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Wednesday, February 24, 2016
“In the United States in particular, the firm’s corn flour and tortilla operations were helped by the overall growth of the tortilla industry as a whole, particularly among non-Hispanics.”.
Mexico City. February 24, 2016.-GRUMA S.A.B. de C.V. closed 2015 with improvements in its operating results and financial structure. At the close of the fourth quarter of 2015 (Q415), the company’s Sales Volume stood at 977,000 tons, 4% higher than that reported for the same period in 2014.
Likewise, Net Sales were up 17% on Q414, to MXN 15.16 billion, primarily driven by the performance of Gruma Corporation. It is worth noting that, in Q415, Net Sales from operations outside of Mexico accounted for 73% of the total sales figure.
In the United States in particular, the firm’s corn flour and tortilla operations were helped by the overall growth of the tortilla industry as a whole, particularly among non-Hispanics. Other reasons behind the substantial growth in Gruma’s corn flour operations include: The greater market share achieved by the company on account of our high quality and service; the growing popularity of Mexican restaurants; the increasing popularity of tortillas and corn chips in non-Mexican restaurants; and the growth achieved through snack manufacturers.
Gruma’s Operating Profit grew by 21% during Q415 to MXN 1.92 billion, due mainly to the improvements rolled out in most of the company’s operations. From January to December 2015, Operating Profit grew by 22% to MXN 7.37 billion.
In turn, the firm’s EBITDA increased by 25% in Q415 compared to the same period in 2014, to stand at MXN 2.49 billion. Although this growth was driven by all of the company’s business operations, the performance of Gruma Corporation was particularly influential. Between January and December of 2015, Gruma’s EBITDA increased by 22%, to stand at MXN 9.14 billion.
As reported on December 16 of last year, Gruma decided during the quarter to write off its indirect net investment in Molinos Nacionales, C.A. (MONACA) and Derivados de Maíz Seleccionado, DEMASECA, C.A. (DEMASECA), as well the accounts receivable held by some its subsidiaries with MONACA, which had a negative impact on its majority net income.
This expense goes down as a non-cash charge, meaning that Gruma's cash generation will not be affected.
Gruma also reported debt of USD 769 million in Q415, with a Gross Debt/EBITDA ratio of 1.4.
In Q415, the company made capital investments worth USD 64 million, which was spent on improving technology and expanding the installed capacities of most of its subsidiaries, particularly in Mexico and the United States. A total of USD 221 million was invested in 2015.
Key events during the quarter:
Fitch Ratings upgrades Gruma’s IDRS to “BBB” with a stable outlook
Following improvements in Gruma's profitability and leverage metrics over recent years, which have strengthened the company’s credit profile and decreased its financial and business risks, Fitch Ratings upgraded Gruma’s ratings as follows:
- Long-term foreign currency Issuer Default Rating (IDR) from 'BBB-’ to ‘BBB’;
- Long-term local currency IDR from ‘BBB-' to 'BBB';
- USD 400 million senior unsecured notes due 2024 from ‘BBB-' to 'BBB'.
The Rating Outlook is Stable.
The upgrade reflects the agency’s expectation that Gruma will maintain a strong free cash flow (FCF) generation capacity and total debt-to-EBITDA of close to 1.5x over the next 18 to 24 months.
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