2015 UPDATED 1T15 CORPORATE PRESENTATION 2015-06-03 REVISION - - PowerPoint PPT Presentation

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2015 UPDATED 1T15 CORPORATE PRESENTATION 2015-06-03 REVISION - - PowerPoint PPT Presentation

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2015 UPDATED 1T15 CORPORATE PRESENTATION 2015-06-03 REVISION SCALE BUSINESS MODEL PILLARS PEOPLE ONE OF THE Includes Grupo El Corral LARGEST FOOD 44.407 12.538 COMPANIES IN 35 AMERICA % EMPLOYEES OUTSIDE COLOMBIA MARKET CAP OF OF

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SLIDE 1

CORPORATE PRESENTATION

UPDATED 1T15

2015

2015-06-03 REVISION

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SLIDE 2

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%

P r

  • F
  • r

m a 2 1 4

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SLIDE 3

International sales and distribution network

Biscuits

Chocolates

Coffee Pasta Cold Cuts TMLUC*

*this business unit will report figures beginning in 2015

Ice Cream

3

* TMLUC = Tresmontes Lucchetti

Corporate Structure

Retail Food

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SLIDE 4

4

Acquisitions (19) Mergers (5) New Businesses (3) Costa Rica Colombia Colombia Colombia Puerto Rico Chile Costa Rica Panama Colombia Mexico Panama Panama & Nicaragua Colombia Colombia Colombia Colombia Costa Rica Costa Rica Peru Panama USA Dominican Republic Malaysia Biscuits Nestlé

2000 2002 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Malaysia Colombia Chocolates Nestlé Joint Ventures (3)

USD

1,7

BILLION

INVESTED IN 19 SUCCESSFUL ACQUISITIONS

Significant Expansion Since 2000

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SLIDE 5

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%

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SLIDE 6

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%

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SLIDE 7

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

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SLIDE 8

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

“ “

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SLIDE 9

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

  • f our Business Model
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SLIDE 10

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
  • fficials
  • Monitoring and strict compliance of the regulations in each

country

10

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SLIDE 11

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

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SLIDE 12

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

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SLIDE 13

Business Model: Brands

13

Biscuits Chocolates Cold cuts Coffee TMLUC Ice Cream Pasta

Retail Food

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SLIDE 14

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

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SLIDE 15

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

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SLIDE 16

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

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SLIDE 17

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

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SLIDE 18

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

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SLIDE 19

International Phases

Exportable surpluses First steps Sales by distributors Knowledge

  • f new markets

Lack of knowledge

  • f 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

  • f consumers

Synergies Value networks Appropriate portfolio Talent / cultures Talent / cultures Value creation

Partnership Our Own Distribution Productive Platform Exports

19

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SLIDE 20

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

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SLIDE 21

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

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SLIDE 22 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

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SLIDE 23

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 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% 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 MILLION PESOS MILLION PESOS

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SLIDE 24

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

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SLIDE 25

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, excluding investments in unconsolidated companies / 12 months (1) Grupo de alimentos excluyendo inversiones en sociedades que no consolidan/12 meses

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SLIDE 26

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, excluding investments (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 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

slide-27
SLIDE 27

Consolidated net debt

27

978 486 399 1.581 1.749 2.714 500 1.000 1.500 2.000 2.500 3.000 dic./10 dic./11 dic./12 dic./13 dic./14 mar./15 COP billions 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

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SLIDE 28

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 0.00% Repos 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

slide-29
SLIDE 29

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

  • f 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%

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SLIDE 30

Contact Details

This presentation and further detailed information can be found in the following link in

  • ur 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: ajimenez@gruponutresa.com 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 gloria.mata@bnymellon.com Telephone 212 815 5822 BNYM – Sell-Side Kristen Resch Kristen.resch@bnymellon.com Telephone 212 815 2213 BNYM – Buy-Side Angelo Fazio Angelo.fazio@bnymellon.com Telephone 212 815 2892 BNYM – Sell-Side/Buy-Side Mark Lewis Mark.lewis@bnymellon.com Telephone 44 207 964 6415

NEW YORK NEW YORK LONDON

30

slide-31
SLIDE 31

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

  • f the registered securities or the solvency of the issuer.”

31

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SLIDE 32

1T15 RESULTS

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SLIDE 33

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

slide-34
SLIDE 34

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

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SLIDE 35

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

MILLION DOLLARS

365,4 171,0 182,0 126,5 107,0 60,8 34,4

50 100 150 200 250 300 350 400

BILLION PESOS

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

slide-36
SLIDE 36

419,3 336,3 276,5 208,2 199,2 107,0 61,2 73,1 50

100 150 200 250 300 350 400 450

BILLION PESOS

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

slide-37
SLIDE 37

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

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SLIDE 38

55,9 44,7 30,6 45,0 22,4 14,8 7,5 12,7

  • 10

20 30 40 50 60

BILLION PESOS

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

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SLIDE 39

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%
slide-40
SLIDE 40

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 E 12.240.299 11.839.743 3,4%