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Bachoco Announces First Quarter 2021 Results

Industrias Bachoco, S.A.B. de C.V., “Bachoco” or “the Company”, (NYSE: IBA; BMV: Bachoco) announced today its unaudited results for the first quarter (“1Q21”) ending March 31, 2021. All figures have been prepared in accordance with International Financial Reporting Standard (“IFRS”) and are presented in nominal million Mexican Pesos (“$”), except earnings per share.

HIGHLIGHTS- 2021 vs. 2020

  • Net sales increased 23.0% in 1Q21.
  • EBITDA margin was 15.1% in 1Q21 vs 6.0% in 1Q20.
  • Earnings per basic and diluted share were $3.50 in 1Q21 vs $3.61 in 1Q20.

CEO COMMENTS

Mr. Rodolfo Ramos Arvizu, Chief Executive Officer of Bachoco, stated, “We continued observing a good balance between supply and demand which allowed us to achieve outstanding results in our first quarter of 2021, despite adjustments in sales volume, as a result of remaining COVID-19 confinement measures that had effects in some of the markets in which we compete.

Regarding our cost of sales, this quarter we observed the impact of higher raw materials prices in USD terms. Overall, our cost was 11.7% higher than the same quarter of 2020. However, the good balance between supply and demand previously mentioned, allowed us to translate some of that increase to our sales price while we keep doing efforts to also absorb part of that increase thru efficiencies in our processes as well.

Additionally, we have managed to keep our SG&A under control. For 1Q21 ours SG&A as percentage of sales was 8.5%, compared to the 10% recorded in the same period of 2020.

By keeping focus on the things we can control and by doing our best to manage external factors, we were able to achieve an EBITDA in 1Q21 of $2,913.4 million or 15.1% EBITDA margin. This compares to the $947.3 million and 6.0% margin reported for 1Q20.

We remain committed to our investors that we will keep a strong financial position while continuing to grow. As a result, we reported CAPEX of $555.7 million for the quarter which compares to the $292.7 million for the same period of 2020. This was achieved while generating a net cash position of $17,208.1 million by the end of 1Q21.

Unfortunately, the Covid-19 pandemic continues affecting not only México, but also economic conditions all around the world. Even if we did not observe material impacts in our operations or results during 1Q21, we are aware that conditions might change overnight. Therefore, we remain focused on reinforcing our internal capabilities, which will allow us to keep performing at our very best.”

Executive Summary

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 2020.

QUARTERLY RESULTS

NET SALES BY GEOGRAPHY

 

 

 

 

In millions of pesos

 

1Q21

1Q20

Change

 

 

$

$

$

%

Net sales

 

19,357.6

15,738.4

3,619.2

23.0

Net sales in Mexico

 

14,629.4

11,067.6

3,561.8

32.2

Net sales in the U.S.

 

4,728.2

4,670.8

57.4

1.2

NET SALES BY SEGMENT

 

 

 

 

In millions of pesos

 

1Q21

1Q20

Change

 

 

$

$

$

%

Net sales

 

19,357.6

15,738.4

3,619.2

23.0

Poultry

 

16,983.9

14,162.8

2,821.1

19.9

Other

 

2,373.8

1,575.6

798.1

50.7

NET VOLUME SOLD BY SEGMENT

In tons

 

Change

 

1Q21

1Q20

Volume

%

Total sales volume:

558,082

588,018

(29,935.7)

(5.1)

Poultry

416,978

457,167

(40,189.3)

(8.8)

Others

141,104

130,851

10,253.6

7.8

 

In 1Q21, the Company’s net sales totaled $19,357.6 million; $3,619.2 million or 23.0% more than $15,738.4 million reported in 1Q20. This was a result of better prices in our main business lines and higher volume sold in Others due to the integration of SASA.

In 1Q21, sales of our U.S. operations represented 24.4% of our total sales compared with 29.7% in 1Q20.

GROSS PROFIT

 

 

 

 

In millions of pesos

 

1Q21

1Q20

Change

 

 

$

$

$

%

Cost of sales

 

15,139.6

13,557.3

1,582.3

11.7

Gross profit

 

4,218.0

2,181.1

2,036.9

93.4

Gross margin

 

21.8%

13.9%

-

-

The cost of sales totaled $15,139.6 million, representing $1,582.3 million or 11.7% higher than $13,557.3 million reported in the same period of 2020. This increase was mainly driven higher raw material prices in dollar and in peso terms when compared to the same period of 2020.

The Company’s gross profit in 1Q21 was $4,218.0 million, with a gross margin of 21.8%. This result is higher when compared to a gross profit of $2,181.1 million and a gross margin of 13.9% reported in 1Q20.

SELLING, GENERAL AND ADMINISTRATIVE EXPENSES (“SG&A”)

In millions of pesos

 

 

 

 

 

 

1Q21

1Q20

Change

 

 

$

$

$

%

Total SG&A

 

1,637.3

1,572.7

64.6

4.1

Total SG&A expenses in 1Q21 were $1,637.3 million; $64.6 million or 4.1% more than the $1,572.7 million reported 1Q20. Total SG&A expenses, as a percentage of net sales, represent 8.5% in 1Q21 and 10.0% in 1Q20.

OTHER INCOME (EXPENSE), NET

In millions of pesos

 

1Q21

1Q20

Change

 

 

$

$

$

%

Other income (expense), net

 

(21.8)

(4.5)

(17.3)

384.4

Other income or other expenses include the sale of byproducts and unused assets. We register such sales as expenses when the sales price is below the book value of those assets.

OPERATING INCOME

 

 

 

 

In millions of pesos

 

1Q21

1Q20

Change

 

 

$

$

$

%

Operating income

 

2,559.0

604.0

1,955.0

323.7

Operating margin

 

13.2%

3.8%

-

-

Operating income in 1Q21 totaled $2,559.0 million with an operating margin of 13.2%; higher than the operating income of $604.0 million and 3.8% operating margin reported in 1Q20. The increase in operating income is mainly attributed to higher revenues in our main business lines.



NET FINANCIAL INCOME

 

 

 

 

In millions of pesos

 

1Q21

1Q20

Change

 

 

$

$

$

%

Net Financial Income (Expense)

 

319.6

2,426.5

(2,106.9)

(86.8)

Financial Income

 

374.4

2,483.3

(2,108.9)

(84.9)

Financial Expense

 

54.8

56.8

(2.0)

(3.5)

In 1Q21, the Company reported net financial income of $319.6 million, compared to net financial income of $2,426.5 million reported in the same period of 2020. This lower financial income was a result of the depreciation of the Mexican peso of around 2% from 4Q20 to 1Q21 vs the depreciation of around 26% from 4Q19 to 1Q20.

TAXES FOR THE PERIOD

 

 

 

 

In millions of pesos

 

1Q21

1Q20

Change

 

 

$

$

$

%

Total Taxes

 

803.9

860.3

(56.4)

(6.6)

Income tax

 

524.7

910.5

(385.8)

(42.4)

Deferred income tax

 

279.2

(50.2)

329.4

(656.1)

Total taxes for the 1Q21 were $803.9 million, compared to $860.3 million in the same period of 2020.

NET INCOME

 

 

 

 

In millions of pesos

 

1Q21

1Q20

Change

 

 

$

$

$

%

Net income

 

2,074.6

2,170.2

(95.5)

(4.4)

Net margin

 

10.7%

13.8%

-

-

Non-Controlling Interest income

 

(25.8)

3.5

(29.3)

n/a

Net controlling interest income

 

2,100.4

2,166.6

(66.3)

n/a

Basic and diluted income per share1

 

3.50

3.61

(0.1)

n/a

Basic and diluted income per ADR2

 

42.02

43.34

(1.3)

n/a

Weighted average Shares outstanding3

 

599,835

599,843

-

-

1 In pesos

2 in pesos, an ADR is equal to twelve shares

3 In thousands of shares

The net income for 1Q21 was $2,074.6 million, representing a basic and diluted income of $3.50 pesos per share. This result compares to a net income of $2,170.1 million, which represented $3.61 pesos of basic and diluted income per share in 1Q20. Net margin for the 1Q21 was 10.7% compared to 13.8% reported in 1Q20.

EBITDA

 

 

 

 

In millions of pesos

 

1Q21

1Q20

Change

 

 

$

$

$

%

Net controlling interest income

 

2,100.4

2,166.6

(66.3)

(3.1)

Income tax expense (benefit)

 

803.9

860.3

(56.4)

(6.6)

Result in associates

 

(25.8)

3.5

(29.3)

(830.2)

Net finance (income) expense

 

(319.6)

(2,426.5)

2,106.9

(86.8)

Depreciation and amortization

 

354.5

343.3

11.1

3.2

EBITDA

 

2,913.4

947.3

1,966.1

207.6

EBITDA Margin (%)

 

15.1%

6.0%

-

-

Net sales

 

19,357.6

15,738.4

3,619.2

23.0

EBITDA in 1Q21 reached $2,913.4 million, representing an EBITDA margin of 15.1%, compared to an EBITDA of $947.3 million in 1Q20 with an EBITDA margin of 6.0%.

BALANCE SHEET DATA

BALANCE SHEET DATA

 

 

 

 

In millions of pesos

 

Mar 31, 2021

Dec. 31, 2020

Change

 

 

$

$

$

%

TOTAL ASSETS

 

59,877.1

58,475.0

1,402.1

 

2.4

 

Cash and cash equivalents

 

19,791.7

19,242.4

549.3

 

2.9

 

Accounts receivable

 

4,655.5

4,366.7

288.8

 

6.6

 

TOTAL LIABILITIES

 

13,612.9

14,548.2

(935.3

)

(6.4

)

Accounts payable

 

4,217.4

5,834.0

(1,616.6

)

(27.7

)

Short-term debt

 

1,119.0

1,251.7

(132.8

)

(10.6

)

Long-term debt

 

1,464.7

1,460.4

4.3

 

0.3

 

TOTAL STOCKHOLDERS’ EQUITY

 

46,264.3

43,926.8

2,337.5

 

5.3

 

Capital stock

 

1,174.2

1,174.3

(0.1

)

(0.0

)

Cash and equivalents as of March 31, 2021 totaled $19,791.7 million; $549.3 million or 2.9% higher than $19,242.4 million as of December 31, 2020.

Total debt as of March 31, 2021 totaled $2,582.6 million, compared to $2,712.1 million reported as of December 31, 2020.

Net cash as of March 31, 2021 was $17,209.1 million, compared to net cash of $16,530.2 million as of December 31, 2020.

CAPEX

CAPITAL EXPENDITURES

In millions of pesos

 

2021

2020

Change

 

 

$

$

$

%

Capital Expenditures

 

555.7

292.7

263.0

89.9

Total CAPEX for the 1Q21 was $555.7 million, which was mainly allocated toward organic growth and productivity projects across all our facilities.

STOCK INFORMATION

As of March 31, 2021

Total Shares

600,000,000

Total free float

26.75%

Market cap (millions of pesos)

$40,824

SHARE PRICE

 

 

Mexican Stock Exchange

The New York Stock Exchange

 

Ticker Symbol: Bachoco

Ticker Symbol: IBA

 

In nominal pesos per Share

In U.S. Dollar per ADR

Month

High

Low

Close

 

High

Low

Close

March

69.42

67.16

68.04

 

40.45

38.30

39.95

February

71.99

68.02

69.42

 

43.19

39.67

39.67

January

73.60

69.22

69.28

 

44.66

41.14

41.14

December

75.48

71.41

74.85

 

45.28

42.52

45.16

November

70.44

64.55

70.06

 

41.55

36.23

41.53

October

70.79

66.42

66.42

 

39.92

37.31

37.31

Source: Yahoo Finances

ANALYST COVERAGE

Institution

Analyst name

E-mail

ACTINVER

Enrique Mendoza Farias

emendoza@actinver.com.mx

BBVA BANCOMER

Pablo Abraham Peregrina

pablo.abraham@bbva.com

GBM

Miguel Tortolero

matortolero@gbm.com.mx

INTERCAM

Richard Horbach Martinez

rhorbach@intercam.com.mx

JP MORGAN

Ulises Argote

ulises.argote@jpmorgan.com

SANTANDER

Hector Maya López

hmmaya@santander.com.mx

APPENDICES

For reference, some figures have been translated into millions of U.S. dollars (“USD”) using an exchange rate of $20.42 per USD $1.0, which corresponds to the rate at the close of March 31, 2021, according to Mexico’s National Bank.

  • Consolidated Statement of Financial Position
  • Consolidated Statement of Income
  • Consolidated Statement of Cash Flows
  • Derivatives Position Report
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
-Unaudited-
In U.S. Dollar March 31, December 31,
In million pesos

2021

2021

2020*

 
TOTAL ASSETS

$

2,932.3

59,877.1

58,475.0

 
Total current assets

 

1,656.3

33,821.0

32,586.0

Cash and cash equivalents

 

969.2

19,791.7

19,242.4

Total accounts receivable

 

228.0

4,655.5

4,366.7

Inventories

 

404.7

8,264.9

7,701.0

Other current assets

 

54.3

1,108.8

1,275.9

 
Total non current assets

 

1,276.0

26,056.1

25,889.0

Net property, plant and equipment

 

979.0

19,991.8

19,733.8

Other non current Assets

 

297.0

6,064.3

6,155.2

 
TOTAL LIABILITIES

$

666.6

13,612.9

14,548.2

 
Total current liabilities

 

355.5

7,259.3

8,179.8

Notes payable to banks

 

54.8

1,119.0

1,251.7

Accounts payable

 

206.5

4,217.4

5,834.0

Other taxes payable and other accruals

 

94.2

1,922.9

1,094.1

 
Total long-term liabilities

 

311.1

6,353.6

6,368.4

Long-term debt

 

71.7

1,464.7

1,460.4

Other non current liabilities

 

48.7

993.8

1,033.0

Deferred income taxes

 

190.7

3,895.1

3,875.0

 
TOTAL STOCKHOLDERS' EQUITY

$

2,265.6

46,264.3

43,926.8

 
Capital stock

 

57.5

1,174.2

1,174.3

Commission in shares issued

 

20.2

413.3

413.4

Retained earnings

 

2,104.1

42,965.2

40,874.4

Others accounts

 

55.3

1,129.5

855.5

Non controlling interest

 

28.5

582.1

609.2

 
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY

$

2,932.3

59,877.1

58,475.0

 
*Audited
CONSOLIDATED STATEMENT OF INCOME
First Quarter Results, ended March 31st:
-Unaudited-
U.S. Dollar
In millions pesos

2021

2021

2020

Net sales

$

948.0

 

19,357.6

 

15,738.4

 

Cost of sales

 

741.4

 

15,139.6

 

13,557.3

 

Gross profit

 

206.6

 

4,218.0

 

2,181.1

 

SG&A

 

80.2

 

1,637.3

 

1,572.7

 

Other income (expenses), net

 

(1.1

)

(21.8

)

(4.5

)

Operating income

 

125.3

 

2,559.0

 

604.0

 

Net finance income

 

15.7

 

319.6

 

2,426.5

 

Income tax

 

39.4

 

803.9

 

860.3

 

Net Income

$

101.6

 

2,074.6

 

2,170.2

 

 
Non-controlling interest

 

(1.3

)

(25.8

)

3.5

 

Net controlling interest profit

 

102.9

 

2,100.4

 

2,166.6

 

Basic and diluted earnings per share

 

0.17

 

3.50

 

3.61

 

Basic and diluted earnings per ADR

 

2.06

 

42.02

 

43.34

 

Weighted average Shares outstanding1

 

599,835

 

599,835

 

599,843

 

 
EBITDA Result

$

142.7

 

2,913.4

 

947.3

 

 
Gross margin

 

21.8

%

21.8

%

13.9

%

Operating margin

 

13.2

%

13.2

%

3.8

%

Net margin

 

10.9

%

10.7

%

13.8

%

EBITDA margin

 

15.1

%

15.1

%

6.0

%

 
1 In thousands
CONSOLIDATED STATEMENT OF CASH FLOWS
In million of pesos
-Unaudited-
 
U.S. Dollar March 31,

2021

2021

2020

 
NET MAJORITY INCOME BEFORE INCOME TAX

$

141.0

 

2,878.5

3,030.5

 

 
ITEMS RELATING TO INVESTING ACTIVITIES:

 

21.1

 

431.8

336.5

 

Depreciation and others

 

23.3

 

476.6

433.3

 

Income (loss) on sale of plant and equipment

 

0.5

 

11.1

14.1

 

Other Items

 

(2.7

)

(55.9

)

(110.9

)

 
NET CASH GENERATED FROM NET INCOME BEFORE TAXES

 

162.1

 

3,310.3

3,367.0

 

CASH GENERATED OR USED IN THE OPERATION:

 

(116.4

)

(2,376.9

)

(875.3

)

Decrease (increase) in accounts receivable

 

(6.8

)

(139.3

)

(564.8

)

Decrease (increase) in inventories

 

2.7

 

54.9

(899.0

)

Increase (decrease) in accounts payable

 

(2.8

)

(56.9

)

1,393.4

 

Other Items

 

(109.5

)

(2,235.7

)

(805.0

)

 
NET CASH FLOW FROM OPERATING ACTIVITIES

 

45.7

 

933.4

2,491.7

 

 
NET CASH FLOW FROM INVESTING ACTIVITIES

 

(14.6

)

(298.2

)

(216.9

)

Acquisition of property, plant and equipment

 

(27.2

)

(555.6

)

(292.7

)

Proceeds from sales of property plant and equipment

 

0.1

 

1.8

5.6

 

Other Items

 

12.5

 

255.7

70.2

 

 
CASH FLOW SURPLUS (REQUIREMENTS OF) TO BE USED IN FINANCING ACTIVITIES

 

31.1

 

635.2

2,274.9

 

 
Net cash provided by financing activities:

 

(4.2

)

(85.9

)

(605.8

)

Proceeds from loans

 

42.5

 

867.2

2,459.7

 

Principal payments on loans

 

(41.3

)

(844.2

)

(3,415.5

)

Other items

 

(5.3

)

(108.8

)

350.0

 

Net increase (decrease) in cash and equivalents

 

26.9

 

549.3

1,669.1

 

 
Cash and investments at the beginning of year

$

942.3

 

19,242.4

19,164.8

 

CASH AND INVESTMENTS AT END OF PERIOD

$

969.2

 

19,791.7

20,833.9

DERIVATIVES POSITION REPORT

First Quarter 2021
Thousands of Mexican Pesos, as of March 31, 2021
TYPE OF FINANCIAL INSTRUMENT OBJECTIVE NOTIONAL VALUE OF THE RELATED COMMODITY REASONABLE VALUE AMOUNTS DUE BY YEAR GUARANTIES REQUIRED
1Q-2021 4Q-2020 1Q-2021 4Q-2020
Forward Vanilla, KO Fwd and options Hedge

$

378,061

$

20.42

$

19.95

$

-231,713

$

-449,417

99% in 2021; 1% 2022 The deals consider the possibility of margin calls but not another kind of guarantee
Futures for corn and soybean meal Hedge

$

264,981

CORN CORN

$

12,899

$

14,342

100% in 2021
In USD per Bushel In USD per Bushel
month price month price
 
May-21

$

5.643

Jul-21

$

5.475

Mar-21

$

4.840

Sep-21

$

4.960

Dec-21

$

4.775

Oct-21

$

399.6

 
 
SOYBEAN MEAL SOYBEAN MEAL
In USD per ton In USD per ton
month price month price
 
May-21

$

423.2

Aug-21

$

406.9

Jul-21

$

424.8

Sep-21

$

302.6

Aug-21

$

419.6

Oct-21

$

366.4

Sep-21

$

410.7

Dec-21

$

365.3

Oct-21

$

399.6

Dec-21

$

397.5

Mar-21

$

429.4

May-21

$

423.4

Jul-21

$

419.5

 
Options of Corn Hedge

$

545,125

CORN CORN

$

33,523

$

14,055

99% in 2021 and 1% in 2022
In USD per Bushel In USD per Bushel
month price month price
May-21

$

5.643

Jul-21

$

5.475

Mar-21

$

4.840

Sep-21

$

4.960

May-21

$

4.833

Dec-21

$

4.775

Jul-21

$

4.803

Mar-22

$

4.194

Options of soybean meal Hedge

$

634,109

SOYBEAN MEAL SOYBEAN MEAL

$

36,364

$

21,970

91% in 2021 and 9% in 2022
In USD per ton In USD per ton
month price month price
May-21

$

423.2

Jul-21

$

424.8

Aug-21

$

419.6

Sep-21

$

410.7

Oct-21

$

399.6

Jan-21

$

434.4

Dec-21

$

397.5

Mar-21

$

429.4

Jan-22

$

394.2

May-21

$

423.4

Mar-22

$

383.9

Jul-21

$

419.5

 
-The total financial instruments do not exceed 5% of total assets as of March 31, 2021.
-The notional value represents the net position as of March 31, 2021 at the exchange rate of Ps.20.42 per one dollar.
-A negative value means an unfavorable effect for the Company.
First Quarter 2021
Thousands of Mexican Pesos, as of March 31, 2021

PROBABLE SCENARIO

TYPE OF FINANCIAL INSTRUMENT REASONABLE VALUE VALUE OF THE RELATED COMMODITY EFFECT ON THE

INCOME STATEMENT
EFFECT ON THE CASH FLOW(3)
Reference Value (1)

-2.5%

2.5%

5.0%

-2.5%

2.5%

5.0%

Forward Vanilla, KO Fwd and options

-$ 231,713

$ 19.91

$ 20.93

$ 21.44

Direct

-$ 394,065

-$ 69,325

$ 119,506

-5%

5%

10%

-5%

5%

10%

Futures of Corn: (2)

$ 12,899

$ 5.360

$ 5.925

$ 6.207

The effect will

materialize as the

inventory is consumed

-$ 350

$ 26,148

$ 39,397

Futures of Soybean Meal: (2)

$ 402.0

$ 444.4

$ 465.5

Options for Corn

$ 33,523

$ 5.360

$ 5.925

$ 6.207

$ 6,524

$ 60,523

$ 87,522

Options of Soybean Meal

$ 36,364

$ 402.0

$ 444.4

$ 465.5

$ 5,161

$ 66,773

$ 97,182

 
(1) The reference value is the exchange rate of Ps. $20.42 per USD as of March 31, 2021.
(2) The reference values are; the future of corn for May 2021, $5.6425 USD/bushel and the future of soybeanmeal for May 2021, $423.20USD/ton.
'All the evaluations are performed according with the corresponding future, here only the first month futures are shown.
(3) The Company has credit lines with the majority of its counterparts, so that the effect in cash flow is lower than the amount shown.
-A negative value means an unfavorable effect for the Company.
First Quarter 2021
Thousands of Mexican Pesos, as of March 31, 2021

STRESS SCENARIO

TYPE OF FINANCIAL

INSTRUMENT
REASONABLE

VALUE
VALUE OF THE RELATED COMMODITY EFFECT ON THE

INCOME

STATEMENT
EFFECT ON THE CASH FLOW
Reference Value

-50%

-25%

25%

50%

-50%

-25%

25%

50%

Forward Vanilla, KO Fwd and options -$231,713

$10.21

$15.32

$25.53

$30.63

Direct -$3,479,097 -$1,855,396

$1,376,441

$3,007,800

CONFERENCE CALL INFORMATION

The Company will host its first quarter 2021 earnings call, on Friday, April 30th, 2021. The earnings call will take place at 11:00 am Central Time (12:00 pm ET).

To participate in the earnings call, please dial:

Toll free in the U.S.: 1 (888) 771-4371

Toll free in Mexico: 001 866 779 0965

Toll Local Mexico: 52 55 6722 5257

Toll in the Brazil: 0800 761 0710

A current list of available local and international free phone telephone numbers: http://web.meetme.net/r.aspx?p=12&a=UDnqvRcOZDNBup

Confirmation Number: 50123677

COMPANY DESCRIPTION

Industrias Bachoco is the leader in the Mexican poultry industry, and one of the largest poultry producers globally. The Company was founded in 1952, and became a public company in 1997, via a public offering of shares on the Mexican and The New York Stock Exchange. Bachoco is a vertically integrated company headquartered in Celaya, Guanajuato located in Central Mexico. Its main business lines are: chicken, eggs, balanced feed, swine, and turkey and beef value-added products. Bachoco owns and manages more than a thousand facilities, organized in nine production complexes and 80 distribution centers in Mexico, and a production complex in the United States. Currently the Company employs more than 29,000 people.

The Company is rated AAA (MEX), the highest rating awarded by Fitch Mexico, S.A. de C.V., and HR AAA which signals that the Company and the offering both have the highest credit quality by HR Ratings de Mexico S.A. de C.V.

DISCLAIMER

The document contains certain information that could be considered forward looking statements concerning anticipated future events and performance of the Company. The statements reflect management’s current beliefs based on information currently available and are not guarantees of future performance and are based on our estimates and assumptions that are subject to risks and uncertainties, including those described in our Annual Information Form, which could cause our actual results to differ materially from the forward-looking statements contained in this document. Those risks and uncertainties include risks associated with ownership in the poultry industry, competition for investments within the poultry industry, shareholder liability, governmental regulation, and environmental matters. As a result, there can be no assurance that actual results will be consistent with these forward-looking statements. Except as required by applicable law, Industrias Bachoco, S.A.B. de C.V., undertakes no obligation to publicly update or revise any forward-looking statement.

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