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Wednesday, December 16, 2015
“GRUMA ANNOUNCES THE WRITE-OFF OF ITS INVESTMENT IN VENEZUELA”.
As previously disclosed, GRUMA lost control of MONACA and DEMASECA on January 22, 2013, and ceased consolidating their financial information, while the indirect net investment of these operations remained on GRUMA’s balance sheet as “Investment in Venezuela Available for Sale”.
In light of the considerable depreciation of the Bolivar and Venezuela’s macroeconomic condition, GRUMA has decided to write off the indirect net investment related to MONACA and DEMASECA, as well as accounts receivable from certain subsidiaries with MONACA. The write-off will result in a non-cash charge of approximately Ps.4.4 billion, which will be recorded in December 2015 as “Loss from Discontinued Operations”.
As a non-cash charge, this will not affect GRUMA’s cash generation.