Investor Presentation Andean Conference Bank of America Merrill Lynch

Transcription

1 VIÑA Investor Presentation Andean Conference Bank of America Merrill Lynch July, / 1

2 Second place among the most powerful wine brands in the world. ( The Power 100, Intangible Business, May 2011) Brand Country Ranking Wine Brands Gallo USA 1 Concha y Toro Chile 2 Robert Mondavi USA 3 Yellowtail Australia 4 Hardy s Australia 5 Beringer USA 6 Sutter Home USA 7 Jacob s Creek Australia 8 Lindemans Australia 9 Blossom Hill USA / 2

3 135 countries Total Sales 2010: US$ 735 million Volume 2010: 29.2 million cases EBITDA 2010: US$ 119 million 3 3 / 3

4 Concha y Toro Performance Income Statement 2003 (*) 2010 CAGR Sales (Ch$ million) $ $ % Exports ** (Ch$ million) $ $ % Exports ** (US$ million) $ 151 $ % % Exports 70.1% 74.4% Export volume ** ('000 cases) % Operating Result (Ch$ million) $ $ % Op Results (Sales %) 14.4% 12.3% EBITDA (Ch$ million) $ $ % EBITDA (% Sales) 19.1% 16.2% Net Income (Ch$ million) $ $ % Net Income (% Sales) 12.1% 11.2% EPS (Ch$) $ 32.1 $ % Stock Value *** $ $ 1, % * Ch$ as of December 2010 ** Export Sales & Volumes from Chile & Argentina *** Nominal Chilean Pesos at the end of each period 4 4 / 4

5 Consolidated Sales Million Ch$ Average Annual Growth: 11.0% 246, , , , ,019 Sales Breakdown Exports 69,9% 2010 Domestic Market Wine 15,9% Domestic Market Other products 5,4% Argentina 6,9% Others 1,8% Annual Growth: 17.4% 79,607 67, (*) 2007 (*) 2008 (*) 2009 (*) 2010 (*).. 1Q Q 2011 (*) For year 2008 and before, sales are expresed in Dec 2009 real terms. For 2009 & 2010, sales are expressed in nominal terms. For Years 2009 & 2010, sales are recorded in IFRS. Years 2008 and before, in Chilean GAAP Exports 70,8% 1Q 2011 Domestic Market Wine 15,4% Domestic Market Other products 5,5% Argentina 6,0% Others 2,4% 5 5 / 5

6 Concha y Toro Business Model: Key Factors & Growth Drivers Exclusive Focus on Wine Strong Distribution Network: Global Reach Integration: Direct Distribution Market Diversification Leading Position in Key Markets Strong Portfolio of wines across all market/price segments Investment that supports growth and Innovation Quality Assurance and Consistency: Own Vineyards and Processes Fetzer Vineyards Acquisition 6 6 / 6

7 Concha y Toro Business Model: Key Factors & Growth Drivers Exclusive Focus on Wine Strong Distribution Network: Global Reach Integration: Direct Distribution Market Diversification Leading Position in Key Markets Strong Portfolio of wines across all market/price segments Investment that supports growth and Innovation Quality Assurance and Consistency: Own Vineyards and Processes Fetzer Vineyards Acquisition 7 7 / 7

8 Concha y Toro Export Sales (Bottled Wine) Million Ch$ Thousand US$ Average Annual Growth: 15.1% Average Annual Growth: 16.6% 266, , , , , , , , ,620 Annual Growth: 19.8% 294,666 Annual Growth: 29.1% 49,635 59,449 95, , (*) 2007 (*) 2008 (*) 2009 (*) 2010 (*). 1Q Q Q Q 2011 (*) For year 2008 and before, sales are expresed in Dec 2009 real terms. For 2009 & 2010, sales are expressed in nominal terms. For Years 2009 & 2010, sales are recorded in IFRS. Years 2008 and before, in Chilean GAAP 8 8 / 8

9 Concha y Toro Export Sales (Chile + Argentina) Total Volume (Volume Cases 000) Average Annual Growth: 12.2% 16,279 17,642 18,955 20,514 12,924 Annual Growth: 24.9% 3,646 4, Q Q / 9

10 Concha y Toro Export Sales Premium Wines (Volume Cases 000) Average Annual Growth: 14.3% 4,155 Premium wines and above 3,542 3,692 3,620 2,433 Annual Growth: 21.2% 0,682 0, Ac.Mar 2010 Ac.Mar 2011 After the economic downturn of 2009, in which Concha y Toro experienced a trade down in their portfolio of wines exported, the Premium growth is resuming, and its share over total export sales, begining to recover / 10

11 Concha y Toro Export Sales (Average Price US$/9lt Case) Average Annual Growth: 4.4% 24,79 25,69 25,50 26,90 Annual Growth: 3.4% 26,20 27,10 21,73 22, Q Q / 11

12 Increasing market share over Chilean Exports Exports of bottled wine* Volume Value % 25.8% % 27.2% % 28.3% % 30.2% % 31.4% % 32.3% % 31.5% Source: Vinos de Chile (*) Includes bottled & Bag in Box 12 12/ 12

13 Total Chilean exports by category (January December) Jan - Dec 2010 % Change 2010/2009 Liters US$ Av. Price Liters US$ Av. Price ('000) ('000) US$/Ltr Bottled 458,498 $ 1,350,216 $ % 11.8% 1.1% Bulk 274,754 $ 201,799 $ % 15.9% 17.8% Total 733,252 $ 1,552,015 $ % 12.4% 6.3% Source: Vinos de Chile Strategic Plan 2020 Chilean Industry: US$ 3 bn Target Anual Average Growth of 8.4% Target 2020: 81 million 9 lt cases x US$ 37.0/Case = US$ 3.0 bn Target Anual Average Growth: Volume: 4.94% 8.4% in Price: 3.28% Value Source: Vinos de Chile 13 13/ 13

14 Total Chilean exports by category (January April) Jan - Apr 2011 % Change 2011/2010 Liters US$ Av. Price Liters US$ Av. Price ('000) ('000) US$/Ltr Bottled 143,299 $ 446,762 $ % 23.9% 6.2% Bulk 52,299 $ 47,044 $ % -35.0% 45.6% Total 195,598 $ 493,806 $ % 14.0% 39.9% Source: Vinos de Chile 14 14/ 14

15 Domestic market Chile Volumes & Value Thousand Liters Average Annual Growth: 2.7% Million Ch$ Average Annual Growth: 4.0% Annual Decrease: 9.7% Annual Growth: 7.3% 15 15/ 15

16 Domestic market Chile Premium Wine growth Thousand Liters Average Annual Growth: 10.6% 6,543 7,004 7,638 8,743 10,346 Annual Growth: 25.2% 1,707 2,219 Year % Premium/Total Volume % Premium/Total Value % 13.0% % 13.2% % 15.2% % 16.3% % 17.5% Ac Mar % 18.0% Q Q / 16

17 Domestic Market Share (by volume) Q 2011 Concha y Toro Santa Rita San Pedro - Tarapacá Santa Carolina Others Source: Nielsen 17 17/ 17

18 Concha y Toro Business Model: Key Factors & Growth Drivers Exclusive Focus on Wine Strong Distribution Network: Global Reach Integration: Direct Distribution Market Diversification Leading Position in Key Markets Strong Portfolio of wines across all market/price segments Investment that supports growth and Innovation Quality Assurance and Consistency: Own Vineyards and Processes Fetzer Vineyards Acquisition 18 18/ 18

19 Global Reach Operating plants in 3 countries 9 Distribution Subsidiaries 135 countries reached 268 independent distributors 19 19/ 19

20 Concha y Toro export growth by Region by Volume Mix of Export Sales % Change Volume Region Q Q Q 2011 Continental Europe 19.4% 21.8% 19.7% 11% -3% 4% 13% Nordics (SWE, FIN, NOR) (1) 4.9% 6.5% 4.7% 0% 0% 15% -10% U.K. 27.2% 23.2% 21.3% 7% 20% 6% 15% U.S.A. 16.2% 17.1% 21.4% 11% 8% -2% 56% Canada 4.4% 4.6% 4.4% 28% 2% 11% 17% Asia (3) 8.2% 11.0% 10.2% 19% 10% 21% 16% Latin America 5.4% 4.5% 5.9% -11% 19% 2% 65% Brazil (2) 2.9% 1.8% 1.5% 0% 0% 82% 7% Caribe 2.7% 2.4% 2.2% 4% 6% 8% 15% Central america 6.6% 5.8% 6.8% 3% 0% 20% 46% Africa/Others 2.0% 1.3% 2.0% 37% 27% 25% 88% Total 100.0% 100.0% 100.0% 9% 10% 8% 25% (1) Nordic's Subsidiaries Nordicas, CyT Sweden, CyT Finland y CyT Norway started their operations in 1H 2009 (2) VCT Brasil started comercial operations in April-May (3) VCT Asia in Singapore opens in March / 20

21 Distribution Subsidiaries: Driving the growth Volume in Thousand 9 liter cases Value in Thousand US$ Total Exports & Sales of our Distribution Subsidiaries to third parties % Change 2010/2009 Volume Value Volume Value Volume Value $ $ % 12.5% Export to Third Parties $ $ % 8.2% % Share 65.9% 57.7% 64.9% 55.4% Sales through our Dist Subs $ $ % 18.4% % Share 34.1% 42.3% 35.1% 44.6% 21 21/ 21

22 Strong Distribution Network Direct Distribution: UK Concha y Toro UK (Since 2001) 5.6 million cases to Dec 2010, 27.2% of total export volume Nordics Concha y Toro Nordics (Sweden, Finland & Norway Since 2009) 1.0 million cases to Dec 2010, 4.9% of export volume Brazil VCT Brasil (Since 2008) 595 thousand cases to Dec 2010, 2.9% of export volume Singapore VCT Asia (Since March 2010) Sales in the Region: 1.69 million cases, 8.2% of export volume USA Excelsior Wine Company (Since August 2011) Estimated net present value of US$ 48 million / 22

23 Excelsior Wine Company: A new distribution structure for the United States Joint Venture between Concha y Toro and Banfi Vintners (the winery s exclusive importer). Control: 50/50. Dedicated exclusively to the US market. Excelsior will distribute the Chilean wines of Concha y Toro and those of its Argentine subsidiary Trivento, along with the wines of Little Black Dress and Five Rivers from California. Concha y Toro will get 20% of the earnings until Dec 31 st From Jan 1 st 2014 onwards, it ll be 50%. With Excelsior US Market Before Excelsior VCT Importer Distributor Retail 23 23/ 23

24 The Chilean Bottled Industry Concha y Toro Leading Position: Country Share over chilean bottled export (volume) Growth 2010/2009 % Part of CyT in total Chilean bottled Exports (volume) United Kingdom 21.8% 2.9% 49.5% 1 USA 16.0% 1.8% 38.9% 1 Canada 4.5% 15.6% 36.6% 1 Netherland 5.8% 15.6% 18.9% 1 Brazil 5.8% 12.7% 24.2% 1 Japan 5.1% 25.2% 42.0% 1 Denmark 3.1% 16.3% 25.9% 1 Ireland 3.1% 11.0% 13.9% 2 Germany 3.1% 0.1% 19.6% 1 China 2.6% 69.9% 7.0% 2 Russia 2.9% 28.8% 33.0% 1 Mexico 2.5% 23.2% 55.6% 1 Belgium 2.0% 13.0% 29.4% 1 Finland 1.8% 7.8% 33.5% 1 Rank 24 24/ 24

25 Export New World Producers (Bottled wine exports by volume million liters) % Change % Change / /09 Australia % -9.9% Chile % 10.7% USA % -7.1% South Africa % -6.1% Argentina % 3.9% 25 25/ 25

26 UK Market Consumption (Volume) Off Trade by Origin Off - Trade Wines by Country 1,000cs 25,000 Negative - decrease in overall consumption: -1% 20,000 Chile decreasing volumes by 1% 15,000 10,000 5,000 - Light Wines AUSTR ALIA ITALY USA FRANCE SOUTH AFRICA CHILE SPAIN NEW ZEALAN D GERMA NY MAT TO WE ,152 20,207 14,268 14,365 11,983 11,785 9,005 7,344 3,575 3,075 1, MAT TO WE ,829 20,868 14,916 14,114 12,087 9,118 8,897 7,661 3,881 2,679 1, MAT % Change ARGEN TINA PORTU GAL HUNGA RY BULGA RIA 26 26/ 26

27 UK Market Consumption (Value) Off Trade by Origin Off - Trade Wines by Country m 1,200 1,000 Positive - overall value of consumption growing 4% Chile increasing 4% in terms of value Light Wines AUSTRA LIA ITALY USA FRANCE SOUTH AFRICA CHILE SPAIN NEW ZEALAN D GERMA NY ARGENT INA MAT TO WE ,197 1, MAT TO WE ,379 1, MAT % Change PORTU GAL HUNGA RY BULGA RIA 27 27/ 27

28 UK Market Market Share by Origin Off Trade Off - Trade Wine by Country % vol AUSTRALIA ITALY USA FRANCE SOUTH AFRICA CHILE SPAIN NEW ZEALAND GERMANY ARGENTINA PORTUGAL HUNGARY BULGARIA Australia recovering mkt share after a weak year Chile mantains mkt share - Italy, Spain & New Zeland post increases in mkt share -S.Africa loses more than 2.5% of mkt share MAT TO WE MAT TO WE / 28

29 UK Market Average Price per Origin Off Trade Off - Trade Wine by Country per 75cl equiv Light Wines AUSTRALIA ITALY USA FRANCE SOUTH AFRICA CHILE SPAIN NEW ZEALAND GERMANY ARGENTINA PORTUGAL HUNGARY BULGARIA MAT TO WE MAT TO WE Positive - Average price increasing 4.8% Chile: Increase in Average price above overall trend: 5.3% / 29

30 The US Market: Main Market for Chilean and Argentine Wines in 2010 Chile: Exports for US$ 209 million (16% share of total exports) Argentina: Exports for US$ 226 million (35% share of total exports) Key Market Concha y Toro Holding CyT : Represents 39% of the total bottled chilean wine exported to the US Volume Holding : 3,324 thousand cases in year 2010 Leading Position of CyT in the imported wines category Position #3 among the imported wine brands / 30

31 Wine Consumption in the US Market Sustained growth : +3.25% CAGR in the decade (million Cases) 31 31/ 31

32 Wine Consumption in the US Market According to Industry studies: In 2012, the US will be the most important wine market in the world. Of the top five global still light wine markets, the United States is expected to see the fastest growth over the forecast period. The country is predicted to overtake market leader Italy already in Source: The IWSR's Forecast Report Positive Aspects of the Market: Trend towards premium wines, against jug wines. New millennials generation (21-30 years) are drinking wine more often (expanding segment) Increased interest for products Eco Friendly 32 32/ 32

33 Concha y Toro Business Model: Key Factors & Growth Drivers Exclusive Focus on Wine Strong Distribution Network: Global Reach Integration: Direct Distribution Market Diversification Leading Position in Key Markets Strong Portfolio of wines across all market/price segments Investment that supports growth and Innovation Quality Assurance and Consistency: Own Vineyards and Processes Fetzer Vineyards Acquisition 33 33/ 33

34 Concha y Toro portfolio Category Bi Varietal & Varietal Premium Super Premium Ultra Premium Icon RRP USA US$ 4.99 US$ 5.99 US$ 9.99 US$ 13 US$ 16 US$ 20 US$ 30 US$ 35 US$ 70 US$ 125 RRP UK % sales by volume 78.8% 19.7% 1.4% % sales by value 62.1% 32.1% 5.9% Second place among the most powerful wine brands in the world. ( The Power 100, Intangible Business, May 2011) 34 34/ 34

35 Concha y Toro Business Model: Key Factors & Growth Drivers Exclusive Focus on Wine Strong Distribution Network: Global Reach Integration: Direct Distribution Market Diversification Leading Position in Key Markets Strong Portfolio of wines across all market/price segments Investment that supports growth and Innovation Quality Assurance and Consistency: Own Vineyards and Processes Fetzer Vineyards Acquisition 35 35/ 35

36 Sustained Investment over time US$ 647 million between Vineyard expansion Chile & Argentina - Increasing cellar and vinification capacity - Improvements in bottling capacity and efficiency - Supply Chain : Record year of investment for Viña Concha y Toro Investment US$ Million (*) 2011 Capital Investment* 72.0 Operations 18% Others 14% Land - Vineyard 43% Cellar Capacity - Vinification 25% (1) * Exchange Rate as of end of December each year (*) Estimated (1) Estimate: Includes the acquisition of Fetzer (US$ 234 MM) and its Working Capital needs 36 36/ 36

37 Capacity Increase Support Growth Planted area growth of 114% in the last 7 years (CAGR = 11.5%) 93% increase in Wine Storage & Ageing Capacity in the last 7 years (CAGR = 9.8%) 37 37/ 37

38 Concha y Toro vineyard holdings (hectares) Vineyards Planted 2010 Hectares to be planted Total Hectares Valley - Chile Limarí ,218 Casablanca San Antonio Aconcagua Maipo Cachapoal - Rapel 1, ,831 Colchagua - Rapel 1, ,770 Curicó Maule 2, ,554 Total Chile: 8,445 1,320 9,766 Argentina: Mendoza 1, ,210 Total Holding: 9,513 1,462 10, / 38

39 Area planted largest wineries (hectares planted) Foster's Group (AUS/USA/NZ/IT) 12,463 Concha y Toro (CHI/ARG/USA) 9, Constellation (USA/AUS/NZ/CAD) E&J Gallo (USA) Pernod Ricard (FR/AUS/ARG) 8,100 8,000 8,990 Grupo Peñaflor (ARG) 5, ,000 4,000 6,000 8,000 10,000 12,000 14,000 Source: Companies Fact Sheet, Web Page Information, Annual Reports, SEC Filings (20-F & 10-K) 39 39/ 39

40 Concha y Toro Business Model: Key Factors & Growth Drivers Exclusive Focus on Wine Strong Distribution Network: Global Reach Integration: Direct Distribution Market Diversification Leading Position in Key Markets Strong Portfolio of wines across all market/price segments Investment that supports growth and Innovation Quality Assurance and Consistency: Own Vineyards and Processes Fetzer Vineyards Acquisition 40 40/ 40

41 Portfolio of Brands acquired: / 41

42 Main Wineries in US Market Fetzer #9 Period: January to December 2010 # California Wineries Cases ( 000) % Growth 1 Gallo 67,196 6% 2 The Wine Group 48,659-13% 3 Constellation Wines U.S. 36,687 3% 4 Trinchero Family Estates 15,349 16% 5 Bronco Wine Company 12,830-9% 6 Treasury Wine Estate 11,179 1% 7 DFV Wines 6,394 13% 8 ASV Wines 3,041 26% 9 Fetzer 2,989-6% 10 Kendall -Jackson 2,956 8% Fuente : Gomberg Fredrikson Report Dec / 42

43 Fetzer Among the Top 10 brands in terms of sales in the US Market. Participates in the US$6.65- $ 7.99 RRP price segment. Price strenght agains main competitors. Leader in development of environmental sustainable practices for more than 20 years. Its brand positioning is based in the concept of Sustainability: Earth-Friendly Wine. Main Varieties are: Cabernet Sauvignon, Chardonnay and Gewurztraminer with which is the industry leader / 43

44 Bonterra #1 in sales in the organic category. More than triples its immediate organic competitor. Pioneer in the development of organic plantings since CAGR of 13% in volumes sold between 2006 and Participates en the US$ $ RRP price segment. Leader in sustainability practices for more than 20 years / 44

45 Exports Main US Wineries Period: January to December 2010 California Wineries Cases ( 000) % Growth 2010/2009 Gallo 11,039 4% Constellation Wines U.S. 1,838-3% The Wine Group 1,304 1% Treasury Wine Estate % Trinchero Family Estate % Fetzer 570-5% Bronco Wine Company % DFV Wines % Total California 18,750 3% Fuente : Gomberg Fredrikson Report Dec / 45

46 Brand Portfolio Sales in Volume Period: Fiscal Year 2010 Brand Cases ( 000) % of Total % Growth 2010/2009 Fetzer % -10% Bonterra % 4% Little Black Dress 132 4% 16% Five Rivers 98 3% -19% Jekel 48 2% -14% Sanctuary 4 0% -33% Total % -8% / 46

47 Opportunities for Concha y Toro: Opens the door to the productive market in California. Strenghten its commercial presence en the US Market. 1. Where CyT holds a leading position among imported brands (#3). 2. With the acquisition of Fetzer, it adds a relevant presence in the domestic market (Fetzer #9) Opportunity to develop and grow the brands Fetzer and Bonterra in the Export Markets, which are not developed at present / 47

48 Strength of Concha y Toro s business model Consolidated Sales (Million US$) Fetzer Note: Data in US$ to the average exchange rate, relevant for the company / 48

49 Strength of Concha y Toro s business model Consolidated Volume (Million 9 liters cases) 49 49/ 49

50 Sales Mix: 2010 : US$ 735 M 2010 post Fetzer. US$ 883 M Chile 23.3% Chile 19.3% Rest of the World 76.7% Rest of the World 80.7% / 50

51 Financial Implications Acquisition: Year 2010 Year 2010 Concha y Toro CyT + Fetzer Operational Margin 12.3% 14.4% EBITDA 16.2% 17.0% Net Financial Debt /EBITDA (n of times) EBITDA/Interest Expenses (n of times) / 51

52 2011: Outlook of the year ahead Appreciation of the Chilean Peso against all major export currencies. Strong demand in grape/wine s purchases. Increased Pressure on our Operational Margin 52 52/ 52

53 Exchange Rate Sensitivity As a % of Total Sales: As a % of Exports: Currency Mix Currency Mix mar-10 mar-11 mar-10 mar-11 CLP 23.5% 23.2% USD 40.4% 45.7% USD 29.9% 34.2% GBP 24.7% 23.3% GBP 18.2% 17.4% EUR 16.9% 15.3% EUR 12.5% 11.4% CAD 5.4% 5.4% CAD 4.0% 4.1% SEK 5.7% 4.3% ARG 2.6% 2.1% NOK 1.8% 1.2% SEK 4.2% 3.2% BRL 5.2% 4.6% NOK 1.3% 0.9% BRL 3.8% 3.5% 53 53/ 53

54 Exchange Rate main producers From 12/30/2009 to 06/30/2011 From 12/30/2009 to 30/06/2011 Against USD Against GBP Against EUR 10% 5% 0% -5% -10% -15% -20% Euro Zone South Africa -1,1% -8,4% New Zeland -12,9% Australia -16,6% 8,1% Argentina Chile -8,0% 20% 15% 10% 5% -1% -6% -11% -16% -21% Euro Zone -1,3% South Africa New Zeland Australia -8,5% -13,5% -16,7% 7,9% Argentina Chile -7,5% 17% 12% 7% 2% -3% -8% -13% -18% South Africa -7,3% New Zeland -11,9% Australia -15,6% 9,4% Argentina Chile -6,5% 54 54/ 54

55 Income Statement Ac Dec 2009 Ac Dec 2010 Change Ac Mar 2010 Ac Mar 2011 Change Million. Ch$ Million. Ch$ % Million. Ch$ Million. Ch$ % Operating Results Sales revenues % % Cost of sales % % % of sales 63.0% 64.6% 63.8% 67.3% Gross Profit % % % of sales 37.0% 35.4% 36.2% 32.7% Selling & Adm. Expenses % % % of sales 23.8% 23.1% 25.8% 23.6% Operating Income % % % of sales 13.1% 12.3% 10.4% 9.0% Non-operating result % % Income before income tax % % Less: income tax % % Net Income % % EBITDA % % % sales 17.4% 16.2% 15.0% 13.6% 55 55/ 55

56 Shareholder structure (June 2011) ADR's 2.4% Other 15.2% Control Group 39.7% Other Large Shareholders 17.1% Brokerage H, Mutual F & Insurance 13.2% Chilean AFP's 12.4% 56 56/ 56

57 Local share price un US$ Company Stock US$ 1.9 million of Average Daily Value Traded 3M (85% Local, 15% ADR) CAGR: 17.9% in US$ Terms $ 3.00 $ 2.50 $ 2.00 $ 1.50 $ 1.00 $ 0.50 $ - Jan-03 Jan-04 Jan-05 Jan-06 Jan-07 Jan-08 Jan-09 Jan-10 Jan / 57

58 Concha y Toro Performance 1H11 (Preliminary) Total Sales (Million Chilean Pesos)(*) Export Markets Domestic Market - Wine Domestic Market - Other Products Argentina Exports Argentina Domestic U.S.A. (Fetzer) Total Volume (thousand liters) Export Markets (¹) Domestic Market - Wine Argentina Exports (²) Argentina Domestic U.S.A. (Fetzer)(²) Average Price (per liter) Currency Change Change 2Q2011 2Q2010 1H2011 1H2010 (%) (%) 102,501 96, % 179, , % 62,363 70, % 118, , % 15,534 13, % 27,831 25, % 6,227 5, % 10,572 8, % 3,902 4, % 7,004 7, % 1,578 1, % 3,111 3, % 12, , ,464 68, % 121, , % 39,709 46, % 78,259 76, % 16,862 16, % 31,071 32, % 2,883 3, % 5,268 6, % 1,327 1, % 2,698 3, % 4, , Export Markets US$ % % Domestic Market - Wine Ch$ % % Argentina Exports US$ % % Argentina Domestic US$ % % U.S.A. (Fetzer) US$ (*) Other Sales, including bulk wine sales to third parties, are not included in this preliminary sales report. (1) Export Volumes include exports to third parties and sales volum of the company's distribution subsidiaries (UK, Nordics, Brazil, Singapore). (2) This figure excludes shipments to the company's distribution subsidiaries / 58