FIDUCIARIA BANCOLOMBIA S.A.

BAVARIA S.A. 2011 2012 Var. Anual

mar-11 jun-11 sep-11 dic-11 mar-12 jun-12 sep-12 M12/M11 % $
BALANCE (cifras en $ millones)
Activos 8,174,277 8,543,483 9,184,953 9,014,143 8,005,111 8,179,688 8,214,235 (10.57%) (970,719)
Activo Corriente 1,202,264 1,479,649 2,001,751 1,885,052 1,460,909 1,584,640 1,516,497 (24.24%) (485,254)
Disponible 99,548 83,401 52,496 149,045 76,890 53,850 60,585 15.41% 8,089
Inversiones 40,565 56,175 27,001 36,915 7,426 4,178 3,617 (86.61%) (23,384)
Deudores 930,430 1,150,771 1,749,898 1,524,659 1,221,832 1,341,314 1,267,150 (27.59%) (482,748)
Inventarios 131,059 185,724 169,998 172,885 154,501 181,964 182,983 7.64% 12,985
Diferidos 663 3,578 2,358 1,548 260 3,334 2,162 (8.31%) (196)
Otros Activos 0 0 0 0 0 0 0 0
Activo No Corriente 6,972,013 7,063,834 7,183,202 7,129,091 6,544,202 6,595,049 6,697,737 (6.76%) (485,465)
Inversiones 1,905,464 2,008,901 2,098,174 2,420,207 1,860,028 1,926,828 2,061,789 (1.73%) (36,384)
Deudores 91,320 88,404 91,338 93,365 100,240 89,196 89,333 (2.20%) (2,006)
Propiedades Planta Y Equipo " 1,325,558 1,297,805 1,310,394 1,317,878 1,328,713 1,289,607 1,272,117 (2.92%) (38,278)
Intangibles 1,072,999 1,056,695 1,035,290 1,012,998 982,875 960,560 931,409 (10.03%) (103,881)
Diferidos 137,882 151,611 197,262 132,087 119,790 110,216 118,295 (40.03%) (78,967)
Otros Activos 9,786 9,786 112 297 297 112 112 0.00% 0
Valorizaciones 2,429,004 2,450,632 2,450,632 2,152,260 2,152,260 2,218,529 2,224,683 (9.22%) (225,949)
Pasivos Y Patrimonio 8,174,277 8,543,483 9,184,953 9,014,143 8,005,111 8,179,688 8,214,235 (10.57%) (970,719)
Pasivos Totales 3,207,242 3,321,366 4,094,278 3,699,899 3,394,001 3,317,477 3,517,722 (14.08%) (576,556)
Pasivo Corriente 787,245 909,700 2,041,310 1,880,631 1,577,092 1,838,930 2,039,206 (0.10%) (2,104)
Obligaciones Financieras 1,621 1,621 1,621 234,745 216,716 215,853 217,765 13333.89% 216,144
Proveedores 136,005 149,793 196,760 209,867 189,551 178,960 185,883 (5.53%) (10,876)
Cuentas Por Pagar 152,512 246,462 894,142 546,637 316,376 263,986 753,963 (15.68%) (140,179)
Obligaciones Laborales Y De Se 20,337 19,344 25,687 19,256 19,734 20,256 25,958 1.05% 271
Otros Pasivos 0 0 0 0 0 0 0 0
Bonos Y Titulos Emitidos 111,038 33,538 379,931 379,931 370,000 708,520 338,520 (10.90%) (41,411)
Pasivo No Corriente 2,419,998 2,411,667 2,052,968 1,819,268 1,816,910 1,478,547 1,478,516 (27.98%) (574,452)
Obligaciones Financieras 225,536 213,619 229,812 0 269 427 410 (99.82%) (229,402)
Cuentas Por Pagar 0 0 0 0 0 0 0 0.00% 0
Obligaciones Laborales Y De Se 992 992 992 4,312 1,685 1,685 1,685 69.85% 693
Bonos Y Titulos Emitidos 1,910,320 1,910,320 1,540,320 1,540,320 1,540,320 1,201,800 1,201,800 (21.98%) (338,520)
Pasivos Estimados 281,888 281,843 281,843 274,635 274,635 274,635 274,621 (2.56%) (7,223)
Otros Pasivos 0 0 0 0 0 0 0 0
Patrimonio 4,967,035 5,222,116 5,090,675 5,314,244 4,611,110 4,862,212 4,696,512 (7.74%) (394,163)
Capital Social 791 791 791 791 791 791 791 0.00% 0
Superavit de Capital 299,389 291,863 341,033 497,242 443,336 438,974 453,399 32.95% 112,366
Revalorización del Patrimonio 422,385 419,441 416,497 416,497 416,497 413,553 410,609 (1.41%) (5,888)
Reservas 1,685,869 1,685,869 1,508,545 1,508,545 1,259,285 1,259,285 1,262,193 (16.33%) (246,353)
Resultados De Ejercicios Anter 48,172 48,172 48,172 48,172 48,172 48,172 48,172 0.00% 0
Resultado Del Ejercicio 81,425 325,348 325,005 690,737 290,769 482,907 296,666 (8.72%) (28,338)
Superavit Valorización 2,429,004 2,450,632 2,450,632 2,152,260 2,152,260 2,218,529 2,224,683 (9.22%) (225,949)
Reponsabilidades Contingentes 3,323,273 2,420,735 2,406,138 2,651,325 2,669,447 4,089,399 4,092,419 70.08% 1,686,281
Acreedores 7,731 36,224 36,224 25,332 25,332 22,299 22,299 (38.44%) (13,925)

DIRECCIÓN DE PLANEACIÓN FINANCIERA Página 1 REPRESENTACIÓN LEGAL DE TENEDORES DE BONOS

 FIDUCIARIA BANCOLOMBIA S.A.

BAVARIA S.A. 2011 2012 Var. Anual

mar-11 jun-11 sep-11 dic-11 mar-12 jun-12 sep-12 M12/M11 % $

ESTADO DE PERDIDAS Y GANANCIAS (cifras en $ millones)

42 Ingresos Operacionales 861,034 1,756,917 2,723,815 3,838,937 946,924 1,909,757 2,899,182 6.4% 175,367
43 Costo de Ventas 319,272 646,872 983,731 1,368,346 337,816 673,220 1,015,631 3.24% 31,899
44 Utilidad Bruta 541,762 1,110,045 1,740,083 2,470,592 609,108 1,236,536 1,883,551 8.24% 143,468
45 Gastos Operacionales 379,786 758,032 1,159,322 1,583,916 381,894 787,703 1,176,195 1.5% 16,873
46 Administracion 121,634 225,679 313,650 424,627 126,223 243,512 347,260 10.72% 33,611
47 Ventas 258,152 532,353 845,672 1,159,288 255,671 544,192 828,934 (1.98%) (16,738)
48 Utilidad Operacional 161,976 352,013 580,761 886,676 227,214 448,833 707,356 21.8% 126,595
49 Ingresos no operacionales 181,777 381,905 729,825 993,469 285,018 502,697 724,317 (0.75%) (5,507)
50 Gastos no Operacionales 218,037 332,603 516,366 625,111 175,140 348,503 451,277 (12.61%) (65,089)
666 Corrección Monetaria 0 0 0 0 0 0 0 0
51 Utilidad Antes de Impuestos 125,717 401,315 794,219 1,255,034 337,092 603,027 980,397 23.44% 186,177
52 Excedente O Deficit Del Ejerci 81,425 325,348 650,353 1,016,086 290,769 482,907 779,573 19.87% 129,220
125,717 401,315 794,219 1,255,034 337,092 603,027 980,397
INDICADORES
PyG de # de trimestres 1 2 3 4 1 2 3
Z-score 1.94 2.09 1.91 2.21 2.03 2.15 2.06 7.99% 0.15
Ventas 3,444,135 3,513,834 3,631,753 3,838,937 3,787,698 3,819,514 3,865,576 6.44% 233,823
Utilidad del ejercicio + Utilidad Retenida + Reservas
2,059,739 2,384,737 1,990,056 2,247,454 2,470,531 2,273,270 1,705,920 (14.28%) (284,137)
Utilidad Operacional 161,976 352,013 580,761 886,676 227,214 448,833 707,356 21.80% 126,595
Capital de Trabajo Neto 1,181,927 1,460,305 1,976,064 1,865,796 1,441,175 1,564,384 1,490,539 (24.57%) (485,525)
Activos Totales 8,174,277 8,543,483 9,184,953 9,014,143 8,005,111 8,179,688 8,214,235 (10.57%) (970,719)
Pasivos Totales 3,207,242 3,321,366 4,094,278 3,699,899 3,394,001 3,317,477 3,517,722 (14.08%) (576,556)
Patrimonio a Precio de Mercado 4,967,035 5,222,116 5,090,675 5,314,244 4,611,110 4,862,212 4,696,512 (7.74%) (394,163)
Roa 4.0% 7.6% 9.4% 11.3% 14.5% 11.8% 12.7% 34.03% 3.2%
Roe 6.6% 12.5% 17.0% 19.1% 25.2% 19.9% 22.1% 29.93% 5.1%
Margen Neto 9.5% 18.5% 23.9% 26.5% 30.7% 25.3% 26.9% 12.62% 3.0%
Margen Operacional 18.8% 20.0% 21.3% 23.1% 24.0% 23.5% 24.4% 14.43% 3.1%
Nivel De Endeudamiento 39.2% 38.9% 44.6% 41.0% 42.4% 40.6% 42.8% (3.93%) (1.8%)
Razón Corriente 49.7% 61.4% 97.5% 103.6% 80.4% 107.2% 102.6% 5.19% 5.1%
Relación Solvencia 60.8% 61.1% 55.4% 59.0% 57.6% 59.4% 57.2% 3.16% 1.8%
Saldo Bonos 0.0%
Egresos Operacionales/ Activo Total 18.6% 17.7% 16.8% 17.6% 19.1% 19.3% 19.1% 13.44% 2.3%

DIRECCIÓN DE PLANEACIÓN FINANCIERA Página 2 REPRESENTACIÓN LEGAL DE TENEDORES DE BONOS

 FIDUCIARIA BANCOLOMBIA S.A.

2011
mar-12 jun-12 sep-12

100.00% 100.00% 100.00%

18.25% 19.37% 18.46%
0.96% 0.66% 0.74%
0.09% 0.05% 0.04%
15.26% 16.40% 15.43%
1.93% 2.22% 2.23%
0.00% 0.04% 0.03%
0.00% 0.00% 0.00%
81.75% 80.63% 81.54%
23.24% 23.56% 25.10%
1.25% 1.09% 1.09%
16.60% 15.77% 15.49%
12.28% 11.74% 11.34%
1.50% 1.35% 1.44%
0.00% 0.00% 0.00%
26.89% 27.12% 27.08%
100.00% 100.00% 100.00%
100.00% 100.00% 100.00%
46.47% 55.43% 57.97%
6.39% 6.51% 6.19%
5.58% 5.39% 5.28%
9.32% 7.96% 21.43%
0.58% 0.61% 0.74%
0.00% 0.00% 0.00%
10.90% 21.36% 9.62%
53.53% 44.57% 42.03%
0.01% 0.01% 0.01%
0.00% 0.00% 0.00%
0.05% 0.05% 0.05%
45.38% 36.23% 34.16%
8.09% 8.28% 7.81%
0.00% 0.00% 0.00%
100.00% 100.00% 100.00%
0.0% 0.0% 0.0%
9.6% 9.0% 9.7%
9.0% 8.5% 8.7%
27.3% 25.9% 26.9%
1.0% 1.0% 1.0%
6.3% 9.9% 6.3%
46.7% 45.6% 47.4%
0 0 0

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 FIDUCIARIA BANCOLOMBIA S.A.

2011
mar-12 jun-12 sep-12

DIRECCIÓN DE PLANEACIÓN FINANCIERA Página 4 REPRESENTACIÓN LEGAL DE TENEDORES DE BONOS