117,318 
Biological current assets   18,259,302    16,317,102 
Other current assets   43,479,036    43,850,459 
Total current assets   514,841,439    473,925,163 
           
Property, plant & equipment, net   347,762,584    341,758,199 
Investments accounted for using the equity method   23,602,244    20,311,097 
Other non current assets   101,264,779    82,016,849 
Total non current assets   472,629,607    444,086,145 
Total assets   987,471,046    918,011,308 
           
Liabilities          
Other current financial liabilities   90,851,939    61,269,989 
Other current liabilities   180,525,124    151,376,307 
Total current liabilities   271,377,063    212,646,296 
           
Other non-current financial liabilities   208,990,120    216,322,033 
Other non current liabilities   52,768,315    46,062,156 
Total non current liabilities   261,758,435    262,384,189 
           
Total Liabilities   533,135,498    475,030,485 
           
Equity          
Issued capital   84,178,790    84,178,790 
Accumulated Profits/(losses)   397,480,284    367,635,107 
Other reserves   -28,948,025    -10,230,220 
Net equity attributable to parent comp. shareholders   452,711,049    441,583,677 
Non-controlling interest   1,624,499    1,397,146 
Total Equity   454,335,548    442,980,823 
Total liabilities and Equity   987,471,046    918,011,308 
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