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1Q23 Highlights

(In USD millions)

243.9


Net sales

40.2


Operating income

63.0


EBITDA

25.8%


EBITDA margin


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Quarterly reports

Financial statements

Mexican pesos U.S. dollars
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Total assets 21,766,908 24,229,647 26,974,782 1,864,412 1,907,890 1,902,532 2,057,634 2,135,989 2,222,591 2,433,831
Current assets 4,174,360 5,221,020 6,332,520 396,638 495,686 534,152 653,718 830,136 953,859 1,107,379
Cash and cash equivalents 1,261,600 1,786,656 2,522,835 163,851 232,933 251,818 350,523 562,144 682,962 826,227
Trade accounts receivable, net 948,603 1,027,499 1,194,643 73,260 91,338 78,881 92,345 75,214 89,279 84,786
Other accounts receivable 286,180 517,991 653,650 39,351 42,945 59,311 57,637 44,983 34,103 31,826
Due from related parties 49,301 77,510 29,989 2,564 2,726 1,417 2,526 2,530 3,196 5,700
Inventories 1,543,648 1,635,521 1,735,051 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 85,028 175,843 196,352 11,142 12,532 10,547 12,399 12,527 12,852 12,739
 
Non-current assets 17,592,548 19,008,627 20,642,262 1,467,774 1,412,204 1,368,380 1,403,916 1,305,853 1,268,732 1,326,452
Investment in associates 115,219 128,961 137,818 7,756 9,955 15,548 18,313 19,090 21,888 23,050
Property, machinery and equipment, net 11,945,084 12,749,080 13,900,911 925,016 936,387 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 4,205,720 4,733,273 5,534,419 402,861 387,461 246,884 240,545 212,598 212,591 212,604
Intangible assets, net - 102,047 103,303 68,359 60,790 73,251 68,508 66,766 62,751 57,423
Other assets 194,378 139,548 101,974 4,069 5,430 4,937 20,110 23,853 17,589 9,858
Deferred taxes 1,065,980 1,155,718 863,837 59713 12181 - - - - -
 
Total liabilities 9,438,738 10,701,271 12,243,257 993,400 978,927 930,316 983,097 960,847 911,609 1,010,019
Short-term liabilities 1,618,090 2,677,764 2,253,633 153,760 182,223 162,223 206,907 286,913 380,179 289,487
Current portion of long term financial debt 279,014 753,035 115,473 3,850 17,150 4,400 25,425 92,000 176,000 1
Trade accounts payable 770,405 984,873 918,428 70,763 89,232 83,223 83,625 89,079 111,873 149,603
Due to related parties 8,067 11,831 14,045 820 1,435 1,204 1,164 2,205 2,702 2,547
Short-term employee benefits 115,550 296,746 332,224 23,745 25,427 27,952 31,852 35,639 39,007 37,127
Accrued expenses and taxes other than income taxes 389,021 560,693 774,233 49,431 43,972 42,267 41,402 47,477 34,078 88,190
Provisions 56,033 70,272 99,230 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 7,820,648 8,023,507 9,989,624 839,640 796,704 768,093 776,190 673,934 531,430 720,532
Long-term financial debt 6,066,335 6,084,116 7,413,526 685,795 665,751 645,936 624,566 536,851 363,383 496,684
Long-term right of use liabilities - - - - - - 20,661 8,114 2,057 12,114
Employee benefits 367,794 577,629 649,829 37,190 40,072 35,536 45,944 49,937 39,830 31,479
Provision for environmental restoration 56,355 - - 9,509 10,208 21,969 22,677 18,921 23,247 25,781
Other long-term liabilities - 57,188 74,761 745 734 1,408 267 576 2,423 1,941
Income taxes payable 1,068,464 991,720 933,724 39,054 29,308 19,458 11,132 4,302 676 -
Deferred income taxes 261,700 312,854 917,784 67,347 50,631 43,786 50,943 55,233 99,814 152,533
 
Total stockholders' equity 12,328,170 13,528,376 14,731,525 871,012 928,963 972,216 1,074,537 1,175,142 1,310,982 1,423,812
Controlling interest 12,324,786 13,524,671 14,725,028 870,705 928,933 972,184 1,074,504 1,174,512 1,310,351 1,422,851
Capital stock 396,270 396,270 396,270 32,070 32,070 32,068 32,076 32,070 32,070 32,070
Additional paid-in capital 1,832,940 1,832,940 1,832,940 148,365 148,365 148,365 148,365 148,365 148,365 148,365
Legal reserves 279,998 279,998 279,998 22,659 22,659 22,659 22,659 22,659 22,659 22,659
Retained earnings 9,766,918 9,642,218 10,061,151 858,923 917,097 986,796 1,040,717 1,138,394 1,251,028 1,359,143
Consolidated net income - 561,923 912,699 68,948 83,569 65,037 116,733 129,706 151,852 140,258
Other items of comprehensive income 48,660 811,322 1,241,970 (260,260) (274,827) (282,741) (286,046) (296,682) (295,623) (279,644)
Non-controlling interest 3,384 3,705 6,497 307 30 32 33 630 631 961
 
Total liabilities and equity 21,766,908 24,229,647 26,974,782 1,864,412 1,907,890 1,902,532 2,057,634 2,135,989 2,222,591 2,433,831
U.S. dollars
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Net sales 657,231 754,531 752,515 644,697 824,104 883,230 934,115 937,750 1,038,804 1,168,319
USA sales 212,189 529,136 535,362 - - 646,748 681,863 693,139 750,371 840,599
Mexico sales 445,042 225,395 217,153 - - 236,482 252,252 244,611 288,433 327,719
Cost of sales 535,946 579,368 570,687 461,025 585,479 637,864 667,201 647,890 707,484 803,844
 
Gross profit 121,285 175,163 181,828 183,672 238,625 245,366 266,914 289,860 331,320 364,475
 
Selling, general and administrative expenses 72,175 85,211 77,591 66,468 77,829 75,530 83,348 78,524 90,236 96,131
 
Operating income before other expenses, net 49,110 89,952 104,237 117,204 160,796 169,836 183,566 211,366 241,084 268,344
 
Other expenses 18,456 4,647 1,531 6,234 16,238 8,341 7,289 23,640 9,507 50,622
 
Operating income 30,654 85,305 102,706 110,970 144,558 161,495 176,277 187,696 231,577 217,722
 
Financial income (42,195) 1,728 1,703 1,822 3,530 6,461 8,849 6,363 7,228 22,124
Financial expenses 1,443 (42,441) (40,462) (38,849) (57,341) (50,577) (41,002) (35,814) (35,397) (38,611)
Exchange gain (loss), net (224) 634 2,332 1,356 (2,019) (342) (4,141) 944 333 (1,780)
Net financing expenses (40,976) (40,079) (36,427) (35,671) (55,830) (44,458) (36,294) (28,507) (27,836) (18,267)
 
Share of profit of associates and joint venture 1,138 1,075 811 1,085 2,090 4,749 2,163 1,703 2,990 3,284
 
Income before income taxes taxes (9,184) 46,302 67,090 76,384 90,818 121,786 142,146 160,892 206,731 202,739
 
Income taxes (13,012) 3,237 10,155 14,421 12,072 16,692 25,409 31,185 54,877 62,478
 
Income before discontinued operations 3,828 43,065 56,935 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 3,828 43,065 56,935 69,133 83,713 65,039 116,737 129,707 151,854 140,261
Controlling interest 3,839 43,041 56,756 68,948 83,569 65,037 116,733 129,706 151,852 140,258
Non-controlling interest (11) 24 179 185 144 2 4 1 2 3
EBITDA 113,739 153,844 165,081 176,434 239,940 256,361 291,972 308,281 337,678 361,591
U.S. dollars
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Operating income before other expenses 48.5 80.8 104.2 126.6 160.8 169.8 183.6 211.3 241.1 268.3
Depreciation and amortization 63.1 57.8 60.8 62.0 79.0 86.5 108.4 96.9 96.6 93.2
EBITDA 113.7 153.8 165.1 188.6 239.8 256.4 292.0 308.3 337.7 361.6
Interest income (expense) (27.2) (30.2) (32.4) (31.0) (61.5) (48.1) (24.6) (21.2) (16.1) (5.2)
(Increase) Decrease in working capital 5.7 10.1 (4.2) (0.2) (4.7) (11.0) (19.0) 26.6 8.4 25.2
Taxes (20.4) (10.8) (6.3) (7.0) (12.7) (15.9) (21.2) (15.3) (11.8) (19.9)
Other (1.6) (4.0) (2.3) (9.8) (14.0) (23.9) (27.8) (1.9) (7.9) (26.9)
Operating leases (IFRS 16 effect) - - - - - - (20.8) (19.0) (17.9) (14.9)
Flow from continued operations, net 68.0 242.2 119.9 140.6 146.9 157.4 178.6 277.4 292.5 320.2
Cash flow of discontinued operations - - - - 9.7 1.7 - - - -
Operating cash flow 68.0 242.2 119.9 140.6 156.6 159.1 178.6 277.4 292.5 320.2
Capital expenditures (32.4) (41.1) (51.5) (33.5) (45.0) (52.8) (40.7) (26.8) (48.7) (34.9)
Free cash flow 35.7 62.5 68.3 107.1 111.6 106.4 137.9 250.6 243.7 285.3
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 - (18.4) (31.3) 251.5 (3.8) (34.9) (4.4) (25.4) (92.0) (40.0)
Dividends paid - (8.5) (8.6) (9.3) (11.6) (12.6) (13.9) (7.0) (24.5) (19.1)
FX effect - - (4.1) (7.2) 3.1 1.3 3.2 1.7 (3.5) 5.0
Initial cash balance - 85.7 122.4 146.6 164.0 232.9 251.8 350.5 562.1 683.0
Final cash balance - 121.4 146.6 163.9 232.9 251.8 350.5 562.1 683.0 826.2

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