Daily Colombian Equities Bulletin and Fundamentals 2-3-14
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March 4, 2014 (www.investorideas.com newswire) Latam markets were negative as Bovespa in Brazil decreased 1.08% and Chilean IPSA index decreased 1.54%. The local COLCAP index closed at 1504.11 pts., equivalent to a 1.09% decrease; the total traded volume reached COP 93,218 million (~45 USD MM). The best performers were PfAviancaHoldings (+2.48%), EEB (+2.13%) and Odinsa (+1.88%). On the other hand, the worst performers were ETB (-5.13%), BVC (-4.52%) and PFGrupoArgos (-4.15%). The most traded shares today were PfBancolombia, Ecopetrol and GrupoSura.
Nutresa ended 2013 with total sales of COP 5.9 trillion, representing an increase of 11.2% including acquisitions and 5.3% organic. International sales exceeded USD one billion for the first time, ending at USD 1.076 billion (+27.4%), representing 34.3% of total sales. This outstanding increase was boosted by both the organic growth of our operations, which was 7.5%, as well as the acquisitions of Helados POPSI in December 2012, with USD 33 million in sales and Tresmontes Lucchetti in August 2013, which – during the four months in which it consolidated its results to those of Grupo Nutresa – generated revenue for USD 135 million. The company results reflected an EBITDA margin of 14.1%, the highest in the last five years. The EBITDA was COP 832.827 billion, +24.1% than 2012. In line with the EBITDA, the operating profit grew 24.8%, reaching COP 650,227 billion, with an operating margin of 11%. Finally, the net profit was COP 380,235 billion, +10.1% YoY.
Avianca 4Q13 operating revenues increased to USD 1.2 billion up 8.3% from 4Q12 due mainly to a 9.5% increase in passenger revenues and an increased of 1.8% in cargo and other revenues. EBITDAR was USD 245.8 million (+39.8% YoY), for an EBITDAR margin of 20.4%. EBITDAR in 2013 totaled USD 828.2 million an increase of 25.8% from USD658.3 million in 2012. The company earned an adjusted net income of USD63.4 million excluding special items, a 98.3% increase over adjusted net income of USD32 million for the same period in 2012. The accumulated adjusted net income for 2013 was of USD 234.1 million, a 132.5% increase from the adjusted net income in 2012 of USD 100.7 million.
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