Vina Concha y Toro S.A. · BCS:CONCHATORO
Vina Concha y Toro — Investor Presentation (June 2013)
67 slides from Vina Concha y Toro's investor presentation, June 2013
Slide 1: Corporate Presentation June 2013
Corporate Presentation June 2013 1 1/ 1
Slide 2: Wine Industry: Surface Area
23% Wine Industry: Surface Area • World Vineyards Surface Area Wine Fresh Grape Raisin 2000 2011 61% 69% 8% 7% 23% 32% million hectares 2000 2011 CAGR Wine 5.38 4.59 -1.4% Fresh Grape 1.84 2.45 2.6% Raisin 0.62 0.55 -1.2% Total 7.85 7.59 -0.3% Source: OIV, Concha y Toro Estimates 2 2/ 2
Slide 3: Wine Industry: Global decrease in wine vineyards
Wine Industry: Global decrease in wine vineyards hectares from 2000 to 2011 • CAGR 2000-2011: -1.4% • World : -1.4% • France, Spain, Italy: -2.7% • New*world: -0.3% World Wine Vineyards • Chile : 1.3% 5.40 • Argentina: -0.4% 5.40 • USA: -1.3% 5.20 • Australia: 0.8% 5.20 • South Africa: -0.6% 5.00 5.
Slide 4: Wine Industry: Top wine producers
Wine Industry: Top 10 wine producers • Global Production Decreasing 0.5% per year 7000 CAGR: -1.3% CAGR: 6000 -1.9% CAGR: 5000 -2.0% million liters 4000 CAGR: 2000 -1.2% 2005 3000 CAGR: CAGR: +1.9% CAGR: +2.9% CAGR: 2011 CAGR: CAGR: 2000 +2.0% +4.2% +3.0% -0.2% 1000 0 France Italy Spain USA Argentin
Slide 5: Wine Industry: Top wine consumers
Wine Industry: Top 10 wine consumers • Global Consumption Increasing 0.7% per year • Potential markets: Asia, Latin America and the US 4,000 CAGR: -1.3% 3,500 CAGR: CAGR: -2.6% +2.7% 3,000 CAGR: 2,500 million liters -0.1% CAGR: CAGR: +4.3% 2000 2,000 -2.9% CAGR: +2.6% CAGR: CAGR: 2005 +8.6% -2.2% 1,
Slide 6: Wine Industry: Top wine exporters
Wine Industry: Top 10 wine exporters • Significant increase in exports of main producers. 3000 CAGR: 4.7% CAGR: (includes bulk wine) 9.0% 2500 2000 CAGR: million liters -0.6% 2000 1500 CAGR: 7.7% 2005 CAGR: CAGR: 1000 2011 +8.7% CAGR: +5.0% CAGR: +3.9% CAGR: CAGR: +8.8% +3.9% +12.6% 500 0 Italy Spai
Slide 7: Wine Industry: Top wine exporters
Wine Industry: Top wine exporters • Significant increase in exports over total production. (includes bulk wine) Exports/Total Production 80.0% 70.0% 60.0% 50.0% 40.0% % 30.0% 20.0% 10.0% 0.0% France Italy Spain USA Argentina Australia Chile South Africa Germany 2000 26.1% 28.4% 20.7% 12.9% 6.7% 38.6
Slide 8: Wine Industry: Global situation
Wine Industry: Global situation • World Wine Consumption Increasing 0.7% per year from 2000 to 2011. • World Wine Production Decreasing 0.5% per year from 2000 to 2011. 30,000 29,000 28,000 27,000 million liters 26,000 25,000 World Wine Consumption 24,000 World Wine Production 23,000 22,000 21,000 2
Slide 9: Concha y Toro: Consolidated Sales
Concha y Toro: Consolidated Sales Sales Breakdown 1Q13 Million Ch$ Average Annual Argentina Argentina Growth: 10.6% domestic exports U.S.A. 1% 3% (Fetzer) 450,545 422,735 domestic 374,019 11% 354,419 314,756 304,067 U.S.A. 246,640 (Fetzer) exports Chile 1% Domestic - +2.5% Export wine markets 13% 88
Slide 10: Performance
Concha y Toro Performance Income Statement 2006 (*) 2012 CAGR Sales (Ch$ million) $ 246,640 $ 450,545 10.6% Exports ** (Ch$ million) $ 157,620 $ 294,362 11.0% Exports ** (US$ million) $ 295 $ 606 12.8% % Exports 63.9% 65.3% Export volume ** ('000 cases) 12,924 20,549 8.0% Operating Result (Ch$ milli
Slide 11: Business Model: Key Factors & Growth Drivers
Concha y Toro Business Model: Key Factors & Growth Drivers Exclusive focus on wine Strong Distribution Strong Portfolio Network: Global of Wines across Reach / Leading all market Position in Key segments Markets Strong Brand Market Recognition Diversification Quality Assurance Investment that and Co
Slide 12: Business Model: Key Factors & Growth Drivers
Concha y Toro Business Model: Key Factors & Growth Drivers Exclusive focus on wine Strong Distribution Strong Portfolio Network: Global of Wines across Reach / Leading all market Position in Key segments Markets Strong Brand Market Recognition Diversification Quality Assurance Investment that and Co
Slide 13: Export Sales (Bottled Wine)
Concha y Toro Export Sales (Bottled Wine) Million Ch$ Thousand US$ Average Annual Average Annual Growth: 11.0% Growth: 12.8% 294,362 266,566 277,068 279,371 606,109 246,683 576,559 543,942 218,592 483,405 453,287 403,531 157,620 294,666 +3.2% +6.8% 57,508 59,359 117,652 125,661 2006 (*) 2007 (*) 200
Slide 14: Export Sales - Total Bottled Volume
Concha y Toro Export Sales - Total Bottled Volume (Volume Cases ´000) Average Annual Growth: 8.0% 20,514 20,046 20,549 18,955 17,642 16,279 12,924 +1.2% 4,058 4,107 2006 2007 2008 2009 2010 2011 2012 … 1Q12 1Q13 It considers exports from Chile and Argentina, and the sales of our distribution subsidi
Slide 15: Export Sales (Average Price)
Concha y Toro Export Sales (Average Price US$/9lt Case) Average Annual +5.5% Growth: 4.4% 30.60 29.50 28.76 29.00 26.90 25.69 25.50 24.79 22.80 2006 2007 2008 2009 2010 2011 2012 1Q12 1Q13 15 15/ 15
Slide 16: Export Sales – Premium Wines
Concha y Toro Export Sales – Premium Wines (Volume Cases ´000) Average Annual Growth: 11.0% 4,545 4,155 4,022 3,692 3,620 3,542 2,433 +17.8% 749 882 2006 2007 2008 2009 2010 2011 2012 … 1Q12 1Q13 16 16/ 16
Slide 17: Total Chilean exports by category
Total Chilean exports by category Jan - Dec 2010 % Change 2010/2009 Liters US$ Av. Price Liters US$ Av. Price ('000) ('000) US$/Ltr Bottled 458,498 $ 1,350,216 $ 2.94 10.7% 11.8% 1.1% Bulk 274,754 $ 201,799 $ 0.73 -1.6% 15.9% 17.8% Total 733,252 $ 1,552,015 $ 2.12 5.7% 12.4% 6.3% Jan -Dec 2011 % Cha
Slide 18: Total Chilean exports by category
Total Chilean exports by category Jan - Dic 2012 % Change 2012/2011 Liters US$ Av. Price Liters US$ Av. Price ('000) ('000) US$/Ltr Bottled 473,391 $ 1,498,518 $ 3.17 0.2% 0.4% 0.2% Bulk 275,634 $ 291,964 $ 1.06 43.8% 47.2% 2.4% Total 749,026 $ 1,790,481 $ 2.39 12.8% 5.9% -6.1% Source: Vinos de Chil
Slide 19: Export – New World Producers
Export – New World Producers (Bottled wine exports by volume – million liters) % Change % Change % Change 2007 2008 2009 2010 2011 2012 2010/09 2011/10 2012/11 Australia 579 513 471 416 353 331 -11.8% -15.1% -6.2% Chile 375 386 414 458 472 473 10.7% 3.0% 0.2% USA 235 240 205 190 218 221 -7.1% 14.3%
Slide 20: Business Model: Key Factors & Growth Drivers
Concha y Toro Business Model: Key Factors & Growth Drivers Exclusive focus on wine Strong Distribution Strong Portfolio Network: Global of Wines across Reach / Leading all market segments Position in Key Markets Strong Brand Market Recognition Diversification Quality Assurance Investment that and Co
Slide 21: Operating plants, distribution subsidiaries and countries reached
Canada USA Excelsior China South Africa • Operating plants in 3 countries • 13 Distribution Subsidiaries • 137 countries reached • 329 independent distributors 21 21/ 21
Slide 22: Strong Distribution Network: Direct Distribution
Strong Distribution Network: Direct Distribution • Concha y Toro UK (Since 2001) UK • 5.5 million cases to Dec 2012 • Concha y Toro Nordics (Sweden, Finland & Norway – Since 2009) Nordics • 1.0 million cases to Dec 2012 • VCT Brasil (Since 2008) Brazil • 643 thousand cases to Dec 2012 • VCT Asia (Si
Slide 23: Leading market share over Chilean Exports
Leading market share over Chilean Exports Exports of bottled wine* Volume Value 2004 29.2% 25.8% 2005 32.2% 27.2% 2006 33.4% 28.3% 2007 34.9% 30.2% 2008 37.0% 31.4% 2009 38.3% 32.3% 2010 36.6% 31.5% 2011 33.7% 29.7% 2012 35.4% 31.3% Source: Vinos de Chile (*) Includes bottled & Bag in Box 23 23/ 23
Slide 24: The Chilean Bottled Industry – Leading Position
The Chilean Bottled Industry – Concha y Toro Leading Position Year 2012 Share over chilean % Part of CyT in total Rank Growth Rank Country bottled export Chilean bottled Exports Rank 2012 2012/2011 2011 (volume) (volume) st st 1 1 st United Kingdom 18.1% -6.6% 52.0% 1 nd st 2 2 nd USA 13.8% -7.2% 38
Slide 25: Distribution Subsidiaries: Driving the growth
Distribution Subsidiaries: Driving the growth Volume 2009 Volume 2010 Volume 2011 Volume 2012 Total Volume Holding 28,108 29,203 29,658 30,196 Total Volume through our 15,630 15,883 17,332 20,085 Distribution Subsidairies % of Total Vol ume 55.6% 54.4% 58.4% 66.5% Domestic Chile 8,248 7,826 7,235 6,
Slide 26: Export growth by Region – by Volume
Concha y Toro export growth by Region – by Volume Mix of Export Sales % Change Volume Region 2011 2012 1Q13 2011 2012 1Q13 U.K. 25.3% 26.8% 25.7% -9.1% 8.5% 5.8% Continental Europe 18.5% 18.2% 19.2% -7.0% 1.0% 3.4% Nordics (SWE, FIN, NOR) (1) 4.8% 4.9% 6.0% -5.2% 6.0% 7.0% U.S.A. 16.3% 15.0% 19.8% -
Slide 27: UK Market – Consumption Volume Off Trade by Origin
UK Market – Consumption Volume (000 liters) Off Trade by Origin Source: Nielsen 27 27/ 27
Slide 28: US Market – Consumption
US Market – Consumption • Despite the economic dowturn, in the US, the wine market has continued increasing in volume. • 1.2% growth in Volume up to March 2013. • Imports: Bottled increased 9.2%. (million 9 liter cases) % Change % Change % Change % Change 2008 2009 2010 2011 2012 Ac Mar 13 2010/2009
Slide 29: US Market – Imported Bottled Wines by Country
US Market – Imported Bottled Wines by Country Volume Value 30,000 -0.6% 1,400,000 -3.1% 25,000 Ac Dic 11 1,200,000 Ac Dic 11 Thousand 9 ltr Cases Ac Dic 12 1,000,000 +14.2% Ac Dic 12 20,000 Thousand US$ -8.1% 800,000 15,000 600,000 -8.3% +7.0% -4.8% -5.0% 400,000 -2.4% +4.0% +2.9% 10,000 -11.6% +16.
Slide 30: Domestic Market Share
Domestic Market Share (by volume) 2005 2006 2007 2008 2009 2010 2011 2012 Concha y Toro 27.1 28.6 30.0 29.7 31.5 30.7 30.4 29.6 Santa Rita 24.4 25.5 27.9 28.7 28.9 29.4 29.1 28.0 San Pedro - Tarapacá 21.7 21.9 21.8 23.0 22.5 24.4 24.6 26.7 Santa Carolina 3.2 3.1 2.3 2.0 1.8 1.8 1.7 1.5 Others 23.6 2
Slide 31: Domestic market Chile – Volume & Value
Domestic market Chile – Volume & Value Thousand Liters Million Ch$ Average Annual Average Annual Growth: 3.4% Growth: -0.4% 77,291 74,235 71,742 59,100 61,998 61,573 70,435 53,705 63,261 65,119 50,467 53,221 50,184 61,934 -5.8% -3.9% 12,262 11,556 12,171 11,694 2006 2007 2008 2009 2010 2011 2012 … 1
Slide 32: Domestic market Chile – Premium Wine growth
Domestic market Chile – Premium Wine growth Million Liters % Premium/Total % Premium/Total Year Volume Value 2006 3.1% 13.0% 2007 2.7% 13.2% 2008 3.1% 15.2% Average Annual 2009 3.5% 16.3% Growth: 12.1% 3,840 2010 4.1% 17.5% 3,387 2011 5.2% 20.2% 2012 6.2% 22.9% 2,898 1Q13 6.5% 24.9% 2,597 2,226 2,10
Slide 33: Concha y Toro portfolio
Concha y Toro portfolio Category Bi Varietal & Varietal Premium Super Premium Ultra Premium Icon RRP USA US$ 4.99 US$ 6.99 US$ 7.99 US$ 9.99 US$ 13 US$ 16 US$ 20 US$ 30 US$ 45 US$ 95 US$ 120 US$ 135 RRP UK £ 4.99 £ 5.99 £ 6.99 £ 7.99 £ 9.99 £ 11.99 £ 12.99 £ 15.99 £ 18.99 £ 45 £ 65 £ 65 % sales 77%
Slide 34: Business Model: Key Factors & Growth Drivers
Concha y Toro Business Model: Key Factors & Growth Drivers Exclusive focus on wine Strong Distribution Strong Portfolio Network: Global of Wines across Reach / Leading all market Position in Key segments segments Markets Strong Brand Market Recognition Diversification Quality Assurance Investment th
Slide 35: Cono Sur portfolio
CO Cono Sur portfolio Organic 35
Slide 36: Maipo portfolio
SSS 5555555555555 EE —_—_—_—_—__—_E___l_=_=_=_== Maipo portfolio Ultra Premium Bi Varietales Varietales 36
Slide 37: Palo Alto portfolio
CO Palo Alto portfolio j i a Nie if Any p a PALO ALTO
Slide 38: Maycas portfolio
Maycas portfolio Reserva Especial mayoas = LIMA 38
Slide 39: Trivento portfolio
Trivento portfolio Bi-Varietal Super Ultra Espumantes Premium premium & Varietal Premium BODEGA TRIVENTO ARGENTINA 39
Slide 40: Fetzer portfolio
CO Fetzer portfolio = Premium Super Premium [Genre FETZER J RIEL VINEYARDS 40
Slide 41: Business Model: Key Factors & Growth Drivers
Concha y Toro Business Model: Key Factors & Growth Drivers Exclusive focus on wine Strong Distribution Strong Portfolio Network: Global of Wines across Reach / Leading all market Position in Key segments Markets Strong Brand Market Recognition Diversification Quality Assurance Investment that and Co
Slide 42: Most admired wine brand in the world
Most admired wine brand in the world. (“World's Most Admired Wine Brands ”, Drinks International, 2013, 2012 and 2011) 42 42/ 42
Slide 43: Business Model: Key Factors & Growth Drivers
Concha y Toro Business Model: Key Factors & Growth Drivers Exclusive focus on wine Strong Distribution Strong Portfolio Network: Global of Wines across Reach / Leading all market Position in Key segments Markets Strong Brand Market Recognition Diversification Quality Assurance and Consistency: Inves
Slide 44: Sustained Investment over time
Sustained Investment over time • US$ 673.6 million between 2005 – 2012 - Vineyard expansion Chile - Increasing cellar and vinification capacity - Improvements in bottling capacity and efficiency - 2011: Record year of investment for Viña Concha y Toro Investment US$ Million (*) 2012 Capital Investme
Slide 45: Costs: Significant shift in chilean bulk wine price curve
Costs: Significant shift in chilean bulk wine price curve Average Bulk Wine price ( Ch$/Liter) $ 600 $ 500 $ 400 Trend Price Ch $ / Liter Bulk Cabernet $ 300 Industry $ 200 $ 100 $0 Oct-07 Oct-08 Oct-09 Oct-10 Oct-11 Oct-12 Jan-07 Jul-07 Jan-08 Jul-08 Jan-09 Jul-09 Jan-10 Jul-10 Jan-11 Jul-11 Jan-12
Slide 46: Chilean Bulk Wine Exports
Chilean Bulk Wine Exports 60,000 1.20 Bulk Exports Monthly 50,000 1.00 Thousand Liters 40,000 0.80 US$/Liter 30,000 0.60 20,000 0.40 10,000 0.20 -;-* #.##0,0_-;_-* "-"??_-;_-@_- 0 0.00 LITERS (thousands) AVERAGE PRICE (US$/Lt) 350,000 1.20 Bulk Exports Moving Annual Total 300,000 1.00 Thousand Liter
Slide 47: Capacity Increase – Support Growth
Capacity Increase – Support Growth 12,000 Planted Hectares • Planted area growth of 10,000 USA 142% in the last 9 years 8,000 Argentina (CAGR = 10.3%) 6,000 Chile 4,000 2,000 - 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Wine Storage & Ageing Capacity (million liters) • 118% increase in Wine 5
Slide 48: Vineyard: Geographical Diversification
Concha y Toro vineyard: Geographical Diversification CHILE (Hectares) Vineyards Hectares to Total Planted 2012 be planted Hectares Valley - Chile Limarí 1,106 177 1,283 Casablanca 410 16 426 Aconcagua 100 - 100 Leyda 130 - 130 Maipo 954 27 981 Cachapoal 1,359 287 1,646 Colchagua 2,075 215 2,290 Curi
Slide 49: The Chilean Wine Industry: An overview
The Chilean Wine Industry: An overview Total Hectares 2012: 125,000 Total bottled wine exports 2012: 473,391 thousand liters Concha y Toro: 35.4% Mkt Share Volume Exported bottled wine 2012 29.6% Mkt Share Vol Domestic Market (Dec 2012) 9,133 Hectares Planted (2012) 360.9 Storage capacity (million l
Slide 50: Main wineries per volume
Main wineries per volume Concha y Toro is the 6th worldwide in volume. • The top ten players reached 12.5% of total volume sold in 2011. Volume Market Ranking Company Share 2011 1° E & J Gallo Winery Inc 2.5% 2° The Wine Group 1.6% 3° Constellation Brands Inc 1.6% 4° Accolade Wines 1.1% 5° Treasury
Slide 51: Area planted – largest wineries
Area planted – largest wineries (hectares planted) TWE (AUS/USA/NZ/IT) 11,000 Concha y Toro (CHI/ARG/USA) 10,750 E&J Gallo (USA) 8,100 Pernod Ricard (FR/AUS/ARG) 8,000 Constellation (USA/AUS/NZ/CAD) 7,729 Grupo Peñaflor (ARG) 5,215 0 2,000 4,000 6,000 8,000 10,000 12,000 Source: Companies Fact Sheet
Slide 52: Summary
Summary • We have the brands. • We have the portfolio. • We have the distribution. • We have the land. • We have the investments. • We have the experience. We are ready to continue growing… 52 52/ 52
Slide 53: Corporate Presentation June 2013
Corporate Presentation June 2013 53 53/ 53
Slide 54: Exhibits
Exhibits 54 54/ 54
Slide 55: Exchange Rate main producers
Exchange Rate main producers From 12/31/2009 to 03/31/2013 Against USD 130 120 110 South African Rand 100 Chilean Peso 90 Australian Dollar 80 Mar-10 Mar-11 Mar-12 Jul-10 Jul-11 Jul-12 Feb-10 Sep-10 Feb-11 Sep-11 Feb-12 Sep-12 Feb-13 Oct-10 Oct-11 Oct-12 Nov-10 Nov-11 Nov-12 Jun-10 Jun-11 Jun-12 Aug
Slide 56: Sales: Exchange Rate Sensitivity
Sales: Exchange Rate Sensitivity As a % of Total Sales: Currency Mix 1Q13 1Q12 CLP 21.2% 21.6% USD 37.0% 39.7% GBP 16.9% 15.7% EUR 9.9% 10.3% CAD 2.8% 3.5% ARG 1.1% 1.8% SEK 3.4% 3.1% NOK 1.1% 1.1% BRL 3.6% 3.1% MXN 3.0% 56 56/ 56
Slide 57: Financial Debt
Financial Debt Financial Debt* as of: Mar-13 Mar-12 Ch$ MM Av. Interest rate Ch$ MM Av. Interest rate USD 148,417 2.93% 133,754 3.03% EUR 1,955 1.32% GBP 2,509 2.36% 3,692 2.21% CLP 18,853 6.00% 4,500 5.69% UF 82,061 3.74% 49,706 3.92% ARS 7,350 14.58% 6,415 13.29% BRL 3,626 9.80% 1,338 10.98% SEK 1
Slide 58: Income Statement (million Ch$)
Income Statement (million Ch$) 1Q2013 1Q2012 Change Million. Ch Million. Ch % Operating Results Sales revenues 91,081 88,857 2.5% Cost of sales (60,526) (61,291) -1.2% % of sales -66.5% -69.0% Gross Profit 30,555 27,566 10.8% % of sales 33.5% 31.0% Selling & Adm. Expenses (24,855) (21,741) 14.3% % o
Slide 59: Shareholder structure (March 2013)
Shareholder structure (March 2013) Other Other Large ADR's 7.9% Shareholders 2.8% 20.8% Control Group 40.2% Brokerage H, Mutual F & Insurance 17.9% Chilean AFP's 10.6% 59 59/ 59
Slide 60: Company Stock
Company Stock • US$ 1.5 million of Average Daily Value Traded 3M (85% Local, 15% ADR) $ 3.00 $ 2.50 $ 2.00 Local Price in US$ $ 1.50 $ 1.00 $ 0.50 $- Jan-03 Jan-04 Jan-05 Jan-06 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 60 60/ 60
Slide 61: Bottled Sales for 1Q13
Bottled Sales for 1Q13 61 61/ 61
Slide 62: Total Argentinean exports by category
Total Argentinean exports by category Jan - Dec 2010 % Change 2010/2009 Liters US$ Av. Price Liters US$ Av. Price ('000) ('000) US$/Ltr Bottled 230,659 $ 699,088 $ 3.03 3.9% 17.0% 12.6% Bulk 44,580 $ 37,335 $ 0.84 -35.5% 2.9% 59.4% Concentrated Must 69,137 $ 128,087 $ 1.85 -14.7% -5.6% 10.6% Total 3
Slide 63: Total Argentinean exports by category
Total Argentinean exports by category Jan - Dec 2012 % Change 2012/2011 Liters US$ Av. Price Liters US$ Av. Price ('000) ('000) US$/Ltr Bottled 206,779 $ 783,809 $ 3.79 -4.3% 2.8% 7.4% Bulk 157,297 $ 134,060 $ 0.85 54.6% 58.0% 2.2% Concentrated Must 108,753 $ 238,255 $ 2.19 -1.4% 13.8% 15.4% Total 4
Slide 64: Trivento Export Sales: Argentina – Volume & Value
Trivento Export Sales : Argentina – Volume &Value Thousand Liters Thousand US$ Average Annual Average Annual Decrease: 2.8% Growth: 5.6% 13,307 13,700 Annual Decrease: 32,976 12,254 12,244 12.6% 30,056 11,271 28,425 28,432 29,190 10,274 9,500 24,296 Annual Decrease: 20,996 5.6% 2006 2007 2008 2009 2
Slide 65: Trivento Export Sales - Argentina
Trivento Export Sales - Argentina (Average Price US$/Case) Average Annual Growth: 8.7% 27.65 26.33 21.66 20.90 19.23 17.84 16.77 2006 2007 2008 2009 2010 2011 2012 65 65/ 65
Slide 66: Trivento Domestic Sales: Argentina – Volume & Value
Trivento Domestic Sales : Argentina – Volume &Value Thousand Liters Thousand AR$ Average Annual Average Annual Decrease: 3.1% Growth: 11.6% 66,898 63,794 64,414 Annual Decrease: 60,008 8,492 8,313 7,780 7,768 10.5% 51,798 6,409 6,107 42,316 5,311 33,426 Annual Growth: 4.9% 2006 2007 2008 2009 2010 2
Slide 67: Trivento Domestic Sales - Argentina
Trivento Domestic Sales - Argentina (Average Price AR$/Case) Average Annual Growth: 15.1% 109.15 94.02 77.51 64.97 54.89 48.95 46.94 2006 2007 2008 2009 2010 2011 2012 67 67/ 67
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