2014 CO CORPO RPORATE RATE PRE RESENTATI NTATION ON Revie viewe wed 4Q1 Q14
6 th 5,5 43.400 12.371 Billions IN 2014 2,9 13,7% 168 19 50 Millions 35% 100 60,6 % 1,1 Billions 1 MILLION 8 12.800 40 72 4 14 th 5 10%
Corporate Co orate structur ructure 4
Signifi ficant cant expansi sion on since 2000 USD 1,7 billion invested in 19 succesful Colombia Colombia acquisitions Puerto Rico Costa Rica Colombia Panama & Colombia Nicaragua Costa Rica Colombia Colombia Colombia Malaysia Panama Mexico Chile 2000 2002 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Costa Rica Costa Rica Peru Panama USA Dominican Republic Malaysia Colombia Colombia Biscuits Nestlé Panama Chocolates Mergers (5) New businesses (6) Acquisitions (19) Nestlé 5
Sales by 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 6
Pro-fo form rma 2014 Sales by EBITDA by International sales by business unit business unit business unit Pasta Pasta Retail food Cold cuts 3% Ice cream 3% 5% 10% Ice cream 7% 6% Cold cuts Cold cuts Retail food Retail food 23% 25% 8% 10% $ 394 USD 1.115 /USD 2.378,56 TMLUC $ 2.888 Biscuits $ 363* 33% TMLUC 34% TMLUC 24% 10% 11% $ 2.717* 13,7% $ 1.115* USD million| COP Biscuits 35%* $ 13,4%* Biscuits 18% Coffees Coffees 18% 11% 15% Chocolates Coffees Chocolates Chocolates 15% 12% 16% 14% 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. 7 * Official 2014 results - COLGAAP
GRU RUPO PO EL CO CORR RRAL AL ACQ CQUISITI UISITION ON: : OWN BRANDS- 93% OF SALES Final price: COP743.401 mm (USD 313mm) Financing: Bank loans: COP685.000 mm (USD288mm) Cash: COP58.401 (USD25mm) MAIN PRO-FORMA FIGURES 2014: Combined sales: COP407.600 mm (USD171mm) Ebitda: COP73.500 mm (USD31mm) Margin: 18% Stores (Colombia): 345 GLOBAL BRANDS - 7% OF SALES Stores (Abroad): 17 - franchised Employees: 4.500+ 8
Main str trate ategic gic goal 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 * Through organic growth best price/value relation ; widely available in our strategic region, managed by talented, innovative, committed and responsible people, who contribute to sustainable development.” 9 9
Di Differe ferent ntiating ating Aspect cts s of our Business ess Model 10
Business ess Ri Risks 11
Co Corporate orate governa rnance nce Board of directors 12
Business ess model: l: People 13
Business ess model: l: Brands ds BRAND MANAGEMENT MODEL • Portfolio of 157 brands • 17 brands selling over $50 MM • 22 brands with #1 market share in key markets • 44 brands with over 20 years of existence • 28 brands present in more than one market 14
Market ket share re Co Colombia ia + TMLUC UC Mar Market sh t share Colom Colombia: ia: 60.6% (+0 .6% (+0,6%) ,6%) Cold cuts Biscuits Chocolates Coffee Ice cream Pasta TMLUC Chocolate Roast and ground 73,3% 55,1% ICB* 52,3% ICE CREAM confectionary coffee (A) 63,2% (A)/-0,2% ND +0,6% +0,9% +1,6% 66,6% (A ) 55,8% +0,1% Pastas -0,2% 28,8% (B)/-1% Hot chocolate 63,2% (B) +0,7% Coffee Soluble coffee (B) 16,6% (C)/-0,2 % 41,6% Milk modifiers 25,4% (C) +0.3% -2,3% Potato Chips Nuts 13,5% (D)/+2,8% 49,3% +1,9% (D) México ICB* 30,8% (E)/+0,7% (A) #2 Colombina 7,6% (A) #2 Carozzi 35,3% (A) #2 Águila Roja 23,5% #2 La Muñeca 30,1% #2 Nestlé 12,0% #2 Private labels 7,3% (B) #1 Carozzi 45,0% (B) #2 Casa Lúker 25,3% (B) #1 Nestlé 44,4% #3 Mondelez 10,7% (C) #1 Nestlé 68,9% (C) #1 Nestlé 71,4% #3 Friko 0,6% (D) Frito Lay 25,7% (D) #1 Mondelez 51.2% *ICB= Instant Cold Beverages Source: Nielsen twelve month as of november 2014. (% share as in value and change vs. same period last year) 15
Business ess model: l: Di Distr tribut ution REVENUE MIX BY CHANNEL 3% 7% Industrial Food Service (HORECA) 7% Alternative 22% +1mm Supermarket 61% chains Clients Traditional (Mom-and- pop Stores) / Independent +12.800 Retail Stores sellers 16
Internati ternation onal al expansi sion on model 17
Internati ternation onali alizatio zation n phases 18
M&A Strategy rategy 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 HEALTH AND NUTRITION Not interested Not interested – not in our region 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. 19 Southeast Asia
Co Corporate orate Philosop ophy hy and Performa formance nce 20
Sustai tainab able le growt wth 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 21
Incre creasing asing value generati ration on Sales last 10 yr: 11,6% CAGR 7.000 6.000 International COP MILES DE MILLONES 18,7% TACC 2.258 5.000 Colombia 2.026 1.511 1.561 4.000 1.496 1.226 1.116 3.000 871 629 9,2% TACC 454 4.204 2.000 407 3.872 3.795 3.496 3.233 3.092 2.893 2.578 2.243 1.000 1.843 1.740 0 • 2/3 organic (1/3 price & 2/3 volume) Growth • 1/3 inorganic EBITDA 1.000 20% COP MILES DE MILLONES 15,3% 15,0% 14,2% 14,2% 14,1% 800 13,4% 13,3% 12,6% 15% 12,0% 12,1% 11,2% EBITDA 600 Margin last 10 yr: 10% 864 833 10,3%CAGR 400 671 570 568 551 529 538 5% 200 383 326 323 0 0% 22 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Shareh ehold older er base / adjuste sted d multipl iple 6% 10% Grupo Sura 35% Other 16% Other funds Grupo Argos Foreign investors 33% 23
Multi tiple ples s (dic-14) EV/EBITDA 23,8 EV/EBITDA Alimentos - food EV/EBITDA Total 25 20,3 18,5 18,1 18,0 17,3 17,0 20 16,5 14,7 13,1 15 16,7 14,2 10 12,9 12,6 12,5 12,1 12,0 10,2 10,1 10,0 5 0 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 24
Co Consolidated dated net debt 2.000 1.800 Billion pesos 1.807 1.780 1.749 1.600 1.637 1.581 1.400 1.200 1.000 978 800 600 400 486 399 200 0 dic/10 dic/11 dic/12 dic/13 mar/14 jun/14 sep/14 dic/14 Ratio dic-10 dic-11 dic-12 dic-13 mar-14 jun-14 sep-14 dic-14 Net debt / EBITDA 1.82 0.86 0.59 1.90 1.88 2.04 2.01 2.02 EBITDA / Interest 8.60 8.85 12.74 10.38 8.62 7.11 6.64 6.36 Interest / Sales 1.40% 1.27% 0.99% 1.36% 1.62% 1.96% 2.10% 2.10% Note: Sales, EBITDA and interest of the last 12 months 25
Debt profi De file le Deuda por Moneda Actual Tasa de Endeudamie Monto Total Tasa Promedio COP 78,4% Bilateral COP $ 1.174.378.000.000 6,95% CLP 12,8% Bonos Fideicomiso GN $ 401.459.000.000 8,81% PEN 4,5% Bilateral otras moneda $ 199.163.516.386 5,22% USD 3,0% Cartas de Crédito $ 163.094.824.996 3,19% MXN 1,2% Bonos Perú $ 94.834.233.846 8,84% ARS 0,1% Finagros $ 81.288.000.000 4,20% VEF 0,1% Leasing $ 2.114.459.820 6,98% Impuestos $ 0 0,00% Repos $ 0 0,00% Deuda por Tasa (6 Actual IPC 36,9% Tasa promedio sin Impuestos 6,80% DTF 27,5% Deuda por Plazo (3) (POR VENCIMIENTO IBR 13,9% Largo plazo >5 años. 41,3% TAB Nominal 12,6% Mediano plazo (1-5 años.) 37,5% Tasa Fija > 1 Año 4,8% Corto plazo <1 año. 21,2% LIBOR 2,7% Vida media Deuda 4,31 TIIE México 1,2% Tasa Fija < 1 Año 0,3% 26
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