GRUPO NUTRESA Grupo Nutresa Results 1Q 2020
HIGHLIGHTS – GRUPO NUTRESA COMMEMORATES ITS FIRST 100 YEARS 2
HIGHLIGHTS – NEW MEMBERS OF OUR BOARD OF DIRECTORS Re-elected Members 2020-2021 Period Valeria Arango V. Juana Francisca Llano C. Ricardo Jaramillo M. Physician specialized in CEO CFO Integrative Medicine Suramericana de Seguros S. A. Grupo de Inversiones Suramericana S. A. Education and Previous Experience Previous Experience Previous Experience • VP Insurance, Suramericana de Seguros • Investment Banking Executive Director, • Medical doctor and surgeon, Bancolombia • Corporate Manager, Suramericana de Universidad CES Seguros Education • Degree in Civil Engineering, EIA • Specialized studies in Integrative Education • Finance MBA, Boston University • Law Degree, Universidad Pontificia Medicine, University of Arizona Bolivariana Other Boards • Studies in Integrative Medicine, • Suramericana S. A. • Specialized studies in Civil Liability Law, Harvard Medical School, • Sura Asset Management S. A. Universidad Pontificia Bolivariana Massachusetts General Hospital, • Arus S. A. S. Memorial Sloan Kettering Cancer • Renting Colombia S. A. Other Boards Center in New York • Seguros Generales Suramericana S. A. • Orquesta Filarmónica de Medellín • Seguros de Vida Suramericana S. A. • Universidad EIA. 3 Independent Members Non-Independent Members
OUR PRIORITIES IN RESPONSE TO COVID-19 Caring for the health and Responsible management of Contributing towards the Ensuring food supply wellbeing of our people and resources – Cash Flow solution our communities In alliance with public and Maintaining financial strength We are managing the current Our teams are strongly private partners, we are events with a strong sense of committed and are working is necessary to ensure contributing with humanitarian humanity, prioritizing the hard to ensure constant food resilience in this rapidly such as: common good and practicing supply for our communities changing environment. our corporate values • Donations to strengthen ICU Since March 5 th , a capabilities in local hospitals We are strictly abiding to We have a healthy net cash Management Committee is in local authority position, derived of liquidity- • Donations of more than charge of evaluating the daily recommendations and have focused decisions and 220,000 food packages that evolution of these events in implemented additional business continuity will benefit more than order to implement quick and cleaning and sanitizing prioritization at all levels of 710,000 people in need in 18 effective measures across the protocols in manufacturing the Organization. cities in Colombia region. facilities, logistical operations, Keeping our people safe: +25% and deliveries • Donations for collaborative of our direct workforce is in Thousands of suppliers and work with local government home-office, and 20% is in fully small businesses rely on our We developed alternative and institutions paid vacations. financial health. We will ways of taking and delivering We are also in constant continue to collaborate and • orders, reaching consumers Articulated teamwork with communication with our teams support our value chain with directly at home associations and guilds to and leaders, educating them the flexibility and opportunity support and contribute with about emerging risks and required government initiatives supporting them during this transition 4
OUR DEFENSIVE ATTRIBUTES TO NAVIGATE THESE CIRCUMSTANCES Commodity diversification and Ability to continue generating Capillar distribution network structural hedging practices top line growth • • • Diversified & convenient value-added Diversified cost structure: no commodity 1,4 million points of sale across modern portfolio with 8 business units weights + 11% of COGS channel Mom-pop, B2B alternative DTC channels • • Portfolio with a majority of staple-focused Global procurement strategy with +20,000 • resilient brands certified suppliers Control of our distribution network • • • History of volume-driven sales Financial and physical hedging strategies in Disruption of traditional models: alliances place to prevent volatility and avoid stock- with aggregators for last-mile delivery • DTC-quick adjustments in sensitive outs categories and channels for this contingency • Fast-acting decisions on current commodity- prices for long-term hedging Diversification Sustainability-integrated Digital Integration business model 5
OUR DEFENSIVE ATTRIBUTES TO NAVIGATE THESE CIRCUMSTANCES Capital Structure and FX risk On-course productivity and CapEx Optimization management efficiency programs • • • Tightening productivity & efficiency Moderate leverage with no FX risk on Sufficient manufacturing and logistical programs to mitigate gross margin volatility (matched to local sales). No credit capacity to appropriately serve current maturities for 1S20 (roll-over strategy). demand momentum • Strong commitment towards SG&A expense • • optimization (-70bps in 2019) will continue Global central cash management protocols CapEx optimization for this year, reduction to monitor cash generation and conversion of 30% of initial capex. will not jeopardize • Productivity programs for this year include the long-term sustainability of the Company • budget efficiency on trade, marketing, No short-term debt requirements for publicity and administrative expenses continuous operation Diversification Sustainability-integrated Digital Integration business model 6
DEFENSIVE PORTFOLIO IN CURRENT BUSINESS ENVIRONMENT By Business Unit By Distribution channel Sensitive in current environment Industrial Insitutional Defensive in current environment 3,8% 4,3% Restaurants Modern Channel 8,2% 24,0% Alternative 9,5% Mom and Pop 50,2% of sales have a defensive portfolio structure, which of our current channel distribution is experiencing 87% 74% generates + than 85% of consolidated cash flow* over-demand 7 * Based on 2019 consolidated sales
COLOMBIA & INTERNATIONAL SALES 1Q2020 + 14,2% Colombia sales Q: + 13,2% SALES PER 456,1 P: + 3,5% * COP 1.626,6 + 15,5% BUSINESS UNIT + 6,7% + 11,3% Billion COP + 10,4% 251,2 244,1 - 1,9% + 11,2% Percentage variation in volume (Q) and prices + 22,5% 170,0 (P) 125,5 124,7 Organic Billion COP 93,9 % chg. YoY Billion COP COP 1.571,2 + 11,6% * Variation doesn’t include Retail Food Billion COP Biscuits Cold cuts Chocolates Coffee Retail Food Ice cream Pasta Q: + 11,2% Q: + 12,2% Q: + 6,6% Q: + 7,0% Q: + 3,3% Q: + 13,5% P: + 0,1% P: + 1,7% P: + 0,2% P: + 3,2% P: + 7,7% P: + 7,9% International sales + 6,9% USD 291,4 mm + 9,0% - 11,3% COP 1.032,8 + 23,3% 81,3 + 91,2% 73,2 Billion COP 59,4 - 5,3% 42,3 - 1,4% + 10,6% Organic Million Dollars % chg. YoY Million dollars 18,3 14,3 USD 272,6 mm + 2,0% COP 965,8 + 15,3% Billion COP Biscuits TMLUC Coffee Chocolates Retail Food Cold cuts 8
SALES TOTAL 1Q2020 Sales total SALES PER COP 2.659,3 + 18,4% BUSINESS UNIT + 16,4% + 15,2% Billion COP 532,8 506,8 Organic + 6,5% + 51,4% COP 2.537,0 + 13,0% 399,9 380,7 Billion COP + 1,0% 261,1 + 1,8% Billion COP 189,3 + 11,2% + 23,0% 124,7 95,0 Biscuits Cold cuts Chocolates Coffee TMLUC Retail Food Ice cream Pasta % chg. YoY - Billion COP 9
SALES BY REGION 2020 United States Dominican Republic and the Carribbean 11,6% 1,7% Mexico Venezuela 2,9% 61,2% Colombia Central America Peru 10,3% 38,8% 1,5% International Colombia Chile 61,2% 7,2% Ecuador Other 1,3% 2,3% Convention 10 Production Distribution Services
RAW MATERIALS Commodities Index Cogs Breakdown Grupo Nutresa (ICGN) 2020 ICGN - MERCADO ICGN - MERCADO ICGN - MERCADO ICGN - MERCADO 172 Poultry 1,3% Milk 2,7% 152 2,7% Beef 144 3,6% Oils & Fats 132 4,5% Sugar 40,8% 113 Other 112 5,5% Cocoa 112 113 107 5,9% Wheat 92 95 7,2% Pork 82 14,6% Pack. Mat. 87 78 87 86 86 82 Coffee 11,2% 72 2019 2020 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 20192020 The technical specifications of the GNCI may be obtained at: http://www.gruponutresa.com/inversionistas/resultados-y- publicaciones/resultados-trimestrales/#2020-1 11
EBITDA 1Q2020 EBITDA EBITDA PER COP 376,1 + 17,5% BUSINESS UNIT 13,8% 14,8% Billion COP + 29,8% + 15,3% 16,8% 74,9 Margin 73,7 14,5% + 156,7% 14,1% - 8,1% 63,9 57,8 12,2% 16,8% - 16,4% - 24,1% 16,9% Billion COP 31,9 31,9 + 31,7% 13,5% 21,1 + 18,7% 12,8 Biscuits Cold cuts Chocolates Coffee TMLUC Retail Food Ice cream Pasta Convention 13,8% EBITDA Margin + 15,3% % YoY variation 73,7 EBITDA in Billion COP 12
Recommend
More recommend
