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CORPORATE PRESENTATION
UPDATED 1T15 2015
2015-06-03 REVISION
35 OF SALES
6.869
2
4 TH
ONE OF THE LARGEST FOOD COMPANIES IN AMERICA
MARKET CAP OF
2014 EBITDA MARGIN 13,7 %
OUTSIDE
COLOMBIA
BUSINESS
MODEL PILLARS
PEOPLE
BRANDS
157 BRANDS
44.407 EMPLOYEES
12.538 OUTSIDE COLOMBIA
17 BRANDS SELL
MORE THAN 50 USD MM
CONSOLIDATED
MARKET SHARE
IN COLOMBIA
60 PLUS
%
DISTRIBUTION
SUSTAINABILITY DIVERSIFICATION
PRESENCE
COUNTRIES
MANUFACTURING PLANTS
COUNTRIES
IN 5 CONTINENTS
PRODUCTS SOLD IN
No single commodity accounts
for more than 10% of COGS
~ 5,5
YEARS OF HISTORY 100
14
40 72
8 BUSINESS UNITS
SCALE
SALES Pro-Forma 2014
KNOWLEDGE CLOSE TO
USD billion
1,1 USD billion
%
1 CLIENTS SERVED
MILLION 12.800 WITH MORE THAN
SELLERS
COP billion
13.160 COP billion
~ 2,9 USD billion
Includes Grupo El Corral
2 X $5,9 = $11,8 COP trillion
~10.41% CAGR
EBITDA MARGIN 12% - 14%
Pro-Forma 2014
International sales and distribution network
Biscuits Chocolates Coffee Pasta Cold Cuts TMLUC*
*this business
unit will report
figures
beginning in
2015
Ice Cream
3
* T
MLU
C =
Tre
sm
onte
s L
ucchetti
Corporate Structure
Retail
Food
4
Acquisitions (19) Mergers (5) New Businesses (3)
Costa
Ric
a
Colo
mbia
Colo
mbia
Colo
mbia
Puert
o R
ico
Chile
Costa
Ric
a
Panam
a
Colo
mbia
Mexic
o
Panam
a
Panam
a &
Nic
ara
gua
Colo
mbia
Colo
mbia
Colo
mbia
Colo
mbia
Costa
Ric
a
Costa
Ric
a
Peru
Panam
a
US
A
Dom
inic
an
Republic
Mala
ysia
Biscuits
Nestlé
2000 2002 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Mala
ysia
C
olo
mbia
Chocolates
Nestlé
Joint Ventures (3)
USD
1,7 BILLION
INVESTED IN 19 SUCCESSFUL ACQUISITIONS
Significant Expansion
Since 2000
Sales by
Region 1Q15
INTERNATIONAL SALES
36,9%
5
USA
8,2%
DOMINICAN REP. & CARIBBEAN
1,5%
CHILE
7,4%
MALAYSIA
VENEZUELA
1,8%
MEXICO
3,8%
CENTRAL AMERICA
9,3%
COLOMBIA
63,1%
ECUADOR
1,3%
PERU
1,6%
63,1% COLOMBIAN SALES
OTHER COUNTRIES 2%
Pro-Forma 2014
• ** TMLUC : Tresmontes Lucchetti
• *This information includes El Corral pro-forma sales and EBITDA for 2014
• The Retail Food business unit consolidates the result of Grupo El Corral
and the ice cream shops in Central America and Dominican Republic. The
results of the ice cream shops were included in the Ice Cream business
units in the previous reports.
INTERNATIONAL SALES
BY BUSINESS UNIT
EBITDA BY
BUSINESS UNIT
TOTAL SALES BY
BUSINESS UNIT
13.7% $13.4%*
$1.115* 35%*
PASTA
ICE CREAM
COLD CUTS
BISCUITS
COFFEE
TMLUC**
CHOCOLATES
RETAIL FOOD
$6.869 $6.462*
$864* $938
1.115 33%
USD
6
23%
18%
15% 14%
10%
10%
7%
3%
25%
18%
18% 11%
11%
8%
6%
3%
34%
24% 15%
12%
10%
5%
GRUPO EL CORRAL
Acquisition
93% OWN BRANDS GLOBAL BRANDS
FINAL PRICE
743,4 COP billion (USD ~ 313 mm)
COMBINED SALES
mm 407,600 (USD~171 mm)
EBITDA STORES
345 17
MAIN PRO-FORMA FIGURES 2014
Employees
COP 73,500 (USD~31 mm)
STORES ABROAD
FINANCING
685 COP billion
Bank loans
(USD~288 mm)
Cash
(USD~25 mm)
EBITDA MARGIN
18% Franchised
OF SALES 7% OF SALES
COP mm
Colombia
5.000
7
58,4 COP billion
STRATEGY FOR OUR FIRST CENTURY 1920-2020
Our Centennial strategy aims to double our 2013 sales by 2020; with sustained profitability between 12% and 14% of the EBITDA margin. To achieve this, we offer our consumers foods and experiences of recognized and beloved brands, that nourish, generate wellness and pleasure, that are distinguished by the best price/value relation; widely available in our strategic region, managed by talented, innovative, committed and responsible people, who contribute to sustainable development
Main Strategic Goal
8
2 x $5,9 = $11,8 COP trillion 10.41% CAGR
“ “
9
Our People
Human talent is one of our most
valuable assets. Our corporate
culture thrives on promoting a
participatory environment in
which skill development,
recognition and work/life
balance are top priorities toward
building a leadership brand.
Our Brands
Our brands are leaders in the
markets in which we do
business. They are recognized,
loved and seen as an integral
part of people's everyday lives.
Our brands are based on
nutritious, reliable products with
an excellent price/value ratio.
Our Distribution
Network An extensive network
supported by exclusive
distribution channels,
segments, and specialized
attention teams, allows us to
establish close client
relationships by having
products available at all times.
Excellence Level
Organizational Climate Score
84,1% 17 Brands With sales of more than
USD 50 million
+ 1 million Points of Sale
Differentiating Aspects
of our Business Model
Business Risk
Commercial Risk
Aggressive Financial and Operating Risks
Moderate Reputation Risk
None
PRINCIPAL RISKS MITIGATING FACTORS
Volatility in the prices of raw
materials
• Diversification of raw materials
• A clear hedging policy administered by a specialized committee
• A highly trained team dedicated to monitoring and negotiating
these supplies
• Active search and exploitation of new opportunities for global
sourcing
Effect on the businesses due to
a highly competitive
environment including
pressures from consumers and
channels
• Large distribution capacity with a differentiated strategy
to address multiple segments
• Attractive proposals with a positive price/product ratio
• Recognized, beloved brands
• Portfolio innovation and differentiation
• Search to enter new markets
Regulatory changes in nutrition,
health and obesity in countries
where we are present
• Vidarium: Nutrition Research Center
• Active participation in regulatory discussions with government
officials
• Monitoring and strict compliance of the regulations in each
country
10
Corporate Governance
BOARD OF DIRECTORS
Antonio Mario Celia Martínez – Aparicio
Mauricio Reina Echeverri
Jaime Alberto Palacio Botero
David Emilio Bojanini García
Gonzalo Alberto Rojas
María Clara Aristizábal Restrepo
FINANCE, AUDIT AND
RISK COMMITTEE
APPOINTMENT AND COMPENSATION COMMITTEE
CORPORATE GOVERNANCE AND
BOARD ISSUES COMMITTEE
STRATEGIC PLANNING
COMMITTEE
Independent Members Non - Independent Members
1
1 2 3 4
2 4 6 1 1
2 3
2
3
4
5
6
11
1 1 5
4 2
Business Model: People
Our people Employees (Includes direct and indirect
employees and apprentices)
Human – Talent Management According to the Merco Personas 2013
Monitor, Grupo Nutresa is one of the top
three companies to work for in Colombia.
THE FAMILY FRIENDLY COMPANY
CERTIFICATION
In
Colombia
31.869
Total
44.407
Abroad
12.538
84.1 Organizational climate
Includes Grupo El Corral
12
Business Model: Brands
13
Biscuits
Chocolates
Cold cuts
Coffee
TMLUC
Ice Cream
Pasta
Retail Food
Business Model: Brands
Portfolio of
17 brands
22 brands
44 brands
28
157 brands
selling over
$50 MM
market share in key markets
with #1
with over years of existence 20
present in more than one market brands
14
Market share Colombia + TMLUC
Consolidated market share in Colombia: 60.8% +0,6%
Biscuits Chocolates Coffee Cold Cuts
#2 Private labels 7,4% #3 Friko 0,3%
#2 Nestlé 11,7% #3 Mondelez 10,7%
#2 La Muñeca 30,1% (A) #2 Colombina 7,6% (B) #2 Casa Lúker 25,4% (C) #1 Nestlé 69,1% (D) Frito Lay 25,7%
(A) #2 Águila Roja 23,5% (B) #1 Nestlé 44,4%
TMLUC
(A) #2 Carozzi 35,5% (B) #1 Carozzi 45,5% (C) #1 Nestlé 70,4% (D) #1 Frito Lay 63,8% (D) #1 Mondelez 54.2%
*ICB= Instant Cold Beverages Source: Nielsen twelve month as of march 2015. (% share as in value and change vs. same period last year)
Ice Cream Pasta
15
55.3% +0.7%
Golosinas de Chocolate 66,3% (A)
-0,6%
Hot chocolate 63,4% (B)
+0,2%
Modificadores 25,2% (C)
-1,7%
Nueces 51,0%
+3,9% (D)
Roast and ground
coffee (A)
55,6% -0,5%
Soluble coffee (B)
41,6% +0.4%
73.4% +0.6%
ICB* 62,7% (A)
-0,7%
Pastas
28,5% (B) -0,9%
Coffee
16,5% (C) +0,1%
Potato Chips
13,5% (D) +2,4%
México ICB*
28,6% (E) -0,1%
ICE CREAM
ND
52.6% +1.5%
Retail Food
# 1 in Hamburguers
and Steakhouses categories in
Colombia
# 1 in Ice cream shops – Rep. Dom. &
CR
22% Supermarket
Chains
3% Industrial
61% Traditional
(Mom-and-pop
Stores) / Independent
Retail Stores
+12.800
Business Model: Distribution
SELLERS REVENUE MIX BY CHANNEL
+1mm CLIENTS
7% Alternative
7% Food Service (HORECA)
16
23% Supermarket Chains 7%
Food Retail
56% Traditional
(Mom-and-pop Stores)
/ Independent
Retail Stores
Business Model: Distribution
+12.800 SELLERS REVENUE MIX BY CHANNEL – pro-forma 2014
+1mm CLIENTS 6%
Alternative
4% Food Service (HORECA)
17
3% Industrial
International Expansion Model
Vision
• Market expansion in the strategic
region – diversification of
destinations
• Long–term objectives
• Autonomy and strategic coherence
Internationalization strategies
• Our own international distribution
• Creation of the brand
• Acquisitions–productive platforms
Our own model -
Developed in house
Consistency in implementation Persistence in the face of difficulties
Humility and a learning attitude Suitable teams
Human quality and basic competencies
Skill-specific people development
18
International Phases
Exportable surpluses
First steps
Sales by distributors
Knowledge of new markets
Lack of knowledge of the markets
Training qualified teams
By order Continuous, more
profitable operation
Marginal profitability
Temporary alliances Value creation
Definion of the strategic region based on “competitiveness”
Acquisitions in the strategic region
Creation of Cordialsas Free – trade agreements
Our exclusive distribution
Companies with brands and distribution
Brand development Vehicle to exchange
platforms
Knowledge of consumers
Synergies
Value networks
Appropriate portfolio Talent / cultures
Talent / cultures Value creation
Partnership Our Own Distribution
Productive Platform Exports
19
OUR TARGET STRATEGY • Current or new categories with a promising strategic fit • Acquisition processes respectful of existing culture and people • We prefer control • Excellent management teams • Leader brands • High value added and differentiated products • Solid and sustainable business models – No turnarounds. • Way to market/distribution • Highly innovative companies • Preference for businesses with a sound strategy towards healthy and
nutritional products
M&A Strategy
STRATEGIC REGION
20
HEALTH AND NUTRITION Support the growth of our healthy and nutritional products portfolio with acquisitions: • "Good for you" products, dairy, veggies, supplements, natural
juices and nectars, nuts, oats, soy products, dried fruits, aromatics, sugar free, fat free reduced sugar/fats/salt , cereals & grains, enriched or functional products, healthy claim products.
Interested +
Interested
Not interested
Not interested – not in our region
SOUTHEAST ASIA
Corporate Philosophy and Performance
Authonomy
with Strategic
Coherence
Good
Corporate
Governance
Responsible
Corporate
Citizenship
World-Class
Competitiveness Employee
Development
Ethics Collaborative
Participation
and
Management
Respect Food Safety
21
El Reconocimiento Emisores – IR otorgado por la Bolsa de Valores de Colombia S.A. no es una certificación sobre la bondad de los valores inscritos ni sobre la solvencia del emisor
Sustainable Growth
22
1.342 1.507 1.541 1.619 1.740 1.843 2.243
2.578 2.893 3.092 3.233 3.496 3.795 3.872
4.204
94 115 332 347 407 454
629 871
1.116 1.496 1.226
1.561 1.511
2.026 2.258
0
1.000
2.000
3.000
4.000
5.000
6.000
7.000
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
167 206 284 299 323 326
383
529 570 551 538 568
671 833 864
11,63%
12,72%
15,15%
15,21%
15,03%
14,21%
13,32%
15,33% 14,21%
12,01%
12,07%
11,23% 12,65%
14,12% 13,37%
0,00%
5,00%
10,00%
15,00%
20,00%
0
200
400
600
800
1.000
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Ebitda
Margen Ebitda
Increasing Value Generation
23
• 2/3 organic (1/3 price & 2/3 volume) • 1/3 inorganic
Growth
LAST 10 YR 10,3% CAGR
18,7% CAGR
GROWTH 9,2% CAGR
LAST 10 YR 11,7% CAGR
Local Market (Colombia)
International
MIL
LIO
N P
ES
OS
M
ILLIO
N P
ES
OS
35%
10%
6%
16%
33%
Shareholder Base/ Adjusted Multiple
460.123.458 Ordinary shares listed in Colombia | ADR level 1
$3.788 COP mm Last 12 months ADTV
14.756 SHAREHOLDERS
Other
Other funds
Foreign Investors 24
Shareholder Base/ Adjusted Multiple
25
TRM a dic -14 2.576€
Share price (US$) 8,89$ Precio (COP$) 22.900$
Shares outstanding (MM) 460 Acciones en circulación (MM) 460
Market cap (US billions) 4,09$ Capitalización de mercado (COP Billones) 10,54$
3 Mo. ADTV (US millions) 1,35$ 3 Meses volumen promedio transado (COPmm) $ 3.483
12 Mo. ADTV (US millions) 1,72$ 12 Meses volumen promedio transado (COPmm) 4.430$
Value of Investments (US billions) 1,33$ Valor de las Inversiones (COP Billones) 3,42$
12.7% of Grupo Sura 0,52$ 12.7% de Grupo Sura (COP Billones) 1,33$
12.4% of Grupo Argos 0,77$ 12.4% de Inversiones Argos (COP Billones) 1,99$
Other investments 0,04$ Otras inversiones 0,10$
Implied Market Cap (Ex. Investments) 2,76$ Capitalización de Mercado (Ex. Inversiones) 7,11$
EBITDA 12M (1) 0,35$ Ebitda 12 meses (1) 0,91$
Net Debt (1) 1,05$ Deuda Neta (COP Billones) (1) 2,71$
Cash 0,11$ Caja 0,28$
Adjusted Enterprise Value (US billions) 3,81$ Valor de Mercado Ajustado (COP Billones) 9,83$
Enterprise Value / EBITDA 10,8 Valor de mercado ajustado / EBITDA 10,8 Deuda Neta / EBITDA 2,98 Net Debt / EBITDA(1) 2,98
(1) Food companies, ex cluding inv estments
in unconsolidated companies / 12 months
(1) Grupo de alimentos ex cluy endo inv ersiones en
sociedades que no consolidan/12 meses
26
EV/EBITDA
Multiples as of December 31, 2014
Closing price 22.900 Dividend yield (2) 1,6%
Closing price 12 months prior 27.280 Price change (2) -16,1%
Max. 52 Weeks 29.500 Total return (2) -14,6%
Min. 52 Weeks 22.500 Change in COLCAP (2) -22,7%
Market cap. (COPMM) 10.536.827
Return on assets (1) 9,6%
Book value 15.024 Return on equity (1) 16,7%
PE (1) 12,2 Return on invested capital (1) 9,1%
P/BV (1) 1,8
EV / EBITDA (1) 10,8 Outstanding shares 460.123.458
EPS (COP) 1.366,27 Number of shareholders 14.743
Bursatility High
Dividend per share/month 38,5
(1) Food companies, ex cluding inv estments
(2) last 12 months
10,0
14,2
10,2 10,1 12,6
16,7
12,9 12,0 12,1 12,5 10,8
17,0
20,3
14,7 13,1
18,1
23,8
18,5 18,0 16,5 17,3
14,6
0
5
10
15
20
25
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
EV/EBITDA
EV/EBITDA Alimentos - food EV/EBITDA Total
Consolidated net debt
27
978
486 399
1.581 1.749
2.714
0
500
1.000
1.500
2.000
2.500
3.000
dic./10 dic./11 dic./12 dic./13 dic./14 mar./15
CO
P b
illi
on
s
Ratio dic-10 dic-11 dic-12 dic-13 dic-14 mar-15
Net debt / EBITDA 1,82 0,86 0,59 1,90 2,02 3,21*
EBITDA / Interest 8,60 8,85 12,74 10,38 6,36 5,80
Interest / Sales 1,40% 1,27% 0,99% 1,36% 2,10% 2,20%
*Net debt/EBITDA ratio pro-forma, including Grupo El Corral 12 months, is 2.98x
Debt Profile as 1Q15
Total Average rate
Bilateral COP 1.757 6.95%
Bonos Fideicomiso G 401 8.81%
Bilateral otras monedas 269 5,22%
Cartas de Crédito 266 3,19%
Bonos Perú 158 8.84%
Finagros 99 4.20%
Leasing 2 6.98%
Impuestos 0 0.00%
Repos 0 0.00%
Average rate without
taxes
6.49%
Debt by currency
COP
CLP
PEN
USD
MXN
82.2%
11.1%
3.3%
2.4%
1.0%
Debt by interest rate (COP billion)
Debt by rate
Debt by term
DTF
IBR
IPC
TAB nominal
FIXED RATE 1 YR
LIBOR
TIIE MEXICO
FIXED RATE 1 YR
28.1%
27.5%
26.6%
9.5%
3.4%
2.3%
1.7%
1.0%
LONG TERM
MEDIUM (1-5 AÑOS)
SHORT TERM 1 YR
AVERAGE LIFE
27.0%
48.2%
24.8%
3.4 YR
28
11,5
8,8
8,1
6,3
5,1 4,5
3,9
3,7
1,8
1,5
44,8
Raw Materials
Pack Mat
Coffee
Pork
Wheat
Cocoa
Beef
Oils & Fats
Sugar
Milk
Poultry
COGS BREAKDOWN GRUPO NUTRESA
COMMODITIES INDEX (4Q14)
Beginning on January 1, 2014, the basket of raw materials
included in the GNCI was updated. The technical specifications
of the GNCI may be obtained at:
www.gruponutresa.com/webfm_send/398
OTHER
29
0,0
20,0
40,0
60,0
80,0
100,0
120,0
140,0
160,0
180,0
92%
86%
107%
144%
113%
95%
112%
Contact Details
This presentation and further detailed
information can be found in the following link in
our section "Grupo Nutresa Valuation Kit":
http://www.gruponutresa.com/es/content/grupo-
nutresa-valuation-kit-gnvk
Alejandro Jiménez Moreno Investor Relations Director Tel: (+574) 3258731 email: [email protected] www.gruponutresa.com
For more information regarding Grupo Nutresa´s level 1ADR, please call
The Bank of New York Mellon marketing desk
NEW YORK
BNYM – Latin America
Gloria Mata
Telephone 212 815 5822
BNYM – Sell-Side
Kristen Resch
Telephone 212 815 2213
BNYM – Buy-Side
Angelo Fazio
Telephone 212 815 2892
BNYM – Sell-Side/Buy-Side
Mark Lewis
Telephone 44 207 964 6415
NEW YORK NEW YORK LONDON
30
Disclaimer
This document can contain forward looking statements related
to Grupo Nutresa S.A. and its subordinated companies, under
assumptions and estimations made by company management.
For better illustration and decision making purposes Grupo
Nutresa’s figures are consolidated; for this reason they can
differ from the ones presented to official entities. Grupo
Nutresa S.A. does not assume any obligation to update or
correct the information contained in this document.
“The IR Recognition granted by Bolsa de Valores de Colombia
S.A. (the Colombian Securities Exchange) is not a certification
of the registered securities or the solvency of the issuer.”
31
1T15 RESULTS
33
IFRS- First time adoption
Opening balance sheet
* Detailed information about the impacts of the transition to IFRS can be found in Note 5 of the financial statements for the first quarter 2015, which can be found in our website: http://www.gruponutresa.com/en/content/1q15
Non audited information
COLGAAP Dec 31, 2013 IFRS Jan, 2014 Impact %
Assets 10.580.498 10.744.585 164.087 1,6%
Liabilities 3.169.636 3.630.964 461.328 14,6%
Equity 7.410.862 7.113.621 (297.241) -4,0%
Impact % of equity
Adjustment to valuation of property, plant, and equipment 104.941 1,4%
(160.366) -2,2%
(211.712) -2,9%
Other adjustments (30.104) -0,4%
Total impact (297.241) -4,0%
Principales
diferencias
Employee benefits valuation
Deferred tax valuation
34
IFRS- First time adoption
Income statement
Non audited information
* Detailed information about the impacts of the transition to IFRS can be found in Note 5 of the financial statements for the first quarter 2015, which can be found in our website: http://www.gruponutresa.com/en/content/1q15
T1 2014 differences EBITDA Net profit
COLGAAP value March 2014 218.965 86.211
NIIF value March 2014 237.005 159.600
Total Difference 18.040 73.389
Dividend Portfolio - 33.706
Non-amortizacion of goodwill - 19.623
Provisions not including on IFRS 19.032 19.032
Others (992) 1.028
Total Difference 18.040 73.389
21,8
66,8
38,2 33,1
80,5
15,7
-
10,0
20,0
30,0
40,0
50,0
60,0
70,0
80,0
90,0
MIL
LIO
N D
OLLA
RS
365,4
171,0 182,0
126,5 107,0
60,8 34,4
0
50
100
150
200
250
300
350
400
BIL
LIO
N P
ES
OS
SALES PER BUSINESS UNIT
1Q - 2015
Colombia Sales COP 1.083,5 +13,2%
Percentage variation in
volume (Q) and prices (P)
International sales
Excl.-Venezuela: +3,9%
35
+10,2%
+10,5%
+3,8% +7,4%
+11,1%
Q: +5,9 P: +3,5
+10,2%
+3,4%
-60,6%
+8,3% +7,1%
+8,5%
% chg. YoY Million dollars
% chg. YoY Billion pesos
Q:+5,8
P:+4,1
Q:+5,2
P:+4,7
Q:+4,1
P:+6,2
Q:+2,6
P:+1,2
Q:+6,1
P:+1,3
Q:+7,8
P:+3,1
Cold Cuts Biscuits Chocolates Coffee Pastas Ice Cream
Cold Cuts Biscuits Chocolates Coffee TMLUC
Retail food
Organic Sales COP 1.049,0 +9,6%
Retail Food*
-0,6%
* Previously reported as Ice Cream
International Sales USD 256,3mm -9,0%
COP 634,0bb +12,0%
1Q15 sales
Colombia and International
419,3
336,3
276,5
208,2 199,2
107,0
61,2 73,1
0
50
100
150
200
250
300
350
400
450
BIL
LIO
N P
ES
OS
SALES PER BUSINESS UNIT
% chg. YoY
Billion pesos
TOTAL SALES
Sales organic growth: +10,5%
1Q - 2015
COP 1.717,5 +12,8%
36
-5,5%
+18,1%
+17,4%
+7,4%
+13,3%
Cold Cuts Biscuits Chocolates Coffee Ice Cream TMLUC Pasta Retail food
+22,4%
+11,8%
Total
1Q15 sales
41,1%
12,4% 9,8%
8,5%
6,8%
5,3%
4,4%
4,2%
4,0%
2,0%
1,6%
Raw materials
COGS BREAKDOWN GRUPO NUTRESA
COMMODITIES INDEX (1Q15)
The technical specifications of the GNCI may be obtained at:
www.gruponutresa.com/webfm_send/398
37
Packaging mat. Coffee
Pork
Wheat
Cocoa
Beef
Oils & fats
Sugar
Milk
Other
92 86
107
144
113
95
112
95
75
90
105
120
135
150
165
2008 2009 2010 2011 2012 2013 2014
Poultry
55,9
44,7
30,6
45,0
22,4
14,8
7,5
12,7
-
10
20
30
40
50
60
BIL
LIO
N P
ES
OS
EBITDA
1Q15
EBITDA
COP 234,7 -1,0%
MARGIN 13,7%
38
11,1%
-8,3%
13,8% -8,0%
13,3%
-11,2%
13,3%
+4,3%
21,6%
-13,1%
12,3% +17,8%
Cold Cuts Biscuits Chocolates Coffee Ice Cream TMLUC Pasta Retail food
11,3%
+52,9%
17,4%
Margin
% var.
COP billion
Consolidated
Income statement 1Q15
39 For further details please check the notes of the financial statements on the following link: http://www.gruponutresa.com/en/content/1q15
COP million mar-15 % mar-14 % Var
Total operating revenues 1.717.458 100,0% 1.523.205 100,0% 12,8%
Cost of goods sold -976.867 -56,9% -842.135 -55,3% 16,0%
Gross profit 740.591 43,1% 681.070 44,7% 8,7%
Administrative expenses -93.780 -5,5% -84.773 -5,6% 10,6%
Sales expenses -427.282 -24,9% -376.002 -24,7% 13,6%
Production expenses -32.038 -1,9% -29.293 -1,9% 9,4%
Operating foreign currency exposure 8.021 0,5% 1.062 0,1% 655,3%
Other operating revenues (expenses), net 3.024 0,2% 3.618 0,2% -16,4%
Total operating expenses -542.055 -31,6% -485.388 -31,9% 11,7%
Operating income 198.536 11,6% 195.682 12,8% 1,5%
Financial income 3.133 0,2% 3.334 0,2% -6,0%
Financial expenses -50.910 -3,0% -40.751 -2,7% 24,9%
Non-operating foreign currency exposure 6.095 0,4% 6.073 0,4% 0,4%
Other revenues (expenses), net -3.804 -0,2% -1.571 -0,1% 142,1%
Dividends (non-food) 46.468 2,7% 43.363 2,8% 7,2%
Discontinued operations -304 0,0% 254 0,0% -219,7%
Non-operating, net 678 0,0% 10.702 0,7% -93,7%
Income before tax 199.214 11,6% 206.384 13,5% -3,5%
Income tax -48.030 -2,8% -46.784 -3,1% 2,7%
Non-controlling interest -150 0,0% -1.257 -0,1% -88,1%
Net Income (to controlling interest) 151.034 8,8% 158.343 10,4% -4,6%
Consolidated EBITDA 234.673 13,7% 237.005 15,6% -1,0%
Balance sheet March 2015
40
For further details please check the notes of the financial statements on the following link: http://www.gruponutresa.com/en/content/1q15
COP million mar-15 Dec-14 % var
ASSETS
Cash and Cash Equivalents 275.986 419.428 -34,2%
Accounts Receivable 845.697 767.695 10,2%
Inventories 947.055 839.716 12,8%
Biological Assets 48.656 50.087 -2,9%
Financial instruments 3.326.010 4.016.472 -17,2%
Investment in associated 98.149 93.261 5,2%
Property, Plant, and Equipment 3.082.521 2.966.128 3,9%
Investment Properties 91.582 98.245 -6,8%
Intangible Assets and Goodwill 2.996.308 2.133.941 40,4%
Deferred Tax Assets 315.164 300.627 4,8%
Other Assets 213.171 154.143 38,3%
Total assets 12.240.299 11.839.743 3,4%
LIABILITIES
Financial Obligations 2.989.695 2.142.797 39,5%
Suppliers and accounts payable 830.387 645.697 28,6%
Tax Charges 180.908 150.218 20,4%
Employee benefit liabilities 334.074 348.473 -4,1%
Deferred Tax Liabilities 464.192 457.209 1,5%
Other liabilities 21.326 20.752 2,8%
Total liabilities 4.820.582 3.765.146 28,0%
Equity
Shareholders equity of the parent 7.390.769 8.045.860 -8,1%
Non-controling interest 28.948 28.737 0,7%
Total Shareholder Equity 7.419.717 8.074.597 -8,1%
Total Liabilities and Shareholder Equity12.240.299 11.839.743 3,4%