Grupo Nutresa S A : 1Q23 Consolidated Financial Statements

Grupo Nutresa S. A.

Condensed Consolidated Interim Financial Statements as of March 31th, 2023 and 2022

(Unaudited information)

Condensed Consolidated Interim Financial Statements

First Quarter

Consolidated Statement of Financial Position

As of March 31th, 2023 (Unaudited information) and December 31st, 2022 (values expressed in millions of Colombian Pesos)

	Notes		March 2023		December 2022
ASSETS
Current assets
Cash and cash equivalents		$	1.060.346	$	1.060.247
Trade and other receivables, net	6		2.006.315		1.856.746
Inventories			2.907.381		3.004.244
Biological assets	7		248.802		259.373
Other assets	8		655.526		619.202
Non-current assets held for sale			177		177
Total current assets		$	6.878.547	$	6.799.989
Non-current assets
Trade and other receivables, net	6		39.417		47.527
Biological assets	7		6.471		11.379
Investments in associated and joint ventures	9		226.214		232.133
Equity investments at fair value	10		3.416.165		3.547.040
Property, plant and equipment, net	11		4.039.557		4.036.758
Right-of-use assets	12		921.069		908.113
Investment properties			8.346		8.425
Goodwill	13		2.788.053		2.744.103
Other intangible assets			1.547.126		1.513.574
Deferred tax assets	14.4		893.956		887.513
Other assets	8		24.205		20.834
Total non-current assets		$	13.910.579	$	13.957.399
TOTAL ASSETS		$	20.789.126	$	20.757.388
LIABILITIES
Current liabilities
Financial obligations	15		829.192		588.630
Right-of-use liabilities	16		104.772		101.236
Trade and other payables	17		2.451.239		2.237.380
Tax charges	14.2		402.437		348.993
Employee benefits liabilities	18		251.311		301.788
Provisions	19		5.974		3.693
Other liabilities			194.704		226.995
Total current liabilities		$	4.239.629	$	3.808.715
Non-current liabilities
Financial obligations	15		3.721.257		3.782.499
Right-of-use liabilities	16		902.629		886.573
Trade and other payables	17		0		0
Employee benefits liabilities	18		211.079		216.791
Deferred tax liabilities	14.4		1.207.693		1.251.290
Provisions	19		7.214		6.823
Other liabilities			0		0
Total non-current liabilities		$	6.049.872	$	6.143.976
TOTAL LIABILITIES		$	10.289.501	$	9.952.691
SHAREHOLDER EQUITY
Share capital issued			2.301		2.301
Paid-in-capital			546.832		546.832
Reserves and retained earnings			4.575.093		4.310.253
Other comprehensive income, accumulated			4.943.280		4.974.019
Earnings for the period			343.452		882.976
Equity attributable to the controlling interest		$	10.410.958	$	10.716.381
Non-controlling interest			88.667		88.316
TOTAL SHAREHOLDER EQUITY		$	10.499.625	$	10.804.697
TOTAL LIABILITIES AND EQUITY		$	20.789.126	$	20.757.388

The Notes are an integral part of the Condensed Consolidated Interim Financial Statements.

Carlos Ignacio Gallego Palacio	Jaime León Montoya Vásquez	Joaquín Guillermo Molina Morales
President	General Accountant	External Auditor - Professional Card No. 47170-T
	Professional Card No. 45056-T	Designed by PwC Contadores y Auditores S.A.S.
		Grupo Nutresa	2

Condensed Consolidated Interim Financial Statements

First Quarter

Consolidated Comprehensive Income Statement

From January 1st to March 31th (values expressed in millions of Colombian Pesos) (Unaudited information)

	Notes		January-March		January-March
		2023		2022
Continuing operations
Operating revenue	5.1	$	4.880.506	$	3.597.442
Cost of goods sold	21		(3.043.369)		(2.223.204)
Gross profit		$	1.837.137	$	1.374.238
Administrative expenses	21		(172.083)		(144.729)
Sales expenses	21		(1.077.396)		(828.040)
Production expenses	21		(75.885)		(51.206)
Exchange differences on operating assets and liabilities	23.2		19.258		22.110
Other operating income, net	22		6.135		217
Operating profit		$	537.166	$	372.590
Financial income			24.100		6.064
Financial expenses	15.6		(204.341)		(73.165)
Dividends	10		126.981		90.204
Exchange differences on non-operating assets and liabilities	23.2		(38.986)		(10.592)
Share of profit of associates and joint ventures	9		(4.540)		4.958
Income before tax and non-controlling interest		$	440.380	$	390.059
Current income tax	14.3		(114.669)		(103.518)
Deferred income tax	14.3		22.494		14.685
Profit after taxes from continuous operations		$	348.205	$	301.226
Discontinued operations, after income tax			-		(10)
Net profit for the period		$	348.205	$	301.216
Profit for the period attributable to:
Controlling interest		$	343.452	$	295.460
Non-controlling interest			4.753		5.756
Net profit for the period		$	348.205	$	301.216
Earnings per share (*)
Basic, attributable to controlling interest (in Colombian pesos)			750,30		643,78
( * ) Calculated on 457.755.869 shares
OTHER COMPREHENSIVE INCOME
Items that are not subsequently reclassified to profit and loss:
Actuarial gains on defined benefit plans		$	7.755	$	847
Equity investments at fair value	10		(127.854)		369.134
Income tax from items that will not be reclassified			(2.218)		(230)
Total items that are not subsequently reclassified to profit and loss		$	(122.317)	$	369.751
Items that are or may be subsequently reclassified to profit and loss:
Share of other comprehensive income of associate and joint ventures	9		(1.379)		(5.280)
Exchange differences on translation of foreign operations	23.1		133.414		(92.257)
Cash flow hedges			(53.941)		(30.509)
Income tax from items that will be reclassified			15.029		13.329
Total items that are or may be subsequently reclassified to profit and loss:		$	93.123	$	(114.717)
Other comprehensive income, net taxes		$	(29.194)	$	255.034
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD		$	319.011	$	556.250

Total comprehensive income attributable to:

Controlling interest

Non-controlling interest

Total comprehensive income

The Notes are an integral part of the Condensed Consolidated Interim Financial Statements.

Carlos Ignacio Gallego Palacio	Jaime León Montoya Vásquez
President	General Accountant
	Professional Card No. 45056-T

	312.713		550.349
	6.298		5.901
$	319.011	$	556.250

Joaquín Guillermo Molina Morales

External Auditor - Professional Card No. 47170-T Designed by PwC Contadores y Auditores S.A.S.

Grupo Nutresa

3

Condensed Consolidated Interim Financial Statements

First Quarter

Consolidated Comprehensive Income Statement

From January 1st to March 31th (values expressed in millions of Colombian Pesos) (As of March 31, 2023 and 2022 Unaudited information)

Share capital issued	Paid-in-capital	Reserves and	retained earnings	Earnings for the period	Other comprehensive income, accumulated	Total equity attributable to the controlling interest	Non-controlling interest	Total
Equity at December 31st of 2022	2.301	546.832	4.310.253	882.976	4.974.019	10.716.381	88.316	10.804.697
Profit for the period	-	-	-	343.452	-	343.452	4.753	348.205
Other comprehensive income for the period	-	-	-	-	(30.739)	(30.739)	1.545	(29.194)
Comprehensive income for the period	-	-	-	343.452	(30.739)	312.713	6.298	319.011
Transfer to accumulated results	-	-	882.976	(882.976)	-	-	-	-
Cash dividends (Note 20)	-	-	(618.135)	-	-	(618.135)	(5.912)	(624.047)
Other equity movements	-	-	(1)	-	-	(1)	(35)	(36)
Equity at March 31st of 2023	2.301	546.832	4.575.093	343.452	4.943.280	10.410.958	88.667	10.499.625
Equity at December 31st of 2021	2.301	546.832	4.146.310	676.879	3.593.618	8.965.940	76.173	9.042.113
Profit for the period	-	-	-	295.460	-	295.460	5.756	301.216
Other comprehensive income for the period	-	-	-	-	254.889	254.889	145	255.034
Comprehensive income for the period	-	-	-	295.460	254.889	550.349	5.901	556.250
Transfer to accumulated results	-	-	676.879	(676.879)	-	-	-	-
Cash dividends (Note 20)	-	-	(433.953)	-	-	(433.953)	(2.741)	(436.694)
Other equity movements	-	-	-	-	1	1	8	9
Equity at March 31st of 2022	2.301	546.832	4.389.236	295.460	3.848.508	9.082.337	79.341	9.161.678

The Notes are an integral part of the Condensed Consolidated Interim Financial Statements.

Carlos Ignacio Gallego Palacio	Jaime León Montoya Vásquez	Joaquín Guillermo Molina Morales
President	General Accountant	External Auditor - Professional Card No. 47170-T
	Professional Card No. 45056-T	Designed by PwC Contadores y Auditores S.A.S.

Grupo Nutresa

4

Condensed Consolidated Interim Financial Statements

First Quarter

Consolidated Cash-flow Statement

From January 1st to March 31th (values expressed in millions of Colombian Pesos) (Unaudited information)

		January-March		January-March
		2023		2022
Cash flow from operating activities
Collection from sales of goods and services	$	4.839.037	$	3.535.845
Payments to suppliers for goods and services		(3.832.520)		(2.993.841)
Payments to and on behalf of employees		(694.705)		(541.742)
Income taxes and other taxes		(113.385)		(74.249)
Other cash outflows		(22.732)		(47.881)
Net cash flows from (used in) operating activities	$	175.695	$	(121.868)
Cash flow from investment activities
Purchase/sale of other equity instruments		(217)		(36.970)
Amounts from decrease in contributions in associates and joint ventures (Note 9)		-		8.900
Purchases of property, plant and equipment (Note 11)		(62.746)		(57.716)
Amounts from the sale of productive assets		286		180
Purchase of Intangibles and other productive assets		(14.479)		(3.952)
Dividends received (Note 10)		22.488		9.205
Interest received		24.552		4.442
Net cash flow used in investment activities	$	(30.116)	$	(75.911)
Cash flow from financing activities
Amounts used in proceeds from loans		185.535		31.078
Dividends paid (Note 20)		(111.512)		(81.938)
Interest paid		(138.079)		(36.542)
Paid leases		(50.153)		(42.086)
Fees and other financial expenses		(16.918)		(13.620)
Other cash inflows		(243)		(6.672)
Net cash flow used in financing activities	$	(131.370)	$	(149.780)
Increase (decrease) in cash and cash equivalents from operations	$	14.209	$	(347.559)
Cash flow from discontinued operations		-		(8)
Net foreign exchange differences		(14.110)		(20.121)
Net (decrease) increase in cash and cash equivalents		99		(367.688)
Cash and cash equivalents at the beginning of the period		1.060.247		862.706
Cash and cash equivalents at the end of the period	$	1.060.346	$	495.018
The Notes are an integral part of the Condensed Consolidated Interim Financial Statements.

Carlos Ignacio Gallego Palacio	Jaime León Montoya Vásquez	Joaquín Guillermo Molina Morales
President	General Accountant	External Auditor - Professional Card No. 47170-T
	Professional Card No. 45056-T	Designed by PwC Contadores y Auditores S.A.S.

Grupo Nutresa

5