2014 CORPORATE PRESENTATION Reviewed 4Q14 6 th 5,5 43.400 Billions 12.371 IN 2014 2,9 168 13,7% 17 50Millions 35% 100 60,6% 1,1 Billions 1 8 40 72 14 10% 5 4 th MILLION 12.800 Corporate structure 3 Malaysia Chile 2013 2014 Colombia 2012 Colombia Costa Rica Panama 2011 Malaysia 2010 Dominican Republic Colombia 2009 USA Mexico Colombia Costa Rica 2008 Panama Panama & Nicaragua 2007 Colombia 2006 Peru 2005 USD 1,7 billion invested in 19 succesful acquisitions Costa Rica Colombia Puerto Rico 2004 Biscuits Nestlé Chocolates Nestlé Panama 2002 Costa Rica 2000 Colombia Colombia Colombia Significant expansion since 2000 Acquisitions (19) Mergers (5) New businesses (6) 4 Sales by region 7.0% USA 3.7% Mexico 1.4% Dominican Rep. & Caribbean 7.4% Central America 2.5% Venezuela 65.1% Colombia 1.1% Ecuador 2.0% Peru 2.1% Other countries 7.9% Chile 34.9% International sales 5 Pro-forma 2014 Sales by business unit USDmillion|COP/USD2.378,56 Pasta Ice cream 3% 6% Retail food 8% TMLUC 11% Pasta Ice cream 3% 7% Cold cuts 25% $2.888 Biscuits 18% Chocolates 16% Retail food 10% TMLUC 10% $2.717* Coffees 11% International sales by business unit EBITDA by business unit Coffees 15% Retail food 5% Cold cuts 10% Cold cuts 23% $394 TMLUC 34% $363* 13,7% $13,4%* Chocolates 14% Biscuits 18% USD1.115 33% Biscuits 24% $1.115* 35%* Coffees 12% Chocolates 15% 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. * Official2014 results-COLGAAP 6 GRUPO EL CORRAL ACQUISITION: OWN BRANDS- 93% OF SALES Final price: COP743.401 mm (USD 313mm) Financing: Bank loans: COP685.000 mm Cash: COP58.401(USD25mm) (USD288mm) MAIN PRO-FORMA FIGURES 2014: Combined sales: COP407.600 mm Ebitda: COP73.500 mm (USD31mm) Margin: 18% Stores (Colombia): 345 Stores (Abroad): 17 - franchised Employees: 4.500+ (USD171mm) GLOBAL BRANDS - 7% OF SALES 7 Main strategic goal * Through organic growth 8 8 Key differentiators of our business model 9 Business Risks 10 Corporate governance Board of directors 11 Business model: People 12 Business model: Brands BRAND MANAGEMENT MODEL • Portfolio of 168 brands • 17 brands selling over $50 MM • 24 brands with #1 market share in key markets • 45 brands with over 20 years of existence • 29 brands present in more than one market 13 Market share Colombia + TMLUC Market share Colombia: 60.6% (+0,6%) Cold cuts Biscuits 73,3% 55,1% +0,6% +0,9% Chocolates Chocolate confectionary 66,6% (A) +0,1% Coffee Roast and ground coffee (A) 55,8% -0,2% Hot chocolate 63,2% (B) +0,7% Soluble coffee (B) Milk modifiers 25,4% (C) -2,3% 41,6% (A) #2 Colombina 7,6% (B) #2 Casa Lúker 25,3% (C) #1 Nestlé 68,9% (D) Frito Lay 25,7% *ICB= Instant Cold Beverages Source: Nielsen twelve month as of november 2014. (% share as in value and change vs. same period last year) 52,3% +1,6% TMLUC ICB* 63,2% (A)/-0,2% Pastas 28,8% (B)/-1% Coffee 16,6% (C)/-0,2% Potato Chips 13,5% (D)/+2,8% +1,9% (D) #2 Nestlé 12,0% #3 Mondelez 10,7% ICE CREAM ND Pasta +0.3% Nuts 49,3% #2 Private labels 7,3% #3 Friko 0,6% Ice cream México ICB* 30,8% (E)/+0,7% (A) #2 Águila Roja 23,5% (B) #1 Nestlé 44,4% #2 La Muñeca 30,1% (A) #2 Carozzi 35,3% (B) #1 Carozzi 45,0% (C) #1 Nestlé 71,4% (D) #1 Mondelez 51.2% 14 Business model: Distribution 15 International expansion model 16 Internationalization phases 17 M&A Strategy STRATEGIC REGION WHAT ARE OUR TARGETS: • 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 Interested + Interested Not interested Not interested – not in our region Southeast Asia HEALTH AND NUTRITION Support the growth of our healthy and nutritional products portafolio 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. 18 Corporate Philosophy and Performance 19 Sustainable growth 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 20 Increasing value generation Sales 7.000 International 5.000 2.258 Colombia 1.116 3.000 2.026 1.511 1.561 4.000 2.000 1.000 18,7% TACC 1.226 1.496 871 629 454 407 1.740 2.243 1.843 2.578 2.893 3.233 3.092 3.872 3.795 3.496 4.204 9,2% TACC 0 Growth • 2/3 organic (1/3 price & 2/3 volume) • 1/3 inorganic COP MILES DE MILLONES COP MILES DE MILLONES 6.000 last 10 yr: 11,6% CAGR 1.000 800 15,0% 600 15,3% 14,2% 13,3% EBITDA Margin EBITDA 20% 14,2% 12,0% 12,1% 11,2% 400 200 323 326 383 2004 2005 2006 529 570 551 538 568 2007 2008 2009 2010 2011 12,6% 671 14,1% 13,4% 833 864 15% 10% 5% 0 0% 2012 last 10 yr: 10,3%CAGR 2013 2014 21 Shareholder base / adjusted multiple 22 Multiples (dic-14) EV/EBITDA EV/EBITDA Alimentos - food23,8 25 20 20,3 17,0 18,1 14,7 15 5 10,0 18,5 18,0 12,9 2011 16,5 17,3 12,0 12,1 12,5 2012 2013 2014 13,1 16,7 14,2 10 EV/EBITDA Total 10,2 10,1 2007 2008 12,6 0 2005 2006 2009 2010 23 Consolidated net debt Billion pesos 2.000 1.800 1.600 1.400 1.581 1.637 mar./14 1.780 1.807 1.749 jun./14 sep./14 dic./14 1.200 1.000 800 978 600 400 486 200 399 0 Ratio Net debt / EBITDA EBITDA / Interest Interest / Sales dic./10 dic./11 dic./12 dic./13 dic-10 1.82 8.60 1.40% dic-11 0.86 8.85 1.27% dic-12 0.59 12.74 0.99% dic-13 1.90 10.38 1.36% mar-14 1.88 8.62 1.62% jun-14 2.04 7.11 1.96% sep-14 2.01 6.64 2.10% dic-14 2.02 6.36 2.10% Note: Sales, EBITDA and interest of the last 12 months 24 Debt profile Deuda por Moneda C OP C LP PEN USD MXN ARS VEF Deuda por Tasa IPC DTF IBR TAB Nominal Tasa Fija > 1 Año LIBOR TIIE México Tasa Fija < 1 Año (6) Actual (6) 78,4% 12,8% 4,5% 3,0% 1,2% 0,1% 0,1% Actual 36,9% 27,5% 13,9% 12,6% 4,8% 2,7% 1,2% 0,3% Tasa de Endeudamiento Monto Total Bilateral C OP $ 1.174.378.000.000 Bonos Fideicomiso GN $ 401.459.000.000 Bilateral otras monedas$ (4) 199.163.516.386 C artas de C rédito $ 163.094.824.996 Bonos Perú $ 94.834.233.846 Finagros $ 81.288.000.000 Leasing $ 2.114.459.820 Impuestos $0 Repos $0 Tasa Promedio (5) 6,95% 8,81% 5,22% 3,19% 8,84% 4,20% 6,98% 0,00% 0,00% Tasa promedio sin Impuestos 6,80% Deuda por Plazo (3) (POR VENCIMIENTO) Largo plazo >5 años. 41,3% Mediano plazo (1-5 años.) 37,5% C orto plazo <1 año. 21,2% Vida media Deuda 4,31 25 Raw materials COGS BREAKDOWN GRUPO NUTRESA COMMODITIES INDEX ICGN – Diciembre 2014 46.4% Others(1) 160 Base 100, December 2012 (3Q14) 150 12,0% Pack. Mat. 9,2% Coffee 144 140 130 120 107 110 100 90 92 113 8,4% Pork 112 95 86 6,6% Wheat 80 70 2008 2009 2010 2011 2012 2013 2014 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 5,3% Cocoa 1,9% Milk 1,6% Poultry 3,8% Sugar 4,7% Beef 4,1% Oils & fats (1) Other components with individual participations lower than 1% 26 Contact details Alejandro Jiménez Moreno Investor Relations Director Tel: (+574) 3258731 email: [email protected] www.gruponutresa.com 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 For more information regarding Grupo Nutresa's level 1 ADR, please call The Bank of New York Mellon marketing desks: New York New York New York London BNYM-Latin America BNYM-Sell-Side BNYM-Buy-Side BNYM-Sell-Side/Buy-Side Gloria Mata Kristen Resch Angelo Fazio Mark Lewis [email protected] [email protected] [email protected] [email protected] Telephone 212 815 5822 Telephone 212 815 2213 Telephone 212 815 2892 Telephone 44 207 964 6419 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 of the registered securities or the solvency of the issuer.” 32
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