Mexico City / MX. (gb) South America’s Grupo Bimbo S.A.B. de C.V., the largest baker of the world, reported its financial results for the fourth quarter and full year 2023 (Q4 respective FY-2023), ended December 31.
Highlights Of The Year
- Net Sales reached a record level during the year, posting an increase of 10.7 percent excluding FX effect, attributable to positive price/mix effect. Excluding the 53rd in North America, Net Sales increased 11.4 percent. In Peso terms, Net Sales reached a historic high level at MXN 399,879 million (EUR 21,703 million or USD 23,440 million)
- Excluding MEPPs effect, Operating Income increased 2.7 percent and the margin expanded 20 basis points
- Despite FX rate negative effect, Adjusted Ebitda reached a record level at MXN 54,942 million, an increase of 2.8 percent, while the margin expanded 30 basis points
- Excluding MEPPs and Ricolino effects, Net Majority Income declined 0.9 percent and the margin contracted 10 basis points
- Return on Equity closed at 14.1 percent
- Net Debt/Adjusted Ebitda ratio closed at 2.1x
- Capex investments closed at a record level of USD 2 billion
- Grupo Bimbo returned to its shareholders MXN 7.2 billion through dividends and share buybacks
- Grupo Bimbo achieved 100 percent renewable electricity in seven countries. Currently, the company has extended this accomplishment to encompass 27 out of its 34 operating countries
- The Company successfully completed 6 strategic acquisitions during the year
- Grupo Bimbo successfully issued MXN 15 billion in Sustainability-linked Local Bonds and, through its BBU U.S. subsidiary, priced USD 1 billion in Senior Notes
Highlights Of The Quarter
- Net Sales reached a record level, excluding FX rate impact, growing 1.6 percent, reflecting positive price/mix effect across most regions, this was partially offset by the effect of a 53rd sales week in North America during 2022, excluding this effect Net Sales increased 4.0 percent
- Gross margin expanded 30 basis points to 51.8 percent due to lower raw material costs
- Excluding the MEPPs effect, Operating Income declined 13.1 percent and the margin contracted 70 basis points
- Adjusted Ebitda closed at MXN 13,678 million
- Excluding the Ricolino and MEPPs effects, Net Majority Income declined 10.8 percent and the margin contracted 10 basis points
- The Company successfully completed the acquisition of Amaritta Food, a Spanish company that specializes in research and development for gluten-free bread
Commentary
«In 2023, we witnessed a record-breaking year in several metrics including our Capex investments, marked by outstanding performance despite challenges in certain markets. We remain committed to invest in our business, actively seeking efficiencies and exploring transformational opportunities throughout the supply chain across all the markets we operate,» says Daniel Servitje, Chairman and CEO.
«2023 was an excellent year. Despite several challenges and the negative effect from FX rate, we achieved record levels of Sales and Adjusted Ebitda, and reached our guidance. It was also a year with strategic and historic investments for the long run and a time where we further strengthened our debt profile, while reaffirming our commitment to investment grade,» says Diego Gaxiola, CFO, in the same financial statement.
For additional information please read the company’s PDF file below (325 KB).
20240222-GRUPO-BIMBO-FY2023.