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Wednesday, February 20, 2019
“Gruma posted its Fourth Quarter 2018 (Q418) results. Notably, net sales are up, and the company’s capacity for future growth in the United States and Mexico has increased”.
At the close of Q418, Gruma, the world’s leading producer of corn flour, tortillas, and wraps, had a Sales Volume of 1,028 metric tons. Meanwhile, Net Sales stood at MXN 19.08 billion, a 4% YoY increase driven by price increases by GIMSA and the effect of the peso’s weakness against the dollar, mainly in Gruma’s figures from the United States and Europe.
It should be noted that Gruma’s net sales went up despite an expense of MXN 341 million due to the adoption of International Financial Reporting Standard 15 (IFRS 15), effective as of January 2018, for which reason some sales expenses were reclassified as a deduction to net sales.
Sales from operations outside of Mexico accounted for 73% of total sales in Q418.
Cost of Sales as a percentage of the company’s net sales increased from 61.9% to 63.2%, caused by less absorption due to the MXN 341 million reduction in net sales related to the adoption of IFRS 15.
In absolute terms, the cost of sales increased by 6% to MXN 12.05 billion, due to the depreciation of the peso against the dollar and, to a lesser degree, the rising costs of supplies particularly experienced by Gruma United States and GIMSA.
EBITDA was MXN 2.929 billion by the close of Q418, while EBITDA margins stood at 15.4%.
Notably, Gruma’s annual EBITDA was MXN 11.741 billion, up 4% from 2017, thanks to growth in EBITDA shown by Gruma Central America at 17%, Gruma Europe at 9%, GIMSA at 7%, and Gruma United States at 6%.
Gruma’s reported Net Profit for the period was MXN 1.026 billion and a Majority Net Profit of MXN 1.027 billion for the period. Operating Profit stands at MXN 2.325 billion.
Company debt in Q418 was USD 1.097 billion, USD 13 million less than that reported in Q318, which represents a net debt/EBITDA ratio of 1.5.
During 2018 the company invested USD 209 million in capital investments (equivalent to MXN 4.044 billion) mainly for increasing capacity for future company growth in plants located in Dallas, Texas; Puebla, Mexico; and Russia.
In Q418, the company invested USD 81 million in capital investments. In the United States, Gruma installed additional production lines in the tortilla plant in Dallas, expanded the storage capacity of the tortilla plant in Georgia, and the production capacity of the tortilla plant in Florida. In the central region of Mexico, the company finished building a tortilla plant. In Europe, Gruma purchased land in Spain for future capacity expansion of its current plants, the expanded capacity of a plant in Russia, improved its packaging automation technology in the U.K. and invested in general maintenance and technology updates.
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