Corporate Presentation Santander - Cancún January, 2018

Transcription

1 Corporate Presentation Santander - Cancún January, 2018 The Issuers Recognition -IR granted by the Colombian Stock Exchange is not a certification about the quality of the securities listed at the BVC nor the solvency of the issuer.

2 Note on Forward-Looking Statements This document contains certain forward-looking statements. This information is not historical data and should not be interpreted as guarantees of the future occurrence of such facts and data. These statements are based on data, assumptions and estimates that the Company believes are reasonable despite it operates in a competitive and rapidly changing environment. It is therefore not in a position to predict all of the risks, uncertainties or other factors that may affect its business, their potential impact on its business, or the extent to which the occurrence of a risk or a combination of risks could have results that are significantly different from those included in any forward-looking statement. The forward-looking statements contained in this document are made only as of the date hereof. Except as required by any applicable law, rules or regulations, the Company expressly disclaims any obligation or undertaking to publicly release any updates of any forward looking statements contained in this press release to reflect any change in its expectations or any change in events, conditions or circumstances on which any forwardlooking statement contained in this press release is based. 2

3 Content Latam Integration and Synergy Process.. 5 Key Facts by Country: o Colombia o Brazil.. 21 o Uruguay. 22 o Argentina.. 23 Ownership, Management, Board and Shareholder Structures 24 Corporate Governance & Sustainability. 29 Outlook Appendixes: o Financial Information o Financial Information

4 Grupo Éxito The Omni-Channel Retail Leader in South America Grupo Éxito is one of the largest multinationals in Colombia and a relevant food retailer in Latin America. The Company has clear competitive advantages derived from its strength in bricks and mortar and the value of their brands, supported by the quality of its human resource. Grupo Éxito also leads an e-commerce strategy and diversifies its revenues with a sound set of complementary businesses to enhance its retail offering. In 2016, Consolidated Net Revenues totaled COP$51.6 billion derived from retail sales and its strong portfolio of complementary businesses: credit card, travel, insurance and real estate with shopping malls in Colombia, Brazil and Argentina. The Company operates near to stores: in Colombia with Grupo Éxito; in Brazil with Grupo Pão de Açucar; in Uruguay with Grupo Disco and Grupo Devoto, and in Argentina with Libertad. Grupo Éxito is also the e- commerce leader in Colombia with exito.com and carulla.com. Grupo Éxito s solid omni-channel model and multi-format and multi-brand strategies make it the leader in all modern retail segments. The Company s hypermarkets lead under the Éxito, Extra, Geant and Libertad brands; in premium supermarkets under the Carulla, Pão de Açucar, Disco and Devoto brands; in proximity under the Carulla, Éxito, Devoto and Libertad Express and Minuto Pão de Acucar brands. In discount, the Company leads with Surtimax and Super Inter brands and in Cash and Carry with Assai and Surtimayorista. 4

5 Latam Integration and Synergy Process 5

6 Grupo Éxito: Proven Track Record of Successful Integrations Incorporation of Acquisition of Became the biggest retailer in Colombia with nationwide presence Acquisition of Leadership in premium supermarkets, strong presence in Bogotá and expertise in prepared foods 2007 Alliance with Market share gains in Bogotá and ramp up in sales 2010 Acquisition of International expansion outperformed business plan 2011 Launch of The Viva Brand for shopping centers 2012 Acquisition of Acquisition of control in Acquisition of 100e % in Local expansion International expansion 1949 Format expansion Acquisition of new brands Source: Capital IQ 6

7 Grupo Éxito 2017 Latam Consolidation Highlights Significant Advances of the Integration and Synergy Process 19 initiatives, run rate in 3Q17 exceeded yearly target of USD50 M in recurrent operational gains. Expansion in Key Formats Cash and Carry: Assaí (Bra), Surtimayorista (Col). Proximity: Exito Express (Col), Minuto Pao de Açúcar (Bra) Devoto Express (Uru), Petit Libertad (Arg). Commercial Strength Key Commercial Drivers Latam: 1,2,3 Commercial model, Textile model, Unbeatable prices and Fresh Model. Financial Highlights Holding Debt refinancing plan already executed (Dec, 2017) Profitability preservation plan in Colombia despite macro headwinds. Return to normal dividend upstream from GPA. Corporate Governance Achievements Adoption of OECD Corporate Governance Guidelines in Colombia. Structure consolidation with focus in the food segment in Brazil to position as the food retailer leader in South America 7

8 Grupo Éxito Consolidated Overview yt-3q17 As of Sept Total Sales (M COP) Recurring EBITDA EBITDA margin % * 6.2% % % % Stores (1) Local Market share 42% (2) 14.5% (3) 44% 15% N.A. Total Real Estate GLA (SQM) * Includes effect of non recurring tax credits (1) Stores in Brazil do not include gas stations, drugstores and Via Varejo discontinued operation stores (2) Source: Nielsen, Market share in the modern channel (Dec 2016) (3) Source: ABRAS (Brazilian Supermarket Association) (Dec 2014, for food only) 8

9 Comprehensive Coverage of Customers Brands & Formats covering all segments of the population Colombia Brazil Uruguay Argentina High End Low End 9

10 Synergies Snapshot Dynamism in execution: Run rate of USD$25 M in regional benefits in 2016 Dec/15 Redefinition of the Corporate Structure. 15 joint projects to execute. Consulting and initiative identification. USD$5M Synergies by 2015 Mar/16 1 st LatAm encounter in Colombia. May/16 Textile strategy and 1 st Latam encounter in Brazil. 1 st cash and carry store in Colombia. USD+$50M Synergies by 2017E Sep/15 Acquisition of GPA and Libertad Jan/16 Set up of the Integration Office. Opening of the 1 st Fresh Market store in Uruguay. Joint commodity purchasing. Apr/16 Argentinian commercial model implemented in Colombia and Brazil. Launch of the Ally model in Brazil. Sep/16 Launch of Textile model in Argentina USD$25M Synergies by

11 International Strategy and Synergy Process Run rate in 3Q17 exceeded yearly target of USD$50 M 4 countries Benefits in the region to double 2016 gains 18 initiatives Joint commodity purchases Unified Textile Proposal Across Operations Exchange of Best Practices Replication of Successful Formats: Cash & Carry Leadership Consolidation in the Proximity Format 11

12 Drivers for Growth by Country Building up profitable differentiation in each market through innovation Colombia Brazil Uruguay Argentina Cash & Carry expansion Unbeatable products Fresh Market concept Omnichannel: o Market Place o Last Mile Delivery Assaí expansion and conversions My Discount Pão de Açúcar store renovation Textile model implementation Fresh Market and Home concepts Strengthening Convenience Dual model in commercial galleries Strengthening Convenience Textile model implementation LatAm Transversal Strategies Commercial Model Unbeatable Prices Fresh Strategy Textile Model 12

13 Key Facts by Country 13

14 Colombia: Éxito's Clear Competitive Positioning A strategic plan focusing on profitable expansion, adapted formats and innovation Profitable expansion Strong commercial proposal Omni-channel Innovative formats Traffic monetization o Unbeatable prices o 1, 2, 3 o Supplier integration o Private labels o Healthy and organic product lines o Textile model o o o o o o o o o o Brick & mortar Websites Mobile apps Social networks Click & collect Home delivery Marketplace B2B Catalogs Direct sales o o o Cash & Carry Aliados Fresh market o o o o o o o Real estate & Viva Malls Financial retail Insurance Travel Mobile Non-banking correspondent Puntos Colombia 14

15 Multi-Brand & Multi-Format Formats & Channels in Colombia 573 stores A pleasure for everyday Supermarkets & Convenience stores Best in Fresh & Imported Premium products Top Experience 100 stores Cash & Carry 4 stores At your service Hypermarkets, Supermarkets & Convenience stores Value for Money Customer Service Food and non-food 266 stores Low-cost stores Where buying costs less High % of Private Label 203 stores Innovative format B2B and B2C proposal Low prices 8 stores by the end of 2017 Allies 1,243 Figures as of Sep 30, Commercial alliance with independent stores 15

16 Strategy to Lead the Low-Cost Market A strong response to the new market trend in Colombia Low-cost Supermarkets: profitable openings of Super Inter and Surtimax stores. Driving the fresh model. High % of Private Label Development of Allies Business Model in Colombia. Allies Business Model in Colombia Conquering the traditional channel Market Supply Chain Network Social Responsibility Potential Market Covering the low-income market Assortment optimization Service and Quality Promise Growing Together Neighborhood stores account for approximately 53% of total market To conquer new markets before competitors do 1,300 SKUs vs. ~5,000 on current Surtimax stores Competitive prices, private label portfolio Exito as an important contributor of economic growth (training and efficiency to each Aliado) Allies benefits Over 1,200 Aliados YTD. Superior service and quality. Competitive prices. Surtimax & Super Inter brand support. Access to credit. Participation on sales events. 16

17 Cash and Carry Expansion Proven model to penetrate the discount market and cover institutional buyers Synergy from Brazil, adapted to Colombia and launched in stores YTD, 8 stores in 2017E, 8 to 10 openings expected on a yearly basis. Sales area 1,500 sqm on average, 2K to 3K SKU s. Strong sales response (over 2.7x after conversion). Client mix similar to Assaí, 50% direct customers and 50% institutional buyers. Low cannibalization. Low operating costs and CapEx requirements driving strong returns. Profitable expansion compared to other discount propositions in the country. Surtimayorista Villavicencio 17

18 Fresh Market Model An improved shopping experience at Carulla stores. Freshness, health & sustainability. New proposition that maximizes in-store experience and promotes convenience. Quality, differentiation and service. Private Label products 18

19 Omni-channel strategy Clear leadership in non-food and consumer goods Web Click and Collect + 36 million visits/year orders/year Mobile App In 300 stores Digital Catalogs 55% of the traffic and 22% of éxito.com sales -Focus on food Express logistic In 136 stores orders/year Brick & Mortar 560 stores Customer in the center Home Delivery Market place +700 partners/sellers products Available at exito.com, carulla.com and digital catalogs calls/year Exclusive alliance with the last miler leader 19

20 Traffic Monetization Through Complementary Businesses Viva Malls 14 assets. A model to increase profitability Total GLA over 434,000 sqm by Optimization of retail assets. To maximize shareholder value. Loyalty Program An alliance with Grupo Bancolombia. Creation of the largest ecosystem of points issuance and redemption. 10 M clients. Financial Retail 2.4 M cards issued Other Complementary Businesses Travel Insurance High potential for intangible asset s monetization beginning in Mobile Non-banking Correspondent ~1 M clients 15.6 M transactions +200,000 clients 1.2 M users 20

21 Formats & Brands in Brazil 884 stores* Leading the most trendy formats in Premium and Cash and Carry segments 306 stores Hyper & Super Targeting Brazilian Families 265 stores Proximity Mini Mercado Extra & Minuto Pao de Acucar Cash & Carry 115 stores Multi-business Strategy Low Operating Costs & Competitive Prices 185 stores Premium Format Supermarket & Proximity stores *Figures as of sep 30,2017,. excludes drugstores and gas stations and the discontinued Via Varejo operation Neighborhood Mall First in Brazilian retail market to operate with this real estate proposal 21

22 Formats & Brands in Uruguay 83 stores Solid growth in a country with high purchase power 29 stores Supermarkets 52 stores 2 stores Supermarkets & Proximity stores Hypermarkets Positive outcome driven by Devoto & Géant performance. Proximity under 26 Devoto Express stores. Market share from 42% to 44% in the last 5 years. Synergies with the development of the loyalty program. Redesigned of devoto.com and launch of geant.com. Figures as of Sep 30,

23 Formats & Brands in Argentina 30 stores Third real estate player in Argentina 15 stores Hypermarkets Libertad stores: Present in 9 states Mini 15 stores Convenience and Premium Formats Expansion in convenience. Real estate expansion, current 160k sqm of GLA,+50k sqm of GLA in 3 years. Rollout of Éxito s textile model at all hypermarket stores. Commercial galleries Figures as of Sep 30,

24 Ownership, Management, Board and Shareholder Structures 24

25 Ownership Structure International ownership structure consolidates best in class LATAM retail platform 55.3% 18.72% / 50% 18.72% / 50% 100% 100% 62.5%* % Economic rights % Voting rights * Grupo Exito consolidates Grupo Disco since January 1 st, 2015 Figures as of Dec 31,

26 Management Structure Colombia Brazil Uruguay CEO Carlos Mario Giraldo CEO GPA Ronaldo Iabrudi General Manager Luis E. Cardoso President Carlos Mario Diez CEO Multivarejo Luis Moreno Devoto Guillermo Destefanis CFO Manfred Gartz CFO & Corporate Services Christophe Hidalgo Int Business VP José Gabriel Loaiza Assaí Belmiro Gomes Via Varejo Peter Estermann Argentina Director General Manager Tijeras Jean Jean Christophe Tijeras Real Estate VP Juan Lucas Vega Asistente GPA Director Malls Maria Tricárico Luiz Henrique Costa Gerente Recursos Humanos Peralta Daniel Cnova Brasil Flávio Dias Director Operaciones Vallcaneras Daniel Director Comercial Ricci Renzo Director Administrativo Financiero Bonnaud Nicolás Information as of Dec 31,

27 Current Board Structure Colombia Luis Fernando Alarcón Independent Daniel Cortés McAllister Independent Ana María Ibáñez Independent Felipe Ayerbe Muñoz Independent Yves Desjacques Philippe Alarcon Bernard Petit Hervé Daudin Mathieu Santon Brazil Jean Charles Naouri - President Arnaud Strasser - Vice president Eleazar de Carvalho Filho -Independent Luis Augusto de Castro N-Independent Luis Nelson Guedes de C.Independent Luiz Aranha Correa do Lago- Independent Yves Desjacques Ronaldo Iabrudi dos Santos Pereira Carlos Mario Giraldo Moreno (Éxito) José Gabriel Loaiza Herrera (Éxito) Manfred Gartz (Éxito) Expansion Committee Appointment, Remuneration and Corporate Governance Committee Investment Committee Risk & Audit Committee Sustainability Committee To define real estate investment projects and strategies To define recruitment and remuneration policies. To verify corporate governance rules compliance To define cash investment policies To control adequacy of accounting and financial procedures To define sustainability strategy and work plan Further information available on Information as of June 30,

28 Grupo Éxito Shareholder Structure 28

29 Corporate Governance and Sustainability 29

30 Corporate Governance Standards Exito is committed to continuously improve and advance on Corporate Governance Standards Adoption of OECD Corporate Governance Standards in Colombia Amendment of existing corporate governance documents and policies - rules for shareholders meetings, conflict of interest regulation, control system, among others. New rules regarding approval of related party transactions, privilege information measurements and disclosure of information. Composition of the Board and Supporting Committees Board of Directors elected on March 30, Risk and Audit Committee integrated only by Independent Members. An Independent member is the Chairman of the Board Chairman of Supporting Committees are independent Members. Conflict of Interest and RPT Management Conflict of Interests at the Board Level to be solved by non-conflicted members. Related Party Transactions to be evaluated by the Risk and Audit Committee. Shareholders approval required for transactions above 10 MUSD. Further information available on 30

31 Sustainable Strategy 31

32 2017 Outlook 32

33 2017 Outlook Latam Platform Run rate benefits from synergies exceeding USD $50 M. Gradual decrease in interest rates in Colombia and Brazil might lower financial expenses and drive consumption. Mid-term economic recovery expected in Colombia, Brazil and Argentina. Focus on cost and expense control activities. High potential from store conversions and renovations of premium stores. Colombia Consistency in profitable activities to face competition. Puntos Colombia loyalty coalition to be launched by Retail expansion of stores (+35k sqm of sales area). Roll out of cash and carry to 8 Surtimayorista stores by year-end. Real estate expansion of Viva Malls (+120k sqm of GLA in 2018). CapEx in Colombia around COP$300,000 M. Brazil Optimization of store portfolio by focusing on Assaí openings (6-8 stores) and conversions (16 stores). Focus on food segment with continuous investments in high-return formats. Colombian textile business model to be implemented in over 30 stores by year-end. Aliados Compre Bem to reach around 500 by year-end. Continued Market share gains at both Multivarejo and Assaí. Recurring EBITDA Margin around 5.5% in the Food segment. CapEx: around R$1.2 billion. Uruguay Focus in maintaining healthy margin levels and in market share gains. Strengthening of the convenience format with 10 to 15 Devoto Express store openings. Argentina Expansion of the real estate business by creating near to 35k sqm of GLA in the next 2/3 years. 33

34 Share Valuation Increased valuation of Via Varejo and GPA started to be reflected in Éxito s share price. 34

35 Appendixes Financial Information 2017 YTD 35

36 3Q17 Financial Highlights Solid performance in Brazil and Uruguay validates Éxito diversification strategy LatAm GPA increasing contribution to results ratifies the strategic decision to diversify within the region. Growth of top line and EBITDA despite a lower food inflation trend in the region. Annual synergies target (USD $50M) already reached during 3Q17. Colombia Results affected by sharp food inflation decrease (-840 bps vs 3Q16). Cash and carry expansion on-track (store openings expected from 3 to 8 in 2017). Traffic monetization reflected in a higher contribution from the Real Estate business. Stronger contribution to sales from omnichannel (+20%). Brazil Solid Net Sales (1) (+8.1%) and SSS (1) (+3.3%) levels despite food deflation. Successful execution conversion plan to Assaí from Extra Hiper (9 stores LTM). Successful implementation of My Discount program (3M app downloads, +1M customers). Margin improvement driven by strong operational and financial performance. Uruguay Solid results driven by operational efficiencies and measures. Argentina Resilient business model derived from the dual real estate strategy. (1) In local currency. Net Sales and SSS adjusted for the calendar effect. 36

37 3Q17 Consolidated Financial Results Improved top line and net result mainly driven by the solid performance of Brazil Top line growth driven mainly by Brazil and strong contribution of real estate in Colombia and Argentina. Improved net result from: o The solid performance of Brazil. o Productivity efforts in all the region. o Reduced interest expense. Note: Consolidated statements of income as of September 30, 2016 include the effects of the restatement of the discontinued operation relevant to Via Varejo S.A. and Cnova N.V. for comparison purposes to

38 3Q17 and 9M17 Net Group Share Result Net result benefited mainly by Brazil and lower financial expenses The Net Group Share result in 3Q17 was COP$-31,331 M, an improvement of near COP$70,000 M over the 3Q16 derived from: Strong operational performance of Brazil. Better financial result as interest rates are dropping in Colombia and Brazil. The Net Group Share result in 9M17 was COP $30,339 M, which compares to the loss of COP -$ M obtained in the same period last year. 38

39 3Q17 Net Debt & Cash at Holding (1) Level Showing deleveraging vs 3Q % -1.3% Debt Refinancing: New Credit Agreements signed on December 22 nd,2017 Syndicated Credit Agreement in dollars with 9 international banks for an amount of USD450M. to prepay the current Syndicated Credit Agreement in dollars with a due date of December 2020 Amendment to the Syndicated Revolving Credit Agreement of COP500,000 million, due date of August Average duration of the debt from 2.2 to 2.9 years, optimizing payment flow of the Company. New agreements confirm the confidence and support of local and international banks. Note: (1) Holding: Almacenes Exito Results without Colombian or international subsidiaries. 39

40 3Q17 Debt by Country and Maturity (1) Debt without contingent warranties and letters of credit. (2) Debt at the nominal amount. (3) Loans in USD converted to COP using the Central Bank's closing exchange rate as September 30th, 2017 (2,936.67). (4) With option to extend up to November

41 3Q17 P&L and CapEx by Country Note: Consolidated figures include eliminations and adjustments. 41

42 3Q17 SOTP Analysis 42

43 3Q17 Consolidated Balance Sheet 43

44 3Q17 Consolidated Cash Flow 44

45 3Q17 Holding (1) P&L Net Revenues decreased due to sales trend affected by lower inflation partially offset by the growth of Real Estate revenues (+30%). Margins affected by the weak top line that offset actions to control cost and expense. (1) Holding: Almacenes Exito Results without Colombian subsidiaries. 45

46 3Q17 Holding (1) Balance Sheet (1) Holding: Almacenes Exito Results without Colombian subsidiaries. 46

47 3Q17 Conclusions Quarterly and year-to-date Net Result improvement. Strong performance and contribution from operations in Brazil and Uruguay confirms the rationale behind diversification within the region. GPA solid performance continues to benefit consolidated results and Net Income recovery. Strong sales growth in Brazil despite food deflation. Consistent gains at cost and expense levels despite last year inflationary pressures to build a leaner operation in the region. Yearly synergy plan of USD$50 M at consolidated recurring operating level already captured as of 3Q17. Expansion of cash and carry stores in Colombia on track (8 by 2017E). Solid contribution from the real estate operations in Colombia and Argentina. Continuous strengthening of omnichannel, traffic monetization and innovative leverage strategies. 47

48 Appendixes Financial Information

49 Consolidated Financial Results 2016 Financial information proforma allowing year-over-year base comparable Notes: For proforma information please refer to disclaimer 2 on slide # figures restated to reflect the adjustments related to the outcome of the Price Purchase Allocation process for the acquisition of Companhia Brasileira de Distribuição - CBD and Libertad S.A., in accordance with NIIF 3 Business combination From Sales to Operating income all is referring to Continued Operations. Net Income attributable to Grupo Éxito include both continued and discontinued operations. 49

50 Debt at Holding Level 2016 Éxito reached its target Net Debt/adjusted EBITDA (1) ratio of 3.1x in 2016 as of Dec 2016 (from 3.8x as of Dec 2015) Holding net financial debt of COP$2.99 Bn (including $450 M in USD) as of dec 31 st, This represents an improvement of COP$ M vs Interest rates below IBR3M + 3.5% in COP and LIBOR3M % in USD. A long term amortization payment of COP $ M made in August 2016; two more scheduled for 2017 (Feb and Aug). Initial deleverage plan of USD$150 M finally released more than USD$200 M mainly from: Inventories decreased by 5 days Productivity excellence at store and DC level. Implementation of VMI strategies in non-food. In-store assortment optimization. Optimized receivables collection Higher frequency of invoicing (1) Adjusted EBITDA: EBITDA holding + Dividends received from holding subsidiaries. Note: IBR 3M (Indicador Bancario de Referencia) Market reference rate : 6.92%, Libor 3M %. 50

51 2016 Holding Debt by Country and Maturity 51

52 2016 P&L and Capex by Country Note: Consolidated figures include eliminations and adjustments. 52

53 Proforma Statements 2015 Note: For proforma information please refer to disclaimer 2 on slide #2. 53

54 Operational Performance - Proforma Consolidated Income Statement FY 2015 Colombia Brasil Proforma 1 Uruguay Argentina Proforma 1 Consolidado Profroma In COP M In COP M In COP M In COP M In COP M Sales 10,285,199 30,634,814 2,122,911 1,511,664 44,546,300 Other Revenue 333,446 89,170 40,099 95, ,371 Net Revenue 10,618,645 30,723,984 2,163,010 1,607,320 45,104,671 Cost of Sales -8,010,686-23,228,459-1,415,706-1,028,468-33,677,723 Gross Profit 2,607,959 7,495, , ,852 11,426,948 SG&A -1,801,056-5,514, , ,529-8,384,057 Depreciation and Amortization -211, ,015-38,793-17, ,356 Total SG&A -2,012,300-6,056, , ,833-9,193,413 Recurring Operating Income (ROI) 595,659 1,438, ,507 78,019 2,233,535 Non - Recurring income and expenses -22, ,300-13,450-17, ,032 Operating Income (EBIT) 572,929 1,322, ,057 60,467 2,063,503 Recurring EBITDA 806,903 1,980, ,300 95,323 3,042,891 EBITDA 784,173 1,864, ,850 77,771 2,872,859 Note: Colombia s result includes the financial outcome of Almacenes Exito S.A. and its subsidiaries in Colombia. For proforma information please refer to disclaimer 2 on slide #2. 54

55 2016 SOTP Analysis Note: (1) Do not includes Intercompany eliminations (2) Net Debt= Gross Debt (Without contingent warranties and letters of credit) Cash (3) Éxito Owns 100% of Devoto and 62.5% of Disco. (4) Market Capitalization of GPA as at 24/02/

56 2016 Consolidated Balance Sheet (1) For comparison purposes to 2016, these financial statements include certain minor reclassifications to accounts payable; other provisions; other financial liabilities; other non-financial liabilities; inventories; property, plant and equipment; investment properties, and tax liabilities. (2) Amounts restated to reflect the effect of the adjustments from the completion of the Purchase Price Allocation process relevant to the acquisition of control of Companhia Brasileira de Distribuição - CBD and of Libertad S.A., pursuant to IFRS 3 - Business combinations 56

57 María Fernanda Moreno R. Investor Relations Director maria.morenorodriguez@grupo-exito.com Cr 48 No. 32B Sur 139, Av. Las Vegas Envigado, Colombia exitoinvestor.relations@grupo-exito.com The Issuers Recognition -IR granted by the Colombian Stock Exchange is not a certification about the quality of the securities listed at the BVC nor the solvency of the issuer.