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Industrias Bachoco Announces First Quarter 2011 Results


News provided by

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

Apr 28, 2011, 05:00 ET

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CELAYA, Mexico, April 28, 2011 /PRNewswire/ -- Industrias Bachoco S.A.B. de C.V. ("Bachoco" or "the Company") (NYSE: IBA; BMV: Bachoco), Mexico's leading producer and processor of poultry products, announced today its unaudited results for the first quarter of 2011, ended on March 31st, 2011. All figures have been prepared in accordance with Mexican GAAP. Following Mexican Accounting Principles, all data is presented in nominal Mexican pesos.

Highlights:

  • Total sales for the first quarter of 2011 rose 1.9%  from the previous year
  • Chicken sales rose 3.6% during 2011 compared with the same 2010's quarter
  • EBITDA margin was 6.0% for 1Q11, compared to an EBITDA margin of 8.6% recorded in the same quarter of 2010
  • Earnings per share in 1Q11 totaled Ps. 0.26 (USD$ 0.26 per ADS), compared to Ps. 0.46 (USD$0.46 per ADS) in the same period of 2010

CEO's Comments:

Rodolfo Ramos, Bachoco's CEO, stated, "The first quarter of 2011 was difficult for our Company.  Our main challenge was to mitigate the negative impact caused by high prices of corn and soybean meal during this period, resulting in higher cost of sales.

"Our chicken business line was affected by a slightly lower demand due mainly to seasonal factors; despite this circumstance, we recorded increases in sales, when compared to the previous quarter.  

"The margins for our eggs business line were affected due to a negative streak of oversupply, impacting volume, sales and prices for these products.

"Our balanced feed products, on the other hand, benefited from stable market conditions; we were able to achieve double-digit increases in both sales and volume sold.  The swine business line was also very stable and was supported by a good balance between demand and supply.

"As a result of our successful hedging strategies, strong control of operating expenses, and the optimization of our products mix, we were able to soften the impact of having adverse conditions during this first quarter and keep achieving positive results.

"On a final note, the Company's Market Maker began its operations in January of this year, and as a result we have seen an increase in the liquidity of our shares trading in the Mexican Exchange.  We are confident that this contract will contribute to a better performance of our shares in addition to the Company's strategy to reach its goals for 2011."

FIRST QUARTER 2011 RESULTS

Net Sales

Net sales during the first quarter amounted to Ps. 6,042.3 million, 1.9% above the Ps. 5,931.2 million reported in the same 2010 quarter. Market conditions were stable for chicken and swine business lines, while conditions improved for balanced feed line. However, results were partially offset by a large decrease in eggs products sales.

Net sales  by business lines

1Q-2010 (%)

1Q-2011 (%)

Chicken

79.8

81.1

Eggs

10.1

8.1

Balanced feed

5.5

7.0

Swine

1.2

1.2

Other lines

3.4

2.5

Total Sales

100.0%

100.0%

Operating Results

Bachoco's gross profit for 1Q11 was Ps. 863.3 million, with a margin of 14.3%, below the Ps. 1,019.9 million and 17.2% margin reported in the same 2010 quarter. This result is attributed to a 5.5% increase in our cost of sales.

Bachoco's operating profit totaled Ps. 186.0 million, less than the operating profit of Ps. 342.0 million recorded in the first quarter of 2010. The operating margin for 1Q11 was 3.1%, compared to an operating margin of 5.8% in 1Q10.

EBITDA for the 1Q11 amounted to Ps. 362.5 million, with a 6.0%  margin, below the Ps. 511.9 million and  8.6% margin reported in the same 2010 period.

Comprehensive Financial Result

During the first quarter of 2011, we recorded a financial income of Ps. 29.3 million, compared with a comprehensive financial cost of Ps. 2.9 million recorded in the same quarter of 2010. The result is mainly attributed to gains in interest income.

Taxes

Total taxes for the first quarter of 2011 were Ps. 31.0 million.

Net Majority Income

Net majority income for the first quarter of 2011 totaled PS. 154.0 million, or Ps. 0.26 per share (US$0.26 per ADS), compared to a net majority income of Ps. 274.9 million, or Ps. 0.46 per share (US$0.46 per ADS) reported in the same 2010 period.

Balance Sheet

Total cash and cash equivalents amounted to Ps. 4,465.7 million as of March 31, 2011, compared to Ps. 2,851.9 million at the end of the first quarter of 2010. The total debt outstanding for the same period was Ps. 609.9 million compared to Ps. 863.4 million as of March 31, 2010.

Capital Expenditures

The CAPEX of first quarter 2011 amounted to Ps. 75.5 million, and was entirely financed with internally generated resources.

FIRST QUARTER RESULTS BY BUSINESS LINES

Chicken

Sales of chicken products for the 1Q11 increased 3.6%, compared to the same 2010 quarter. The balance between supply and demand was stable, with a slight slowdown trend by the middle of the quarter.

Eggs

Sales of table eggs products decreased by 18.2% during this period of 2011, as egg prices decreased 9.9% and volume fell by 9.2%. These figures are a reflection of a large oversupply period observed within the industry.

Balanced Feed

Our balanced feed sales had an improvement from the same quarter of 2010. Sales increased 29.7% as a result of 5.9% increase in prices and a 22.5% increase in volume sold. Market conditions for these products were favorable during this period. Despite the positive performance observed, this business line was also largely affected by increases in corn and soybean meal prices.

Swine

This business line was stable during the first quarter.  Sales rose 6.4%, as swine prices increased 4.6% and volume sold rose 1.7% in the period.

Other Lines

Sales of other lines recorded a decrease, 24.4% lower when compared with the same quarter of 2010, as sales of by-products declined.

Exhibits:

A.- Consolidated Balance Sheet

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

Condensed Consolidated Balance Sheets




U.S.D.

Mexican Pesos


2011(1)

2011(2)

2010(2)




As of March 31,

As of March 31,

ASSETS







Cash and cash equivalents

$

376

Ps

4,466

Ps

2,852

Total accounts receivable


112


1,333


1,495

Inventories


357


4,239


4,278

Other current assets


-


-


-

Total current assets


844


10,038


8,625

Net property, plant and equipment


884


10,508


10,812

Other non current assets


31


373


417

TOTAL ASSETS

$

1,759

Ps

20,918

Ps

19,853








LIABILITIES







Notes payable to banks


12


142


611

Accounts payable


112


1,337


1,441

Other taxes payable and other accruals


27


324


446

Total current liabilities


152


1,803


2,498

Long-term debt


39


468


253

Labor obligations


10


119


91

Deferred income taxes and others


168


2,003


2,096

Total long-term liabilities


218


2,589


2,441

TOTAL LIABILITIES

$

369

Ps

4,392

Ps

4,938








STOCKHOLDERS' EQUITY







Capital stock


193


2,295


2,295

Paid-in capital


63


745


745

Reserve for repurchase of shares


13


157


159

Retained earnings


1,104


13,122


11,389

Net majority income of the year


13


154


275

Deficit from restatement of stockholder's equity


-


-


-

Derivate financial instruments


-


-


-

Total majority stockholder's equity


1,385


16,473


14,863

Minority interest


4


53


51

TOTAL STOCKHOLDERS' EQUITY


1,390


16,526


14,914

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY

$

1,759

Ps

20,918

Ps

19,853

(1) For reference, in millions of U.S. dollars using an exchange rate of $11.89

  Source: Mexico's National Bank, as of March 31, 2011.

(2) Millions of Mexican nominal pesos

B.- Consolidated Statement of Income

INDUSTRIAS BACHOCO, S.A.B. DE C.V.







Consolidated Statements of Income

-unaudited-








FIRST QUARTER


U.S.D.

Mexican Pesos


2011(1)

2011(2)

2010(2)








Net sales

$

508

Ps

6,042

Ps

5,931

Cost of sales


436


5,179


4,911

Gross profit (loss)


73


863


1,020

Selling, general and administrative expenses


57


677


678

Operating income (loss)


16


186


342

  Other income (expense) net


(2)


(29)


(1)

Comprehensive financing (cost) income


2


29


(3)

  Interest income


4


51


34

  Interest expense and financing expenses


(1)


(12)


(19)

  Foreign exchange gain (loss), net


(0)


(3)


4

  Other financial income (expense) net


(1)


(7)


(22)

Income before income tax, asset tax


16


186


338

Total income taxes


3


31


62

  Income tax, asset tax


9


106


46

  Deferred income taxes


(6)


(75)


17

Net income

$

13

Ps

155

Ps

276

Minority net income


0


1


1

Majority net income


13


154


275

weighted average shares outstanding (in thousands)


0


0


0

Net majority Income per share (in U.S.D per ADS)


0.26


0.26


0.46

(1) For reference, in millions of U.S. dollars using an exchange rate of $11.89

  Source: Mexico's National Bank, as of March 31, 2011.

(2) Millions of Mexican nominal pesos

C.- Consolidated Statement Cash Flow

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

Consolidated Statement of Cash Flows




Mexican Pesos


U.S.D.

2011(2)

2010(2)


2011(1)

As of March 31,

As of March 31,








NET MAJORITY INCOME BEFORE INCOME TAX

$

211

Ps.

2,512

Ps.

1,230

ITEMS THAT DO NOT REQUIRE CASH:


(12)


(148)


(33)

ITEMS RELATING TO INVESTING ACTIVITIES:


18


213


162

     Depreciation and others


15


177


170

     Income (loss) on sale of plant and equipment


3


37


(7)

     Other Items


(0)


(1)


(1)

ITEMS RELATING TO FINANCING ACTIVITIES:


5


63


53

     Interest income (expense)


1


12


19

     Other Items


4


51


34








NET CASH GENERATED FROM NET INCOME BEFORE TAXES

$

222

Ps.

2,640

Ps.

1,413








CASH GENERATED OR USED IN THE OPERATION:


(7)


(81)


77

  Decrease (increase) in accounts receivable


10


117


68

  Decrease (increase) in inventories


25


295


235

  Decrease (increase) in accounts payable


(25)


(296)


(280)

  Decrease (increase) in other liabilities


(17)


(198)


54








NET CASH FLOW FROM FINANCING ACTIVITIES

$

215

Ps.

2,559

Ps.

1,489








INVESTING ACTIVITIES














NET CASH FLOW FROM INVESTING ACTIVITIES


7


89


(142)

     Acquisition of property, plant and equipment


(6)


(76)


(61)

     Proceeds from sales of property plant and equipment


(5)


(58)


(4)

     Other Items


19


223


(78)








CASH FLOW SURPLUS (REQUIREMENTS OF) TO BE USED IN







FINANCING ACTIVITIES

$

223

Ps.

2,648

Ps.

1,347








FINANCING ACTIVITIES














Net cash provided by financing activities:


(3)


(33)


(99)

  Proceeds from loans


0


3


226

  Principal payments on loans


(3)


(40)


(326)

  Dividends paid


-


-


-

  Other items


0


4


1








NET INCREASE (DECREASE) IN CASH AND EQUIVALENTS


24


288


349








CASH AND INVESTMENTS AT THE BEGINNING OF YEAR


351


4,177


2,503








CASH AND INVESTMENTS AT END OF PERIOD

$

376

Ps.

4,466

Ps.

2,852








(1) For reference, in millions of U.S. dollars using an exchange rate of $11.89

  Source: Mexico's National Bank, as of March 31, 2011.

(2) Millions of Mexican nominal pesos

D.- Derivatives Position Report

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

Thousands of Mexican Pesos, as of March 31, 2011

Quarter: 1

Table 1

Type of Financial Instrument

Objective of the Instrument

Notional

Value of the Related Commodity

Reasonable Value

Amounts Due by Year

Guaranties Required




1Q-2011

4Q-2010

1Q-2011

4Q-2010












Put spread, knock out forwards and puts.

Hedge and negotiation

$     309,140

$11.89

$ 12.37

$   5,830

$          33

94% 2011 and 6% 2012











Futures for corn and Soybean meal

Hedge

$       67,555

Corn: $6.9325 USD/bushel for May 2011 and $7.0100 USD/bushel for July 2011 . Soybean meal: $370.70 USD/ton for May 2011 and $375.10 USD/ton for July 2011.

Corn: $6.2900 USD/bushel for March 2011, $6.3650 USD/bushel for May 2011 and $6.4000 USD/bushel for July 2011 . Soybean meal: $373.90 USD/ton for March, $374.50 USD/ton for March 2011 and $374.80 USD/ton for July 2011.

$   3,319

$     5,341

2011

The deals consider the possibility of margin calls but not another kind of guarantee










Options for corn and Soybean meal

Hedge and negotiation

$       35,141



$      141

$     1,811

2011











None of the financial instruments exceed 5% of total assets as of March 31, 2011.






A negative value means an unfavorable effect for the Company.







The notional value represents the net position as of March 31, 2011 at the exchange rate of Ps.11.89 per USD.






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

Thousands of Mexican Pesos, as of March 31, 2011

Quarter: 1

Table 2

Type of Financial Instrument

Reasonable Value as of March 31, 2011

Value of the Related Commodity-reference value

Effect on the Income Statement

Effect on the Cash Flow ***



-2.5%

2.5%

5.0%


-2.5%

2.5%

5.0%

Put spread, knock out forwards and puts*

$                         5,830

$11.59

$                 12.19

$                 12.48

Direct

$           802

$      16,431

$      23,835












-5%

5%

10%


-5%

5%

10%










Futures for corn and,

$                         3,319

$               6.5859

$               7.2791

$               7.6258


-$            59

$        6,697

$      10,074

 Soybean


$               352.17

$               389.24

$               407.77










The effect will materialize as the inventory is consumed 






















Options for corn and Soybean meal**

$                            141





-$       1,997

$        2,218

$        3,280










A negative value means an unfavorable effect for the Company.

* The reference value is the exchange  rate of Ps. $11.89 per USD as of March 31, 2011

** The reference value is the Futures of corn for May 2011, $6.9325 USD/bushel and Soybean meal for May 2011, $370.70 USD/ton.

  Note: even when table set above shows corn and soybean prices  for contracts of May 2011, the effect on the cash flow corresponds to the total positions effects.

*** The Company has credit lines with the majority of its counterparts, so that the effect in cash flow is lower than the amount shown.

Media Contact: IR Contacts, Daniel Salazar, CFO, and Claudia Cabrera, IRO, +011-52-461-618-3555, [email protected], both of Industrias Bachoco

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

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