0001104659-21-011636.txt : 20210203 0001104659-21-011636.hdr.sgml : 20210203 20210203171534 ACCESSION NUMBER: 0001104659-21-011636 CONFORMED SUBMISSION TYPE: 6-K PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20210203 FILED AS OF DATE: 20210203 DATE AS OF CHANGE: 20210203 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Industrias Bachoco S.A.B. de C.V. CENTRAL INDEX KEY: 0001044896 STANDARD INDUSTRIAL CLASSIFICATION: POULTRY SLAUGHTERING AND PROCESSING [2015] IRS NUMBER: 000000000 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 6-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-33030 FILM NUMBER: 21587235 BUSINESS ADDRESS: STREET 1: 48 WALL ST STREET 2: C/O BANK OF NEW YORK CITY: NEW YORK STATE: NY ZIP: 10286 BUSINESS PHONE: 2128151727 MAIL ADDRESS: STREET 1: AV. TECNOLOGICO 401 COL. INDUSTRIAL STREET 2: CELAYA GUANAJUATO CITY: MEXICO STATE: O5 ZIP: 9999999999 FORMER COMPANY: FORMER CONFORMED NAME: INDUSTRIAS BACHOCO SA DE CV DATE OF NAME CHANGE: 19970825 6-K 1 tm215136d1_6k.htm FORM 6-K

 

 

 

Securities and Exchange Commission

 

Washington, D.C. 20549

 

FORM 6-K

 

Report of Foreign Issuer Pursuant to Rule 13a-16 or 15d-16 of the Securities
Exchange Act of 1934

 

FOR THE FOURTH QUARTER ENDED AS OF DECEMBER 31, 2020

 

BACHOCO INDUSTRIES 

(Translation of Registrant’s name into English)

 

Avenida Tecnológico #401 

38010 Celaya, Guanajuato, Mexico 

(Address of principal office)

 

(Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.)

 

(Check One) Form 20-F x        Form 40-F ¨

 

(Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing information to the Commission pursuant to Rule 12g-3-2(b) under the Securities Exchange Act of 1934.)

 

(Check One) Yes ¨       No x

 

(If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b). 82_

 

 

 

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned,

 

thereunto duly authorized.

 

Industrias Bachoco, S.A.B. de C.V. (Registrant) 

/s/ Daniel Salazar Ferrer, CFO

 

Date: February 3, 2021

 

 

 

 EX-99.1 2 tm215136d1_ex99-1.htm EXHIBIT 99.1

 

Exhibit 99.1

 

 

INDUSTRIAS BACHOCO ANNOUNCES FOURTH QUARTER
2020 RESULTS AND FULL YEAR 2020 RESULTS

 

Celaya, Guanajuato, Mexico – February 3rd, 2021

 

Industrias Bachoco, S.A.B. de C.V., “Bachoco” or “the Company”, (NYSE: IBA; BMV: Bachoco) announced today its unaudited results for the fourth quarter (“4Q20”) and full year (“2020”) ending on December 31st, 2020. All figures have been prepared in accordance with International Financial Reporting Standard (“IFRS”) and are presented in nominal million Mexican Pesos (“$”).

 

HIGHLIGHTS 2020

 

·Net sales increased 21.1% in 4Q20 and increased 11.6% in year 2020 vs equivalent periods of 2019.

 

·EBITDA margin was 13.4% for 4Q20 and 8.2% for the whole year.

 

·Earnings per basic and diluted share totaled $1.22 for 4Q20 and $6.12 for the year.

 

CEO COMMENTS

 

Mr. Rodolfo Ramos Arvizu, Chief Executive Officer of Bachoco, stated: “2020 was an historically challenging year. We faced unprecedent conditions that tested our capabilities for adapting fast to new market conditions while being efficient. Despite the uncertainty that brought this year, our solid financial structure and our operating discipline allowed us to end 2020 with positive results in terms of profitability while attending all our markets.

 

During the last quarter of 2020, we observed some adjustments in demand as a result of remaining lockdown conditions, in some sectors. However, we consider that the industry was as well in line with that reading, allowing a good balance between supply and demand which resulted in competitive prices for this time frame.

 

On the other hand, in the U.S., we kept observing challenging conditions that continued to negative affect commodity prices particularly on white meat and leg quarters.

 

As a result of the aforementioned conditions, we reported an increase in total sales of 21.1% in 4Q20 when compared to 4Q19. For the full year, we reached an increase of 11.6% vs 2019. This was a result of higher prices in our main business lines as well as more volume sold in our Others segment.

 

Regarding cost of sales, during 4Q20 we started to observe some of the negative effects of the increase in grain and soybean meal prices. However, efficiencies in our productive processes allowed us to partially offset some of that increase.

 

 

 

 

In terms of volume sold, our Others segment, particularly swine, reached an important increase for the quarter when compared to the same period of 2019 driven by the integration of SASA.

 

Our EBITDA was $2,451.3 million which is $1,940.2 million higher than the EBITDA of the same quarter of 2019. For the fourth quarter, our EBITDA margin was 13.4% and our earnings per basic and diluted share was $1.22.

 

For the full year of 2020, we continued delivering positive results. We increased total sales by 11.6%, with an EBITDA margin of 8.2% and earnings per share of $6.12.

 

Our financial structure remained solid and allowed us to keep with our growth plans even under the uncertain conditions observed in 2020. Our CAPEX for the year was $2,305.9 million which is 11.4% higher than the amount invested in 2019. This with a net cash position of $16,529.9 million.

 

Particularly under this difficult time that the world is facing, we continue to be very focused on safely serving our markets and customers as we are aware that we play an important role in the nourishment of our consumers as well as in the family’s economy of our collaborators."

 

EXECUTIVE SUMMARY

 

The following financial information is expressed in millions of nominal pesos, except for amounts per share or per ADR, with comparative figures for the same period in 2020.

 

QUARTERLY RESULTS

 

NET SALES BY GEOGRAPHY            
In millions of pesos  4Q20   4Q19   Change 
   $   $   $   % 
Net Sales   18,328.6    15,134.6    3,193.9    21.1 
Net sales in Mexico   13,780.5    10,908.1    2,872.4    26.3 
Net sales in the U.S.   4,548.0    4,226.5    321.6    7.6 

 

NET SALES BY SEGMENT            
In millions of pesos  4Q20   4Q19   Change 
   $   $   $   % 
Net Sales   18,328.6    15,134.6    3,193.9    21.1 
Poultry   16,173.4    13,661.2    2,512.2    18.4 
Other   2,155.2    1,473.4    681.8    46.3 

 

NET VOLUME SOLD BY SEGMENT

 

In tons      Change 
   4Q20   4Q19   Volume   % 
Total sales volume:   585,064.0    575,274.6    9,789.3    1.7 
Poultry   447,604.7    452,487.2    (4,882.6)   (1.1)
Others   137,459.3    122,787.4    14,671.9    11.9 

 

The Company’s 4Q20 net sales totaled $18,328.6 million; $3,193.9 million or 21.1% more than $15,134.6 million reported in 4Q19. The increase is a result of higher prices in our main business lines and higher volume sold in Others.

 

In 4Q20, sales of our U.S. operations represented 24.8% of our total sales compared to 27.9% in 4Q19.

 

2

 

 

GROSS PROFIT            
In millions of pesos  4Q20   4Q19   Change 
   $   $   $   % 
Cost of sales   14,472.3    13,170.6    1,301.6    9.9 
Gross profit   3,856.3    1,964.0    1,892.3    96.3 
Gross margin   21.0%   13.0%   -    - 

 

In 4Q20, cost of sales was $14,472.3 million; $1,301.6 million or 9.9% higher than $13,170.6 million reported in 4Q19. This increase was mainly due to higher unit cost in our main business lines as we start to observe some of the effects of the increase in prices of our main raw materials.

 

The Company´s gross profit in 4Q20 was $3,856.3 million, higher than the gross profit of $1,964.0 million in 4Q19, with a gross margin of 21.0% for 4Q20 vs 13.0% in 4Q19.

 

Selling, general and administrative expenses (“SG&A”)

 

In millions of pesos  4Q20   4Q19   Change 
    $    $    $    % 
Total SG&A   1,617.8    1,701.7    (83.9)   (4.9)

 

Total SG&A expenses in 4Q20 were $1,617.8 million; $83.9 million lower than the $1,701.7 million reported in 4Q19. Total SG&A expenses as a percentage of net sales represented 8.8% in 4Q20 and 11.2% in 4Q19.

 

other income (expense), net
In millions of pesos  4Q20   4Q19   Change 
    $    $    $    % 
Other income (expense), net   (128.0)   (74.4)   (53.6)   72.1 

 

This item mainly includes the sale of unused assets as well as hens and other by-products. We record such sales as expenses when the sale price is below the book value of those assets.

 

In 4Q20, we recorded other expenses of $128.0 million, compared with other expenses of $74.4 million reported in 4Q19.

 

OPERATING INCOME            
In millions of pesos  4Q20   4Q19   Change 
    $    $    $    % 
Operating income   2,110.5    188.0    1,922.5    1,022.9 
Operating margin   11.5%   1.2%   -    - 

 

Operating income in 4Q20 totaled $2,110.5 million; $1,922.5 million higher than the Operating income of $188.0 million reported in 4Q19. This represents an operating margin of 11.5% for 4Q20, versus 1.2% operating margin in the same period of 2019. The increase in operating income is mainly attributed to higher prices in our main business lines, and higher volume sold in our Others segment.

 

NET FINANCIAL INCOME            
In millions of pesos  4Q20   4Q19   Change 
    $    $    $    % 
Net Financial Income   (1,168.2)   (192.0)   (976.1)   508.4 
Financial Income   (1,105.1)   (93.3)   (1,011.8)   1,084.9 
Financial Expense   63.1    98.8    (35.7)   (36.2)

 

3

 

 

In 4Q20, the Company reported net financial loss $1,168.2 million, compared to a financial loss of $192 million reported in the same period of 2019. The result was mainly attributed to higher exchange rate loss due to the appreciation of the Mexican peso vs the U.S. dollar.

 

TAXES FOR THE PERIOD            
In millions of pesos  4Q20   4Q19   Change 
   $   $   $   % 
Total Taxes   222.0    (153.8)   375.9    (244.3)
Income tax   479.6    314.5    165.1    52.5 
Deferred income tax   (257.6)   (468.3)   210.8    (45.0)
                     

 

Total taxes for the 4Q20 were $222.0 million favorable, compared with negative total taxes of $153.8 million of the same period of 2019. This is attributed to higher operating income in 4Q20.

 

NET INCOME            
In millions of pesos  4Q20   4Q19   Change 
    $    $    $    % 
Net income   720.3    149.8    570.5    380.9 
Net margin   3.9%   1.0%   -    - 
Basic and diluted earnings per share1   1.22    0.24    1.0    n/a 
Basic and diluted earnings per ADR2   14.61    2.91    11.7    n/a 
Weighted average Shares outstanding3   599,820    599,967    -    - 

 

1 In pesos 

2 in pesos, one ADR equals to twelve shares 

3 In thousands of shares

 

The net income for 4Q20 was $720.3 million, representing $1.22 pesos of earnings per share, compared with a net income of $149.8 million, which represented a $0.24 pesos of earnings per share in 4Q19. This increase is mainly attributed to higher operating results. Net margin in 4Q20 was 3.9% compared to 1.0% reported in 4Q19.

 

EBITDA        
In millions of pesos  4Q20   4Q19   Change 
   $   $   $   % 
Net income   730.2    145.5    584.7    402.0 
Income tax expense (benefit)   222.0    (153.8)   375.9    (244.3)
Result in associates   (9.9)   4.3    (14.2)   (330.8)
Net finance (income) expense   1,168.2    192.0    976.1    508.4 
Depreciation and amortization   340.8    323.1    17.7    5.5 
EBITDA   2,451.3    511.1    1,940.2    379.6 
EBITDA Margin (%)   13.4%   3.4%   -    - 
Net revenues   18,328.6    15,134.6    3,193.9    21.1 

 

EBITDA in 4Q20 reached $2,451.3 million representing an EBITDA margin of 13.4%, compared to an EBITDA of $511.1 million in 4Q19, with an EBITDA margin of 3.4%.

 

ACCUMULATED RESULTS

 

NET SALES BY GEOGRAPHY            
In millions of pesos  2020   2019   Change 
   $   $   $   % 
Net Sales   68,791.3    61,655.2    7,136.0    11.6 
Net sales in Mexico   49,302.4    44,723.5    4,578.9    10.2 
Net sales in the U.S.   19,488.8    16,931.7    2,557.1    15.1 

 

NET SALES BY SEGMENT            
In millions of pesos  2020   2019   Change 
   $   $   $   % 
Net Sales   68,791.3    61,655.2    7,136.0    11.6 
Poultry   61,359.1    55,653.0    5,706.1    10.3 
Other   7,432.1    6,002.2    1,429.9    23.8 

 

4

 

 

NET VOLUME SOLD BY SEGMENT

In metric tons    Change 
   2020   2019   Volume   % 
Total sales volume:   2,296,229    2,254,819    41,410    1.84 
Poultry   1,772,528    1,739,448    33,081    1.9 
Others   523,700    515,371    8,329    1.62 

 

In 2020, net sales totaled $68,791.3 million; $7,136.0 million or 11.6% more than the $61,655.2 million reported in the same period of 2019.

 

In 2020, sales of our U.S. operations represented 28.3% of our total sales, compared with 27.5% in 2019.

 

OPERATING RESULTS            
In millions of pesos  2020   2019   Change 
   $   $   $   % 
Cost of Sales   57,711.7    51,557.4    6,154.3    11.9 
Gross Profit   11,079.6    10,097.9    981.7    9.7 
Total SG&A   6,376.3    6,116.6    259.7    4.2 
Other Income (expense)   (439.2)   (4.7)   (434.5)   9,176.3 
Operating Income   4,264.1    3,976.5    287.5    7.2 
Net Financial Income   868.6    381.3    487.4    127.8 
Income Tax   1,430.3    1,125.0    305.4    27.1 
Net Income   3,702.4    3,232.8    469.5    14.5 

 

In the 2020, the cost of sales totaled $57,711.7 million; $6,154.3 million or 11.9% higher than $51,557.4 million reported in the 2019.

 

As a result, we reached a gross profit of $11,079.6 million and a gross margin of 16.1% in 2020, when compare to $10,097.9 million of gross profit and a gross margin of 16.4% reached in the same period of 2019.

 

Total SG&A in 2020 were $6,376.3 million; $259.7 million or 4.2% higher than the $6,116.6 million reported in 2019. In 2020 total SG&A expenses as a percentage of net sales represented 9.3% in 2020 and 9.9% in 2019.

 

In 2020 we had other expenses of $439.2 million, compared with other expenses of $4.7 million reported in 2019. The main variance was related to COVID expenses during 2020.

 

The operating income in 2020 was $4,264.1 million, which represents an operating margin of 6.2%, an increase from an operating income of $3,976.5 million with an operating margin of 6.4% in 2019.

 

The net financial income in 2020 was $868.6 million higher when compared to a net financial income of $381.3 million in 2019.

 

5 

 

 

Total taxes were $1,430.3 million as of December 31st, 2020. These taxes include $1,097.0 million of income tax and $333.3 million of deferred income taxes. This figure compares to total taxes of $1,125.0 million in 2019.

 

All the above resulted in a net income of $3,702.4 million or 5.4% of net margin in 2020, which represents $6.12 pesos of earnings per share; while in the 2019 the net income totaled $3,232.8 million, 5.2% of net margin and $5.37 pesos of net income per share.

 

EBITDA            
In millions of pesos  2020   2019   Change 
   $   $   $   % 
Net controlling interest profit   3,672.1    3,219.9    452.1    14.0 
Income tax expense (benefit)   1,430.3    1,125.0    305.4    27.1 
Result in associates   30.3    12.9    17.4    134.9 
Net finance (income) expense   (868.6)   (381.3)   (487.4)   127.8 
Depreciation and amortization   1,382.4    1,286.4    95.9    7.5 
EBITDA   5,646.4    5,263.0    383.5    7.3 
EBITDA Margin (%)   8.2%   8.5%   -    - 
Net revenues   68,791.3    61,655.2    7,136.0    11.6 

 

EBITDA in 2020 reached $5,646.4 million, representing an EBITDA margin of 8.2%, compared to an EBITDA of $5,263.0 million in 2019, with an EBITDA margin of 8.5%.

 

BALANCE SHEET

 

BALANCE SHEET DATA            
In millions of pesos  Dec. 31, 2020   Dec. 31, 2019   Change 
   $   $   $   % 
TOTAL ASSETS   58,011.2    55,702.5    2,308.7    4.1 
Cash and cash equivalents   19,047.9    19,182.9    (135.0)   (0.7)
Accounts receivable   4,342.3    3,880.8    461.5    11.9 
TOTAL LIABILITIES   14,381.9    15,442.2    (1,060.3)   (6.9)
Accounts payable   4,769.3    5,235.5    (466.2)   (8.9)
Short-term debt   1,057.6    3,440.4    (2,382.8)   (69.3)
Long-term debt   1,460.4    1,488.2    (27.8)   (1.9)
TOTAL STOCKHOLDERS’ EQUITY   43,629.3    40,260.3    3,369.0    8.4 
Capital stock   1,174.3    1,174.3    (0.0)   (0.0)

 

Cash and equivalents as of December 31st, 2020 totaled $19,047.9 million vs $19,182.9 million as of December 31st, 2019.

 

Total debt as of December 31st, 2020 was $2,518.0 million, compared to $4,928.6 million reported as of December 31st, 2019.

 

Net cash as of December 31st, 2020 was $16,529.9 million, compared to net cash of $14,254.3 million as of December 31st, 2019.

 

CAPITAL EXPENDITURES
In millions of pesos  2020   2019   Change 
   $   $   $   % 
Capital Expenditures   2,305.9    2,069.3    236.6    11.4 

 

6 

 

 

Total CAPEX for 2020 was $2,305.9 million vs $2,069.3 million in 2019, mainly allocated toward organic growth and productivity projects across all of our facilities.

 

STOCK INFORMATION

As of December 31, 2020
Total Shares   600,000,000 
Total free float   26.75%
Market cap (millions of pesos)  $44,910 

Source: Yahoo Finances

 

SHARE PRICE

 

SHARE PRICE

 

   Mexican Stock Exchange   The New York Stock Exchange 
   Ticker Symbol: Bachoco   Ticker Symbol: IBA 
   In nominal pesos per Share   In U.S. Dollar per ADR 
Month  High   Low   Close   High   Low   Close 
December   75.48    71.41    74.85    45.28    42.52    45.16 
November   70.44    64.55    70.06    41.55    36.23    41.53 
October   70.79    66.42    66.42    39.92    37.31    37.31 
September   70.10    68.00    70.03    39.75    36.16    38.29 
August   70.38    65.56    68.43    37.85    34.73    37.55 
July   69.06    63.91    66.18    37.21    34.20    35.87 
June   69.75    65.32    67.08    39.01    34.70    35.17 
May   69.93    66.18    67.87    36.94    32.85    36.64 
April   69.93    60.81    69.93    35.09    29.80    34.88 
March   71.07    58.76    67.48    44.14    28.67    34.00 
February   75.83    68.57    71.07    48.87    42.67    43.04 
January   82.40    75.01    75.82    52.70    47.78    48.34 

 

ANALYST COVERAGE

 

Institution  Analyst name  E-mail
ACTINVER  Enrique Mendoza Farias  emendoza@actinver.com.mx
BBVA BANCOMER  Pablo Abraham Peregrina  pablo.abraham@bbva.com
GBM  Miguel Tortolero  matortolero@gbm.com.mx
INTERCAM  Richard Horbach Martinez  rhorbach@intercam.com.mx
INVEX  Giselle Mojica  gmojica@invex.com
JP MORGAN  Ulises Argote  ulises.argote@jpmorgan.com
SANTANDER  Hector Maya López  hmmaya@santander.com.mx

 

APPENDICES

 

For reference, some figures have been translated into millions of U.S. dollars (“USD”) using an exchange rate of $19.95 per USD $1.0, which corresponds to the rate at the close of December 31st, 2020 according to Mexico’s National Bank.

 

·Consolidated Statement of Financial Position

 

·Consolidated Statement of Income

 

·Consolidated Statement of Cash Flows

 

·Derivatives Position Report

 

7 

 

 

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

-Unaudited-

 

   In U.S. Dollar   December 31,   December 31, 
In million pesos   2020    2020    2019*
TOTAL ASSETS  $2,907.8    58,011.2    55,702.5 
                
Total current assets   1,622.7    32,372.6    31,097.2 
Cash and cash equivalents   954.8    19,047.9    19,182.9 
Total accounts receivable   217.7    4,342.3    3,880.8 
Inventories   386.1    7,703.6    6,753.4 
Other current assets   64.1    1,278.8    1,280.1 
                
Total non current assets   1,285.1    25,638.6    24,605.2 
Net property, plant and equipment   978.3    19,516.8    18,556.6 
Other non current Assets   306.9    6,121.8    6,048.6 
                
TOTAL LIABILITIES  $720.9    14,381.9    15,442.2 
                
Total current liabilities   401.0    7,999.0    8,908.1 
Notes payable to banks   53.0    1,057.6    3,440.4 
Accounts payable   239.1    4,769.3    5,235.5 
Other taxes payable and other accruals   108.9    2,172.2    232.2 
                
Total long-term liabilities   319.9    6,382.9    6,534.0 
Long-term debt   73.2    1,460.4    1,488.2 
Other non current liabilities   45.0    897.7    1,141.3 
Deferred income taxes   201.7    4,024.7    3,904.5 
                
TOTAL STOCKHOLDERS' EQUITY  $2,186.9    43,629.3    40,260.3 
                
Capital stock   58.9    1,174.3    1,174.3 
Commission in shares issued   20.7    413.4    414.5 
Retained earnings   2,046.6    40,828.8    37,732.9 
Others accounts   46.5    928.5    858.2 
Non controlling interest   14.3    284.3    80.4 
                
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY  $2,907.8    58,011.2    55,702.5 

 

 

*Audited

 

8 

 

 

CONSOLIDATED STATEMENT OF INCOME

Fourth Quarter Results, ended December 31st:

-Unaudited-

 

   U.S. Dollar         
In millions pesos  2020   2020   2019* 
Net sales  $918.7    18,328.6    15,134.6 
Cost of sales   725.4    14,472.3    13,170.6 
Gross profit   193.3    3,856.3    1,964.0 
SG&A   81.1    1,617.8    1,701.7 
Other income (expenses), net   (6.4)   (128.0)   (74.4)
Operating income   105.8    2,110.5    188.0 
Net finance income   (58.6)   (1,168.2)   -192.0 
Income tax   11.1    222.0    (153.8)
Net Income  $36.1    720.3    149.8 
                
Non-controlling interest   (0.50)   (9.9)   4.3 
Net controlling interest profit   36.60    730.2    145.5 
Basic and diluted earnings per share   0.06    1.22    0.24 
Basic and diluted earnings per ADR   0.73    14.6    2.91 
Weighted average Shares outstanding1   599,820    599,820    599,967 
                
EBITDA Result  $122.9    2,451.3    511.1 
                
Gross margin   21.0%   21.0%   13.0%
Operating margin   11.5%   11.5%   1.2%
Net margin   4.0%   3.9%   1.0%
EBITDA margin   13.4%   13.4%   3.4%

 

 

1 In thousands

* Audited

 

9 

 

 

CONSOLIDATED STATEMENT OF INCOME

Annual Results

-Unaudited-

 

   U.S. Dollar         
In millions pesos  2020   2020   2019* 
Net sales  $3,448.2    68,791.3    61,655.2 
Cost of sales   2,892.8    57,711.7    51,557.4 
Gross profit   555.4    11,079.6    10,097.9 
Selling, general and administrative expenses   319.6    6,376.3    6,116.6 
Other income (expenses), net   (22.0)   (439.2)   (4.7)
Operating income   213.7    4,264.1    3,976.5 
Net finance income   43.5    868.6    381.3 
Income tax   71.7    1,430.3    1,125.0 
Net income  $185.6    3,702.4    3,232.8 
                
Non-controlling interest   1.5    30.30    12.9 
Net controlling interest profit   184.1    3,672.1    3,219.9 
Basic and diluted earnings per share   0.31    6.12    5.37 
Basic and diluted earnings per ADR   3.68    73.5    64.40 
Weighted average Shares outstanding1   599,818    599,818    599,972 
                
EBITDA Result  $283.0    5,646.4    5,263.0 
                
Gross margin   16.1%   16.1%   16.4%
Operating margin   6.2%   6.2%   6.4%
Net margin   5.3%   5.4%   5.2%
EBITDA margin   8.2%   8.2%   8.5%

 

 

1 In thousands

* Audited

 

10 

 

 

CONSOLIDATED STATEMENT OF CASH FLOWS

In million of pesos

-Unaudited-

 

   U.S. Dollar   December 31, 
   2020   2020   2019* 
NET MAJORITY INCOME BEFORE INCOME TAX  $257.3    5,132.7    4,357.8 
                
ITEMS RELATING TO INVESTING ACTIVITIES:   67.7    1,350.5    915.5 
Depreciation and others   87.3    1,741.4    1,589.2 
Income (loss) on sale of plant and equipment   0.5    9.9    (85.9)
Other Items   (20.1)   (400.9)   (587.8)
                
NET CASH GENERATED FROM NET INCOME BEFORE TAXES   325.0    6,483.2    5,273.3 
CASH GENERATED OR USED IN THE OPERATION:   (59.9)   (1,194.7)   (2,046.0)
Decrease (increase) in accounts receivable   5.3    105.3    (637.2)
Decrease (increase) in inventories   (43.7)   (871.7)   (133.6)
Increase (decrease) in accounts payable   7.3    145.4    (157.4)
Other Items   (28.8)   (573.7)   (1,117.9)
                
NET CASH FLOW FROM OPERATING ACTIVITIES   265.1    5,288.4    3,227.3 
                
NET CASH FLOW FROM INVESTING ACTIVITIES   (90.2)   (1,798.9)   (938.6)
Acquisition of property, plant and equipment   (115.6)   (2,305.9)   (2,199.6)
Proceeds from sales of property plant and equipment   7.4    147.6    197.1 
Other Items   18.0    359.5    1,063.9 
                
CASH FLOW SURPLUS (REQUIREMENTS OF) TO BE USED IN FINANCING ACTIVITIES   174.9    3,489.6    2,288.7 
                
Net cash provided by financing activities:   (171.0)   (3,412.3)   (1,575.8)
Proceeds from loans   202.0    4,030.7    4,839.0 
Principal payments on loans   (322.0)   (6,423.5)   (4,808.2)
Dividends paid   (39.7)   (791.7)   (840.0)
Other items   (11.4)   (227.8)   (766.6)
Net increase (decrease) in cash and equivalents   3.9    77.3    712.9 
                
Cash and investments at the beginning of year  $960.6    19,164.8    18,451.9 
CASH AND INVESTMENTS AT END OF PERIOD  $964.5    19,242.1    19,164.8 

 

11 

 

 

DERIVATIVES POSITION REPORT

 

Fourth Quarter 2020

Thousands of Mexican Pesos, as of Decembre 31, 2020

 

TYPE OF FINANCIAL
INSTRUMENT		 OBJECTIVE NOTIONAL VALUE OF THE RELATED COMMODITY REASONABLE VALUE AMOUNTS DUE
BY YEAR		 GUARANTIES
REQUIRED
4Q-2020 3Q-2020 4Q-2020 3Q-2020
Forward Vanilla, KO Fwd and options Hedge  $379,506  $     19.95    $     22.11    $-449,417  $  14,904 100% in 2021 The deals consider the possibility of margin calls but not another kind of guarantee
Futures for corn and soybean meal Hedge  $  121,184  CORN   CORN   $      14,342  $    31,233 100% in 2021
 In USD per Bushel   In USD per Bushel 
 month   price   month   price 
    Sep-20  $      3.883
    Dec-20  $      3.790
Mar-21  $      4.840 Mar-21  $      3.883
    May-21  $      3.935
    Jul-21  $      3.973
    Dec-21  $      3.915
       
 SOYBEAN MEAL   SOYBEAN MEAL 
 In USD per ton   In USD per ton 
 month   price   month   price 
    Dec-20  $      342.8
Aug-21  $      406.9 Aug-21  $      331.3
Sep-21  $      302.6 Sep-21  $      326.1
Oct-21  $      366.4 Oct-21  $      319.9
Dec-21  $      365.3 Dec-21  $      320.1
    Jan-21  $      342.1
Mar-21  $      429.4 Mar-21  $      338.5
May-21  $      423.4 May-21  $      334.6
Jul-21  $      419.5    
       
Options of Corn Hedge  $  92,648  CORN   CORN   $      14,055  $      7,724 100% in 2021
 In USD per Bushel   In USD per Bushel 
 month   price   month   price 
       
Mar-21  $     4.840 Dec-20  $      3.790
May-21  $     4.833 Mar-21  $      3.883
Jul-21  $     4.803    
       
Options of soybean meal Hedge  $  138,094  SOYBEAN MEAL   SOYBEAN MEAL   $      21,970  $      9,834 100% in 2021
 In USD per ton   In USD per ton 
 month   price   month   price 
Jan-21  $      434.4 Jan-21  $      342.1
Mar-21  $      429.4 Mar-21  $      338.5
May-21  $      423.4 May-21  $      334.6
Jul-21  $      419.5 Jul-21  $      334.2

 

-The total financial instruments do not exceed 5% of total assets as of December 31, 2020.

-The notional value represents the net position as of December 31, 2020 at the exchange rate of Ps. 19.95 per one dollar.

-A negative value means an unfavorable effect for the Company.

 

12 

 

 

Fourth Quarter 2020

 

Thousands of Mexican Pesos, as of Decembre 31, 2020PROBABLE SCENARIO
TYPE OF FINANCIAL INSTRUMENT REASONABLE VALUE VALUE OF THE RELATED COMMODITY EFFECT ON THE INCOME STATEMENT EFFECT ON THE CASH FLOW(3)
Reference Value (1)
-2.5% 2.5% 5.0% -2.5% 2.5% 5.0%
Forward Vanilla, KO Fwd and options -$           449,417 $         19.45  $         20.45  $       20.95  Direct  -$      608,770 -$    290,063 -$     130,709
    -5% 5% 10%   -5% 5% 10%
Futures of Corn: (2)  $             14,342  $         4.598  $         5.082  $       5.324  The effect will materialize as the inventory is consumed   $          8,249  $      20,434  $       26,526
Futures of Soybean Meal: (2)  $         412.7  $         456.1  $       477.8
Options for Corn  $             14,055  $         4.598  $         5.082  $       5.324  $        11,353  $      16,756  $       19,457
Options of Soybean Meal  $             21,970  $         412.7  $         456.1  $       477.8  $        18,315  $      25,624  $       29,279

 

(1)The reference value is the exchange rate of Ps. $19.95 per USD as of December 31, 2020.
(2)The reference values are; the future of corn for Mar 2021, $4.840 USD/bushel and the future of soybeanmeal for Jan 2021, $434.40USD/ton.

'All the evaluations are performed according with the corresponding future, here only the first month futures are shown.

(3)The Company has credit lines with the majority of its counterparts, so that the effect in cash flow is lower than the amount shown.

'-A negative value means an unfavorable effect for the Company.

 

Fourth Quarter 2020

Thousands of Mexican Pesos, as of Decembre 31, 2020STRESS SCENARIO

TYPE OF FINANCIAL
INSTRUMENT		 REASONABLE
VALUE		 VALUE OF THE RELATED COMMODITY EFFECT ON THE
INCOME
STATEMENT		 EFFECT ON THE CASH FLOW
Reference Value
-50% -25% 25% 50% -50% -25% 25% 50%
Forward Vanilla, KO Fwd and options -$           449,417 $      9.98 $      14.96 $     24.94 $     29.93  Direct  -$    3,636,489 -$    2,042,953 $   1,043,436 $    2,547,197

 

13 

 

 

CONFERENCE CALL INFORMATION

 

The Company will host its fourth quarter 2020 earnings call, on Thursday, February 4th, 2020. The earnings call will take place at 9:00 am Central Time (10:00 am ET).

 

Toll free in the U.S.: 1 (888) 771-4371

Toll free in Mexico: 001 866 779 0965

 

A current list of available local and international free phone telephone numbers:

http://web.meetme.net/r.aspx?p=12&a=UtgoiLgDInnCqm

 

Confirmation Number: 50081022

 

COMPANY DESCRIPTION

 

Industrias Bachoco is the leader in the Mexican poultry industry, and one of the largest poultry producers globally. The Company was founded in 1952, and became a public company in 1997, via a public offering of shares on the Mexican and The New York Stock Exchange. Bachoco is a vertically integrated company headquartered in Celaya, Guanajuato located in Central Mexico. Its main business lines are: chicken, eggs, balanced feed, swine, and turkey and beef value-added products. Bachoco owns and manages more than a thousand facilities, organized in nine production complexes and 80 distribution centers in Mexico, and a production complex in the United States. Currently the Company employs more than 28,000 people.

 

The Company is rated AAA (MEX), the highest rating awarded by Fitch Mexico, S.A. de C.V., and HR AAA which signals that the Company and the offering both have the highest credit quality by HR Ratings de Mexico S.A. de C.V.

 

DISCLAIMER

 

The document contains certain information that could be considered forward looking statements concerning anticipated future events and performance of the Company. The statements reflect management’s current beliefs based on information currently available and are not guarantees of future performance and are based on our estimates and assumptions that are subject to risks and uncertainties, including those described in our Annual Information Form, which could cause our actual results to differ materially from the forward-looking statements contained in this document. Those risks and uncertainties include risks associated with ownership in the poultry industry, competition for investments within the poultry industry, shareholder liability, governmental regulation, and environmental matters. As a result, there can be no assurance that actual results will be consistent with these forward-looking statements. Except as required by applicable law, Industrias Bachoco, S.A.B. de C.V., undertakes no obligation to publicly update or revise any forward-looking statement.

 

IR contact information:
maria.jaquez@bachoco.net
andrea.guerrero@bachoco.net
T. +52(461)618 3555

 

14 

 

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