RESULTS 2Q17 Continued positive trade dynamics of Grupo Nutresa in Colombia, with a sales growth of 3,9% during the first half of the year. The consolidated EBITDA margin represents 12,7% of revenues. • • •
Sales in Colombia continue with a good performance and reach of COP 2,7 trillion, 3,9% higher than the same period of 2016. Sales abroad amounted to USD 516,6 million with a growth of 5,5% in dollars, after excluding, for comparison purposes, the first semester sales of 2016 in Venezuela. In terms of profitability, an accumulated EBITDA of COP 527.210 million is reported, representing 12,7% of sales.
Medellin, July 28, 2017. Grupo Nutresa S.A. (BVC: NUTRESA) discloses its Consolidated Financial Results as of June 30, 2017. Grupo Nutresa continues to have a good trade dynamic in Colombia, with sales for the first half of the year amounting to COP 2,7 trillion, representing 64% of consolidated sales, and growth of 3,9% compared to the same period last year. Sales abroad, excluding the sales reported in Venezuela during the same period of 2016 due to its treatment as a financial instrument starting October 1st of such year, are USD 516,6 million, representing 36% of total revenues and reflecting a 5,5% growth. When expressed in Colombian Pesos these sales represent COP 1,5 trillion pesos. Consolidated revenues amount to COP 4,2 trillion, with a growth of 1,9% (considering the aforementioned exclusion of Venezuela). This growth is supported by an improvement in product mix, innovation, and a powerful commercial network, that continuously seeks to meet the needs of customers, consumers, and buyers. With regards to efforts in innovation, we highlight the recent market releases of baked snacks and cold infusions under the Tosh brand, and Bénet, a nutritional powder-beverage under this new nutritional-expert brand. Gross profit, of COP 1,8 trillion, increased by 1,1% over the same period last year as a result of various efforts in productivity, the constant search for greater efficiencies, and the favorable prices of some raw materials. The Group's operating profit amounts to COP 397.383 million, with an operating margin of 9,6%, which takes into account an increase in sales expenses associated with greater investments in our distribution channels. In terms of profitability, an EBITDA of COP 527.210 million was reported, representing 12,7% of sales.
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
1
RESULTS 2Q17 Net post-operative expenses of COP 107.088 million reflect a decrease of 16,3% compared to the same period of 2016, primarily due to the treatment of the aforementioned investment in Venezuela. Consolidated net profit totals COP 235.679 million, 5,7% of sales, and representing a 2,0% increase compared to the first half of 2016. Finally, for the second consecutive year, Grupo Nutresa was selected by the Corporate Reputation Business Monitor (in Spanish known as Monitor Empresarial de Reputación Corporativa -MERCO), as the second-best company in Colombia in attracting and retaining talent and the first within the food sector. With this recognition, we reaffirm that human talent is one of the most valuable assets within Grupo Nutresa's business model and one of the key pillars of the company´s corporate strategy. Separate Financial Statements of Grupo Nutresa S.A. In the Separate Financial Statements of Grupo Nutresa S.A., operating revenues for the first half of 2017 amount to COP 237.814 million, derived from the application of the equity method on subsidiaries and associated for COP 183.610 million and from the recognition of dividends from the investment portfolio for COP 54.204 million. The Company's net profit is COP 236.453 million and its equity amounts to COP 8,7 trillion. The Consolidated and Separate Financial Statements, as of June 30, 2017, as well as the related financial indicators, are an integral part of this release.
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
2
RESULTS 2Q17
CONSOLIDATED FINANCIAL STATEMENTS INCOME STATEMENT AS OF JUNE 30, 2017
JanuaryJune % Revenues 2017 Continuing operations Operating revenue Cost of goods sold Gross profit Administrative expenses Sales expenses Production expenses Exchange differences on operating assets and liabilities Other operating expenses, net Operating profit Financial income Financial expenses Portfolio dividends Exchange differences on non-operating assets and liabilities Loss on net monetary position Share of profit of associates and joint ventures
4.159.066 (2.333.030) 1.826.036 (195.591) (1.188.495) (66.382) 223 21.592 397.383 6.844 (167.973) 54.321 (4.809) 1.216
-56,1% 43,9% -4,7% -28,6% -1,6% 0,0% 0,5% 9,6% 0,2% -4,0% 1,3% -0,1% 0,0% 0,0%
3.313
0,1%
Incom e before tax and non-controlling interest
290.295
7,0%
Current income tax Deferred income tax Profit after taxes from continuous operations Discontinued operations, after income tax Net profit for the period Non-controlling interest Profit for the period attributable to controlling interest
(70.437) 18.677 238.535 (1.034) 237.501 1.822 235.679
EBITDA
527.210
Other income (expenses), net
JanuaryJune % Revenues 2016 4.205.283 (2.399.295) 1.805.988 (193.987) (1.128.655) (69.304) 15.786 8.556 438.384 4.647 (152.953) 50.494 (12.353) (18.527) 804
% Var.
-57,1% 42,9% -4,6% -26,8% -1,6% 0,4% 0,2% 10,4% 0,1% -3,6% 1,2% -0,3% -0,4% 0,0%
-1,1% -2,8% 1,1% 0,8% 5,3% -4,2% -98,6% 152,4% -9,4% 47,3% 9,8% 7,6% -61,1% -100,0% 51,2%
N/A
-
310.496
7,4%
-6,5%
-1,7% 0,4% 5,7% 0,0% 5,7% 0,0% 5,7%
(98.207) 20.959 233.248 (247) 233.001 1.917 231.084
-2,3% 0,5% 5,5% 0,0% 5,5% 0,0% 5,5%
-28,3% -10,9% 2,3% N/A 1,9% -5,0% 2,0%
12,7%
534.203
12,7%
-1,3%
-
For further details, please review the Notes to the Financial Statements at: https://www.gruponutresa.com/en/inversionistas/resultados-y-publicaciones/resultados-trimestrales/#2017-2
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
3
RESULTS 2Q17 CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS OF JUNE 30, 2017
ASSETS Current assets Cash and cash equivalents Trade and other receivables Inventories Biological assets Other current assets Non-current assets held for sale Total current assets Non-current assets Trade and other receivables Biological assets Investments in associated and joint ventures Other financial non-current assets Property, plant and equipment, net Investment properties Goodw ill Other intangible assets Deferred tax assets Other non-current assets Total non-current assets TOTAL ASSETS LIABILITIES Current liabilities Financial obligations Trade and other payables Tax charges Employee benefits liabilities Current provisions Other current liabilities Total current liabilities Non-current liabilities Financial obligations Trade and other payables Employee benefits liabilities Deferred tax liabilities Other non-current liabilities Total non-current liabilities TOTAL LIABILITIES SHAREHOLDER EQUITY Equity attributable to the controlling interest Non-controlling interest TOTAL SHAREHOLDER EQUITY TOTAL LIABILITIES AND EQUITY
June 2017
Decem ber 2016
% Var.
277.418 934.808 1.050.504 85.304 258.291 35.803 2.642.128
219.322 889.197 1.028.417 75.677 246.832 100.330 2.559.775
26,5% 5,1% 2,1% 12,7% 4,6% -64,3% 3,2%
23.944 8.563 175.634 4.081.768 3.377.048 71.751 2.059.277 1.162.725 374.942 95.978 11.431.630 14.073.758
23.495 7.433 164.510 3.885.206 3.383.513 71.842 2.034.454 1.163.671 356.994 48.661 11.139.779 13.699.554
1,9% 15,2% 6,8% 5,1% -0,2% -0,1% 1,2% -0,1% 5,0% 97,2% 2,6% 2,7%
656.202 930.722 200.054 151.445 1.139 43.019 1.982.581
847.689 888.840 163.362 161.592 2.734 49.746 2.113.963
-22,6% 4,7% 22,5% -6,3% -58,3% -13,5% -6,2%
2.514.525 158 229.319 701.487 657 3.446.146 5.428.727
2.277.429 158 216.744 705.700 600 3.200.631 5.314.594
10,4% 0,0% 5,8% -0,6% 9,5% 7,7% 2,1%
8.606.275 38.756 8.645.031 14.073.758
8.346.719 38.241 8.384.960 13.699.554
3,1% 1,3% 3,1% 2,7%
For further details, please review the Notes to the Financial Statements at: https://www.gruponutresa.com/en/inversionistas/resultados-y-publicaciones/resultados-trimestrales/#2017-2
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
4
RESULTS 2Q17 SEPARATE FINANCIAL STATEMENTS INCOME STATEMENT AS OF JUNE 30, 2017
Dividend portfolio Share of profit for the period of subsidiaries Share of profit for the period of associates and joint ventures Gross profit Administrative expenses Exchange differences on operating assets and liabilities Other operating expenses, net Operating profit Financial income Financial expenses Exchange differences on non-operating assets and liabilities Incom e before tax Current income tax Deferred income tax Net profit for the period Earnings per share
January-June 2017
% Revenues
January-June 2016
% Revenues
% Var.
54.204 182.799 811 237.814 (2.224) (1) 1.321 236.910 2 (756) 1 236.157 (42) 338 236.453
22,8% 76,9% 0,3% 100,0% -0,9% 0,0% 0,6% 99,6% 0,0% -0,3% 0,0% 99,3% 0,0% 0,1% 99,0%
50.453 181.899 572 232.924 (2.153) (24) 155 230.902 1 (535) (7) 230.361 (56) 409 230.714
21,7% 78,1% 0,2% 100,0% -0,9% 0,0% 0,1% 99,1% 0,0% -0,2% 0,0% 98,9% 0,0% 0,2% 99,1%
7,4% 0,5% N/A 2,1% 3,3% -95,8% N/A 2,6% 100,0% 41,3% -114,3% 2,5% -25,0% -17,4% 2,5%
513,89
501,42
2,5%
For further details, please review the Notes to the Financial Statements at: https://www.gruponutresa.com/en/inversionistas/resultados-y-publicaciones/resultados-trimestrales/#2017-2
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
5
RESULTS 2Q17 STATEMENT OF FINANCIAL POSITION AS OF JUNE 30, 2017
ASSETS Current assets Cash and cash equivalents Trade and other receivables Other current assets Total current assets Non-current assets Trade and other receivables Investments in subsidiaries Investments in associated Other financial non-current assets Deferred tax assets Other assets Total non-current assets TOTAL ASSETS LIABILITIES Current liabilities Trade and other payables Tax charges Employee benefits liabilities Total current liabilities Non-current liabilities Trade and other payables Employee benefits liabilities Deferred tax liabilities Total non-current liabilities TOTAL LIABILITIES SHAREHOLDER EQUITY TOTAL LIABILITIES AND EQUITY
June 2017
Decem ber 2016
% Var.
79 22.152 400 22.631
42 18.098 938 19.078
88,1% 22,4% -57,4% 18,6%
2.967 4.733.164 147.319 4.008.956 5.552 6 8.897.964 8.920.595
2.972 4.568.234 138.652 3.809.367 4.945 7 8.524.177 8.543.255
-0,2% 3,6% 6,3% 5,2% 12,3% -14,3% 4,4% 4,4%
195.936 171 1.261 197.368
80.968 188 1.068 82.224
142,0% -9,0% 18,1% 140,0%
168 15.246 7.791 23.205 220.573 8.700.022 8.920.595
168 14.413 6.416 20.997 103.221 8.440.034 8.543.255
0,0% 5,8% 21,4% 10,5% 113,7% 3,1% 4,4%
INDICATORS Consolidated Indebtedness - Net debt/EBITDA (12 months) Solvency - Assets/Liabilities Liquidity - Current Assets/Current Liabilities Separate Indebtedness - Net debt/EBITDA Solvency - Assets/Liabilities Liquidity - Current Assets/Current Liabilities
June 2017 Decem ber 2016 2,83 2,59 1,33
2,82 2,58 1,21
June 2017 Decem ber 2016 40,44 0,11
82,77 0,23
For further details, please review the Notes to the Financial Statements at: https://www.gruponutresa.com/en/inversionistas/resultados-y-publicaciones/resultados-trimestrales/#2017-2
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
6
