0001104659-23-017673.txt : 20230209 0001104659-23-017673.hdr.sgml : 20230209 20230209171542 ACCESSION NUMBER: 0001104659-23-017673 CONFORMED SUBMISSION TYPE: 6-K PUBLIC DOCUMENT COUNT: 5 CONFORMED PERIOD OF REPORT: 20230209 FILED AS OF DATE: 20230209 DATE AS OF CHANGE: 20230209 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: 23607349 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 tm235986d1_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, 2022

 

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 9, 2023

 

 

 

 EX-99.1 2 tm235986d1_ex99-1.htm EXHIBIT 99.1

 

Exhibit 99.1

 

 

 

INDUSTRIAS BACHOCO ANNOUNCES FOURTH QUARTER AND FULL YEAR 2022 RESULTS

 

Celaya, Guanajuato, Mexico – February 9th, 2023

 

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 (“4Q22”) and full year (“2022”) ending on December 31st, 2022. All figures have been prepared in accordance with International Financial Reporting Standard (“IFRS”) and are presented in nominal million Mexican Pesos (“$”).

 

HIGHLIGHTS 2022

 

·Net sales increased 11.2% in 4Q22 and increased 21.0% in year 2022 vs equivalent periods of 2021 respectively.
·EBITDA margin was 2.9% for 4Q22 and 10.0% for the whole year.
·Earnings per basic and diluted share totaled $0.13 for the quarter and $10.26 for the year.

 

CEO COMMENTS

 

Mr. Rodolfo Ramos Arvizu, Chief Executive Officer of Bachoco, stated: “It is known that the last quarter of the year is usually a challenging period, and 4Q22 was not the exception.

 

We kept observing high raw material prices compared to 2021 which had a negative impact in our cost of sales. Even when we had been able to partially offset some of that increase thru pricing, seasonal conditions on our markets, lowered our margins to profitability levels below 4Q21 range.

 

On the other hand, for 4Q22 our SG&A increased 12.1% vs 4Q21 showing the impacts of higher fuel, energy and labor costs.

 

As a result, in 4Q22 we reported an operating income of $306.6 million, 38.7% lower than the $500.2 million achieved in the same period of 2021. With operating margins of 1.3% and 2.4% respectively. In terms of EBITDA margin this put us in a 2.9% for 4Q22 vs the 4.0% of 4Q21.

 

For the full year of 2022, the balance was good. With a very strong first half of the year, we managed to achieve and EBITDA of $9,916.2 million (10.0% margin) which is 35.3% higher compared to the $7,328.2 million (9.0% margin) obtained in 2021.

 

As mentioned before, increases on raw material prices raised our working capital and put pressure on our Free Cash Flow. However, our financial discipline allowed us to end 2022 still with a solid structure reporting a net cash position of $15,857.4 million vs the $16,530.3 million reported in 2021.

 

Our CAPEX for 2022 were $4,666.2 million, a 34.1% increase vs 2021. Investments were oriented to our organic growth, and the integration of RYC Alimentos.

 

We continue to be very focused on capturing efficiencies across all our processes and being close to better serve our customers as we know this is key for our growth."

 

 

 

 

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 2021.

 

QUARTERLY RESULTS

 

NET SALES BY GEOGRAPHY            
In millions of pesos  4Q22   4Q21   Change 
   $   $   $   % 
Net Sales   23,633.8    21,251.5    2,382.3    11.2 
Net sales in Mexico   17,734.3    15,807.8    1,926.5    12.2 
Net sales in the U.S.   5,899.5    5,443.8    455.7    8.4 

 

NET SALES BY SEGMENT            
In millions of pesos  4Q22   4Q21   Change 
   $   $   $   % 
Net Sales   23,633.8    21,251.5    2,382.3    11.2 
Poultry   20,000.6    18,727.7    1,272.9    6.8 
Other   3,633.2    2,523.8    1,109.4    44.0 

 

NET VOLUME SOLD BY SEGMENT

In tons              Change 
   4Q22   4Q21   Volume   % 
Total sales volume:   591,687    605,925    (14,238.0)   (2.3)
Poultry   452,003    467,942    (15,939.1)   (3.4)
Others   139,684    137,983    1,701.1    1.2 

 

The Company’s 4Q22 net sales totaled $23,633.8 million; $2,382.3 million or 11.2% more than $21,251.5 million reported in 4Q21. The increase is a result of higher volume sold in Other and higher prices in our main business lines as part of our strategy for offsetting the increases on cost of sales.

 

In 4Q22, sales of our U.S. operations represented 25.0% of our total sales compared to 25.6% in 4Q21.

 

GROSS PROFIT            
In millions of pesos  4Q22   4Q21   Change 
   $   $   $   % 
Cost of sales   21,089.3    18,670.6    2,418.7    13.0 
Gross profit   2,544.5    2,580.9    (36.4)   (1.4)
Gross margin   10.8%   12.1%   -    - 

 

In 4Q22 , cost of sales was $21,089.3 million; $2,418.7 million or 13.0% higher than $18,670.6 million reported in 4Q21. This increase was mainly due to higher unit cost in our main business lines as we continued observing year over year increases in prices of our main raw materials.

 

The Company´s gross profit in 4Q22 was $2,544.5 million, 1.4% lower than the gross profit of $2,580.9 million in 4Q21, with a gross margin of 10.8% for 4Q22 vs 12.1% in 4Q21.

 

Selling, general and administrative expenses (“SG&A”)
In millions of pesos  4Q22   4Q21   Change 
   $   $   $   % 
Total SG&A   2,243.8    2,002.2    241.6    12.1 

 

Total SG&A expenses in 4Q22 were $2,243.8 million; $241.6 million higher than the $2,002.2 million reported in 4Q21. Total SG&A expenses as a percentage of net sales represented 9.5% in 4Q22 and 9.4% in 4Q21.

 

2

 

 

other income (expense), net
In millions of pesos  4Q22   4Q21   Change 
   $   $   $   % 
Other income (expense), net   5.9    (78.5)   84.4    (107.5)

 

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.

 

OPERATING INCOME            
In millions of pesos  4Q22   4Q21   Change 
   $   $   $   % 
Operating income   306.6    500.2    (193.6)   (38.7)
Operating margin   1.3%   2.4%   -    - 

 

Operating income in 4Q22 totaled $306.6 million; $193.6 million lower than the Operating income of $500.2 million reported in 4Q21. This represents an operating margin of 1.3% for 4Q22, versus 2.4% operating margin in the same period of 2021. The decrease in operating income is mainly attributed to higher raw material costs and higher SG&A.

 

NET FINANCIAL INCOME            
In millions of pesos  4Q22   4Q21   Change 
   $   $   $   % 
Net Financial Income   (359.3)   167.6    (526.9)   (314.3)
Financial Income   495.7    204.2    291.4    142.7 
Financial Expense   855.0    36.6    818.4    2,235.4 

 

In 4Q22, the Company reported net financial expenses of $359.3 million, compared to a net financial income of $167.6 million reported in the same period of 2021. From the $855.0 million of Financial Expenses, $465.5 million are a result of exchange rate valuation.

 

TAXES FOR THE PERIOD            
In millions of pesos  4Q22   4Q21   Change 
   $   $   $   % 
Total Taxes   (110.7)   72.7    (183.4)   (252.2)
Income tax   498.3    736.6    (238.3)   (32.4)
Deferred income tax   (609.0)   (663.9)   54.9    (8.3)

 

Total taxes for the 4Q22 were a credit of $110.7 million, compared with total taxes of $72.7 million charged for the same period of 2021. This was a result of lower income before taxes for the 4Q22.

 

3

 

 

NET CONTROLLING INTEREST INCOME            
In millions of pesos  4Q22   4Q21   Change 
   $   $   $   % 
Net income   58.0    595.1    (537.1)   (90.3)
Net margin   0.2%   2.8%   -    - 
Non-Controlling Interest income   (21.5)   (45.7)   24.2    n/a 
Net controlling interest income   79.5    640.8    (561.3)   n/a 
Basic and diluted income per share1   0.13    1.07    (0.9)   n/a 
Basic and diluted income per ADR2   1.59    12.82    (11.2)   n/a 
Weighted average Shares outstanding3   599,380    599,624    -    - 

 

1 In pesos

2 in pesos, one ADR equals to twelve shares

3 In thousands of shares

 

The net controlling interest income for 4Q22 was $79.5 million, representing $0.13 pesos of earnings per share, compared with a net controlling interest income of $640.8 million, which represented a $1.07 pesos of earnings per share in 4Q21. This decrease is mainly attributed to lower operating results and higher financial expenses.

 

EBITDA        
In millions of pesos  4Q22   4Q21   Change 
   $   $   $   % 
Net controlling interest income   79.5    640.8    (561.3)   (87.6)
   Income tax expense (benefit)   (110.7)   72.7    (183.4)   (252.2)
   Result in associates   (21.5)   (45.7)   24.2    (53.0)
   Net finance (income) expense   359.3    (167.6)   526.9    (314.3)
   Depreciation and amortization   388.0    349.7    38.2    10.9 
EBITDA   694.6    850.0    (155.4)   (18.3)
EBITDA Margin (%)   2.9%   4.0%   -    - 
Net revenues   23,633.8    21,251.5    2,382.3    11.2 

 

EBITDA in 4Q22 reached $694.6 million representing an EBITDA margin of 2.9%, compared to an EBITDA of $850.0 million in 4Q21, with an EBITDA margin of 4.0%.

 

ACCUMULATED RESULTS

 

NET SALES BY GEOGRAPHY            
In millions of pesos  2022   2021   Change 
   $   $   $   % 
Net Sales   98,890.7    81,699.1    17,191.6    21.0 
Net sales in Mexico   73,653.2    61,338.5    12,314.8    20.1 
Net sales in the U.S.   25,237.4    20,360.6    4,876.8    24.0 

 

NET SALES BY SEGMENT            
In millions of pesos  2022   2021   Change 
   $   $   $   % 
Net Sales   98,890.7    81,699.1    17,191.6    21.0 
Poultry   84,373.5    71,647.7    12,725.7    17.8 
Other   14,517.2    10,051.3    4,465.9    44.4 

 

 

 

NET VOLUME SOLD BY SEGMENT

In metric tons      Change 
   2022   2021   Volume   % 
Total sales volume:   2,358,390    2,318,049    40,340.1    1.7 
Poultry   1,764,623    1,769,071    (4,448.7)   (0.3)
Others   593,767    548,978    44,788.8    8.2 
                     

 

4

 

 

In 2022, net sales totaled $98,890.7 million; $17,191.6 million or 21.0% more than the $81,699.1 million reported in the same period of 2021.

 

In 2022, sales of our U.S. operations represented 25.5% of our total sales, compared with 24.9% in 2021.

 

OPERATING RESULTS            
In millions of pesos  2022   2021   Change 
   $   $   $   % 
Cost of Sales   82,038.0    68,356.7    13,681.3    20.0 
Gross Profit   16,852.7    13,342.4    3,510.3    26.3 
Total SG&A   8,480.4    7,133.3    1,347.2    18.9 
Other Income (expense)   38.8    (322.8)   361.5    (112.0)
Operating Income   8,411.0    5,886.4    2,524.6    42.9 
Net Financial Income   (320.7)   849.9    (1,170.5)   (137.7)
Income Tax   2,007.2    1,806.0    201.2    11.1 
Net Income   6,083.1    4,930.3    1,152.8    23.4 
Non-controlling interest   (69.1)   (131.5)   62.3    (47.4)
Net controlling interest Income   6,152.2    5,061.7    1,090.5    21.5 

 

In the 2022, the cost of sales totaled $82,038.0 million; $13,681.3 million or 20.0% higher than $68,356.7 million reported in the 2021.

 

As a result, we reached a gross profit of $16,852.7 million and a gross margin of 17.0% in 2022, when compared to $13,342.4 million of gross profit and a gross margin of 16.3% reached in the same period of 2021.

 

Total SG&A in 2022 were $8,480.4 million; $1,347.2 million or 18.9% higher than the $7,133.3 million reported in 2021. Total SG&A expenses as a percentage of net sales represented 8.6% in 2022 and 8.7% in 2021.

 

In 2022 we had other income of $38.8 million, compared with other expenses of $322.8 million reported in 2021.

 

Operating income in 2022 was $8,411.0 million, which represents an operating margin of 8.5%, an increase from an operating income of $5,886.4 million with an operating margin of 7.2% in 2021.

 

We had Net financial expenses in 2022 of $320.7 million which compares to a Net financial income of $849.9 million in 2021.

 

Total taxes were $2,007.2 million as of December 31st, 2022. These include $1,667.4 million of income tax and $339.9 million of deferred income taxes. Those figures compare to an income tax of $1,790.6 million and deferred income taxes of $15.4 million in 2021.

 

After Non-controlling interest, all the above resulted in a Net controlling interest income of $6,152.2 million or 6.2% margin in 2022, which represents $10.26 pesos of earnings per share; while in the 2021 the Net controlling interest income totaled $5,061.7 million, 5.1% margin and $8.44 pesos of income per share.

 

5

 

 

EBITDA            
In millions of pesos  2022   2021   Change 
   $   $   $   % 
Net controlling interest profit   6,152.2    5,061.7    1,090.5    21.5 
   Income tax expense (benefit)   2,007.2    1,806.0    201.2    11.1 
   Result in associates   (69.1)   (131.5)   62.3    (47.4)
   Net finance (income) expense   320.7    (849.9)   1,170.5    (137.7)
   Depreciation and amortization   1,505.2    1,441.8    63.4    4.4 
EBITDA   9,916.2    7,328.2    2,588.0    35.3 
EBITDA Margin (%)   10.0%   9.0%   -    - 
Net revenues   98,890.7    81,699.1    17,191.6    21.0 

 

EBITDA in 2022 reached $9,916.2 million, representing an EBITDA margin of 10.0%, compared to an EBITDA of $7,328.2 million in 2021, with an EBITDA margin of 9.0%.

 

BALANCE SHEET

 

BALANCE SHEET DATA            
In millions of pesos  Dec. 31, 2022   Dec. 31, 2021   Change 
   $   $   $   % 
TOTAL ASSETS   72,236.1    65,988.8    6,247.3    9.5 
Cash and cash equivalents   20,049.5    20,777.0    (727.5)   (3.5)
Accounts receivable   5,860.8    5,108.5    752.4    14.7 
TOTAL LIABILITIES   19,193.0    17,704.7    1,488.3    8.4 
Accounts payable   6,841.2    10,200.7    (3,359.4)   (32.9)
Short-term debt   1,181.5    1,993.9    (812.4)   (40.7)
Long-term debt   3,010.5    -    3,010.5    - 
TOTAL STOCKHOLDERS’ EQUITY   53,043.0    48,284.1    4,759.0    9.9 
Capital stock   1,174.4    1,174.4    (0.0)   (0.0)

 

Cash and equivalents as of December 31st, 2022, totaled $20,049.5 million vs $20,777.0 million as of December 31st, 2021.

 

Total debt as of December 31st, 2022, was $4,192.0 million, compared to $1,993.9 million reported as of December 31st, 2021.

 

Net cash as of December 31st, 2022, was $15,857.4 million, compared to net cash of $18,783.1 million as of December 31st, 2021.

 

CAPITAL EXPENDITURES
In millions of pesos  2022   2021   Change 
   $   $   $   % 
Capital Expenditures   4,666.2    3,479.5    1,186.7    34.1 

 

Total CAPEX for 2022 was $4,666.2 million vs $3,479.5 million in 2021, mainly allocated toward organic growth and productivity projects across all our facilities.

 

6

 

 

STOCK INFORMATION

As of December 31, 2022
Total Shares   600,000,000 
Total free float   12.32%
Market cap (millions of pesos)  $50,706 

 

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   84.51    81.66    84.51    51.03    48.97    50.99 
November   86.31    80.84    82.64    53.44    49.17    51.11 
October   81.40    77.77    80.91    49.06    46.25    49.06 
September   80.00    76.81    77.86    48.13    45.78    46.03 
August   79.98    75.34    79.97    48.05    43.97    47.33 
July   76.56    69.97    76.56    45.18    40.56    45.18 
June   76.90    68.56    72.43    47.25    39.70    43.35 
May   78.17    76.03    76.27    47.09    44.75    46.86 
April   77.83    74.96    77.83    46.64    44.42    45.78 
March   69.42    67.16    68.04    40.45    38.30    39.95 
February   71.99    68.02    69.42    43.19    39.67    39.67 
January   73.60    69.22    69.28    44.66    41.14    41.14 

 

ANALYST COVERAGE

 

Institution  Analyst name  E-mail
BBVA BANCOMER  Pablo Abraham Peregrina  pablo.abraham@bbva.com
GBM  Luis Rodrigo Willard Alonso  lrwillard@gbm.com
INTERCAM  Richard Horbach Martinez  rhorbach@intercam.com.mx
JP MORGAN  Ulises Argote  ulises.argote@jpmorgan.com
SANTANDER  Alan Alanis Peña  aalanis@santander.com.mx

 

APPENDICES

For reference, some figures have been translated into millions of U.S. dollars (“USD”) using an exchange rate of $19.51 per USD, which corresponds to the rate at the close of December 31st, 2022 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  2022   2022   2021* 
TOTAL ASSETS  $3,702.5    72,236.1    65,988.8 
                
Total current assets   2,047.9    39,955.0    37,845.6 
   Cash and cash equivalents   1,027.7    20,049.5    20,777.0 
   Total accounts receivable   300.4    5,860.8    5,108.5 
   Inventories   595.0    11,607.6    9,145.6 
   Other current assets   124.9    2,437.1    2,814.6 
                
Total non current assets   1,654.6    32,280.5    28,143.2 
   Net property, plant and equipment   1,263.0    24,640.5    21,763.4 
   Other non current Assets   391.6    7,640.0    6,379.8 
TOTAL LIABILITIES  $983.8    19,193.0    17,704.7 
                
Total current liabilities   541.2    10,558.4    12,835.3 
   Notes payable to banks   60.6    1,181.5    1,993.9 
   Accounts payable   350.7    6,841.2    10,200.7 
   Other taxes payable and other accruals   130.0    2,535.7    640.7 
                
Total long-term liabilities   442.6    8,634.6    4,869.4 
   Long-term debt   154.3    3,010.5    - 
   Other  non current liabilities   50.1    976.5    1,027.9 
   Deferred income taxes   238.2    4,647.5    3,841.5 
                
TOTAL STOCKHOLDERS' EQUITY  $2,718.8    53,043.0    48,284.1 
                
Capital stock   60.2    1,174.4    1,174.4 
Commission in shares issued   21.2    414.1    414.1 
Repurchased shares   -    -    - 
Retained earnings   2,573.1    50,201.5    45,038.6 
Others accounts   43.4    846.3    1,179.2 
Non controlling interest   20.8    406.7    477.7 
                
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY  $3,702.5    72,236.1    65,988.8 

 

*Audited

 

8

 

 

CONSOLIDATED STATEMENT OF INCOME
Fourth Quarter Results, ended December 31st:
-Unaudited-

 

   U.S. Dollar         
In millions pesos  2022   2022   2021* 
Net sales  $1,211.4    23,633.8    21,251.5 
Cost of sales   1,080.9    21,089.3    18,670.6 
Gross profit   130.4    2,544.5    2,580.9 
SG&A   115.0    2,243.8    2,002.2 
Other income (expenses), net   0.3    5.9    (78.5)
Operating income   15.7    306.6    500.2 
Net finance income   (18.4)   (359.3)   167.6 
Income tax   (5.7)   (110.7)   72.7 
Net Income  $3.0    58.0    595.1 
                
Non-controlling interest   (1.10)   (21.5)   (45.7)
Net controlling interest profit   4.07    79.5    640.8 
Basic and diluted earnings per share   0.01    0.13    1.07 
Basic and diluted earnings per ADR   0.08    1.59    12.82 
Weighted average Shares outstanding1   599,380    599,380    599,624 
                
EBITDA Result  $35.6    694.6    850.0 
                
Gross margin   10.8%   10.8%   12.1%
Operating margin   1.3%   1.3%   2.4%
Net margin   0.3%   0.2%   2.8%
EBITDA margin   2.9%   2.9%   4.0%

 

1 In thousands
* Audited

 

9

 

 

CONSOLIDATED STATEMENT OF INCOME
Annual Results
-Unaudited-

 

   U.S. Dollar         
In millions pesos  2022   2022   2021* 
Net sales  $5,068.7    98,890.7    81,699.1 
Cost of sales   4,204.9    82,038.0    68,356.7 
Gross profit   863.8    16,852.7    13,342.4 
Selling, general and administrative expenses   434.7    8,480.4    7,133.3 
Other income (expenses), net   2.0    38.8    (322.8)
Operating income   431.1    8,411.0    5,886.4 
Net finance income   (16.44)   (320.7)   849.88 
Income tax   102.9    2,007.2    1,806.0 
Net income  $311.8    6,083.1    4,930.3 
                
Non-controlling interest   (3.54)   (69.1)   (131.5)
Net controlling interest profit   315.3    6,152.2    5,061.7 
Basic and diluted earnings per share   0.53    10.26    8.44 
Basic and diluted earnings per ADR   6.31    123.2    101.28 
Weighted average Shares outstanding1   599,380    599,380    599,730 
                
EBITDA Result  $508.3    9,916.2    7,328.2 
                
Gross margin   17.0%   17.0%   16.3%
Operating margin   8.5%   8.5%   7.2%
Net margin   6.2%   6.2%   6.0%
EBITDA margin   10.0%   10.0%   9.0%

 

1 In thousands
* Audited

 

10

 

  

CONSOLIDATED STATEMENT OF CASH FLOWS
In million of pesos
-Unaudited-

 

   U.S. Dollar   December 31, 
   2022   2022   2021* 
NET MAJORITY INCOME BEFORE INCOME TAX  $414.7    8,090.3    6,737.9 
                
ITEMS RELATING TO INVESTING ACTIVITIES:   85.4    1,666.8    1,570.9 
      Depreciation and others   98.2    1,915.1    1,807.2 
      Income (loss) on sale of plant and equipment   3.5    69.1    95.3 
      Other Items   (16.3)   (317.4)   (331.6)
                
NET CASH GENERATED FROM NET INCOME BEFORE TAXES   500.1    9,757.1    8,308.8 
CASH GENERATED OR USED IN THE OPERATION:   (202.6)   (3,952.1)   (120.1)
   Decrease (increase) in accounts receivable   (36.1)   (704.6)   (811.6)
   Decrease (increase) in inventories   (145.4)   (2,836.0)   (732.3)
   Increase (decrease) in accounts payable   (127.6)   (2,490.1)   3,988.3 
   Other Items   106.5    2,078.6    (2,564.5)
                
NET CASH FLOW FROM OPERATING ACTIVITIES   297.5    5,805.0    8,188.7 
                
NET CASH FLOW FROM INVESTING ACTIVITIES   (215.9)   (4,211.8)   (2,382.7)
      Acquisition of property, plant and equipment   (238.2)   (4,647.7)   (3,479.5)
      Proceeds from sales of property plant and equipment   4.3    83.3    29.8 
      Other Items   18.1    352.5    1,067.1 
                
CASH FLOW SURPLUS (REQUIREMENTS OF) TO BE USED IN FINANCING ACTIVITIES   81.7    1,593.2    5,806.0 
                
Net cash provided by financing activities:   (115.4)   (2,250.8)   (4,341.3)
   Proceeds from loans   239.7    4,676.0    1,709.1 
   Principal payments on loans   (127.0)   (2,477.9)   (2,267.3)
   Dividends paid   (50.4)   (983.0)   (853.6)
   Other items   (177.7)   (3,466.0)   (2,929.5)
Net increase (decrease) in cash and equivalents   (33.7)   (657.7)   1,464.7 
                
Cash and investments at the beginning of year  $1,061.4    20,707.1    19,242.4 
CASH AND INVESTMENTS AT END OF PERIOD  $1,027.7    20,049.5    20,707.1 

 

*Audited

 

11

 

 

DERIVATIVES POSITION REPORT

 

Fourth Quarter 2022
Thousands of Mexican Pesos, as of December 31, 2022

 

TYPE OF FINANCIAL INSTRUMENT OBJECTIVE NOTIONAL VALUE OF THE RELATED COMMODITY REASONABLE
VALUE		 AMOUNTS
DUE BY YEAR		 GUARANTIES REQUIRED
4Q-2022 3Q-2022 4Q-2022 3Q-2022
Forward Vanilla y KO Fwd Hedge  $    190,950  $         19.51    $         20.13    $     -136,757  $  -48,982 95% in 2023 and 5% in 2024 The deals consider the possibility of margin calls but not another kind of guarantee
Futures for corn, soybean meal, soybean oil and natural gas Hedge  $      442,441  CORN  CORN  $          16,178  $      12,462 100% in 2023
 In USD per Bushel  In USD per Bushel
 month  price  month  price
Mar-23  $           6.785    
May-23  $           6.780    
Jul-23  $           6.718    
Sep-23  $           6.270    
Dec-23  $           6.108 Dec-22  $           6.775
 SOYBEAN MEAL  SOYBEAN MEAL
 In USD per ton  In USD per ton
 month  price  month  price
Mar-23  $           471.0    
May-23  $           461.0    
Jul-23  $           454.3    
Aug-23  $           443.1    
Sep-23  $           428.2    
Oct-23  $           413.6    
Dec-23  $           411.6  Dec-22  $           403.0
 SOYBEAN OIL  SOYBEAN OIL
 In US cents per pound  In US cents per pound
 Month  Price  Month  Price
Mar-23  $           64.07    
May-23  $           63.94    
Jul-23  $           63.56 Dec-22  $           61.56
       
 NATURAL GAS  NATURAL GAS
 In USD/MM BTU  In USD/MM BTU
 Month  Price  Month  Price
    Nov-22  $             6.77
    Dec-22  $             7.07
    Jan-23  $             7.25
Feb-23  $           4.475 Feb-23  $             6.94
Options of Corn Hedge  $    890,801  CORN  CORN  $          25,296  $      37,181 95% in 2023 and 5% in 2024
 In USD per Bushel  In USD per Bushel
 month  price  month  price
Mar-23  $           6.785    
May-23  $           6.780    
Jul-23  $           6.718    
Sep-23  $           6.270    
Dec-23  $           6.108  Dec-22  $           6.775
Mar-24  $           6.180  Mar-23  $           6.840
Options of soybean meal Hedge  $      950,696  SOYBEAN MEAL  SOYBEAN MEAL  $        109,976  $      12,013 89% in 2023 and 11% in 2024
 In USD per ton  In USD per ton
 month  price  month  price
Mar-23  $           471.0    
May-23  $           461.0    
Jul-23  $           454.3    
Aug-23  $           443.1    
Sep-23  $           428.2    
Oct-23  $           413.6  Dec-22  $           403.0
Dec-23  $           411.6  Jan-23  $           401.3
Jan-24  $           408.8  Mar-23  $           397.2
Mar-24  $           402.9  May-23  $           395.0
Options of Soybean oil Hedge -$          3,750  SOYBEAN OIL    $                  -     $             -    100% in 2023
 In US cents per pound  
 Mes  Precio    
       
Feb-23  $           64.07    
       

 

-The total financial instruments do not exceed 5% of total assets as of December 31, 2022.
-The notional value represents the net position as of December 31, 2022 at the exchange rate of Ps.19.51 per one dollar.
-A negative value means an unfavorable effect for the Company.

 

12

 

 

Fourth Quarter 2022              
Thousands of Mexican Pesos, as of December 31, 2022       PROBABLE 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 y KO Fwd -$          136,757 $19.02    $        20.00  $        20.48  Direct -$  229,887 -$     43,623  $     49,506
    -5% 5% 10%   -5% 5% 10%
Futures of Corn: (2)  $            16,178  $          6.45  $          7.12  $          7.46  The effect will materialize as the inventory is consumed -$        ,945  $     38,301  $     60,424
Futures of Soybean Meal: (2)  $        447.5  $        494.6  $        518.1
Futures for Soy Oil (2)  $          60.9  $          67.3  $          70.5
Futures for Natural Gas (2)  $            4.3  $            4.7  $            4.9
Options for Corn  $            25,296  $          6.45  $          7.12  $          7.46 -$    16,930  $     67,521  $   109,747
Options of Soybean Meal  $          109,976  $        447.5  $        494.6  $        518.1  $    62,438  $   157,513  $   205,050
Options of Soybena Oil  $                    -     $        60.87  $        67.27  $        70.48  $         125  $             -     $             -   

 

(1) The reference value is the exchange  rate of Ps. $19.51 per USD as of December 31, 2022.

(2) The reference values are: future of corn Mar 2023, $6.7850 USD/bushel, the future of soybeanmeal Mar 2023, $471.00 USD/ton, the future of soybean oil Mar 2023, $64.07 usd cts / pound and the future of natural gas Feb 2023, $4.48 usd/ MM BTU.

    '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 2022                
Thousands of Mexican Pesos, as of December 31, 2022     STRESS 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 y KO Fwd -$136,757 $9.75 $14.63 $24.39 $29.26  Direct  -$1,999,432 -$1,068,092 $547,632 $1,228,504

 

13

 

 

CONFERENCE CALL INFORMATION

 

The Company will host its fourth quarter 2022 earnings call, on Friday, February 10th, 2023. The earnings call will take place at 11:00 am Central Time (12:00 pm ET).

 

Mexico (Main number): 55 4742 9168
Mexico (Altern number): 55 4742 9169
USA/ Canada: +1 (888) 207 2216
International: +1 (800) 750 9038

 

Access Code: 2603

 

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 32,000 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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