|
27.04.2017 23:00:00
|
Bachoco Announces First Quarter 2017 Results
CELAYA, Mexico, April 27, 2017 /PRNewswire/ -- Industrias Bachoco, S.A.B. de C.V., "Bachoco" or "the Company", (NYSE: IBA; BMV: Bachoco) announced today its unaudited results for the first quarter ("1Q17") ending March 31, 2017. 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- 2017 vs. 2016
- Net sales increased 15.6% in 1Q17.
- EBITDA margin was 8.8% in 1Q17 vs 7.8% in 1Q16.
- Earnings per basic and diluted share were $1.09.
CEO COMMENTS
Mr. Rodolfo Ramos Arvizu, Chief Executive Officer of Bachoco, stated, "In Mexico, the quarter started with a high level of volatility, however, the Mexican peso strengthened at the end of the quarter, even so, the Mexican peso depreciated around 11% in the 1Q17 when compared with 1Q16.
Regarding the poultry industry, we observed good levels on the demand side that combined with a normalized growth rate in both Mexico and the US markets. This led to a good balance between supply and demand, allowing a price recovery when compared to the first quarter of 2016.
Sales and volume of our main product lines continued growing in both markets, which led us to an increase of 15.6% in total sales for 1Q17 when compared to the same quarter of 2016.
For 1Q17, we reached an EBITDA of $1,198.3 or 8.8% margin and earnings per basic and diluted shares were $1.09.
On the internal side, we continued investing in the growth of our Company. We continued with our CAPEX program, while taking advantage of projects we implemented to get closer to our customers.
In addition, the Company remained in a healthy financial condition as we reached a net cash level of $11,496.6 million, which will allow us to continue the support of our growth plans.
We will remain focused on continual improvements and efficiencies across all of our processes and working close to our customers"
RECENT DEVELOPMENTS
At its 2017 annual shareholders meeting, the Company announced the paying of cash dividends in the amount of $1.3 pesos per share (or $15.6 pesos per ADR).
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 2016.
QUARTERLY RESULTS
NET SALES BY GEOGRAPHY | |||||
In millions of pesos | 1Q17 | 1Q16 | Change | ||
$ | $ | $ | % | ||
Net sales | 13,684.9 | 11,839.3 | 1,845.6 | 15.6 | |
Net sales in Mexico | 9,949.3 | 8,821.5 | 1,127.8 | 12.8 | |
Net sales in the U.S. | 3,735.6 | 3,017.8 | 717.8 | 23.8 | |
NET SALES BY SEGMENT | |||||
In millions of pesos | 1Q17 | 1Q16 | Change | ||
$ | $ | $ | % | ||
Net sales | 13,684.9 | 11,839.3 | 1,845.6 | 15.6 | |
Poultry | 12,286.6 | 10,644.5 | 1,642.1 | 15.4 | |
Other | 1,398.3 | 1,194.8 | 203.5 | 17.0 | |
NET VOLUME SOLD BY SEGMENT
In tons | Change | |||||
1Q17 | 1Q16 | Volume | % | |||
Total sales volume: | 528,099 | 521,417 | 6,681 | 1.3 | ||
Poultry | 419,219 | 411,459 | 7,760 | 1.9 | ||
Others | 108,880 | 109,959 | (1,079) | (1.0) | ||
In 1Q17, the Company's net sales totaled $13,684.9 million; $1,845.6 million or 15.6% more than $11,839.3 million reported in 1Q16. This was a result of price increases in peso terms and more volume sold in our main product lines.
In 1Q17, sales of our U.S. operations were strong and represented 27.3% of our total sales compared with 25.5% in 1Q16.
GROSS PROFIT | |||||
In millions of pesos | 1Q17 | 1Q16 | Change | ||
$ | $ | $ | % | ||
Cost of sales | 11,493.3 | 10,012.2 | 1,481.1 | 14.8 | |
Gross profit | 2,191.6 | 1,827.2 | 364.4 | 19.9 | |
Gross margin | 16.0% | 15.4% | - | - | |
The cost of sales totaled $11,493.3 million, representing $1,481.1 million or 14.8% higher than $10,012.2 million reported in the same period of 2016. This increase was a result of more volume sold and higher raw material costs in Mexican peso terms due to the depreciation of the Mexican peso.
The Company's gross profit in 1Q17 was $2,191.6 million, with a gross margin of 16.0%. This result is higher when compared to a gross profit of $1,827.2 million and a gross margin of 15.4% reported in 1Q16.
Selling, general and administrative expenses ("SG&A") | |||||
In millions of pesos | |||||
1Q17 | 1Q16 | Change | |||
$ | $ | $ | % | ||
Total SG&A | 1,261.2 | 1,121.8 | 139.4 | 12.4 | |
Total SG&A expenses in 1Q17 were $1,261.2 million; $139.4 million or 12.4% more than the $1,121.8 million reported 1Q16. Total SG&A expenses, as a percentage of net sales, represent 9.2% in 1Q17 and 9.5% in 1Q16.
other income (expense), net | |||||
In millions of pesos | 1Q17 | 1Q16 | Change | ||
$ | $ | $ | % | ||
Other income (expense), net | (0.5) | (9.1) | 8.6 | (94.2) | |
Other income or other expenses include the sale of byproducts and unused assets. We register such sales as expenses when the sales price is below the book value of those assets.
In 1Q17, we had other expenses of $0.5 million, compared with other expenses of $9.1 million reported in 1Q16.
OPERATING INCOME | |||||
In millions of pesos | 1Q17 | 1Q16 | Change | ||
$ | $ | $ | % | ||
Operating income | 929.8 | 696.3 | 233.6 | 33.5 | |
Operating margin | 6.8% | 5.9% | - | - | |
Operating income in 1Q17 totaled $929.8 million for an operating margin of 6.8%; higher than an operating income of $696.3 million and a 5.9% operating margin reported in 1Q16. The increase in operating income is mainly attributed to higher gross profit than in 1Q16.
NET FINANCIAL INCOME | |||||
In millions of pesos | 1Q17 | 1Q16 | Change | ||
$ | $ | $ | % | ||
Net Financial Income (Expense) | (69.7) | 136.5 | (206.2) | (151.1) | |
Financial Income | 143.0 | 190.0 | (47.0) | (24.7) | |
Financial Expense | 212.7 | 53.5 | 159.2 | 297.5 | |
In 1Q17, the Company reported net financial expenses of $69.7 million, compared to net financial income of $136.5 million reported in the same period of 2016, mainly due to exchange losses as the peso strengthened at the end of the quarter.
TAXES FOR THE PERIOD | |||||
In millions of pesos | 1Q17 | 1Q16 | Change | ||
$ | $ | $ | % | ||
Total Taxes | 207.2 | 235.8 | (28.6) | (12.1) | |
Income tax | 131.2 | 157.5 | (26.2) | (16.7) | |
Deferred income tax | 76.0 | 78.4 | (2.4) | (3.0) | |
Total taxes for the 1Q17 were $207.2 million, compared to $235.8 million in the same period of 2016.
NET INCOME | |||||
In millions of pesos | 1Q17 | 1Q16 | Change | ||
$ | $ | $ | % | ||
Net income | 652.8 | 596.9 | 55.9 | 9.4 | |
Net margin | 4.8% | 5.0% | - | - | |
Non-Controlling Interest income | 0.7 | 1.7 | (1.0) | n/a | |
Net controlling interest income | 652.1 | 595.2 | 56.9 | n/a | |
Basic and diluted income per share1 | 1.09 | 0.99 | 0.1 | n/a | |
Basic and diluted income per ADR2 | 13.04 | 11.90 | 1.1 | n/a | |
Weighted average Shares outstanding3 | 600,000 | 599,946 | - | - | |
1 In pesos | |||||
2 in pesos, an ADR is equal to twelve shares | |||||
3 In thousands of shares | |||||
The net income for 1Q17 was $652.8 million, representing a basic and diluted income of $1.09 pesos per share. This result compares to net income of $596.9 million, which represented a net income $0.99 pesos of basic and diluted income per share in 1Q16. Net margin for the 1Q17 was 4.8% compared to 5.0% reported in 1Q16.
EBITDA AND ADJUSTED EBITDA | |||||
In millions of pesos | 1Q17 | 1Q16 | Change | ||
$ | $ | $ | % | ||
Net controlling interest income | 652.1 | 595.2 | 56.9 | 9.6 | |
Income tax expense (benefit) | 207.2 | 235.8 | (28.6) | (12.1) | |
Result in associates | 0.7 | 1.7 | (1.0) | (57.0) | |
Net finance (income) expense | 69.7 | (136.5) | 206.2 | (151.1) | |
Depreciation and amortization | 268.5 | 224.8 | 43.7 | 19.4 | |
EBITDA | 1,198.3 | 921.1 | 277.2 | 30.1 | |
EBITDA Margin (%) | 8.8% | 7.8% | - | - | |
Net sales | 13,684.9 | 11,839.3 | 1,845.6 | 15.6 | |
EBITDA in 1Q17 reached $1,198.3 million, representing an EBITDA margin of 8.8%, compared to an EBITDA of $921.1 million in 1Q16 with an EBITDA margin of 7.8%.
BALANCE SHEET DATA
BALANCE SHEET DATA | |||||
In millions of pesos | Mar 31, 2017 | Dec. 31, 2016 | Change | ||
$ | $ | $ | % | ||
TOTAL ASSETS | 44,182.2 | 45,090.5 | (908.2) | (2.0) | |
Cash and cash equivalents | 15,409.8 | 15,651.5 | (241.7) | (1.5) | |
Accounts receivable | 3,078.5 | 3,778.0 | (699.5) | (18.5) | |
TOTAL LIABILITIES | 12,254.0 | 13,374.3 | (1,120.3) | (8.4) | |
Accounts payable | 3,347.2 | 3,836.4 | (489.1) | (12.7) | |
Short-term debt | 3,412.5 | 3,097.5 | 314.9 | 10.2 | |
Long-term debt | 500.7 | 950.4 | (449.7) | (47.3) | |
TOTAL STOCKHOLDERS' EQUITY | 31,928.3 | 31,716.2 | 212.1 | 0.7 | |
Capital stock | 1,174.4 | 1,174.4 | - | - | |
Cash and equivalents as of March 31, 2017 totaled $15,409.8 million; $241.7 million or 1.5% less than $15,651.5 million as of December 31, 2016.
Total debt as of March 31, 2017 totaled $3,913.2 million, compared to $4,047.9 million reported as of December 31, 2016.
Net cash as of March 31, 2017 was $11,496.6 million, compared to net cash of $11,603.6 million as of December 31, 2016.
CAPEX
CAPITAL EXPENDITURES | |||||
In millions of pesos | 2017 | 2016 | Change | ||
$ | $ | $ | % | ||
Capital Expenditures | 643.3 | 659.9 | (16.6) | (2.5) | |
Total CAPEX for the 1Q17 was $643.3 million which was mainly allocated toward organic growth and productivity projects across all our facilities.
STOCK INFORMATION
STOCK INFORMATION | ||
As of March 31, 2017 | ||
Total Shares | 600,000,000 | |
Total free float | 26.75% | |
Market cap (millions of pesos) | $50,802 | |
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 | |||||||
Mar-17 | 85.84 | 80.23 | 84.97 | 54.55 | 48.32 | 54.24 | |||||||
Feb-17 | 83.53 | 79.53 | 80.08 | 49.08 | 46.20 | 47.88 | |||||||
Jan-17 | 87.48 | 80.47 | 80.98 | 49.02 | 46.42 | 46.43 | |||||||
Dec-16 | 85.65 | 78.99 | 84.75 | 49.69 | 45.76 | 49.02 | |||||||
Nov-16 | 82.70 | 77.88 | 80.60 | 52.56 | 45.92 | 46.90 | |||||||
Oct-16 | 84.26 | 81.26 | 83.70 | 53.23 | 50.77 | 52.90 | |||||||
Source: yahoo finances | |||||||||||||
ANALYST COVERAGE | ||
Institution | Analyst name | |
ACTINVER | José Antonio Cebeira | jcebeira@actinver.com.mx |
BBVA BANCOMER | Miguel Ulloa | miguel.ulloa@bbva.com |
GBM | Miguel Mayorga | mmayorga@gbm.com.mx |
INTERACCIONES CASA DE BOLSA | Martin Lara | mlarap@interacciones.com |
JPMORGAN | Pedro Leduc | pedro.a.leduc@jpmorgan.com |
APPENDICES
For reference, some figures have been translated into millions of U.S. dollars ("USD") using an exchange rate of $18.73 per USD$1.0, which corresponds to the rate at the close of March 31, 2017, 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 | March 31, | December 31, | |
In million pesos | 2017 | 2017 | 2016* |
TOTAL ASSETS | $ 2,358.9 | 44,182.3 | 45,090.5 |
Total current assets | 1,376.8 | 25,788.1 | 26,930.4 |
Cash and cash equivalents | 822.7 | 15,409.8 | 15,651.5 |
Total accounts receivable | 164.4 | 3,078.6 | 3,778.0 |
Inventories | 296.5 | 5,554.3 | 5,931.9 |
Other current assets | 93.2 | 1,745.5 | 1,569.0 |
Total non current assets | 982.1 | 18,394.2 | 18,160.1 |
Net property, plant and equipment | 810.3 | 15,176.8 | 15,081.1 |
Other non current Assets | 171.8 | 3,217.4 | 3,079.0 |
TOTAL LIABILITIES | $ 654.2 | 12,254.0 | 13,374.3 |
Total current liabilities | 408.6 | 7,652.4 | 8,316.3 |
Notes payable to banks | 182.2 | 3,412.5 | 3,097.5 |
Accounts payable | 178.7 | 3,347.2 | 3,836.4 |
Other taxes payable and other accruals | 47.7 | 892.6 | 1,382.4 |
Total long-term liabilities | 245.7 | 4,601.6 | 5,058.0 |
Long-term debt | 26.7 | 500.7 | 950.4 |
Other non current liabilities | 10.9 | 203.8 | 195.0 |
Deferred income taxes | 208.1 | 3,897.1 | 3,912.6 |
TOTAL STOCKHOLDERS' EQUITY | $ 1,704.7 | 31,928.3 | 31,716.2 |
Capital stock | 62.7 | 1,174.4 | 1,174.4 |
Commission in shares issued | 22.1 | 414.4 | 414.4 |
Repurchased shares | - | - | - |
Retained earnings | 1,566.8 | 29,346.7 | 28,694.6 |
Others accounts | 50.1 | 938.2 | 1,378.9 |
Non controlling interest | 2.9 | 54.6 | 53.9 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 2,358.9 | 44,182.3 | 45,090.5 |
*Audited | |||
CONSOLIDATED STATEMENT OF INCOME | |||
First Quarter Results, ended March 31: | |||
-Unaudited- | |||
U.S. Dollar | |||
In millions pesos | 2017 | 2017 | 2016 |
Net sales | $ 730.6 | 13,684.9 | 11,839.3 |
Cost of sales | 613.6 | 11,493.3 | 10,012.2 |
Gross profit | 117.0 | 2,191.6 | 1,827.2 |
SG&A | 67.3 | 1,261.2 | 1,121.8 |
Other income (expenses), net | (0.0) | (0.5) | (9.1) |
Operating income | 49.6 | 929.8 | 696.3 |
Net finance income | (3.7) | (69.7) | 136.5 |
Income tax | 11.1 | 207.2 | 235.8 |
Net Income | $ 34.9 | 652.8 | 596.9 |
Non-controlling interest | 0.04 | 0.7 | 1.7 |
Net controlling interest profit | 34.8 | 652.1 | 595.2 |
Basic and diluted earnings per share | 0.06 | 1.09 | 0.99 |
Basic and diluted earnings per ADR | 0.70 | 13.04 | 11.90 |
Weighted average Shares outstanding1 | 600,000 | 600,000 | 599,946 |
EBITDA Result | $ 64.0 | 1,198.3 | 921.1 |
Gross margin | 16.0% | 16.0% | 15.4% |
Operating margin | 6.8% | 6.8% | 5.9% |
Net margin | 4.8% | 4.8% | 5.0% |
EBITDA margin | 8.8% | 8.8% | 7.8% |
1In thousands | |||
* Audited | |||
CONSOLIDATED STATEMENT OF CASH FLOWS | |||
In million of pesos | |||
-Unaudited- | |||
U.S. Dollar | March 31, | ||
2017 | 2017 | 2016 | |
NET MAJORITY INCOME BEFORE INCOME TAX | $ 45.9 | 860.1 | 832.7 |
ITEMS RELATING TO INVESTING ACTIVITIES: | 11.7 | 219.5 | 113.1 |
Depreciation and others | 14.3 | 268.5 | 224.8 |
Income (loss) on sale of plant and equipment | 0.3 | 6.0 | 0.7 |
Other Items | (2.9) | (55.0) | (112.4) |
NET CASH GENERATED FROM NET INCOME BEFORE TAXES | 57.6 | 1,079.5 | 945.8 |
CASH GENERATED OR USED IN THE OPERATION: | (21.3) | (398.8) | (1,028.5) |
Decrease (increase) in accounts receivable | 26.2 | 489.9 | (335.6) |
Decrease (increase) in inventories | 19.2 | 358.9 | 432.6 |
Increase (decrease) in accounts payable | (35.7) | (667.9) | (813.5) |
Increase (decrease) in other liabilities | (31.0) | (579.7) | (312.0) |
NET CASH FLOW FROM OPERATING ACTIVITIES | 36.3 | 680.7 | (82.7) |
NET CASH FLOW FROM INVESTING ACTIVITIES | (21.0) | (392.8) | (416.3) |
Acquisition of property, plant and equipment | (34.3) | (643.3) | (659.9) |
Proceeds from sales of property plant and equipment | 0.7 | 12.9 | 4.9 |
Other Items | 12.7 | 237.7 | 238.8 |
CASH FLOW SURPLUS (REQUIREMENTS OF) TO BE USED IN FINANCING ACTIVITIES | 15.4 | 287.9 | (498.9) |
Net cash provided by financing activities: | (28.3) | (529.7) | (203.1) |
Proceeds from loans | - | - | 267.5 |
Principal payments on loans | (0.1) | (1.0) | (430.3) |
Dividends paid | - | - | - |
Other items | (28.2) | (528.6) | (40.2) |
Net increase (decrease) in cash and equivalents | (12.9) | (241.7) | (702.0) |
Cash and investments at the beginning of year | $ 835.6 | 15,651.5 | 15,288.9 |
CASH AND INVESTMENTS AT END OF PERIOD | $ 822.7 | 15,409.8 | 14,586.9 |
DERIVATIVES POSITION REPORT | ||||||||||
First Quarter 2017 | ||||||||||
Thousands of Mexican Pesos, as of march 31, 2017 | ANEXO 1 | |||||||||
TYPE OF FINANCIAL INSTRUMENT | OBJECTIVE | NOTIONAL | VALUE OF THE RELATED COMMODITY | REASONABLE VALUE | AMOUNTS DUE BY YEAR | GUARANTIES REQUIRED | ||||
1Q-2017 | 4Q-2016 | 1Q-2017 | 4Q-2016 | |||||||
Forward Vanilla and | Hedge | $1,655,671 | $ 18.73 | $ 20.64 | $-146,878 | $ 3,464 | in 2017 | The deals consider the possibility of margin calls but not another kind of guarantee | ||
Futures for corn and soybean meal | Hedge | $ 8,122 | CORN | CORN | -$ 3,601 | -$ 19 | in 2017 | |||
In USD per Bushel | In USD per Bushel | |||||||||
month | price | month | price | |||||||
May-17 | $ 3.643 | |||||||||
Jul-17 | $ 3.718 | |||||||||
Sep-17 | $ 3.793 | |||||||||
SOYBEAN MEAL | SOYBEAN MEAL | |||||||||
In USD per ton | In USD per ton | |||||||||
month | price | month | price | |||||||
May-17 | $ 308.4 | |||||||||
Jul-17 | $ 311.8 | March-17 | $ 316.6 | |||||||
Aug-17 | $ 312.3 | |||||||||
Sep-17 | $ 312.4 | |||||||||
Oct-17 | $ 311.4 | |||||||||
Options of Corn | Hedge | $ - | CORN | CORN | $ - | -$ 47 | 2017 | |||
In USD per Bushel | In USD per Bushel | |||||||||
month | price | month | price | |||||||
March-17 | $ 3.5150 | |||||||||
May-17 | $ 3.550 | |||||||||
Options of soybean meal | Hedge | $ 3,466 | SOYBEAN MEAL | SOYBEAN MEAL | -$ 70 | $ 216 | in 2017 | |||
In USD per ton | In USD per ton | |||||||||
month | price | month | price | |||||||
Mar-17 | $ 316.6 | |||||||||
May-17 | $ 308.4 | May-17 | $ 319.4 | |||||||
-The total financial instruments do not exceed 5% of total assets as of March 31, 2017. | ||||||||||
-The notional value represents the net position as of March 31, 2017 at the exchange rate of Ps. 18.73 per one dolar. | ||||||||||
-A negative value means an unfavorable effect for the Company. | ||||||||||
First Quarter 2017 | ||||||||
Thousands of Mexican Pesos, as of march 31, 2017 | 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 | ||||||||
-2.5% | 2.5% | 5.0% | -2.5% | 2.5% | 5.0% | |||
Forwards Vanilla | -$ 146,878 | $18.26 | $ 19.20 | $ 19.67 | Direct | -$184,597 | -$109,158 | -$ 71,438 |
-5% | 5% | 10% | -5% | 5% | 10% | |||
Futures of Corn: (2) | -$ 3,601 | $ 3.460 | $ 3.825 | $ 4.007 | The effect will materialize as the inventory is consumed | -$ 11,208 | $ 4,005 | $ 11,611 |
Futures of Soybean Meal: (2) | $ 293.0 | $ 323.8 | $ 339.2 | |||||
Options for Corn | $ - | $ - | $ - | $ - | $ - | $ - | $ - | |
Options of Soybean Meal | -$ 70 | $ 293.0 | $ 323.8 | $ 339.2 | -$ 243 | $ 103 | $ 277 | |
(1)The reference value is the exchange rate of Ps. $18.73 per USD as of March 31, 2017. | ||||||||
(2)The reference values are; the future of corn for May 2017, $3.6425 USD/bushel and the future of soybeanmeal for May 2017, $308.40 USD/ton. | ||||||||
All the evaluations are performed according with the corresponding future, here only the first month futures are shown. | ||||||||
(3)The Company has credit lines with the majority of its counterparts, so that the effect in cash flow is lower than the amount shown. | ||||||||
-A negative value means an unfavorable effect for the Company. | ||||||||
First Quarter 2017 | ||||||||||
Thousands of Mexican Pesos, as of march 31, 2017 | STRESS SCENARIO | |||||||||
TYPE OF FINANCIAL INSTRUMENT | REASONABLE VALUE | VALUE OF THE RELATED COMMODITY | EFFECT ON THE INCOME STATEMENT | EFFECT ON THE CASH FLOW | ||||||
Reference Value | ||||||||||
-50% | -25% | 25% | 50% | -50% | -25% | 25% | 50% | |||
Forward Vanilla | -$ 146,878 | $9.37 | $14.05 | $23.41 | $28.10 | Direct | -$901,274 | -$524,076 | $230,321 | $607,519 |
CONFERENCE CALL INFORMATION
The Company will host its first quarter 2017 earnings call, on Friday, April 28th, 2017. The earnings call will take place at 9:00 am Central Time (10:00 am ET).
To participate in the earnings call, please dial:
Toll free in the U.S.: 1 (888) 771-4371
Toll free in Mexico: 001 866 779 0965
Toll Local Mexico: 52 55 6722 5257
Toll free in Brazil: 0800 761 0710
A current list of available local and international free phone telephone numbers: http://web.meetme.net/r.aspx?p=12&a=UHUvWbCHlwLUu
Confirmation Number: 44798025
Visit the following link to access the webcast: http://event.onlineseminarsolutions.com/wcc/r/1413773-1/AB97361CCB92B5171A0C0ACB7F4710E6
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 64 distribution centers in Mexico, and a production complex in the United States. Currently the Company employs more than 25,000 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.
IR contact information:
Maria Guadalupe Jaquez
maria.jaquez@bachoco.net
Kathy Chaurand
kathy.chaurand@bachoco.net
T. +52(461)618 3555
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/bachoco-announces-first-quarter-2017-results-300446181.html
SOURCE Industrias Bachoco, S.A.B. de C.V.
Der finanzen.at Ratgeber für Aktien!
Wenn Sie mehr über das Thema Aktien erfahren wollen, finden Sie in unserem Ratgeber viele interessante Artikel dazu!
Jetzt informieren!
Nachrichten zu Industrias Bachoco SAB de CVShs American Deposit Receipt Repr 12 Shs Ser -B-mehr Nachrichten
| Keine Nachrichten verfügbar. |
Analysen zu Industrias Bachoco SAB de CVShs American Deposit Receipt Repr 12 Shs Ser -B-mehr Analysen
Aktien in diesem Artikel
Nachrichten
ETF-Sparplan
Oskar ist der einfache und intelligente ETF-Sparplan. Er übernimmt die ETF-Auswahl, ist steuersmart, transparent und kostengünstig.