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Grupo Simec Announces Audited Results of Operations for the Twelve Month Period Ended December 31, 2014


News provided by

Grupo Simec, S.A.B. de C.V.

Apr 29, 2015, 01:00 ET

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GUADALAJARA, Mexico, April 29, 2015 /PRNewswire/ -- Grupo Simec, S.A.B. de C.V. (NYSE: SIM) ("Simec") announced today its results of operations Audited for the twelve-month period ended December 31, 2014 and December 31, 2013.

Twelve-Month Period Ended December 31, 2014 compared to Twelve-Month Period Ended December 31, 2013

Net Sales

Net sales increased 10% by the combination of higher shipments of finished steel products by 6% and the average sales price per ton of 3% compared the same period of 2013, the sale rose from Ps. 24,369 millions in the twelve-month period ended December 31, 2013 to Ps. 26,829 millions in the same period of 2014. Shipments of finished steel products increase 6% to 2 million 197 thousand tons in the twelve-month period ended December 31, 2014 compared to 2 million 064 thousand tons in the same period of 2013. Total sales outside of Mexico in the twelve-month period ended December 31, 2014 increased 17% to Ps. 13,314 million compared with Ps. 11,347 million in the same period of 2013. Total sales in Mexico increased 4% from Ps. 13,022 millions in the twelve-month period ended December 31, 2013 to Ps. 13,515 millions in the same period of 2014.  The increase in sales is due to the increase of the average sales price of 3% and higher shipments of finished steel products by 6%.

Cost of Sales

Cost of sales increased 14% from Ps. 22,410 millions in the twelve-month period ended December 31, 2013 to Ps. 25,492 millions in the same period of 2014. Cost of sales as a percentage of net sales in twelve months ended on December 31 of 2014 represented 95% and 92% in the same period of 2013. The average cost of finished steel produced in the twelve-month period ended December 31, 2014 compared to the same period of 2013 increased approximately 7% by higher costs of SBQ steel.

Gross Profit

Gross profit of the Company in the twelve-month period ended December 31, 2014 was of Ps. 1,337 million compared to Ps. 1,959 millions in the same period of 2013. Gross profit as a percentage of net sales represented 5% in the twelve-month period ended December 31, 2014 and 8% in the same period of 2013. The decrease in the gross profit is due to higher shipments of finished steel products and higher inputs costs in 2014, compared with the same period of 2013.

Operating Expenses

Selling, general and administrative expenses increased 7% from Ps. 1,117 millions in the twelve-month period ended December 31, 2013 to Ps. 1,194 million in the same period of 2014. Selling, general and administrative expenses as a percentage of net sales represented 5% during the twelve-month period ended December 31, 2013 and 4% in the same period of 2014.

Other Expenses (Income) net

The company recorded other expenses of Ps. 59 millions in the twelve-month period ended December 31, 2013 compared to other net income of Ps. 61 millions in the same period of 2014.

Operating Income

Operating income decreased 74% from Ps. 783 million for the twelve-month period ended December 31, 2013 to Ps. 203 millions in the same period of 2014. Operating income as a percentage of net sales represented 3% during the twelve-month period ended December 31, 2013 and 1% in the same period of 2014.

EBITDA

The EBITDA of the Company decreased 28% from Ps. 1,836 millions in the twelve-month prior ended December 31, of 2013, to Ps. 1,321 millions in the same period of 2014.

Comprehensive Financial Cost 

Comprehensive financial cost in the twelve-month period ended December 31, 2014 represented a net income of Ps. 477 million compared with a net expense of Ps. 75 millions in the same period of 2013. The net interest was an income of Ps. 3 millions in 2014 compared with a net interest expense of Ps. 9 million in the twelve-month period ended December 31, 2013. As a result, we registered a net exchange income of Ps. 474 millions in the twelve-month period ended December 31, 2014 compared with a net exchange loss of Ps. 66 millions in the same period of 2013, reflecting a 13% increase in the value of the peso versus the dollar in the twelve-month period ended December 31, 2014 compared to December 31, 2013.

Income Taxes

The Company have recorded an expense net tax of Ps. 162 millions in the twelve-month period ended December 31, 2014 (including the income of deferred income tax of Ps. 116 millions) compared with a net income tax of Ps. 282 millions in the same period of 2013 (including the expense tax deferred of Ps. 339 millions).

Net Income (loss) (After Minority Interest)

As a result of the foregoing, net income decreased by 21% from Ps. 1,517 millions in the twelve-month period ended December 31, 2013 to a net income of Ps. 1,204 millions in the same period of 2014. 

Liquidity and Capital Resources

As of December 31, 2014, Simec's total consolidated debt consisted of U.S. $302,000 of 8 7/8% medium-term notes ("MTN's") due 1998, Ps. 4.5 million (accrued interest on December 31, 2014 was U.S. $555,585 or Ps. 6.9 millions).  As of December 31, 2013, Simec's total consolidated debt consisted of U.S. $302,000 of 8 7/8% medium-term notes ("MTN's") due 1998, Ps. 3.9 million (accrued interest on December 31, 2013 was U.S. $527,048, or Ps. 6.9 millions).

Comparative fourth quarter 2014 vs third quarter 2014

Net Sales

Net sales decreased 6% from Ps. 7,021 millions in the third quarter of 2014 to Ps. 6,604 million for the fourth quarter of 2014. Sales in tons decreased from 583 thousand ton in the third quarter of 2014 to 548 thousand ton in the fourth quarter of the same period a decrease of 6%. Total sales outside of Mexico for the fourth quarter of 2014 decreased 9% from Ps. 3,482 millions in the third quarter to Ps. 3,176 millions in the four quarter of 2014. Sales in Mexico diminish to 3,428 million in the fourth quarter of 2014 compared Ps. 3,539 millions in the third quarter of 2014 an decrease of 3%. Prices of finished products sold in the fourth quarter of 2014 remained compared to the third quarter of the same period.

Cost of Sales

Cost of sales increased to Ps. 6,858 millions in the fourth quarter of 2014 compared to Ps. 6,564 million for the third quarter of 2014. With respect to sales, in the fourth quarter of 2014, the cost of sales represented 104% for the fourth quarter of 2014 while for the third quarter of 2014 was of 93%. The average cost of sales by ton increased 11% in the fourth quarter of 2014 versus the third quarter of 2014.

Gross Profit

Gross profit of the Company for the fourth quarter of 2014 decreased 156% to Ps. -254 million compared to Ps. 457 millions in the third quarter of 2014. The gross profit as a percentage of net sales for the fourth quarter was of -4% and 7% for the third quarter of 2014.

Operating Expenses

Selling, general and administrative expenses increased 35% to Ps. 367 millions in the fourth quarter of 2014 compared to Ps. 271 million for the third quarter of 2014. Selling, general and administrative expenses as a percentage of net sales represented 6% during the fourth quarter of 2014 and 4% for the third quarter of 2014.

Other Expenses (Income) net

The company recorded other net income of Ps. 3 millions in the fourth quarter of 2014 compared to other net income of Ps. 49 million for the third quarter of 2014.

Operating (Loss) Income

Operating income was of Ps -618 million in the fourth quarter of 2014 compared to an operating income of Ps. 235 millions in the third quarter of 2014. The operating income as a percentage of net sales in the fourth quarter of 2014 represented -9% while the operating income for the third quarter of 2014 represented 3%.

EBITDA

The EBITDA was Ps. 487 millions in the third quarter of 2014 compared to Ps. -249 million for the fourth quarter of 2014 due to the above explained.

Comprehensive Financial Income (Cost)

Comprehensive financial cost for the fourth quarter for 2014 was a net income of Ps. 415 million compared with a net income of Ps. 89 million for the third quarter of 2014. The net interest income in the fourth quarter was Ps 11 million compared to Ps 5 millions in the third quarter of 2014. At the same time we registered an exchange net income of Ps. 84 millions in the third quarter of 2014 compared with an exchange net income of Ps. 404 millions in the fourth quarter of 2014.

Income Taxes

Income Taxes for the fourth quarter of 2014 had an expense net tax of Ps. 225 million (including an income tax deferred for Ps. 71 millions) compared to an income of Ps. 28 million for the third quarter of 2014, (including an expense tax deferred of Ps. 6 millions).

Net Income (loss) (After Minority Interest)

As a result of the foregoing, the Company had a net income of Ps. 21 millions in the fourth quarter of 2014 compared to Ps. 460 million of net income in the third quarter of 2014.

Comparative fourth quarter 2014 vs fourth quarter 2013

Net Sales

Net sales increased 19% from Ps. 5,532 million for the fourth quarter of 2013 to Ps. 6,604 million for the fourth quarter of 2014. Sales in tons of finished steel in the fourth quarter of 2013 were 485 thousand tons versus to 548 thousand tons in the fourth quarter of 2014. Total sales outside of Mexico increase 30% from Ps. 2,437 million for the fourth quarter of 2013 to Ps. 3,176 millions in the fourth quarter of 2014. Sales in Mexico increased 11% from Ps. 3,095 millions in the fourth quarter of 2013 to Ps. 3,428 millions in the fourth quarter of 2014. The average sales prices of finished products sold in the fourth quarter of 2014 increased approximately 6% compared to the fourth quarter of 2013.

Cost of Sales

Cost of sales increased 26% from Ps. 5,446 millions in the fourth quarter of 2013 compared to Ps. 6,858 million for the fourth quarter of 2014. With respect to sales, the cost of sales represented 104% during the fourth quarter of 2014 and 98% during the fourth quarter of 2013. The average cost of steel products increased 11% in the fourth quarter of 2014 versus the fourth quarter of 2013.

Gross Profit

Gross profit for the fourth quarter of 2014 decreased 395% from Ps. 86 millions in the fourth quarter of 2013 compared to Ps. -254 millions in the fourth quarter of 2014. The gross profit as a percentage of net sales represented -4% during the fourth quarter of 2014 and 2% during the fourth quarter of 2013.

Operating Expenses

Selling, general and administrative expenses increased 58% from Ps. 233 millions in the fourth quarter of 2013 compared to Ps. 367 million for the fourth quarter of 2014. Selling, general and administrative expenses as a percentage of net sales represented 6% during the fourth quarter of 2014 and 4% during the fourth quarter of 2013.

Other Expenses (Income) net

The company recorded other expenses net of Ps. 68 millions in the fourth quarter of 2013 compared with other income net of Ps. 3 million for the fourth quarter of 2014.

Operating (Loss) Income

Operating loss was of Ps. 618 millions in the fourth quarter of 2014 compared to an operating loss of Ps. 215 millions in the fourth quarter of 2013. The operating income as a percentage of net sales in the fourth quarter of 2014 was -9%, compared to an operating loss of -4% in the fourth quarter of 2013.

EBITDA

The EBITDA from the fourth quarter of 2014 increased 3,457% from a loss of Ps -7 million in the fourth quarter of 2013 to a loss of Ps -249 million in the fourth quarter of 2014.

Comprehensive Financial Income (Cost)

Comprehensive financial cost for the fourth quarter of 2014 was a net income of Ps. 415 million compared with a net income of Ps 84 million in the fourth quarter of 2013. Net interest income was of Ps. 11 million in the fourth quarter of 2014 compared with a net interest expense of Ps. 18 million in the fourth quarter of 2013. At the same time we registered a net exchange income of Ps. 404 millions in the fourth quarter of 2014 compared with an exchange income of Ps. 66 millions in the fourth quarter of 2013.

Income Taxes

The Company  recorded an expense net taxes for the fourth quarter of 2014 of Ps. 225 million (including an income of deferred income tax of Ps 71 millions),  compared to an income taxes of Ps. 35 million for the fourth quarter of 2013, (including an expense of deferred income tax of Ps. 198 millions).

Net Income (loss) (After Minority Interest)

As a result of the foregoing, the Company recorded a net income of Ps. 21 millions in the fourth quarter of 2014 compared to Ps. 151 million of net income in the fourth quarter of 2013.

(millions of pesos)

Jan - Dec '14


Jan - Dec '13


Year 14 vs
'13

Sales

26,829


24,369


10%

Cost of Sales

25,492


22,410


14%

Gross Profit

1,337


1,959


(32%)

Selling, General and Administrative Expense

1,194


1,117


7%

Other Income (Expenses), net

61


-59


(203%)

Operating Profit

203


783


(74%)

EBITDA

1,321


1,836


(28%)

Net income 

1,204


1,517


(21%)

Sales Outside Mexico

13,314


11,347


17%

Sales in Mexico

13,515


13,022


4%

Total Sales (Tons)

2,197


2,064


6%

Cost by ton

11,603


10,858


7%

Quarter






(millions of pesos)

4Q'14

3Q '14

4Q '13

4Q´14vs
3Q´14

4Q´14 vs
4Q '13

Sales

6,604

7,021

5,532

(6%)

19%

Cost of Sales

6,858

6,564

5,446

4%

26%

Gross Profit

-254

457

86

(156%)

(395%)

Selling, General and Adm. Expenses

367

271

233

35%

58%

Other Income (Expenses), net

3

49

-68

(94%)

(104%)

Operating Profit

-618

235

-215

(363%)

187%

EBITDA

-249

487

-7

(151%)

3457%

Net Income

21

460

151

(95%)

(86%)

Sales Outside Mexico

3,176

3,482

2,437

(9%)

30%

Sales in Mexico

3,428

3,539

3,095

(3%)

11%

Total Sales (Tons)

548

583

485

(6%)

13%


12,515

11,259

11,229

11%

11%

Product

Thousands of
Tons

Jan-Dec 2014

Million of
Pesos
Jan-Dec 2014

Average Price
per Ton

Jan-Dec 2014

Thousands of
Tons

Jan – Dec 2013

Million of
Pesos
Jan- Dec 2013

Average Price
per Ton

Jan-Dec 2013

Special Profiles

1,199

16,985

14,166

1,175

15,965

13,587

Commercial Profiles

998

9,844

9,864

889

8,404

9,453

Total

2,197

26,829

12,212

2,064

24,369

11,087

Product

Thousands of
Tons

Oct-Dec 2014

Million of
Pesos
Oct-Dec 2014

Average Price
per Ton

Oct-Dec 2014

Thousands of
Tons

Jul-Sep 2014

Million of
Pesos
Jul-Sep
2014

Average Price
per Ton

Jul-Sep 2014

Thousands of
Tons
Oct-Dec
2013

Million of
Pesos
Oct-Dec 2013

Average Price
per Ton 
Oct-Dec
2013

Special Profiles

253

3,605

14,249

311

4,326

13,910

266

3,633

13,657

Commercial Profiles

295

2,999

10,166

272

2,695

9,908

219

1,899

8,671











Total

548

6,604

12,051

583

7,021

12,043

485

5,532

11,406

Any forward-looking information contained herein is inherently subject to various risks, uncertainties and assumptions which, if incorrect, may cause actual results to vary materially from those anticipated, expected or estimated. The company assumes no obligation to update any forward-looking information contained herein.

Contact:
Sergio Vigil Gonzalez
Mario Moreno Cortez
Grupo Simec, S.A.B. de C.V.
52 55 1165 1025
52 33 3770 6734

SOURCE Grupo Simec, S.A.B. de C.V.

Related Links

http://www.gsimec.com.mx

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