EMIS

CityPoint, 1 Ropemaker Street

London, EC2Y 9HT, United Kingdom
www.emis.com

Bavaria S.A. (Colombia)

Source: - Colombia - IFRS Industrial, Commercial and Other Comp.- Individual | Colombia - Superintendencia Financiera (Supe

Statement type ual, Individual ual, Individual Annual, Individual

Period end date 2017-12-31 2016-12-31 2015-12-31
Units Millions COP Millions COP Millions COP

Unidades 7300 7670 7457

Income Statement 2017 2016 2015
Total operating revenue 5,475,648 5,386,907 5,065,153
Net sales revenue 5,176,913 5,178,646 4,818,933
Cost of goods sold (COSTO VARIABLE) -1,442,227 -1,587,471 -1,373,805
Gross profit 3,734,686 3,591,175 3,445,128
Selling and distribution expenses (COSTO FIJO) -888,227 -812,401 -743,130
Administrative expenses (COSTO FIJO) -1,283,167 -1,296,087 -1,017,740
Net other operating result 50,833 -154,559 176,019
Other operating income (JUNTO A LAS VENTAS) 298,736 208,260 246,220
Other operating expenses (JUNTO AL COSTO FIJO) -247,903 -362,819 -70,201
Operating profit (EBIT) 1,614,125 1,328,128 1,860,276
EBITDA 1,871,474 1,639,151 2,086,565
Financial result 723,917 687,883 704,378
Finance income 33,628 33,567 94,499
Finance Expenses -45,212 -29,949 -137,615
Share of profit (loss) of associates 735,501 684,265 747,494
Profit before income tax 2,338,042 2,016,011 2,564,654
Income tax -494,591 -695,351 -581,151
Profit after income tax 1,843,451 1,320,660 1,983,504
Net Profit (Loss) for the Period 1,843,451 1,320,660 1,983,504

Balance Sheet 2017 2016 2015

Total assets 9,746,982 7,411,743 7,860,121
Non-current assets 5,997,343 5,884,059 6,026,984
Property, plant and equipment 2,348,806 2,389,786 2,255,519
Intangible assets and goodwill 97,277 55,609 135,822
Other intangible assets 97,277 55,609 135,822
Non-current trade and other receivables 14,161 27,773 27,217
Non-current trade receivables 14,161 27,773 27,217
Long-term financial assets 3,537,099 3,410,891 3,608,426
 Investments in subsidiaries 3,533,469 945,838 945,838
Other non-current financial assets 3,630 2,465,053 2,662,588
Deferred assets 000
Other non-current assets 000
Current assets 3,749,640 1,527,684 1,833,137
Inventories 233,471 171,184 161,307
Raw materials
Work in progress
Finished goods
Other inventories
Trade and other receivables 2,721,410 1,172,898 1,176,592
Current trade receivables 2,484,433 901,151 923,672
Other current receivables
Tax receivables 236,977 271,747 252,920
Prepayments, accrued income and other deferred current assets
Short term financial assets 9,025 2,875 62,179
Other current financial assets 9,025 2,875 62,179
Cash and Cash Equivalents 785,734 180,726 433,058
Total equity and liabilities 9,746,982 7,411,743 7,860,121
Total equity 6,163,145 4,346,823 5,011,470
Equity attributable to owners of the parent 6,163,145 4,346,823 5,011,470
Issued capital 791 791 791
Share premium 142,296 142,296 142,296
Revaluation reserve
Other reserves 2,432,282 2,056,228 2,014,894
Retained earnings 3,586,105 2,147,507 2,853,488
Profit or loss for the period
Other components of equity 1,670 000
Total liabilities 3,583,837 3,064,920 2,848,652
Non-current liabilities 734,554 746,851 863,414
Non-current loans and borrowings 118,850 392,704
Debts on issue of bonds
Other non-current payables 96,760 71,798 3,037
Deferred revenue, accrued expenses and other deferred non-current
56,006 liabilities
104,576 186,276
Provisions for other liabilities and charges 479,089 451,626 281,397
Other non-current liabilities 102,699 000
Current liabilities 2,849,283 2,318,069 1,985,237
Current loans and borrowings 40,883 43,096 14,328
Other current financial liabilities
Trade and other payables 2,173,064 1,518,825 1,459,861
Current trade payables 2,173,064 1,518,825 1,459,861
Payables due to related parties
Other current payables
Provisions for other liabilities and charges 54,723 55,733 6,211
Other current liabilities 000
 Current income tax liabilities 580,613 700,415 504,837

Cash Flow Statement 2017 2016 2015

Net cash flow from (used in) operating activities 1,079,213 2,368,872 3,292,729
Net profit 1,843,451 1,320,660 1,983,504
Cash generated from operations 300,253 570,853 151,583
Adjustments for: Depreciation and impairment of property, 257,349
plant and equipment
311,023 226,289
Adjustments for: Other adjustments -569,931 -676,124 -656,383
Changes in: Inventories -61,160 -12,782 3,777
Changes in: Trade and other receivables -1,582,356 12,057 1,286,039
Changes in: Trade and other payables 679,201 127,725 -771,070
Changes in: Provisions and employee benefits 612,836 935,955 581,678
Other operating activity cash flows -100,177 350,359
Net cash flow from (used in) investing activities -442,184 -469,964 -206,015
Purchase of property, plant and equipment -389,466 -452,783 -133,383
Purchase of intangible assets -52,719 -17,181 -69,272
Acquisition of subsidiary 000 -3,360
Other investing activity cash flows 000 638,896
Net cash flow from (used in) financing activities -32,021 -2,151,241 -2,735,732
Proceeds from borrowings 141,365 42,795
Repayment of borrowings -8,329 -369,506 -1,087,480
Interest paid -2,910 -16,782
Dividends paid -5,200 -1,889,960 -1,681,114
Other financing activity cash flow -18,492 -30,230 000
Net increase (decrease) in cash and cash equivalents 605,008 -252,332 350,982
Cash at the beginning of the period 180,726 433,058 175,931
Cash at the end of the period 785,734 180,726 433,058
Capital Expenditure (CapEx) -442,184 -469,964 -202,655

Statement type ual, Individual ual, Individual Annual, Individual

Begin date of reporting period 2017-01-01 2016-01-01 2015-01-01
Period end date 2017-12-31 2016-12-31 2015-12-31
Original Units as Reported COP ThousandsCOP Thousands COP Thousands
Audited Audited Non-Audited Non-Audited
Source iedades - IFRS iedades - IFRS Supersociedades - IFRS
Comments Notes Notes

Any redistribution of this information is strictly prohibited.

Copyright © 2019 EMIS, all rights reserved.
 EMIS
CityPoint, 1 Ropemaker Street
n, EC2Y 9HT, United Kingdom
www.emis.com

uperintendencia Financiera (Superfinanciera) - Standard for Commercial and Industrial Companies

Annual, Individual
2014-12-31
Millions COP

2014 Ventas del sector $ 19,085,038 $ 19,041,063 $ 17,454,785

4,507,147 Indicadores de Rentabilidad 2017 2016 2015
4,507,147 Crecimiento de las Ventas -0.03% 7.46% 6.92%
-1,532,733 Cuota de Mercado 27.13% 27.20% 27.61%
2,974,415 Punto de Equilibrio 4,379 4,989 3,699
-1,140,398 Cobertura del Punto de Equilibrio 1,182 1,038 1,303
-353,838 Margen Bruto 72.14% 69.35% 71.49%
Margen Operativo 31.18% 25.65% 38.60%
Margen Neto 35.61% 25.50% 41.16%
Relación EBITDA 36.15% 31.65% 43.30%
1,480,179 ROE 29.91% 30.38% 39.58%
ROA 16.56% 17.92% 23.67%
WACC 15% 15% 15%
EVA -$ 189,375 -$ 241,724 $ 259,720
Autofinanciación $ 2,095,600 -$ 258,278 $ 528,679
Autofinanciación de las Inversiones 89.74% N/A
2,196,231 Pay-out 0.28% 143.11% 84.75%
-484,601 Rentabilidad por Dividendo 0.08% 43.48% 33.55%
1,711,630
1,711,630 Tasa de Impuestos 21.15% 34.49% 22.66%
Depreciaciones y Amortizaciones 257,349 311,022 226,289
Pago de Dividendos $ 5,200 $ 1,889,960 $ 1,681,114
2014
9,454,297
7,036,340
1,190,862
624,622

120,378

2,758,690
 100,670
2,241,119
2,417,957
159,392
26,666
49,608
28,671
54,446
2,081,604
1,776,437
305,167

1,030
59,289

116,642
9,454,297
6,091,473
6,091,473
791
861,478
398,832
1,538,292
48,172
1,004,846
2,239,063
3,362,824
719,512
450,173

4,926
38,989
225,425

2,643,311
287,184
561,800
945,276
367,671
353,198
224,407
80,927
64,973
 703,151

2014

Annual, Individual
2014-01-01
2014-12-31
COP Millions
Non-Audited
Superfinanciera
Notes