“2021 fue un año excepcional para Grupo Bimbo, alcanzamos niveles récord de Ventas, Volumen y Utilidad mientras transformamos el negocio en un entorno operativo complejo. Nuestras inversiones en capital también alcanzaron un nivel récord, dadas las oportunidades que estamos viendo en nuestros mercados y categorías. Estos resultados reflejan el arduo trabajo de nuestros equipos, la sólida ejecución de nuestros planes y estrategias, nuestra amplia diversificación y la fortaleza de nuestras marcas.”
Daniel Servitje
Presidente del Consejo de
Administración y Director General
“Los resultados del 2021 fueron extraordinarios, especialmente cuando tomamos en cuenta la comparación complicada con los notables resultados del 2020, el impacto de la conversión del tipo de cambio, la inflación generalizada y el entorno operativo complicado en varios países. Superamos nuestra guía de Ventas y Tasa Efectiva de Impuestos, alcanzamos nuestra guía de UAFIDA Ajustada y confiamos en que el 2022 será un año de sólido desempeño, mientras fortalecemos nuestras inversiones para aumentar nuestra eficiencia y nuestra presencia global.”
Diego Gaxiola
Director Global
de Administración y Finanzas
“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.”
Daniel Servitje
Chairman and CEO
“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.”
Diego Gaxiola
CFO
Las Ventas Netas alcanzaron niveles récord en $348,887 millones, un aumento de 5.4%, atribuible al fuerte de desempeño de las Ventas en todas las organizaciones, destacando los volúmenes y una mezcla de precios favorable en todas las regiones, lo cual fue parcialmente contrarrestado por el efecto del tipo de cambio. Excluyendo el efecto cambiario, las Ventas Netas aumentaron 9.3%.
North America1
Despite difficult comparisons as the Company lapped COVID-19 driven performance in 2020, Net Sales in U.S. dollars increased 6.3%, driven by strong market share performance, successful implementation of the pricing strategy and excellent in store execution. Mainstream, premium, buns and rolls, sweet baked goods and snacks categories outperformed, as did the modern channel.
Mexico2
Net Sales in Mexico grew 13.5%, attributable to strong volume growth, product/mix and price increases. Every channel posted growth, as did the snacks, confectionery, snack cakes, cookies, sweet baked goods, sliced bread and buns categories.
Latin America 3
Net Sales increased 7.9% in peso terms; excluding the FX effect, Net Sales increased 18.5%, primarily driven by strong results across every organization, highlighting Brazil, Chile, Paraguay, Colombia and the rest of the Latin Centro division. Sales growth was also benefited by the inorganic contribution from the acquisition of Aryzta do Brazil.
EAA 4
Sales in EAA rose 13.9% in peso terms; excluding FX effect, Net Sales increased 15.5% reflecting strong performance mainly in Iberia, pricing actions and inorganic contribution f rom the acquisitions completed in Iberia and India, as well as a recovery of the QSR channel throughout the region.
Gross Profit increased 3.9%, while the margin contracted 80 basis points to 53.1%, due to higher raw material costs
Operating Income grew 34.3% and the margin expanded 210 basis points, primarily as a reflection of productivity savings across the value chain coming from past restructuring investments, distribution efficiencies and cost- cutting projects, as well as a non-cash benefit of US $108 million from the adjustment of the MEPPs liability to reflect current interest rates levels. This was partially offset by the abovementioned higher cost of sales.
Adjusted EBITDA reached a record level at Ps. 49,178 million, an increase of 8.8%, and the margin expanded 40 basis points primarily attributable to the strong sales and operating performance across the Company.
North America
North America region margin contraction of 20 basis points was mainly due to a higher inflationary environment, including commodities, labor costs and shortages across the supply chain, this was partially offset by favorable branded mix, productivity benefits from past restructuring investments and cost saving initiatives.
Mexico
The margin in Mexico expanded 80 basis points, attributable to the strong sales performance, favorable product and category mix and productivity savings across the supply chain. This was partially offset by higher raw material costs.
Latin America
Despite challenging conditions in several countries, Latin America Adjusted EBITDA margin expanded 210 basis points mainly due to the strong sales performance across every organization, increased market penetration, productivity benefits and solid results in Brazil.
EAA
EAA posted a 30 basis points expansion in the margin mostly because of the strong sales performance across the business, highlighting Iberia, which was partially offset by higher cost of sales.
Resultado Integral
de Financiamiento
El Resultado Integral de Financiamiento totalizó $8,069 millones, 9% menor en comparación con el mismo periodo del año anterior, esto se debió principalmente a menores gastos de intereses y a una menor pérdida cambiaria.
Utilidad Neta Mayoritaria
La Utilidad Neta Mayoritaria aumentó 74.7% y el margen se expandió 180 puntos base, debido al fuerte desempeño de las Ventas y operativo de la Compañía, así como al menor costo de financiamiento y una menor tasa efectiva de impuestos sobre la renta, la cual totalizó 34%.
Estructura Financiera
Al 31 diciembre del 2021, la Deuda Total fue de $92,855 millones, en comparación con $85,229 millones al 31 de diciembre del 2020, el aumento se explicó por las inversiones en capital, el financiamiento para las adquisiciones, así como el retorno a los accionistas.
El vencimiento promedio de la deuda fue de 16.4 años, con un costo promedio de 6.0%. La Deuda a Largo Plazo representó el 89% del total; 50% de la deuda estuvo denominada en dólares estadounidenses, 40% en pesos mexicanos, 7% en dólares canadienses y el 3% en euros.
La razón de Deuda Neta a UAFIDA Ajustada, la cual no incluye el efecto de la NIIF 16, fue de 1.9 veces la cual permaneció sin cambio comparada con 1.9 veces al 31 de diciembre de 2020.
Comprehensive
Financial Result
Comprehensive Financial Result totaled Ps. 8,069 million, 9% lower when compared with the previous year, this was mainly due to lower interest expenses and a lower exchange rate loss.
Net Majority Income
Net Majority Income increased 74.7% and the margin expanded 180 basis points, due to the strong sales and operating performance as well as lower financing costs and a lower effective tax rate, which totaled 34%.
Financial Structure
Total Debt on December 31, 2021, was Ps. 93 billion, compared to Ps. 85 billion on December 31, 2020, the increase was explained by capital investments, the funding of the acquisitions and by the shareholders’ return.
Average debt maturity was 16.4 years with an average cost of 6.0%. Long-term Debt comprised 89% of the total; 50% of the debt was denominated in US dollars, 40% in Mexican pesos, 7% in Canadian dollars and 3% in Euros.
The Net Debt to Adjusted EBITDA ratio, which does not consider the effect of IFRS16, was 1.9 times, with no change when compared to 1.9 times on December 31, 2020.
6 No incluye deuda a nivel de las subsidiarias por US$364 millones