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Daily Colombian Equities Bulletin and Fundamentals 2-3-14

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March 4, 2014 ( 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.

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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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