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Wednesday, April 22, 2015
“This improvement was mainly due to a better operating performance of the company and a lower cost of net financing.”.
Mexico City. April 22, 2015 -Gruma S.A.B. de C.V., the world’s leading corn flour and tortilla production company, today announced its operating results for the close of the first quarter of 2015 (1Q15). For this period the firm posted Net Profits of MXN 1.051 billion, a figure MXN 403 million (62%) up on the first quarter of 2014, while the Mexican multinational’s Net Majority Profit increased by 58% from MXN 622 million in 1Q14 to MXN 983 million in 1Q15. This improvement was mainly due to the improved operating performance of the company and lower net financing costs.
On a similar note, the company’s Operating Profit increased by 19% during the first quarter of 2015, from MXN 1.357 billion in 1Q14 to MXN 1.615 billion in the most recent quarter, which owed much to the firm’s U.S. operations and those of Gruma Asia and Oceania, in addition to the positive effects of the depreciation of the Mexican peso.
The Sales Volume of the company stood at 926,000 metric tons, a figure 4% higher than the 890,000 tons posted during the same period in 2014.
Likewise, the Net Sales of Gruma - the world’s leading corn flour and tortilla production company - were up MXN 1.456 billion, from MXN 12.066 billion in 1Q14 to a new figure of MXN 13.522. This rise in Net Sales was due to the company’s overall operations.
It is noteworthy that, in 1Q15, the firm’s Net Sales and EBITDA from operations outside of Mexico accounted for 72% and 62% of consolidated income respectively.
Cost of Sales as a percentage of the company’s net sales improved from 64.3% to 62.% as a result of the improved performance of Gruma Corporation’s U.S. subsidiary. In absolute terms, cost of sales increased by 10% to MXN 8.512 billion.
Gruma’s EBITDA grew by 16% compared to the same period in 2014, reaching MXN 1.995 billion. This increase was driven by improved performance in the majority of its subsidiaries, in particular Gruma Corporation and Gruma Asia and Oceania, alongside the effects brought about by the depreciation of the Mexican peso.
The company also reported that its debt stood at USD 758 million in 1Q15, with a debt/EBITDA ratio of 1.5.
During the course of 1Q15, Gruma made capital investments of USD 67 million, most of which was employed in the purchase of Azteca Foods in Spain and, to a lesser extent, in expanding its production capacity in existing plants.
Significant events during the quarter:
Gruma strengthened its European presence by purchasing “Azteca Foods Europe” for EUR 45 million
Gruma S.A.B. de C.V., acting through its subsidiary Gruma International Foods (GIF), entered into a purchase and sale agreement with Fat Taco, S.L. and Azteca Foods Inc. of the United States to purchase “Azteca Foods Europe”, a company operating entirely in Spain, where it is dedicated to the production and sale of tortillas, wraps, totopos, ready-made meals and salsas. The cost of this transaction was EUR 45 million.
Azteca Foods Europehas a modern plant, and its products are primarily aimed at the hotel, restaurant and supermarket segments, with products currently sold in more than 19 European countries, as well as in the United Arab Emirates, Israel, Kuwait, Turkey and Algeria.
Standard & Poor’s boosts Gruma’s credit rating to investment grade
On account of its strong profitability and low debt levels, credit-rating agency Standard & Poor’s has upgraded Gruma’s credit and debt rating from “BB+” to “BBB-” with a stable outlook.
The rating agency’s upgrade was based on its core business approach with profitable, value-added products.
Standard & Poor’s expects Gruma to maintain a moderate financial policy that does not require external financing for the payment of dividends or other investment.
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