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Wednesday, October 18, 2017
“During the third quarter of the year, Gruma acquired a major part (99%) of the 14.5% public share of Grupo Industrial Maseca (GIMSA) in Mexico, in order to unlist GIMSA from the public market in the short term.”.
Mexico City, 18 October 2017.Today, Gruma S.A.B. de C.V. released its operating results at the end of the third quarter of the year (3Q17). During that period it continued in line with expectations for its results and investment program that will allow it to capitalize on opportunities for growth and long-term profitability.
Noteworthy during 3Q17 was the company’snet profitof $1,659 millions of pesos (mdp) growing 2% vs. the same period in 2016;net majority incomewas $1,659 mdp, 8% above the figure for the same period last year moving from $1,535 mdp to $1,659 mdp. This improvement was mainly due to larger ownership of Grupo Industrial Maseca (GIMSA) after its recent re-purchase of public shares and minority interests of its plants in Mexico.
The company’s Operating Profitduring the period mentioned above ($2,312 mdp) declined 5% because the Mexican peso appreciated in subsidiaries outside of the country.Sales volumewas 993-thousand metric tons (mt).
Net sales for the global leader in corn flour tortillas and wraps were $17,135 mdp, and remained stable during 3Q17 with respect to the same period in 2016. Higher prices, GIMSA’s growing volume and a better sales mix in Gruma United States made up for the impact of an appreciating peso during the third quarter of the year. In 3Q17 sales of the operations outside of Mexico accounted for 72% of the total.
Cost of sales as a percentage of Gruma’s net sales went from 61.4% to 62.6%. In this case, appreciation of the peso caused Gruma US (with the highest gross margin in Gruma) to account for the smallest share of consolidated figures. In absolute terms, the cost of sales rose 1% to $10,723 mdp with respect to GIMSA’s volume growth.
EBITDA for the Mexican multinational concern also remained stable at $2,802 mdp. EBITDA margin was 16.4%– similar to the figure reported in the same period of 2016.
Gruma debtin 3Q17 amounted to $1.1 million dollars, which represents a Net debt-EBITDA ratio of 1.4x times.
During 3Q17, the company madecapital investmentsin the amount of $95 million dollars that were used as follows:
In the United States to continue building a new generation tortilla plant in Dallas, expand the tortilla plant in Florida, and increase capacity at the corn flour production plant in Indiana.
In Mexico to purchase land for future expansions and to build a new tortilla plant in Puebla.
In Europe to buy land for future projects, to build a tortilla plant in Russia, to automate flatbread packaging at the business unit in England, and to expand the tortilla plant in the Netherlands.
Money also went to making technological improvements in most of the company’s global subsidiaries.
Relevant Events during the Quarter:
During the third quarter of the year, Gruma acquired a major part (99%) of the 14.5% public share of Grupo Industrial Maseca (GIMSA) in Mexico, in order to unlist GIMSA from the public market in the short term.
Additionally, Gruma and GIMSA acquired existing minority interests in some of their plants. The amount used for this endeavor in 3Q17 was US$ 25 million.
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