Supermercados Peruanos S.A. - Burkenroad for Latin America

Transcription

November 24, 2008
FINANCIAL REPORTS CENTRUM Católica - Burkenroad Latin America (Peru) - Supermercados Peruanos
November 24, 2008
Supermercados Peruanos S.A.
SPSA/BVL
Supermercados Peruanos Performance
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2007 was a year of historic growth for Supermercados Peruanos, as well
as a year of significant achievements. They were pioneers in entering
provinces and, because of that inroad, they won the Great Business
Award for Creativity.
In July of that year, they opened Plaza Vea Trujillo, Plaza Vea Chiclayo
in October; and Plaza Vea Arequipa in December, surpassing significantly
in all of the cases the estimated sales for each project. This confirms
the confidence that the company has the potential development of the
supermarket industry in Peru.
2007’s billing was S/.1’315 million, representing a growth of 22%
compared against 2006. In addition, net profit for the period was S/.11.9
million, equivalent to 3.1 times the net profit obtained the year before,
representing an improvement of S/.8.1 million compared to net profit
reported in 2006.
Company Valuation
Valuation Method by Free Cash Flow: net present value of the company
S/.281’522000 (USD 90’989657); discounted with a WACC of 4.78% quarterly.
Company Quick View:
Location: The corporate offices are located in San Borja, Lima-Peru.
Industry: Retail.
Description: Company engaged in the buying and retail sale at general level
of consumption and for the home.
Key Products & Services: Food, beverages, personal care and cleaning items,
hardware store, toyshop, appliances and technology, prepared foods.
Web Site: www.supermercadosperuanos.com.pe
Analysts:
Alexandra Ávila
alexandra.avila@pucp.edu.pe
Silvia San Miguel
ssanmiguel@pucp.edu.pe
Elvis Ramírez
elvis.ramirez@pucp.edu.pe
Investment Research Manager:
Eduardo Court
ecourt@pucp.edu.pe
Adviser:
Elizabeth Girón
mgironm@pucp.edu.pe
The BURKENROAD REPORTS PERÚ are produced solely as a part of an educational program of
Tulane University’s A.B. Freeman School of Business in conjunction with CENTRUM Católica School
of Business. The reports are not investment advice, and you should not and may not rely on them in
making any investment decision. You should consult an investment professional and/or conduct your
own primary research regarding1any potential investment.
November 24, 2008
SUPERMERCADOS
PERUANOS S.A.
SALES EVOLUTION
Figure 1: Sales Performance
Note: Retrieved from www.aai.com.pe
INVESTMENT
SUMMARY
INVESTMENT
THESIS
With the method of Free Cash Flow resulted in a net present value of the
company S/.281’522,000. The flows are discounted with an average rate of
4.78% quarterly, matching the estimate of the Weighted Average Cost of
Capital (WACC). To get the WACC, it was considered the cost of debt and
the cost of capital, without taking into account the beta of the industry. In
addition, the cost of capital was obtained by the amount of risk-free rate plus
the premium market (market risk unless the risk-free rate). In the market
risk, it was considered the annual change in the General Index of the Lima
Stock Exchange.
The results of the strategic changes, initiated since the Interbank Group
joined the shareholders of Supermercados Peruanos S.A., have helped to
build gradually, especially in 2007, higher sales growth, increased generation
of operating results and net profit, and an improved financial structure in
terms of indebtedness, profitability, liquidity and operational efficiency.
All this confirms a positive outlook for the coming periods: the increasing
dynamics of the supermarkets’ sales have reached the adequate growing
perspectives due to the expansion plans of the leading reatailers’ chains, and
the possible entrance of new operators, attracted by the low penetration level
on this modality of retailing sales in the local market. On top of this, it must
be added SPSA’s expansion projects.
INDUSTRY
ANALYSIS
The peruvian economy continues to present a positive development in
macroeconomic terms. According to the Central Reserve Bank of Peru (BCRP)
for the year 2007, the GDP growth was 9%, while domestic demand rose by
11.6%. Such economic expansion is also reflected in sales through modern
retail channels. For instance, Wong and Metro, Supermercados Peruanos and
Tottus, have accumulated an increase of approximately 30% during 2007.
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Table 1: Global Demand and Supply (actual percentage changes)
Note: From the Central Reserve Bank of Perú
According to statistics from the National Institute of Statistics and Information
(INEI), Peru is in the process of recomposition in favor of the socio-economic
sectors, where sectors B and C have shown a growing trend, while sector D
has decreased. This development has led an improvement in the purchasing
power of the population of fewer resources, which until recent years was very
poorly served by the supermarket chains. In this context, the expansion of
coverage of the supermarket business represents an opportunity, even more
so when it is observed the low level of penetration of these in the Peruvian
market compared with other Latin American countries.
The increase in the population consumption has led to sales growth of
supermarkets, which have joined new local chains, both in Lima and in
provinces, to meet the increasing demand. In Lima and Callao, it has been
estimated the level of penetration in 30%, while in provinces penetration
levels are still low. However, it is considered to have high expectations given
the growth in the employment level.
Figure 2: Share Market Evolution
Note: Retrieved from www.aai.com.pe
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November 24, 2008
Economic growth in the inner cities, driven by export growth, has turned
several cities (Trujillo and Ica, for example) into attractive places to investors
of local services and real estate.
In 2007, the total number of stores of major supermarket chains rose to
101, while in 2006 it was 88. All three competitors were aggressive in their
investments and openings of stores to expand their activities and gain greater
market share.
Insofar, the sector has achieved an important development, consolidating
the supermarket industry in the Metropolitan Lima area around three main
players: Supermercados Wong, with an average market share of 60%; SPSA,
with 27%; and Hipermercados Tottus, with approximately 13%. In provinces,
regional chains have developed.
INDUSTRY
STRUCTURE
Threat of New Entrants
The low penetration of supermarkets in the country, a growing domestic
demand and an incentives policy for private investment by the Peruvian
government, puts Peru in the view of major foreign investors. For example,
the Fallabella Group of Chile made its only supermarket project in Peru.
At the same time, it underlines the acquisition of Supermercados Wong
conducted by the Chilean group Cencosud.
As a result, the entry barriers for new comers into the grocery industry in
Peru are very low. It only depends on the investment capacity of the investor
group.
Bargaining Power of
Suppliers
The negotiation scheme with suppliers is based on contracts without
compromise of charges or penalties for breach of terms. It gives a low
level of negotiation to suppliers because of the high purchasing power of
supermarkets.
Bargaining Power of
Buyers
The supermarket industry has consumers with more information and they
demand better prices, greater variety of products and services, as well as a
friendlier environment and personal attention. As a result, the bargaining
power of buyers is medium, as the supermarket sector has a challenge
to attract consumers accustomed to purchase its traditional products at
warehouses in the neighborhood or district supply markets.
Threat of Substitute
Products
In the supermarket sector, there are substitutes such as: (a) grocery stores,
which are traditional and highly personalized at understanding the details
of daily purchases and tastes of their customers; (b) market supplies, places
where the consumers negotiate the price of products; and (c) informal
markets, commonly called “flea markets”, where there is no security on the
origin of the products they offer.
These substitutes are the main reason why the penetration level of
supermarkets in Peru is the lowest in South America.
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Rivalry Among Existing
Competitors
The intensity of the rivalry between the supermarket chains in the country
is increasingly higher. This is evident in the need to capture more customers
by diversifying products and services. Consequently, all supermarket chains
are constantly innovating with new formats (known as hypermarkets, which
offer a wide range of products), and expand their market share through the
entrance to major cities nationwide.
In addition, the supermarket chains in Peru maintain strategic alliances with
various companies, to provide greater convenience, service and satisfaction
to their customers, while ensuring a continuous flow of them. These alliances
include partnerships with food companies, banks, and pharmaceutical
companies, among others. Also, the supermarkets benefit from additional
income, since in most cases the space occupied by the associated companies
is rented.
COMPANY
DESCRIPTION
Supermercados Peruanos S.A., a Peruvian company, was formed as a limited
company on June 1st, 1979, under the trade name of Promociones Camino
Real S.A. In 1993, the supermarket was sold to Santa Isabel, a chilean group,
and the company started to operate as Supermercados Santa Isabel S.A.
The chain grew during the nineties by acquiring the stores of Mass and
Top Market. The leasing of the San Jorge supermarket consolidated it as the
second supermarket chain in Peru.
Later, the Dutch group Royal Ahold, the third retailer in the world, became
co-owner of Santa Isabel S.A., and was increasing its participation until they
assume full control of the company. Under the administration of Ahold,
the company successfully launched the format of hypermarkets Plaza
Vea; however, the group decided to sell its operations in South America.
Royal Ahold sold Supermercados Santa Isabel S.A. to Interbank Group
(Banco Internacional del Peru S.A.-Interbank and Interseguro Compañía
de Vida S.A.) and Compass Capital Partners Corporation. They purchased
all the shares and gave them the financial backing and prestige necessary
to continue the expansion process initiated by Ahold. The General Stock
Holder Meeting decided to change the name of Supermercados Santa Isabel
to SUPERMERCADOS PERUANOS S.A.
In 2005, the company opened its first Vivanda supermarket in Pezet Avenue
located in San Isidro, a level A district. Between 2005 and 2006, the company
opened 4 Vivanda stores, other Plaza Vea stores and the creation of Plaza
Vea Super. In the same year, Supermercados Peruanos reached a market
share of 29%. Since 2006, the company has grown through the construction
of new stores, both in Lima and in provinces; and, in some cases, remodeling
existing stores to better meet the needs of its customers.
In 2003, the General Stock Holder Meeting of Supermercados Santa Isabel
S.A. registered shares representing the capital stock in the Lima Stock
Exchange and in the Public Register of the Securities Market. The capital
stock of the company was One Hundred Forty Million Five Hundred Sixty
Six Thousand Eight Hundred Nine and 00/100, Nuevos Soles represented by
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140’566,809 common shares with voting rights and a nominal value of to
S /. 1.00 each one.
Company Business and
Products
Supermercados Peruanos S.A. is dedicated to the business of buying and
selling movable at a general level, the current product lines are:
Table 2: Product Categories
Meat, fish and poultry
Fruits and vegetables
Sausages, cheese and meals
Groceries
Beverages, liquors, snacks
Personal care
Baby care
Household cleaning Bazaar
Library
Pets
Hardware
Textiles
Toys and recreation
Appliances and technology
Prepared foods
Note: Retrieved from www.supermercadosperuanos.com.pe
Each category has a role, vision, goals, strategies, policies of exhibition range
and price; every one works separate documents, just as each section has a
head of product, a category leader and assistant specialist, giving them an
aura of personalization and specialization.
Brands
Supermercados Peruanos S.A. has 5 brands of white products (own brands):
1) Bell’s and Sulli: foodstuffs and household
2) A-selection: textile products
3) Brio: cleaning products
4) La Florencia: vegetables, milk and sausages
5) Nube: paper products
These brands are produced through outsourcing, with the company’s
specifications and designs.
To accommodate the Peruvian purchasing behavior, Supermercados Peruanos
has created platform formats adapted to different types of consumers in the
country, intended to cover their needs for closeness and price; it features
what Peruvians are looking when purchasing. Their formats are divided into
three categories: hypermarkets, supermarkets and discount stores.
Plaza Vea Hypermarkets
and Plaza Vea Super
Hypermarkets Plaza Vea and Plaza Vea Super are the best-known brands, the
most effective and the most widespread of all those created by this company.
In 2007, it has opened the first stores in the cities of Trujillo, Chiclayo and
Arequipa. Plaza Vea is also certified by ISO: 9001; it is the only supermarket in
Latin America that possesses such certification. This brand of hypermarkets
is the second in the preference of sectors A / B, but the third in sectors C and
D. Purchases with its own credit card that allows its customers access to
exclusive benefits.
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Vivanda Vivanda is the second-largest brand in Supermercados Peruanos. It has
Supermarkets six stores in the province of Lima, in the districts of San Isidro, Surco,
Magdalena and Miraflores. They cater the upper social classes A and B. It
is more appreciated among women ranging from 17 to 25 years, as well as
executives and entrepreneurs. Also, it is the only supermarket in Peru that
has a store open 24 – 7, located in Miraflores district, in Lima.
“Mass” Discount “Mass” is a small market located in places like Chosica and Magdalena; there
Stores are eleven stores with small areas. There are future plans to form a larger
supermarket, aimed to target groups of socioeconomic status C and D.
Stores by Format Supermercados Peruanos S.A. has 48 locals:
• 21 Plaza Vea hypermarkets
• 6 Vivanda supermarkets
• 7 Plaza Vea Super supermarkets
• 2 Santa Isabel supermarkets
• 11 Mass discount stores
• 1 San Jorge Market
There are hypermarkets Plaza Vea in Arequipa, Chiclayo, Trujillo and
Piura.
Strategies The business strategy of SPSA is based on the change of format of its stores.
The expansion of its operations and the financial backing provided by the
shareholder, Grupo Intercorp, ensures the necessary resources to further
the expansion of a strong managerial group and extensive experience in the
industry.
During the years 2004 and 2005, the company’s strategy was based on the
definition and consolidation of its formats, culminating with the launch of
the new brand Vivanda, the transformation of the stores Minisol into Mass,
and a profound improvement in quality and services of Plaza Vea.
The business strategy of the Company has determined that the stores that
are currently operating under the format of Plaza Vea Super are converted
during the 2008 into the Vea format. At the same time, it will offer the Vea
card that gives its customers the capacity to buy products on credit from
their stores.
It is important to mention that the introduction of values in the organization
as transparency, commitment and spirit of improvement, teamwork, sense
of humor and social responsibility, has contributed to the success of its
operations.
SPSA has people specializing in each of its product lines; their business
is divided into small units. The corporate strategy consists in negotiating
volume purchases of supplies for all its supermarkets.
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CUSTOMERS BY
SEGMENT
Plaza Vea
November 24, 2008
There are two large groups’ stores: Plaza Vea La Molina and Caminos del
Inca, where they attract groups A and B; and a second set of stores, such as
Plaza Vea Brasil and Plaza Vea Risso, catering groups B and C.
Their customers come from socio-economic levels A, B and C, with incomes
that allow them to access more expensive products and services. Class A is
located in Surco, La Molina, Miraflores, San Isidro and San Borja. Class B
lives in traditional districts like Jesus Maria, Lince, Pueblo Libre, Magdalena
and San Miguel. Class C is located in San Martin de Porres, Los Olivos,
Rimac, Breña, La Victoria, Chorrillos, San Juan de Miraflores and around El
Callao.
There is a group of customers, belonging to the so-called “middle class
traditional two” of Lima, which has experienced a decrease in their purchasing
capacity because of the pressure to incur in some expenses to maintain their
“social status”; the majority has access to credit card.
Vivanda
Market San Jorge
In recent years, customers levels D to level B and C buy much more in
supermarkets. A good segment corresponds to merchants or entrepreneurs
that obtain personal formal or informal income in cash; they do not pay rent
because they own their home (with or without title deed). As a result, they
have greater consumption. Customers from Plaza Vea Super resemble clients
of Plaza Vea, with the exception of some stores such as Plaza Vea Super Valle
Hermoso or Dasso, which have more clients of level A.
Customers come from socio-economic level A or B; but predominantly A.
The money available for consumption is high, and, additionally, most of
them have access to credit cards.
Predominant customers come from socio-economic levels C and D. Their
availability for consumption in cash is limited, for that reason they seek the
lowest price. Customers of the socio-economic level D are located in the
districts of San Juan de Lurigancho, Ate, Lurigancho, El Agustino, Villa El
Salvador, Villa Maria del Triunfo and Lurin.
Table 3: Segmentation of Consumers
Note: Based on SPSA data
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November 24, 2008
SWOT Analysis
Figure 3: SWOT
PEER ANALYSIS
Wong Group
The main competitors of Supermercados Peruanos are Wong and Metro,
owned by Cencosud. They operate under 3 formats (Wong, Metro and ECO),
while Hipermercados Tottus operates in one format only.
Wong Corporation is the Peruvian’s largest group targeted for direct sale to
consumers with presence in Lima and Trujillo. It has 48 stores among its four
formats: Wong, Metro, Eco and American Outlet.
Today, they have 32 stores operating under the brands “Wong” (12
supermarkets), “Metro” (8 supermarkets and 10 hypermarkets), “Eco” (a
warehouse store) and “American Outlet” (2 stores).
The main competitor for Vivanda and Plaza Vea Super is Supermercados
Wong.
Hipermercados Metro was inaugurated in 1992, with a format never seen
until then. It had wider product presentations and more affordable prices.
This format competes with Plaza Vea’s format.
American Outlet was created with the aim of offering products with the best
brands international but with a reduction of the original price up to 70%.
Group E. Wong opened American Outlet discount store located in Plaza
Camacho Shopping Center. Wong Group does not have competitors in this
area; Supermercados Peruanos has no stores of this format.
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Hipermercados
Tottus
November 24, 2008
Hipermercados Tottus is a company incorporated in Peru in 2002. It was
created as a result of the expansion of Saga Falabella, who ventured into the
category of hypermarkets through HIPERMERCADOS TOTTUS.
In December of the same year the company opened its first store: TOTTUS
MEGA PLAZA. In November of the following year, Tottus opened its second
store, in the most commercial area of San Isidro: TOTTUS LAS BEGONIAS.
In 2004, Tottus opened its third store in San Miguel: TOTTUS LA MARINA.
In 2008, Tottus determined to implement its growth through a fairly ambitious
plan that included opening in several provinces in the country.
In a short time, and with a small number of stores, Tottus has managed to
obtain access in the market and a highly competitive position, currently
taking a 14% of market share. Each Tottus is 10 or 12 thousand m2 unlike
stores from Supermercados Peruanos whose stores only have from 4 or 6
thousand m2.
Figure 4 : Market Share
Note: Retrieved from www.equilibrium.com.pe
Peer Ratio Analysis
The analysis of the ratios of competition has been conducted without taking
into account Hipermercados Tottus, because it has short market share. From
the year 2005, SPSA showed a growing trend in its revenues as a result
of the increased number of locals in operation, and the commercial and
operating relaunch of the company in 2004, when the group entered with
the INTERBANK shareholders.
During the 2007 period, SPSA earned sales revenue amounting to S/.1,313
million, 21.7% higher than the figure obtained in 2006. The improvement in
gross margin and the relative decline in the costs of administration, sales and
depreciation, operating income has shown an improvement, amounting to
S/. 24.3 million in 2007, surpassing by more than twice as recorded in the
past two years.
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Table 4: Peer Ratio Analysis
MANAGEMENT
BACKGROUND &
PERFORMANCE
Supermercados Peruanos S.A. shows independence in its directory, formed
by managers from the first line of the Interbank group. The committee of
the Supermarkets directory is not influenced by managers in its decisionmaking. The directors are independent of any operational decisions, unless
they are consulted. The committee is composed by:
Directors:
President (*):
Vice President:
Director:
Director:
Director:
Carlos Rodríguez Pastor
Juan Carlos Vallejo
David Fischman
Manuel José Balbontín
Julio Luque Badenes
The 1% of the staff of SPSA works in the central administrative and
management of the company. The aim of the management of SPSA is company
revaluation; that is, greater value to shareholders of the company. Managers
have no involvement in the group, because they do not own shares in either
the group or in competition. SPSA has a policy to hire the best retail managers.
Most of the management staff is composed by foreigners or Peruvian staff
with studies abroad.
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November 24, 2008
Table 5: Board of Managers
Note: Retrieved from www.equilibrium.com.pe
Management Incentives
There are no plans for management succession. The sequence is based on the
growth of the company. The vacancies are filled by the management through
external recruitment or relocation of jobs.
The policy of incentives for management is based on economic incentives
that vary depending on performance. The goals are negotiated with the
directors who have signed contracts of incentives. The bonds are handled
confidentially, and they are negotiated personally with managers (including
chiefs and analysts) through contracts based on the performance of different
objectives, depending on the position of the worker.
Managers must meet annual goals in order to receive the bonuses. In some
instances, they can double the fee, depending on the level of achievement of
the objectives.
The staff should reach annual goals. They are based on 10 indicators of the
store and 3 annual targets at group level, related to EBITDA, achieving a
position in the “Great Place to Work”, and sales levels in the group.
Management Training
Return on Invested
Capital Peer Comparison
The company has no policy to finance management training. In special cases,
external training is given to some workers to fill a management position and
to coach them in accordance with the requirements.
Table 6 shows the ROIC of SPSA compared with its main competitor, Grupo
de Supermercados Wong S.A.
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Table 6: Return On Invested Capital Comparison
The management of SPSA has clearly outperformed its peer group over the
past two years. The return on invested capital for 2005 of SPSA was because
the company recorded a net loss mainly related to exchange rate fluctuations.
Since 2006, SPSA shows a higher return on capital due to the expansion
strategy of increasing the number of new stores and the reformatting of Santa
Isabel stores. On the other hand, the performance sales of stores opened in
provinces have exceeded the expectations of the company.
SHAREHOLDER
ANALYSIS
The main shareholder of Supermercados Peruanos is IFH Retail Corp.,
a subsidiary of IFH Peru Ltd., established in January 2007 as part of the
corporate reorganization of the Interbank Group holding companies.
By the year 2007, the composition of the shareholding structure of
Supermercados Peruanos S.A. is as follows:
Table 7: Capital Structure
Note: From SPSA Annual Report 2007
The shareholders, in order to revalue the company in time, make capital
contributions. The interests of shareholders are given by the incentives that
they agree with the management.
During 2007, IFH Peru Ltd., Interseguro, Compañia de Seguros de Vida
SA and Banco Internacional del Peru S.A.A. transferred its shareholding in
Supermercados Peruanos S.A. in favor of IFH Retail Corp. (IFH). Additionally
IFH conducted a capital increase amounting to a total of S/.62.6 million in
exchange for the issue of the equivalent of S/.77.3 million in shares, causing a
loss in the broadcast, which is reflected in the balance sheet at 31st December
2007. IFH now has ownership of 99.99999965% of the shares representing the
capital of SPSA, while IFH Peru Limited holds an action that represents the
0.00000035% of the share capital.
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RISK
ANALYSIS
November 24, 2008
In keeping with the global trend, the strategy of Supermercados Peruanos
S.A. (SPSA) is aimed at expanding its operations through the opening of new
stores. This measure implies a higher level of indebtedness, and will require
the company to obtain an optimal ratio between debt and assets, so that it
shows healthy growth and not deteriorate the fit between the generation of
cash and its commitments.
Taking into account that SPSA is “opening” market, especially in the
provinces, it must be considered that the entry of another competitor of
similar size could cannibalize sales.
An important factor to ponder is the effect of maintaining inventories in
this business, where storage costs are high and the inventories turnover
influences the liquidity of companies. On the other hand, due to the nature of
the business, working capital is financed mainly through suppliers. The high
turnout of short-term liabilities on its funding and its impact on liquidity is
a strong pressure on the deficit of working capital. But the administration
of obligations to suppliers has reduced the deficit in working capital of
S/.197.7 million in December 2006 to S/.-109.7 million in December 2007 at
the time that has increased the accounts receivable turnover by paying up
to 116 days. In December 2007 shows a significant improvement since the
deficit in working capital was reduced to 11% of annualized sales.
Figure 5: Working Capital Evolution
Note: Retrieved from www.equilibrium.com.pe on November 13,2009.
The period of payment of its suppliers’ obligations has increased in the last
years with accounts payable turnover average of 102 days in 2007, whereas
the one of his main competitor was 91days.
The net results of SPSA, due to the moderate operative margins, still exhibit
a high dependency on macroeconomic variables such as the variations of
the exchange rate, phenomenon characteristic in the supermarket industry.
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November 24, 2008
The SPSA incomes are mainly national currency and 40% of their passive
operations in foreign currency, reason why the net loss of year 2005 as the net
utility of year 2007 are strongly related to the fluctuations of the exchange
rate.
In the last three years, the supermarket industry has had intense dynamics
due to the entrance of new participants in the sector; the greater challenge of
SPSA has been to increase the geographic cover by optimizing its operative
scale and, thus, to strengthen its margins, to improve its economic results,
and their positioning of mark.
FINANCIAL
PERFORMANCE
AND PROJECTIONS
Projections for valuing the company came under the following
assumptions:
a) The long-term growth of the company’s average was taken of the change
in the trade sector’s GDP for the period from 1980 - 2007.
b) The cost of debt for the quarters of 2008 was considered equal to the
period 2007 to maintain long-term debt into bonds last for three more
years.
c) The investment in fixed assets (CAPEX) was estimated based on the
amount of investment activities that the company conducted on an
annual basis.
d) The rate of the cost of debt was taken from the average annual rates of
short-term and long-term debts, and then weighted it by the respective
amount of debts.
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Table 8. Valuing of Supermercados Peruanos S.A. (Discounted Free Cash Flow) – (In Thousands of Nuevos Soles)
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Table 9. Quarterly Projection of the Balance Sheet of Supermercados Peruanos S.A. (In Thousands of Nuevos Soles)
November 24, 2008
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Table 10. Quarterly Projection of Profit/Loss Statement of Supermercados Peruanos S.A. (In Thousand of Nuevos Soles)
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Ph.D. Eduardo Court Monteverde
ecourt@pucp.edu.pe
Research Director
Burkenroad Peru Reports
CENTRUM - Business School of the
Pontificia Universidad Católica del Perú
Phone Nº: (511) 313 3400
Magister Elizabeth Girón
mgironm@pucp.edu.pe
Coordinator
Burkenroad Peru Reports
CENTRUM - Business School of the
Pontificia Universidad Católica del Perú
Phone Nº: (511) 313 3400
20
November 24, 2008

Supermercados Peruanos S.A. - Burkenroad for Latin America

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