Industrias Bachoco, S.A.B. de C.V., “Bachoco” or “the Company”,
(NYSE: IBA; BMV: Bachoco) announced today its unaudited results for
the third quarter (“3Q22”) and nine months (“9M22”) ended on
September 30, 2022. All figures have been prepared in accordance
with International Financial Reporting Standard (“IFRS”) and are
presented in nominal million Mexican Pesos (“$”), except earnings
per share.
HIGHLIGHTS- 2022 vs.
2021
- Net sales increased 20.9% in 3Q22 and increased 24.5% in
9M22
- EBITDA margin was 6.2% for 3Q22 and 12.3% for the 9M22
- SG&A as percentage of net sales was 8.6% and 8.3% for 3Q22
and 9M22 respectively.
CEO COMMENTS
Mr. Rodolfo Ramos Arvizu, Chief Executive Officer of
Bachoco, stated, “According to the seasonality of our industry, the
third quarter usually shows adjustments on margins vs the first
half of the year. In that regard, 3Q22 behaved as so.
We observed a decline in prices both in México and the U.S.
markets when compared to the first half of 2022. While kept facing
the impacts of the increases in cost of sales as a result of higher
raw material prices both in USD and Mexican peso terms.
Increases in cost of sales represented 20.3% compared to 3Q22
and 22.7% when compared to the 9M21. Net sales on the other hand
showed increases of 20.9% and 24.5% respectively, which is closely
following the trend of our input costs.
The combination mentioned above, and the integration of revenue
from RYC Alimentos that we have seen since the beginning of 2022,
led us to an EBITDA of $1,525.8 million and a margin of 6.2% for
the 3Q22 compared to the $1,127.4 million and margin of 5.6% of the
same period of 2021. For the nine months of 2022, the EBITDA margin
was 12.3%, also higher when compared to 10.7% EBITDA margin of the
same period of 2021.
Under a landscape of volatile macroeconomic conditions, we had
been able to keep our SG&A under control as a percentage of
sales, reporting 8.6% for the quarter which compares to the 8.9% of
3Q21.
As a result, our operating income for 3Q22 was $1,131.2 million
which represents a 4.6% margin; this compares to the $738.4 million
and 3.7% margin achieved in 3Q21.
The accumulated results of the CAPEX of the nine months of 2022
were $2,954.9 million compared to $2,251.1 million for the same
period of 2021. Remaining with a healthy financial for the Company
as we reached a net cash level of $16,413.5 million, which will
allow us to continue to support our growth plans.”
Executive Summary
The following financial information is expressed in millions of
nominal pesos, except for amounts per share and per ADR, with
comparative figures for the same periods of 2021.
QUARTERLY RESULTS
NET SALES BY GEOGRAPHY
In millions of pesos
3Q22
3Q21
Change
$
$
$
%
Net Sales
24,457.8
20,229.0
4,228.8
20.9
Net sales in Mexico
17,982.7
14,963.8
3,019.0
20.2
Net sales in the U.S.
6,475.0
5,265.2
1,209.8
23.0
NET SALES BY SEGMENT
In millions of pesos
3Q22
3Q21
Change
$
$
$
$
Net Sales
24,457.8
20,229.0
4,228.8
20.9
Poultry
20,890.8
17,765.7
3,125.1
17.6
Other
3,567.0
2,463.3
1,103.7
44.8
NET VOLUME SOLD BY SEGMENT
In tons
Change
3Q22
3Q21
Volume
%
Total sales volume:
578,421
570,381
8,039.4
1.4
Poultry
433,861
442,665
(8,804.1)
(2.0)
Others
144,560
127,716
16,843.4
13.2
The Company’s 3Q22 net sales totaled $24,457.8 million; $4,228.8
million or 20.9% more than the $20,229.0 million reported in 3Q21.
The increase was mainly a result of higher volume sold in Others
and higher prices across the main business lines vs same period of
2021.
In 3Q22, sales of our U.S. operations represented 26.5% of our
total sales compared to a 26.0% in the same period of 2021.
GROSS PROFIT
In millions of pesos
3Q22
3Q21
Change
$
$
$
%
Cost of sales
21,189.7
17,619.0
3,570.7
20.3
Gross profit
3,268.1
2,610.0
658.1
25.2
Gross margin
13.4%
12.9%
-
-
In 3Q22, cost of sales was $21,189.7 million; $3,570.7 million
or 20.3% higher than the $17,619.0 million reported in 3Q21. This
increase was due to higher unit cost in our main business lines as
a result of higher raw material prices in USD terms.
The Company´s gross profit in 3Q22 was $3,268.1 million, higher
than the gross profit of $2,610.0 million in 3Q21, with a gross
margin of 13.4% for 3Q22 vs 12.9% in 3Q21.
SELLING, GENERAL AND ADMINISTRATIVE
EXPENSES (“SG&A”)
In millions of pesos
3Q22
3Q21
Change
$
$
$
%
Total SG&A
2,114.2
1,790.9
323.3
18.1
Total SG&A expenses in 3Q22 were $2,114.2 million; $323.3
million higher than the $1,790.9 million reported in 3Q21. Total
SG&A expenses as a percentage of net sales were 8.6% in 3Q22
and 8.9% in 3Q21.
OTHER INCOME (EXPENSE), NET
In millions of pesos
3Q22
3Q21
Change
$
$
$
%
Other income (expense), net
(22.6)
(80.7)
58.1
(72.0)
This item mainly includes the sale of unused assets as well as
hens and other by-products. We record such sales as expenses when
the sale price is below the book value of those assets.
In 3Q22, we recorded other expenses of $22.6 million, compared
with other expenses of $80.7 million reported in 3Q21.
OPERATING INCOME
In millions of pesos
3Q22
3Q21
Change
$
$
$
%
Operating income
1,131.2
738.4
392.8
53.2
Operating margin
4.6%
3.7%
-
-
Operating income in 3Q22 totaled $1,131.2 million; $392.8
million higher than the $738.4 million reported in 3Q21. This
represents an operating margin of 4.6% for 3Q22, higher when
compared to the same period of 2021.
NET FINANCIAL INCOME
In millions of pesos
3Q22
3Q21
Change
$
$
$
%
Net Financial Income
116.5
459.6
(343.1)
(74.7)
Financial Income
275.4
527.5
(252.1)
(47.8)
Financial Expense
158.9
67.9
91.0
134.0
In 3Q22, the Company reported net financial income of $116.5
million, compared to the net financial income of $459.6 million
reported in the same period of 2021.
TAXES FOR THE PERIOD
In millions of pesos
3Q22
3Q21
Change
$
$
$
%
Total Taxes
285.3
380.6
(95.3)
(25.0)
Income tax
169.8
(275.3)
445.1
(161.7)
Deferred income tax
115.5
655.9
(540.4)
(82.4)
As a result of a higher operating income, Total taxes for the
3Q22 were $285.3 million compared with total taxes of $380.6
million in the same period of 2021.
NET controlling interest
INCOME
In millions of pesos
3Q22
3Q21
Change
$
$
$
%
Net income
962.4
817.4
145.0
17.7
Net margin
3.9%
4.0%
-
-
Non-Controlling Interest income
(9.7)
(26.4)
24.3
n/a
Net controlling interest income
972.1
843.8
128.3
n/a
Basic and diluted income per share1
1.62
1.41
0.2
n/a
Basic and diluted income per ADR2
19.46
16.88
2.6
n/a
Weighted average Shares outstanding3
599,380
599,734
-
-
1 In pesos
2 in pesos, one ADR equals to twelve
shares
3 In thousands of shares
For the 3Q22 we had Net controlling interest income of $972.1
million, representing a basic and diluted income per share of $1.62
compared with a Net controlling interest income of $843.8 million,
and $1.41 pesos of income per share in 3Q21. This increase was
attributed to higher operating results.
EBITDA
In millions of pesos
3Q22
3Q21
Change
$
$
$
%
Net controlling interest income
972.1
843.8
128.3
15.2
Income tax expense (benefit)
285.3
380.6
(95.3)
(25.0)
Result in associates
(9.7)
(26.4)
16.7
(63.3)
Net finance (income) expense
(116.5)
(459.6)
343.1
(74.7)
Depreciation and amortization
394.6
389.0
5.6
1.5
EBITDA
1,525.8
1,127.4
398.5
35.3
EBITDA Margin (%)
6.2%
5.6%
-
-
Net revenues
24,457.8
20,229.0
4,228.8
20.9
EBITDA in 3Q22 reached $1,525.8 million, representing an EBITDA
margin of 6.2%, compared to an EBITDA of $1,127.4 million in 3Q21,
with an EBITDA margin of 5.6%.
ACCUMULATED RESULTS
NET SALES BY GEOGRAPHY
In millions of pesos
9M22
9M21
Change
$
$
$
%
Net Sales
75,256.9
60,447.5
14,809.3
24.5
Net sales in Mexico
55,918.9
45,530.7
10,388.2
22.8
Net sales in the U.S.
19,337.9
14,916.8
4,421.1
29.6
NET SALES BY SEGMENT
In millions of pesos
9M22
9M21
Change
$
$
$
%
Net Sales
75,256.9
60,447.5
14,809.3
24.5
Poultry
64,372.9
52,920.0
11,452.9
21.6
Other
10,884.0
7,527.5
3,356.4
44.6
NET VOLUME SOLD BY SEGMENT
In metric tons
Change
9M22
9M21
Volume
%
Total sales volume:
1,753,821
1,712,125
41,695.8
2.4
Poultry
1,313,071
1,301,129
11,941.3
0.9
Others
440,750
410,995
29,754.5
7.2
During the nine months of 2022, net sales totaled $75,256.9
million; $14,809.3 million or 24.5% more than $60,447.5 million
reported in the same period of 2021. The increase in sales is
mainly attributable to higher volume sold in Others as part of the
integration of RYC Alimentos, as well as higher prices in our main
business lines when compared to the accumulated results of the nine
months of 2021.
In 9M22, sales of our U.S. operations represented 25.7% of our
total sales, compared with 24.7% in 9M21.
OPERATING RESULTS
9M22
9M21
Change
$
$
$
%
Cost of Sales
60,948.7
49,659.7
11,289.0
22.7
Gross Profit
14,308.2
10,787.9
3,520.3
32.6
Total SG&A
6,236.7
5,157.4
1,079.2
20.9
Other Income (expense)
32.9
(244.3)
277.2
(113.5)
Operating Income
8,104.4
5,386.1
2,718.2
50.5
Net Financial Income
38.6
682.2
(643.6)
(94.3)
Income Tax
2,117.9
1,733.3
384.7
22.2
Net Income
6,025.1
4,335.1
1,690.0
39.0
Non-controlling interest
(47.6)
(85.8)
38.1
(44.5)
Net controlling interest Income
6,072.7
4,420.9
1,651.8
37.4
In 9M22, the cost of sales totaled $60,948.7 million; $11,289.0
million or 22.7% higher than the $49,659.7 million reported in
9M21.
As a result, we reached a gross profit of $14,308.2 million and
a gross margin of 19.0% in 9M22, when compared to $10,787.9 million
of gross profit and margin of 17.8% reached in the same period of
2021.
Total SG&A in 9M22 were $6,236.7 million; $1,079.2 million
or 20.9% more than the $5,157.4 million reported in 9M21. In 9M22
total SG&A as a percentage of net sales represented 8.3%
compared with 8.5% in 9M21.
In 9M22 we had other income of $32.9 million, compared with
other expenses of $244.3 million reported in 9M21.
Operating income in 9M22 was $8,104.4 million, which represents
an operating margin of 10.8%, an increase compared to the operating
income of $5,386.1 million and the operating margin of 8.9% in
9M21.
Net financial income in 9M22 was $38.6 million, compared to a
net financial income of $682.2 million in 9M21.
Total taxes were $2,117.9 million as of September 30, 2022.
These taxes include $1,169.1 million of income tax and $948.9
million of deferred income taxes. These figures compare to total
taxes of $1,733.3 million in 9M21.
All the above resulted in a Net controlling interest income of
$6,072.7 million in 9M22, which represents $10.13 pesos of earnings
per share, while in the 9M21 the Net controlling interest income
totaled $4,420.9 million and $7.37 pesos of earnings per share.
EBITDA
In millions of pesos
9M22
9M21
Change
$
$
$
%
Net controlling interest profit
6,072.7
4,420.9
1,651.8
37.4
Income tax expense (benefit)
2,117.9
1,733.3
384.7
22.2
Result in associates
(47.6)
(85.8)
38.1
(44.5)
Net finance (income) expense
(38.6)
(682.2)
643.6
(94.3)
Depreciation and amortization
1,150.9
1,092.1
58.9
5.4
EBITDA
9,255.3
6,478.2
2,777.1
42.9
EBITDA Margin (%)
12.3%
10.7%
-
-
Net revenues
75,256.9
60,447.5
14,809.3
24.5
EBITDA in 9M22 reached $9,255.3 million, representing an EBITDA
margin of 12.3%, compared to an EBITDA of $6,478.2 million in 9M21,
with a margin of 10.7%.
BALANCE SHEET
BALANCE SHEET DATA
In millions of pesos
Sept. 30, 2022
Dec. 31st, 2021
Change
$
$
$
%
TOTAL ASSETS
72,044.1
65,988.8
6,055.3
9.2
Cash and cash equivalents
20,391.7
20,777.0
(385.3)
(1.9)
Accounts receivable
5,815.2
5,108.5
706.8
13.8
TOTAL LIABILITIES
18,862.3
17,704.7
1,157.6
6.5
Accounts payable
6,008.8
10,200.7
(4,191.9)
(41.1)
Short-term debt
981.7
1,993.9
(1,012.2)
(50.8)
Long-term debt
2,996.5
-
2,996.5
N/A
TOTAL STOCKHOLDERS’ EQUITY
53,181.8
48,284.1
4,897.8
10.1
Capital stock
1,174.4
1,174.4
-
-
Cash and equivalents as of September 30, 2022 totaled $20,391.7
million vs $20,777.0 million as of December 31, 2021.
Total debt as of September 30, 2022 was $3,978.2 million,
compared to $ 1,993.9 million reported as of December 31, 2021.
Net cash as of September 30, 2022 was $ 16,413.5 million,
compared to net cash of $ 18,783.1 million as of December 31,
2021.
CAPITAL EXPENDITURES
In millions of pesos
9M22
9M21
Change
$
$
$
%
Capital Expenditures
2,954.9
2,251.1
703.8
31.3
Total CAPEX for the 9M22 was $2,954.9 million and $2,251.1
million in 9M21, mainly allocated toward organic growth and
productivity projects across all of our facilities.
STOCK INFORMATION
As of September 30, 2022
Total Shares
600,000,000
Total free float
26.75%
Market cap (millions of pesos)
$43,458
SHARE PRICE
Mexican
Stock Exchange
The New
York Stock Exchange
Ticker Symbol: Bachoco
Ticker Symbol: IBA
In nominal pesos per Share
In U.S. Dollar per ADR
Month
High
Low
Close
High
Low
Close
September
80.00
76.81
77.86
48.13
45.78
46.03
August
79.98
75.34
79.97
48.05
43.97
47.33
July
76.56
69.97
76.56
45.18
40.56
45.18
June
76.90
68.56
72.43
47.25
39.70
43.35
May
78.17
76.03
76.27
47.09
44.75
46.86
April
77.83
74.96
77.83
46.64
44.42
45.78
March
69.42
67.16
68.04
40.45
38.30
39.95
February
71.99
68.02
69.42
43.19
39.67
39.67
January
73.60
69.22
69.28
44.66
41.14
41.14
ANALYST COVERAGE
Institution
Analyst name
E-mail
BANK OF AMERICA
Fernando Olvera
folvera@bofa.com
BBVA BANCOMER
Pablo Abraham Peregrina
pablo.abraham@bbva.com
GBM
Luis Rodrigo Willard Alonso
lrwillard@gbm.com
INTERCAM
Richard Horbach Martinez
rhorbach@intercam.com.mx
JP MORGAN
Ulises Argote
ulises.argote@jpmorgan.com
SANTANDER
Alan Alanis Peña
aalanis@santander.com.mx
APPENDICES
For reference, some figures have been translated into millions
of U.S. dollars (“USD”) using an exchange rate of $20.13 per USD
$1.0, which corresponds to the rate at the close of September 30,
2022, according to Mexico’s National Bank.
- Consolidated Statement of Financial Position
- Consolidated Statement of Income
- Consolidated Statement of Cash Flows
- Derivatives Position Report
CONSOLIDATED STATEMENT OF FINANCIAL POSITION -Unaudited-
In U.S. Dollar
September 30,
December 31,
In million pesos
2022
2022
2021*
TOTAL ASSETS
$
3,578.9
72,044.1
65,988.8
Total current assets
2,036.1
40,987.2
37,845.6
Cash and cash equivalents
1,013.0
20,391.7
20,777.0
Total accounts receivable
288.9
5,815.2
5,108.5
Inventories
636.1
12,805.3
9,145.6
Other current assets
98.1
1,975.1
2,814.6
Total non current assets
1,542.8
31,056.3
28,143.2
Net property, plant and equipment
1,164.1
23,433.8
21,763.4
Other non current Assets
378.7
7,622.5
6,379.8
TOTAL LIABILITIES
$
937.0
18,862.3
17,704.7
Total current liabilities
478.5
9,632.2
12,835.3
Notes payable to banks
48.8
981.7
1,993.9
Accounts payable
298.5
6,008.8
10,200.7
Other taxes payable and other accruals
131.2
2,641.7
640.7
Total long-term liabilities
458.5
9,230.0
4,869.4
Long-term debt
148.9
2,996.5
-
Other non current liabilities
50.4
1,013.7
1,027.9
Deferred income taxes
259.3
5,219.9
3,841.5
TOTAL STOCKHOLDERS' EQUITY
$
2,641.9
53,181.8
48,284.1
Capital stock
58.3
1,174.4
1,174.4
Commission in shares issued
20.6
414.1
414.1
Retained earnings
2,492.8
50,179.4
45,038.6
Others accounts
48.9
983.8
1,179.2
Non controlling interest
21.4
430.1
477.7
TOTAL LIABILITIES AND STOCKHOLDERS'
EQUITY
$
3,578.9
72,044.1
65,988.8
*Audited
CONSOLIDATED STATEMENT OF INCOME Third Quarter
Results, ended September 30th: -Unaudited-
U.S. Dollar
In millions pesos
2022
2022
2021
Net sales
$
1,215.0
24,457.8
20,229.0
Cost of sales
1,052.6
21,189.7
17,619.0
Gross profit
162.3
3,268.1
2,610.0
SG&A
105.0
2,114.2
1,790.9
Other income (expenses), net
(1.1
)
(22.6
)
(80.7
)
Operating income
56.2
1,131.2
738.4
Net finance income
5.8
116.5
459.6
Income tax
14.2
285.3
380.6
Net Income
$
47.8
962.4
817.4
Non-controlling interest
(0.48
)
(9.7
)
(26.4
)
Net controlling interest profit
48.29
972.1
843.8
Basic and diluted earnings per share
0.08
1.62
1.41
Basic and diluted earnings per ADR
0.97
19.46
16.88
Weighted average Shares outstanding1
599,380
599,380
599,734
EBITDA Result
$
75.8
1,525.8
1,127.4
Gross margin
13.4
%
13.4
%
12.9
%
Operating margin
4.6
%
4.6
%
3.7
%
Net margin
4.0
%
3.9
%
4.0
%
EBITDA margin
6.2
%
6.2
%
5.6
%
1 In thousands
CONSOLIDATED STATEMENT OF INCOME Accumulated
results, for the nine months ended September 30.
-Unaudited-
U.S. Dollar
In millions pesos
2022
2022
2021
Net sales
$
3,738.5
75,256.9
60,447.5
Cost of sales
3,027.8
60,948.7
49,659.7
Gross profit
710.8
14,308.2
10,787.9
Selling, general and administrative expenses
309.8
6,236.7
5,157.4
Other income (expenses), net
1.6
32.9
(244.3
)
Operating income
402.6
8,104.4
5,386.1
Net finance income
1.92
38.6
682.24
Income tax
105.2
2,117.9
1,733.3
Net income
$
299.3
6,025.1
4,335.1
Non-controlling interest
(2.37
)
(47.6
)
(85.8
)
Net controlling interest profit
301.7
6,072.7
4,420.9
Basic and diluted earnings per share
0.50
10.13
7.37
Basic and diluted earnings per ADR
6.04
121.6
88.45
Weighted average Shares outstanding1
599,380
599,380
599,766
EBITDA Result
$
459.8
9,255.3
6,478.2
Gross margin
19.0
%
19.0
%
17.8
%
Operating margin
10.8
%
10.8
%
8.9
%
Net margin
8.1
%
8.0
%
7.2
%
EBITDA margin
12.3
%
12.3
%
10.7
%
1 In thousands
CONSOLIDATED STATEMENT OF CASH FLOWS In
million of pesos -Unaudited-
U.S. Dollar
September 30,
2022
2022
2021
NET MAJORITY INCOME BEFORE INCOME TAX
$
404.5
8,143.0
6,068.4
ITEMS RELATING TO INVESTING ACTIVITIES:
66.7
1,342.8
1,226.7
Depreciation and others
74.4
1,498.6
1,358.3
Income (loss) on sale of plant and equipment
2.7
55.3
63.3
Other Items
(10.5
)
(211.2
)
(194.9
)
NET CASH GENERATED FROM NET INCOME BEFORE
TAXES
471.2
9,485.8
7,295.1
CASH GENERATED OR USED IN THE OPERATION:
(250.0
)
(5,031.9
)
(1,166.0
)
Decrease (increase) in accounts receivable
(22.1
)
(443.9
)
(239.0
)
Decrease (increase) in inventories
(195.7
)
(3,938.8
)
(1,487.0
)
Increase (decrease) in accounts payable
(136.2
)
(2,740.9
)
1,791.9
Other Items
103.9
2,091.7
(1,231.9
)
NET CASH FLOW FROM OPERATING ACTIVITIES
221.3
4,453.9
6,129.1
NET CASH FLOW FROM INVESTING ACTIVITIES
(162.7
)
(3,275.3
)
(1,629.1
)
Acquisition of property, plant and equipment
(146.8
)
(2,954.9
)
(2,251.1
)
Proceeds from sales of property plant and equipment
3.1
61.8
17.1
Other Items
(19.0
)
(382.1
)
604.9
CASH FLOW SURPLUS (REQUIREMENTS OF) TO BE
USED IN FINANCING ACTIVITIES
58.6
1,178.6
4,500.0
Net cash provided by financing
activities:
(74.2
)
(1,494.0
)
(3,654.4
)
Proceeds from loans
195.2
3,930.0
1,237.2
Principal payments on loans
(96.7
)
(1,945.7
)
(1,903.8
)
Dividends paid
(48.8
)
(983.0
)
(851.6
)
Other items
(124.0
)
(2,495.3
)
(2,136.1
)
Net increase (decrease) in cash and equivalents
(15.7
)
(315.4
)
845.6
Cash and investments at the beginning of year
$
1,028.7
20,707.1
19,242.4
CASH AND INVESTMENTS AT END OF PERIOD
$
1,013.0
20,391.7
20,088.0
Third Quarter 2022 Thousands of
Mexican Pesos, as of September 30, 2022 TYPE OF FINANCIAL
INSTRUMENT OBJECTIVE NOTIONAL VALUE OF THE
RELATED COMMODITY REASONABLE VALUE AMOUNTS DUE BY
YEAR GUARANTIES REQUIRED 3Q-2022 2Q-2022
3Q-2022 2Q-2022 Forward Vanilla y KO Fwd Hedge
$ 150,699
$ 20.13
$ 20.14
$ -48,982
$ -80,565
69% in 2022 and 31% in 2023 The deals consider the possibility of
margin calls but not another kind of guarantee Futures for corn,
soybean meal, soybean oil and natural gas Hedge
$ 511,252
CORN CORN
$ 12,462
$ 24,903
98% in 2022 and 2% in 2023 In USD per Bushel In USD per Bushel
month price month price Sep-22
$ 6.288
Dec-22
$ 6.775
Dec-22
$ 6.198
SOYBEAN MEAL SOYBEAN MEAL In USD per ton In USD per
ton
month price month price Aug-22
$ 435.5
Sep-22
$ 416.1
Oct-22
$ 405.7
Dec-22
$ 403.0
Dec-22
$ 406.7
SOYBEAN OIL SOYBEAN OIL In US cents per pound In US
cents per pound
Month Price Month Price
Aug-22
$ 67.01
Dec-22
$ 61.56
Sep-22
$ 65.68
NATURAL GAS In USD/MM BTU
Month Price Nov-22
$ 6.766
Dec-22
$ 7.065
Jan-23
$ 7.247
Feb-23
$ 6.937
Options of Corn Hedge
$ 314,868
CORN CORN
$ 37,181
$ 27,649
83% in 2022 and 17% in 2023 In USD per Bushel In USD per Bushel
month price month price Sep-22
$ 6.288
Dec-22
$ 6.775
Dec-22
$ 6.198
Mar-23
$ 6.840
Mar-23
$ 6.263
Options of soybean meal Hedge
$ 439,720
SOYBEAN MEAL SOYBEAN MEAL
$ 12,013
$ 34,539
57% in 2022 and 43% in 2023 In USD per ton In USD per ton
month price month price Aug-22
$ 435.5
Sep-22
$ 416.1
Oct-22
$ 405.7
Dec-22
$ 403.0
Dec-22
$ 406.7
Jan-23
$ 401.3
Jan-23
$ 405.9
Mar-23
$ 397.2
Mar-23
$ 401.3
May-23
$ 395.0
May-23
$ 398.3
-The total financial instruments do not exceed 5% of total
assets as of September 30, 2022. -The notional value represents the
net position as of September 30, 2022 at the exchange rate of
Ps.20.13 per one dollar.
-A negative value means an unfavorable
effect for the Company. Third Quarter 2022 Thousands
of Mexican Pesos, as of September 30, 2022
PROBABLE SCENARIO
TYPE OF FINANCIAL INSTRUMENT REASONABLE VALUE
VALUE OF THE RELATED COMMODITY EFFECT ON THE INCOME
STATEMENT EFFECT ON THE CASH FLOW(3) Reference Value
(1)
-2.5%
2.5%
5.0%
-2.5%
2.5%
5.0%
Forward Vanilla y KO Fwd
-$ 48,982
$19.63
$ 20.63
$ 21.14
Direct
-$124,810
$ 26,845
$ 57,145
-5%
5%
10%
-5%
5%
10%
Futures of Corn: (2)
$ 12,462
$ 6.436
$ 7.114
$ 7.453
The effect will materialize as the inventory is consumed
-$ 13,101
$ 38,024
$ 63,587
Futures of Soybean Meal: (2)
$ 382.9
$ 423.2
$ 443.3
Futures for Soy Oil (2)
$ 58.5
$ 64.6
$ 67.7
Futures for Natural Gas (2)
$ 6.4
$ 7.1
$ 7.4
Options for Corn
$ 37,181
$ 6.436
$ 7.114
$ 7.453
$ 21,438
$ 52,925
$ 68,668
Options of Soybean Meal
$ 12,013
$ 382.9
$ 423.2
$ 443.3
-$ 9,973
$ 33,999
$ 55,985
(1) The reference value is the exchange rate of Ps. $20.13
per USD as of September 30, 2022. (2) The reference values are:
future of corn Dec 2022, $6.7750 USD/bushel, the future of
soybeanmeal Dec 2022, $403.00 USD/ton, the future of soybean oil
Dec 2022, $61.56 usd cts / pound and the future of natural gas Nov
2022, $6.77usd/ MM BTU All the evaluations are performed according
with the corresponding future, here only the first month futures
are shown. (3) The Company has credit lines with the majority of
its counterparts, so that the effect in cash flow is lower than the
amount shown.
-A negative value means an unfavorable effect for
the Company. Third Quarter 2022 Thousands of Mexican
Pesos, as of September 30, 2022
STRESS SCENARIO
TYPE OF FINANCIAL INSTRUMENT REASONABLE VALUE
VALUE OF THE RELATED COMMODITY EFFECT ON THE INCOME
STATEMENT EFFECT ON THE CASH FLOW Reference Value
-50%
-25%
25%
50%
-50%
-25%
25%
50%
Forward Vanilla y KO Fwd
-$48,982
$10.07
$15.10
$25.16
$30.20
Direct
-$1,565,538
-$807,260
$484,940
$1,034,577
CONFERENCE CALL INFORMATION
The Company will host its second quarter 2022 earnings call on
Tuesday October 25th, 2022. The earnings call will take place at
8:30 am Central Time (9:30 am ET).
To participate in the earnings call, please dial:
Toll free in the U.S.: 866 374 5140 Toll free in Mexico:
1 866 779 1760 Toll Local Mexico: 52 55 6722
5258 Toll in the Brazil: 800 761 0711
To access the event online:
https://onlinexperiences.com/Launch/QReg/ShowUUID=C2665A6D-28B4-4A5B-95C3-99B542C27989&LangLocaleID=1033
Confirmation Number: 36258927#
COMPANY DESCRIPTION
Industrias Bachoco is the leader in the Mexican poultry
industry, and one of the largest poultry producers globally. The
Company was founded in 1952, and became a public company in 1997,
via a public offering of shares on the Mexican and The New York
Stock Exchange. Bachoco is a vertically integrated company
headquartered in Celaya, Guanajuato located in Central Mexico. Its
main business lines are: chicken, eggs, balanced feed, swine, and
turkey and beef value-added products. Bachoco owns and manages more
than a thousand facilities, organized in nine production complexes
and 80 distribution centers in Mexico, and a production complex in
the United States. Currently the Company employs more than 32,000
people.
The Company is rated AAA
(MEX), the highest rating awarded by Fitch Mexico, S.A.
de C.V., and HR AAA which
signals that the Company and the offering both have the highest
credit quality by HR Ratings de Mexico S.A. de C.V.
DISCLAIMER
The document contains certain information that could be
considered forward looking statements concerning anticipated future
events and performance of the Company. The statements reflect
management’s current beliefs based on information currently
available and are not guarantees of future performance and are
based on our estimates and assumptions that are subject to risks
and uncertainties, including those described in our Annual
Information Form, which could cause our actual results to differ
materially from the forward-looking statements contained in this
document. Those risks and uncertainties include risks associated
with ownership in the poultry industry, competition for investments
within the poultry industry, shareholder liability, governmental
regulation, and environmental matters. As a result, there can be no
assurance that actual results will be consistent with these
forward-looking statements. Except as required by applicable law,
Industrias Bachoco, S.A.B. de C.V., undertakes no obligation to
publicly update or revise any forward-looking statement.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20221024005780/en/
Maria Guadalupe Jaquez maria.jaquez@bachoco.net Andrea
Guerrero andrea.guerrero@bachoco.net T. +52(461)618
3555
Industrias Bachoco SAB d... (NYSE:IBA)
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