Bachoco Announces First Quarter 2019 Results

Published

CELAYA, Mexico, April 29, 2019 /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 ("1Q19") ending March 31, 2019. 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- 2019 vs. 2018

  • Net sales decreased 6.4% in 1Q19.
  • EBITDA margin was 4.6% in 1Q19 vs 13.7% in 1Q18, our EBITDA was $654.9 million.
  • Earnings per basic and diluted share were $0.50.

CEO COMMENTS

Mr. Rodolfo Ramos Arvizu, Chief Executive Officer of Bachoco, stated, "In Mexico, the conditions prevailing in last two quarters of 2018, continued into the first quarter of this year. In general, we saw sluggish demand conditions that kept prices down for most of the quarter. Furthermore, strong results in 1Q18 made it a very challenging to compare with.

In the US market, we observed also relatively low prices for most of 1Q19, with an improvement towards the end of the quarter.  

Prices of our main raw material were stable in USD terms but, volatility in the Mexican peso exchange rate vs the US dollar, did not allow us to completely capture this benefit.  Our SG&A continued to be mainly affected by energy prices in Mexico.

Volume of our main product segments continued growing, but lower prices, mainly in poultry, led us to a decrease of 6.4% in total sales for 1Q19 when compared to the same quarter of 2018.

For 1Q19, we reached an EBITDA of $654.9 for a 4.6% margin.  This EBITDA represents an important decrease when compared with the 1Q18. Earnings per basic and diluted shares were $0.50 for the 1Q19.

The Company remained in a healthy financial condition as we reached a net cash level of $12,434.7 million, which will allow us to continue to support our growth plans.

We will remain focused on continuous improvements and efficiencies across all of our processes and working close to our customers"

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 2018.

QUARTERLY RESULTS

NET SALES BY GEOGRAPHY
In millions of pesos 1Q19 1Q18 Change
$ $ $ %
Net sales 14,323.6 15,303.0 (979.4) (6.4)
Net sales in Mexico 10,311.3 11,091.5 (780.1) (7.0)
Net sales in the U.S. 4,012.3 4,211.5 (199.2) (4.7)

 

NET SALES BY GEOGRAPHY NET SALES BY SEGMENT
In millions of pesos 1Q19 1Q18 Change In millions of pesos 1Q19 1Q18 Change
$ $ $ % $ $ $ %
Net sales 14,323.6 15,303.0 (979.4) (6.4) Net sales 14,323.6 15,303.0 (979.4) (6.4)
Net sales in Mexico 10,311.3 11,091.5 (780.1) (7.0) Poultry 12,852.8 13,774.5 (921.7) (6.7)
Net sales in the U.S. 4,012.3 4,211.5 (199.2) (4.7) Other 1,470.8 1,528.4 (57.6) (3.8)

 

NET SALES BY GEOGRAPHY NET SALES BY SEGMENT NET VOLUME SOLD BY SEGMENT
In millions of pesos 1Q19 1Q18 Change In millions of pesos 1Q19 1Q18 Change In tons Change
$ $ $ % $ $ $ % 1Q19 1Q18 Volume %
Net sales 14,323.6 15,303.0 (979.4) (6.4) Net sales 14,323.6 15,303.0 (979.4) (6.4) Total sales volume: 553,175 546,750 6,425 1.2
Net sales in Mexico 10,311.3 11,091.5 (780.1) (7.0) Poultry 12,852.8 13,774.5 (921.7) (6.7) Poultry 425,745 422,181 3,564 0.8
Net sales in the U.S. 4,012.3 4,211.5 (199.2) (4.7) Other 1,470.8 1,528.4 (57.6) (3.8) Others 127,430 124,569 2,861.3 2.3

 

In 1Q19, the Company's net sales totaled $14,323.6 million; $979.4 million or 6.4% less than $15,303.0 million reported in 1Q18.  This was a result of price decreases in our main product lines.

In 1Q19, sales of our U.S. operations represented 28.0% of our total sales compared with 27.5% in 1Q18.

NET SALES BY GEOGRAPHY NET SALES BY SEGMENT NET VOLUME SOLD BY SEGMENT GROSS PROFIT
In millions of pesos 1Q19 1Q18 Change In millions of pesos 1Q19 1Q18 Change In tons Change In millions of pesos 1Q19 1Q18 Change
$ $ $ % $ $ $ % 1Q19 1Q18 Volume % $ $ $ %
Net sales 14,323.6 15,303.0 (979.4) (6.4) Net sales 14,323.6 15,303.0 (979.4) (6.4) Total sales volume: 553,175 546,750 6,425 1.2 Cost of sales 12,515.7 12,085.8 429.9 3.6
Net sales in Mexico 10,311.3 11,091.5 (780.1) (7.0) Poultry 12,852.8 13,774.5 (921.7) (6.7) Poultry 425,745 422,181 3,564 0.8 Gross profit 1,807.9 3,217.2 (1,409.3) (43.8)
Net sales in the U.S. 4,012.3 4,211.5 (199.2) (4.7) Other 1,470.8 1,528.4 (57.6) (3.8) Others 127,430 124,569 2,861.3 2.3 Gross margin 12.6% 21.0% - -

 

The cost of sales totaled $12,515.7 million, representing $429.9 million or 3.6% higher than $12,085.8 million reported in the same period of 2018. This increase was a result of more volume sold, and an increase in our feed costs expressed in Mexican pesos.  

The Company's gross profit in 1Q19 was $1,807.9 million, with a gross margin of 12.6%. This result is lower when compared to a gross profit of $3,217.2 million and a gross margin of 21.0% reported in 1Q18.

NET SALES BY GEOGRAPHY NET SALES BY SEGMENT NET VOLUME SOLD BY SEGMENT GROSS PROFIT SELLING, GENERAL AND ADMINISTRATIVE EXPENSES ("SG&A")
In millions of pesos 1Q19 1Q18 Change In millions of pesos 1Q19 1Q18 Change In tons Change In millions of pesos 1Q19 1Q18 Change In millions of pesos
$ $ $ % $ $ $ % 1Q19 1Q18 Volume % $ $ $ % 1Q19 1Q18 Change
Net sales 14,323.6 15,303.0 (979.4) (6.4) Net sales 14,323.6 15,303.0 (979.4) (6.4) Total sales volume: 553,175 546,750 6,425 1.2 Cost of sales 12,515.7 12,085.8 429.9 3.6 $ $ $ %
Net sales in Mexico 10,311.3 11,091.5 (780.1) (7.0) Poultry 12,852.8 13,774.5 (921.7) (6.7) Poultry 425,745 422,181 3,564 0.8 Gross profit 1,807.9 3,217.2 (1,409.3) (43.8) Total SG&A 1,474.4 1,385.5 88.9 6.4
Net sales in the U.S. 4,012.3 4,211.5 (199.2) (4.7) Other 1,470.8 1,528.4 (57.6) (3.8) Others 127,430 124,569 2,861.3 2.3 Gross margin 12.6% 21.0% - -

 

Total SG&A expenses in 1Q19 were $1,474.4 million; $88.9 million or 6.4% more than the $1,385.5 million reported 1Q18. Total SG&A expenses, as a percentage of net sales, represent 10.3% in 1Q19 and 9.1% in 1Q18.

NET SALES BY GEOGRAPHY NET SALES BY SEGMENT NET VOLUME SOLD BY SEGMENT GROSS PROFIT SELLING, GENERAL AND ADMINISTRATIVE EXPENSES ("SG&A") OTHER INCOME (EXPENSE), NET
In millions of pesos 1Q19 1Q18 Change In millions of pesos 1Q19 1Q18 Change In tons Change In millions of pesos 1Q19 1Q18 Change In millions of pesos In millions of pesos 1Q19 1Q18 Change
$ $ $ % $ $ $ % 1Q19 1Q18 Volume % $ $ $ % 1Q19 1Q18 Change $ $ $ %
Net sales 14,323.6 15,303.0 (979.4) (6.4) Net sales 14,323.6 15,303.0 (979.4) (6.4) Total sales volume: 553,175 546,750 6,425 1.2 Cost of sales 12,515.7 12,085.8 429.9 3.6 $ $ $ % Other income (expense), net 1.6 (9.2) 10.8 (117.6)
Net sales in Mexico 10,311.3 11,091.5 (780.1) (7.0) Poultry 12,852.8 13,774.5 (921.7) (6.7) Poultry 425,745 422,181 3,564 0.8 Gross profit 1,807.9 3,217.2 (1,409.3) (43.8) Total SG&A 1,474.4 1,385.5 88.9 6.4
Net sales in the U.S. 4,012.3 4,211.5 (199.2) (4.7) Other 1,470.8 1,528.4 (57.6) (3.8) Others 127,430 124,569 2,861.3 2.3 Gross margin 12.6% 21.0% - -

 

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 1Q19, we had other income of $1.6 million, compared with other expenses of $9.2 million reported in 1Q18.

NET SALES BY GEOGRAPHY NET SALES BY SEGMENT NET VOLUME SOLD BY SEGMENT GROSS PROFIT SELLING, GENERAL AND ADMINISTRATIVE EXPENSES ("SG&A") OTHER INCOME (EXPENSE), NET OPERATING INCOME
In millions of pesos 1Q19 1Q18 Change In millions of pesos 1Q19 1Q18 Change In tons Change In millions of pesos 1Q19 1Q18 Change In millions of pesos In millions of pesos 1Q19 1Q18 Change In millions of pesos 1Q19 1Q18 Change
$ $ $ % $ $ $ % 1Q19 1Q18 Volume % $ $ $ % 1Q19 1Q18 Change $ $ $ % $ $ $ %
Net sales 14,323.6 15,303.0 (979.4) (6.4) Net sales 14,323.6 15,303.0 (979.4) (6.4) Total sales volume: 553,175 546,750 6,425 1.2 Cost of sales 12,515.7 12,085.8 429.9 3.6 $ $ $ % Other income (expense), net 1.6 (9.2) 10.8 (117.6) Operating income 335.2 1,822.5 (1,487.3) (81.6)
Net sales in Mexico 10,311.3 11,091.5 (780.1) (7.0) Poultry 12,852.8 13,774.5 (921.7) (6.7) Poultry 425,745 422,181 3,564 0.8 Gross profit 1,807.9 3,217.2 (1,409.3) (43.8) Total SG&A 1,474.4 1,385.5 88.9 6.4 Operating margin 2.3% 11.9% - -
Net sales in the U.S. 4,012.3 4,211.5 (199.2) (4.7) Other 1,470.8 1,528.4 (57.6) (3.8) Others 127,430 124,569 2,861.3 2.3 Gross margin 12.6% 21.0% - -

 

Operating income in 1Q19 totaled $335.2 million for an operating margin of 2.3%; lower than an operating income of $1,822.5 million and a 11.9% operating margin reported in 1Q18. The decrease in operating income is mainly attributed to lower gross profit than in 1Q18.

NET SALES BY GEOGRAPHY NET SALES BY SEGMENT NET VOLUME SOLD BY SEGMENT GROSS PROFIT SELLING, GENERAL AND ADMINISTRATIVE EXPENSES ("SG&A") OTHER INCOME (EXPENSE), NET OPERATING INCOME NET FINANCIAL INCOME
In millions of pesos 1Q19 1Q18 Change In millions of pesos 1Q19 1Q18 Change In tons Change In millions of pesos 1Q19 1Q18 Change In millions of pesos In millions of pesos 1Q19 1Q18 Change In millions of pesos 1Q19 1Q18 Change In millions of pesos 1Q19 1Q18 Change
$ $ $ % $ $ $ % 1Q19 1Q18 Volume % $ $ $ % 1Q19 1Q18 Change $ $ $ % $ $ $ % $ $ $ %
Net sales 14,323.6 15,303.0 (979.4) (6.4) Net sales 14,323.6 15,303.0 (979.4) (6.4) Total sales volume: 553,175 546,750 6,425 1.2 Cost of sales 12,515.7 12,085.8 429.9 3.6 $ $ $ % Other income (expense), net 1.6 (9.2) 10.8 (117.6) Operating income 335.2 1,822.5 (1,487.3) (81.6) Net Financial Income (Expense) 76.0 (93.8) 169.8 (181.1)
Net sales in Mexico 10,311.3 11,091.5 (780.1) (7.0) Poultry 12,852.8 13,774.5 (921.7) (6.7) Poultry 425,745 422,181 3,564 0.8 Gross profit 1,807.9 3,217.2 (1,409.3) (43.8) Total SG&A 1,474.4 1,385.5 88.9 6.4 Operating margin 2.3% 11.9% - - Financial Income 135.4 204.6 (69.3) (33.8)
Net sales in the U.S. 4,012.3 4,211.5 (199.2) (4.7) Other 1,470.8 1,528.4 (57.6) (3.8) Others 127,430 124,569 2,861.3 2.3 Gross margin 12.6% 21.0% - - Financial Expense 59.4 298.4 (239.0) (80.1)

 

In 1Q19, the Company reported net financial income of $76.0 million, compared to net financial expense of $93.8 million reported in the same period of 2018, mainly due to lower financial expense.  

NET SALES BY GEOGRAPHY NET SALES BY SEGMENT NET VOLUME SOLD BY SEGMENT GROSS PROFIT SELLING, GENERAL AND ADMINISTRATIVE EXPENSES ("SG&A") OTHER INCOME (EXPENSE), NET OPERATING INCOME NET FINANCIAL INCOME TAXES FOR THE PERIOD
In millions of pesos 1Q19 1Q18 Change In millions of pesos 1Q19 1Q18 Change In tons Change In millions of pesos 1Q19 1Q18 Change In millions of pesos In millions of pesos 1Q19 1Q18 Change In millions of pesos 1Q19 1Q18 Change In millions of pesos 1Q19 1Q18 Change In millions of pesos 1Q19 1Q18 Change
$ $ $ % $ $ $ % 1Q19 1Q18 Volume % $ $ $ % 1Q19 1Q18 Change $ $ $ % $ $ $ % $ $ $ % $ $ $ %
Net sales 14,323.6 15,303.0 (979.4) (6.4) Net sales 14,323.6 15,303.0 (979.4) (6.4) Total sales volume: 553,175 546,750 6,425 1.2 Cost of sales 12,515.7 12,085.8 429.9 3.6 $ $ $ % Other income (expense), net 1.6 (9.2) 10.8 (117.6) Operating income 335.2 1,822.5 (1,487.3) (81.6) Net Financial Income (Expense) 76.0 (93.8) 169.8 (181.1) Total Taxes 108.7 467.8 (359.2) (76.8)
Net sales in Mexico 10,311.3 11,091.5 (780.1) (7.0) Poultry 12,852.8 13,774.5 (921.7) (6.7) Poultry 425,745 422,181 3,564 0.8 Gross profit 1,807.9 3,217.2 (1,409.3) (43.8) Total SG&A 1,474.4 1,385.5 88.9 6.4 Operating margin 2.3% 11.9% - - Financial Income 135.4 204.6 (69.3) (33.8) Income tax 49.3 315.9 (266.6) (84.4)
Net sales in the U.S. 4,012.3 4,211.5 (199.2) (4.7) Other 1,470.8 1,528.4 (57.6) (3.8) Others 127,430 124,569 2,861.3 2.3 Gross margin 12.6% 21.0% - - Financial Expense 59.4 298.4 (239.0) (80.1) Deferred income tax 59.3 151.9 (92.6) (61.0)

 

Total taxes for the 1Q19 were $108.7 million, compared to $467.8 million in the same period of 2018. 

NET SALES BY GEOGRAPHY NET SALES BY SEGMENT NET VOLUME SOLD BY SEGMENT GROSS PROFIT SELLING, GENERAL AND ADMINISTRATIVE EXPENSES ("SG&A") OTHER INCOME (EXPENSE), NET OPERATING INCOME NET FINANCIAL INCOME TAXES FOR THE PERIOD NET INCOME
In millions of pesos 1Q19 1Q18 Change In millions of pesos 1Q19 1Q18 Change In tons Change In millions of pesos 1Q19 1Q18 Change In millions of pesos In millions of pesos 1Q19 1Q18 Change In millions of pesos 1Q19 1Q18 Change In millions of pesos 1Q19 1Q18 Change In millions of pesos 1Q19 1Q18 Change In millions of pesos 1Q19 1Q18 Change
$ $ $ % $ $ $ % 1Q19 1Q18 Volume % $ $ $ % 1Q19 1Q18 Change $ $ $ % $ $ $ % $ $ $ % $ $ $ % $ $ $ %
Net sales 14,323.6 15,303.0 (979.4) (6.4) Net sales 14,323.6 15,303.0 (979.4) (6.4) Total sales volume: 553,175 546,750 6,425 1.2 Cost of sales 12,515.7 12,085.8 429.9 3.6 $ $ $ % Other income (expense), net 1.6 (9.2) 10.8 (117.6) Operating income 335.2 1,822.5 (1,487.3) (81.6) Net Financial Income (Expense) 76.0 (93.8) 169.8 (181.1) Total Taxes 108.7 467.8 (359.2) (76.8) Net income 302.5 1,260.9 (958.4) (76.0)
Net sales in Mexico 10,311.3 11,091.5 (780.1) (7.0) Poultry 12,852.8 13,774.5 (921.7) (6.7) Poultry 425,745 422,181 3,564 0.8 Gross profit 1,807.9 3,217.2 (1,409.3) (43.8) Total SG&A 1,474.4 1,385.5 88.9 6.4 Operating margin 2.3% 11.9% - - Financial Income 135.4 204.6 (69.3) (33.8) Income tax 49.3 315.9 (266.6) (84.4) Net margin 2.1% 8.2% - -
Net sales in the U.S. 4,012.3 4,211.5 (199.2) (4.7) Other 1,470.8 1,528.4 (57.6) (3.8) Others 127,430 124,569 2,861.3 2.3 Gross margin 12.6% 21.0% - - Financial Expense 59.4 298.4 (239.0) (80.1) Deferred income tax 59.3 151.9 (92.6) (61.0) Non-Controlling Interest income 3.8 5.3 (1.5) n/a
Net controlling interest income 298.8 1,255.6 (956.9)  n/a
Basic and diluted income per share1 0.50 2.09 (1.6) n/a
Basic and diluted income per ADR2 5.98 25.11 (19.1) n/a
Weighted average Shares outstanding3 599,920 600,000 - -
1 In pesos
2 in pesos, an ADR is equal to twelve shares
3 In thousands of shares

 

The net income for 1Q19 was $302.5 million, representing a basic and diluted income of $0.50 pesos per share. This result compares to a net income of $1,260.9 million, which represented a net income of $2.09 pesos of basic and diluted income per share in 1Q18. Net margin for the 1Q19 was 2.1% compared to 8.2% reported in 1Q18.

NET SALES BY GEOGRAPHY NET SALES BY SEGMENT NET VOLUME SOLD BY SEGMENT GROSS PROFIT SELLING, GENERAL AND ADMINISTRATIVE EXPENSES ("SG&A") OTHER INCOME (EXPENSE), NET OPERATING INCOME NET FINANCIAL INCOME TAXES FOR THE PERIOD NET INCOME EBITDA AND ADJUSTED EBITDA
In millions of pesos 1Q19 1Q18 Change In millions of pesos 1Q19 1Q18 Change In tons Change In millions of pesos 1Q19 1Q18 Change In millions of pesos In millions of pesos 1Q19 1Q18 Change In millions of pesos 1Q19 1Q18 Change In millions of pesos 1Q19 1Q18 Change In millions of pesos 1Q19 1Q18 Change In millions of pesos 1Q19 1Q18 Change In millions of pesos 1Q19 1Q18 Change
$ $ $ % $ $ $ % 1Q19 1Q18 Volume % $ $ $ % 1Q19 1Q18 Change $ $ $ % $ $ $ % $ $ $ % $ $ $ % $ $ $ % $ $ $ %
Net sales 14,323.6 15,303.0 (979.4) (6.4) Net sales 14,323.6 15,303.0 (979.4) (6.4) Total sales volume: 553,175 546,750 6,425 1.2 Cost of sales 12,515.7 12,085.8 429.9 3.6 $ $ $ % Other income (expense), net 1.6 (9.2) 10.8 (117.6) Operating income 335.2 1,822.5 (1,487.3) (81.6) Net Financial Income (Expense) 76.0 (93.8) 169.8 (181.1) Total Taxes 108.7 467.8 (359.2) (76.8) Net income 302.5 1,260.9 (958.4) (76.0) Net controlling interest income 298.8 1,255.6 (956.9) (76.2)
Net sales in Mexico 10,311.3 11,091.5 (780.1) (7.0) Poultry 12,852.8 13,774.5 (921.7) (6.7) Poultry 425,745 422,181 3,564 0.8 Gross profit 1,807.9 3,217.2 (1,409.3) (43.8) Total SG&A 1,474.4 1,385.5 88.9 6.4 Operating margin 2.3% 11.9% - - Financial Income 135.4 204.6 (69.3) (33.8) Income tax 49.3 315.9 (266.6) (84.4) Net margin 2.1% 8.2% - -    Income tax expense (benefit) 108.7 467.8 (359.2) (76.8)
Net sales in the U.S. 4,012.3 4,211.5 (199.2) (4.7) Other 1,470.8 1,528.4 (57.6) (3.8) Others 127,430 124,569 2,861.3 2.3 Gross margin 12.6% 21.0% - - Financial Expense 59.4 298.4 (239.0) (80.1) Deferred income tax 59.3 151.9 (92.6) (61.0) Non-Controlling Interest income 3.8 5.3 (1.5) n/a    Result in associates (3.8) 5.3 (1.5) (28.6)
Net controlling interest income 298.8 1,255.6 (956.9)  n/a    Net finance (income) expense (76.0) 93.8 (169.8) (181.1)
Basic and diluted income per share1 0.50 2.09 (1.6) n/a    Depreciation and amortization 319.7 268.5 51.2 (19.1)
Basic and diluted income per ADR2 5.98 25.11 (19.1) n/a EBITDA 654.9 2,091.0 (1,436.1) (68.7)
Weighted average Shares outstanding3 599,920 600,000 - - EBITDA Margin (%) 4.6% 13.7% - -
1 In pesos Net sales 14,323.6 15,303.0 (979.4) (6.4)
2 in pesos, an ADR is equal to twelve shares
3 In thousands of shares

 

EBITDA in 1Q19 reached $654.9 million, representing an EBITDA margin of 4.6%, compared to an EBITDA of $2,091.0 million in 1Q18 with an EBITDA margin of 13.7%.

BALANCE SHEET DATA

NET SALES BY GEOGRAPHY NET SALES BY SEGMENT NET VOLUME SOLD BY SEGMENT GROSS PROFIT SELLING, GENERAL AND ADMINISTRATIVE EXPENSES ("SG&A") OTHER INCOME (EXPENSE), NET OPERATING INCOME NET FINANCIAL INCOME TAXES FOR THE PERIOD NET INCOME EBITDA AND ADJUSTED EBITDA BALANCE SHEET DATA
In millions of pesos 1Q19 1Q18 Change In millions of pesos 1Q19 1Q18 Change In tons Change In millions of pesos 1Q19 1Q18 Change In millions of pesos In millions of pesos 1Q19 1Q18 Change In millions of pesos 1Q19 1Q18 Change In millions of pesos 1Q19 1Q18 Change In millions of pesos 1Q19 1Q18 Change In millions of pesos 1Q19 1Q18 Change In millions of pesos 1Q19 1Q18 Change In millions of pesos Mar 31, 2019 Dec. 31, 2018 Change
$ $ $ % $ $ $ % 1Q19 1Q18 Volume % $ $ $ % 1Q19 1Q18 Change $ $ $ % $ $ $ % $ $ $ % $ $ $ % $ $ $ % $ $ $ % $ $ $ %
Net sales 14,323.6 15,303.0 (979.4) (6.4) Net sales 14,323.6 15,303.0 (979.4) (6.4) Total sales volume: 553,175 546,750 6,425 1.2 Cost of sales 12,515.7 12,085.8 429.9 3.6 $ $ $ % Other income (expense), net 1.6 (9.2) 10.8 (117.6) Operating income 335.2 1,822.5 (1,487.3) (81.6) Net Financial Income (Expense) 76.0 (93.8) 169.8 (181.1) Total Taxes 108.7 467.8 (359.2) (76.8) Net income 302.5 1,260.9 (958.4) (76.0) Net controlling interest income 298.8 1,255.6 (956.9) (76.2) TOTAL ASSETS 50,564.8 52,865.6 (2,300.8) (4.4)
Net sales in Mexico 10,311.3 11,091.5 (780.1) (7.0) Poultry 12,852.8 13,774.5 (921.7) (6.7) Poultry 425,745 422,181 3,564 0.8 Gross profit 1,807.9 3,217.2 (1,409.3) (43.8) Total SG&A 1,474.4 1,385.5 88.9 6.4 Operating margin 2.3% 11.9% - - Financial Income 135.4 204.6 (69.3) (33.8) Income tax 49.3 315.9 (266.6) (84.4) Net margin 2.1% 8.2% - -    Income tax expense (benefit) 108.7 467.8 (359.2) (76.8) Cash and cash equivalents 16,201.4 18,458.5 (2,257.1) (12.2)
Net sales in the U.S. 4,012.3 4,211.5 (199.2) (4.7) Other 1,470.8 1,528.4 (57.6) (3.8) Others 127,430 124,569 2,861.3 2.3 Gross margin 12.6% 21.0% - - Financial Expense 59.4 298.4 (239.0) (80.1) Deferred income tax 59.3 151.9 (92.6) (61.0) Non-Controlling Interest income 3.8 5.3 (1.5) n/a    Result in associates (3.8) 5.3 (1.5) (28.6) Accounts receivable 3,935.3 3,486.5 448.9 12.9
Net controlling interest income 298.8 1,255.6 (956.9)  n/a    Net finance (income) expense (76.0) 93.8 (169.8) (181.1) TOTAL LIABILITIES 12,148.1 14,699.9 (2,551.8) (17.4)
Basic and diluted income per share1 0.50 2.09 (1.6) n/a    Depreciation and amortization 319.7 268.5 51.2 (19.1) Accounts payable 3,181.3 4,228.4 (1,047.1) (24.8)
Basic and diluted income per ADR2 5.98 25.11 (19.1) n/a EBITDA 654.9 2,091.0 (1,436.1) (68.7) Short-term debt 2,227.4 3,492.8 (1,265.4) (36.2)
Weighted average Shares outstanding3 599,920 600,000 - - EBITDA Margin (%) 4.6% 13.7% - - Long-term debt 1,539.3 1,544.8 (5.5) (0.4)
1 In pesos Net sales 14,323.6 15,303.0 (979.4) (6.4) TOTAL STOCKHOLDERS' EQUITY 38,416.7 38,165.7 251.0 0.7
2 in pesos, an ADR is equal to twelve shares Capital stock 1,174.4 1,174.3 0.1 0.0
3 In thousands of shares

 

Cash and equivalents as of March 31, 2019 totaled $16,201.4 million; $2,257.1 million or 12.2% lower  than $18,458.5 million as of December 31, 2018.

Total debt as of March 31, 2019 totaled $3,766.7 million, compared to $5,037.6 million reported as of December 31, 2018.

Net cash as of March 31, 2019 was $12,434.7 million, compared to net cash of $13,420.9 million as of December 31, 2018.

CAPEX

NET SALES BY GEOGRAPHY NET SALES BY SEGMENT NET VOLUME SOLD BY SEGMENT GROSS PROFIT SELLING, GENERAL AND ADMINISTRATIVE EXPENSES ("SG&A") OTHER INCOME (EXPENSE), NET OPERATING INCOME NET FINANCIAL INCOME TAXES FOR THE PERIOD NET INCOME EBITDA AND ADJUSTED EBITDA BALANCE SHEET DATA CAPITAL EXPENDITURES
In millions of pesos 1Q19 1Q18 Change In millions of pesos 1Q19 1Q18 Change In tons Change In millions of pesos 1Q19 1Q18 Change In millions of pesos In millions of pesos 1Q19 1Q18 Change In millions of pesos 1Q19 1Q18 Change In millions of pesos 1Q19 1Q18 Change In millions of pesos 1Q19 1Q18 Change In millions of pesos 1Q19 1Q18 Change In millions of pesos 1Q19 1Q18 Change In millions of pesos Mar 31, 2019 Dec. 31, 2018 Change In millions of pesos 2019 2018 Change
$ $ $ % $ $ $ % 1Q19 1Q18 Volume % $ $ $ % 1Q19 1Q18 Change $ $ $ % $ $ $ % $ $ $ % $ $ $ % $ $ $ % $ $ $ % $ $ $ % $ $ $ %
Net sales 14,323.6 15,303.0 (979.4) (6.4) Net sales 14,323.6 15,303.0 (979.4) (6.4) Total sales volume: 553,175 546,750 6,425 1.2 Cost of sales 12,515.7 12,085.8 429.9 3.6 $ $ $ % Other income (expense), net 1.6 (9.2) 10.8 (117.6) Operating income 335.2 1,822.5 (1,487.3) (81.6) Net Financial Income (Expense) 76.0 (93.8) 169.8 (181.1) Total Taxes 108.7 467.8 (359.2) (76.8) Net income 302.5 1,260.9 (958.4) (76.0) Net controlling interest income 298.8 1,255.6 (956.9) (76.2) TOTAL ASSETS 50,564.8 52,865.6 (2,300.8) (4.4) Capital Expenditures 409.9 304.0 105.9 34.8
Net sales in Mexico 10,311.3 11,091.5 (780.1) (7.0) Poultry 12,852.8 13,774.5 (921.7) (6.7) Poultry 425,745 422,181 3,564 0.8 Gross profit 1,807.9 3,217.2 (1,409.3) (43.8) Total SG&A 1,474.4 1,385.5 88.9 6.4 Operating margin 2.3% 11.9% - - Financial Income 135.4 204.6 (69.3) (33.8) Income tax 49.3 315.9 (266.6) (84.4) Net margin 2.1% 8.2% - -    Income tax expense (benefit) 108.7 467.8 (359.2) (76.8) Cash and cash equivalents 16,201.4 18,458.5 (2,257.1) (12.2)
Net sales in the U.S. 4,012.3 4,211.5 (199.2) (4.7) Other 1,470.8 1,528.4 (57.6) (3.8) Others 127,430 124,569 2,861.3 2.3 Gross margin 12.6% 21.0% - - Financial Expense 59.4 298.4 (239.0) (80.1) Deferred income tax 59.3 151.9 (92.6) (61.0) Non-Controlling Interest income 3.8 5.3 (1.5) n/a    Result in associates (3.8) 5.3 (1.5) (28.6) Accounts receivable 3,935.3 3,486.5 448.9 12.9
Net controlling interest income 298.8 1,255.6 (956.9)  n/a    Net finance (income) expense (76.0) 93.8 (169.8) (181.1) TOTAL LIABILITIES 12,148.1 14,699.9 (2,551.8) (17.4)
Basic and diluted income per share1 0.50 2.09 (1.6) n/a    Depreciation and amortization 319.7 268.5 51.2 (19.1) Accounts payable 3,181.3 4,228.4 (1,047.1) (24.8)
Basic and diluted income per ADR2 5.98 25.11 (19.1) n/a EBITDA 654.9 2,091.0 (1,436.1) (68.7) Short-term debt 2,227.4 3,492.8 (1,265.4) (36.2)
Weighted average Shares outstanding3 599,920 600,000 - - EBITDA Margin (%) 4.6% 13.7% - - Long-term debt 1,539.3 1,544.8 (5.5) (0.4)
1 In pesos Net sales 14,323.6 15,303.0 (979.4) (6.4) TOTAL STOCKHOLDERS' EQUITY 38,416.7 38,165.7 251.0 0.7
2 in pesos, an ADR is equal to twelve shares Capital stock 1,174.4 1,174.3 0.1 0.0
3 In thousands of shares

 

Total CAPEX for the 1Q19 was $409.9 million, which was mainly allocated toward organic growth and productivity projects across all our facilities.

STOCK INFORMATION

NET SALES BY GEOGRAPHY NET SALES BY SEGMENT NET VOLUME SOLD BY SEGMENT GROSS PROFIT SELLING, GENERAL AND ADMINISTRATIVE EXPENSES ("SG&A") OTHER INCOME (EXPENSE), NET OPERATING INCOME NET FINANCIAL INCOME TAXES FOR THE PERIOD NET INCOME EBITDA AND ADJUSTED EBITDA BALANCE SHEET DATA CAPITAL EXPENDITURES As of March 31, 2019
In millions of pesos 1Q19 1Q18 Change In millions of pesos 1Q19 1Q18 Change In tons Change In millions of pesos 1Q19 1Q18 Change In millions of pesos In millions of pesos 1Q19 1Q18 Change In millions of pesos 1Q19 1Q18 Change In millions of pesos 1Q19 1Q18 Change In millions of pesos 1Q19 1Q18 Change In millions of pesos 1Q19 1Q18 Change In millions of pesos 1Q19 1Q18 Change In millions of pesos Mar 31, 2019 Dec. 31, 2018 Change In millions of pesos 2019 2018 Change Total Shares 600,000,000
$ $ $ % $ $ $ % 1Q19 1Q18 Volume % $ $ $ % 1Q19 1Q18 Change $ $ $ % $ $ $ % $ $ $ % $ $ $ % $ $ $ % $ $ $ % $ $ $ % $ $ $ % Total free float 26.75%
Net sales 14,323.6 15,303.0 (979.4) (6.4) Net sales 14,323.6 15,303.0 (979.4) (6.4) Total sales volume: 553,175 546,750 6,425 1.2 Cost of sales 12,515.7 12,085.8 429.9 3.6 $ $ $ % Other income (expense), net 1.6 (9.2) 10.8 (117.6) Operating income 335.2 1,822.5 (1,487.3) (81.6) Net Financial Income (Expense) 76.0 (93.8) 169.8 (181.1) Total Taxes 108.7 467.8 (359.2) (76.8) Net income 302.5 1,260.9 (958.4) (76.0) Net controlling interest income 298.8 1,255.6 (956.9) (76.2) TOTAL ASSETS 50,564.8 52,865.6 (2,300.8) (4.4) Capital Expenditures 409.9 304.0 105.9 34.8 Market cap (millions of pesos) $44,754
Net sales in Mexico 10,311.3 11,091.5 (780.1) (7.0) Poultry 12,852.8 13,774.5 (921.7) (6.7) Poultry 425,745 422,181 3,564 0.8 Gross profit 1,807.9 3,217.2 (1,409.3) (43.8) Total SG&A 1,474.4 1,385.5 88.9 6.4 Operating margin 2.3% 11.9% - - Financial Income 135.4 204.6 (69.3) (33.8) Income tax 49.3 315.9 (266.6) (84.4) Net margin 2.1% 8.2% - -    Income tax expense (benefit) 108.7 467.8 (359.2) (76.8) Cash and cash equivalents 16,201.4 18,458.5 (2,257.1) (12.2)
Net sales in the U.S. 4,012.3 4,211.5 (199.2) (4.7) Other 1,470.8 1,528.4 (57.6) (3.8) Others 127,430 124,569 2,861.3 2.3 Gross margin 12.6% 21.0% - - Financial Expense 59.4 298.4 (239.0) (80.1) Deferred income tax 59.3 151.9 (92.6) (61.0) Non-Controlling Interest income 3.8 5.3 (1.5) n/a    Result in associates (3.8) 5.3 (1.5) (28.6) Accounts receivable 3,935.3 3,486.5 448.9 12.9
Net controlling interest income 298.8 1,255.6 (956.9)  n/a    Net finance (income) expense (76.0) 93.8 (169.8) (181.1) TOTAL LIABILITIES 12,148.1 14,699.9 (2,551.8) (17.4)
Basic and diluted income per share1 0.50 2.09 (1.6) n/a    Depreciation and amortization 319.7 268.5 51.2 (19.1) Accounts payable 3,181.3 4,228.4 (1,047.1) (24.8)
Basic and diluted income per ADR2 5.98 25.11 (19.1) n/a EBITDA 654.9 2,091.0 (1,436.1) (68.7) Short-term debt 2,227.4 3,492.8 (1,265.4) (36.2)
Weighted average Shares outstanding3 599,920 600,000 - - EBITDA Margin (%) 4.6% 13.7% - - Long-term debt 1,539.3 1,544.8 (5.5) (0.4)
1 In pesos Net sales 14,323.6 15,303.0 (979.4) (6.4) TOTAL STOCKHOLDERS' EQUITY 38,416.7 38,165.7 251.0 0.7
2 in pesos, an ADR is equal to twelve shares Capital stock 1,174.4 1,174.3 0.1 0.0
3 In thousands of shares

 

NET SALES BY GEOGRAPHY NET SALES BY SEGMENT NET VOLUME SOLD BY SEGMENT GROSS PROFIT SELLING, GENERAL AND ADMINISTRATIVE EXPENSES ("SG&A") OTHER INCOME (EXPENSE), NET OPERATING INCOME NET FINANCIAL INCOME TAXES FOR THE PERIOD NET INCOME EBITDA AND ADJUSTED EBITDA BALANCE SHEET DATA CAPITAL EXPENDITURES As of March 31, 2019 SHARE PRICE  
In millions of pesos 1Q19 1Q18 Change In millions of pesos 1Q19 1Q18 Change In tons Change In millions of pesos 1Q19 1Q18 Change In millions of pesos In millions of pesos 1Q19 1Q18 Change In millions of pesos 1Q19 1Q18 Change In millions of pesos 1Q19 1Q18 Change In millions of pesos 1Q19 1Q18 Change In millions of pesos 1Q19 1Q18 Change In millions of pesos 1Q19 1Q18 Change In millions of pesos Mar 31, 2019 Dec. 31, 2018 Change In millions of pesos 2019 2018 Change Total Shares 600,000,000 Mexican Stock Exchange The New York Stock Exchange
$ $ $ % $ $ $ % 1Q19 1Q18 Volume % $ $ $ % 1Q19 1Q18 Change $ $ $ % $ $ $ % $ $ $ % $ $ $ % $ $ $ % $ $ $ % $ $ $ % $ $ $ % Total free float 26.75% Ticker Symbol: Bachoco Ticker Symbol: IBA
Net sales 14,323.6 15,303.0 (979.4) (6.4) Net sales 14,323.6 15,303.0 (979.4) (6.4) Total sales volume: 553,175 546,750 6,425 1.2 Cost of sales 12,515.7 12,085.8 429.9 3.6 $ $ $ % Other income (expense), net 1.6 (9.2) 10.8 (117.6) Operating income 335.2 1,822.5 (1,487.3) (81.6) Net Financial Income (Expense) 76.0 (93.8) 169.8 (181.1) Total Taxes 108.7 467.8 (359.2) (76.8) Net income 302.5 1,260.9 (958.4) (76.0) Net controlling interest income 298.8 1,255.6 (956.9) (76.2) TOTAL ASSETS 50,564.8 52,865.6 (2,300.8) (4.4) Capital Expenditures 409.9 304.0 105.9 34.8 Market cap (millions of pesos) $44,754 In nominal pesos per Share In U.S. Dollar per ADR
Net sales in Mexico 10,311.3 11,091.5 (780.1) (7.0) Poultry 12,852.8 13,774.5 (921.7) (6.7) Poultry 425,745 422,181 3,564 0.8 Gross profit 1,807.9 3,217.2 (1,409.3) (43.8) Total SG&A 1,474.4 1,385.5 88.9 6.4 Operating margin 2.3% 11.9% - - Financial Income 135.4 204.6 (69.3) (33.8) Income tax 49.3 315.9 (266.6) (84.4) Net margin 2.1% 8.2% - -    Income tax expense (benefit) 108.7 467.8 (359.2) (76.8) Cash and cash equivalents 16,201.4 18,458.5 (2,257.1) (12.2) Month High Low Close High Low Close
Net sales in the U.S. 4,012.3 4,211.5 (199.2) (4.7) Other 1,470.8 1,528.4 (57.6) (3.8) Others 127,430 124,569 2,861.3 2.3 Gross margin 12.6% 21.0% - - Financial Expense 59.4 298.4 (239.0) (80.1) Deferred income tax 59.3 151.9 (92.6) (61.0) Non-Controlling Interest income 3.8 5.3 (1.5) n/a    Result in associates (3.8) 5.3 (1.5) (28.6) Accounts receivable 3,935.3 3,486.5 448.9 12.9 Mar-19 75.88 70.51 74.59 47.98 45.72 46.10
Net controlling interest income 298.8 1,255.6 (956.9)  n/a    Net finance (income) expense (76.0) 93.8 (169.8) (181.1) TOTAL LIABILITIES 12,148.1 14,699.9 (2,551.8) (17.4) Feb-19 76.06 72.83 74.84 47.74 45.17 46.93
Basic and diluted income per share1 0.50 2.09 (1.6) n/a    Depreciation and amortization 319.7 268.5 51.2 (19.1) Accounts payable 3,181.3 4,228.4 (1,047.1) (24.8) Jan-19 74.37 65.38 73.31 46.53 40.07 46.00
Basic and diluted income per ADR2 5.98 25.11 (19.1) n/a EBITDA 654.9 2,091.0 (1,436.1) (68.7) Short-term debt 2,227.4 3,492.8 (1,265.4) (36.2) Dec-18 70.53 63.50 64.52 41.60 38.08 39.56
Weighted average Shares outstanding3 599,920 600,000 - - EBITDA Margin (%) 4.6% 13.7% - - Long-term debt 1,539.3 1,544.8 (5.5) (0.4) Nov-18 75.14 66.38 70.90 45.43 39.00 41.72
1 In pesos Net sales 14,323.6 15,303.0 (979.4) (6.4) TOTAL STOCKHOLDERS' EQUITY 38,416.7 38,165.7 251.0 0.7 Oct-18 87.37 74.14 74.51 55.23 43.83 43.86
2 in pesos, an ADR is equal to twelve shares Capital stock 1,174.4 1,174.3 0.1 0.0
3 In thousands of shares

 

Source: Yahoo Finances

 

NET SALES BY GEOGRAPHY NET SALES BY SEGMENT NET VOLUME SOLD BY SEGMENT GROSS PROFIT SELLING, GENERAL AND ADMINISTRATIVE EXPENSES ("SG&A") OTHER INCOME (EXPENSE), NET OPERATING INCOME NET FINANCIAL INCOME TAXES FOR THE PERIOD NET INCOME EBITDA AND ADJUSTED EBITDA BALANCE SHEET DATA CAPITAL EXPENDITURES As of March 31, 2019 SHARE PRICE   ANALYST COVERAGE
In millions of pesos 1Q19 1Q18 Change In millions of pesos 1Q19 1Q18 Change In tons Change In millions of pesos 1Q19 1Q18 Change In millions of pesos In millions of pesos 1Q19 1Q18 Change In millions of pesos 1Q19 1Q18 Change In millions of pesos 1Q19 1Q18 Change In millions of pesos 1Q19 1Q18 Change In millions of pesos 1Q19 1Q18 Change In millions of pesos 1Q19 1Q18 Change In millions of pesos Mar 31, 2019 Dec. 31, 2018 Change In millions of pesos 2019 2018 Change Total Shares 600,000,000 Mexican Stock Exchange The New York Stock Exchange
$ $ $ % $ $ $ % 1Q19 1Q18 Volume % $ $ $ % 1Q19 1Q18 Change $ $ $ % $ $ $ % $ $ $ % $ $ $ % $ $ $ % $ $ $ % $ $ $ % $ $ $ % Total free float 26.75% Ticker Symbol: Bachoco Ticker Symbol: IBA Institution Analyst name E-mail
Net sales 14,323.6 15,303.0 (979.4) (6.4) Net sales 14,323.6 15,303.0 (979.4) (6.4) Total sales volume: 553,175 546,750 6,425 1.2 Cost of sales 12,515.7 12,085.8 429.9 3.6 $ $ $ % Other income (expense), net 1.6 (9.2) 10.8 (117.6) Operating income 335.2 1,822.5 (1,487.3) (81.6) Net Financial Income (Expense) 76.0 (93.8) 169.8 (181.1) Total Taxes 108.7 467.8 (359.2) (76.8) Net income 302.5 1,260.9 (958.4) (76.0) Net controlling interest income 298.8 1,255.6 (956.9) (76.2) TOTAL ASSETS 50,564.8 52,865.6 (2,300.8) (4.4) Capital Expenditures 409.9 304.0 105.9 34.8 Market cap (millions of pesos) $44,754 In nominal pesos per Share In U.S. Dollar per ADR ACTINVER José Antonio Cebeira jcebeira@actinver.com.mx
Net sales in Mexico 10,311.3 11,091.5 (780.1) (7.0) Poultry 12,852.8 13,774.5 (921.7) (6.7) Poultry 425,745 422,181 3,564 0.8 Gross profit 1,807.9 3,217.2 (1,409.3) (43.8) Total SG&A 1,474.4 1,385.5 88.9 6.4 Operating margin 2.3% 11.9% - - Financial Income 135.4 204.6 (69.3) (33.8) Income tax 49.3 315.9 (266.6) (84.4) Net margin 2.1% 8.2% - -    Income tax expense (benefit) 108.7 467.8 (359.2) (76.8) Cash and cash equivalents 16,201.4 18,458.5 (2,257.1) (12.2) Month High Low Close High Low Close BBVA BANCOMER Miguel Ulloa miguel.ulloa@bbva.com
Net sales in the U.S. 4,012.3 4,211.5 (199.2) (4.7) Other 1,470.8 1,528.4 (57.6) (3.8) Others 127,430 124,569 2,861.3 2.3 Gross margin 12.6% 21.0% - - Financial Expense 59.4 298.4 (239.0) (80.1) Deferred income tax 59.3 151.9 (92.6) (61.0) Non-Controlling Interest income 3.8 5.3 (1.5) n/a    Result in associates (3.8) 5.3 (1.5) (28.6) Accounts receivable 3,935.3 3,486.5 448.9 12.9 Mar-19 75.88 70.51 74.59 47.98 45.72 46.10 GBM Miguel Tortolero matortolero@gbm.com.mx
Net controlling interest income 298.8 1,255.6 (956.9)  n/a    Net finance (income) expense (76.0) 93.8 (169.8) (181.1) TOTAL LIABILITIES 12,148.1 14,699.9 (2,551.8) (17.4) Feb-19 76.06 72.83 74.84 47.74 45.17 46.93 MIRANDA-GR Martin Lara martin.lara@miranda-gr.com
Basic and diluted income per share1 0.50 2.09 (1.6) n/a    Depreciation and amortization 319.7 268.5 51.2 (19.1) Accounts payable 3,181.3 4,228.4 (1,047.1) (24.8) Jan-19 74.37 65.38 73.31 46.53 40.07 46.00 JPMORGAN Ulises Argote ulises.argote@jpmorgan.com
Basic and diluted income per ADR2 5.98 25.11 (19.1) n/a EBITDA 654.9 2,091.0 (1,436.1) (68.7) Short-term debt 2,227.4 3,492.8 (1,265.4) (36.2) Dec-18 70.53 63.50 64.52 41.60 38.08 39.56 INVEX Giselle Mojica gmojica@invex.com
Weighted average Shares outstanding3 599,920 600,000 - - EBITDA Margin (%) 4.6% 13.7% - - Long-term debt 1,539.3 1,544.8 (5.5) (0.4) Nov-18 75.14 66.38 70.90 45.43 39.00 41.72 SANTANDER Luis Miranda lmiranda@santander.com.mx
1 In pesos Net sales 14,323.6 15,303.0 (979.4) (6.4) TOTAL STOCKHOLDERS' EQUITY 38,416.7 38,165.7 251.0 0.7 Oct-18 87.37 74.14 74.51 55.23 43.83 43.86
2 in pesos, an ADR is equal to twelve shares Capital stock 1,174.4 1,174.3 0.1 0.0
3 In thousands of shares

 

APPENDICES

For reference, some figures have been translated into millions of U.S. dollars ("USD") using an exchange rate of $19.41 per USD $1.0, which corresponds to the rate at the close of March 29, 2019, according to Mexico's National Bank.

  • Consolidated Statement of Financial Position
  • Consolidated Statement of Income
  • Consolidated Statement of Cash Flows
  • Derivatives Position Report

 

NET SALES BY GEOGRAPHY NET SALES BY SEGMENT NET VOLUME SOLD BY SEGMENT GROSS PROFIT SELLING, GENERAL AND ADMINISTRATIVE EXPENSES ("SG&A") OTHER INCOME (EXPENSE), NET OPERATING INCOME NET FINANCIAL INCOME TAXES FOR THE PERIOD NET INCOME EBITDA AND ADJUSTED EBITDA BALANCE SHEET DATA CAPITAL EXPENDITURES As of March 31, 2019 SHARE PRICE   ANALYST COVERAGE CONSOLIDATED STATEMENT OF FINANCIAL POSITION 
In millions of pesos 1Q19 1Q18 Change In millions of pesos 1Q19 1Q18 Change In tons Change In millions of pesos 1Q19 1Q18 Change In millions of pesos In millions of pesos 1Q19 1Q18 Change In millions of pesos 1Q19 1Q18 Change In millions of pesos 1Q19 1Q18 Change In millions of pesos 1Q19 1Q18 Change In millions of pesos 1Q19 1Q18 Change In millions of pesos 1Q19 1Q18 Change In millions of pesos Mar 31, 2019 Dec. 31, 2018 Change In millions of pesos 2019 2018 Change Total Shares 600,000,000 Mexican Stock Exchange The New York Stock Exchange -Unaudited-
$ $ $ % $ $ $ % 1Q19 1Q18 Volume % $ $ $ % 1Q19 1Q18 Change $ $ $ % $ $ $ % $ $ $ % $ $ $ % $ $ $ % $ $ $ % $ $ $ % $ $ $ % Total free float 26.75% Ticker Symbol: Bachoco Ticker Symbol: IBA Institution Analyst name E-mail In U.S. Dollar March 31, December 31,
Net sales 14,323.6 15,303.0 (979.4) (6.4) Net sales 14,323.6 15,303.0 (979.4) (6.4) Total sales volume: 553,175 546,750 6,425 1.2 Cost of sales 12,515.7 12,085.8 429.9 3.6 $ $ $ % Other income (expense), net 1.6 (9.2) 10.8 (117.6) Operating income 335.2 1,822.5 (1,487.3) (81.6) Net Financial Income (Expense) 76.0 (93.8) 169.8 (181.1) Total Taxes 108.7 467.8 (359.2) (76.8) Net income 302.5 1,260.9 (958.4) (76.0) Net controlling interest income 298.8 1,255.6 (956.9) (76.2) TOTAL ASSETS 50,564.8 52,865.6 (2,300.8) (4.4) Capital Expenditures 409.9 304.0 105.9 34.8 Market cap (millions of pesos) $44,754 In nominal pesos per Share In U.S. Dollar per ADR ACTINVER José Antonio Cebeira jcebeira@actinver.com.mx In million pesos 2019 2019 2018*
Net sales in Mexico 10,311.3 11,091.5 (780.1) (7.0) Poultry 12,852.8 13,774.5 (921.7) (6.7) Poultry 425,745 422,181 3,564 0.8 Gross profit 1,807.9 3,217.2 (1,409.3) (43.8) Total SG&A 1,474.4 1,385.5 88.9 6.4 Operating margin 2.3% 11.9% - - Financial Income 135.4 204.6 (69.3) (33.8) Income tax 49.3 315.9 (266.6) (84.4) Net margin 2.1% 8.2% - -    Income tax expense (benefit) 108.7 467.8 (359.2) (76.8) Cash and cash equivalents 16,201.4 18,458.5 (2,257.1) (12.2) Month High Low Close High Low Close BBVA BANCOMER Miguel Ulloa miguel.ulloa@bbva.com
Net sales in the U.S. 4,012.3 4,211.5 (199.2) (4.7) Other 1,470.8 1,528.4 (57.6) (3.8) Others 127,430 124,569 2,861.3 2.3 Gross margin 12.6% 21.0% - - Financial Expense 59.4 298.4 (239.0) (80.1) Deferred income tax 59.3 151.9 (92.6) (61.0) Non-Controlling Interest income 3.8 5.3 (1.5) n/a    Result in associates (3.8) 5.3 (1.5) (28.6) Accounts receivable 3,935.3 3,486.5 448.9 12.9 Mar-19 75.88 70.51 74.59 47.98 45.72 46.10 GBM Miguel Tortolero matortolero@gbm.com.mx TOTAL ASSETS $           2,646.3 51,364.5 52,865.6
Net controlling interest income 298.8 1,255.6 (956.9)  n/a    Net finance (income) expense (76.0) 93.8 (169.8) (181.1) TOTAL LIABILITIES 12,148.1 14,699.9 (2,551.8) (17.4) Feb-19 76.06 72.83 74.84 47.74 45.17 46.93 MIRANDA-GR Martin Lara martin.lara@miranda-gr.com
Basic and diluted income per share1 0.50 2.09 (1.6) n/a    Depreciation and amortization 319.7 268.5 51.2 (19.1) Accounts payable 3,181.3 4,228.4 (1,047.1) (24.8) Jan-19 74.37 65.38 73.31 46.53 40.07 46.00 JPMORGAN Ulises Argote ulises.argote@jpmorgan.com Total current assets 1,397.9 27,132.4 29,775.0
Basic and diluted income per ADR2 5.98 25.11 (19.1) n/a EBITDA 654.9 2,091.0 (1,436.1) (68.7) Short-term debt 2,227.4 3,492.8 (1,265.4) (36.2) Dec-18 70.53 63.50 64.52 41.60 38.08 39.56 INVEX Giselle Mojica gmojica@invex.com    Cash and cash equivalents 834.7 16,201.4 18,458.5
Weighted average Shares outstanding3 599,920 600,000 - - EBITDA Margin (%) 4.6% 13.7% - - Long-term debt 1,539.3 1,544.8 (5.5) (0.4) Nov-18 75.14 66.38 70.90 45.43 39.00 41.72 SANTANDER Luis Miranda lmiranda@santander.com.mx    Total accounts receivable 202.7 3,935.3 3,486.5
1 In pesos Net sales 14,323.6 15,303.0 (979.4) (6.4) TOTAL STOCKHOLDERS' EQUITY 38,416.7 38,165.7 251.0 0.7 Oct-18 87.37 74.14 74.51 55.23 43.83 43.86    Inventories 322.5 6,259.7 6,649.1
2 in pesos, an ADR is equal to twelve shares Capital stock 1,174.4 1,174.3 0.1 0.0    Other current assets 37.9 736.0 1,180.9
3 In thousands of shares
Total non current assets 1,248.4 24,232.1 23,090.6
   Net property, plant and equipment 930.9 18,069.7 18,018.2
   Other non current Assets 317.5 6,162.4 5,072.4
TOTAL LIABILITIES $              667.1 12,947.8 14,699.9
Total current liabilities 330.2 6,409.2 9,084.9
   Notes payable to banks 114.8 2,227.4 3,492.8
   Accounts payable 158.5 3,075.8 4,228.4
   Other taxes payable and other accruals 57.0 1,106.0 1,363.7
Total long-term liabilities 336.9 6,538.6 5,614.9
   Long-term debt  79.3 1,539.3 1,544.8
   Other  non current liabilities 63.0 1,223.2 302.8
   Deferred income taxes 194.5 3,776.1 3,767.3
TOTAL STOCKHOLDERS' EQUITY $           1,979.2 38,416.7 38,165.7
Capital stock 60.5 1,174.4 1,174.3
Commission in shares issued 21.4 414.5 414.5
Retained earnings 1,837.2 35,659.6 35,354.5
Others accounts 56.4 1,094.9 1,153.0
Non controlling interest 3.8 73.2 69.5
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $           2,646.3 51,364.5 52,865.6
*Audited

 

NET SALES BY GEOGRAPHY NET SALES BY SEGMENT NET VOLUME SOLD BY SEGMENT GROSS PROFIT SELLING, GENERAL AND ADMINISTRATIVE EXPENSES ("SG&A") OTHER INCOME (EXPENSE), NET OPERATING INCOME NET FINANCIAL INCOME TAXES FOR THE PERIOD NET INCOME EBITDA AND ADJUSTED EBITDA BALANCE SHEET DATA CAPITAL EXPENDITURES As of March 31, 2019 SHARE PRICE   ANALYST COVERAGE CONSOLIDATED STATEMENT OF FINANCIAL POSITION  CONSOLIDATED STATEMENT OF INCOME
In millions of pesos 1Q19 1Q18 Change In millions of pesos 1Q19 1Q18 Change In tons Change In millions of pesos 1Q19 1Q18 Change In millions of pesos In millions of pesos 1Q19 1Q18 Change In millions of pesos 1Q19 1Q18 Change In millions of pesos 1Q19 1Q18 Change In millions of pesos 1Q19 1Q18 Change In millions of pesos 1Q19 1Q18 Change In millions of pesos 1Q19 1Q18 Change In millions of pesos Mar 31, 2019 Dec. 31, 2018 Change In millions of pesos 2019 2018 Change Total Shares 600,000,000 Mexican Stock Exchange The New York Stock Exchange -Unaudited- First Quarter Results, ended March 31st:
$ $ $ % $ $ $ % 1Q19 1Q18 Volume % $ $ $ % 1Q19 1Q18 Change $ $ $ % $ $ $ % $ $ $ % $ $ $ % $ $ $ % $ $ $ % $ $ $ % $ $ $ % Total free float 26.75% Ticker Symbol: Bachoco Ticker Symbol: IBA Institution Analyst name E-mail In U.S. Dollar March 31, December 31, -Unaudited-
Net sales 14,323.6 15,303.0 (979.4) (6.4) Net sales 14,323.6 15,303.0 (979.4) (6.4) Total sales volume: 553,175 546,750 6,425 1.2 Cost of sales 12,515.7 12,085.8 429.9 3.6 $ $ $ % Other income (expense), net 1.6 (9.2) 10.8 (117.6) Operating income 335.2 1,822.5 (1,487.3) (81.6) Net Financial Income (Expense) 76.0 (93.8) 169.8 (181.1) Total Taxes 108.7 467.8 (359.2) (76.8) Net income 302.5 1,260.9 (958.4) (76.0) Net controlling interest income 298.8 1,255.6 (956.9) (76.2) TOTAL ASSETS 50,564.8 52,865.6 (2,300.8) (4.4) Capital Expenditures 409.9 304.0 105.9 34.8 Market cap (millions of pesos) $44,754 In nominal pesos per Share In U.S. Dollar per ADR ACTINVER José Antonio Cebeira jcebeira@actinver.com.mx In million pesos 2019 2019 2018* U.S. Dollar
Net sales in Mexico 10,311.3 11,091.5 (780.1) (7.0) Poultry 12,852.8 13,774.5 (921.7) (6.7) Poultry 425,745 422,181 3,564 0.8 Gross profit 1,807.9 3,217.2 (1,409.3) (43.8) Total SG&A 1,474.4 1,385.5 88.9 6.4 Operating margin 2.3% 11.9% - - Financial Income 135.4 204.6 (69.3) (33.8) Income tax 49.3 315.9 (266.6) (84.4) Net margin 2.1% 8.2% - -    Income tax expense (benefit) 108.7 467.8 (359.2) (76.8) Cash and cash equivalents 16,201.4 18,458.5 (2,257.1) (12.2) Month High Low Close High Low Close BBVA BANCOMER Miguel Ulloa miguel.ulloa@bbva.com In millions pesos 2019 2019 2018
Net sales in the U.S. 4,012.3 4,211.5 (199.2) (4.7) Other 1,470.8 1,528.4 (57.6) (3.8) Others 127,430 124,569 2,861.3 2.3 Gross margin 12.6% 21.0% - - Financial Expense 59.4 298.4 (239.0) (80.1) Deferred income tax 59.3 151.9 (92.6) (61.0) Non-Controlling Interest income 3.8 5.3 (1.5) n/a    Result in associates (3.8) 5.3 (1.5) (28.6) Accounts receivable 3,935.3 3,486.5 448.9 12.9 Mar-19 75.88 70.51 74.59 47.98 45.72 46.10 GBM Miguel Tortolero matortolero@gbm.com.mx TOTAL ASSETS $           2,646.3 51,364.5 52,865.6 Net sales $         738.0 14,323.6 15,303.0
Net controlling interest income 298.8 1,255.6 (956.9)  n/a    Net finance (income) expense (76.0) 93.8 (169.8) (181.1) TOTAL LIABILITIES 12,148.1 14,699.9 (2,551.8) (17.4) Feb-19 76.06 72.83 74.84 47.74 45.17 46.93 MIRANDA-GR Martin Lara martin.lara@miranda-gr.com Cost of sales 644.8 12,515.7 12,085.8
Basic and diluted income per share1 0.50 2.09 (1.6) n/a    Depreciation and amortization 319.7 268.5 51.2 (19.1) Accounts payable 3,181.3 4,228.4 (1,047.1) (24.8) Jan-19 74.37 65.38 73.31 46.53 40.07 46.00 JPMORGAN Ulises Argote ulises.argote@jpmorgan.com Total current assets 1,397.9 27,132.4 29,775.0 Gross profit 93.1 1,807.9 3,217.2
Basic and diluted income per ADR2 5.98 25.11 (19.1) n/a EBITDA 654.9 2,091.0 (1,436.1) (68.7) Short-term debt 2,227.4 3,492.8 (1,265.4) (36.2) Dec-18 70.53 63.50 64.52 41.60 38.08 39.56 INVEX Giselle Mojica gmojica@invex.com    Cash and cash equivalents 834.7 16,201.4 18,458.5 SG&A 76.0 1,474.4 1,385.5
Weighted average Shares outstanding3 599,920 600,000 - - EBITDA Margin (%) 4.6% 13.7% - - Long-term debt 1,539.3 1,544.8 (5.5) (0.4) Nov-18 75.14 66.38 70.90 45.43 39.00 41.72 SANTANDER Luis Miranda lmiranda@santander.com.mx    Total accounts receivable 202.7 3,935.3 3,486.5 Other income (expenses), net 0.1 1.6 (9.2)
1 In pesos Net sales 14,323.6 15,303.0 (979.4) (6.4) TOTAL STOCKHOLDERS' EQUITY 38,416.7 38,165.7 251.0 0.7 Oct-18 87.37 74.14 74.51 55.23 43.83 43.86    Inventories 322.5 6,259.7 6,649.1 Operating income  17.3 335.2 1,822.5
2 in pesos, an ADR is equal to twelve shares Capital stock 1,174.4 1,174.3 0.1 0.0    Other current assets 37.9 736.0 1,180.9 Net finance income 3.9 76.0 (93.8)
3 In thousands of shares Income tax  5.6 108.7 467.8
Total non current assets 1,248.4 24,232.1 23,090.6 Net Income $           15.6 302.5 1,260.9
   Net property, plant and equipment 930.9 18,069.7 18,018.2
   Other non current Assets 317.5 6,162.4 5,072.4 Non-controlling interest 0.19 3.8 5.3
Net controlling interest profit 15.4 298.8 1,255.6
TOTAL LIABILITIES $              667.1 12,947.8 14,699.9 Basic and diluted earnings per share 0.03 0.50 2.09
Basic and diluted earnings per ADR 0.31 5.98 25.11
Total current liabilities 330.2 6,409.2 9,084.9 Weighted average Shares outstanding1 599,920 599,920 600,000
   Notes payable to banks 114.8 2,227.4 3,492.8
   Accounts payable 158.5 3,075.8 4,228.4 EBITDA Result $           33.7 654.9 2,091.0
   Other taxes payable and other accruals 57.0 1,106.0 1,363.7
Gross margin 12.6% 12.6% 21.0%
Total long-term liabilities 336.9 6,538.6 5,614.9 Operating margin 2.3% 2.3% 11.9%
   Long-term debt  79.3 1,539.3 1,544.8 Net margin 2.1% 2.1% 8.2%
   Other  non current liabilities 63.0 1,223.2 302.8 EBITDA margin 4.6% 4.6% 13.7%
   Deferred income taxes 194.5 3,776.1 3,767.3
1In thousands
TOTAL STOCKHOLDERS' EQUITY $           1,979.2 38,416.7 38,165.7
Capital stock 60.5 1,174.4 1,174.3
Commission in shares issued 21.4 414.5 414.5
Retained earnings 1,837.2 35,659.6 35,354.5
Others accounts 56.4 1,094.9 1,153.0
Non controlling interest 3.8 73.2 69.5
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $           2,646.3 51,364.5 52,865.6
*Audited

 

NET SALES BY GEOGRAPHY NET SALES BY SEGMENT NET VOLUME SOLD BY SEGMENT GROSS PROFIT SELLING, GENERAL AND ADMINISTRATIVE EXPENSES ("SG&A") OTHER INCOME (EXPENSE), NET OPERATING INCOME NET FINANCIAL INCOME TAXES FOR THE PERIOD NET INCOME EBITDA AND ADJUSTED EBITDA BALANCE SHEET DATA CAPITAL EXPENDITURES As of March 31, 2019 SHARE PRICE   ANALYST COVERAGE CONSOLIDATED STATEMENT OF FINANCIAL POSITION  CONSOLIDATED STATEMENT OF INCOME CONSOLIDATED STATEMENT OF CASH FLOWS
In millions of pesos 1Q19 1Q18 Change In millions of pesos 1Q19 1Q18 Change In tons Change In millions of pesos 1Q19 1Q18 Change In millions of pesos In millions of pesos 1Q19 1Q18 Change In millions of pesos 1Q19 1Q18 Change In millions of pesos 1Q19 1Q18 Change In millions of pesos 1Q19 1Q18 Change In millions of pesos 1Q19 1Q18 Change In millions of pesos 1Q19 1Q18 Change In millions of pesos Mar 31, 2019 Dec. 31, 2018 Change In millions of pesos 2019 2018 Change Total Shares 600,000,000 Mexican Stock Exchange The New York Stock Exchange -Unaudited- First Quarter Results, ended March 31st: In million of pesos
$ $ $ % $ $ $ % 1Q19 1Q18 Volume % $ $ $ % 1Q19 1Q18 Change $ $ $ % $ $ $ % $ $ $ % $ $ $ % $ $ $ % $ $ $ % $ $ $ % $ $ $ % Total free float 26.75% Ticker Symbol: Bachoco Ticker Symbol: IBA Institution Analyst name E-mail In U.S. Dollar March 31, December 31, -Unaudited- -Unaudited-
Net sales 14,323.6 15,303.0 (979.4) (6.4) Net sales 14,323.6 15,303.0 (979.4) (6.4) Total sales volume: 553,175 546,750 6,425 1.2 Cost of sales 12,515.7 12,085.8 429.9 3.6 $ $ $ % Other income (expense), net 1.6 (9.2) 10.8 (117.6) Operating income 335.2 1,822.5 (1,487.3) (81.6) Net Financial Income (Expense) 76.0 (93.8) 169.8 (181.1) Total Taxes 108.7 467.8 (359.2) (76.8) Net income 302.5 1,260.9 (958.4) (76.0) Net controlling interest income 298.8 1,255.6 (956.9) (76.2) TOTAL ASSETS 50,564.8 52,865.6 (2,300.8) (4.4) Capital Expenditures 409.9 304.0 105.9 34.8 Market cap (millions of pesos) $44,754 In nominal pesos per Share In U.S. Dollar per ADR ACTINVER José Antonio Cebeira jcebeira@actinver.com.mx In million pesos 2019 2019 2018* U.S. Dollar
Net sales in Mexico 10,311.3 11,091.5 (780.1) (7.0) Poultry 12,852.8 13,774.5 (921.7) (6.7) Poultry 425,745 422,181 3,564 0.8 Gross profit 1,807.9 3,217.2 (1,409.3) (43.8) Total SG&A 1,474.4 1,385.5 88.9 6.4 Operating margin 2.3% 11.9% - - Financial Income 135.4 204.6 (69.3) (33.8) Income tax 49.3 315.9 (266.6) (84.4) Net margin 2.1% 8.2% - -    Income tax expense (benefit) 108.7 467.8 (359.2) (76.8) Cash and cash equivalents 16,201.4 18,458.5 (2,257.1) (12.2) Month High Low Close High Low Close BBVA BANCOMER Miguel Ulloa miguel.ulloa@bbva.com In millions pesos 2019 2019 2018 U.S. Dollar March 31,
Net sales in the U.S. 4,012.3 4,211.5 (199.2) (4.7) Other 1,470.8 1,528.4 (57.6) (3.8) Others 127,430 124,569 2,861.3 2.3 Gross margin 12.6% 21.0% - - Financial Expense 59.4 298.4 (239.0) (80.1) Deferred income tax 59.3 151.9 (92.6) (61.0) Non-Controlling Interest income 3.8 5.3 (1.5) n/a    Result in associates (3.8) 5.3 (1.5) (28.6) Accounts receivable 3,935.3 3,486.5 448.9 12.9 Mar-19 75.88 70.51 74.59 47.98 45.72 46.10 GBM Miguel Tortolero matortolero@gbm.com.mx TOTAL ASSETS $           2,646.3 51,364.5 52,865.6 Net sales $         738.0 14,323.6 15,303.0 2019 2019 2018
Net controlling interest income 298.8 1,255.6 (956.9)  n/a    Net finance (income) expense (76.0) 93.8 (169.8) (181.1) TOTAL LIABILITIES 12,148.1 14,699.9 (2,551.8) (17.4) Feb-19 76.06 72.83 74.84 47.74 45.17 46.93 MIRANDA-GR Martin Lara martin.lara@miranda-gr.com Cost of sales 644.8 12,515.7 12,085.8
Basic and diluted income per share1 0.50 2.09 (1.6) n/a    Depreciation and amortization 319.7 268.5 51.2 (19.1) Accounts payable 3,181.3 4,228.4 (1,047.1) (24.8) Jan-19 74.37 65.38 73.31 46.53 40.07 46.00 JPMORGAN Ulises Argote ulises.argote@jpmorgan.com Total current assets 1,397.9 27,132.4 29,775.0 Gross profit 93.1 1,807.9 3,217.2 NET MAJORITY INCOME BEFORE INCOME TAX $                    21.2 411.2 1,728.7
Basic and diluted income per ADR2 5.98 25.11 (19.1) n/a EBITDA 654.9 2,091.0 (1,436.1) (68.7) Short-term debt 2,227.4 3,492.8 (1,265.4) (36.2) Dec-18 70.53 63.50 64.52 41.60 38.08 39.56 INVEX Giselle Mojica gmojica@invex.com    Cash and cash equivalents 834.7 16,201.4 18,458.5 SG&A 76.0 1,474.4 1,385.5
Weighted average Shares outstanding3 599,920 600,000 - - EBITDA Margin (%) 4.6% 13.7% - - Long-term debt 1,539.3 1,544.8 (5.5) (0.4) Nov-18 75.14 66.38 70.90 45.43 39.00 41.72 SANTANDER Luis Miranda lmiranda@santander.com.mx    Total accounts receivable 202.7 3,935.3 3,486.5 Other income (expenses), net 0.1 1.6 (9.2) ITEMS RELATING TO INVESTING ACTIVITIES: 7.8 151.6 172.0
1 In pesos Net sales 14,323.6 15,303.0 (979.4) (6.4) TOTAL STOCKHOLDERS' EQUITY 38,416.7 38,165.7 251.0 0.7 Oct-18 87.37 74.14 74.51 55.23 43.83 43.86    Inventories 322.5 6,259.7 6,649.1 Operating income  17.3 335.2 1,822.5       Depreciation and others 16.5 319.7 305.0
2 in pesos, an ADR is equal to twelve shares Capital stock 1,174.4 1,174.3 0.1 0.0    Other current assets 37.9 736.0 1,180.9 Net finance income 3.9 76.0 (93.8)       Income (loss) on sale of plant and equipment (0.2) (3.2) 3.7
3 In thousands of shares Income tax  5.6 108.7 467.8       Other Items (8.5) (164.9) (136.7)
Total non current assets 1,248.4 24,232.1 23,090.6 Net Income $           15.6 302.5 1,260.9
   Net property, plant and equipment 930.9 18,069.7 18,018.2 NET CASH GENERATED FROM NET INCOME BEFORE TAXES 29.0 562.7 1,900.8
   Other non current Assets 317.5 6,162.4 5,072.4 Non-controlling interest 0.19 3.8 5.3 CASH GENERATED OR USED IN THE OPERATION: (67.5) (1,310.4) (589.6)
Net controlling interest profit 15.4 298.8 1,255.6    Decrease (increase) in accounts receivable (23.6) (458.0) 119.3
TOTAL LIABILITIES $              667.1 12,947.8 14,699.9 Basic and diluted earnings per share 0.03 0.50 2.09    Decrease (increase) in inventories 18.8 364.6 498.1
Basic and diluted earnings per ADR 0.31 5.98 25.11    Increase (decrease) in accounts payable (136.7) (2,653.0) (380.9)
Total current liabilities 330.2 6,409.2 9,084.9 Weighted average Shares outstanding1 599,920 599,920 600,000    Other Items 74.0 1,436.0 (826.2)
   Notes payable to banks 114.8 2,227.4 3,492.8
   Accounts payable 158.5 3,075.8 4,228.4 EBITDA Result $           33.7 654.9 2,091.0 NET CASH FLOW FROM OPERATING ACTIVITIES (38.5) (747.7) 1,311.1
   Other taxes payable and other accruals 57.0 1,106.0 1,363.7
Gross margin 12.6% 12.6% 21.0% NET CASH FLOW FROM INVESTING ACTIVITIES (5.2) (100.0) (61.6)
Total long-term liabilities 336.9 6,538.6 5,614.9 Operating margin 2.3% 2.3% 11.9%       Acquisition of property, plant and equipment (21.1) (409.2) (304.0)
   Long-term debt  79.3 1,539.3 1,544.8 Net margin 2.1% 2.1% 8.2%       Proceeds from sales of property plant and equipment 1.7 33.0 4.4
   Other  non current liabilities 63.0 1,223.2 302.8 EBITDA margin 4.6% 4.6% 13.7%       Other Items 14.2 276.3 238.0
   Deferred income taxes 194.5 3,776.1 3,767.3
1In thousands CASH FLOW SURPLUS (REQUIREMENTS OF) TO BE USED IN FINANCING ACTIVITIES (43.7) (847.6) 1,249.5
TOTAL STOCKHOLDERS' EQUITY $           1,979.2 38,416.7 38,165.7
Net cash provided by financing activities: (72.7) (1,410.9) (632.4)
Capital stock 60.5 1,174.4 1,174.3    Proceeds from loans 102.6 1,992.4 3,006.8
Commission in shares issued 21.4 414.5 414.5    Principal payments on loans (165.4) (3,211.2) (3,201.5)
Retained earnings 1,837.2 35,659.6 35,354.5    Other items (9.9) (192.1) (437.6)
Others accounts 56.4 1,094.9 1,153.0 Net increase (decrease) in cash and equivalents (116.4) (2,258.5) 617.1
Non controlling interest 3.8 73.2 69.5
Cash and investments at the beginning of year $                  950.6 18,451.9 17,240.1
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $           2,646.3 51,364.5 52,865.6 CASH AND INVESTMENTS AT END OF PERIOD $                  834.3 16,193.4 17,857.3
*Audited

 

DERIVATIVES POSITION REPORT

NET SALES BY GEOGRAPHY NET SALES BY SEGMENT NET VOLUME SOLD BY SEGMENT GROSS PROFIT SELLING, GENERAL AND ADMINISTRATIVE EXPENSES ("SG&A") OTHER INCOME (EXPENSE), NET OPERATING INCOME NET FINANCIAL INCOME TAXES FOR THE PERIOD NET INCOME EBITDA AND ADJUSTED EBITDA BALANCE SHEET DATA CAPITAL EXPENDITURES As of March 31, 2019 SHARE PRICE   ANALYST COVERAGE CONSOLIDATED STATEMENT OF FINANCIAL POSITION  CONSOLIDATED STATEMENT OF INCOME CONSOLIDATED STATEMENT OF CASH FLOWS First Quarter 2019
In millions of pesos 1Q19 1Q18 Change In millions of pesos 1Q19 1Q18 Change In tons Change In millions of pesos 1Q19 1Q18 Change In millions of pesos In millions of pesos 1Q19 1Q18 Change In millions of pesos 1Q19 1Q18 Change In millions of pesos 1Q19 1Q18 Change In millions of pesos 1Q19 1Q18 Change In millions of pesos 1Q19 1Q18 Change In millions of pesos 1Q19 1Q18 Change In millions of pesos Mar 31, 2019 Dec. 31, 2018 Change In millions of pesos 2019 2018 Change Total Shares 600,000,000 Mexican Stock Exchange The New York Stock Exchange -Unaudited- First Quarter Results, ended March 31st: In million of pesos Thousands of Mexican Pesos, as of March 31, 2019
$ $ $ % $ $ $ % 1Q19 1Q18 Volume % $ $ $ % 1Q19 1Q18 Change $ $ $ % $ $ $ % $ $ $ % $ $ $ % $ $ $ % $ $ $ % $ $ $ % $ $ $ % Total free float 26.75% Ticker Symbol: Bachoco Ticker Symbol: IBA Institution Analyst name E-mail In U.S. Dollar March 31, December 31, -Unaudited- -Unaudited- TYPE OF FINANCIAL INSTRUMENT OBJECTIVE NOTIONAL VALUE OF THE RELATED COMMODITY REASONABLE VALUE AMOUNTS DUE BY YEAR GUARANTIES REQUIRED
Net sales 14,323.6 15,303.0 (979.4) (6.4) Net sales 14,323.6 15,303.0 (979.4) (6.4) Total sales volume: 553,175 546,750 6,425 1.2 Cost of sales 12,515.7 12,085.8 429.9 3.6 $ $ $ % Other income (expense), net 1.6 (9.2) 10.8 (117.6) Operating income 335.2 1,822.5 (1,487.3) (81.6) Net Financial Income (Expense) 76.0 (93.8) 169.8 (181.1) Total Taxes 108.7 467.8 (359.2) (76.8) Net income 302.5 1,260.9 (958.4) (76.0) Net controlling interest income 298.8 1,255.6 (956.9) (76.2) TOTAL ASSETS 50,564.8 52,865.6 (2,300.8) (4.4) Capital Expenditures 409.9 304.0 105.9 34.8 Market cap (millions of pesos) $44,754 In nominal pesos per Share In U.S. Dollar per ADR ACTINVER José Antonio Cebeira jcebeira@actinver.com.mx In million pesos 2019 2019 2018* U.S. Dollar 1Q-2019 4Q-2018 1Q-2019 4Q-2018
Net sales in Mexico 10,311.3 11,091.5 (780.1) (7.0) Poultry 12,852.8 13,774.5 (921.7) (6.7) Poultry 425,745 422,181 3,564 0.8 Gross profit 1,807.9 3,217.2 (1,409.3) (43.8) Total SG&A 1,474.4 1,385.5 88.9 6.4 Operating margin 2.3% 11.9% - - Financial Income 135.4 204.6 (69.3) (33.8) Income tax 49.3 315.9 (266.6) (84.4) Net margin 2.1% 8.2% - -    Income tax expense (benefit) 108.7 467.8 (359.2) (76.8) Cash and cash equivalents 16,201.4 18,458.5 (2,257.1) (12.2) Month High Low Close High Low Close BBVA BANCOMER Miguel Ulloa miguel.ulloa@bbva.com In millions pesos 2019 2019 2018 U.S. Dollar March 31, Forward Vanilla, Calls and Puts Hedge $    901,574 $         19.41 $         19.67 $     -4,655 $      2,051 90% in 2019 and 10% in 2020 The deals consider the possibility of margin calls but not another kind of guarantee
Net sales in the U.S. 4,012.3 4,211.5 (199.2) (4.7) Other 1,470.8 1,528.4 (57.6) (3.8) Others 127,430 124,569 2,861.3 2.3 Gross margin 12.6% 21.0% - - Financial Expense 59.4 298.4 (239.0) (80.1) Deferred income tax 59.3 151.9 (92.6) (61.0) Non-Controlling Interest income 3.8 5.3 (1.5) n/a    Result in associates (3.8) 5.3 (1.5) (28.6) Accounts receivable 3,935.3 3,486.5 448.9 12.9 Mar-19 75.88 70.51 74.59 47.98 45.72 46.10 GBM Miguel Tortolero matortolero@gbm.com.mx TOTAL ASSETS $           2,646.3 51,364.5 52,865.6 Net sales $         738.0 14,323.6 15,303.0 2019 2019 2018 Futures for corn and soybean meal Hedge $      233,218  CORN   CORN  -$        2,474 -$          104 100% in 2019
Net controlling interest income 298.8 1,255.6 (956.9)  n/a    Net finance (income) expense (76.0) 93.8 (169.8) (181.1) TOTAL LIABILITIES 12,148.1 14,699.9 (2,551.8) (17.4) Feb-19 76.06 72.83 74.84 47.74 45.17 46.93 MIRANDA-GR Martin Lara martin.lara@miranda-gr.com Cost of sales 644.8 12,515.7 12,085.8  In USD per Bushel   In USD per Bushel 
Basic and diluted income per share1 0.50 2.09 (1.6) n/a    Depreciation and amortization 319.7 268.5 51.2 (19.1) Accounts payable 3,181.3 4,228.4 (1,047.1) (24.8) Jan-19 74.37 65.38 73.31 46.53 40.07 46.00 JPMORGAN Ulises Argote ulises.argote@jpmorgan.com Total current assets 1,397.9 27,132.4 29,775.0 Gross profit 93.1 1,807.9 3,217.2 NET MAJORITY INCOME BEFORE INCOME TAX $                    21.2 411.2 1,728.7  month   price   month   price 
Basic and diluted income per ADR2 5.98 25.11 (19.1) n/a EBITDA 654.9 2,091.0 (1,436.1) (68.7) Short-term debt 2,227.4 3,492.8 (1,265.4) (36.2) Dec-18 70.53 63.50 64.52 41.60 38.08 39.56 INVEX Giselle Mojica gmojica@invex.com    Cash and cash equivalents 834.7 16,201.4 18,458.5 SG&A 76.0 1,474.4 1,385.5 Mar-19 $           3.750
Weighted average Shares outstanding3 599,920 600,000 - - EBITDA Margin (%) 4.6% 13.7% - - Long-term debt 1,539.3 1,544.8 (5.5) (0.4) Nov-18 75.14 66.38 70.90 45.43 39.00 41.72 SANTANDER Luis Miranda lmiranda@santander.com.mx    Total accounts receivable 202.7 3,935.3 3,486.5 Other income (expenses), net 0.1 1.6 (9.2) ITEMS RELATING TO INVESTING ACTIVITIES: 7.8 151.6 172.0 May-19 $           3.565 May-19 $           3.830
1 In pesos Net sales 14,323.6 15,303.0 (979.4) (6.4) TOTAL STOCKHOLDERS' EQUITY 38,416.7 38,165.7 251.0 0.7 Oct-18 87.37 74.14 74.51 55.23 43.83 43.86    Inventories 322.5 6,259.7 6,649.1 Operating income  17.3 335.2 1,822.5       Depreciation and others 16.5 319.7 305.0 Jul-19 $           3.663 Jul-19 $           3.908
2 in pesos, an ADR is equal to twelve shares Capital stock 1,174.4 1,174.3 0.1 0.0    Other current assets 37.9 736.0 1,180.9 Net finance income 3.9 76.0 (93.8)       Income (loss) on sale of plant and equipment (0.2) (3.2) 3.7 Sep-19 $           3.750 Sep-19 $           3.935
3 In thousands of shares Income tax  5.6 108.7 467.8       Other Items (8.5) (164.9) (136.7) Dec-19 $           3.848 Dec-19 $           3.975
Total non current assets 1,248.4 24,232.1 23,090.6 Net Income $           15.6 302.5 1,260.9  SOYBEAN MEAL   SOYBEAN MEAL 
   Net property, plant and equipment 930.9 18,069.7 18,018.2 NET CASH GENERATED FROM NET INCOME BEFORE TAXES 29.0 562.7 1,900.8  In USD per ton   In USD per ton 
   Other non current Assets 317.5 6,162.4 5,072.4 Non-controlling interest 0.19 3.8 5.3 CASH GENERATED OR USED IN THE OPERATION: (67.5) (1,310.4) (589.6)  month   price   month   price 
Net controlling interest profit 15.4 298.8 1,255.6    Decrease (increase) in accounts receivable (23.6) (458.0) 119.3 May-19 $           306.5 May-19 $           313.3
TOTAL LIABILITIES $              667.1 12,947.8 14,699.9 Basic and diluted earnings per share 0.03 0.50 2.09    Decrease (increase) in inventories 18.8 364.6 498.1 Jul-19 $           310.0
Basic and diluted earnings per ADR 0.31 5.98 25.11    Increase (decrease) in accounts payable (136.7) (2,653.0) (380.9) Aug-19 $           311.5
Total current liabilities 330.2 6,409.2 9,084.9 Weighted average Shares outstanding1 599,920 599,920 600,000    Other Items 74.0 1,436.0 (826.2) Sep-19 $           313.0
   Notes payable to banks 114.8 2,227.4 3,492.8 Dec-19 $           321.2
   Accounts payable 158.5 3,075.8 4,228.4 EBITDA Result $           33.7 654.9 2,091.0 NET CASH FLOW FROM OPERATING ACTIVITIES (38.5) (747.7) 1,311.1 Options of Corn Hedge $    130,523  CORN   CORN  -$        2,846 $             65 92% in 2019; 8% in 2020
   Other taxes payable and other accruals 57.0 1,106.0 1,363.7  In USD per Bushel   In USD per Bushel 
Gross margin 12.6% 12.6% 21.0% NET CASH FLOW FROM INVESTING ACTIVITIES (5.2) (100.0) (61.6)  month   price   month   price 
Total long-term liabilities 336.9 6,538.6 5,614.9 Operating margin 2.3% 2.3% 11.9%       Acquisition of property, plant and equipment (21.1) (409.2) (304.0) May-19 $           3.565
   Long-term debt  79.3 1,539.3 1,544.8 Net margin 2.1% 2.1% 8.2%       Proceeds from sales of property plant and equipment 1.7 33.0 4.4 Jul-19 $           3.663
   Other  non current liabilities 63.0 1,223.2 302.8 EBITDA margin 4.6% 4.6% 13.7%       Other Items 14.2 276.3 238.0 Sep-19 $           3.750 Mar-19 $           3.750
   Deferred income taxes 194.5 3,776.1 3,767.3 Dec-19 $           3.848 May-19 $           3.830
1In thousands CASH FLOW SURPLUS (REQUIREMENTS OF) TO BE USED IN FINANCING ACTIVITIES (43.7) (847.6) 1,249.5 Jan-20 $           3.970 Jul-19 $           3.908
TOTAL STOCKHOLDERS' EQUITY $           1,979.2 38,416.7 38,165.7 Options of soybean meal Hedge $      134,833  SOYBEAN MEAL   SOYBEAN MEAL  $             97 -$          267 80% in 2019; 20% in 2020
Net cash provided by financing activities: (72.7) (1,410.9) (632.4)  In USD per ton   In USD per ton 
Capital stock 60.5 1,174.4 1,174.3    Proceeds from loans 102.6 1,992.4 3,006.8  month   price   month   price 
Commission in shares issued 21.4 414.5 414.5    Principal payments on loans (165.4) (3,211.2) (3,201.5) May-19 $           306.5
Retained earnings 1,837.2 35,659.6 35,354.5    Other items (9.9) (192.1) (437.6)  Jul-19 $           310.0
Others accounts 56.4 1,094.9 1,153.0 Net increase (decrease) in cash and equivalents (116.4) (2,258.5) 617.1 Aug-19 $           311.5
Non controlling interest 3.8 73.2 69.5 Sep-19 $           313.0
Cash and investments at the beginning of year $                  950.6 18,451.9 17,240.1 Oct-19 $           314.1
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $           2,646.3 51,364.5 52,865.6 CASH AND INVESTMENTS AT END OF PERIOD $                  834.3 16,193.4 17,857.3 Dec-19 $           316.8 Mar-19 $           309.9
Jan-20 $           317.7 May-19 $           313.3
*Audited Mar-20 $           317.8  Jul-19 $           316.6
-The total financial instruments do not exceed 5% of total assets as of March 31, 2019.
-The notional value represents the net position as of March 31, 2019 at the exchange rate of Ps. 19.41 per one dollar.
-A negative value means an unfavorable effect for the Company.

 

NET SALES BY GEOGRAPHY NET SALES BY SEGMENT NET VOLUME SOLD BY SEGMENT GROSS PROFIT SELLING, GENERAL AND ADMINISTRATIVE EXPENSES ("SG&A") OTHER INCOME (EXPENSE), NET OPERATING INCOME NET FINANCIAL INCOME TAXES FOR THE PERIOD NET INCOME EBITDA AND ADJUSTED EBITDA BALANCE SHEET DATA CAPITAL EXPENDITURES As of March 31, 2019 SHARE PRICE   ANALYST COVERAGE CONSOLIDATED STATEMENT OF FINANCIAL POSITION  CONSOLIDATED STATEMENT OF INCOME CONSOLIDATED STATEMENT OF CASH FLOWS First Quarter 2019 First Quarter 2019
In millions of pesos 1Q19 1Q18 Change In millions of pesos 1Q19 1Q18 Change In tons Change In millions of pesos 1Q19 1Q18 Change In millions of pesos In millions of pesos 1Q19 1Q18 Change In millions of pesos 1Q19 1Q18 Change In millions of pesos 1Q19 1Q18 Change In millions of pesos 1Q19 1Q18 Change In millions of pesos 1Q19 1Q18 Change In millions of pesos 1Q19 1Q18 Change In millions of pesos Mar 31, 2019 Dec. 31, 2018 Change In millions of pesos 2019 2018 Change Total Shares 600,000,000 Mexican Stock Exchange The New York Stock Exchange -Unaudited- First Quarter Results, ended March 31st: In million of pesos Thousands of Mexican Pesos, as of March 31, 2019 Thousands of Mexican Pesos, as of March 31, 2019 PROBABLE SCENARIO
$ $ $ % $ $ $ % 1Q19 1Q18 Volume % $ $ $ % 1Q19 1Q18 Change $ $ $ % $ $ $ % $ $ $ % $ $ $ % $ $ $ % $ $ $ % $ $ $ % $ $ $ % Total free float 26.75% Ticker Symbol: Bachoco Ticker Symbol: IBA Institution Analyst name E-mail In U.S. Dollar March 31, December 31, -Unaudited- -Unaudited- TYPE OF FINANCIAL INSTRUMENT OBJECTIVE NOTIONAL VALUE OF THE RELATED COMMODITY REASONABLE VALUE AMOUNTS DUE BY YEAR GUARANTIES REQUIRED TYPE OF FINANCIAL INSTRUMENT REASONABLE VALUE VALUE OF THE RELATED COMMODITY EFFECT ON THE INCOME STATEMENT EFFECT ON THE CASH FLOW(3)
Net sales 14,323.6 15,303.0 (979.4) (6.4) Net sales 14,323.6 15,303.0 (979.4) (6.4) Total sales volume: 553,175 546,750 6,425 1.2 Cost of sales 12,515.7 12,085.8 429.9 3.6 $ $ $ % Other income (expense), net 1.6 (9.2) 10.8 (117.6) Operating income 335.2 1,822.5 (1,487.3) (81.6) Net Financial Income (Expense) 76.0 (93.8) 169.8 (181.1) Total Taxes 108.7 467.8 (359.2) (76.8) Net income 302.5 1,260.9 (958.4) (76.0) Net controlling interest income 298.8 1,255.6 (956.9) (76.2) TOTAL ASSETS 50,564.8 52,865.6 (2,300.8) (4.4) Capital Expenditures 409.9 304.0 105.9 34.8 Market cap (millions of pesos) $44,754 In nominal pesos per Share In U.S. Dollar per ADR ACTINVER José Antonio Cebeira jcebeira@actinver.com.mx In million pesos 2019 2019 2018* U.S. Dollar 1Q-2019 4Q-2018 1Q-2019 4Q-2018 Reference Value (1)
Net sales in Mexico 10,311.3 11,091.5 (780.1) (7.0) Poultry 12,852.8 13,774.5 (921.7) (6.7) Poultry 425,745 422,181 3,564 0.8 Gross profit 1,807.9 3,217.2 (1,409.3) (43.8) Total SG&A 1,474.4 1,385.5 88.9 6.4 Operating margin 2.3% 11.9% - - Financial Income 135.4 204.6 (69.3) (33.8) Income tax 49.3 315.9 (266.6) (84.4) Net margin 2.1% 8.2% - -    Income tax expense (benefit) 108.7 467.8 (359.2) (76.8) Cash and cash equivalents 16,201.4 18,458.5 (2,257.1) (12.2) Month High Low Close High Low Close BBVA BANCOMER Miguel Ulloa miguel.ulloa@bbva.com In millions pesos 2019 2019 2018 U.S. Dollar March 31, Forward Vanilla, Calls and Puts Hedge $    901,574 $         19.41 $         19.67 $     -4,655 $      2,051 90% in 2019 and 10% in 2020 The deals consider the possibility of margin calls but not another kind of guarantee -2.5% 2.5% 5.0% -2.5% 2.5% 5.0%
Net sales in the U.S. 4,012.3 4,211.5 (199.2) (4.7) Other 1,470.8 1,528.4 (57.6) (3.8) Others 127,430 124,569 2,861.3 2.3 Gross margin 12.6% 21.0% - - Financial Expense 59.4 298.4 (239.0) (80.1) Deferred income tax 59.3 151.9 (92.6) (61.0) Non-Controlling Interest income 3.8 5.3 (1.5) n/a    Result in associates (3.8) 5.3 (1.5) (28.6) Accounts receivable 3,935.3 3,486.5 448.9 12.9 Mar-19 75.88 70.51 74.59 47.98 45.72 46.10 GBM Miguel Tortolero matortolero@gbm.com.mx TOTAL ASSETS $           2,646.3 51,364.5 52,865.6 Net sales $         738.0 14,323.6 15,303.0 2019 2019 2018 Futures for corn and soybean meal Hedge $      233,218  CORN   CORN  -$        2,474 -$          104 100% in 2019 Forward Vanilla, Calls and Puts -$               4,655 $18.92 $       19.90 $       20.38  Direct  -$   27,194 $   17,885 $ 40,424
Net controlling interest income 298.8 1,255.6 (956.9)  n/a    Net finance (income) expense (76.0) 93.8 (169.8) (181.1) TOTAL LIABILITIES 12,148.1 14,699.9 (2,551.8) (17.4) Feb-19 76.06 72.83 74.84 47.74 45.17 46.93 MIRANDA-GR Martin Lara martin.lara@miranda-gr.com Cost of sales 644.8 12,515.7 12,085.8  In USD per Bushel   In USD per Bushel  -5% 5% 10% -5% 5% 10%
Basic and diluted income per share1 0.50 2.09 (1.6) n/a    Depreciation and amortization 319.7 268.5 51.2 (19.1) Accounts payable 3,181.3 4,228.4 (1,047.1) (24.8) Jan-19 74.37 65.38 73.31 46.53 40.07 46.00 JPMORGAN Ulises Argote ulises.argote@jpmorgan.com Total current assets 1,397.9 27,132.4 29,775.0 Gross profit 93.1 1,807.9 3,217.2 NET MAJORITY INCOME BEFORE INCOME TAX $                    21.2 411.2 1,728.7  month   price   month   price  Futures of Corn: (2) -$               2,474 $       3.387 $       3.743 $       3.922  The effect will materialize as the inventory is consumed  -$     2,234 -$     2,713 -$   2,953
Basic and diluted income per ADR2 5.98 25.11 (19.1) n/a EBITDA 654.9 2,091.0 (1,436.1) (68.7) Short-term debt 2,227.4 3,492.8 (1,265.4) (36.2) Dec-18 70.53 63.50 64.52 41.60 38.08 39.56 INVEX Giselle Mojica gmojica@invex.com    Cash and cash equivalents 834.7 16,201.4 18,458.5 SG&A 76.0 1,474.4 1,385.5 Mar-19 $           3.750 Futures of Soybean Meal: (2) $       291.2 $       321.8 $       337.2
Weighted average Shares outstanding3 599,920 600,000 - - EBITDA Margin (%) 4.6% 13.7% - - Long-term debt 1,539.3 1,544.8 (5.5) (0.4) Nov-18 75.14 66.38 70.90 45.43 39.00 41.72 SANTANDER Luis Miranda lmiranda@santander.com.mx    Total accounts receivable 202.7 3,935.3 3,486.5 Other income (expenses), net 0.1 1.6 (9.2) ITEMS RELATING TO INVESTING ACTIVITIES: 7.8 151.6 172.0 May-19 $           3.565 May-19 $           3.830 Options for Corn -$               2,846 $       3.387 $       3.743 $       3.922 -$     9,372 $     3,680 $ 10,206
1 In pesos Net sales 14,323.6 15,303.0 (979.4) (6.4) TOTAL STOCKHOLDERS' EQUITY 38,416.7 38,165.7 251.0 0.7 Oct-18 87.37 74.14 74.51 55.23 43.83 43.86    Inventories 322.5 6,259.7 6,649.1 Operating income  17.3 335.2 1,822.5       Depreciation and others 16.5 319.7 305.0 Jul-19 $           3.663 Jul-19 $           3.908 Options of Soybean Meal $                     97 $       291.2 $       321.8 $       337.2 -$     6,645 $     6,839 $ 13,580
2 in pesos, an ADR is equal to twelve shares Capital stock 1,174.4 1,174.3 0.1 0.0    Other current assets 37.9 736.0 1,180.9 Net finance income 3.9 76.0 (93.8)       Income (loss) on sale of plant and equipment (0.2) (3.2) 3.7 Sep-19 $           3.750 Sep-19 $           3.935
3 In thousands of shares Income tax  5.6 108.7 467.8       Other Items (8.5) (164.9) (136.7) Dec-19 $           3.848 Dec-19 $           3.975 (1)The reference value is the exchange  rate of Ps. $19.41 per USD as of March 31, 2019.
Total non current assets 1,248.4 24,232.1 23,090.6 Net Income $           15.6 302.5 1,260.9  SOYBEAN MEAL   SOYBEAN MEAL  (2)The reference values are; the future of corn for May 2019, $3.565 USD/bushel and the future of soybean meal for May 2019, $306.5  USD/ton.
   Net property, plant and equipment 930.9 18,069.7 18,018.2 NET CASH GENERATED FROM NET INCOME BEFORE TAXES 29.0 562.7 1,900.8  In USD per ton   In USD per ton      'All the evaluations are performed according with the corresponding future, here only the first month futures are shown.
   Other non current Assets 317.5 6,162.4 5,072.4 Non-controlling interest 0.19 3.8 5.3 CASH GENERATED OR USED IN THE OPERATION: (67.5) (1,310.4) (589.6)  month   price   month   price  (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.
Net controlling interest profit 15.4 298.8 1,255.6    Decrease (increase) in accounts receivable (23.6) (458.0) 119.3 May-19 $           306.5 May-19 $           313.3 -A negative value means an unfavorable effect for the Company.
TOTAL LIABILITIES $              667.1 12,947.8 14,699.9 Basic and diluted earnings per share 0.03 0.50 2.09    Decrease (increase) in inventories 18.8 364.6 498.1 Jul-19 $           310.0
Basic and diluted earnings per ADR 0.31 5.98 25.11    Increase (decrease) in accounts payable (136.7) (2,653.0) (380.9) Aug-19 $           311.5
Total current liabilities 330.2 6,409.2 9,084.9 Weighted average Shares outstanding1 599,920 599,920 600,000    Other Items 74.0 1,436.0 (826.2) Sep-19 $           313.0
   Notes payable to banks 114.8 2,227.4 3,492.8 Dec-19 $           321.2
   Accounts payable 158.5 3,075.8 4,228.4 EBITDA Result $           33.7 654.9 2,091.0 NET CASH FLOW FROM OPERATING ACTIVITIES (38.5) (747.7) 1,311.1 Options of Corn Hedge $    130,523  CORN   CORN  -$        2,846 $             65 92% in 2019; 8% in 2020
   Other taxes payable and other accruals 57.0 1,106.0 1,363.7  In USD per Bushel   In USD per Bushel 
Gross margin 12.6% 12.6% 21.0% NET CASH FLOW FROM INVESTING ACTIVITIES (5.2) (100.0) (61.6)  month   price   month   price 
Total long-term liabilities 336.9 6,538.6 5,614.9 Operating margin 2.3% 2.3% 11.9%       Acquisition of property, plant and equipment (21.1) (409.2) (304.0) May-19 $           3.565
   Long-term debt  79.3 1,539.3 1,544.8 Net margin 2.1% 2.1% 8.2%       Proceeds from sales of property plant and equipment 1.7 33.0 4.4 Jul-19 $           3.663
   Other  non current liabilities 63.0 1,223.2 302.8 EBITDA margin 4.6% 4.6% 13.7%       Other Items 14.2 276.3 238.0 Sep-19 $           3.750 Mar-19 $           3.750
   Deferred income taxes 194.5 3,776.1 3,767.3 Dec-19 $           3.848 May-19 $           3.830
1In thousands CASH FLOW SURPLUS (REQUIREMENTS OF) TO BE USED IN FINANCING ACTIVITIES (43.7) (847.6) 1,249.5 Jan-20 $           3.970 Jul-19 $           3.908
TOTAL STOCKHOLDERS' EQUITY $           1,979.2 38,416.7 38,165.7 Options of soybean meal Hedge $      134,833  SOYBEAN MEAL   SOYBEAN MEAL  $             97 -$          267 80% in 2019; 20% in 2020
Net cash provided by financing activities: (72.7) (1,410.9) (632.4)  In USD per ton   In USD per ton 
Capital stock 60.5 1,174.4 1,174.3    Proceeds from loans 102.6 1,992.4 3,006.8  month   price   month   price 
Commission in shares issued 21.4 414.5 414.5    Principal payments on loans (165.4) (3,211.2) (3,201.5) May-19 $           306.5
Retained earnings 1,837.2 35,659.6 35,354.5    Other items (9.9) (192.1) (437.6)  Jul-19 $           310.0
Others accounts 56.4 1,094.9 1,153.0 Net increase (decrease) in cash and equivalents (116.4) (2,258.5) 617.1 Aug-19 $           311.5
Non controlling interest 3.8 73.2 69.5 Sep-19 $           313.0
Cash and investments at the beginning of year $                  950.6 18,451.9 17,240.1 Oct-19 $           314.1
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $           2,646.3 51,364.5 52,865.6 CASH AND INVESTMENTS AT END OF PERIOD $                  834.3 16,193.4 17,857.3 Dec-19 $           316.8 Mar-19 $           309.9
Jan-20 $           317.7 May-19 $           313.3
*Audited Mar-20 $           317.8  Jul-19 $           316.6
-The total financial instruments do not exceed 5% of total assets as of March 31, 2019.
-The notional value represents the net position as of March 31, 2019 at the exchange rate of Ps. 19.41 per one dollar.
-A negative value means an unfavorable effect for the Company.

 

NET SALES BY GEOGRAPHY NET SALES BY SEGMENT NET VOLUME SOLD BY SEGMENT GROSS PROFIT SELLING, GENERAL AND ADMINISTRATIVE EXPENSES ("SG&A") OTHER INCOME (EXPENSE), NET OPERATING INCOME NET FINANCIAL INCOME TAXES FOR THE PERIOD NET INCOME EBITDA AND ADJUSTED EBITDA BALANCE SHEET DATA CAPITAL EXPENDITURES As of March 31, 2019 SHARE PRICE   ANALYST COVERAGE CONSOLIDATED STATEMENT OF FINANCIAL POSITION  CONSOLIDATED STATEMENT OF INCOME CONSOLIDATED STATEMENT OF CASH FLOWS First Quarter 2019 First Quarter 2019 First Quarter 2019
In millions of pesos 1Q19 1Q18 Change In millions of pesos 1Q19 1Q18 Change In tons Change In millions of pesos 1Q19 1Q18 Change In millions of pesos In millions of pesos 1Q19 1Q18 Change In millions of pesos 1Q19 1Q18 Change In millions of pesos 1Q19 1Q18 Change In millions of pesos 1Q19 1Q18 Change In millions of pesos 1Q19 1Q18 Change In millions of pesos 1Q19 1Q18 Change In millions of pesos Mar 31, 2019 Dec. 31, 2018 Change In millions of pesos 2019 2018 Change Total Shares 600,000,000 Mexican Stock Exchange The New York Stock Exchange -Unaudited- First Quarter Results, ended March 31st: In million of pesos Thousands of Mexican Pesos, as of March 31, 2019 Thousands of Mexican Pesos, as of March 31, 2019 PROBABLE SCENARIO Thousands of Mexican Pesos, as of March 31, 2019 STRESS SCENARIO 
$ $ $ % $ $ $ % 1Q19 1Q18 Volume % $ $ $ % 1Q19 1Q18 Change $ $ $ % $ $ $ % $ $ $ % $ $ $ % $ $ $ % $ $ $ % $ $ $ % $ $ $ % Total free float 26.75% Ticker Symbol: Bachoco Ticker Symbol: IBA Institution Analyst name E-mail In U.S. Dollar March 31, December 31, -Unaudited- -Unaudited- TYPE OF FINANCIAL INSTRUMENT OBJECTIVE NOTIONAL VALUE OF THE RELATED COMMODITY REASONABLE VALUE AMOUNTS DUE BY YEAR GUARANTIES REQUIRED TYPE OF FINANCIAL INSTRUMENT REASONABLE VALUE VALUE OF THE RELATED COMMODITY EFFECT ON THE INCOME STATEMENT EFFECT ON THE CASH FLOW(3) TYPE OF FINANCIAL INSTRUMENT REASONABLE VALUE VALUE OF THE RELATED COMMODITY EFFECT ON THE INCOME STATEMENT EFFECT ON THE CASH FLOW
Net sales 14,323.6 15,303.0 (979.4) (6.4) Net sales 14,323.6 15,303.0 (979.4) (6.4) Total sales volume: 553,175 546,750 6,425 1.2 Cost of sales 12,515.7 12,085.8 429.9 3.6 $ $ $ % Other income (expense), net 1.6 (9.2) 10.8 (117.6) Operating income 335.2 1,822.5 (1,487.3) (81.6) Net Financial Income (Expense) 76.0 (93.8) 169.8 (181.1) Total Taxes 108.7 467.8 (359.2) (76.8) Net income 302.5 1,260.9 (958.4) (76.0) Net controlling interest income 298.8 1,255.6 (956.9) (76.2) TOTAL ASSETS 50,564.8 52,865.6 (2,300.8) (4.4) Capital Expenditures 409.9 304.0 105.9 34.8 Market cap (millions of pesos) $44,754 In nominal pesos per Share In U.S. Dollar per ADR ACTINVER José Antonio Cebeira jcebeira@actinver.com.mx In million pesos 2019 2019 2018* U.S. Dollar 1Q-2019 4Q-2018 1Q-2019 4Q-2018 Reference Value (1) Reference Value
Net sales in Mexico 10,311.3 11,091.5 (780.1) (7.0) Poultry 12,852.8 13,774.5 (921.7) (6.7) Poultry 425,745 422,181 3,564 0.8 Gross profit 1,807.9 3,217.2 (1,409.3) (43.8) Total SG&A 1,474.4 1,385.5 88.9 6.4 Operating margin 2.3% 11.9% - - Financial Income 135.4 204.6 (69.3) (33.8) Income tax 49.3 315.9 (266.6) (84.4) Net margin 2.1% 8.2% - -    Income tax expense (benefit) 108.7 467.8 (359.2) (76.8) Cash and cash equivalents 16,201.4 18,458.5 (2,257.1) (12.2) Month High Low Close High Low Close BBVA BANCOMER Miguel Ulloa miguel.ulloa@bbva.com In millions pesos 2019 2019 2018 U.S. Dollar March 31, Forward Vanilla, Calls and Puts Hedge $    901,574 $         19.41 $         19.67 $     -4,655 $      2,051 90% in 2019 and 10% in 2020 The deals consider the possibility of margin calls but not another kind of guarantee -2.5% 2.5% 5.0% -2.5% 2.5% 5.0% -50% -25% 25% 50% -50% -25% 25% 50%
Net sales in the U.S. 4,012.3 4,211.5 (199.2) (4.7) Other 1,470.8 1,528.4 (57.6) (3.8) Others 127,430 124,569 2,861.3 2.3 Gross margin 12.6% 21.0% - - Financial Expense 59.4 298.4 (239.0) (80.1) Deferred income tax 59.3 151.9 (92.6) (61.0) Non-Controlling Interest income 3.8 5.3 (1.5) n/a    Result in associates (3.8) 5.3 (1.5) (28.6) Accounts receivable 3,935.3 3,486.5 448.9 12.9 Mar-19 75.88 70.51 74.59 47.98 45.72 46.10 GBM Miguel Tortolero matortolero@gbm.com.mx TOTAL ASSETS $           2,646.3 51,364.5 52,865.6 Net sales $         738.0 14,323.6 15,303.0 2019 2019 2018 Futures for corn and soybean meal Hedge $      233,218  CORN   CORN  -$        2,474 -$          104 100% in 2019 Forward Vanilla, Calls and Puts -$               4,655 $18.92 $       19.90 $       20.38  Direct  -$   27,194 $   17,885 $ 40,424 Forward Vanilla, Calls and Puts -$               4,655 $9.71 $14.56 $24.26 $29.12  Direct  -$455,441 -$230,048 $220,739 $446,132
Net controlling interest income 298.8 1,255.6 (956.9)  n/a    Net finance (income) expense (76.0) 93.8 (169.8) (181.1) TOTAL LIABILITIES 12,148.1 14,699.9 (2,551.8) (17.4) Feb-19 76.06 72.83 74.84 47.74 45.17 46.93 MIRANDA-GR Martin Lara martin.lara@miranda-gr.com Cost of sales 644.8 12,515.7 12,085.8  In USD per Bushel   In USD per Bushel  -5% 5% 10% -5% 5% 10%
Basic and diluted income per share1 0.50 2.09 (1.6) n/a    Depreciation and amortization 319.7 268.5 51.2 (19.1) Accounts payable 3,181.3 4,228.4 (1,047.1) (24.8) Jan-19 74.37 65.38 73.31 46.53 40.07 46.00 JPMORGAN Ulises Argote ulises.argote@jpmorgan.com Total current assets 1,397.9 27,132.4 29,775.0 Gross profit 93.1 1,807.9 3,217.2 NET MAJORITY INCOME BEFORE INCOME TAX $                    21.2 411.2 1,728.7  month   price   month   price  Futures of Corn: (2) -$               2,474 $       3.387 $       3.743 $       3.922  The effect will materialize as the inventory is consumed  -$     2,234 -$     2,713 -$   2,953
Basic and diluted income per ADR2 5.98 25.11 (19.1) n/a EBITDA 654.9 2,091.0 (1,436.1) (68.7) Short-term debt 2,227.4 3,492.8 (1,265.4) (36.2) Dec-18 70.53 63.50 64.52 41.60 38.08 39.56 INVEX Giselle Mojica gmojica@invex.com    Cash and cash equivalents 834.7 16,201.4 18,458.5 SG&A 76.0 1,474.4 1,385.5 Mar-19 $           3.750 Futures of Soybean Meal: (2) $       291.2 $       321.8 $       337.2
Weighted average Shares outstanding3 599,920 600,000 - - EBITDA Margin (%) 4.6% 13.7% - - Long-term debt 1,539.3 1,544.8 (5.5) (0.4) Nov-18 75.14 66.38 70.90 45.43 39.00 41.72 SANTANDER Luis Miranda lmiranda@santander.com.mx    Total accounts receivable 202.7 3,935.3 3,486.5 Other income (expenses), net 0.1 1.6 (9.2) ITEMS RELATING TO INVESTING ACTIVITIES: 7.8 151.6 172.0 May-19 $           3.565 May-19 $           3.830 Options for Corn -$               2,846 $       3.387 $       3.743 $       3.922 -$     9,372 $     3,680 $ 10,206
1 In pesos Net sales 14,323.6 15,303.0 (979.4) (6.4) TOTAL STOCKHOLDERS' EQUITY 38,416.7 38,165.7 251.0 0.7 Oct-18 87.37 74.14 74.51 55.23 43.83 43.86    Inventories 322.5 6,259.7 6,649.1 Operating income  17.3 335.2 1,822.5       Depreciation and others 16.5 319.7 305.0 Jul-19 $           3.663 Jul-19 $           3.908 Options of Soybean Meal $                     97 $       291.2 $       321.8 $       337.2 -$     6,645 $     6,839 $ 13,580
2 in pesos, an ADR is equal to twelve shares Capital stock 1,174.4 1,174.3 0.1 0.0    Other current assets 37.9 736.0 1,180.9 Net finance income 3.9 76.0 (93.8)       Income (loss) on sale of plant and equipment (0.2) (3.2) 3.7 Sep-19 $           3.750 Sep-19 $           3.935
3 In thousands of shares Income tax  5.6 108.7 467.8       Other Items (8.5) (164.9) (136.7) Dec-19 $           3.848 Dec-19 $           3.975 (1)The reference value is the exchange  rate of Ps. $19.41 per USD as of March 31, 2019.
Total non current assets 1,248.4 24,232.1 23,090.6 Net Income $           15.6 302.5 1,260.9  SOYBEAN MEAL   SOYBEAN MEAL  (2)The reference values are; the future of corn for May 2019, $3.565 USD/bushel and the future of soybean meal for May 2019, $306.5  USD/ton.
   Net property, plant and equipment 930.9 18,069.7 18,018.2 NET CASH GENERATED FROM NET INCOME BEFORE TAXES 29.0 562.7 1,900.8  In USD per ton   In USD per ton      'All the evaluations are performed according with the corresponding future, here only the first month futures are shown.
   Other non current Assets 317.5 6,162.4 5,072.4 Non-controlling interest 0.19 3.8 5.3 CASH GENERATED OR USED IN THE OPERATION: (67.5) (1,310.4) (589.6)  month   price   month   price  (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.
Net controlling interest profit 15.4 298.8 1,255.6    Decrease (increase) in accounts receivable (23.6) (458.0) 119.3 May-19 $           306.5 May-19 $           313.3 -A negative value means an unfavorable effect for the Company.
TOTAL LIABILITIES $              667.1 12,947.8 14,699.9 Basic and diluted earnings per share 0.03 0.50 2.09    Decrease (increase) in inventories 18.8 364.6 498.1 Jul-19 $           310.0
Basic and diluted earnings per ADR 0.31 5.98 25.11    Increase (decrease) in accounts payable (136.7) (2,653.0) (380.9) Aug-19 $           311.5
Total current liabilities 330.2 6,409.2 9,084.9 Weighted average Shares outstanding1 599,920 599,920 600,000    Other Items 74.0 1,436.0 (826.2) Sep-19 $           313.0
   Notes payable to banks 114.8 2,227.4 3,492.8 Dec-19 $           321.2
   Accounts payable 158.5 3,075.8 4,228.4 EBITDA Result $           33.7 654.9 2,091.0 NET CASH FLOW FROM OPERATING ACTIVITIES (38.5) (747.7) 1,311.1 Options of Corn Hedge $    130,523  CORN   CORN  -$        2,846 $             65 92% in 2019; 8% in 2020
   Other taxes payable and other accruals 57.0 1,106.0 1,363.7  In USD per Bushel   In USD per Bushel 
Gross margin 12.6% 12.6% 21.0% NET CASH FLOW FROM INVESTING ACTIVITIES (5.2) (100.0) (61.6)  month   price   month   price 
Total long-term liabilities 336.9 6,538.6 5,614.9 Operating margin 2.3% 2.3% 11.9%       Acquisition of property, plant and equipment (21.1) (409.2) (304.0) May-19 $           3.565
   Long-term debt  79.3 1,539.3 1,544.8 Net margin 2.1% 2.1% 8.2%       Proceeds from sales of property plant and equipment 1.7 33.0 4.4 Jul-19 $           3.663
   Other  non current liabilities 63.0 1,223.2 302.8 EBITDA margin 4.6% 4.6% 13.7%       Other Items 14.2 276.3 238.0 Sep-19 $           3.750 Mar-19 $           3.750
   Deferred income taxes 194.5 3,776.1 3,767.3 Dec-19 $           3.848 May-19 $           3.830
1In thousands CASH FLOW SURPLUS (REQUIREMENTS OF) TO BE USED IN FINANCING ACTIVITIES (43.7) (847.6) 1,249.5 Jan-20 $           3.970 Jul-19 $           3.908
TOTAL STOCKHOLDERS' EQUITY $           1,979.2 38,416.7 38,165.7 Options of soybean meal Hedge $      134,833  SOYBEAN MEAL   SOYBEAN MEAL  $             97 -$          267 80% in 2019; 20% in 2020
Net cash provided by financing activities: (72.7) (1,410.9) (632.4)  In USD per ton   In USD per ton 
Capital stock 60.5 1,174.4 1,174.3    Proceeds from loans 102.6 1,992.4 3,006.8  month   price   month   price 
Commission in shares issued 21.4 414.5 414.5    Principal payments on loans (165.4) (3,211.2) (3,201.5) May-19 $           306.5
Retained earnings 1,837.2 35,659.6 35,354.5    Other items (9.9) (192.1) (437.6)  Jul-19 $           310.0
Others accounts 56.4 1,094.9 1,153.0 Net increase (decrease) in cash and equivalents (116.4) (2,258.5) 617.1 Aug-19 $           311.5
Non controlling interest 3.8 73.2 69.5 Sep-19 $           313.0
Cash and investments at the beginning of year $                  950.6 18,451.9 17,240.1 Oct-19 $           314.1
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $           2,646.3 51,364.5 52,865.6 CASH AND INVESTMENTS AT END OF PERIOD $                  834.3 16,193.4 17,857.3 Dec-19 $           316.8 Mar-19 $           309.9
Jan-20 $           317.7 May-19 $           313.3
*Audited Mar-20 $           317.8  Jul-19 $           316.6
-The total financial instruments do not exceed 5% of total assets as of March 31, 2019.
-The notional value represents the net position as of March 31, 2019 at the exchange rate of Ps. 19.41 per one dollar.
-A negative value means an unfavorable effect for the Company.

CONFERENCE CALL INFORMATION

The Company will host its first quarter 2019 earnings call, on Tuesday, April 30th, 2019. 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 in the 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=UOfFJZMLdjzbnt

Confirmation Number: 48509855

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 27,000 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 
Andrea Guerrero
andrea.guerrero@bachoco.net
T. +52(461)618 3555

Cision View original content:http://www.prnewswire.com/news-releases/bachoco-announces-first-quarter-2019-results-300839986.html

SOURCE Industrias Bachoco, S.A.B. de C.V.

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