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  •  February 22, 2023 - THE UNITED STATES DRIVES GRUMA’S GLOBAL RESULTS

February 22, 2023 - THE UNITED STATES DRIVES GRUMA’S GLOBAL RESULTS

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Wednesday, February 1, 2023

“THE UNITED STATES DRIVES GRUMA’S GLOBAL RESULTS”.

  • Net sales and EBITDA in Q422 stood at USD 1.557 billion and USD 249.4 million, respectively.

  • Net sales and EBITDA from operations outside of Mexico represented 74% and 75% of the total, respectively.

  • During the last quarter of 2022, the company invested USD 73 million, allocated primarily to its operations in the United States, Mexico and China.

 

Mexico City, February 22, 2023. Gruma maintains a solid growth trend driven by its operations outside Mexico. Thanks to the company’s innovation with the introduction of new tortilla presentations, especially in the United States and Europe, it reported 3% and 26% growth in sales volume and net sales reported during the last quarter of 2022, compared to the year-ago quarter. 

In the United States, strong demand for our products resulted in an 8% sales volume growth compared to the fourth quarter of 2021, while net sales and operating income were up 29% and 31%, respectively.

In Gruma Europe, sales were up 24% compared to Q421, thanks to the growing acceptance by European consumers of the products made by the multinational on that continent.

Thus, net sales and EBITDA outside of Mexico represent 74% and 75% of the multinational’s consolidated figures at the end of the year-ago quarter.

Gruma’s growth expectations for 2023 remain optimistic, thanks to its business strategies and innovation in the food it produces in the regions where it is present, primarily in the United States, the multinational’s #1 market.

Q422 Financial Results Compared to Q421

At the end of the fourth quarter of 2022, the company’s Sales Volume, compared to the same period in 2021, grew by 3% to stand at 1.116 million metric tons.

The company’s Net Sales were up 26% compared to the same period in 2021, to stand at USD 1.557 billion, thanks to its growing sales volume, primarily in the United States.

In Q422, sales from Gruma’s operations outside of Mexico represented 74% of the total.

Gruma’s Operating Income in Q422 stood at USD 196.1 million, 31% higher than in the same period in 2021. The operating margin stood at 12.6% in Q422.

The multinational’s EBITDA, at the end of Q422, stood at USD 249.4 million, 27% above the EBITDA reported in the same quarter of 2021 when it stood at 16%. EBITDA from operations outside of Mexico represented 75% of the consolidated figures.

Gruma reported USD 112.6 million in Net Income in Q422, 28% higher than the Net Income reported in the same quarter of 2021.

Its Net Debt-to-EBITDA Ratio is 2.1x.

During the fourth quarter of 2022, Gruma invested USD 73 million, primarily in:

  1. The construction of the new tortilla plant in Indianapolis, Indiana, in the USA.

  2. Improvements made to the equipment at the tortilla plant in Dallas, Texas, in the United States.

  3. General updates and maintenance made to all subsidiaries, especially in Mexico.

  4. Expansion of its production capacity in its plant in China.

 

Gruma’s investments in 2022 totaled USD 298 million.


RELEVANT EVENT

On October 11, 2022, as part of its revolving Short and Long-Term Stock Certificate Program capped at MXN 10 billion, Gruma successfully placed MXN 4.5 billion in five-year Long-Term Stock Certificates in the local debt market with an effective annual interest rate equal to the 28-day TIIE rate +29 basis points. The company used the funds raised through this placement to refinance its short-term debt.

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