As of September 2023, Grupo Nutresa's sales grew 17,5% and its EBITDA
increases 14,3%
- Grupo Nutresa was again acknowledged as Colombia's second best-reputed company according to the MERCO Companies and Leaders 2023 monitor.
- Among other highlights, the National Business Association of Colombia granted Carlos Ignacio Gallego the Order of Merit for Business Excellence within the framework of the eighth Colombian Business Congress (CEC).
- As of this year´s third quarter, Grupo Nutresa's consolidated sales amounted to COP 14,3 trillion, 17,5% higher than in 2022. Growth was broad-based among all of its business units and main geographies.
- Innovation-drivenproducts represented 17,0% of total revenues over the term.
- Sales in Colombia reached a total of COP 8,4 trillion, growing by 14,7% over the same term in 2022.
- International sales amounted to COP 5,9 trillion, 21,7% higher than last year's equivalent period. In dollars, they were 12,8% higher reaching USD 1,3 billion.
- The consolidated EBITDA for the term was COP 1,69 trillion, with an 11,9% margin and a growth of 14,3%.
Medellín, October 27, 2023.
In an environment outlined by inflationary pressures, high interest rates, and global geopolitical tensions that result in market uncertainty and volatility, Grupo Nutresa remains committed to society through an affordable and competitive value proposition adjusted to the needs and purchasing power of consumers and their families.
With its organizational capabilities and sustainability-focused vision, the Organization continues to manage its portfolio to deliver nutritious and reliable food alternatives adjusted to the needs of clients, shoppers, and consumers; while investing in its mega-brands and ensuring profitability through an agile, timely, and competitive operation.
In other news, and in alignment with its corporate performance philosophy, Grupo Nutresa was acknowledged as the second best-reputed company in Colombia, and the top one in the food sector, according to the MERCO Companies and Leaders 2023 monitor. This acknowledgment motivates us and strengthens our commitment to keep building a people-centered organization that prioritizes ethics, responsible corporate citizenship, the respect and acknowledgment of our peers, good corporate governance, and innovation and competitiveness.
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Consolidated Financial Results of Grupo Nutresa S. A. for the third quarter of 2023
As of the closing of September, Grupo Nutresa's consolidated third-quarter sales amount to COP 14,3 trillion, representing a 17,5% increase over the sales reported for the same period in 2022. Growth was broad-based among all of its business units and main geographies.
Innovation-driven products continue to be a driver of profitable growth, representing 17,0% of the Company's total sales.
In Colombia, operating revenues grew 14,7% and amounted to COP 8,4 trillion, which is equivalent to 58,7% of Grupo Nutresa's total revenue.
International sales totaled COP 5,9 trillion, representing 41,3% of total sales and a 21,7% growth over the same period in 2022. In dollars, these sales amounted to USD 1,3 billion, representing a 12,8% growth.
Gross profit for the term reached COP 5,5 trillion, a 23,0% expansion, which is higher than revenue growth for the term. A timely hedging strategy and cost reductions from several commodities benefited this result, which signified a 170 bps margin expansion.
Grupo Nutresa continues managing the inflationary pressures with a permanent search for efficiency and productivity at the cost-and-expense level. As a result of this, the, administrative, sales, and production expenses grew 23,2% over the period. For its part, the operating profit amounted to COP 1,3 trillion, representing a 16,5% increase compared to the corresponding term in 2022.
In terms of profitability, Grupo Nutresa reports an EBITDA margin of 11,9%, amounting to COP 1,69 trillion, with a growth rate of 14,3%.
In the post-operative items, the Organization reports COP 56.439 million in financial revenues. In terms of financial expenses, the Company records a 112,1% growth due to high interest rates across all the geographies where it operates.
Lastly, and because of greater financial costs and a lower dilution of operating expenses over the period, the Organization reports a net profit of COP 592.755 million, which is 18,0% lower than the profit recorded in the same term of 2022.
Separate Financial Statements
The Separate Financial Statements of Grupo Nutresa S. A. report COP 591.551 million in operating revenues, from which COP 464.588 million correspond to the profit obtained through
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the equity method of the investments in food companies and COP 126.963 million corresponds to dividends from the investment portfolio. Furthermore, the net profit totaled COP 592.871 million.
The consolidated and separate financial statements, as of September 30, 2023, as well as the related financial indicators, are an integral part of this release.
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CONSOLIDATED FINANCIAL STATEMENTS
INCOME STATEMENT AS OF SEPTEMBER 30, 2023
January- | January- | ||||
September | % Revenues | September | % Revenues | % Var. | |
2023 | 2022 | ||||
Continuing operations | |||||
Operating revenue | 14.285.983 | 12.156.790 | 17,5% | ||
Cost of goods sold | (8.767.887) | -61,4% | (7.669.689) | -63,1% | 14,3% |
Gross profit | 5.518.096 | 38,6% | 4.487.101 | 36,9% | 23,0% |
Administrative expenses | (550.052) | -3,9% | (453.706) | -3,7% | 21,2% |
Sales expenses | (3.359.952) | -23,5% | (2.755.003) | -22,7% | 22,0% |
Production expenses | (256.065) | -1,8% | (173.230) | -1,4% | 47,8% |
Exchange differences on operating assets and liabilities | (35.217) | -0,2% | 32.446 | 0,3% | N/A |
Other operating income, net | 16.824 | 0,1% | 6.971 | 0,1% | 141,3% |
Operating profit | 1.333.634 | 9,3% | 1.144.579 | 9,4% | 16,5% |
Financial income | 56.439 | 0,4% | 27.700 | 0,2% | 103,8% |
Financial expenses | (595.836) | -4,2% | (280.986) | -2,3% | 112,1% |
Dividends | 126.999 | 0,9% | 90.211 | 0,7% | 40,8% |
Exchange differences on non-operating assets and liabilities | (84.009) | -0,6% | 32.363 | 0,3% | N/A |
Share of profit of associates and joint ventures | (977) | 0,0% | 18.421 | 0,2% | -105,3% |
Other expenses | (2.776) | 0,0% | (11) | 0,0% | N/A |
Income before tax and non-controlling interest | 833.474 | 5,8% | 1.032.277 | 8,5% | -19,3% |
Current income tax | (256.818) | -1,8% | (334.113) | -2,7% | -23,1% |
Deferred income tax | 30.170 | 0,2% | 42.439 | 0,3% | -28,9% |
Profit after taxes from continuous operations | 606.826 | 4,2% | 740.603 | 6,1% | -18,1% |
Discontinued operations, after income tax | - | 0,0% | (21) | 0,0% | -100,0% |
Net profit for the period | 606.826 | 4,2% | 740.582 | 6,1% | -18,1% |
Non-controlling interest | 14.071 | 0,1% | 17.533 | 0,1% | -19,7% |
Profit for the period attributable to controlling interest | 592.755 | 4,1% | 723.049 | 5,9% | -18,0% |
EBITDA | 1.693.162 | 11,9% | 1.480.965 | 12,2% | 14,3% |
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STATEMENT OF FINANCIAL POSITION AS OF SEPTEMBER 30, 2023
September 2023 | December 2022 | % Var. | |
ASSETS | |||
Current assets | |||
Cash and cash equivalents | 915.687 | 1.060.247 | -13,6% |
Trade and other receivables, net | 1.867.384 | 1.856.746 | 0,6% |
Inventories | 2.581.902 | 3.004.244 | -14,1% |
Biological assets | 240.450 | 259.373 | -7,3% |
Other assets | 821.007 | 619.202 | 32,6% |
Non-current assets held for sale | 177 | 177 | 0,0% |
Total current assets | 6.426.607 | 6.799.989 | -5,5% |
Non-current assets | |||
Trade and other receivables, net | 36.959 | 47.527 | -22,2% |
Biological assets | 1.321 | 11.379 | -88,4% |
Investments in associated and joint ventures | 273.505 | 232.133 | 17,8% |
Equity investments at fair value | 2.894.508 | 3.547.040 | -18,4% |
Property, plant and equipment, net | 3.899.229 | 4.036.758 | -3,4% |
Right-of-use assets | 936.683 | 908.113 | 3,1% |
Investment properties | 8.187 | 8.425 | -2,8% |
Goodwill | 2.436.602 | 2.744.103 | -11,2% |
Other intangible assets | 1.387.510 | 1.513.574 | -8,3% |
Deferred tax assets | 810.286 | 887.513 | -8,7% |
Other assets | 15.449 | 20.834 | -25,8% |
Total non-current assets | 12.700.239 | 13.957.399 | -9,0% |
TOTAL ASSETS | 19.126.846 | 20.757.388 | -7,9% |
LIABILITIES | |||
Current liabilities | |||
Financial obligations | 884.835 | 588.630 | 50,3% |
Right-of-use liabilities | 105.836 | 101.236 | 4,5% |
Trade and other payables | 2.111.813 | 2.237.380 | -5,6% |
Tax charges | 505.731 | 348.993 | 44,9% |
Employee benefits liabilities | 351.412 | 301.788 | 16,4% |
Provisions | 6.071 | 3.693 | 64,4% |
Other liabilities | 192.685 | 226.995 | -15,1% |
Total current liabilities | 4.158.383 | 3.808.715 | 9,2% |
Non-current liabilities | |||
Financial obligations | 3.400.633 | 3.782.499 | -10,1% |
Right-of-use liabilities | 926.445 | 886.573 | 4,5% |
Employee benefits liabilities | 219.417 | 216.791 | 1,2% |
Deferred tax liabilities | 1.140.088 | 1.251.290 | -8,9% |
Provisions | 7.268 | 6.823 | 6,5% |
Total non-current liabilities | 5.693.851 | 6.143.976 | -7,3% |
TOTAL LIABILITIES | 9.852.234 | 9.952.691 | -1,0% |
SHAREHOLDER EQUITY | |||
Equity attributable to the controlling interest | 9.200.395 | 10.716.381 | -14,1% |
Non-controlling interest | 74.217 | 88.316 | -16,0% |
TOTAL SHAREHOLDER EQUITY | 9.274.612 | 10.804.697 | -14,2% |
TOTAL LIABILITIES AND EQUITY | 19.126.846 | 20.757.388 | -7,9% |
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SEPARATE FINANCIAL STATEMENTS
INCOME STATEMENT AS OF SEPTEMBER 30, 2023
January- | January- | ||||
September | % Revenues | September | % Revenues | % Var. | |
2023 | 2022 | ||||
Portfolio dividends | 126.963 | 21,5% | 90.192 | 12,3% | 40,8% |
Share of profit for the period of subsidiaries | 473.555 | 80,1% | 633.345 | 86,3% | -25,2% |
Share of profit for the period of associates | (8.967) | -1,5% | 10.093 | 1,4% | -188,8% |
Gross profit | 591.551 | 100,0% | 733.630 | 100,0% | -19,4% |
Administrative expenses | (2.509) | -0,4% | (5.805) | -0,8% | -56,8% |
Exchange differences on operating assets and liabilities | 1.135 | 0,2% | 104 | 0,0% | N/A |
Other operating income, net | 15 | 0,0% | (9) | 0,0% | N/A |
Operating profit | 590.192 | 99,8% | 727.920 | 99,2% | -18,9% |
Financial income | 3.680 | 0,6% | 146 | 0,0% | N/A |
Financial expenses | (2.556) | -0,4% | (1.593) | -0,2% | 60,5% |
Exchange differences on non-operating assets and liabilities | (733) | -0,1% | 326 | 0,0% | N/A |
Income before tax | 590.583 | 99,8% | 726.799 | 99,1% | -18,7% |
Current income tax | (850) | -0,1% | (104) | 0,0% | N/A |
Deferred income tax | 3.138 | 0,5% | (3.532) | -0,5% | -188,8% |
Net profit for the period | 592.871 | 100,2% | 723.163 | 98,6% | -18,0% |
Earnings per share | 1.295,17 | 1.579,80 | -18,0% |
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STATEMENT OF FINANCIAL POSITION AS OF SEPTEMBER 30, 2023
September 2023 | December 2022 | % Var. | |
ASSETS | |||
Current assets | |||
Cash and cash equivalents | 122 | 75 | 62,7% |
Trade and other receivables | 68.225 | 29.243 | 133,3% |
Other assets | 2.198 | 120 | N/A |
Total current assets | 70.545 | 29.438 | 139,6% |
Non-current assets | |||
Trade and other receivables | 110 | 73 | 50,7% |
Investments in subsidiaries | 6.714.191 | 7.460.947 | -10,0% |
Investments in associated | 213.789 | 165.432 | 29,2% |
Equity investments at fair value | 2.806.001 | 3.435.763 | -18,3% |
Right-of-use assets | 55 | 70 | -21,4% |
Other assets | 24 | 10 | 140,0% |
Total non-current assets | 9.734.170 | 11.062.295 | -12,0% |
TOTAL ASSETS | 9.804.715 | 11.091.733 | -11,6% |
LIABILITIES | |||
Current liabilities | |||
Trade and other payables | 356.083 | 127.739 | 178,8% |
Tax charges | 3.535 | 1.818 | 94,4% |
Right-of-use liabilities | 21 | 21 | 0,0% |
Employee benefits liabilities | 3.336 | 3.209 | 4,0% |
Total current liabilities | 362.975 | 132.787 | 173,4% |
Non-current liabilities | |||
Employee benefits liabilities | 4.436 | 3.260 | 36,1% |
Deferred tax liabilities | 1.446 | 6.937 | -79,2% |
Other liabilities | 387 | - | - |
Right-of-use liabilities | 40 | 54 | -25,9% |
Total non-current liabilities | 6.309 | 10.251 | -38,5% |
TOTAL LIABILITIES | 369.284 | 143.038 | 158,2% |
SHAREHOLDER EQUITY | 9.435.431 | 10.948.695 | -13,8% |
TOTAL LIABILITIES AND EQUITY | 9.804.715 | 11.091.733 | -11,6% |
INDICATORS
Consolidated | September 2023 | December 2022 |
Indebtedness - Net debt/EBITDA (12 months) | 1,71 | 1,85 |
Solvency - Assets/Liabilities | 1,94 | 2,09 |
Liquidity - Current Assets/Current Liabilities | 1,55 | 1,79 |
Separate | September 2023 | December 2022 |
Indebtedness - Net debt/EBITDA | - | - |
Solvency - Assets/Liabilities | 26,55 | 77,54 |
Liquidity - Current Assets/Current Liabilities | 0,19 | 0,22 |
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Grupo Nutresa SA published this content on 27 October 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 October 2023 19:51:10 UTC.