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2Q23 Highlights

(In USD millions)

364.1


Net sales

109.0


Operating income

132.7


EBITDA

36.4%


EBITDA margin


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Quarterly reports

Financial statements

Mexican pesos U.S. dollars
2016 2017 2018 2019 2020 2021 2022
Total assets 1,864,412 1,907,890 1,902,532 2,057,634 2,135,989 2,222,591 2,433,831
Current assets 396,638 495,686 534,152 653,718 830,136 953,859 1,107,379
Cash and cash equivalents 163,851 232,933 251,818 350,523 562,144 682,962 826,227
Trade accounts receivable, net 73,260 91,338 78,881 92,345 75,214 89,279 84,786
Other accounts receivable 39,351 42,945 59,311 57,637 44,983 34,103 31,826
Due from related parties 2,564 2,726 1,417 2,526 2,530 3,196 5,700
Inventories 76,646 79,033 98,215 102,810 96,522 95,692 108,041
Urban land 29,824 34,179 33,963 35,478 36,216 35,775 38,060
Prepaid expenses 11,142 12,532 10,547 12,399 12,527 12,852 12,739
 
Non-current assets 1,467,774 1,412,204 1,368,380 1,403,916 1,305,853 1,268,732 1,326,452
Investment in associates 7,756 9,955 15,548 18,313 19,090 21,888 23,050
Property, machinery and equipment, net 925,016 936,387 1,027,760 1,015,909 955,592 934,110 1,002,294
Long term right of use assets - - - 40,531 27,954 19,803 21,223
Goodwill 402,861 387,461 246,884 240,545 212,598 212,591 212,604
Intangible assets, net 68,359 60,790 73,251 68,508 66,766 62,751 57,423
Other assets 4,069 5,430 4,937 20,110 23,853 17,589 9,858
Deferred taxes 59713 12181 - - - - -
 
Total liabilities 993,400 978,927 930,316 983,097 960,847 911,609 1,010,019
Short-term liabilities 153,760 182,223 162,223 206,907 286,913 380,179 289,487
Current portion of long term financial debt 3,850 17,150 4,400 25,425 92,000 176,000 1
Trade accounts payable 70,763 89,232 83,223 83,625 89,079 111,873 149,603
Due to related parties 820 1,435 1,204 1,164 2,205 2,702 2,547
Short-term employee benefits 23,745 25,427 27,952 31,852 35,639 39,007 37,127
Accrued expenses and taxes other than income taxes 49,431 43,972 42,267 41,402 47,477 34,078 88,190
Provisions 5,151 5,007 3,177 2,651 2,116 2,167 3,009
Short-term right of use liabilities - - - 20,788 18,397 14,352 9,010
 
Long-term liabilities 839,640 796,704 768,093 776,190 673,934 531,430 720,532
Long-term financial debt 685,795 665,751 645,936 624,566 536,851 363,383 496,684
Long-term right of use liabilities - - - 20,661 8,114 2,057 12,114
Employee benefits 37,190 40,072 35,536 45,944 49,937 39,830 31,479
Provision for environmental restoration 9,509 10,208 21,969 22,677 18,921 23,247 25,781
Other long-term liabilities 745 734 1,408 267 576 2,423 1,941
Income taxes payable 39,054 29,308 19,458 11,132 4,302 676 -
Deferred income taxes 67,347 50,631 43,786 50,943 55,233 99,814 152,533
 
Total stockholders' equity 871,012 928,963 972,216 1,074,537 1,175,142 1,310,982 1,423,812
Controlling interest 870,705 928,933 972,184 1,074,504 1,174,512 1,310,351 1,422,851
Capital stock 32,070 32,070 32,068 32,076 32,070 32,070 32,070
Additional paid-in capital 148,365 148,365 148,365 148,365 148,365 148,365 148,365
Legal reserves 22,659 22,659 22,659 22,659 22,659 22,659 22,659
Retained earnings 858,923 917,097 986,796 1,040,717 1,138,394 1,251,028 1,359,143
Consolidated net income 68,948 83,569 65,037 116,733 129,706 151,852 140,258
Other items of comprehensive income (260,260) (274,827) (282,741) (286,046) (296,682) (295,623) (279,644)
Non-controlling interest 307 30 32 33 630 631 961
 
Total liabilities and equity 1,864,412 1,907,890 1,902,532 2,057,634 2,135,989 2,222,591 2,433,831
U.S. dollars
2016 2017 2018 2019 2020 2021 2022
Net sales 644,697 824,104 883,230 934,115 937,750 1,038,804 1,168,319
USA sales - - 646,748 681,863 693,139 750,371 840,599
Mexico sales - - 236,482 252,252 244,611 288,433 327,719
Cost of sales 461,025 585,479 637,864 667,201 647,890 707,484 803,844
 
Gross profit 183,672 238,625 245,366 266,914 289,860 331,320 364,475
 
Selling, general and administrative expenses 66,468 77,829 75,530 83,348 78,524 90,236 96,131
 
Operating income before other expenses, net 117,204 160,796 169,836 183,566 211,336 241,084 268,344
 
Other expenses 6,234 16,238 8,341 7,289 23,640 9,507 50,622
 
Operating income 110,970 144,558 161,495 176,277 187,696 231,577 217,722
 
Financial income 1,822 3,530 6,461 8,849 6,363 7,228 22,124
Financial expenses (38,849) (57,341) (50,577) (41,002) (35,814) (35,397) (38,611)
Exchange gain (loss), net 1,356 (2,019) (342) (4,141) 944 333 (1,780)
Net financing expenses (35,671) (55,830) (44,458) (36,294) (28,507) (27,836) (18,267)
 
Share of profit of associates and joint venture 1,085 2,090 4,749 2,163 1,703 2,990 3,284
 
Income before income taxes taxes 76,384 90,818 121,786 142,146 160,892 206,731 202,739
 
Income taxes 14,421 12,072 16,692 25,409 31,185 54,877 62,478
 
Income before discontinued operations 61,963 78,746 105,094 116,737 129,707 151,854 140,261
 
Loss from discontinued operations 7,170 4,967 (40,055) - - - -
 
Consolidated net income 69,133 83,713 65,039 116,737 129,707 151,854 140,261
Controlling interest 68,948 83,569 65,037 116,733 129,706 151,852 140,258
Non-controlling interest 185 144 2 4 1 2 3
EBITDA 176,434 239,940 256,361 291,972 308,281 337,678 361,591
U.S. dollars
2016 2017 2018 2019 2020 2021 2022
Operating income before other expenses 126.6 160.8 169.8 183.6 211.3 241.1 268.3
Depreciation and amortization 62.0 79.0 86.5 108.4 96.9 96.6 93.2
EBITDA 188.6 239.8 256.4 292.0 308.3 337.7 361.6
Interest income (expense) (31.0) (61.5) (48.1) (24.6) (21.2) (16.1) (5.2)
(Increase) Decrease in working capital (0.2) (4.7) (11.0) (19.0) 26.6 8.4 25.2
Taxes (7.0) (12.7) (15.9) (21.2) (15.3) (11.8) (19.9)
Other (9.8) (14.0) (23.9) (27.8) (1.9) (7.9) (26.5)
Operating leases (IFRS 16 effect) - - - (20.8) (19.0) (17.9) (14.9)
Flow from continued operations, net 140.6 146.9 157.4 178.6 277.4 292.5 320.2
Cash flow of discontinued operations - 9.7 1.7 - - - -
Operating cash flow 140.6 156.6 159.1 178.6 277.4 292.5 320.2
Capital expenditures (33.5) (45.0) (52.8) (40.7) (26.8) (48.7) (34.9)
Free cash flow 107.1 111.6 106.4 137.9 250.6 243.7 285.3
Growth capital expenditures and other related expenses (324.9) (30.3) (52.3) (24.0) (5.6) (2.8) (61.5)
Repurchase shares (net) - - - (1.2) (5.2) (0.1) (26.4)
Assets sold - - 118.5 1.2 2.6 - -
Assets acquired - - (107.5) - - - -
Debt amortizations net 251.5 (3.8) (34.9) (4.4) (25.4) (92.0) (40.0)
Dividends paid (9.3) (11.6) (12.6) (13.9) (7.0) (24.5) (19.1)
FX effect (7.2) 3.1 1.3 3.2 1.7 (3.5) 5.0
Initial cash balance 146.6 164.0 232.9 251.8 350.5 562.1 683.0
Final cash balance 163.9 232.9 251.8 350.5 562.1 683.0 826.2

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