INDUSTRIAS BACHOCO, S.A.B. DE C.V. CELAYA, Mexico, April 27, 2017 /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 ("1Q17") ending March 31, 2017. 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- 2017 vs. 2016
-- Net sales increased 15.6% in 1Q17.
-- EBITDA margin was 8.8% in 1Q17 vs 7.8% in 1Q16.
-- Earnings per basic and diluted share were $1.09.
CEO COMMENTS
Mr. Rodolfo Ramos Arvizu, Chief Executive Officer of Bachoco, stated, "In Mexico, the quarter started with a high level of volatility, however, the Mexican peso strengthened at the end of the quarter, even so, the Mexican peso depreciated around 11% in the 1Q17 when compared with 1Q16.
Regarding the poultry industry, we observed good levels on the demand side that combined with a normalized growth rate in both Mexico and the US markets. This led to a good balance between supply and demand, allowing a price recovery when compared to the first quarter of 2016.
Sales and volume of our main product lines continued growing in both markets, which led us to an increase of 15.6% in total sales for 1Q17 when compared to the same quarter of 2016.
For 1Q17, we reached an EBITDA of $1,198.3 or 8.8% margin and earnings per basic and diluted shares were $1.09.
On the internal side, we continued investing in the growth of our Company. We continued with our CAPEX program, while taking advantage of projects we implemented to get closer to our customers.
In addition, the Company remained in a healthy financial condition as we reached a net cash level of $11,496.6 million, which will allow us to continue the support of our growth plans.
We will remain focused on continual improvements and efficiencies across all of our processes and working close to our customers"
RECENT DEVELOPMENTS
At its 2017 annual shareholders meeting, the Company announced the paying of cash dividends in the amount of $1.3 pesos per share (or $15.6 pesos per ADR).
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 2016.
QUARTERLY RESULTS
NET SALES BY GEOGRAPHY
----------------------
In millions of pesos 1Q17 1Q16 Change
------
$ $ $ %
--- --- --- ---
Net sales 13,684.9 11,839.3 1,845.6 15.6
--------- -------- -------- ------- ----
Net sales in Mexico 9,949.3 8,821.5 1,127.8 12.8
------------------- ------- ------- ------- ----
Net sales in the U.S. 3,735.6 3,017.8 717.8 23.8
--------------------- ------- ------- ----- ----
NET SALES BY SEGMENT
--------------------
In millions of pesos 1Q17 1Q16 Change
------
$ $ $ %
--- --- --- ---
Net sales 13,684.9 11,839.3 1,845.6 15.6
--------- -------- -------- ------- ----
Poultry 12,286.6 10,644.5 1,642.1 15.4
------- -------- -------- ------- ----
Other 1,398.3 1,194.8 203.5 17.0
----- ------- ------- ----- ----
NET VOLUME SOLD BY SEGMENT
In tons Change
------
1Q17 1Q16 Volume %
---- ---- ------ ---
Total sales volume: 528,099 521,417 6,681 1.3
------------------- ------- ------- ----- ---
Poultry 419,219 411,459 7,760 1.9
------- ------- ------- ----- ---
Others 108,880 109,959 (1,079) (1.0)
------ ------- ------- ------ ----
In 1Q17, the Company's net sales totaled $13,684.9 million; $1,845.6 million or 15.6% more than $11,839.3 million reported in 1Q16. This was a result of price increases in peso terms and more volume sold in our main product lines.
In 1Q17, sales of our U.S. operations were strong and represented 27.3% of our total sales compared with 25.5% in 1Q16.
GROSS PROFIT
------------
In millions of pesos 1Q17 1Q16 Change
------
$ $ $ %
--- --- --- ---
Cost of sales 11,493.3 10,012.2 1,481.1 14.8
------------- -------- -------- ------- ----
Gross profit 2,191.6 1,827.2 364.4 19.9
------------ ------- ------- ----- ----
Gross margin 16.0% 15.4% - -
------------ ---- ---- --- ---
The cost of sales totaled $11,493.3 million, representing $1,481.1 million or 14.8% higher than $10,012.2 million reported in the same period of 2016. This increase was a result of more volume sold and higher raw material costs in Mexican peso terms due to the depreciation of the Mexican peso.
The Company's gross profit in 1Q17 was $2,191.6 million, with a gross margin of 16.0%. This result is higher when compared to a gross profit of $1,827.2 million and a gross margin of 15.4% reported in 1Q16.
Selling, general and administrative expenses ("SG&A")
----------------------------------------------------
In
millions
of
pesos
1Q17 1Q16 Change
------
$ $ $ %
--- --- --- ---
Total
SG&A 1,261.2 1,121.8 139.4 12.4
----- ------- ------- ----- ----
Total SG&A expenses in 1Q17 were $1,261.2 million; $139.4 million or 12.4% more than the $1,121.8 million reported 1Q16. Total SG&A expenses, as a percentage of net sales, represent 9.2% in 1Q17 and 9.5% in 1Q16.
other income (expense), net
---------------------------
In millions of pesos 1Q17 1Q16 Change
------
$ $ $ %
--- --- --- ---
Other income (expense),
net (0.5) (9.1) 8.6 (94.2)
----------------------- ---- ---- --- -----
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 1Q17, we had other expenses of $0.5 million, compared with other expenses of $9.1 million reported in 1Q16.
OPERATING INCOME
----------------
In millions of pesos 1Q17 1Q16 Change
------
$ $ $ %
--- --- --- ---
Operating income 929.8 696.3 233.6 33.5
---------------- ----- ----- ----- ----
Operating margin 6.8% 5.9% - -
---------------- --- --- --- ---
Operating income in 1Q17 totaled $929.8 million for an operating margin of 6.8%; higher than an operating income of $696.3 million and a 5.9% operating margin reported in 1Q16. The increase in operating income is mainly attributed to higher gross profit than in 1Q16.
NET FINANCIAL
INCOME
-------------
In millions of
pesos 1Q17 1Q16 Change
------
$ $ $ %
--- --- --- ---
Net Financial
Income
(Expense) (69.7) 136.5 (206.2) (151.1)
------------- ----- ----- ------ ------
Financial
Income 143.0 190.0 (47.0) (24.7)
--------- ----- ----- ----- -----
Financial
Expense 212.7 53.5 159.2 297.5
--------- ----- ---- ----- -----
In 1Q17, the Company reported net financial expenses of $69.7 million, compared to net financial income of $136.5 million reported in the same period of 2016, mainly due to exchange losses as the peso strengthened at the end of the quarter.
TAXES FOR THE PERIOD
--------------------
In millions of pesos 1Q17 1Q16 Change
------
$ $ $ %
--- --- --- ---
Total Taxes 207.2 235.8 (28.6) (12.1)
----------- ----- ----- ----- -----
Income tax 131.2 157.5 (26.2) (16.7)
---------- ----- ----- ----- -----
Deferred income tax 76.0 78.4 (2.4) (3.0)
------------------- ---- ---- ---- ----
Total taxes for the 1Q17 were $207.2 million, compared to $235.8 million in the same period of 2016.
NET INCOME
----------
In millions of pesos 1Q17 1Q16 Change
------
$ $ $ %
--- --- --- ---
Net income 652.8 596.9 55.9 9.4
---------- ----- ----- ---- ---
Net margin 4.8% 5.0% - -
---------- --- --- --- ---
Non-Controlling
Interest income 0.7 1.7 (1.0) n/a
---------------- --- --- ---- ---
Net controlling
interest income 652.1 595.2 56.9 n/a
---------------- ----- ----- ---- ---
Basic and diluted
income per share(1) 1.09 0.99 0.1 n/a
-------------------- ---- ---- --- ---
Basic and diluted
income per ADR(2) 13.04 11.90 1.1 n/a
------------------ ----- ----- --- ---
Weighted average Shares
outstanding(3) 600,000 599,946 - -
----------------------- ------- ------- --- ---
(1) In pesos
(2) in pesos, an ADR is equal to twelve shares
(3) In thousands of shares
The net income for 1Q17 was $652.8 million, representing a basic and diluted income of $1.09 pesos per share. This result compares to net income of $596.9 million, which represented a net income $0.99 pesos of basic and diluted income per share in 1Q16. Net margin for the 1Q17 was 4.8% compared to 5.0% reported in 1Q16.
EBITDA AND
ADJUSTED
EBITDA
----------
In millions
of pesos 1Q17 1Q16 Change
------
$ $ $ %
--- --- --- ---
Net
controlling
interest
income 652.1 595.2 56.9 9.6
------------ ----- ----- ---- ---
Income tax
expense
(benefit) 207.2 235.8 (28.6) (12.1)
---------- ----- ----- ----- -----
Result in
associates 0.7 1.7 (1.0) (57.0)
----------- --- --- ---- -----
Net finance
(income)
expense 69.7 (136.5) 206.2 (151.1)
----------- ---- ------ ----- ------
Depreciation
and
amortization 268.5 224.8 43.7 19.4
------------- ----- ----- ---- ----
EBITDA 1,198.3 921.1 277.2 30.1
------ ------- ----- ----- ----
EBITDA
Margin (%) 8.8% 7.8% - -
----------- --- --- --- ---
Net sales 13,684.9 11,839.3 1,845.6 15.6
---------- -------- -------- ------- ----
EBITDA in 1Q17 reached $1,198.3 million, representing an EBITDA margin of 8.8%, compared to an EBITDA of $921.1 million in 1Q16 with an EBITDA margin of 7.8%.
BALANCE SHEET DATA
BALANCE
SHEET DATA
-----------
In millions
of pesos Mar 31, 2017 Dec. 31, 2016 Change
------
$ $ $ %
--- --- --- ---
TOTAL
ASSETS 44,182.2 45,090.5 (908.2) (2.0)
------- -------- -------- ------ ----
Cash and
cash
equivalents 15,409.8 15,651.5 (241.7) (1.5)
------------ -------- -------- ------ ----
Accounts
receivable 3,078.5 3,778.0 (699.5) (18.5)
----------- ------- ------- ------ -----
TOTAL
LIABILITIES 12,254.0 13,374.3 (1,120.3) (8.4)
------------ -------- -------- -------- ----
Accounts
payable 3,347.2 3,836.4 (489.1) (12.7)
-------- ------- ------- ------ -----
Short-term
debt 3,412.5 3,097.5 314.9 10.2
---------- ------- ------- ----- ----
Long-term
debt 500.7 950.4 (449.7) (47.3)
--------- ----- ----- ------ -----
TOTAL
STOCKHOLDERS'
EQUITY 31,928.3 31,716.2 212.1 0.7
-------------- -------- -------- ----- ---
Capital
stock 1,174.4 1,174.4 - -
------- ------- ------- --- ---
Cash and equivalents as of March 31, 2017 totaled $15,409.8 million; $241.7 million or 1.5% less than $15,651.5 million as of December 31, 2016.
Total debt as of March 31, 2017 totaled $3,913.2 million, compared to $4,047.9 million reported as of December 31, 2016.
Net cash as of March 31, 2017 was $11,496.6 million, compared to net cash of $11,603.6 million as of December 31, 2016.
CAPEX
CAPITAL EXPENDITURES
--------------------
In millions of pesos 2017 2016 Change
------
$ $ $ %
--- --- --- ---
Capital Expenditures 643.3 659.9 (16.6) (2.5)
-------------------- ----- ----- ----- ----
Total CAPEX for the 1Q17 was $643.3 million which was mainly allocated toward organic growth and productivity projects across all our facilities.
STOCK INFORMATION
STOCK INFORMATION
-----------------
As of March 31, 2017
--------------------
Total Shares 600,000,000
------------ -----------
Total free float 26.75%
---------------- -----
Market cap (millions of pesos) $50,802
---------------------- -------
SHARE PRICE
-----------
Mexican Stock Exchange The New York Stock
Exchange
---------------------- -------------------
Ticker Symbol: Bachoco Ticker Symbol: IBA
In nominal pesos per
Share In U.S. Dollar per ADR
Month High Low Close High Low Close
----- ---- --- ----- ---- --- -----
Mar-
17 85.84 80.23 84.97 54.55 48.32 54.24
Feb-
17 83.53 79.53 80.08 49.08 46.20 47.88
Jan-
17 87.48 80.47 80.98 49.02 46.42 46.43
Dec-
16 85.65 78.99 84.75 49.69 45.76 49.02
Nov-
16 82.70 77.88 80.60 52.56 45.92 46.90
Oct-
16 84.26 81.26 83.70 53.23 50.77 52.90
---- ----- ----- ----- ----- ----- -----
Source: yahoo finances
ANALYST COVERAGE
----------------
Institution Analyst name E-mail
----------- ------------ ------
ACTINVER José Antonio Cebeira jcebeira@actinver.com.mx
-------- -------------------- ------------------------
BBVA BANCOMER Miguel Ulloa miguel.ulloa@bbva.com
------------- ------------ ---------------------
GBM Miguel Mayorga mmayorga@gbm.com.mx
--- -------------- -------------------
INTERACCIONES CASA DE BOLSA Martin Lara mlarap@interacciones.com
--------------------------- ----------- ------------------------
JPMORGAN Pedro Leduc pedro.a.leduc@jpmorgan.com
-------- ----------- --------------------------
APPENDICES
For reference, some figures have been translated into millions of U.S. dollars ("USD") using an exchange rate of $18.73 per USD$1.0, which corresponds to the rate at the close of March 31, 2017, according to Mexico's National Bank.
-- Consolidated Statement of Financial Position
-- Consolidated Statement of Income
-- Consolidated Statement of Cash Flows
-- Derivatives Position Report
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
-Unaudited-
In U.S. Dollar March 31, December 31,
--------- ------------
In million pesos 2017 2017 2016*
---------------- ---- ---- ----
TOTAL ASSETS $2,358.9 44,182.3 45,090.5
======== ======== ========
Total current assets 1,376.8 25,788.1 26,930.4
------- -------- --------
Cash and cash equivalents 822.7 15,409.8 15,651.5
Total accounts receivable 164.4 3,078.6 3,778.0
Inventories 296.5 5,554.3 5,931.9
Other current assets 93.2 1,745.5 1,569.0
Total non current assets 982.1 18,394.2 18,160.1
----- -------- --------
Net property, plant and
equipment 810.3 15,176.8 15,081.1
Other non current Assets 171.8 3,217.4 3,079.0
TOTAL LIABILITIES $654.2 12,254.0 13,374.3
====== ======== ========
Total current liabilities 408.6 7,652.4 8,316.3
----- ------- -------
Notes payable to banks 182.2 3,412.5 3,097.5
Accounts payable 178.7 3,347.2 3,836.4
Other taxes payable and
other accruals 47.7 892.6 1,382.4
Total long-term liabilities 245.7 4,601.6 5,058.0
----- ------- -------
Long-term debt 26.7 500.7 950.4
Other non current
liabilities 10.9 203.8 195.0
Deferred income taxes 208.1 3,897.1 3,912.6
TOTAL STOCKHOLDERS' EQUITY $1,704.7 31,928.3 31,716.2
======== ======== ========
Capital stock 62.7 1,174.4 1,174.4
Commission in shares issued 22.1 414.4 414.4
Repurchased shares - - -
Retained earnings 1,566.8 29,346.7 28,694.6
Others accounts 50.1 938.2 1,378.9
Non controlling interest 2.9 54.6 53.9
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $2,358.9 44,182.3 45,090.5
======== ======== ========
*Audited
CONSOLIDATED STATEMENT OF INCOME
First Quarter Results, ended
March 31:
-Unaudited-
U.S. Dollar
In millions pesos 2017 2017 2016
----------------- ---- ---- ----
Net sales $730.6 13,684.9 11,839.3
Cost of sales 613.6 11,493.3 10,012.2
----- -------- --------
Gross profit 117.0 2,191.6 1,827.2
SG&A 67.3 1,261.2 1,121.8
Other income (expenses), net (0.0) (0.5) (9.1)
---- ---- ----
Operating income 49.6 929.8 696.3
Net finance income (3.7) (69.7) 136.5
Income tax 11.1 207.2 235.8
---- ----- -----
Net Income $34.9 652.8 596.9
===== ===== =====
Non-controlling interest 0.04 0.7 1.7
Net controlling interest profit 34.8 652.1 595.2
Basic and diluted earnings per
share 0.06 1.09 0.99
Basic and diluted earnings per
ADR 0.70 13.04 11.90
Weighted average Shares
outstanding(1) 600,000 600,000 599,946
EBITDA Result $64.0 1,198.3 921.1
===== ======= =====
Gross margin 16.0% 16.0% 15.4%
Operating margin 6.8% 6.8% 5.9%
Net margin 4.8% 4.8% 5.0%
EBITDA margin 8.8% 8.8% 7.8%
(1)In thousands
* Audited
CONSOLIDATED STATEMENT OF CASH FLOWS
In million of
pesos
-Unaudited-
U.S. Dollar March 31,
---------
2017 2017 2016
---- ---- ----
NET MAJORITY
INCOME BEFORE
INCOME TAX $45.9 860.1 832.7
----- ----- -----
ITEMS RELATING
TO INVESTING
ACTIVITIES: 11.7 219.5 113.1
---- ----- -----
Depreciation
and others 14.3 268.5 224.8
Income (loss)
on sale of
plant and
equipment 0.3 6.0 0.7
Other Items (2.9) (55.0) (112.4)
NET CASH
GENERATED
FROM NET
INCOME BEFORE
TAXES 57.6 1,079.5 945.8
---- ------- -----
CASH GENERATED
OR USED IN
THE
OPERATION: (21.3) (398.8) (1,028.5)
Decrease
(increase) in
accounts
receivable 26.2 489.9 (335.6)
Decrease
(increase) in
inventories 19.2 358.9 432.6
Increase
(decrease) in
accounts
payable (35.7) (667.9) (813.5)
Increase
(decrease) in
other
liabilities (31.0) (579.7) (312.0)
NET CASH FLOW
FROM
OPERATING
ACTIVITIES 36.3 680.7 (82.7)
---- ----- -----
NET CASH FLOW
FROM
INVESTING
ACTIVITIES (21.0) (392.8) (416.3)
----- ------ ------
Acquisition of
property,
plant and
equipment (34.3) (643.3) (659.9)
Proceeds from
sales of
property
plant and
equipment 0.7 12.9 4.9
Other Items 12.7 237.7 238.8
CASH FLOW
SURPLUS
(REQUIREMENTS
OF) TO BE
USED IN
FINANCING
ACTIVITIES 15.4 287.9 (498.9)
---- ----- ------
Net cash
provided by
financing
activities: (28.3) (529.7) (203.1)
----- ------ ------
Proceeds from
loans - - 267.5
Principal
payments on
loans (0.1) (1.0) (430.3)
Dividends paid - - -
Other items (28.2) (528.6) (40.2)
Net increase
(decrease) in
cash and
equivalents (12.9) (241.7) (702.0)
Cash and
investments
at the
beginning of
year $835.6 15,651.5 15,288.9
------ -------- --------
CASH AND
INVESTMENTS
AT END OF
PERIOD $822.7 15,409.8 14,586.9
====== ======== ========
DERIVATIVES POSITION REPORT
First Quarter 2017
Thousands of Mexican Pesos, as of march 31, 2017 ANEXO 1
TYPE OF FINANCIAL INSTRUMENT OBJECTIVE NOTIONAL VALUE OF THE RELATED COMMODITY REASONABLE VALUE AMOUNTS DUE BY YEAR GUARANTIES REQUIRED
---------------------------- --------- -------- ------------------------------ ---------------- ------------------- -------------------
1Q-2017 4Q-2016 1Q-2017 4Q-2016
------- ------- ------- -------
Forward Vanilla and Hedge $1,655,671 $18.73 $20.64 $-146,878 $3,464 in 2017 The deals consider the possibility
of margin calls but not another
kind of guarantee
KOT Forwards
------------ ---
Futures for corn and soybean meal Hedge $8,122 CORN CORN -$ 3,601 -$ 19 in 2017
--------------------------------- ----- ------ --------------- ---------------- -------
In USD per Bushel In USD per Bushel
----------------- -----------------
month price month price
May-17 $3.643
Jul-17 $3.718
Sep-17 $3.793
SOYBEAN MEAL SOYBEAN MEAL
In USD per ton In USD per ton
-------------- --------------
month price month price
May-17 $308.4
Jul-17 $311.8 March-17 $316.6
Aug-17 $312.3
Sep-17 $312.4
Oct-17 $311.4
Options of Corn Hedge $ - CORN CORN $ - -$ 47 2017
--------------- ----- ----------------- ---------------- ---------------- ----
In USD per Bushel In USD per Bushel
----------------- -----------------
month price month price
March-17 $3.5150
May-17 $3.550
Options of soybean meal Hedge $3,466 SOYBEAN MEAL SOYBEAN MEAL -$ 70 $216 in 2017
----------------------- ----- ------ ----------------- ---- -------
In USD per ton In USD per ton
-------------- --------------
month price month price
Mar-17 $316.6
May-17 $308.4 May-17 $319.4
-The total financial instruments do not exceed 5% of total assets as of March 31, 2017.
-The notional value represents the net position as of March 31, 2017 at the exchange rate of Ps. 18.73 per one dolar.
-A negative value means an unfavorable effect for the Company.
First Quarter 2017
Thousands of Mexican Pesos, as of march 31, 2017
PROBABLE SCENARIO
TYPE OF FINANCIAL INSTRUMENT REASONABLE VALUE VALUE OF THE RELATED COMMODITY EFFECT ON THE INCOME STATEMENT EFFECT ON THE CASH FLOW(3)
---------------------------- ---------------- ------------------------------ ------------------------------ -------------------------
Reference Value
---------------
-2.5% 2.5% 5.0% -2.5% 2.5% 5.0%
---- --- --- ---- --- ---
Forwards Vanilla -$ 146,878 $18.26 $19.20 $19.67 Direct -$184,597 -$109,158 -$ 71,438
---------------- ------------------- ------ ------ ------ ------ --------- --------- ---------
-5% 5% 10% -5% 5% 10%
Futures of Corn: (2) -$ 3,601 $3.460 $3.825 $4.007 The effect will materialize as the
inventory is consumed -$ 11,208 $4,005 $11,611
---------------------- ---------------------------------- ----------- ------ -------
Futures of Soybean Meal: (2) $293.0 $323.8 $339.2
--------------------------- ------ ------ ------
Options for Corn $ - $ - $ - $ - $ - $ - $ -
---------------- ------------------------ ---------------- ---------------- ---------------- --------------- --------------- -------------
Options of Soybean Meal -$ 70 $293.0 $323.8 $339.2 -$ 243 $103 $277
----------------------- ------------------------ ------ ------ ------ ------------- ---- ----
(1)The reference value is the exchange rate of Ps. $18.73 per USD as of March 31, 2017.
(2)The reference values are; the future of corn for May 2017, $3.6425 USD/bushel and the future of soybeanmeal for May 2017, $308.40 USD/ton.
All the evaluations are performed according with the corresponding future, here only the first month futures are shown.
(3)The Company has credit lines with the majority of its counterparts, so that the effect in cash flow is lower than the amount shown.
-A negative value means an unfavorable effect for the Company.
First Quarter 2017
Thousands of Mexican Pesos, as of march 31, 2017
STRESS SCENARIO
TYPE OF FINANCIAL
INSTRUMENT REASONABLE VALUE VALUE OF THE RELATED COMMODITY EFFECT ON THE INCOME STATEMENT EFFECT ON THE CASH FLOW
----------------- ---------------- ------------------------------ ------------------------------ -----------------------
Reference Value
---------------
-50% -25% 25% 50% -50% -25% 25% 50%
--- --- --- --- --- --- --- ---
Forward Vanilla -$ 146,878 $9.37 $14.05 $23.41 $28.10 Direct -$901,274 -$524,076 $230,321 $607,519
--------------- -------------------- ----- ------ ------ ------ ------ --------- --------- -------- --------
CONFERENCE CALL INFORMATION
The Company will host its first quarter 2017 earnings call, on Friday, April 28th, 2017. 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 free in 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=UHUvWbCHlwLUu
Confirmation Number: 44798025
Visit the following link to access the webcast: http://event.onlineseminarsolutions.com/wcc/r/1413773-1/AB97361CCB92B5171A0C0ACB7F4710E6
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 25,000 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
Kathy Chaurand
kathy.chaurand@bachoco.net
T. +52(461)618 3555
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/bachoco-announces-first-quarter-2017-results-300446181.html
SOURCE Industrias Bachoco, S.A.B. de C.V.
