BRLA Supermercados Peruanos (200804 English)

8/7/2019 BRLA Supermercados Peruanos (200804 English)

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November 24, 2008 FINANCIAL REPORTS CENTRUM Catlica - Burkenroad Latin America (Peru) - Supermercados Peruanos

The BURKENROAD REPORTS PER are produced solely as a part of an educational program ofTulane Universitys A.B. Freeman School of Business in conjunction with CENTRUM Catlica Schoolof Business. The reports are not investment advice, and you should not and may not rely on them inmaking any investment decision. You should consult an investment professional and/or conduct your

own primary research regarding any potential investment.

November 24, 2008

Supermercados Peruanos S.A.SPSA/BVL

Supermercados Peruanos Performance

2007 was a year of historic growth for Supermercados Peruanos, as wellas a year of signicant achievements. They were pioneers in enteringprovinces and, because of that inroad, they won the Great BusinessAward for Creativity.In July of that year, they opened Plaza Vea Trujillo, Plaza Vea Chiclayoin October; and Plaza Vea Arequipa in December, surpassing signicantlyin all of the cases the estimated sales for each project. This conrmsthe condence that the company has the potential development of thesupermarket industry in Peru.2007s billing was S/.1315 million, representing a growth of 22%compared against 2006. In addition, net prot for the period was S/.11.9million, equivalent to 3.1 times the net prot obtained the year before,representing an improvement of S/.8.1 million compared to net protreported in 2006.

Company Valuation

Valuation Method by Free Cash Flow: net present value of the companyS/.281522000 (USD 90989657); discounted with a WACC of 4.78% quarterly.

Company Quick View:Location: The corporate oces are located in San Borja, Lima-Peru.Industry: Retail.Description: Company engaged in the buying and retail sale at general levelof 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: Investment Research Manager:Alexandra [email protected]

Eduardo [email protected]

Silvia San [email protected] Adviser:Elvis [email protected]

Elizabeth [email protected]


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FINANCIAL REPORTS CENTRUM Catlica - Burkenroad Latin America (Peru) - Supermercados Peruanos November 24, 2008

SUPERMERCADOSPERUANOS S.A.SALES EVOLUTION

INVESTMENTSUMMARY

INVESTMENTTHESIS

INDUSTRYANALYSIS

Figure 1: Sales Performance

Note: Retrieved from www.aai.com.pe

With the method of Free Cash Flow resulted in a net present value of thecompany S/.281522,000. The ows are discounted with an average rate of4.78% quarterly, matching the estimate of the Weighted Average Cost ofCapital (WACC). To get the WACC, it was considered the cost of debt andthe cost of capital, without taking into account the beta of the industry. Inaddition, the cost of capital was obtained by the amount of risk-free rate plusthe premium market (market risk unless the risk-free rate). In the marketrisk, it was considered the annual change in the General Index of the LimaStock Exchange.The results of the strategic changes, initiated since the Interbank Group joined the shareholders of Supermercados Peruanos S.A., have helped tobuild gradually, especially in 2007, higher sales growth, increased generationof operating results and net prot, and an improved nancial structure interms of indebtedness, protability, liquidity and operational eciency.

All this conrms a positive outlook for the coming periods: the increasingdynamics of the supermarkets sales have reached the adequate growingperspectives due to the expansion plans of the leading reatailers chains, andthe possible entrance of new operators, aracted by the low penetration level

on this modality of retailing sales in the local market. On top of this, it mustbe added SPSAs expansion projects.

The peruvian economy continues to present a positive development inmacroeconomic terms. According to the Central Reserve Bank of Peru (BCRP)for the year 2007, the GDP growth was 9%, while domestic demand rose by11.6%. Such economic expansion is also reected in sales through modernretail channels. For instance, Wong and Metro, Supermercados Peruanos andTous, 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 Per

According to statistics from the National Institute of Statistics and Information(INEI), Peru is in the process of recomposition in favor of the socio-economicsectors, where sectors B and C have shown a growing trend, while sector Dhas decreased. This development has led an improvement in the purchasingpower of the population of fewer resources, which until recent years was verypoorly served by the supermarket chains. In this context, the expansion ofcoverage of the supermarket business represents an opportunity, even moreso when it is observed the low level of penetration of these in the Peruvianmarket compared with other Latin American countries.

The increase in the population consumption has led to sales growth ofsupermarkets, which have joined new local chains, both in Lima and in

provinces, to meet the increasing demand. In Lima and Callao, it has beenestimated the level of penetration in 30%, while in provinces penetrationlevels are still low. However, it is considered to have high expectations giventhe growth in the employment level.

Figure 2: Share Market EvolutionNote: Retrieved from www.aai.com.pe


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INDUSTRY

STRUCTUREThreat of New Entrants

Bargaining Power ofSuppliers

Bargaining Power ofBuyers

Threat of Substitute

Products

Economic growth in the inner cities, driven by export growth, has turnedseveral cities (Trujillo and Ica, for example) into aractive places to investorsof local services and real estate.

In 2007, the total number of stores of major supermarket chains rose to101, while in 2006 it was 88. All three competitors were aggressive in theirinvestments and openings of stores to expand their activities and gain greatermarket share.

Insofar, the sector has achieved an important development, consolidatingthe supermarket industry in the Metropolitan Lima area around three mainplayers: Supermercados Wong, with an average market share of 60%; SPSA,with 27%; and Hipermercados Tous, with approximately 13%. In provinces,regional chains have developed.

The low penetration of supermarkets in the country, a growing domestic

demand and an incentives policy for private investment by the Peruviangovernment, 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 Wongconducted by the Chilean group Cencosud.

As a result, the entry barriers for new comers into the grocery industry inPeru are very low. It only depends on the investment capacity of the investorgroup.

The negotiation scheme with suppliers is based on contracts withoutcompromise of charges or penalties for breach of terms. It gives a low

level of negotiation to suppliers because of the high purchasing power ofsupermarkets.

The supermarket industry has consumers with more information and theydemand beer prices, greater variety of products and services, as well as afriendlier environment and personal aention. As a result, the bargainingpower of buyers is medium, as the supermarket sector has a challengeto aract consumers accustomed to purchase its traditional products atwarehouses in the neighborhood or district supply markets.

In the supermarket sector, there are substitutes such as: (a) grocery stores,

which are traditional and highly personalized at understanding the detailsof daily purchases and tastes of their customers; (b) market supplies, placeswhere the consumers negotiate the price of products; and (c) informalmarkets, commonly called ea markets, where there is no security on theorigin of the products they oer.

These substitutes are the main reason why the penetration level ofsupermarkets in Peru is the lowest in South America.


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Rivalry Among ExistingCompetitors

COMPANY

DESCRIPTION

The intensity of the rivalry between the supermarket chains in the countryis increasingly higher. This is evident in the need to capture more customersby diversifying products and services. Consequently, all supermarket chainsare constantly innovating with new formats (known as hypermarkets, whichoer 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 withvarious companies, to provide greater convenience, service and satisfactionto their customers, while ensuring a continuous ow of them. These alliancesinclude partnerships with food companies, banks, and pharmaceuticalcompanies, among others. Also, the supermarkets benet from additionalincome, since in most cases the space occupied by the associated companiesis rented.

Supermercados Peruanos S.A., a Peruvian company, was formed as a limited

company on June 1st, 1979, under the trade name of Promociones CaminoReal 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 andTop Market. The leasing of the San Jorge supermarket consolidated it as thesecond supermarket chain in Peru.

Later, the Dutch group Royal Ahold, the third retailer in the world, becameco-owner of Santa Isabel S.A., and was increasing its participation until theyassume full control of the company. Under the administration of Ahold,the company successfully launched the format of hypermarkets PlazaVea; 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 Compaade Vida S.A.) and Compass Capital Partners Corporation. They purchasedall the shares and gave them the nancial backing and prestige necessaryto continue the expansion process initiated by Ahold. The General StockHolder Meeting decided to change the name of Supermercados Santa Isabelto SUPERMERCADOS PERUANOS S.A.

In 2005, the company opened its rst Vivanda supermarket in Pezet Avenuelocated in San Isidro, a level A district. Between 2005 and 2006, the companyopened 4 Vivanda stores, other Plaza Vea stores and the creation of Plaza

Vea Super. In the same year, Supermercados Peruanos reached a marketshare of 29%. Since 2006, the company has grown through the constructionof new stores, both in Lima and in provinces; and, in some cases, remodelingexisting stores to beer meet the needs of its customers.

In 2003, the General Stock Holder Meeting of Supermercados Santa IsabelS.A. registered shares representing the capital stock in the Lima StockExchange and in the Public Register of the Securities Market. The capitalstock of the company was One Hundred Forty Million Five Hundred SixtySix Thousand Eight Hundred Nine and 00/100, Nuevos Soles represented by


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Company Business andProducts

Brands

Plaza Vea Hypermarketsand Plaza Vea Super

140566,809 common shares with voting rights and a nominal value of toS /. 1.00 each one.

Supermercados Peruanos S.A. is dedicated to the business of buying andselling movable at a general level, the current product lines are:

Table 2: Product Categories

Meat, sh and poultry BazaarFruits and vegetables LibrarySausages, cheese and meals PetsGroceries HardwareBeverages, liquors, snacks TextilesPersonal care Toys and recreationBaby care Appliances and technologyHousehold cleaning Prepared foods

Note: Retrieved from www.supermercadosperuanos.com.pe

Each category has a role, vision, goals, strategies, policies of exhibition rangeand price; every one works separate documents, just as each section has ahead of product, a category leader and assistant specialist, giving them anaura of personalization and specialization.

Supermercados Peruanos S.A. has 5 brands of white products (own brands):

1) Bells and Sulli: foodstus and household2) A-selection: textile products3) Brio: cleaning products

4) La Florencia: vegetables, milk and sausages5) Nube: paper products

These brands are produced through outsourcing, with the companysspecications and designs.

To accommodate the Peruvian purchasing behavior, Supermercados Peruanoshas created platform formats adapted to dierent types of consumers in thecountry, intended to cover their needs for closeness and price; it featureswhat Peruvians are looking when purchasing. Their formats are divided intothree categories: hypermarkets, supermarkets and discount stores.

Hypermarkets Plaza Vea and Plaza Vea Super are the best-known brands, themost eective and the most widespread of all those created by this company.In 2007, it has opened the rst stores in the cities of Trujillo, Chiclayo andArequipa. Plaza Vea is also certied by ISO: 9001; it is the only supermarket inLatin America that possesses such certication. This brand of hypermarketsis the second in the preference of sectors A / B, but the third in sectors C andD. Purchases with its own credit card that allows its customers access toexclusive benets.


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VivandaSupermarkets

Mass DiscountStores

Stores by Format

Strategies

Vivanda is the second-largest brand in Supermercados Peruanos. It hassix stores in the province of Lima, in the districts of San Isidro, Surco,Magdalena and Miraores. They cater the upper social classes A and B. Itis more appreciated among women ranging from 17 to 25 years, as well asexecutives and entrepreneurs. Also, it is the only supermarket in Peru thathas a store open 24 7, located in Miraores district, in Lima.Mass is a small market located in places like Chosica and Magdalena; thereare eleven stores with small areas. There are future plans to form a largersupermarket, aimed to target groups of socioeconomic status C and D.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 andPiura.The business strategy of SPSA is based on the change of format of its stores.The expansion of its operations and the nancial backing provided by theshareholder, Grupo Intercorp, ensures the necessary resources to furtherthe expansion of a strong managerial group and extensive experience in theindustry.

During the years 2004 and 2005, the companys strategy was based on thedenition and consolidation of its formats, culminating with the launch ofthe 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 thatare currently operating under the format of Plaza Vea Super are convertedduring the 2008 into the Vea format. At the same time, it will oer the Veacard that gives its customers the capacity to buy products on credit fromtheir stores.

It is important to mention that the introduction of values in the organizationas transparency, commitment and spirit of improvement, teamwork, senseof humor and social responsibility, has contributed to the success of itsoperations.

SPSA has people specializing in each of its product lines; their businessis divided into small units. The corporate strategy consists in negotiatingvolume purchases of supplies for all its supermarkets.


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CUSTOMERS BYSEGMENT

Plaza Vea

Vivanda

Market San Jorge

There are two large groups stores: Plaza Vea La Molina and Caminos delInca, where they aract groups A and B; and a second set of stores, such asPlaza 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 islocated in Surco, La Molina, Miraores, San Isidro and San Borja. Class Blives in traditional districts like Jesus Maria, Lince, Pueblo Libre, Magdalenaand San Miguel. Class C is located in San Martin de Porres, Los Olivos,Rimac, Brea, La Victoria, Chorrillos, San Juan de Miraores and around ElCallao.

There is a group of customers, belonging to the so-called middle classtraditional two of Lima, which has experienced a decrease in their purchasingcapacity because of the pressure to incur in some expenses to maintain theirsocial status; the majority has access to credit card.

In recent years, customers levels D to level B and C buy much more insupermarkets. A good segment corresponds to merchants or entrepreneursthat 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, theyhave greater consumption. Customers from Plaza Vea Super resemble clientsof Plaza Vea, with the exception of some stores such as Plaza Vea Super ValleHermoso 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 ofthem have access to credit cards.

Predominant customers come from socio-economic levels C and D. Theiravailability for consumption in cash is limited, for that reason they seek thelowest price. Customers of the socio-economic level D are located in thedistricts of San Juan de Lurigancho, Ate, Lurigancho, El Agustino, Villa ElSalvador, Villa Maria del Triunfo and Lurin.Table 3: Segmentation of Consumers

Note: Based on SPSA data


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SWOT Analysis

PEER ANALYSIS

Wong Group

Figure 3: SWOT

The main competitors of Supermercados Peruanos are Wong and Metro,owned by Cencosud. They operate under 3 formats (Wong, Metro and ECO),while Hipermercados Tous operates in one format only.

Wong Corporation is the Peruvians largest group targeted for direct sale toconsumers with presence in Lima and Trujillo. It has 48 stores among its fourformats: Wong, Metro, Eco and American Outlet.

Today, they have 32 stores operating under the brands Wong (12supermarkets), Metro (8 supermarkets and 10 hypermarkets), Eco (awarehouse store) and American Outlet (2 stores).

The main competitor for Vivanda and Plaza Vea Super is SupermercadosWong.

Hipermercados Metro was inaugurated in 1992, with a format never seenuntil then. It had wider product presentations and more aordable prices.This format competes with Plaza Veas format.

American Outlet was created with the aim of oering products with the bestbrands international but with a reduction of the original price up to 70%.Group E. Wong opened American Outlet discount store located in PlazaCamacho Shopping Center. Wong Group does not have competitors in thisarea; Supermercados Peruanos has no stores of this format.


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HipermercadosTotus

Peer Ratio Analysis

Hipermercados Tous is a company incorporated in Peru in 2002. It wascreated as a result of the expansion of Saga Falabella, who ventured into thecategory of hypermarkets through HIPERMERCADOS TOTTUS.

In December of the same year the company opened its rst store: TOTTUS

MEGA PLAZA. In November of the following year, Tous opened its secondstore, in the most commercial area of San Isidro: TOTTUS LAS BEGONIAS.

In 2004, Tous opened its third store in San Miguel: TOTTUS LA MARINA.

In 2008, Tous determined to implement its growth through a fairly ambitiousplan that included opening in several provinces in the country.

In a short time, and with a small number of stores, Tous has managed toobtain access in the market and a highly competitive position, currentlytaking a 14% of market share. Each Tous is 10 or 12 thousand m2 unlike

stores from Supermercados Peruanos whose stores only have from 4 or 6thousand m2.

Figure 4 : Market ShareNote: Retrieved from www.equilibrium.com.peThe analysis of the ratios of competition has been conducted without takinginto account Hipermercados Tous, because it has short market share. Fromthe year 2005, SPSA showed a growing trend in its revenues as a result

of the increased number of locals in operation, and the commercial andoperating relaunch of the company in 2004, when the group entered withthe INTERBANK shareholders.

During the 2007 period, SPSA earned sales revenue amounting to S/.1,313million, 21.7% higher than the gure obtained in 2006. The improvement ingross margin and the relative decline in the costs of administration, sales anddepreciation, operating income has shown an improvement, amounting toS/. 24.3 million in 2007, surpassing by more than twice as recorded in thepast two years.


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MANAGEMENTBACKGROUND &PERFORMANCE

Table 4: Peer Ratio Analysis


Supermercados Peruanos S.A. shows independence in its directory, formedby managers from the rst line of the Interbank group. The commiee ofthe Supermarkets directory is not inuenced by managers in its decision-

making. The directors are independent of any operational decisions, unlessthey are consulted. The commiee is composed by:

Directors:President (*): Carlos Rodrguez PastorVice President: Juan Carlos VallejoDirector: David FischmanDirector: Manuel Jos BalbontnDirector: Julio Luque BadenesThe 1% of the sta of SPSA works in the central administrative and

management of the company. The aim of the management of SPSA is companyrevaluation; that is, greater value to shareholders of the company. Managershave no involvement in the group, because they do not own shares in eitherthe group or in competition. SPSA has a policy to hire the best retail managers.Most of the management sta is composed by foreigners or Peruvian stawith studies abroad.


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Management Incentives

Management Training

Return on InvestedCapital Peer Comparison

Table 5: Board of Managers

Note: Retrieved from www.equilibrium.com.pe

There are no plans for management succession. The sequence is based on thegrowth of the company. The vacancies are lled by the management throughexternal recruitment or relocation of jobs.The policy of incentives for management is based on economic incentivesthat vary depending on performance. The goals are negotiated with the

directors who have signed contracts of incentives. The bonds are handledcondentially, and they are negotiated personally with managers (includingchiefs and analysts) through contracts based on the performance of dierentobjectives, depending on the position of the worker.

Managers must meet annual goals in order to receive the bonuses. In someinstances, they can double the fee, depending on the level of achievement ofthe objectives.

The sta should reach annual goals. They are based on 10 indicators of thestore 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.

The company has no policy to nance management training. In special cases,external training is given to some workers to ll a management position andto coach them in accordance with the requirements.Table 6 shows the ROIC of SPSA compared with its main competitor, Grupode Supermercados Wong S.A.


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SHAREHOLDERANALYSIS

Table 6: Return On Invested Capital Comparison


The management of SPSA has clearly outperformed its peer group over thepast two years. The return on invested capital for 2005 of SPSA was becausethe company recorded a net loss mainly related to exchange rate uctuations.Since 2006, SPSA shows a higher return on capital due to the expansionstrategy of increasing the number of new stores and the reformaing of SantaIsabel stores. On the other hand, the performance sales of stores opened inprovinces have exceeded the expectations of the company.

The main shareholder of Supermercados Peruanos is IFH Retail Corp.,a subsidiary of IFH Peru Ltd., established in January 2007 as part of thecorporate reorganization of the Interbank Group holding companies.

By the year 2007, the composition of the shareholding structure ofSupermercados Peruanos S.A. is as follows:

Table 7: Capital Structure

Note: From SPSA Annual Report 2007The shareholders, in order to revalue the company in time, make capitalcontributions. The interests of shareholders are given by the incentives thatthey agree with the management.

During 2007, IFH Peru Ltd., Interseguro, Compaia de Seguros de VidaSA and Banco Internacional del Peru S.A.A. transferred its shareholding inSupermercados Peruanos S.A. in favor of IFH Retail Corp. (IFH). AdditionallyIFH conducted a capital increase amounting to a total of S/.62.6 million inexchange for the issue of the equivalent of S/.77.3 million in shares, causing a

loss in the broadcast, which is reected in the balance sheet at 31st December2007. IFH now has ownership of 99.99999965% of the shares representing thecapital of SPSA, while IFH Peru Limited holds an action that represents the0.00000035% of the share capital.


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RISKANALYSIS

In keeping with the global trend, the strategy of Supermercados PeruanosS.A. (SPSA) is aimed at expanding its operations through the opening of newstores. This measure implies a higher level of indebtedness, and will requirethe company to obtain an optimal ratio between debt and assets, so that itshows healthy growth and not deteriorate the t between the generation of

cash and its commitments.

Taking into account that SPSA is opening market, especially in theprovinces, it must be considered that the entry of another competitor ofsimilar size could cannibalize sales.

An important factor to ponder is the eect of maintaining inventories inthis business, where storage costs are high and the inventories turnoverinuences the liquidity of companies. On the other hand, due to the nature ofthe business, working capital is nanced mainly through suppliers. The highturnout of short-term liabilities on its funding and its impact on liquidity is

a strong pressure on the decit of working capital. But the administrationof obligations to suppliers has reduced the deficit in working capital ofS/.197.7 million in December 2006 to S/.-109.7 million in December 2007 atthe time that has increased the accounts receivable turnover by paying upto 116 days. In December 2007 shows a signicant improvement since thedecit in working capital was reduced to 11% of annualized sales.

Figure 5: Working Capital EvolutionNote: Retrieved from www.equilibrium.com.pe on November 13,2009.

The period of payment of its suppliers obligations has increased in the lastyears with accounts payable turnover average of 102 days in 2007, whereasthe one of his main competitor was 91days.

The net results of SPSA, due to the moderate operative margins, still exhibita high dependency on macroeconomic variables such as the variations ofthe exchange rate, phenomenon characteristic in the supermarket industry.


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FINANCIALPERFORMANCEAND PROJECTIONS

The SPSA incomes are mainly national currency and 40% of their passiveoperations in foreign currency, reason why the net loss of year 2005 as the netutility of year 2007 are strongly related to the uctuations of the exchangerate.

In the last three years, the supermarket industry has had intense dynamicsdue to the entrance of new participants in the sector; the greater challenge ofSPSA has been to increase the geographic cover by optimizing its operativescale and, thus, to strengthen its margins, to improve its economic results,and their positioning of mark.

Projections for valuing the company came under the followingassumptions:

a) The long-term growth of the companys average was taken of the changein the trade sectors GDP for the period from 1980 - 2007.

b) The cost of debt for the quarters of 2008 was considered equal to theperiod 2007 to maintain long-term debt into bonds last for three moreyears.

c) The investment in xed assets (CAPEX) was estimated based on theamount of investment activities that the company conducted on anannual basis.

d) The rate of the cost of debt was taken from the average annual rates ofshort-term and long-term debts, and then weighted it by the respectiveamount of debts.


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Table8.

ValuingofSupermercadosPeruanosS.A.

(DiscountedFreeCashFlow)(InThousandsof

NuevosSoles)


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Table9.

QuarterlyProjection

oftheBalanceSheetofSupermercadosPeruanosS.A.

(InThousands

ofNuevosSoles)


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Table10.

QuarterlyProjectionofProt/LossStatementofSupermercadosPeruanosS.A.

(InThousandofNuevosSoles)


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The Burkenroad Reports are about listed companies nancial analysis,and small and medium Peruvian companies. They are made by CENTRUMCatolicas alumni, the Ponticia Universidad Catolica del Per BusinessSchool, and they are supervised by Finances, Economy and Accountingprofessors of the School.

Instituto Tecnolgico y de Estudios Superiores de Monterrey (ITESM),Instituto de Estudios Superiores de Administracin de Venezuela (IESA),Universidad de los Andes de Colombia, Estudios Superiores Incolta deColombia (ICESI), Escuela de Postgrado de Administracin de Empresas deEcuador (ESPAE), and the Universidad Francisco Marroqun de Guatemala,in conjunction with Tulane University, develop the Burkenroad Programin Latin America. This project is supported by the Multilateral InvestmentFund from the Inter-American Development Bank.

This program enriched the human capital by providing training in nancial

analysis techniques, and also pretends to facilitate access to nancial sourcesby providing to institutions and investors with nancial information.

These reports evaluate conditions and opportunities for investments incompanies. The listed companies reports are distributed to domestic andforeign investors by using publications and nancial information systems asthe Infosel Financiero and Finsat. The small and medium companies reportsare solely distributed to companies favored for being used in future privatepresentations to nancial institutions or potential investors. Invesmentplans and nancial situation from the analyzed companies are shown to thenancial community in an Annual Meeting.

Additional information about Burkenroad Program, please visit the pageweb: hp://www.centrum.pucp.edu.pe/es/programaburkenroad/

Ph.D. Eduardo Court [email protected] DirectorBurkenroad Peru ReportsCENTRUM - Business School of thePonticia Universidad Catlica del Per

Phone N: (511) 313 3400

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Phone N: (511) 313 3400

BRLA Supermercados Peruanos (200804 English)

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