Grupo Nacional de Chocolates S.A.
OUTSTANDING SALES PERFORMANCE
During the first half of this year the Food Divisions belonging to Grupo Nacional
de Chocolates S.A. continued to post an excellent sales performance with
consolidated sales of COP $2 billion 138.848 million for an increase of 18,7%
compared with the previous year. This result was in line with the Group’s
estimated figure, going 1.2% above budget.
31.90% of this total consolidated sales figure corresponded to sales abroad,
including exports and sales on the part of foreign-based subsidiaries, which came
to US $294.3 million, that is to say 19.8% more than for the same period last year.
In pesos, sales abroad rose by 51.1%, going 6.8% above the corresponding
budgeted figure.
The Group’s consolidated EBITDA, at June 2009, came to $253.766 million,
declining by 2,7% with regard to the first half of last year. This was a very
gratifying result given the prevailing economic conditions of certain countries in
which the Group’s companies operate, and far exceeded the originally estimated
figure by 17.3%.
The EBITDA margin as a percentage of sales came to 11.9% for the first half of
2009, declining by 2.6% compared to the 14.5% obtained for the same period last
year. The main causes of this lower EBITDA margin were higher raw material
prices for our Coffee and Processed Meat Divisions as well as the depreciation of
the Colombian peso during the first half of this year, compared to last year. These
higher costs were not transferred to our customers in the form of higher prices,
this in keeping with the long-term responsible vision of each of our Divisions.
Given the YTD results for each of the Group’s Divisions together with the current
forecasted figures from here to year-end, the second half of the year shows every
sign of being even more favorable on a consolidated basis for the Grupo Nacional
de Chocolates, especially now that the sales and profitability targets shall be
comfortably met.
In the light of certain extraordinary items that appear after the operating accounts
on the income statement,
the Group’s net consolidated profits at June 2009
cannot be compared with those of the same period last year. While in 2008, there
was a negative post-operative effect of COP $29,074 million, in 2009 this came to
COP $89,014 million.
CONSOLIDATED INCOME STATEMENT
Figures in COP$ MM
Jun-08
%
Jun-09
%
% var.
Total operating revenues
1,801,423
100.0%
2,138,848
100.0%
18.7%
Cost of goods sold
-1,055,915
-58.6%
-1,324,263
-61.9%
25.4%
745,508
41.4%
814,585
38.1%
9.3%
-83,321
-4.6%
-108,855
-5.1%
30.6%
Sales expenses
-449,058
-24.9%
-496,637
-23.2%
10.6%
Total operating expenses
-532,379
-29.6%
-605,492
-28.3%
13.7%
Operating income
213,129
11.8%
209,093
9.8%
-1.9%
Other Income/Expenses, net
-29,074
-1.6%
-89,014
-4.2%
206.2%
Income before tax
184,055
10.2%
120,079
5.6%
-34.8%
-61,357
-3.4%
-41,797
-2.0%
-31.9%
-111
0.0%
34
0.0%
Net Income
122,587
6.8%
78,316
3.7%
-36.1%
Consolidated EBITDA
260,911
14.48%
11.86%
-2.74%
Gross income
Administrative expenses
Income tax
Minority interest
253,766
INDIVIDUAL INCOME STATEMENT
Figures in COP$ MM
Revenues from application of equity method
Jun-08
128,668
Jun-09
% var.
95,622
-25.7%
Sale of investments
2,704
-
-100.0%
Dividends
8,877
6,621
-25.4%
Financial revenues
2,674
3,478
30.1%
142,923
105,721
-26.0%
-3,759
-4,731
25.9%
139,164
100,990
-27.4%
Non-operating revenues
437
141
-67.7%
Non-operating expenses
-597
-96
-83.9%
139,004
101,035
-27.3%
-96
-103
7.3%
138,908
100,932
-27.3%
Total Operating Revenues
Operational Expenses
Operating Income
Pre-tax Earnings
Income tax
Net Earnings
Medellín, July 31, 2009
Press release issued by the CEO´s Office of Grupo Nacional de Chocolates
S.A..
Tel: 325 87 11, Medellín / Colombia