Grupo Nutresa’s first semester consolidated sales grow 7,4% with an EBITDA margin of 13,9%26 July, 2019
- Total sales at the closing of the first half of the year amount to COP 4,6 trillion, an increase of 7,4%.
- Sales in Colombia stand at COP 2,9 trillion, keeping a growing trend and increasing by 5,2% compared to the same period in 2018.
- International sales, which amount to COP 1,7 trillion, represent 37,3% of total sales and are 11,2% higher. In USD, and due to the devaluation of several currencies in the region against the dollar, international sales decrease by 0,6%.
- Consolidated EBITDA amounts to COP 647.994 million, with a 13,9% margin.
Medellin, July 26, 2019. Grupo Nutresa S.A. (BVC: NUTRESA) discloses its consolidated financial results as of June 30, 2019, following the new accounting standard for leases in the financial statements, IFRS16*.
At the closing of the period, Grupo Nutresa’s consolidated sales amount to COP 4,6 trillion, representing a 7,4% increase when compared to the corresponding term in 2018.
Revenues in Colombia continue to post a positive performance, amounting to COP 2,9 trillion, which are equivalent to 62,7% of the total revenues, with a growth of 5,2% when compared to the same period of 2018. This result is composed of volume increases of 4,2% and price increases of 0,9%.
International sales, which amount to COP 1,7 trillion, represent 37,3% of the total sales and are 11,2% higher than the international sales for the first half of 2018. When stated in dollars, these international sales totaled USD 544 million, a decrease of 0,6%, explained by currency devaluations in some countries from Grupo Nutresa’s strategic region.
Gross profit amounts to COP 2,1 trillion, increasing by 7,0% with respect to the same period in 2018. Gross margin decreases by 0,2% when compared to the first half of the previous year as a result of increases in the costs of several commodities and the exchange rate associated with some of them.
As a result of continuous expense-management strategies to increase efficiency and productivity, operating expenses increase 4,5%; less than revenue growth. In consequence, the operating profit of COP 465.324 million, reports a 16,2% increase when compared to the previous year.
In terms of profitability, the Organization reports an EBITDA margin of 13,9%, amounting to COP 647.994 million and increasing 20% over the EBITDA margin reported last year. It should be noted that, when eliminating the effect of the previously mentioned new IFRS16 accounting standard, the operating profit would have grown by 11,8% and the EBITDA by 6,3%, with a margin of 12,3%.
Net post-operative expenses, which amount to COP 80.495 million, include the accounting of the expenses related to the leases, as well as the reduction in the financial expenses due to lower rates and lower debt.
Finally, the Organization reports a consolidated net profit of COP 280.920 million, which is 14,6% higher than the one reported for the same period in 2018.
Separate Financial Statements of Grupo Nutresa S.A.
The Separate Financial Statements of Grupo Nutresa S.A. report COP 285.584 million in operating revenues for the first half of 2019, which are derived from the application of the equity method on subsidiaries and associated companies for COP 224.091million, and from the recognition of dividends from the investment portfolio totaling COP 61.493 million. Net profit amounts to COP 284.673 million and the equity totals COP 8.6 trillion.
* The changes derived from the new standard can be reviewed in more detail in the quarterly results section available in Grupo Nutresa’s website: gruponutresa.com.