Grupo Bimbo: 2021 was an exceptional year

Mexico City / MX. (gb) Mexico’s Grupo Bimbo S.A.B. de C.V. reported its financial results for the three and twelve months ended December 31, 2021.

Highlights of the Quarter

  • Net Sales reached a record level for a fourth quarter at MXN 97,445 million, an increase of 14.9 percent, primarily due to strong volumes and price/mix performance across every region, which was partially offset by FX rate effect
  • Operating Income increased 17.4 percent and the margin expanded 30 basis points
  • Adjusted Ebitda reached a record level for a fourth quarter, growing 5.8 percent, while the margin contracted 120 basis points mainly due to higher raw material costs
  • Net Majority Income improved by 66.9 percent and the margin expanded 160 basis points

Highlights of the Year

  • Net Sales reached a record level at MXN 348,887 million, an increase of 5.4 percent, attributable to strong volumes and price/mix across every region, which was partially offset by FX rate effect. Excluding this effect, Net Sales increased 9.3 percent
  • Operating Income grew 34.3 percent and the margin expanded 210 basis points
  • Adjusted Ebitda reached a record level at MXN 49,178 million, an increase of 8.8 percent, and the margin expanded 40 basis points to a record level of 14.1 percent
  • Successfully completed 6 strategic acquisitions during the year: 2 in the U.S., 2 in India, one in Spain and one in Brazil in the QSR industry
  • Net Majority Income increased 74.7 percent and the margin expanded 180 basis points
  • Return on Equity reached its highest level for over 10 years, at 15.2 percent
  • Net Debt/Adjusted Ebitda ratio closed the quarter at 1.9 times
  • Cumulative Free Cash Flow totaled MXN 11 billion

Recent Developments

  • On January, Grupo Bimbo paid USUSD198 million of its outstanding 2022 bonds
  • For the eighth consecutive year, Grupo Bimbo occupied the first position in Merco’s 2021 ranking as the Most Responsible Company in ESG in Mexico

Commentary

«2021 was an exceptional year for Grupo Bimbo, we delivered record levels of Sales, Volume and Profit while transforming the business in a complex operating environment. Our CAPEX investments also reached a record level given the opportunities we are seeing across our markets and categories. These results reflect the hard work of our teams, the strong execution of our plans and strategies, our ample diversification and the strength of our brands,» says Daniel Servitje, Chairman and CEO, in the Group’s statement.

«2021 results were outstanding, especially when we consider the difficult comparison from the 2020 remarkable results we are cycling, the FX conversion impact, overall inflation and the complicated operating environment in several countries. We surpassed our Sales and our Effective Tax Rate guidance, achieved our Adjusted Ebitda guidance and remain confident that 2022 will be a strong year, as we strengthen our investments to be more efficient and to enhance our global presence,» says Diego Gaxiola, CFO, in the same statement. For additional information please read the company’s PDF file below (459 KB).

20220222-BIMBO-Q4-2021
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