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Wednesday, July 19, 2017
“Gruma announced a public bid (the “Bid”) for up to 133,176,125 common stock (nominative, no explicit nominal value, representing up to 14.5% of undersigned and paid circulating capital stock of Grupo Industrial Maseca, S.A.B. de C.V. (“GIMSA”).”.
GRUMA ATTAINS HISTORIC EBITDA MARGIN
AT THE END OF 2Q17
Mexico City, July 19 2017. Gruma S.A.B. de C.V. released its operating results today for the end of the second quarter of the year (2Q17). Noteworthy in the period was the historic EBITDA margin achieved. During 2Q the company reported $1,479 millions of pesos innet profit; $1,432 millions of pesos innet majority profit, 1% above the figure recorded for the same period in 2016 after moving from $1,417 millions of pesos to $1,432 millions of pesos. The improvement was mostly due to higher operating profits at Gruma Corporation, the company’s subsidiary in United States, as well as in Gruma Mexico.
Operating profitsof this multinational firm grew 7% in the period to $2,344 millions of pesos. This growth was mainly driven by better performing operations in United States and in Grupo Industrial MASECA, in Mexico.
At the end of 2Q17,sales volumewas at 1,009 thousand metric tons, 3% above the figure reported for the same period in 2016.
Net sales of the world leader in corn flour, tortilla, and wrap production rose 7% vs. the same period in 2016, and amounted to $17,437 millions of pesos. This growth was mainly driven by greater sales volume during the period, as well as by Grupo Industrial MASECA (GIMSA), its subsidiary in Mexico, and Gruma Corporation. During 2Q17 sales of operations outside of Mexico accounted for 73% of the total.
Sales costas a percentage of net sales rose from 61.4% to 61.8% mainly driven by United States. In absolute terms, sales cost increased 6% to $10,705 millions of pesos thanks to growth in sales volume and higher input costs at GIMSA attributable to a weak peso.
EBITDA for the Mexican multinational grew 7% vs. the same period in 2016 to $2,835 millions of pesos. This was mainly driven by operations in United States and Mexico. EBITDA margin was 16.3%,the highest margin ever reported by Gruma.
Gruma debtin 2Q17 was $806 millions of dollars, which represents a net debt-EBITDA ratio 1.0x times.
During 2Q17, the company madecapital investmentsin the amount of $61 million dollars, which were used inUnited Statesto build a new generation tortilla plant in Dallas, to expand capacity at the corn flour plant in Indiana, and to expand its tortilla plant in Florida. InMexicothis capital investment went towards general technological updates to all the plants. InEuropethis money was assigned to build a tortilla plant in Russia; to technological improvements to automate flat bread packaging in England, and to expand the tortilla plant in Holland. InAsia and Oceaniathe investment was made to expand capacity at the tortilla plant in Malaysia, and the tortilla plant Australia.
Relevant Events during the Quarter:
Gruma improved debt terms with a syndicated loan for US$400 million
For the purpose of restructuring debt under better cost terms, improve its maturity profile, and increase the amounts of available committed lines (which to date are $434 millions of dollars), Gruma obtained a long-term syndicated loan for $400 million dollars.
Part of this unsecured credit was used to refinance existing bank debts that matured this year and in 2018.
Gruma debt does not increase because only the amount necessary to refinance existing liabilities will be used.
Gruma makes a public bid to acquire up to 14.5% of GIMSA stock
Gruma announced a public bid (the “Bid”) for up to 133,176,125 common stock (nominative, no explicit nominal value, representing up to 14.5% of undersigned and paid circulating capital stock of Grupo Industrial Maseca, S.A.B. de C.V. (“GIMSA”), which account for total GIMSA stock that is not owned by GRUMA at $25.00 (twenty-five Mexican pesos 00/100) per share.
The main purpose of the Bid is to acquire the minority share of GIMSA that GRUMA does not own yet, in order to later delete GIMSA’s stock from the National Securities Registry, and cancel GIMSA stock listing and quotes from the Mexican Stock Exchange (“BMV”) according to applicable regulations.
The bid runs from 26 June to 21 July 2017.
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