Genomma Lab Internacional Reports Fourth Quarter & Full Year 2023 Results
"Due to the abrupt devaluation of the Argentine peso in late December, accounting rules required Genomma Lab to record a non-cash negative impact on 4Q23 and full year 2023 earnings. However, excluding this extraordinary accounting effect, the Company's core business is solid with good prospects. This information has been proactively and transparently presented, enabling investors to understand that this is an isolated event, not indicative of operating issues. Genomma remains committed to delivering value for its shareholders through a strong and growing business."
MEXICO CITY, Feb. 21, 2024 /PRNewswire/ -- Genomma Lab Internacional, S.A.B. de C.V. (BMV: LAB B) ("Genomma Lab" or "the Company"), today announced its results for the fourth quarter and full year ended December 31, 2023. All figures included herein are stated in nominal Mexican pesos and have been prepared in accordance with International Financial Reporting Standards (IFRS), unless otherwise mentioned.
The following table provides an abridged Income Statement, in millions of Mexican pesos. The margin for each figure represents its ratio to net sales and the percentage change in full year 2023 as compared with the same audited period in 2022.
FY 2023 | % Sales | FY 2022 (2) | % Sales | Like for like(3) | Var. % | |
Net Sales | 16,466.7 | 100.0 % | 16,819.9 | 100.0 % | +16.7 % | (2.1) % |
Gross Profit | 10,082.8 | 61.2 % | 10,163.5 | 60.4 % | (0.8) % | |
Operating Income | 3,224.2 | 19.6 % | 3,245.2 | 19.3 % | (0.6) % | |
EBITDA(1) | 3,453.5 | 21.0 % | 3,453.1 | 20.5 % | 0.0 % | |
Net Income | 1,030.6 | 6.3 % | 1,389.2 | 8.3 % | (25.8) % | |
1) EBITDA defined as operating income before depreciation and amortization 2) FY-2022 audit adjustments were allocated to Q4-2022 as presented herein. 3) Like For Like currency (excluding Argentina) | ||||||
The following table provides an abridged Income Statement, in millions of Mexican pesos, for the full year 2023 as compared with the same period in 2022, excluding the IAS 29 effect and the special conversion method of IAS 21.
FY 2023 Excl. IAS 29(4) | % Sales | FY 2022 Excl. IAS 29(4) | % Sales | Var. % | ||
Net Sales | 17,411.1 | 100.0 % | 16,860.0 | 100.0 % | +3.3 % | |
EBITDA(1) | 3,930.2 | 22.6 % | 3,480.6 | 20.6 % | +12.9 % | |
Net Income | 1,807.5 | 10.4 % | 2,122.7 | 12.6 % | (14.9) % |
1) | This table is presented as supplementary information (non-IFRS standard). To understand IAS 29 effect on income statement comparison, please refer to annex at the end of this document |
Highlights
- FY-2023 Sales closed at Ps. 16.5 billion
- FY-2023 EBITDA margin of 21.0% a 50bps expansion
- FY-2023 Gross Profit Margin of 61.2% an 80bps year on year increase
- Q4-2023 Net Debt to EBITDA of 1.31x
- Capex Investments for the twelve months ended December 31, 2023 reached Ps. 212.2 million.
For a full version of Genomma Lab's Fourth Quarter 2023 Earnings Release, please visit: https://inversionistas.genommalab.com/en/financial-information
CONFERENCE CALL INFORMATION:
Genomma Lab will host a conference call on Thursday, February 22, 2024, to discuss these results at 12:00 p.m. Eastern Time / 11:00 a.m. Mexico City Time.
To access the call, please register here.
After registration, please use the Zoom link provided to ensure optimal access to the event webcast and to avoid difficulties associated with local carrier connections.
About
Genomma Lab Internacional, S.A.B. de C.V. is one of the leading pharmaceutical and personal care products companies in Mexico with an increasing international presence. Genomma Lab develops, sells and markets a broad range of premium branded products, many of which are leaders in the categories in which they compete in terms of sales and market share. Genomma Lab relies on the combination of a successful new product development process, a consumer-oriented marketing, a broad retail distribution network and a low-cost, highly flexible operating model.
Genomma Lab's shares are listed on the Mexican Stock Exchange under the ticker "LAB B" (Bloomberg: LABB:MM)
Note on Forward-Looking Statements
This report may contain certain forward-looking statements and information relating to the Company that reflect the current views and/or expectations of the Company and its management with respect to its performance, business and future events. Forward looking statements include, without limitation, any statement that may predict, forecast, indicate or imply future results, performance or achievements, and may contain words like "believe," "anticipate," "expect," "envisages," "will likely result," or any other words or phrases of similar meaning. Such statements are subject to a number of risks, uncertainties and assumptions. We caution you that a number of important factors could cause actual results to differ materially from the plans, objectives, expectations, estimates and intentions expressed in this presentation and in oral statements made by authorized officers of the Company. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of their dates. Risks and uncertainties include, but are not limited to: risks related to the impact of the COVID19 global pandemic, such as the scope and duration of the outbreak, government actions and restrictive measures implemented in response, material delays, supply chain disruptions and other impacts to the business, or on the Company's ability to execute business continuity plans as a result of the COVID- 19 pandemic, economic factors, such as interest rate and currency exchange rate fluctuations; competition, including technological advances, new products attained by competitors; challenges inherent in new product development; the ability of the Company to successfully execute strategic plans; the impact of business combinations and divestitures; manufacturing difficulties or delays, internally or within the supply chain; significant adverse litigation or government action, including related to product liability claims; changes to applicable laws and regulations, including tax laws; changes in behavior and spending patterns of purchasers of products and services; financial instability of international economies and legal systems and sovereign risk. A further list and descriptions of these risks, uncertainties and other factors can be found within the Company's related filings with the Bolsa Mexicana de Valores. Any forward-looking statement made in this release speaks only as of the date of this release. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
SOURCE Genomma Lab Internacional, S.A.B. de C.V.
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