Grupo Bimbo: Announces Best First Quarter In History

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

Highlights of the Quarter

  • Net Sales achieved a record level for a first quarter at MXN 79.1 billion, primarily due to good volume performance, especially in North America, Latin America and EAA, favorable price mix and FX rate benefit.
  • Adjusted Ebitda grew 19.6 percent and the margin expanded 150 basis points, reaching 13.5 percent which is a record level for a first quarter.
  • Net Majority Income improved by 115 times, while the margin expanded 510 basis points to 5.1 percent.
  • Free Cash Flow for the period totalled MXN 1.9 billion.
  • Net Debt / Adjusted Ebitda ratio closed the quarter in 1.8x.

Recent Events

  • Grupo Bimbo, through its subsidiary Bimbo QSR, will Invest more than US$25 million in establishing a bakery in Georgia, USA.
  • The Company, through its subsidiary Bimbo Canada, signed two virtual power purchase agreements (VPPA’s) with RES to procure renewable electricity that will offset 100 percent of the Company’s electricity consumption in Canada.
  • The Company announced the redemption of US$600 million of its Bimbo 2022 bond, such redemption process was concluded on April 26.

Commentary

«We started off 2021 with the best first quarter in our history in terms of sales, profits and margins, following a remarkable year for Grupo Bimbo, trends continue to reflect the hard work of our associates and the strength of our brands, and we continue to benefit from being a diversified Company,» says Daniel Servitje, Chairman and CEO, in the Group’s statement.

«The first quarter was an exceptional quarter in terms of strong and consistent cash flow generation, a solid balance sheet and double-digit growth in Adjusted Ebitda, achieving a 230 basis points expansion in our Return on Equity,» says Diego Gaxiola, CFO, in the same statement. For additional information please read the company’s PDF file below (667 KB).

20210429-BIMBO-Q1-2021
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