Management Report


G4-1 G4-13 G4-32

Management Report




Without a doubt, 2015 was a year that tested the pillars of our business model: people, brands and distribution, which have been strengthened over time, to provide Grupo Nutresa and its businesses the ability to face market demands with increasing challenges and renewed opportunities.

Doubts about the growth of relevant markets, such as China, coupled with an oversupply of oil, have created global uncertainty and have led some agents to take refuge in less volatile markets. In addition, lower income from selling raw materials abroad increases pressure on the exchange rates of emerging economies. Against this situation, Grupo Nutresa used its capabilities in depth and advanced significant programs in efficiency and productivity, prices and distribution, and innovation. The Organization will continue to face these challenges with the relevance, presence and affordability of its products, and the strength of its brands.

Amid these conditions, we report with satisfaction some outstanding results in 2015, which we hope to repeat this year, through the efforts of our teams.

With the transparency and timeliness required in a corporation, we present you our integrated management report, following the framework of the International Integrated Reporting Council (IIRC), and “In accordance” with comprehensive option of the Global Reporting Initiative (GRI) G4 guidelines. This means that it complies with recognized global guidelines on reporting and has been developed based on the Grupo Nutresa Materiality Matrix, to facilitate the analysis of the management, according to the issues of greatest importance to the Organization and its stakeholders.

We invite you to review the printed document in detail that has been prepared and shared, as well as the additional information that is available in digital media through our Website.

Sustainable development is the guide for action in Grupo Nutresa and frames its short–, medium– and long–term strategy. It is an ability that allows us to consistently prosper and progress economically, and contribute to social development in balance with the environment. In this regard, risks are managed; opportunities are capitalized on; our value chain, the quality of products, experiences and services are continuously strengthened; and excellence in corporate governance practices is sought.

This commitment was recognized by being included, for the fifth consecutive year, in the Dow Jones World Sustainability Index (DJSI) and the Emerging Markets Index 2015, and – for the second year – receiving the RobecoSAM “Silver Category” distinction in the Sustainability Yearbook 2016. Thus, Grupo Nutresa is consolidated as the third best company in the food sector in the world for its sustainability management, achieving maximum performance in measurement variables such as risk and crisis management, codes of conduct, risk management related to water, packaging, corporate citizenship, indicators of labor practices and human rights, and social reporting.

Grupo Nutresa consolidated market share in Colombia.


Total sales
COP 7.9 trillions.

22.6% increase.

Sales in Colombia closed at
COP 4.9 trillion,
boosted by greater volumes.

17.4% Increase.

Similarly, last year Grupo Nutresa rose in the MERCO Empresas 2015 corporate reputation, ranking second in general in Colombia and first in the food and beverage sector in the country.

Grupo Nutresa is convinced that people face challenging situations and make the difference; so our basis of development is a competent, committed team. We work every day to build a more humane, competitive organization, acting with ethics and integrity.

Progress on this front is confirmed by studies, such as MERCO Personas, that in 2015 highlighted the Organization as one of the three best companies to work at in Colombia and the most attractive in the food sector, a position it has held since 2013.

We receive all these recognitions with humility and commitment; they are endorsed in defining the higher purpose of the Organization: building a better world, where sustainable development is for everyone.

We work, convinced that every positive change that is generated together with a person, a family or a community reaches a wider environment, thus forming an increasingly stronger chain, because only when it is understood that the power to push for changes resides in each of us, is when we make “A Future Together” possible.

We recently reached the first one hundred years of existence of Compañía de Galletas Noel. Our special thanks to all its employees who – through its philosophy of “Live with Sense” – give their best every day, being the “secret touch” that makes this great company valid and successful.

Profitable Growth

In 2015, Grupo Nutresa sales closed at COP 7.9 trillion, an increase of 22.6% compared to the previous year, and 17.0% excluding the sales of Grupo El Corral.

In Colombia, sales had outstanding performance and reached COP 4.9 trillion, representing 61.9% of the total, with an increase of 17.4% and 8.7% excluding the sales of Grupo El Corral. This 8.7% growth is comprised of 3.0% in greater volumes and an average price increase of 5.6%, primarily due to the relevance of our portfolio that meets the needs and possibilities of an increasingly demanding consumer, as evidenced by obtaining a record 61.1% weighted market share in Colombia. This excellent performance is also supported in a balanced exposure of various categories of products in different markets, some strong brands and powerful distribution networks.

Sales abroad, 32.0% higher than the previous year, amounted to COP 3.0 trillion, representing 38.1% of the total. When expressed in Dollars, sales reached USD 1.098 million, 4.1% less due to the devaluation of Latin American currencies against the Dollar.

The geographic expansion advanced in recent years has allowed Grupo Nutresa to make acquisitions abroad at favorable exchange rates. With the current effect of cross devaluation, where currencies in the countries in which it participates have devalued less than the Colombian Peso, the performance of these markets contributes positively to the Organization’s growth.

In profitability, Grupo Nutresa obtained remarkable results, with an EBITDA of COP 975.544 billion, 16.7% higher than the year before and a 12.3% margin on sales. While the higher costs of raw materials exposed to devaluation affected margins, factors such as knowledge of markets and consumers, the 2.3% increase in productivity, product innovation, which reached 16.9% of sales, and proper administration of prices, allowed us to present a balanced result in growth and profitability.

Meanwhile, the operating profit was COP 782.685 billion, with an operating margin of 9.9%.

In the net post–operational costs of COP 178.391 billion, there is the financial expense for the debt incurred to acquire Grupo El Coral; non–operating expenses were COP 235.184 billion. On the other hand, income for the dividends received from the investment portfolio companies (Grupo Sura and Grupo Argos) and a positive exchange difference were recorded. Before–tax profit was COP 604.294 billion, 4.8% greater than that of the previous year.

In current income tax, there is an increase of 26.0% for the higher tax burden, which rose from 26.3% to 27.7% of the taxable income, primarily due to the surcharge in Equity Income Tax (Impuesto sobre la Renta para la Equidad, CREE). In deferred taxes in 2014, there was an accounting income of COP 170.500 billion, which corresponds to tax credits from operations outside of Colombia, which must be recorded as prepaid income, according to International Financial Reporting Standards (IFRS). This income must be recorded as prepaid income, which did not constitute cash receipts in 2014.

Finally, the consolidated net profit amounted to COP 428.152 billion, representing a 4.3% increase over the comparable net profit last year. Including the extraordinary profit of those tax credits in 2014, there is a decrease of 27.1%.

In the balance sheet there is an 11.5% increase in assets, which ended the year in COP 13.2 trillion. This increase is due to the combined effect of increased working capital to meet the growth in sales during the year, the goodwill generated by the acquisition of Grupo El Corral, and the decreased market value of our investments in Grupo Sura and Grupo Argos.

Liabilities presented an increase of 35.6%, closing at COP 5.1 trillion, primarily due to increased working capital and debt taken out to acquire Grupo El Corral. At the end of the year, Grupo Nutresa had an adequate level of indebtedness under our moderate financial risk profile.

Equity maintained a level similar to that of last year, at COP 8.0 trillion.

Grupo Nutresa S.A. Individual Results


Complying with regulations in Colombia, the individual results of Grupo Nutresa S. A. are reported. Operational income of COP 433.097 billion was recorded, of which COP 386.187 billion correspond to profit from the equity method of our investments in food companies, and COP 46.910 billion in dividends from the investment portfolio. Net profit was COP 427.096 billion.

Acquisitions and other relevant projects

Grupo Nutresa’s profitable growth strategy is a combination of organic development of our businesses and the constant search for investment opportunities, allowing us to integrate new teams, skills, geographical regions, experiences and products to add value for our shareholders.

In February 2015, with the acquisition of Grupo El Corral, the most important restaurant company in Colombia, the eighth business unit – called Retail Food – was created, and which – in addition to Grupo El Corral – integrates our ice cream parlor chains in Central America and the Dominican Republic.

This strategic strategy offers Grupo Nutresa a highway for development and profitable growth, allowing us to directly reach consumers, at different times, with experiences and high–quality products. This business unit creates value by participating in this market that grows with the entry of consumers and has attractive profitability.

Grupo Nutresa’s strategy is also based on developing opportunities for organic growth; some noteworthy initiatives from last year are: In the United States, production of crackers began, complementing our offer in this high–potential market. In Mexico operation began in the new industrial center in Guadalajara with two business lines: instant cold beverages and pastas. Finally, in Chile production and marketing began for a new line of biscuits and baked snacks.

Grupo Empresarial Nutresa Special Report

Al cierre de 2015, el Grupo Empresarial Nutresa estaba integrado por 82 compañías, agrupadas para efectos administrativos, así: i) ocho negocios de alimentos y sus plataformas productivas en Colombia y el exterior; ii) una red internacional de distribución; iii) tres compañías nacionales de distribución, y iv) cuatro compañías de servicios, administrativos, logísticos y de transporte, que prestan los respectivos soportes a las sociedades del Grupo.

In compliance with the provisions of Article 29 of Law 222 of 1995, Grupo Nutresa S. A., as the Parent Company of Grupo Empresarial Nutresa, states that it received COP 1.439 billion from its subsidiaries for management fees and dividends of COP 178.261 billion. In addition, to support financial obligations of its subsidiaries, it constituted endorsements and guarantees for up to COP 240.176 billion and COP 340.000 billion respectively. Meanwhile, the subsidiaries did not conduct operations with third parties from the influence on or interest by the Parent Company.

Likewise, in 2015 Grupo Nutresa S. A. did not stop making decisions to attend the interest or influence of any of its subsidiaries, nor did any of its subsidiaries stop making decisions to attend any interest or influence of Grupo Nutresa S. A.

Sales abroad represented
of total sales.

Abroad sales
USD 1,098 millon.

COP 975.554 billions.

Legal provisions

Grupo Nutresa and its subsidiaries fully comply with all the intellectual property and copyright regulations; its brands are duly registered, it has the respective licenses to use the software installed and it has the necessary evidence that permits verifying this compliance.

In 2015, no relevant court decisions were presented and ongoing lawsuits are not of consideration; therefore, there are no contingent liabilities that may impair the consolidated results at the close of the 2015 accounting year. Neither have there been any significant fines or sanctions against the Grupo Nutresa companies or their administrators.

In Note 17 of the Grupo Nutresa Basic Financial Statements, published on our Website, operations are detailed with shareholders and persons referred to in Article 47 of Law 222 of 1995 and other related regulations, operations that were conducted under market conditions.

The Company states that it has not obstructed the free flow of invoices issued by Grupo Empresarial Nutresa vendors or suppliers, in accordance with the provisions of Law 1676 of 2013; it further certifies that the financial statements and other relevant reports do not contain any defects, inaccuracies or errors that prevent ascertaining the true financial position of the Company, as set out in Article 46 of Law 964 of 2005.

In the last year, the Company Code of Good Governance and Bylaws were amended to accept the recommendations of the new Code of Best Corporate Practices (Country Code). The Company presented the report on implementation to the Colombian Financial Superintendency, which details how the vast majority of the measures have been adopted; this forms part of this report and may be consulted on our Website

Assessment of the performance of the financial information disclosure and control systems

The Company’s internal control system includes, among other components, the resources necessary to ensure the accuracy and reliability of the information required to plan, manage, control and measure the performance of its businesses, as well as ensure the adequate disclosure of the financial information to its shareholders and other investors, to the market and the public in general. These resources include integral risk management, accountability systems, control plans and programs, budget and cost tools, account plans, standardized policies and procedures, comprehensive information systems and formats to document and record operations, as well as scorecards that support the continuous monitoring of processes by the Administration. Through independent integral assurance management, Internal Auditing ensures the achievement of Company goals and objectives, and the adequate protection, utilization and conservation of assets in all processes. In turn, the Fiscal Auditor fulfills the responsibility of verifying and certifying public faith on relevant issues, such as the Company’s observance of the legal, statutory and administrative regulations, the reasonableness of its financial statements and the disclosures contained therein.

The results of the continuous monitoring activities by the Administration and independent evaluations, conducted by Internal Auditing and the Fiscal Auditor, are reported in each case in a timely manner to the appropriate authorities, including the Board of Directors’ Finance, Audit and Risk Committee, which confirms that the performance of the financial information disclosure and control systems of the Company and its businesses is appropriate. These systems ensure the adequate, timely presentation of this information, which is verified through accounting, as it relates to the operations which – due to their nature – must be reflected and revealed in the financial statements or in accordance with the expectations, projections, cash flows or budgets, if they deal with business initiatives or projects, all within the constraints that, by virtue of the law, contracts or confidentiality agreements, are imposed on the disclosure of these type of operations. Based on these activities, it is also stated that there were no significant deficiencies in the design and operation of the internal controls that would have prevented the Company from adequately registering, processing, summarizing and presenting the financial information of the period. Also, no cases of fraud were identified with an effect of the quality of this information, nor were there changes in its evaluation methodology.

Sustainable Nutresa

According to the best practices in sustainability, during 2015 the Materiality Matrix was updated, in order to better understand the particularities of the businesses and the geographical areas in which Grupo Nutresa operates, taking into account the expectations and needs of our stakeholders, finding elements to involve their priorities in our strategy.

The Company actively participated in the discussion of the new Sustainable Development Goals (SDGs) and the role of the companies to contribute to their achievement. For this reason, Grupo Nutresa joined the Private Sector Advisory Group of the United Nations Sustainable Development Goals and the Corporate Leadership Group, created through the initiative of the Global Reporting Initiative (GRI), which seeks to promote a global discussion on sustainability reports with a look to 2025.

In 2015, Grupo Nutresa obtained the ALAS20 Latin America Grand Prix Company Recognition, thanks to the consistency and excellent level of public disclosure of information about our practices regarding investor relations, sustainable development and corporate governance.

Sustainable development is an actuation guide to Grupo Nutresa and frames the short, medium and long term strategy.


For a better society

In the last year, Grupo Nutresa continued to incorporate best talent management practices, allowing it to maintain its value proposal to employees valid, always seeking to be an attractive, competitive employer in the market. Therefore, the Company consolidated its leadership model and defined the talents that all Grupo Nutresa employees must develop to achieve the objectives defined in our strategy.

The companies consolidated their health prevention and management system of employees, achieving re–certification as Healthy Organizations and as a Family Responsible Company (Empresa Familiarmente Responsible, EFR), which shows significant improvements in cardiovascular risks and the incorporation of healthy lifestyles. In addition, the companies continue to advance in cutting–edge programs to identify challenges in diversity and inclusion in all geographical regions. As for the promotion of human rights, Grupo Nutresa continues to train its leaders and incorporate these aspects into the management of our international operations.

Through Fundación Nutresa, the Company continues to develop initiatives in its three management lines: Nutrition, Education and Income Generation and Entrepreneurship, which contribute to the development of skills in society. During 2015, a total of COP 46.651 billion was invested, providing benefits to 3,110,577 people in the strategic region.

Noteworthy is the work carried out with blackberry, coffee, cocoa, cashew and sesame seed producers, as well as pig farmers and ranchers, who – thanks to our accompaniment – have stronger associations and have adopted best practices, making them more competitive. The healthy lifestyle strategy was consolidated with programs aimed at children in public education institutions in Chile, Colombia and Mexico, an initiative that was distinguished in Chile with the “Avonni National Innovation Award” in the category of Pubic Innovation.

We have the participation of a large network of volunteers, consisting of more than 10,979 employees in 12 countries, who – with their solidarity and perseverance – invested 27,333 hours for the development and benefit of 150,852 people and 880 institutions.

Our planet


We take on the challenge to advance toward meeting our goals for growth and profitability by decreasing the impact on the environment. Therefore, our management is aimed at increasing the eco–efficiency of operations, reducing emissions, managing the challenges of climate change, expanding the boundaries of action with water resources by developing initiatives not only in our direct operations, but also in our value chain and extending our responsibility throughout the life cycle of products.

During 2015, progress in our environmental objectives by 2020 was made. Energy consumption was reduced by 17.7%, greenhouse gas (GHG) emissions by 16.4%, water consumption per ton produced by 22.1% and the use of packaging material per ton produced by 8.8%. All this against the 2010 base line.

Grupo Nutresa continues to mitigate the social and environmental impacts of our supply chain through joint programs with sectorial and trade associations to generate capacities in our suppliers and building strategic alliances that will help mitigate the risks associated with a focus on Grupo Nutresa’s ten principal raw materials.


Grupo Nutresa faces a challenging economic environment, but sees the future with optimism because it has the ability to seize opportunities and create value under these conditions. With efforts to increase productivity, effectively innovate, offer affordable, convenient products, supported by leading brands and strong distribution networks, Grupo Nutresa will consistently move towards the Mega goal set for 2020.


We thank our employees, clients, consumers, suppliers and the general public, for encouraging us to develop a human, sustainable and innovative organization, and we especially thank all our shareholders for their trust, support and motivation to build a future together.

  • Antonio Mario Celia Martínez-Aparicio – Chairman of the Board
  • David Bojanini García
  • Gonzalo Alberto Pérez Rojas
  • María Clara Aristizábal Restrepo
  • Jaime Alberto Palacio Botero
  • Mauricio Reina Echeverri
  • Carlos Ignacio Gallego Palacio – CEO