Financial News

Bachoco Announces First Quarter 2022 Results

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 (“1Q22”) ending March 31, 2022. 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- 2022 vs. 2021

  • Net sales increased 25.9% in 1Q22.
  • Cost of sales increased 27.1% in 1Q22.
  • EBITDA margin was 14.4% in 1Q22 vs 15.1% in 1Q21.
  • Earnings per basic and diluted share were $3.60 in 1Q22 vs $3.50 in 1Q21.

CEO COMMENTS

Mr. Rodolfo Ramos Arvizu, Chief Executive Officer of Bachoco, stated, “We continue observing historically elevated corn and soybean meal prices which resulted in a 27.1% increase in our cost of sales when compared to 1Q21.

We think that part of the movement in those markets is driven by geopolitical tensions between Ukraine and Russia. Although the length and impact of the ongoing military conflict is highly unpredictable, it is leading to market disruptions, including significant volatility in commodity prices. We believe this uncertainty will keep having a negative impact on our cost of sales.

Under those volatile conditions, we remained focus on better managing our sales mix for both Poultry and Others. Particularly in our Others segment we integrated results from RYC Alimentos (RYC) for 1Q22. After the integration, in the overall, our net sales increased 25.9% vs 1Q21.

As a percentage of sales, SG&A was 8.2% compared to the 8.5% reported in the same period of 2021.

All of the above resulted on an EBITDA in 1Q22 of $3,517.0 million or 14.4% EBITDA margin; which compares to the $2,913.4 million and 15.1% margin reported for 1Q21.

We remain committed to our growth strategy, in that end, we reported CAPEX of $915.2 million for the quarter which compares to the $555.7 million for the same period of 2021. This was achieved while generating a net cash position of $18,122.8 million by the end of 1Q22. Our solid financial structure should help us face the uncertainties and volatilities on the market which, at this point, are difficult to predict.”

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 2021.

QUARTERLY RESULTS

NET SALES BY GEOGRAPHY

 

 

 

 

In millions of pesos

 

1Q22

1Q21

Change

 

 

$

$

$

%

Net sales

 

24,367.0

19,357.6

5,009.4

25.9

Net sales in Mexico

 

18,096.4

14,629.4

3,467.0

23.7

Net sales in the U.S.

 

6,270.6

4,728.2

1,542.3

32.6

NET SALES BY SEGMENT

 

 

 

 

In millions of pesos

 

1Q22

1Q21

Change

 

 

$

$

$

%

Net sales

 

24,367.0

19,357.6

5,009.4

25.9

Poultry

 

20,876.2

16,983.9

3,892.3

22.9

Other

 

3,490.8

2,373.8

1,117.0

47.1

NET VOLUME SOLD BY SEGMENT

In tons

 

 

 

Change

 

1Q22

1Q20

Volume

%

Total sales volume:

596,544

558,082

38,461.6

6.9

Poultry

441,036

416,978

24,057.9

5.8

Others

155,508

141,104

14,403.7

10.2

 

In 1Q22, the Company’s net sales totaled $24,367.0 million; $5,009.4 million or 25.9% more than $19,357.6 million reported in 1Q21. This was a result of better prices in the U.S. and in our main business lines in Mexico as well as higher volume sold in Others due to the integration of RYC.

In 1Q22, sales of our U.S. operations represented 25.7% of our total sales compared with 24.4% in 1Q21.

GROSS PROFIT

 

 

 

 

In millions of pesos

 

1Q22

1Q21

Change

 

 

$

$

$

%

Cost of sales

 

19,240.5

15,139.6

4,100.9

27.1

Gross profit

 

5,126.5

4,218.0

908.5

21.5

Gross margin

 

21.0%

21.8%

-

-

The cost of sales totaled $19,240.5 million, representing $4,100.9 million or 27.1% higher than $15,139.6 million reported in the same period of 2021. This increase was mainly driven by higher raw material prices when compared to the same period of 2021 as it was addressed at the beginning of this earnings report.

The Company’s gross profit in 1Q22 was $5,216.5 million, with a gross margin of 21.0%. This result compares to a gross profit of $4,218.0 million and a gross margin of 21.8% reported in 1Q21.

SELLING, GENERAL AND ADMINISTRATIVE EXPENSES (“SG&A”)

In millions of pesos

 

 

 

 

 

 

1Q22

1Q21

Change

 

 

$

$

$

%

Total SG&A

 

1,999.1

1,637.3

361.9

22.1

Total SG&A expenses in 1Q22 were $1,999.1 million; $361.9 million or 22.1% more than the $1,637.3 million reported 1Q21. Total SG&A expenses, as a percentage of net sales, represent 8.2% in 1Q22 and 8.5% in 1Q21.

OTHER INCOME (EXPENSE), NET

In millions of pesos

 

1Q22

1Q21

Change

 

 

$

$

$

%

Other income (expense), net

 

14.8

(21.8)

36.6

(168.1)

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.

OPERATING INCOME

 

 

 

 

In millions of pesos

 

1Q22

1Q21

Change

 

 

$

$

$

%

Operating income

 

3,142.2

2,559.0

583.2

22.8

Operating margin

 

12.9%

13.2%

-

-

Operating income in 1Q22 totaled $3,142.2 million with an operating margin of 12.9% which compares to the operating income of $2,559.0 million and 13.2% operating margin reported in 1Q21. While in terms of pesos our operating income is higher mainly attributed to the integration of RYC and higher net sales both in Mexico and the U.S., in terms of margin we were negatively impacted by higher raw material costs.

NET FINANCIAL INCOME

 

 

 

 

In millions of pesos

 

1Q22

1Q21

Change

 

 

$

$

$

%

Net Financial Income (Expense)

 

(235.7)

319.6

(555.3)

(173.8)

Financial Income

 

(101.2)

374.4

(475.6)

(127.0)

Financial Expense

 

134.6

54.8

79.8

145.5

In 1Q22, the Company reported net financial expenses of $235.7 million, compared to net financial income of $319.6 million reported in the same period of 2021. This lower financial income was a result of the appreciation of the Mexican peso with respect to 4Q21.

TAXES FOR THE PERIOD

 

 

 

 

In millions of pesos

 

1Q22

1Q21

Change

 

 

$

$

$

%

Total Taxes

 

778.4

803.9

(25.5)

(3.2)

Income tax

 

604.5

524.7

79.8

15.2

Deferred income tax

 

173.9

279.2

(105.3)

(37.7)

Total taxes for the 1Q22 were $778.4 million, compared to $803.9 million in the same period of 2021.

NET CONTROLLING INTEREST INCOME

 

 

 

 

In millions of pesos

 

1Q22

1Q21

Change

 

 

$

$

$

%

Net income

 

2,128.0

2,074.6

53.4

2.6

Net margin

 

8.7%

10.7%

-

-

Non-Controlling Interest income

 

(28.6)

(25.8)

(2.9)

n/a

Net controlling interest income

 

2,156.6

2,100.4

56.3

2.7

Basic and diluted income per share1

 

3.60

3.50

0.10

n/a

Basic and diluted income per ADR2

 

43.18

42.02

1.2

n/a

Weighted average Shares outstanding3

 

599,380

599,835

-

-

1 In pesos

2 in pesos, an ADR is equal to twelve shares

3 In thousands of shares

The net controlling interest income 1Q22 was $2,156.6 million, representing a basic and diluted income of $3.60 pesos per share. This result compares to a net controlling interest income of $2,100.4 million, which represented $3.50 pesos of basic and diluted income per share in 1Q21. Net margin for the 1Q22 was 8.7% compared to 10.7% reported in 1Q21 .

EBITDA

 

 

 

 

In millions of pesos

 

1Q22

1Q21

Change

 

 

$

$

$

%

Net controlling interest income

 

2,156.6

2,100.4

56.3

2.7

Income tax expense (benefit)

 

778.4

803.9

(25.5)

(3.2)

Result in associates

 

(28.6)

(25.8)

(2.9)

11.1

Net finance (income) expense

 

235.7

(319.6)

555.3

(173.8)

Depreciation and amortization

 

374.9

354.5

20.4

5.7

EBITDA

 

3,517.0

2,913.4

603.6

20.7

EBITDA Margin (%)

 

14.4%

15.1%

-

-

Net sales

 

24,367.0

19,357.6

5,009.4

25.9

EBITDA in 1Q22 reached $3,517.0 million, representing an EBITDA margin of 14.4%, compared to an EBITDA of $2,913.4 million in 1Q21 with an EBITDA margin of 15.1%.

BALANCE SHEET DATA

BALANCE SHEET DATA

 

 

 

 

In millions of pesos

 

Mar 31, 2022

Dec. 31, 2021

Change

 

 

$

$

$

%

TOTAL ASSETS

 

66,175.8

65,988.8

187.1

0.3

Cash and cash equivalents

 

20,194.6

20,777.0

(582.3)

(2.8)

Accounts receivable

 

4,841.8

5,108.5

(266.7)

(5.2)

TOTAL LIABILITIES

 

15,979.2

17,704.7

(1,725.5)

(9.7)

Accounts payable

 

8,299.4

10,200.7

(1,901.3)

(18.6)

Short-term debt

 

2,071.8

1,993.9

77.9

3.9

Long-term debt

 

-

-

-

-

TOTAL STOCKHOLDERS’ EQUITY

 

50,196.7

48,284.1

1,912.6

4.0

Capital stock

 

1,174.4

1,174.4

-

-

Cash and equivalents as of March 31, 2022 totaled $20,194.6 million; $582.3 million or 2.8% lower than $20,777.0 million as of December 31, 2021.

Total debt as of March 31, 2022 totaled $2,071.8 million, compared to $1,993.9 million reported as of December 31, 2021.

Net cash as of March 31, 2022 was $18,122.8 million, compared to net cash of $ 18,783.1 million as of December 31, 2021.

CAPEX

CAPITAL EXPENDITURES

In millions of pesos

 

2022

2021

Change

 

 

$

$

$

%

Capital Expenditures

 

915.2

555.7

359.5

64.7

Total CAPEX for the 1Q22 was $915.2 million. This increase considers assets related to the integration of RYC Alimentos.

STOCK INFORMATION

As of March 31, 2022

Total Shares

600,000,000

Total free float

26.75%

Market cap (millions of pesos)

$46,632

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

March

77.72

64.93

77.72

 

46.72

37.36

46.72

February

71.03

69.55

68.87

 

41.69

39.94

40.41

January

73.48

70.97

70.97

 

43.25

40.97

41.77

December

72.74

68.29

71.35

 

42.54

39.46

42.54

November

73.10

70.95

71.17

 

42.43

39.84

39.84

October

75.53

71.72

73.02

 

44.36

41.70

42.45

 

Source: Yahoo Finances

ANALYST COVERAGE

Institution

Analyst name

E-mail

BBVA BANCOMER

Pablo Abraham Peregrina

pablo.abraham@bbva.com

GBM

Luis Rodrigo Willard Alonso

lrwillard@gbm.com

INTERCAM

Richard Horbach Martinez

rhorbach@intercam.com.mx

JP MORGAN

Ulises Argote

ulises.argote@jpmorgan.com

SANTANDER

Alanis Peña Alan

aalanis@santander.com.mx

BANK OF AMERICA

Fernando Olvera

folvera@bofa.com

APPENDICES

For reference, some figures have been translated into millions of U.S. dollars (“USD”) using an exchange rate of $19.89 per USD $1.0, which corresponds to the rate at the close of March 31, 2022, 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
First Quarter Results, ended March 31st:
In U.S. Dollar March 31,

December 31*,

In million pesos

2022

2022

2021*

 
TOTAL ASSETS

$

3,327.1

66,175.8

65,988.8

 
Total current assets

 

1,843.2

36,661.5

37,845.6

Cash and cash equivalents

 

1,015.3

20,194.6

20,777.0

Total accounts receivable

 

243.4

4,841.8

5,108.5

Inventories

 

507.2

10,088.5

9,145.6

Other current assets

 

77.3

1,536.6

2,814.6

 
Total non current assets

 

1,483.9

29,514.3

28,143.2

Net property, plant and equipment

 

1,115.4

22,185.4

21,763.4

Other non current Assets

 

368.5

7,328.9

6,379.8

 
TOTAL LIABILITIES

$

803.4

15,979.2

17,704.7

 
Total current liabilities

 

548.6

10,911.4

12,835.3

Notes payable to banks

 

104.2

2,071.8

1,993.9

Accounts payable

 

417.3

8,299.4

10,200.7

Other taxes payable and other accruals

 

27.2

540.2

640.7

 
Total long-term liabilities

 

254.8

5,067.8

4,869.4

Long-term debt

 

-

-

-

Other non current liabilities

 

57.1

1,135.9

1,027.9

Deferred income taxes

 

197.7

3,931.9

3,841.5

 
TOTAL STOCKHOLDERS' EQUITY

$

2,523.7

50,196.7

48,284.1

 
Capital stock

 

59.0

1,174.4

1,174.4

Commission in shares issued

 

20.8

414.1

414.1

Retained earnings

 

2,371.3

47,164.6

45,038.6

Others accounts

 

49.6

986.8

1,179.2

Non controlling interest

 

23.0

456.9

477.7

 
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY

$

3,327.1

66,175.8

65,988.8

 
*Audited
CONSOLIDATED STATEMENT OF INCOME
First Quarter Results, ended March 31st:
-Unaudited-
 
In millions pesos

2022

 

2022

 

2021

Net sales

$

1,225.1

 

24,367.0

 

19,357.6

 

Cost of sales

 

967.3

 

19,240.5

 

15,139.6

 

Gross profit

 

257.7

 

5,126.5

 

4,218.0

 

SG&A

 

100.5

 

1,999.1

 

1,637.3

 

Other income (expenses), net

 

0.7

 

14.8

 

(21.8

)

Operating income

 

158.0

 

3,142.2

 

2,559.0

 

Net finance income

 

(11.9

)

(235.7

)

319.6

 

Income tax

 

39.1

 

778.4

 

803.9

 

Net Income

$

107.0

 

2,128.0

 

2,074.6

 

 
Non-controlling interest

 

(1.44

)

(28.6

)

(25.8

)

Net controlling interest profit

 

108.43

 

2,156.6

 

2,100.4

 

Basic and diluted earnings per share

 

0.18

 

3.60

 

3.50

 

Basic and diluted earnings per ADR

 

2.17

 

43.18

 

42.02

 

Weighted average Shares outstanding1

 

599,380

 

599,380

 

599,835

 

 
EBITDA Result

$

176.8

 

3,517.0

 

2,913.4

 

 
Gross margin

 

21.0

%

21.0

%

21.8

%

Operating margin

 

12.9

%

12.9

%

13.2

%

Net margin

 

8.9

%

8.7

%

10.7

%

EBITDA margin

 

14.4

%

14.4

%

15.1

%

 
1 In thousands
CONSOLIDATED STATEMENT OF CASH FLOWS
In million of pesos
-Unaudited-
 
U.S. Dollar March 31,

2022

2022

2021

 
NET MAJORITY INCOME BEFORE INCOME TAX

$

146.1

 

2,906.5

 

2,878.5

 

 
ITEMS RELATING TO INVESTING ACTIVITIES:

 

19.4

 

385.9

 

431.8

 

Depreciation and others

 

27.5

 

547.3

 

476.6

 

Income (loss) on sale of plant and equipment

 

0.9

 

17.4

 

11.1

 

Other Items

 

(9.0

)

(178.8

)

(55.9

)

 
NET CASH GENERATED FROM NET INCOME BEFORE TAXES

 

165.5

 

3,292.4

 

3,310.3

 

CASH GENERATED OR USED IN THE OPERATION:

 

(71.2

)

(1,416.5

)

(2,376.9

)

Decrease (increase) in accounts receivable

 

(17.6

)

(349.2

)

(139.3

)

Decrease (increase) in inventories

 

(51.5

)

(1,024.1

)

54.9

 

Increase (decrease) in accounts payable

 

(101.5

)

(2,019.2

)

(67.9

)

Other Items

 

99.3

 

1,975.9

 

(2,224.7

)

 
NET CASH FLOW FROM OPERATING ACTIVITIES

 

94.3

 

1,875.9

 

933.4

 

 
NET CASH FLOW FROM INVESTING ACTIVITIES

 

(81.5

)

(1,621.4

)

(298.2

)

Acquisition of property, plant and equipment

 

(46.0

)

(915.2

)

(555.6

)

Proceeds from sales of property plant and equipment

 

2.3

 

46.0

 

1.8

 

Other Items

 

(37.8

)

(752.1

)

255.7

 

 
CASH FLOW SURPLUS (REQUIREMENTS OF) TO BE USED IN FINANCING ACTIVITIES

 

12.8

 

254.5

 

635.2

 

 
Net cash provided by financing activities:

 

(42.6

)

(847.6

)

(85.9

)

Proceeds from loans

 

3.9

 

77.9

 

867.2

 

Principal payments on loans

 

-

 

-

 

(844.2

)

Dividends paid

 

-

 

-

 

-

 

Other items

 

(46.5

)

(925.5

)

(108.8

)

Net increase (decrease) in cash and equivalents

 

(29.8

)

(593.1

)

549.3

 

 
Cash and investments at the beginning of year

$

1,041.1

 

20,707.1

 

19,242.4

 

CASH AND INVESTMENTS AT END OF PERIOD

$

1,011.3

 

20,114.0

 

19,791.7

 

DERIVATIVES POSITION REPORT

First Quarter 2022
Thousands of Mexican Pesos, as of March 31, 2022
TYPE OF FINANCIAL

INSTRUMENT
OBJECTIVE NOTIONAL VALUE OF THE RELATED COMMODITY REASONABLE VALUE AMOUNTS DUE

BY YEAR
GUARANTIES

REQUIRED
1Q-2022 4Q-2021 1Q-2022 4Q-2021
Forward Vanilla y

KO Fwd
Hedge

$ 180,723

$ 19.89

$ 20.51

$-157,022

$ -128

92% in 2022

and 8% in 2023
The deals

consider the

possibility of

margin calls

but not

another kind

of guarantee
Futures for corn,

soybean meal and

soybean oil
Hedge

$ 592,158

CORN CORN

$ 66,687

$ 4,175

100% in 2022
In USD per Bushel In USD per Bushel
month price month price
May-22

$ 7.488

Jul-22

$ 7.330

Sep-22

$ 6.963

Mar-22

$ 5.933

Dec-22

$ 6.838

Sep-22

$ 5.628

 
SOYBEAN MEAL SOYBEAN MEAL
In USD per ton In USD per ton
month price month price
May-22

$ 467.5

Mar-22

$ 399.1

Jul-22

$ 459.4

May-22

$ 397.1

Aug-22

$ 447.9

Jul-22

$ 397.6

Sep-22

$ 432.2

Aug-22

$ 394.6

Oct-22

$ 414.5

Sep-22

$ 388.0

Dec-22

$ 411.5

Oct-22

$ 380.2

Dec-22

$ 380.0

SOYBEAN OIL SOYBEAN OIL
In US cents per pound In US cents per pound
Month Price Month Price
May-22

$ 69.94

Mar-22

$ 56.53

Options of Corn Hedge

$ 1,211,004

CORN CORN

$ 138,102

$ 340

97% in 2022

and 3% in 2023
In USD per Bushel In USD per Bushel
month price month price
May-22

$ 7.488

Jul-22

$ 7.330

Sep-22

$ 6.963

Dec-22

$ 6.838

Mar-23

$ 6.845

Mar-22

$ 5.933

Options of soybean meal Hedge

$ 1,098,297

SOYBEAN MEAL SOYBEAN MEAL

$ 66,894

$ 3,949

87% in

2022 and 13% in

2023
In USD per ton In USD per ton
month price month price
May-22

$ 467.5

Jul-22

$ 459.4

Aug-22

$ 447.9

Sep-22

$ 432.2

Oct-22

$ 414.5

Dec-22

$ 411.5

Mar-22

$ 399.1

Jan-23

$ 406.1

May-22

$ 397.1

Mar-23

$ 394.8

Options of Soybean oil Hedge

$ 23,371

SOYBEAN OIL

$ 521

$ -

100% in 2022
In US cents per pound
Mes Precio
 
May-22

$ 69.9

 
 
-The total financial instruments do not exceed 5% of total assets as of March 31, 2022.
-The notional value represents the net position as of March 31, 2022 at the exchange rate of Ps.19.89 per one dollar.
-A negative value means an unfavorable effect for the Company.
First Quarter 2022
Thousands of Mexican Pesos, as of March 31, 2022

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 (1)

 

-2.5%

 

2.5%

 

5.0%

 

-2.5%

 

2.5%

 

5.0%

Forward Vanilla y KO Fwd

-$

157,022

$19.39

 

$20.39

 

$20.88

 

Direct

-$246,886

-$ 67,157

$

22,707

 

-5%

5%

10%

 

-5%

 

5%

 

10%

Futures of Corn: (2)

$

66,687

$

7.113

 

$

7.862

 

$

8.236

 

The effect will materialize as the inventory is consumed

$

37,079

 

$

96,295

 

$

125,903

 

Futures of Soybean Meal: (2)

$

444.1

 

$

490.9

 

$

514.3

 

Futures for Soy Oil (2)

$

66.4

 

$

73.4

 

$

76.9

 

Options for Corn

$

138,102

$

7.113

 

$

7.862

 

$

8.236

 

$

88,634

 

$

186,281

 

$

234,385

 

Options of Soybean Meal

$

66,894

$

444.1

 

$

490.9

 

$

514.3

 

$

18,845

 

$

119,358

 

$

168,676

 

Options of soybean Oil

$

521

$

66.44

 

$

73.44

 

$

76.93

 

$

1,690

 

$

-

 

$

-

 

(1) The reference value is the exchange rate of Ps. $19.89 per USD as of March 31, 2022.
(2) The reference values are for May 2022; the future of corn, $7.4875 USD/bushel, the future of soybeanmeal, $467.50USD/ton and the future of soybean oil, $69.94 usd cts / pound
'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 2022
Thousands of Mexican Pesos, as of March 31, 2022

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 y KO Fwd

-$157,022

$9.95

$14.92

$24.86

$29.84

Direct

-$1,954,312

-$1,055,667

$548,179

$1,247,615

CONFERENCE CALL INFORMATION

The Company will host its first quarter 2022 earnings call, on Friday, April 29th, 2022. The earnings call will take place at 11:00 am Central Time (12:00 pm ET).

To participate in the earnings call, please dial:

Toll free in the U.S.: 866 374 5140

Toll free in Mexico: 1 866 779 1760

Toll Local Mexico: 52 55 6722 5258

Toll in the Brazil: 800 761 0711

Confirmation Number: 80961847#

To access the event online:

https://onlinexperiences.com/Launch/QReg/ShowUUID=323791AF-2BBB-4FA1-B1FD-2C5920289323&LangLocaleID=1033

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 80 distribution centers in Mexico, and a production complex in the United States. Currently the Company employs more than 31,000 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.

Contacts

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