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Grupo Simec Announces Results Of Operations For The First Nine Months Of 2015


News provided by

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

Oct 28, 2015, 04:30 ET

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GUADALAJARA, Mexico, Oct. 28, 2015 /PRNewswire/ -- Grupo Simec, S.A.B. de C.V. (NYSE: SIM) ("Simec") announced today its results of operations for the nine-month period ended September 30, 2015.

Comparative first nine months of 2015 vs. first nine months of 2014

Net Sales
Net sales of the Company decreased 3% from Ps. 20,225 million in the first nine months of 2014 to Ps. 19,551 million in the first nine months of 2015. Shipments of finished steel products increased 1% to 1million 664 thousand tons in the first nine months of 2015 compared to 1million 649 thousand tons in the first nine months of 2014. Total sales outside of Mexico in the first nine months of 2015 decreased 18% to Ps. 8,362 million in the first nine months of 2015 compared to Ps. 10,138 million in the same period of 2014. Mexican sales increased 11% from Ps. 10,087 million in the first nine months of 2014 to Ps. 11,189 million in the same period of f 2015. The decrease in sales for the first nine months of 2015 is due to the increased in the volume of shipments compared to the first nine months of 2014 (15 thousand tons equivalent to 1% increase). The average sales price by ton decreased approximately 4%.

Cost of Sales
Cost of sales decreased 8% from Ps. 18,635 million in the first nine months of 2014, to Ps. 17,063 million in the first nine months of 2015. Cost of sales as a percentage of net sales represented 87% in the first nine months of 2015 while in the first nine months of 2014 represented 92%. Cost of sales by steel ton decreased approximately 9% in the first nine months of 2015 over the same period of 2014 due to a higher volume shipment and a better price in inputs.

Gross Profit
Gross profit of the Company for the first nine months of 2015 increased 56% from Ps. 1,590 million in the first nine months of 2014, to Ps. 2,488 million in the first nine months of 2015. Marginal profit as percentage of net sales in the first nine months of 2015 was of 13% while in the first nine months of 2014 was of 8%. The gross profit increase is given by a better average cost of raw materials.

General, Selling and Administrative Expense
Selling, general and administrative expenses increased 17%, from Ps.826 million in the first nine months of 2014 to Ps. 970 million in the same period of 2015, selling, general and administrative expenses represented 5% of the net sales of the first nine months of 2015 and 4% of net sales in the first nine months of 2014.

Other Income (Expenses,) net
The Company recorded other income net for Ps. 102 million during the first nine months of 2015 while in the same periods of 2014 the other income net by this concept was of Ps. 58 million.

Operating Income
Operating income increased 97% from Ps. 822 million for the first nine months of 2014 compared to Ps. 1,620 million in the first nine months of 2015. Operating income as percentage of net sales was 8% in the first nine months of 2015 compared to 4% in the same period of 2014. The increase in operating income is due to a better average cost in the first nine months of 2015 compared with the same period of 2014.

Ebitda
The Ebitda increased 57%, from Ps. 1,571 million in the first nine months of 2014 to Ps. 2,465 million in the first nine months of 2015, due to a better average cost of raw materials.

Comprehensive Financial Cost
Comprehensive financial cost for the first nine months of 2015 represented an expense of Ps. 40 million compared with an income of Ps. 61 million for the first nine months of 2014. The net interest income was of Ps. 4 million for the first nine months of 2015, compared with a net interest expense of Ps. 9 million in 2014. Also we record an exchange loss of Ps.44 million in the first nine months of 2015 compared with an exchange profit of Ps. 70 million in the first nine months of 2014 due to the slip in the exchange rate of the Ps. against the dollar of 16% in the first nine months of 2015.

Income Taxes
The Company recorded an expense of Ps.1,260 million for the net income tax during the first nine months of 2015 it is due to one-time payment of consolidated income tax derived from a dispute with the tax authority, (includes a deferred income tax of Ps. 162 million) compared with an income of Ps. 63 million of income tax for the first nine months of 2014 (includes a deferred income tax of Ps. 45 million).

Net Income
As a result of the foregoing, the Company recorded a decrease in net income of 53% to pass of Ps. 1,183 million in the first nine months of 2014 to Ps. 560 million of the same period of 2015.

Liquidity and Capital Resources

At September 30, 2015, Simec's total consolidated debt consisted of U.S. $302,000 of 8 7/8% medium-term notes ("MTN's") due 1998, or Ps. 5.2 million (accrued interest on September 30, 2015 was U.S. $577,000, or Ps. 9.9 million).  At 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, or Ps. 4.4 million (accrued interest on December 31, 2014 was U.S. $556,000, or Ps. 8.9 million).

Comparative third quarter of 2015 vs. second quarter of 2015

Net Sales
Net sales of the Company increased to pass of Ps. 6,307 million during the second quarter of 2015 to Ps. 6,347 million in the third quarter of 2015. Shipments of finished steel products were maintained from 545 thousand tons in the second quarter of 2015 to 546 thousand tons in the third quarter of the same year. Total sales outside of Mexico in the third quarter of 2015 decreased 9% to get to Ps. 2,482 million compared to Ps. 2,733 million of the second quarter of the same year. Mexican sales show an increase of from Ps. 3,573 million in the second quarter of 2015 to Ps. 3,865 million in the third quarter of the same year. The average selling price increased slightly 0.5% in the third quarter of 2015 compared to the second quarter of the same year.

Cost of Sales
Cost of sales increased from Ps. 5,454 million in the second quarter of 2015 to Ps. 5,587 million in the third quarter of 2015. Cost of sales as a percentage of net sales represented 88% for the third quarter of 2015 compared to 86% for the second quarter of the same year. The cost of sales by ton increases 2% in the third quarter of 2015 compared to the second quarter of the same year, due mainly to increase of raw materials.

Gross Profit
Gross profit of the Company for the third quarter of 2015 decreased 11% to pass of Ps. 853 million in the second quarter of 2015 to Ps. 760 million in the third quarter of same year. Gross profit as a percentage of net sales in the third quarter of 2015 was of 12% compared to 14% in the second quarter of the same year. The decreased in the gross profit in the third quarter of 2015 is due to a decreased in the average selling price.

General, Selling and Administrative Expense
Selling, general and administrative expense decreased 11% to pass of Ps. 368 million in the second quarter of 2015 to Ps. 329 million in the third quarter of the same year, and as percentage of net sales represented 5% for the third quarter of 2015 and 6% for the second quarter of 2015.

Other (Expenses) Income, net
The Company recorded other income net for Ps. 94 million during the third quarter of 2015 compared to other income net for Ps. 5 million in the second quarter of 2015.

Operating Income
The Operating income was of Ps. 525 million in the third quarter of 2015 compared to Ps. 490 million in the second quarter of the same year. Operating income as percentage of net sales was 8% for both periods.

Ebitda
The Ebitda show an increase of 3%, this is due to previously mentioned. The Ebitda, of the third quarter was of Ps. 806 million versus Ps. 782 million in the second quarter of 2015.

Comprehensive Financial Cost
Comprehensive financial cost of the Company in the third quarter of 2015 represented an expense of Ps. 109 million compared with an income of Ps. 50 million for the second quarter of 2015. The comprehensive financial cost is comprised for: the net interest income of Ps.9 million in the third quarter of 2015 compared to net interest expense of 1 million in the second quarter of the same year. Also we record a net exchange loss net of Ps. 118 million in the third quarter of 2015 compared a net exchange profit of Ps. 51 million in the second quarter of the same year.

Income Taxes
The Company have been recorded Ps. 758 million of expense tax during the third quarter of 2015, it is due to one-time payment of consolidated income tax derived from a dispute with the tax authority, (includes a deferred income tax of Ps.161 million) compared with the Ps. 236 million of expense for the second quarter of the same year, (includes a deferred expense tax of Ps. 8 million).

Net Income
As a result of the foregoing, the Company recorded a net loss of Ps. 292 million in the third quarter of 2015 compared to a net income of Ps. 412 million for the second quarter of 2015.

Comparative third quarter of 2015 vs. third quarter of 2014

Net Sales
Net sales of the Company decreased 10% from Ps. 7,021 million during the third quarter of 2014 to Ps. 6,347 million in the third quarter of 2015. Sales in tons of finished steel decreased from 583 thousand tons in the third quarter of 2014 compared with 546 thousand tons in the third quarter of 2015. Sales outside of Mexico decreased 29% from Ps. 3,482 million in the third quarter of 2014 to Ps. 2,482 million in the third quarter of 2015. Mexican sales increased 9% from Ps. 3,539 million in the third quarter of 2014 to Ps. 3,865 million in the third quarter of 2015. The average sales price decreased approximately 3% in the third quarter of 2015, compared to the same period of the 2014.

Cost of Sales
Cost of sales decreased 15% in the third quarter of 2015 compared to the third quarter of 2014 from Ps. 6,564 million in the third quarter of 2014 to Ps. 5,587 million in the third quarter of 2015. With respect to sales, the cost of sales of the third quarter of 2014 represented 93% compared to 88% for the third quarter of 2015. The average cost of raw materials used to produce steel products decreased 9% in the third quarter of 2015 versus the third quarter of 2014, due to decrease of raw materials prices.

Gross (Loss) Profit
Gross profit of the Company for the third quarter of 2015 increased 66% from Ps. 457 million in the third quarter of 2014 compared to Ps. 760 million in the third quarter of 2015. Gross profit as a percentage of net sales for the third quarter of 2015 was 12% compared to 7% of the third quarter of 2014. The increase in gross profit is due an increase in the average selling cost of some raw materials.

General, Selling and Administrative Expense
The selling, general and administrative expense increased 21% in the third quarter of 2015 from Ps. 329 million in the third quarter of 2015 to Ps. 271 million in the third quarter of 2014. Selling, general and administrative expense as a percentage of net sales represented 5% for the third quarter of 2015 compared to 4% of the third quarter of 2014.

Other Income (Expenses), net
The company recorded other income net of Ps. 94 million in the third quarter of 2015 compared with other income net of Ps. 49 million for the third quarter of 2014.

Operating (Loss) Income
Operating income increased from Ps. 235 million in the third quarter of 2014 compared to Ps. 525 million in the third quarter of 2015, this represent 123% of increase between both quarters. The operating income as a percentage of net sales was 3% for both periods. The increase in the operating income is due to a better cost of sales.

Ebitda
The Ebitda of the third quarter of 2015 increased 66%  from Ps 487 million in the third quarter of 2014 to Ps. 806 million of the same period of 2015, this is due to the above explained in the operating income.

Comprehensive Financial Cost
Comprehensive financial cost of the Company for the third quarter of 2015 represented a net expense of Ps. 109 million compared with an income of Ps.89 million for the third quarter of 2014. The comprehensive financial cost is comprised for: the net interest income of Ps. 9 million in the third quarter of 2015, compared to a net interest income of Ps. 5 million for the same period of 2014. Also record an exchange gain of Ps. 84 million in the third quarter of 2014 and an exchange loss of Ps. 118 million in the third quarter of 2015.

Income Taxes
The company recorded an expense tax for Ps. 758 million in the third quarter of 2015, it is due to one-time payment of consolidated income tax derived from a dispute with the tax authority, (includes a deferred income tax of Ps. 161 million) compared to an income of Ps. 28 million for income tax for the third quarter of 2014, (includes an accrual of deferred expense tax of Ps. 6 million).

Net Income (Loss)
As a result of the foregoing, the Company recorded a net loss of Ps. 292 million in the third quarter of 2015 compared to a net income of Ps. 460 million for the same period of 2014.

(millions of pesos)

Jan - Sep '15


Jan - Sep '14


Year 15 vs
 '14

Sales

19,551


20,225


(3%)

Cost of Sales

17,063


18,635


(8%)

Gross Profit

2,488


1,590


56%

Selling, General and Administrative Expense

970


826


17%

Other Income (Expenses), net

102


58


76%

Operating Profit

1,620


822


97%

EBITDA

2,465


1,571


57%

Net income 

560


1,183


(53%)

Sales Outside Mexico

8,362


10,138


(18%)

Sales in Mexico

11,189


10,087


11%

Total Sales (Tons)

1,664


1,649


1%

Cost by ton

10,254


11,301


(9%)

Quarter






(millions of pesos)

3Q'15

2Q '15

3Q '14

3Q´15vs
2Q´15

3Q´15 vs
3Q '14

Sales

6,347

6,307

7,021

1%

(10%)

Cost of Sales

5,587

5,454

6,564

2%

(15%)

Gross Profit

760

853

457

(11%)

66%

Selling, General and Adm. Expenses

329

368

271

(11%)

21%

Other Income (Expenses), net

94

5

49

1,780%

92%

Operating Profit

525

490

235

7%

123%

EBITDA

806

782

487

3%

66%

Net Income

-292

412

460

(171%)

(163%)

Sales Outside Mexico

2,482

2,733

3,482

(9%)

(29%)

Sales in Mexico

3,865

3,573

3,539

8%

9%

Total Sales (Tons)

546

545

583

0%

(6%)


10,233

10,007

11,259

2%

(9%)

Product

Thousands of Tons

Jan-Sep 2015

Millions of Pesos Jan-Sep 2015

Average Price per Ton

Jan-Sep

2015

Thousands of Tons

Jan – Sep 2014

Millions of Pesos      Jan- Sep 2014

Average Price per Ton

 Jan-Sep

2014

Special Profiles

783

10,581

13,865

946

13,380

14,144

Commercial Profiles

881

8,700

9,875

703

6,845

9,737

Total

1,664

19,551

11,749

1,649

20,225

12,265

Product

Thousands of Tons

Jul-Sep 2015

Millions of Pesos     Jul-Sep 2015

Average Price per Ton

Jul-Sep

2015

Thousands of Tons

Apr-Jun

2015

Millions of Pesos     Apr-Jun

2015

Average Price per Ton

Apr-Jun

2015

Thousands of Tons

Jul-Sep

2014

Millions of Pesos 

Jul-Sep 2014

Average Price per

Ton  Jul-Sep

2014

Special Profiles

247

3,285

13,300

262

3,560

13,588

311

4,326

13,910

Commercial Profiles

299

3,062

10,240

283

2,747

9,706

272

2,695

9,908











Total

546

6,347

11,624

545

6,307

11,572

583

7,021

12,043

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.


Calzada Lazaro Cardenas 601


44440 Guadalajara, Jalisco, México


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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