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Grupo Nutresa: Moderate growth in 2Q14 as a result of the adoption of Sicad II rate in Venezuela's operations

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August 5, 2014 (www.investorideas.com newswire) 2Q14 results were neutral-negative given the impact of VEF devaluation on international sales. Quarterly results were characterized by a slowdown in Revenues, EBITDA and Net Income growth vs 1Q14 figures. As VEF devaluation will impact financial results from now on given that the company should convert Venezuela's revenues at Sicad II instead of Cencoex, we decided to put our Target Price under review. We highlight the sustained profitability throughout the year (13,9%) given the company's hedging policy and the improvement in the mix of products sold, as well as the good performance of TMLUC profitability during the quarter.

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Corredores Asociados S.A. Comisionista de Bolsa is not responsible for investment decisions that may be derived from the information and analyses presented in this document. These decisions, their effects and consequences will be the sole responsibility of the investor. The information published is informative and has been taken from reliable sources, but Corredores Asociados S.A. does not guarantee that they are free of errors. Total or partial reproduction of this document is not allowed without the prior and express authorization of Corredores Asociados S.A.

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