<\/p>\n
Industrias Bachoco Announces Second Quarter 2021 Results<\/b><\/p>\n
CELAYA, Mexico & GUANAJUATO, Mexico–(BUSINESS WIRE<\/a>)– HIGHLIGHTS- 2021 vs. 2020<\/span><\/b><\/p>\n CEO COMMENTS<\/span><\/b><\/p>\n Mr. Rodolfo Ramos Arvizu<\/b>,ChiefExecutive Officer of Bachoco, stated, \u201cDuring this quarter, we continued to observe a good balance between supply and demand. Even though costs were higher, our focus on efficiencies drove us to achieve good results in our second quarter of 2021.\n<\/p>\n \nWe reached an increase in total sales of 27% for 2Q21 when compared to the same period of 2020. This led us to a gross margin of 19.0% for 2Q21 compared to the 11.3% of 2Q20.\n<\/p>\n \nRegarding our cost of sales, raw material prices continued to be high in USD terms. This meant an increase in our total cost of sales of 16% when compared to the same quarter of 2020. However, our efforts and focus towards efficiencies in our processes permitted us to offset part of this increase.\n<\/p>\n \nIn terms of expenses, we kept our SG&A under control as a percentage of sales, we reported 8.3% for the quarter and 8.4% for the first half of 2021, which is lower compared to the 9.5% and 9.8% for the respective periods of 2020.\n<\/p>\n \nAs a result, our operating profit for the quarter was $2,088.8 million, which is significantly higher than 2Q20 where we saw most of the negative impacts of COVID-19.\n<\/p>\n \nWe reported an EBITDA of $2,437.4 million in 2Q21, which is higher than the $437.6 million reported in 2Q20. The EBITDA margins for each of those two periods were 11.7% and 2.7%, respectively. For the first half of the year, our EBITDA margin was 13.3%, compared to 4.3% EBITDA margin of the same period of 2020.\n<\/p>\n \nCAPEX for the quarter was $1,307.5 million compared to $992.4 million for the same period of 2020. This was achieved while ending with a net cash position of $19,490.6 million by the end of 2Q21.\n<\/p>\n \nTo our commitment of continually adding value to our shareholders, in 2Q21 we reported earnings per share of $2.46 and for the first half of 2021 we reported earnings per share of $5.96.\n<\/p>\n \nWe will remain focused on efficiencies across all of our processes which will allow us to supply our markets and customers as best as we can and as we have done through the years.\u201d\n<\/p>\n Executive Summary QUARTERLY RESULTS<\/b><\/p>\n NET SALES BY GEOGRAPHY<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nIn millions of pesos\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n2Q21\n<\/p>\n<\/td>\n \n2Q20\n<\/p>\n<\/td>\n \nChange\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n<\/tr>\n \nNet Sales\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n20,860.9\n<\/p>\n<\/td>\n \n16,431.9\n<\/p>\n<\/td>\n \n4,429.0\n<\/p>\n<\/td>\n \n27.0\n<\/p>\n<\/td>\n<\/tr>\n \nNet sales in Mexico\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n15,937.6\n<\/p>\n<\/td>\n \n11,339.9\n<\/p>\n<\/td>\n \n4,597.6\n<\/p>\n<\/td>\n \n40.5\n<\/p>\n<\/td>\n<\/tr>\n \nNet sales in the U.S.\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n4,923.4\n<\/p>\n<\/td>\n \n5,092.0\n<\/p>\n<\/td>\n \n(168.6)\n<\/p>\n<\/td>\n \n(3.3)\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n NET SALES BY SEGMENT<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nIn millions of pesos\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n2Q21\n<\/p>\n<\/td>\n \n2Q20\n<\/p>\n<\/td>\n \nChange\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n<\/tr>\n \nNet Sales\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n20,860.9\n<\/p>\n<\/td>\n \n16,431.9\n<\/p>\n<\/td>\n \n4,429.0\n<\/p>\n<\/td>\n \n27.0\n<\/p>\n<\/td>\n<\/tr>\n \nPoultry\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n18,170.5\n<\/p>\n<\/td>\n \n14,796.3\n<\/p>\n<\/td>\n \n3,374.1\n<\/p>\n<\/td>\n \n22.8\n<\/p>\n<\/td>\n<\/tr>\n \nOther\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n2,690.5\n<\/p>\n<\/td>\n \n1,635.6\n<\/p>\n<\/td>\n \n1,054.9\n<\/p>\n<\/td>\n \n64.5\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n NET VOLUME SOLD BY SEGMENT<\/b><\/p>\n<\/td>\n \nIn tons\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \nChange\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n2Q21\n<\/p>\n<\/td>\n \n2Q20\n<\/p>\n<\/td>\n \nVolume\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n<\/tr>\n \nTotal sales volume:\n<\/p>\n<\/td>\n \n583,661\n<\/p>\n<\/td>\n \n554,677\n<\/p>\n<\/td>\n \n28,984.5\n<\/p>\n<\/td>\n \n5.2\n<\/p>\n<\/td>\n<\/tr>\n \nPoultry\n<\/p>\n<\/td>\n \n441,486\n<\/p>\n<\/td>\n \n433,484\n<\/p>\n<\/td>\n \n8,002.1\n<\/p>\n<\/td>\n \n1.8\n<\/p>\n<\/td>\n<\/tr>\n \nOthers\n<\/p>\n<\/td>\n \n142,175\n<\/p>\n<\/td>\n \n121,192\n<\/p>\n<\/td>\n \n20,982.4\n<\/p>\n<\/td>\n \n17.3\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \nThe Company\u2019s 2Q21 net sales totaled $20,860.9 million; $4,429.0 million or 27.0% more than the $16,431.9 million reported in 2Q20. The increase was mainly a result of higher prices and higher volume sold in our main business lines.\n<\/p>\n \nIn 2Q21, sales of our U.S. operations represented 23.6% of our total sales compared to a 31.0% in the same period of 2020. The decrease was mainly a result of a lower exchange rate in 2Q21 vs the same period of 2020.\n<\/p>\n GROSS PROFIT<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nIn millions of pesos\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n2Q21\n<\/p>\n<\/td>\n \n2Q20\n<\/p>\n<\/td>\n \nChange\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n<\/tr>\n Cost of sales<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n16,901.1\n<\/p>\n<\/td>\n \n14,574.5\n<\/p>\n<\/td>\n \n2,326.6\n<\/p>\n<\/td>\n \n16.0\n<\/p>\n<\/td>\n<\/tr>\n \nGross profit\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n3,959.8\n<\/p>\n<\/td>\n \n1,857.4\n<\/p>\n<\/td>\n \n2,102.5\n<\/p>\n<\/td>\n \n113.2\n<\/p>\n<\/td>\n<\/tr>\n \nGross margin\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n19.0%\n<\/p>\n<\/td>\n \n11.3%\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \nIn 2Q21, cost of sales was $16,901.1 million; $2,326.6 million or 16.0% higher than the $14,574.5 million reported in 2Q20. This increase was due to higher unit cost in our main business lines as a result of higher raw material prices in USD terms.\n<\/p>\n \nThe Company’s gross profit in 2Q21 was $3,959.8 million, higher than the gross profit of $1,857.4 million in 2Q20, with a gross margin of 19.0% for 2Q21 vs 11.3% in 2Q20. The result of this quarter compares to a difficult 2Q20, when mobility restrictions due to COVID-19 negatively affected some of the markets that we serve, which resulted in oversupply conditions throughout the industry.\n<\/p>\n SELLING, GENERAL AND ADMINISTRATIVE EXPENSES (\u201cSG&A\u201d)<\/b><\/p>\n<\/td>\n<\/tr>\n \nIn millions of pesos\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n2Q21\n<\/p>\n<\/td>\n \n2Q20\n<\/p>\n<\/td>\n \nChange\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n<\/tr>\n \nTotal SG&A\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1,729.2\n<\/p>\n<\/td>\n \n1,567.0\n<\/p>\n<\/td>\n \n162.2\n<\/p>\n<\/td>\n \n10.4\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \nTotal SG&A expenses in 2Q21 were $1,729.2 million; $162.2 million higher than the $1,567.0 million reported in 2Q20. Total SG&A expenses as a percentage of net sales were 8.3% in 2Q21 and 9.5% in 2Q20.\n<\/p>\n OTHER INCOME (EXPENSE), NET<\/b><\/p>\n<\/td>\n<\/tr>\n \nIn millions of pesos\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n2Q21\n<\/p>\n<\/td>\n \n2Q20\n<\/p>\n<\/td>\n \nChange\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n<\/tr>\n \nOther income (expense), net\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(141.8)\n<\/p>\n<\/td>\n \n(207.5)\n<\/p>\n<\/td>\n \n65.7\n<\/p>\n<\/td>\n \n(31.7)\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \nThis item mainly includes the sale of unused assets as well as hens and other by-products. We record such sales as expenses when the sale price is below the book value of those assets.\n<\/p>\n \nIn 2Q21, we recorded other expenses of $141.8 million, compared with other expenses of $207.5 million reported in 2Q20.\n<\/p>\n OPERATING INCOME<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nIn millions of pesos\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n2Q21\n<\/p>\n<\/td>\n \n2Q20\n<\/p>\n<\/td>\n \nChange\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n<\/tr>\n \nOperating income\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n2,088.8\n<\/p>\n<\/td>\n \n82.8\n<\/p>\n<\/td>\n \n2,005.9\n<\/p>\n<\/td>\n \n2,421.5\n<\/p>\n<\/td>\n<\/tr>\n \nOperating margin\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n10.0%\n<\/p>\n<\/td>\n \n0.5%\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \nOperating income in 2Q21 totaled $2,088.8 million; $2,005.9 million higher than the $82.8 million reported in 2Q20. This represents an operating margin of 10.0% for 2Q21, higher when compared to the same period of 2020. The increase in operating income is mainly attributed to efficiencies in our processes and better market conditions compared to 2Q20, which is allowing us to pass to our sales price the increases observed in raw materials costs.\n<\/p>\n NET FINANCIAL INCOME<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nIn millions of pesos\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n2Q21\n<\/p>\n<\/td>\n \n2Q20\n<\/p>\n<\/td>\n \nChange\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n<\/tr>\n \nNet Financial Income\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(97.0)\n<\/p>\n<\/td>\n \n(122.3)\n<\/p>\n<\/td>\n \n25.3\n<\/p>\n<\/td>\n \n(20.7)\n<\/p>\n<\/td>\n<\/tr>\n \nFinancial Income\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n2.1\n<\/p>\n<\/td>\n \n(42.3)\n<\/p>\n<\/td>\n \n44.4\n<\/p>\n<\/td>\n \n(105.0)\n<\/p>\n<\/td>\n<\/tr>\n \nFinancial Expense\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n99.1\n<\/p>\n<\/td>\n \n80.0\n<\/p>\n<\/td>\n \n19.1\n<\/p>\n<\/td>\n \n23.8\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \nIn 2Q21, the Company reported net financial expenses of $97.0 million, compared to the net financial expenses of $122.3 million reported in the same period of 2020.\n<\/p>\n TAXES FOR THE PERIOD<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nIn millions of pesos\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n2Q21\n<\/p>\n<\/td>\n \n2Q20\n<\/p>\n<\/td>\n \nChange\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n<\/tr>\n \nTotal Taxes\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n548.7\n<\/p>\n<\/td>\n \n(11.2)\n<\/p>\n<\/td>\n \n559.9\n<\/p>\n<\/td>\n \n(4,986.2)\n<\/p>\n<\/td>\n<\/tr>\n \nIncome tax\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n804.5\n<\/p>\n<\/td>\n \n(407.6)\n<\/p>\n<\/td>\n \n1,212.1\n<\/p>\n<\/td>\n \n(297.4)\n<\/p>\n<\/td>\n<\/tr>\n \nDeferred income tax\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(255.9)\n<\/p>\n<\/td>\n \n396.4\n<\/p>\n<\/td>\n \n(652.3)\n<\/p>\n<\/td>\n \n(164.5)\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \nAs a result of a higher operating income, Total taxes for the 2Q21 were $548.7 million compared with total taxes of $(11.2) million in the same period of 2020.\n<\/p>\n NET INCOME<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nIn millions of pesos\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n2Q21\n<\/p>\n<\/td>\n \n2Q20\n<\/p>\n<\/td>\n \nChange\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n<\/tr>\n \nNet income\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1,443.2\n<\/p>\n<\/td>\n \n(28.2)\n<\/p>\n<\/td>\n \n1,471.4\n<\/p>\n<\/td>\n \n(5,214.7)\n<\/p>\n<\/td>\n<\/tr>\n \nNet margin\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n6.9%\n<\/p>\n<\/td>\n \n(0.2)%\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n<\/tr>\n \nBasic and diluted earnings per share1<\/sup><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n2.46\n<\/p>\n<\/td>\n \n(0.06)\n<\/p>\n<\/td>\n \n2.5\n<\/p>\n<\/td>\n \nn\/a\n<\/p>\n<\/td>\n<\/tr>\n \nBasic and diluted earnings per ADR2<\/sup><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n29.55\n<\/p>\n<\/td>\n \n(0.70)\n<\/p>\n<\/td>\n \n30.2\n<\/p>\n<\/td>\n \nn\/a\n<\/p>\n<\/td>\n<\/tr>\n \nWeighted average Shares outstanding3<\/sup><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n599,743\n<\/p>\n<\/td>\n \n599,787\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n<\/tr>\n 1<\/sup> In pesos\n<\/p>\n<\/td>\n<\/tr>\n 2<\/sup> in pesos, one ADR equals to twelve shares\n<\/p>\n<\/td>\n<\/tr>\n 3<\/sup> In thousands of shares\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \nFor the 2Q21 we had Net income of $1,443.2 million, representing a basic and diluted income per share of $2.46 compared with a negative net income of $28.2 million, which compares with $(0.06) pesos of net income per share in 2Q20. This increase was attributed to higher operating results. Net margin in 2Q21 was a positive 6.9% compared to a negative 0.2% reported in 2Q20.\n<\/p>\n EBITDA<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nIn millions of pesos\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n2Q21\n<\/p>\n<\/td>\n \n2Q20\n<\/p>\n<\/td>\n \nChange\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n<\/tr>\n \nNet income\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1,476.8\n<\/p>\n<\/td>\n \n(34.8)\n<\/p>\n<\/td>\n \n1,511.6\n<\/p>\n<\/td>\n \n(4,343.0)\n<\/p>\n<\/td>\n<\/tr>\n \nIncome tax expense (benefit)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n548.7\n<\/p>\n<\/td>\n \n(11.2)\n<\/p>\n<\/td>\n \n559.9\n<\/p>\n<\/td>\n \n(4,986.2)\n<\/p>\n<\/td>\n<\/tr>\n \nResult in associates\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(33.6)\n<\/p>\n<\/td>\n \n6.6\n<\/p>\n<\/td>\n \n(40.2)\n<\/p>\n<\/td>\n \n(610.2)\n<\/p>\n<\/td>\n<\/tr>\n \nNet finance (income) expense\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n97.0\n<\/p>\n<\/td>\n \n122.3\n<\/p>\n<\/td>\n \n(25.3)\n<\/p>\n<\/td>\n \n(20.7)\n<\/p>\n<\/td>\n<\/tr>\n \nDepreciation and amortization\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n348.6\n<\/p>\n<\/td>\n \n354.8\n<\/p>\n<\/td>\n \n(6.2)\n<\/p>\n<\/td>\n \n(1.7)\n<\/p>\n<\/td>\n<\/tr>\n \nEBITDA\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n2,437.4\n<\/p>\n<\/td>\n \n437.6\n<\/p>\n<\/td>\n \n1,999.8\n<\/p>\n<\/td>\n \n457.0\n<\/p>\n<\/td>\n<\/tr>\n \nEBITDA Margin (%)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n11.7%\n<\/p>\n<\/td>\n \n2.7%\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n<\/tr>\n \nNet revenues\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n20,860.9\n<\/p>\n<\/td>\n \n16,431.9\n<\/p>\n<\/td>\n \n4,429.0\n<\/p>\n<\/td>\n \n27.0\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \nEBITDA in 2Q21 reached $2,437.4 million, representing an EBITDA margin of 11.7%, compared to an EBITDA of $437.6 million in 2Q20, with an EBITDA margin of 2.7%.\n<\/p>\n ACCUMULATED RESULTS<\/b><\/p>\n NET SALES BY GEOGRAPHY<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nIn millions of pesos\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1H21\n<\/p>\n<\/td>\n \n1H20\n<\/p>\n<\/td>\n \nChange\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n<\/tr>\n \nNet Sales\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n40,218.6\n<\/p>\n<\/td>\n \n32,170.3\n<\/p>\n<\/td>\n \n8,048.2\n<\/p>\n<\/td>\n \n25.0\n<\/p>\n<\/td>\n<\/tr>\n \nNet sales in Mexico\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n30,566.9\n<\/p>\n<\/td>\n \n22,407.5\n<\/p>\n<\/td>\n \n8,159.4\n<\/p>\n<\/td>\n \n36.4\n<\/p>\n<\/td>\n<\/tr>\n \nNet sales in the U.S.\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n9,651.6\n<\/p>\n<\/td>\n \n9,762.8\n<\/p>\n<\/td>\n \n(111.2)\n<\/p>\n<\/td>\n \n(1.1)\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n NET SALES BY SEGMENT<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nIn millions of pesos\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1H21\n<\/p>\n<\/td>\n \n1H20\n<\/p>\n<\/td>\n \nChange\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n<\/tr>\n \nNet Sales\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n40,218.6\n<\/p>\n<\/td>\n \n32,170.3\n<\/p>\n<\/td>\n \n8,048.2\n<\/p>\n<\/td>\n \n25.0\n<\/p>\n<\/td>\n<\/tr>\n \nPoultry\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n35,154.3\n<\/p>\n<\/td>\n \n28,959.1\n<\/p>\n<\/td>\n \n6,195.2\n<\/p>\n<\/td>\n \n21.4\n<\/p>\n<\/td>\n<\/tr>\n \nOther\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n5,064.2\n<\/p>\n<\/td>\n \n3,211.2\n<\/p>\n<\/td>\n \n1,853.0\n<\/p>\n<\/td>\n \n57.7\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n NET VOLUME SOLD BY SEGMENT<\/b><\/p>\n<\/td>\n \nIn metric tons\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \nChange\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n1H21\n<\/p>\n<\/td>\n \n1H20\n<\/p>\n<\/td>\n \nVolume\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n<\/tr>\n \nTotal sales volume:\n<\/p>\n<\/td>\n \n1,141,743\n<\/p>\n<\/td>\n \n1,142,694\n<\/p>\n<\/td>\n \n(951.2)\n<\/p>\n<\/td>\n \n(0.1)\n<\/p>\n<\/td>\n<\/tr>\n \nPoultry\n<\/p>\n<\/td>\n \n858,464\n<\/p>\n<\/td>\n \n890,651\n<\/p>\n<\/td>\n \n(32,187.3)\n<\/p>\n<\/td>\n \n(3.6)\n<\/p>\n<\/td>\n<\/tr>\n \nOthers\n<\/p>\n<\/td>\n \n283,279\n<\/p>\n<\/td>\n \n252,043\n<\/p>\n<\/td>\n \n31,236.0\n<\/p>\n<\/td>\n \n12.4\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \nDuring the first half of 2021, net sales totaled $40,218.6 million; $8,048.2 million or 25.0% more than $32,170.3 million reported in the same period of 2020. The increase in sales is mainly attributable to higher prices of our main business lines when compared to the first half of 2020.\n<\/p>\n \nIn 1H21, sales of our U.S. operations represented 24.0% of our total sales, compared with 30.3% in 1H20. The decrease was mainly a result of the appreciation of the Mexican peso in the first half of 2021.\n<\/p>\n OPERATING RESULTS<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nIn millions of pesos\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1H21\n<\/p>\n<\/td>\n \n1H20\n<\/p>\n<\/td>\n \nChange\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n<\/tr>\n \nCost of Sales\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n32,040.7\n<\/p>\n<\/td>\n \n28,131.8\n<\/p>\n<\/td>\n \n3,908.9\n<\/p>\n<\/td>\n \n13.9\n<\/p>\n<\/td>\n<\/tr>\n \nGross Profit\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n8,177.9\n<\/p>\n<\/td>\n \n4,038.5\n<\/p>\n<\/td>\n \n4,139.4\n<\/p>\n<\/td>\n \n102.5\n<\/p>\n<\/td>\n<\/tr>\n \nTotal SG&A\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n3,366.5\n<\/p>\n<\/td>\n \n3,139.7\n<\/p>\n<\/td>\n \n226.8\n<\/p>\n<\/td>\n \n7.2\n<\/p>\n<\/td>\n<\/tr>\n \nOther Income (expense)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(163.6)\n<\/p>\n<\/td>\n \n(212.0)\n<\/p>\n<\/td>\n \n48.4\n<\/p>\n<\/td>\n \n(22.8)\n<\/p>\n<\/td>\n<\/tr>\n \nOperating Income\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n4,647.7\n<\/p>\n<\/td>\n \n686.8\n<\/p>\n<\/td>\n \n3,960.9\n<\/p>\n<\/td>\n \n576.7\n<\/p>\n<\/td>\n<\/tr>\n \nNet Financial Income\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n222.6\n<\/p>\n<\/td>\n \n2,304.2\n<\/p>\n<\/td>\n \n(2,081.6)\n<\/p>\n<\/td>\n \n(90.3)\n<\/p>\n<\/td>\n<\/tr>\n \nIncome Tax\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1,352.6\n<\/p>\n<\/td>\n \n849.1\n<\/p>\n<\/td>\n \n503.5\n<\/p>\n<\/td>\n \n59.3\n<\/p>\n<\/td>\n<\/tr>\n \nNet Income\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n3,517.8\n<\/p>\n<\/td>\n \n2,141.9\n<\/p>\n<\/td>\n \n1,375.8\n<\/p>\n<\/td>\n \n64.2\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \nIn 1H21, the cost of sales totaled $32,040.7 million; $3,908.9 million or 13.9% higher than the $28,131.8 million reported in 1H20.\n<\/p>\n \nAs a result, we reached a gross profit of $8,177.9 million and a gross margin of 20.3% in 1H21, when compared to $4,038.5 million of gross profit and margin of 12.6% reached in the same period of 2020.\n<\/p>\n \nTotal SG&A expenses in 1H21 were $3,366.5 million; $226.8 million or 7.2% more than the $3,139.7 million reported in 1H20. In 1H21 total SG&A expenses as a percentage of net sales represented 8.4% compared with 9.8% in 1H20.\n<\/p>\n \nIn 1H21 we had other expenses of $163.6 million, compared with other expenses of $212 million reported in 1H20.\n<\/p>\n \nOperating income in 1H21 was $4,647.7 million, which represents an operating margin of 11.6%, an increase compared to the operating income of $686.8 million and the operating margin of 2.1% in 1H20.\n<\/p>\n \nNet financial income in 1H21 was $222.6 million, lower when compared to a net financial income of $2,304.2 million in 1H20, mainly as a result of the Mexican peso appreciation year over year.\n<\/p>\n \nTotal taxes were $1,352.6 million as of June 30, 2021. These taxes include $1,329.3 million of income tax and $23.3 million of deferred income taxes. This figure compares to total taxes of $849.1 million in 1H20.\n<\/p>\n \nAll the above resulted in a net income of $3,517.8 million or 8.7% of net margin in the 1H21, which represents $5.96 pesos of earnings per share; while in the 1H20 the net income totaled $2,141.9 million, 6.7% of net margin and $3.55 pesos of net income per share.\n<\/p>\n EBITDA<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nIn millions of pesos\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1H21\n<\/p>\n<\/td>\n \n1H20\n<\/p>\n<\/td>\n \nChange\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n<\/tr>\n \nNet controlling interest profit\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n3,577.2\n<\/p>\n<\/td>\n \n2,131.8\n<\/p>\n<\/td>\n \n1,445.3\n<\/p>\n<\/td>\n \n67.8\n<\/p>\n<\/td>\n<\/tr>\n \nIncome tax expense (benefit)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1,352.6\n<\/p>\n<\/td>\n \n849.1\n<\/p>\n<\/td>\n \n503.5\n<\/p>\n<\/td>\n \n59.3\n<\/p>\n<\/td>\n<\/tr>\n \nResult in associates\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(59.4)\n<\/p>\n<\/td>\n \n10.1\n<\/p>\n<\/td>\n \n(69.5)\n<\/p>\n<\/td>\n \n(686.9)\n<\/p>\n<\/td>\n<\/tr>\n \nNet finance (income) expense\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(222.6)\n<\/p>\n<\/td>\n \n(2,304.2)\n<\/p>\n<\/td>\n \n2,081.6\n<\/p>\n<\/td>\n \n(90.3)\n<\/p>\n<\/td>\n<\/tr>\n \nDepreciation and amortization\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n703.1\n<\/p>\n<\/td>\n \n698.1\n<\/p>\n<\/td>\n \n5.0\n<\/p>\n<\/td>\n \n0.7\n<\/p>\n<\/td>\n<\/tr>\n \nEBITDA\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n5,350.8\n<\/p>\n<\/td>\n \n1,384.9\n<\/p>\n<\/td>\n \n3,965.9\n<\/p>\n<\/td>\n \n286.4\n<\/p>\n<\/td>\n<\/tr>\n \nEBITDA Margin (%)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n13.3%\n<\/p>\n<\/td>\n \n4.3%\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n<\/tr>\n \nNet revenues\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n40,218.6\n<\/p>\n<\/td>\n \n32,170.3\n<\/p>\n<\/td>\n \n8,048.2\n<\/p>\n<\/td>\n \n25.0\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \nEBITDA in 1H21 reached $5,350.8 million, representing an EBITDA margin of 13.3%, compared to an EBITDA of $1,384.9 million in 1H20, with a margin of 4.3%.\n<\/p>\n BALANCE SHEET<\/b><\/p>\n BALANCE SHEET DATA<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nIn millions of pesos\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \nJune 30, 2021\n<\/p>\n<\/td>\n \nDec. 31, 2020\n<\/p>\n<\/td>\n \nChange\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n<\/tr>\n \nTOTAL ASSETS\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n61,676.1\n<\/p>\n<\/td>\n \n58,475.0\n<\/p>\n<\/td>\n \n3,201.1\n<\/p>\n<\/td>\n \n5.5\n<\/p>\n<\/td>\n<\/tr>\n \nCash and cash equivalents\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n21,461.0\n<\/p>\n<\/td>\n \n19,242.4\n<\/p>\n<\/td>\n \n2,218.5\n<\/p>\n<\/td>\n \n11.5\n<\/p>\n<\/td>\n<\/tr>\n \nAccounts receivable\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n4,249.9\n<\/p>\n<\/td>\n \n4,366.7\n<\/p>\n<\/td>\n \n(116.8)\n<\/p>\n<\/td>\n \n(2.7)\n<\/p>\n<\/td>\n<\/tr>\n \nTOTAL LIABILITIES\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n14,578.9\n<\/p>\n<\/td>\n \n14,548.2\n<\/p>\n<\/td>\n \n30.7\n<\/p>\n<\/td>\n \n0.2\n<\/p>\n<\/td>\n<\/tr>\n \nAccounts payable\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n5,593.5\n<\/p>\n<\/td>\n \n5,834.0\n<\/p>\n<\/td>\n \n(240.5)\n<\/p>\n<\/td>\n \n(4.1)\n<\/p>\n<\/td>\n<\/tr>\n \nShort-term debt\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n497.5\n<\/p>\n<\/td>\n \n1,251.7\n<\/p>\n<\/td>\n \n(754.2)\n<\/p>\n<\/td>\n \n(60.3)\n<\/p>\n<\/td>\n<\/tr>\n \nLong-term debt\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1,472.8\n<\/p>\n<\/td>\n \n1,460.4\n<\/p>\n<\/td>\n \n12.4\n<\/p>\n<\/td>\n \n0.8\n<\/p>\n<\/td>\n<\/tr>\n \nTOTAL STOCKHOLDERS\u2019 EQUITY\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n47,097.2\n<\/p>\n<\/td>\n \n43,926.8\n<\/p>\n<\/td>\n \n3,170.4\n<\/p>\n<\/td>\n \n7.2\n<\/p>\n<\/td>\n<\/tr>\n \nCapital stock\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1,174.2\n<\/p>\n<\/td>\n \n1,174.3\n<\/p>\n<\/td>\n \n(0.1)\n<\/p>\n<\/td>\n \n(0.0)\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \nCash and equivalents as of June 30, 2021 totaled $21,461.0 million vs $19,242.4 million as of December 31, 2020.\n<\/p>\n \nTotal debt as of June 30, 2021 was $1,970.3 million, compared to $2,712.1 million reported as of December 31, 2020, mainly as a result of payments made in our short-term bank debt.\n<\/p>\n \nNet cash as of June 30, 2021 was $19,460.6 million, compared to net cash of $16,530.3 million as of December 31, 2020.\n<\/p>\n CAPITAL EXPENDITURES<\/b><\/p>\n<\/td>\n<\/tr>\n \nIn millions of pesos\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1H21\n<\/p>\n<\/td>\n \n1H20\n<\/p>\n<\/td>\n \nChange\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n<\/tr>\n \nCapital Expenditures\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1,307.5\n<\/p>\n<\/td>\n \n992.4\n<\/p>\n<\/td>\n \n315.1\n<\/p>\n<\/td>\n \n31.7\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \nTotal CAPEX for the 1H21 was $1,307.5 million and $992.4 million in 1H20, mainly allocated toward organic growth and productivity projects across all of our facilities.\n<\/p>\n STOCK INFORMATION<\/b><\/p>\n
\nIndustrias Bachoco, S.A.B. de C.V., \u201cBachoco\u201d or \u201cthe Company\u201d, (NYSE: IBA; BMV: Bachoco) announced today its unaudited results for the second quarter (\u201c2Q21\u201d) and first half (\u201c1H21\u201d) 2021 ended on June 30, 2021. All figures have been prepared in accordance with International Financial Reporting Standard (\u201cIFRS\u201d) and are presented in nominal million Mexican Pesos (\u201c$\u201d), except earnings per share.\n<\/p>\n\n
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<\/span><\/b>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.\n<\/p>\n\n
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