VIÑA
CONCHA Y TORO REPORTS
FOURTH
QUARTER AND YEAR 2009 RESULTS
Santiago,
Chile, February 25, 2010 - Viña Concha y Toro S.A. (“The Company” or
“Concha y Toro”) (NYSE: VCO, Chile: Conchatoro), announced today its
consolidated financial results for the quarter and full year ended
December 31, 2009. Figures are stated in accordance with
Chilean GAAP and in constant Chilean pesos (Ch$) as of December 31,
2009.
Figures
as of December 31, 2009 are also translated into US$, merely for
convenience, using the exchange rate as of December 31, 2009 of
US$1=Ch$507.10.
Highlights
4Q 2009
· Total
sales rose by 5.8%.
· Bottled
export sales in Chilean pesos increased 3.1%.
· Bottled
export volumes increased 13.8% to 4,609,660
cases.
· Bottled
domestic sales increased 9.7% by value and 3.6% by
volume.
· Operating
income decreased 21%, operating margin was 10.6% compared to 14.2% in
4Q08.
· Net
income increased 40.7% to Ch$9,848 million (US$19.4
million).
· Ebitda
declined 15% to Ch$14,191 million (US$28 million). Ebitda margin was
15.1%.
· Earnings
per ADR rose 67.4% to US$ 0.52.
Highlights 2009
· Total
sales increased 12.3%.
· Bottled
export sales in Chilean pesos increased 11.2%.
· Bottled
export volume rose 8.7% to 17,575,000 cases.
· Domestic
sales increased 6.9% by value and 3.5% by volume.
· Operating
income decreased by 11%, operating margin fell to 12.6% from 15.9% in
2008.
· Net
income increased 28.6% to Ch$44,160 million (US$87.1
million).
· Ebitda
fell 7.3% to Ch$ 59,396 million (US$117 million). Ebitda margin was
16.8%.
· Earnings
per ADR rose 52.9% to US$
2.35.
|
4Q09
|
4Q08
|
Change
(%)
|
2009
|
2008
|
Change
(%)
|
|
Export
sales(1)
|
66,274
|
64,577
|
2.6%
|
253,705
|
228,403
|
11.1%
|
Domestic
sales–wine
|
14,292
|
13,197
|
8.3%
|
53,715
|
50,697
|
6.0%
|
Domestic
sales–other products
|
5,521
|
1,378
|
300.5%
|
14,824
|
4,154
|
256.8%
|
Argentina
exports(2)
|
3,612
|
4,413
|
-18.1%
|
15,656
|
15,315
|
2.2%
|
Argentina
domestic
|
2,510
|
3,498
|
-28.2%
|
8,723
|
9,135
|
-4.5%
|
Other
revenues
|
1,731
|
1,735
|
-0.3%
|
6,971
|
7,051
|
-1.1%
|
TOTAL
|
93,939
|
88,798
|
5.8%
|
353,595
|
314,756
|
12.3%
|
4Q09
|
4Q08
|
Change
(%)
|
2009
|
2008
|
Change
(%)
|
|
Sales (in Ch$
million)
|
||||||
Export
sales(1)
|
65,855
|
63,894
|
3.1%
|
250,910
|
225,694
|
11.2%
|
Domestic
sales–wine
|
14,213
|
12,959
|
9.7%
|
53,631
|
50,184
|
6.9%
|
Argentina
exports(2)
|
3,612
|
4,413
|
-18.1%
|
15,656
|
15,315
|
2.2%
|
Argentina
domestic
|
2,510
|
3,498
|
-28.2%
|
8,723
|
9,061
|
-3.7%
|
Volume (thousand
liters)
|
||||||
Export
sales
|
41,487
|
36,461
|
13.8%
|
158,175
|
145,468
|
8.7%
|
Domestic
sales–wine
|
18,737
|
18,092
|
3.6%
|
74,235
|
71,742
|
3.5%
|
Argentina
exports
|
3,019
|
3,081
|
-2.0%
|
12,421
|
13,307
|
-6.7%
|
Argentina
domestic
|
2,214
|
2,628
|
-15.8%
|
8,313
|
8,493
|
-2.1%
|
|
(1) Export
sales include exports to third parties and sales of the Company’s
distribution subsidiaries (UK, Nordics and
Brazil).
|
|
(2) This
figure excludes shipments to the Company’s distribution
subsidiaries.
|
Fourth
Quarter 2009
|
4Q09
|
4Q08
|
Change (%)
|
2009
|
2008
|
Change
(%)
|
|
Equity
income
|
35
|
-128
|
127.0%
|
733
|
453
|
61.9%
|
Other
non-operating income
|
232
|
299
|
-22.4%
|
1,066
|
1,470
|
-27.5%
|
Interest
expense
|
-1,169
|
-1,753
|
-33.3%
|
-5,581
|
-6,239
|
-10.5%
|
Price
level restatement
|
506
|
-503
|
200.5%
|
1,448
|
-581
|
349.0%
|
Exchange
differences
|
2,652
|
-1,525
|
273.9%
|
11,137
|
-1,072
|
1,139%
|
Other
non-operating expenses
|
-89
|
-173
|
48.6%
|
-544
|
-897
|
39.4%
|
Total Non-Operating
Result
|
2,166
|
-3,784
|
157.3%
|
8,259
|
-6,866
|
220.3%
|
|
Export
revenues
|
|
Argentine
Operations
|
|
Other
Revenues
|
|
Cost of
Sales
|
4Q2009
|
4Q2008
|
Change
|
2009
|
2008
|
Change
|
|
Th. Ch$
|
Th. Ch$
|
%
|
Th. Ch$
|
Th. Ch$
|
%
|
|
Operating
Results
|
||||||
Sales
revenues
|
93,938,960
|
88,797,547
|
5.8
|
353,594,738
|
314,755,932
|
12.3
|
Cost
of sales
|
-61,389,131
|
-53,475,562
|
14.8
|
-224,644,201
|
-189,148,150
|
18.8
|
%
of sales
|
65.4%
|
60.2%
|
63.5%
|
60.1%
|
||
Gross
Margin
|
32,549,829
|
35,321,985
|
-7.8
|
128,950,537
|
125,607,782
|
2.7
|
%
of sales
|
34.6%
|
39.8%
|
36.5%
|
39.9%
|
||
Selling
& Adm. Expenses
|
-22,605,359
|
-22,728,819
|
-0.5
|
-84,343,323
|
-75,505,702
|
11.7
|
%
of sales
|
24.1%
|
25.6%
|
23.9%
|
24.0%
|
||
Operating
Income
|
9,944,470
|
12,593,166
|
-21.0
|
44,607,214
|
50,102,080
|
-11.0
|
Operating
margin
|
10.6%
|
14.2%
|
12.6%
|
15.9%
|
||
Non-Operating
Results
|
||||||
-Non-operating
income
|
231,715
|
298,545
|
-22.4
|
1,006,461
|
1,470,123
|
-27.5
|
-Equity
income
|
34,609
|
-128,057
|
-127.0
|
732,748
|
452,672
|
61.9
|
-Non-operating
expenses
|
-89,001
|
-173,116
|
-48.6
|
-543,920
|
-897,364
|
-39.4
|
-Financial
expenses
|
-1,169,057
|
-1,752,922
|
-33.3
|
-5,580,960
|
-6,238,553
|
-10.5
|
-Price
level restatement
|
505,904
|
-503,233
|
-200.5
|
1,447,787
|
-581,495
|
-349.0
|
-Exchange
differences
|
2,652,288
|
-1,524,992
|
-273.9
|
11,137,300
|
-1,071,833
|
-1139
|
Non-operating
result
|
2,166,458
|
-3,783,775
|
-157.3
|
8,259,416
|
-6,866,450
|
-220.3
|
Income
before income tax
|
12,110,928
|
8,809,392
|
37.5
|
52,866,630
|
43,235,630
|
22.3
|
Less:
income tax
|
-2,263,264
|
-1,825,324
|
24.0
|
-8,706,180
|
-8,892,209
|
-2.1
|
Minority
interest
|
1
|
13,652
|
-100.0
|
-8
|
-23
|
-65.2
|
Net
Income
|
9,847,665
|
6,997,720
|
40.7
|
44,160,442
|
34,343,398
|
28.6
|
-Earnings
per share (Ch$)
|
13.28
|
9.73
|
36.5
|
59.56
|
47.75
|
24.7
|
-Earnings
per ADR (US$)
|
0.52
|
0.31
|
67.4
|
2.35
|
1.54
|
52.9
|
EBITDA
|
14,191,066
|
16,694,185
|
-15.0
|
59,395,880
|
64,079,409
|
-7.3
|
%
sales
|
15.1%
|
18.8%
|
16.8%
|
20.4%
|
||
Subscribed
and paid shares
|
741,395,081
|
719,170,735
|
741,395,081
|
719,170,735
|
||
Exchange
rate US$1.0=Ch$507.1
|
||||||
As of Dec.
31,
|
As of Dec.
31,
|
As of Dec.
31,
|
|
2009
|
2008
|
2009
|
|
Th. Ch$
|
Th. Ch$
|
Th. US$
|
|
Assets
|
|||
Cash
and equivalents
|
6,992,174
|
3,859,018
|
13,789
|
Inventories
|
116,574,733
|
110,746,304
|
229,885
|
Accounts
receivable
|
94,993,821
|
101,213,147
|
187,328
|
Other
current assets
|
32,321,913
|
34,838,849
|
63,739
|
Total
current assets
|
250,882,641
|
250,657,318
|
494,740
|
Property,
plant & equipment, net
|
241,474,434
|
236,575,686
|
476,187
|
Other
assets
|
19,170,669
|
18,674,316
|
37,805
|
Total
assets
|
511,527,744
|
505,907,320
|
1,008,732
|
Liabilities
and Shareholders' Equity
|
|||
Short
term debt (1)
|
35,309,995
|
70,724,859
|
69,631
|
Other
current liabilities
|
89,799,143
|
92,265,134
|
177,084
|
Total
current liabilities
|
125,109,138
|
162,989,993
|
246,715
|
Long
term debt (1)
|
62,097,188
|
68,142,047
|
122,456
|
Other
long-term liabilities
|
16,912,502
|
17,733,463
|
33,351
|
Total
long-term liabilities
|
79,009,690
|
85,875,510
|
155,807
|
Minority
interest
|
-4
|
7
|
-
|
Shareholders'
equity
|
307,408,920
|
257,041,810
|
606,210
|
Total
liabilities and shareholders' equity
|
511,527,744
|
505,907,320
|
1,008,732
|
(1)
includes only financial debt
|
|||
Exchange
rate:US$1.0=Ch$507.1
|
|||
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) |
|||