Industrias Bachoco S.A.B. de C.V.

CIK:0001044896|SEC Filings

Consolidated Statements of Profit and Loss and Other Comprehensive Income - MXN ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Consolidated Statements of Profit and Loss and Other Comprehensive Income
Net revenues	$ 81,699,068	$ 68,792,002	$ 61,655,245
Cost of sales	(68,356,654)	(57,707,566)	(51,557,351)
Gross profit	13,342,414	11,084,436	10,097,894
General, selling and administrative expenses	(7,127,780)	(6,420,397)	(6,116,620)
Other expenses, net	(322,779)	(362,527)	(4,734)
Operating income	5,891,855	4,301,512	3,976,540
Finance income	1,117,406	1,173,520	991,632
Finance costs	(267,523)	(291,329)	(610,368)
Net finance income	849,883	882,191	381,264
Profit before income taxes	6,741,738	5,183,703	4,357,804
Income taxes	1,807,638	1,211,611	1,124,978
Profit for the year	4,934,100	3,972,092	3,232,826
Items that may be reclassified subsequently to profit or loss:
Currency translation effect	109,906	317,609	(199,746)
Net effects of derivatives classified as hedging instruments	217,601	(247,581)	(19,464)
Items that will not be reclassified subsequently to profit or loss:
Actuarial remeasurements	(5,478)	(103,982)	(107,897)
Income taxes related to actuarial remeasurements	1,643	31,195	32,370
Other comprehensive income	323,672	(2,759)	(294,737)
Comprehensive income for the year	5,257,772	3,969,333	2,938,089
Profit attributable to:
Controlling interest	5,065,554	3,935,672	3,219,931
Non-controlling interest	(131,454)	36,420	12,895
Profit for the year	4,934,100	3,972,092	3,232,826
Comprehensive income attributable to:
Controlling interest	5,389,226	3,932,913	2,925,194
Non-controlling interest	(131,454)	36,420	12,895
Comprehensive income for the year	$ 5,257,772	$ 3,969,333	$ 2,938,089
Weighted average outstanding shares (Basic)	599,730,270	599,818,022	599,971,832
Weighted average outstanding shares (Diluted)	599,730,270	599,818,022	599,971,832
Basic earnings per share	$ 8.45	$ 6.56	$ 5.37
Diluted earnings per share	$ 8.45	$ 6.56	$ 5.37

Consolidated Statements of Cash Flows $ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021 MXN ($)	Dec. 31, 2020 MXN ($)	Dec. 31, 2019 MXN ($)
Cash flows from operating activities:
Profit for the year	$ 4,934,100	$ 3,972,092	$ 3,232,826
Adjustments for:
Deferred income tax recognized in profit or loss	17,017	(109,443)	60,677
Current income tax recognized in profit or loss	1,790,621	1,321,054	1,064,301
Bargain purchase gain of domestic business acquisition	0	(90,889)	0
Depreciation and amortization	1,463,799	1,735,146	1,286,443
Depreciation of right-of-use assets	343,367	307,757	302,804
Intangible impairment loss	5,459	0	73,733
Loss (gain) on disposal of plant and equipment	95,341	12,987	(85,937)
Interest income earned	(597,610)	(705,986)	(991,632)
Interest expense and financial expense	265,982	291,038	330,119
Unrealized foreign exchange loss on loans	34,146	320,880	(139,830)
Subtotal	8,352,222	7,054,636	5,133,504
Derivative financial instruments	(46,442)	212,279	(11,528)
Accounts receivable, net	(811,965)	(335,742)	(306,588)
Due from related parties	395	12,988	(13,575)
Inventories	(685,817)	(850,655)	(133,572)
Current and non-current biological assets	(1,125,369)	(145,670)	(66,582)
Prepaid expenses and other current assets	(1,536,093)	32,866	(95,201)
Assets held for sale	(2,806)	(1,714)	(3,848)
Trade payable and other accounts payable	4,265,240	320,821	(38,542)
Due to related parties	104,587	4,138	(70,810)
Income taxes paid	(2,161,321)	(590,836)	(1,302,902)
Employee benefits	60,123	104,484	184,992
Net cash provided by operating activities	6,412,754	5,817,595	3,275,348
Cash flows from investing activities:
Payments for acquisition of property, plant and equipment	(3,479,493)	(2,346,415)	(2,199,600)
Proceeds from sale of plant and equipment	29,772	23,802	197,059
Investment in securities at fair value through profit or loss	1,007,481	(832,038)	363,784
Investment in securities at fair value through other comprehensive income	(622,108)	(621,954)	(315,761)
Other assets	84,080	(26,569)	24,244
Interest collected	597,610	705,986	991,632
Net cash used in investing activities	(2,382,658)	(3,097,188)	(938,642)
Cash flows from financing activities:
Payment for repurchase of shares	(46,392)	(15,594)	(10,729)
Proceeds from issuance of repurchased shares	14,061	12,085	9,255
Dividends paid	(851,619)	(791,744)	(840,000)
Dividends paid to non-controlling interest	(2,023)	(1,879)	(1,985)
Proceeds from borrowings	1,709,080	4,030,700	4,839,000
Principal payment on loans	(2,267,280)	(6,762,222)	(4,808,163)
Interest paid on lease	0	(53,639)	(37,797)
Interest paid	(234,134)	(237,399)	(292,322)
Payment of lease liability	(358,987)	(386,710)	(325,207)
Net cash used in by financing activities	(2,037,294)	(4,206,402)	(1,467,948)
Net increase (decrease) in cash and cash equivalents	1,992,802	(1,485,995)	868,758
Cash and cash equivalents at January 1	17,286,374	18,662,765	17,901,845
Effect of exchange rate fluctuations on cash and cash equivalents	(142,733)	109,604	(107,838)
Cash and cash equivalents at December 31	$ 19,136,443	$ 17,286,374	$ 18,662,765

Consolidated Statements of Financial Position - MXN ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 19,136,443	$ 17,286,374	$ 18,662,765
Investment in securities at fair value through profit or loss	10,841	1,018,322	186,284
Investment in securities at fair value through other comprehensive income	1,559,823	937,715	315,761
Derivative financial instruments	69,862	0	18,098
Accounts receivable, net	5,108,167	4,366,019	3,867,110
Due from related parties	291	686	13,674
Inventories	6,375,990	5,688,338	4,710,207
Current biological assets	2,769,612	2,012,668	2,043,237
Prepaid expenses and other current assets	2,757,123	1,221,255	1,227,196
Assets held for sale	57,436	54,630	52,916
Total currents assets	37,845,588	32,586,007	31,097,248
Non-current assets:
Property, plant and equipment, net	21,763,402	19,733,822	18,556,646
Right-of-use assets	680,210	678,845	822,732
Non-current biological assets	2,358,137	1,991,530	1,818,911
Deferred income tax	213,739	261,934	245,272
Goodwill	1,688,607	1,650,716	1,578,994
Intangible assets	704,374	753,224	772,640
Other non-current assets	734,704	818,922	810,048
Total non-currents assets	28,143,173	25,888,993	24,605,243
Total assets	65,988,761	58,475,000	55,702,491
Current liabilities:
Short-term debt	500,081	848,061	3,440,399
Current portion of long-term debt	1,493,830	209,499	0
Derivative financial instruments		194,181	0
Trade payable and other accounts payable	10,015,256	5,753,137	5,158,827
Lease liabilities	279,809	278,981	149,538
Income tax payable	360,898	815,082	82,665
Due to related parties	185,429	80,842	76,704
Total current liabilities	12,835,303	8,179,783	8,908,133
Long term liabilities:
Long-term debt, excluding current installments	0	1,460,405	1,488,208
Lease liabilities	371,671	440,730	653,512
Deferred income tax	3,841,475	3,874,980	3,904,493
Employee benefits	656,252	592,294	487,810
Total long term liabilities	4,869,398	6,368,409	6,534,023
Total liabilities	17,704,701	14,548,192	15,442,156
Equity:
Capital stock	1,174,432	1,174,432	1,174,432
Share premium	414,070	413,423	414,516
Reserve for repurchase of shares	1,199,423	1,266,469	1,308,367
Retained earnings	43,839,229	39,607,821	36,424,411
Effects of derivatives classified as hedging instruments	(49,751)	(267,352)	(19,771)
Foreign currency translation reserve	1,501,440	1,391,534	1,073,925
Actuarial remeasurements, net	(272,527)	(268,692)	(195,905)
Equity attributable to controlling interest	47,806,316	43,317,635	40,179,975
Non-controlling interest	477,744	609,173	80,360
Total equity	48,284,060	43,926,808	40,260,335
Commitments
Contingencies
Total liabilities and equity	$ 65,988,761	$ 58,475,000	$ 55,702,491