Q1 2019 Compania Cervecerias Unidas SA Earnings Call Transcript
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Gross margin decreased by 228 basis points mainly due to the higher U.S. dollar-denominated costs from the weaker Chilean peso and the lower average prices. MSD&A expenses as a percentage of net sales deteriorated by 73 basis points, mostly explained by the effect of higher fuel prices on our distribution costs. As a result, EBITDA decreased 8% and EBITDA margin deteriorated by 320 basis points from 28.2% to 25%. Excluding the negative effect from the depreciation of the Chilean peso against the U.S. dollar, EBITDA would have increased 1.5%.
The International Business segment -- Operating segment, which includes Argentina, Bolivia, Paraguay and Uruguay, reported volumes that rose 12%. Excluding Bolivia, volumes grew 5%. Net sales decreased by 7.6%, explained by the lower average prices in Chilean pesos due to the impact of the 96.7% depreciation of the Argentine pesos against the Chilean peso. Gross margin contracted from 60.6%
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