|By PR Newswire||
|April 25, 2014 05:53 PM EDT||
-- The Company reported operating revenues totaling COP 183,211 (USD 93.0 million).
-- Assets at March 31, 2013 came to COP 22.6 billion (USD 11.5 billion), showing an increase of 7.6% compared to year-end 2013.
MEDELLIN, Colombia, April 25, 2014 /PRNewswire/ -- Grupo SURA has presented its financial results for the first quarter of this year, showing operating revenues of COP 183,211 (USD 93.0 million) and net profits of COP 148,050 million (USD 75.2 million). Assets came to COP 22.6 billion (USD 11.5 billion), showing increases of 2.6% compared to the same period last year and 7.6% versus year-end 2013. Shareholders´ equity at the end of this first quarter came to COP 20.9 billion (USD 10.6 billion), which was 3.0% higher than for year-end 2013.
These results mirrored a good level of performance on the part of GRUPO SURA´s subsidiaries which contributed with a total of COP 102,095 million (USD 51.8 million) this past quarter, posted via the equity method. Suramericana, the Group´s insurance and social security subsidiary contributed with COP 62,936 million (USD 31.2 million) and SURA Asset Management, our pension, savings and investment fund management subsidiary provided another COP 64,529 million (USD 32.8 million).
Overall results for this past quarter showed an increase in liabilities due to the financing obtained for the acquisition of preferred shares in Bancolombia back in March of this year. This produced a debt ratio of 4.7%. On the other hand, the Colombian Superintendency of Finance has given its authorization for an issue of Ordinary Bonds and/or Commercial Paper for up to COP 1.3 billion. This new issue of bonds to be placed in stages, the first for almost 50% of the total amount authorized, shall be used to restructure the Company's debt, providing it with more flexibility in taking full advantage of market opportunities or advancing its expansion plans.
As we recently announced, Fitch ratings has given this forthcoming issue an "AAA" rating. In its corresponding report, Fitch Ratings highlighted the sound credit profile of all those companies from which the Group obtains a steady stream of dividends as well as an adequate debt debt-service coverage ratio, historically low leverage ratios together with adequate liquidity and the capacity to access alternate sources of financing.
On the other hand, Grupo Sura´s subsidiary, SURA Asset Management S.A. announced the terms and conditions of its first ever issue of corporate bonds on the international markets worth a total of USD 500 million. The value of the bids received came to a total of USD 4,281 million, almost 9 times the amount offered.
ABOUT GRUPO SURA
Grupo de Inversiones Suramericana –GRUPO SURA- is a Latin American company listed on the Colombian Stock Exchange and registered with the ADR- Level 1 program in the United States. We are also the only entity from Latin American diversified financial services sector to be admitted to the Dow Jones Sustainability Index (DJSI), which monitors companies who have become global benchmarks thanks to the good practices they have adopted from the economic, environmental and social standpoints. GRUPO SURA holds two types of investments, the first being its strategic investments in the financial service, insurance, social security as well as complementary service sectors; and the second corresponds to its portfolio investments in the processed food, cement and energy sectors.
Luis Felipe Posada Jimenez
Grupo de Inversiones Suramericana
(574) 260 21 00 Ext. 2571
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