Quarterly Financial Information

Transcripción

1 Quarterly Financial Information [105000] Management commentary...2 [110000] General information about financial statements...8 [210000] Statement of financial position, current/non-current...10 [310000] Statement of comprehensive income, profit or loss, by function of expense...12 [410000] Statement of comprehensive income, OCI components presented net of tax...13 [520000] Statement of cash flows, indirect method...15 [610000] Statement of changes in equity - Year Current...17 [610000] Statement of changes in equity - Year Previous...20 [700000] Informative data about the Statement of financial position...23 [700002] Informative data about the Income statement...24 [700003] Informative data - Income statement for 12 months...25 [800001] Breakdown of credits...26 [800003] Annex - Monetary foreign currency position...28 [800005] Annex - Distribution of income by product...29 [800007] Annex - Financial derivate instruments...30 [800100] Notes - Subclassifications of assets, liabilities and equities...36 [800200] Notes - Analysis of income and expense...40 [800500] Notes - List of notes...41 [800600] Notes - List of accounting policies...43 [813000] Notes - Interim financial reporting of 55

2 [105000] Management commentary Management commentary [text block] El volumen de ventas creció 3% a 466 mil toneladas. Las ventas netas subieron 7% a Ps.4,110 millones. La utilidad de operación de Ps.530 millones se mantuvo similar. Disclosure of nature of business [text block] Grupo Industrial Maseca, S.A.B. de C.V. ( Gimsa ) es una empresa mexicana con subsidiarias dedicadas principalmente a la producción y venta de harina de maíz utilizada esencialmente en la elaboración de tortillas y otros productos relacionados. Disclosure of management's objectives and its strategies for meeting those objectives [text block] GIMSA ha estado siempre atenta a los cambios en el mercado para adaptarse con mayor velocidad, e incluso anticiparse, a las necesidades de sus clientes, diversificando su fuerza de ventas en equipos especializados para satisfacer a los diferentes tipos de clientes, poniendo especial atención en lograr una mayor disponibilidad de producto y ampliar su cobertura, continuamos con la estrategia de desarrollar los formatos de ventas que nos permitan llegar a todos nuestros clientes sin importar su tamaño. GIMSA ha implementado iniciativas comerciales orientadas a desarrollar un exitoso modelo de negocio para que sus clientes incrementen el consumo de productos a base de harina de maíz en general y, en específico, para que se aumente la venta de los productos de los mismos clientes. La estrategia de GIMSA está basada en ofrecer una propuesta integral de negocio que incluye los siguientes objetivos en cuestión de productos, servicios y mercadotecnia: Iniciativas diseñadas para fortalecer las relaciones comerciales con nuestros clientes actuales, ofreciendo principalmente un servicio y un programa de ventas más personalizado, incluyendo el desarrollo de diversos modelos de negocios; Iniciativas diseñadas para aumentar la cobertura en regiones con bajo consumo de harina de maíz con promociones especiales adaptadas específicamente para estos mercados; 2 of 55

3 Disclosure of management's objectives and its strategies for meeting those objectives [text block] Soporte individualizado tomando en cuenta el tipo de maquinaria requerida por cada uno de nuestros clientes, por medio de asesoría financiera y capacitación; Asistencia a nuestros clientes para el desarrollo de nuevos métodos de operación que les ayuden en la reducción de costos y les permitan mejorar su rentabilidad; Desarrollo de promociones hechas a la medida para aumentar el consumo en ciertos segmentos de mercado; y Apoyo a nuestros clientes en el desarrollo de productos de mayor valor agregado, buscando adaptarse a las nuevas tendencias de consumo. Continuamos trabajando con nuestros clientes para reforzar estas iniciativas y seguiremos enfocándonos en proveer la harina de maíz requerida por nuestros clientes de acuerdo a sus necesidades, además de asistirlos con la capacitación y el soporte técnico que los ayudará a crear una operación más redituable. Disclosure of entity's most significant resources, risks and relationships [text block] En años recientes, nuestra posición financiera y resultados de operación han sido influenciados significativamente por algunos o todos los siguientes factores: Costo de maíz; Nivel de demanda de tortillas y harina de maíz; Efecto de políticas de gobierno en maíz importado y precio de maíz; y Costo de energía, entre otros. RESULTADOS 1T16 versus 1T15 Disclosure of results of operations and prospects [text block] El volumen de ventas creció 3% a 466 mil toneladas. El volumen de ventas de harina de maíz subió 7% debido principalmente a (1) el fortalecimiento de iniciativas comerciales enfocadas a dar un mejor servicio al cliente (especialmente en términos de distribución, calidad y disponibilidad de producto); (2) mayores ventas a nuestras operaciones de harina de maíz en los Estados Unidos para apoyar su crecimiento; (3) 3 of 55

4 Disclosure of results of operations and prospects [text block] conversión de método tradicional a harina de maíz de algunos productores de snacks; y (4) la mayor popularidad de nuevas variedades de harina de maíz al segmento minorista para la elaboración de ciertos platillos de comida mexicana. El aumento en la harina de maíz fue parcialmente contrarrestado por la reclasificación de subproductos para consumo animal ya que, a partir de abril 2015, esta operación dejó de ser parte de GIMSA y fue constituida como una nueva subsidiaria que ahora se reporta dentro de Otras Subsidiarias y Eliminaciones. Las ventas netas subieron 7% a Ps.4,110 millones por el ya mencionado mayor volumen de ventas y aumentos de precios efectivos a mediados de diciembre 2015 para reflejar el incremento en los costos de maíz. Adicionalmente, las ventas netas aumentaron por la debilidad del peso en las exportaciones a nuestras operaciones en Estados Unidos, ya que estas ventas están denominadas en dólares. El costo de ventas como porcentaje de ventas netas mejoró a 70.2% de 70.6% debido principalmente al cambio en la mezcla de ventas ya que (1) el trimestre pasado GIMSA presentó ventas extraordinarias de maíz por Ps.78 millones con márgenes muy bajos, lo cual no es el caso en este trimestre; y (2) las operaciones de subproductos para consumo animal, lo cual presenta menores márgenes que el negocio base de GIMSA, todavía se reportaban dentro de GIMSA en el trimestre pasado. Adicionalmente, la compañía reportó mejores márgenes en las exportaciones a las operaciones de los Estados Unidos, ya que estas ventas están denominadas en dólares, y además se beneficiaron de eficiencias en el manejo de maíz y de una mejor absorción de costos fijos. En términos absolutos, el costo de ventas creció 7% a Ps.2,884 millones, debido principalmente al aumento en volumen y a los mayores costos de maíz, esto último por la debilidad del peso. En menor medida, el costo de ventas también aumentó por mayores costos de empaque y aditivos como resultado de la debilidad del peso, de cambios en la formulación de algunas variedades de harina de maíz y de mejoras en los empaques de algunos SKUs. Los gastos de venta y administración como porcentaje de ventas netas subieron a 16.4% de 15.1% debido al fortalecimiento de las iniciativas comerciales de la compañía, orientadas a mejorar el servicio al cliente, lo cual ha impulsado el aumento en volumen. Además, las mayores tarifas de fletes y aumentos de envíos intercompañías, para enfrentar restricciones de capacidad en algunas regiones, contribuyeron al aumento. En términos absolutos los gastos subieron 16% a Ps.675 millones, debido principalmente a mayores gastos de fletes y comisiones a vendedores en línea con el mayor volumen, y también por nuevos centros de distribución. La utilidad de operación de Ps.530 millones fue similar. El margen operativo disminuyó a 12.9% de 13.8% debido básicamente al mencionado fortalecimiento de las iniciativas comerciales de la compañía. El UAFIRDA aumentó 1% a Ps.717 millones. El margen UAFIRDA se redujo a 17.4% de 18.6%. El costo de financiamiento, neto, fue de Ps.5 millones, un aumento de Ps.29 millones en relación a ganancias registradas el año anterior en derivados de tipo de cambio relacionadas con compras de maíz. Los impuestos a la utilidad fueron Ps.166 millones, 7% menos debido a una menor utilidad antes de impuestos. La utilidad neta mayoritaria fue de Ps.356 millones, una disminución de 4%, derivado principalmente de las mencionadas iniciativas de la compañía para mejorar el servicio al cliente y por ganancias en el año anterior en coberturas de tipo de cambio. Como porcentaje de ventas netas, la utilidad neta mayoritaria 4 of 55

5 disminuyó de 9.7% a 8.7%. Disclosure of results of operations and prospects [text block] Financial position, liquidity and capital resources [text block] SITUACIÓN FINANCIERA Marzo 2016 versus diciembre 2015 Datos Sobresalientes Los activos totales aumentaron 4% a Ps.12,833 millones debido principalmente a mayores saldos de efectivo. Los pasivos totales subieron 6% a Ps.2,743 millones debido, en gran medida, a mayores cuentas por pagar por pérdidas en coberturas de tipo de cambio, y a mayores saldos en proveedores por compras de maíz en la cosecha de invierno en México. El capital contable aumentó 4% a Ps.10,090 millones. PROCEDIMIENTOS CONTABLES Todas las cantidades consolidadas han sido preparadas de acuerdo con las Normas Internacionales de Información Financiera (NIIF). La Norma Internacional de Contabilidad 29 (NIC 29), define los criterios para considerar cuando una entidad opera bajo un entorno económico hiperinflacionario, los cuales son: La población en general prefiere conservar su riqueza en forma de activos no monetarios, o bien en una moneda extranjera relativamente estable. Las cantidades de moneda local obtenidas son invertidas inmediatamente para mantener la capacidad adquisitiva de la misma; La población en general no toma en consideración las cantidades monetarias en términos de moneda local, sino que las ve en términos de otra moneda extranjera relativamente estable; Los precios pueden establecerse en esta otra moneda; Las ventas y compras a crédito tienen lugar a precios que compensan la pérdida de poder adquisitivo esperada durante el aplazamiento, incluso cuando el periodo es corto; Las tasas de interés, salarios y precios se ligan a la evolución de un índice de precios; y La tasa acumulada de inflación en tres años se aproxima o sobrepasa el 100%. En base en lo anterior, GIMSA opera en un entorno no hiperinflacionario y los efectos de la inflación no se reconocen en sus cifras. Este reporte puede contener ciertas declaraciones de expectativas e información referente a Grupo 5 of 55

6 Financial position, liquidity and capital resources [text block] Industrial Maseca, S.A.B. de C.V., que se basan en las creencias de su administración, así como en supuestos hechos con información disponible para GIMSA en ese momento. Tales declaraciones reflejan puntos de vista de GIMSA con respecto a acontecimientos futuros y están sujetas a ciertos riesgos, incertidumbre y supuestos. Muchos factores podrían hacer que los resultados, el desempeño o logros reales de GIMSA sean materialmente diferentes a los resultados históricos o cualquier resultado, desempeño o logros futuros que se puedan expresar o estar implícitos en tales declaraciones de expectativas. Tales factores incluyen, entre otros, cambios económicos, políticos y sociales, gubernamentales, comerciales u otros factores con repercusión global o en México; así como cambios en los precios internacionales y/o domésticos del maíz. Si uno o más de estos riesgos o incertidumbres se materializa, o si las bases sobre las cuales se hicieron los supuestos, resultan ser incorrectas, los resultados reales pueden ser sustancialmente diferentes de los resultados descritos en este documento según los mismos fueron anticipados, creídos, estimados, esperados o trazados. GIMSA no pretende ni asume la obligación de, actualizar o revisar y hacer público ninguna de las declaraciones de expectativas, ya sea como resultado de información nueva, acontecimientos futuros o de cualquier otra cosa. Internal control [text block] Las conclusiones de nuestro Consejo de Administración conforme a los reportes de Comité de Auditoría y Director General sobre la efectividad de nuestros controles y procedimientos de revelación, en base a sus evaluaciones de estos controles y procedimientos, son como sigue: Nuestros controles y procedimientos de revelación de información están diseñados para asegurar que la información requerida para ser revelada por nosotros sea registrada, procesada, resumida y reportada dentro de los tiempos requeridos. Nuestros controles y procedimientos para la revelación de información incluyen controles y procedimientos diseñados para asegurar que la información requerida para ser revelada sea recopilada y comunicada a nuestra administración, incluyendo nuestro Comité de Auditoría y Director General, apropiadamente para permitir decisiones oportunas con respecto a las revelaciones requeridas. Con base en sus evaluaciones de nuestros controles y procedimientos para la revelación de información, nuestro Comité de Auditoría y Director General han concluido que los controles y procedimientos para la revelación de información han funcionado con efectividad y que los estados financieros consolidados presentan claramente nuestra situación financiera consolidada y los resultados de nuestras operaciones para los periodos presentados. No ha ocurrido ningún cambio en nuestros controles internos sobre la publicación de información financiera que haya afectado materialmente, o que pudiera ser razonable que afecte materialmente, nuestro control interno sobre la publicación de información financiera. Disclosure of critical performance measures and indicators that management uses to evaluate entity's performance against stated objectives [text block] La administración evalúa indicadores operativos y financieros para medir la mejora o deterioro del 6 of 55

7 Disclosure of critical performance measures and indicators that management uses to evaluate entity's performance against stated objectives [text block] rendimiento de la empresa; entre los principales indicadores operativos están las de rentabilidad en relación con las ventas y las que muestran rentabilidad a la inversión como los son el ROIC, ROE y ROA, también se evalúan razones de liquidez, apalancamiento y de cobertura 7 of 55

8 [110000] General information about financial statements Ticker: MASECA Period covered by financial statements: AL Date of end of reporting period: Name of reporting entity or other means of identification: Description of presentation currency: Level of rounding used in financial statements: : GRUPO INDUSTRIAL MASECA, S.A.B DE C.V. MXN MILES DE PESOS Si Number of quarter: 1 Type of issuer: ICS Description of nature of financial statements: Disclosure of general information about financial statements [text block] Explanation of change in name of reporting entity or other means of identification from end of preceding reporting period Follow-up of analysis [text block] DE ACUERDO A LO ESTABLECIDO POR EL REGLAMENTO INTERIOR DE LA BOLSA MEXICANA DE VALORES EN EL ARTÍCULO FRACC. VIII, INFORMAMOS QUE ACTINVER DA COBERTURA DE ANÁLISIS A LOS VALORES DE LA COMPAÑÍA. ADICIONALMENTE, LA COMPAÑÍA RECIBE COBERTURA DE ANÁLISIS A TRAVÉS DE LA COBERTURA QUE RECIBE SU TENEDORA GRUMA, S.A.B. DE C.V., QUIEN ES CUBIERTA POR ACTINVER, BBVA, BARCLAYS, BTG PACTUAL, DEUSTCHE BANK, GBM, GOLDMAN SACHS, HSBC, INTERACCIONES, MERRILL LYNCH, MORGAN STANLEY, SANTANDER, SCOTIA, UBS y VE POR MÁS, ENTRE OTROS. 8 of 55

9 Follow-up of analysis [text block] 9 of 55

10 [210000] Statement of financial position, current/non-current Concepto Statement of financial position [abstract] Assets [abstract] Current assets [abstract] Close Current Quarter Close Previous Exercise Cash and cash equivalents 364,813, ,466,000 Trade and other current receivables 2,680,498,000 1,862,646,000 Current tax assets, current 0 0 Other current financial assets 45,479,000 40,298,000 Current inventories 2,974,968,000 3,077,327,000 Current biological assets 0 0 Other current non-financial assets 0 0 Total current assets other than non-current assets or disposal groups classified as held for sale or as held for distribution to owners 6,065,758,000 5,514,737,000 Non-current assets or disposal groups classified as held for sale or as held for distribution to owners 0 0 Total current assets 6,065,758,000 5,514,737,000 Non-current assets [abstract] Trade and other non-current receivables 199,464, ,431,000 Current tax assets, non-current 0 0 Non-current inventories 0 0 Non-current biological assets 0 0 Other non-current financial assets 0 0 Investments accounted for using equity method 0 0 Investments in subsidiaries, joint ventures and associates 38,000 38,000 Property, plant and equipment 4,431,703,000 4,346,567,000 Investment property 0 0 Goodwill 166,425, ,425,000 Intangible assets other than goodwill 1,487,043,000 1,584,277,000 Deferred tax assets 482,710, ,710,000 Other non-current non-financial assets 0 0 Total non-current assets 6,767,383,000 6,787,448,000 Total assets 12,833,141,000 12,302,185,000 Equity and liabilities [abstract] Liabilities [abstract] Current liabilities [abstract] Trade and other current payables 1,482,511,000 1,419,247,000 Current tax liabilities, current 0 0 Other current financial liabilities 95,684,000 27,209,000 Other current non-financial liabilities 658,277, ,227,000 Current provisions [abstract] Current provisions for employee benefits 0 0 Other current provisions 0 0 Total current provisions 0 0 Total current liabilities other than liabilities included in disposal groups classified as held for sale 2,236,472,000 2,087,683,000 Liabilities included in disposal groups classified as held for sale 0 0 Total current liabilities 2,236,472,000 2,087,683,000 Non-current liabilities [abstract] Trade and other non-current payables 0 0 Current tax liabilities, non-current 0 0 Other non-current financial liabilities of 55

11 Concepto Close Current Quarter Close Previous Exercise Other non-current non-financial liabilities 0 0 Non-current provisions [abstract] Non-current provisions for employee benefits 224,353, ,980,000 Other non-current provisions 0 0 Total non-current provisions 224,353, ,980,000 Deferred tax liabilities 282,647, ,360,000 Total non-current liabilities 507,000, ,340,000 Total liabilities 2,743,472,000 2,579,023,000 Equity [abstract] Issued capital 183,681, ,681,000 Share premium 333,734, ,734,000 Treasury shares 0 0 Retained earnings 9,311,563,000 8,948,171,000 Other reserves 0 0 Total equity attributable to owners of parent 9,828,978,000 9,465,586,000 Non-controlling interests 260,691, ,576,000 Total equity 10,089,669,000 9,723,162,000 Total equity and liabilities 12,833,141,000 12,302,185, of 55

12 [310000] Statement of comprehensive income, profit or loss, by function of expense Concepto Profit or loss [abstract] Profit (loss) [abstract] Accumulated Current Year Accumulated Previous Year Revenue 4,109,905,000 3,835,086,000 Cost of sales 2,883,918,000 2,706,361,000 Gross profit 1,225,987,000 1,128,725,000 Distribution costs 558,224, ,891,000 Administrative expenses 116,848,000 84,297,000 Other income 2,794,000 26,356,000 Other expense 23,947,000 46,618,000 Profit (loss) from operating activities 529,762, ,275,000 Finance income 47,691, ,685,000 Finance costs 52,435,000 81,502,000 Share of profit (loss) of associates and joint ventures accounted for using equity method 0 0 Profit (loss) before tax 525,018, ,458,000 Tax income (expense) 165,739, ,498,000 Profit (loss) from continuing operations 359,279, ,960,000 Profit (loss) from discontinued operations 0 0 Profit (loss) 359,279, ,960,000 Profit (loss), attributable to [abstract] Profit (loss), attributable to owners of parent 356,164, ,602,000 Profit (loss), attributable to non-controlling interests 3,115,000 3,358,000 Earnings per share [text block] Earnings per share [abstract] Earnings per share [line items] Basic earnings per share [abstract] Basic earnings (loss) per share from continuing operations Basic earnings (loss) per share from discontinued operations 0 0 Total basic earnings (loss) per share Diluted earnings per share [abstract] Diluted earnings (loss) per share from continuing operations Diluted earnings (loss) per share from discontinued operations 0 0 Total diluted earnings (loss) per share of 55

13 [410000] Statement of comprehensive income, OCI components presented net of tax Concepto Statement of comprehensive income [abstract] Accumulated Current Year Accumulated Previous Year Profit (loss) 359,279, ,960,000 Other comprehensive income [abstract] Components of other comprehensive income that will not be reclassified to profit or loss, net of tax [abstract] Other comprehensive income, net of tax, gains (losses) from investments in equity instruments 0 0 Other comprehensive income, net of tax, gains (losses) on revaluation 0 0 Other comprehensive income, net of tax, gains (losses) on remeasurements of defined benefit plans 0 0 Other comprehensive income, net of tax, change in fair value of financial liability attributable to change in credit risk of liability 0 0 Other comprehensive income, net of tax, gains (losses) on hedging instruments that hedge investments in equity instruments 7,228,000 0 Share of other comprehensive income of associates and joint ventures accounted for using equity method that will not be reclassified to profit or loss, net of tax 0 0 Total other comprehensive income that will not be reclassified to profit or loss, net of tax 7,228,000 0 Components of other comprehensive income that will be reclassified to profit or loss, net of tax [abstract] Exchange differences on translation [abstract] Gains (losses) on exchange differences on translation, net of tax 0 0 Reclassification adjustments on exchange differences on translation, net of tax 0 0 Other comprehensive income, net of tax, exchange differences on translation 0 0 Available-for-sale financial assets [abstract] Gains (losses) on remeasuring available-for-sale financial assets, net of tax 0 0 Reclassification adjustments on available-for-sale financial assets, net of tax 0 0 Other comprehensive income, net of tax, available-for-sale financial assets 0 0 Cash flow hedges [abstract] Gains (losses) on cash flow hedges, net of tax 0 0 Reclassification adjustments on cash flow hedges, net of tax 0 0 Amounts removed from equity and included in carrying amount of non-financial asset (liability) whose acquisition or incurrence was hedged highly probable forecast transaction, net of tax 0 0 Other comprehensive income, net of tax, cash flow hedges 0 0 Hedges of net investment in foreign operations [abstract] Gains (losses) on hedges of net investments in foreign operations, net of tax 0 0 Reclassification adjustments on hedges of net investments in foreign operations, net of tax 0 0 Other comprehensive income, net of tax, hedges of net investments in foreign operations 0 0 Change in value of time value of options [abstract] Gains (losses) on change in value of time value of options, net of tax 0 0 Reclassification adjustments on change in value of time value of options, net of tax 0 0 Other comprehensive income, net of tax, change in value of time value of options 0 0 Change in value of forward elements of forward contracts [abstract] Gains (losses) on change in value of forward elements of forward contracts, net of tax 0 0 Reclassification adjustments on change in value of forward elements of forward contracts, net of tax 0 0 Other comprehensive income, net of tax, change in value of forward elements of forward contracts 0 0 Change in value of foreign currency basis spreads [abstract] Gains (losses) on change in value of foreign currency basis spreads, net of tax 0 0 Reclassification adjustments on change in value of foreign currency basis spreads, net of tax 0 0 Other comprehensive income, net of tax, change in value of foreign currency basis spreads 0 0 Share of other comprehensive income of associates and joint ventures accounted for using equity method that will be reclassified to profit or loss, net of tax 0 0 Total other comprehensive income that will be reclassified to profit or loss, net of tax 0 0 Total other comprehensive income 7,228, of 55

14 Concepto Accumulated Current Year Accumulated Previous Year Total comprehensive income 366,507, ,960,000 Comprehensive income attributable to [abstract] Comprehensive income, attributable to owners of parent 3,115,000 3,358,000 Comprehensive income, attributable to non-controlling interests 363,392, ,602, of 55

15 [520000] Statement of cash flows, indirect method Concepto Statement of cash flows [abstract] Cash flows from (used in) operating activities [abstract] Accumulated Current Year Accumulated Previous Year Profit (loss) 359,279, ,960,000 Adjustments to reconcile profit (loss) [abstract] Discontinued operations 0 0 Adjustments for income tax expense 165,739, ,498,000 Adjustments for finance costs 0 0 Adjustments for depreciation and amortisation expense 187,289, ,489,000 Adjustments for impairment loss (reversal of impairment loss) recognised in profit or loss 0 0 Adjustments for provisions 0 0 Adjustments for unrealised foreign exchange losses (gains) -2,741,000 70,909,000 Adjustments for share-based payments 0 0 Adjustments for fair value losses (gains) 0 0 Adjustments for undistributed profits of associates 0 0 Adjustments for losses (gains) on disposal of non-current assets -610, ,000 Participation in associates and joint ventures 0 0 Adjustments for decrease (increase) in inventories 102,358,000-1,062,000 Adjustments for decrease (increase) in trade accounts receivable 41,447,000-11,144,000 Adjustments for decrease (increase) in other operating receivables -867,997, ,551,000 Adjustments for increase (decrease) in trade accounts payable 42,811, ,701,000 Adjustments for increase (decrease) in other operating payables 2,587,000 42,559,000 Other adjustments for non-cash items 0 0 Other adjustments for which cash effects are investing or financing cash flow 7,374,000 6,780,000 Straight-line rent adjustment 0 0 Amortization of lease fees 0 0 Setting property values 0 0 Other adjustments to reconcile profit (loss) 0 0 Total adjustments to reconcile profit (loss) -321,743, ,000 Net cash flows from (used in) operations 37,536, ,606,000 Dividends paid 0 0 Dividends received 0 0 Interest paid 0 0 Interest received -1,503, ,000 Income taxes refund (paid) 151,909, ,658,000 Other inflows (outflows) of cash 18,655,000-90,658,000 Net cash flows from (used in) operating activities -97,221,000 29,475,000 Cash flows from (used in) investing activities [abstract] Cash flows from losing control of subsidiaries or other businesses 0 0 Cash flows used in obtaining control of subsidiaries or other businesses 0 0 Other cash receipts from sales of equity or debt instruments of other entities 0 0 Other cash payments to acquire equity or debt instruments of other entities 0 0 Other cash receipts from sales of interests in joint ventures 0 0 Other cash payments to acquire interests in joint ventures 0 0 Proceeds from sales of property, plant and equipment 0 0 Purchase of property, plant and equipment 162,262,000 63,949,000 Proceeds from sales of intangible assets 0 0 Purchase of intangible assets 0 0 Proceeds from sales of other long-term assets of 55

16 Concepto Accumulated Current Year Accumulated Previous Year Purchase of other long-term assets 0 0 Proceeds from government grants 0 0 Cash advances and loans made to other parties 0 0 Cash receipts from repayment of advances and loans made to other parties 0 0 Cash payments for future contracts, forward contracts, option contracts and swap contracts 0 0 Cash receipts from future contracts, forward contracts, option contracts and swap contracts 0 0 Dividends received 0 0 Interest paid 0 0 Interest received 0 0 Income taxes refund (paid) 0 0 Other inflows (outflows) of cash 7,897,000-8,621,000 Net cash flows from (used in) investing activities -154,365,000-72,570,000 Cash flows from (used in) financing activities [abstract] Proceeds from changes in ownership interests in subsidiaries that do not result in loss of control 0 0 Payments from changes in ownership interests in subsidiaries that do not result in loss of control 0 0 Proceeds from issuing shares 0 0 Proceeds from issuing other equity instruments 0 0 Payments to acquire or redeem entity's shares 0 0 Payments of other equity instruments 0 0 Proceeds from borrowings 0 0 Repayments of borrowings 0 0 Payments of finance lease liabilities 0 0 Proceeds from government grants 0 0 Dividends paid 0 0 Interest paid 0 0 Income taxes refund (paid) 0 0 Other inflows (outflows) of cash 81,933,000 26,402,000 Net cash flows from (used in) financing activities 81,933,000 26,402,000 Net increase (decrease) in cash and cash equivalents before effect of exchange rate changes -169,653,000-16,693,000 Effect of exchange rate changes on cash and cash equivalents [abstract] Effect of exchange rate changes on cash and cash equivalents 0 0 Net increase (decrease) in cash and cash equivalents -169,653,000-16,693,000 Cash and cash equivalents at beginning of period 534,466, ,172,000 Cash and cash equivalents at end of period 364,813, ,479, of 55

17 [610000] Statement of changes in equity - Year Current Components of equity [axis] Hoja 1 de 3 Issued capital Share premium Treasury shares Retained earnings Revaluation surplus Reserve of exchange differences on translation Reserve of cash flow hedges Reserve of gains and losses on hedging instruments that hedge investments in equity instruments Reserve of change in value of time value of options Retrospective application and retrospective restatement [axis] Statement of changes in equity [line items] Equity at beginning of period 183,681, ,734, ,948,171, Changes in equity [abstract] Comprehensive income [abstract] Profit (loss) ,164, Other comprehensive income ,228, Total comprehensive income ,392, Issue of equity Dividends recognised as distributions to owners Increase through other contributions by owners, equity Decrease through other distributions to owners, equity Increase (decrease) through other changes, equity Increase (decrease) through treasury share transactions, equity Increase (decrease) through changes in ownership interests in subsidiaries that do not result in loss of control, equity Increase (decrease) through share-based payment transactions, equity Amount removed from reserve of cash flow hedges and included in initial cost or other carrying amount of non-financial asset (liability) or firm commitment for which fair value hedge accounting is applied Amount removed from reserve of change in value of time value of options and included in initial cost or other carrying amount of non-financial asset (liability) or firm commitment for which fair value hedge accounting is applied Amount removed from reserve of change in value of forward elements of forward contracts and included in initial cost or other carrying amount of non-financial asset (liability) or firm commitment for which fair value hedge accounting is applied Amount removed from reserve of change in value of foreign currency basis spreads and included in initial cost or other carrying amount of non-financial asset (liability) or firm commitment for which fair value hedge accounting is applied Total increase (decrease) in equity ,392, Equity at end of period 183,681, ,734, ,311,563, of 55

18 Components of equity [axis] Hoja 2 de 3 Reserve of change in value of forward elements of forward contracts Reserve of change in value of foreign currency basis spreads Reserve of gains and losses on remeasuring available-for-sale financial assets Reserve of sharebased payments Reserve of remeasurements of defined benefit plans Amount recognised in other comprehensive income and accumulated in equity relating to non-current assets or disposal groups held for sale Reserve of gains and losses from investments in equity instruments Reserve of change in fair value of financial liability attributable to change in credit risk of liability Reserve for catastrophe Retrospective application and retrospective restatement [axis] Statement of changes in equity [line items] Equity at beginning of period Changes in equity [abstract] Comprehensive income [abstract] Profit (loss) Other comprehensive income Total comprehensive income Issue of equity Dividends recognised as distributions to owners Increase through other contributions by owners, equity Decrease through other distributions to owners, equity Increase (decrease) through other changes, equity Increase (decrease) through treasury share transactions, equity Increase (decrease) through changes in ownership interests in subsidiaries that do not result in loss of control, equity Increase (decrease) through share-based payment transactions, equity Amount removed from reserve of cash flow hedges and included in initial cost or other carrying amount of non-financial asset (liability) or firm commitment for which fair value hedge accounting is applied Amount removed from reserve of change in value of time value of options and included in initial cost or other carrying amount of non-financial asset (liability) or firm commitment for which fair value hedge accounting is applied Amount removed from reserve of change in value of forward elements of forward contracts and included in initial cost or other carrying amount of non-financial asset (liability) or firm commitment for which fair value hedge accounting is applied Amount removed from reserve of change in value of foreign currency basis spreads and included in initial cost or other carrying amount of non-financial asset (liability) or firm commitment for which fair value hedge accounting is applied Total increase (decrease) in equity Equity at end of period of 55

19 Components of equity [axis] Hoja 3 de 3 Reserve for equalisation Reserve of discretionary participation features Other comprehensive income Other reserves Equity attributable to owners of parent Non-controlling interests Equity Retrospective application and retrospective restatement [axis] Statement of changes in equity [line items] Equity at beginning of period ,465,586, ,576,000 9,723,162,000 Changes in equity [abstract] Comprehensive income [abstract] Profit (loss) ,164,000 3,115, ,279,000 Other comprehensive income ,228, ,228,000 Total comprehensive income ,392,000 3,115, ,507,000 Issue of equity Dividends recognised as distributions to owners Increase through other contributions by owners, equity Decrease through other distributions to owners, equity Increase (decrease) through other changes, equity Increase (decrease) through treasury share transactions, equity Increase (decrease) through changes in ownership interests in subsidiaries that do not result in loss of control, equity Increase (decrease) through share-based payment transactions, equity Amount removed from reserve of cash flow hedges and included in initial cost or other carrying amount of non-financial asset (liability) or firm commitment for which fair value hedge accounting is applied Amount removed from reserve of change in value of time value of options and included in initial cost or other carrying amount of non-financial asset (liability) or firm commitment for which fair value hedge accounting is applied Amount removed from reserve of change in value of forward elements of forward contracts and included in initial cost or other carrying amount of non-financial asset (liability) or firm commitment for which fair value hedge accounting is applied Amount removed from reserve of change in value of foreign currency basis spreads and included in initial cost or other carrying amount of non-financial asset (liability) or firm commitment for which fair value hedge accounting is applied Total increase (decrease) in equity ,392,000 3,115, ,507,000 Equity at end of period ,828,978, ,691,000 10,089,669, of 55

20 [610000] Statement of changes in equity - Year Previous Components of equity [axis] Hoja 1 de 3 Issued capital Share premium Treasury shares Retained earnings Revaluation surplus Reserve of exchange differences on translation Reserve of cash flow hedges Reserve of gains and losses on hedging instruments that hedge investments in equity instruments Reserve of change in value of time value of options Retrospective application and retrospective restatement [axis] Statement of changes in equity [line items] Equity at beginning of period 183,681, ,734, ,175,505, Changes in equity [abstract] Comprehensive income [abstract] Profit (loss) ,602, Other comprehensive income Total comprehensive income ,602, Issue of equity Dividends recognised as distributions to owners Increase through other contributions by owners, equity Decrease through other distributions to owners, equity Increase (decrease) through other changes, equity Increase (decrease) through treasury share transactions, equity Increase (decrease) through changes in ownership interests in subsidiaries that do not result in loss of control, equity Increase (decrease) through share-based payment transactions, equity Amount removed from reserve of cash flow hedges and included in initial cost or other carrying amount of non-financial asset (liability) or firm commitment for which fair value hedge accounting is applied Amount removed from reserve of change in value of time value of options and included in initial cost or other carrying amount of non-financial asset (liability) or firm commitment for which fair value hedge accounting is applied Amount removed from reserve of change in value of forward elements of forward contracts and included in initial cost or other carrying amount of non-financial asset (liability) or firm commitment for which fair value hedge accounting is applied Amount removed from reserve of change in value of foreign currency basis spreads and included in initial cost or other carrying amount of non-financial asset (liability) or firm commitment for which fair value hedge accounting is applied Total increase (decrease) in equity ,602, Equity at end of period 183,681, ,734, ,546,107, of 55

21 Components of equity [axis] Hoja 2 de 3 Reserve of change in value of forward elements of forward contracts Reserve of change in value of foreign currency basis spreads Reserve of gains and losses on remeasuring available-for-sale financial assets Reserve of sharebased payments Reserve of remeasurements of defined benefit plans Amount recognised in other comprehensive income and accumulated in equity relating to non-current assets or disposal groups held for sale Reserve of gains and losses from investments in equity instruments Reserve of change in fair value of financial liability attributable to change in credit risk of liability Reserve for catastrophe Retrospective application and retrospective restatement [axis] Statement of changes in equity [line items] Equity at beginning of period Changes in equity [abstract] Comprehensive income [abstract] Profit (loss) Other comprehensive income Total comprehensive income Issue of equity Dividends recognised as distributions to owners Increase through other contributions by owners, equity Decrease through other distributions to owners, equity Increase (decrease) through other changes, equity Increase (decrease) through treasury share transactions, equity Increase (decrease) through changes in ownership interests in subsidiaries that do not result in loss of control, equity Increase (decrease) through share-based payment transactions, equity Amount removed from reserve of cash flow hedges and included in initial cost or other carrying amount of non-financial asset (liability) or firm commitment for which fair value hedge accounting is applied Amount removed from reserve of change in value of time value of options and included in initial cost or other carrying amount of non-financial asset (liability) or firm commitment for which fair value hedge accounting is applied Amount removed from reserve of change in value of forward elements of forward contracts and included in initial cost or other carrying amount of non-financial asset (liability) or firm commitment for which fair value hedge accounting is applied Amount removed from reserve of change in value of foreign currency basis spreads and included in initial cost or other carrying amount of non-financial asset (liability) or firm commitment for which fair value hedge accounting is applied Total increase (decrease) in equity Equity at end of period of 55

22 Components of equity [axis] Hoja 3 de 3 Reserve for equalisation Reserve of discretionary participation features Other comprehensive income Other reserves Equity attributable to owners of parent Non-controlling interests Equity Retrospective application and retrospective restatement [axis] Statement of changes in equity [line items] Equity at beginning of period ,692,920, ,462,000 7,965,382,000 Changes in equity [abstract] Comprehensive income [abstract] Profit (loss) ,602,000 3,358, ,960,000 Other comprehensive income Total comprehensive income ,602,000 3,358, ,960,000 Issue of equity Dividends recognised as distributions to owners Increase through other contributions by owners, equity Decrease through other distributions to owners, equity Increase (decrease) through other changes, equity Increase (decrease) through treasury share transactions, equity Increase (decrease) through changes in ownership interests in subsidiaries that do not result in loss of control, equity Increase (decrease) through share-based payment transactions, equity Amount removed from reserve of cash flow hedges and included in initial cost or other carrying amount of non-financial asset (liability) or firm commitment for which fair value hedge accounting is applied Amount removed from reserve of change in value of time value of options and included in initial cost or other carrying amount of non-financial asset (liability) or firm commitment for which fair value hedge accounting is applied Amount removed from reserve of change in value of forward elements of forward contracts and included in initial cost or other carrying amount of non-financial asset (liability) or firm commitment for which fair value hedge accounting is applied Amount removed from reserve of change in value of foreign currency basis spreads and included in initial cost or other carrying amount of non-financial asset (liability) or firm commitment for which fair value hedge accounting is applied Total increase (decrease) in equity ,602,000 3,358, ,960,000 Equity at end of period ,063,522, ,820,000 8,339,342, of 55

23 [700000] Informative data about the Statement of financial position Concepto Close Current Quarter Close Previous Exercise Informative data of the Statement of Financial Position [abstract] Capital stock (nominal) 183,681, ,681,000 Restatement of capital stock 0 0 Plan assets for pensions and seniority premiums 0 0 Number of executives Number of employees Number of workers Outstanding shares Repurchased shares 0 0 Restricted cash 0 0 Guaranteed debt of associated companies of 55

24 [700002] Informative data about the Income statement Concepto Accumulated Current Year Accumulated Previous Year Informative data of the Income Statement [abstract] Operating depreciation and amortization 187,289, ,489, of 55

25 [700003] Informative data - Income statement for 12 months Concepto Current Year Previous Year Informative data - Income Statement for 12 months [abstract] Revenue 16,146,167,000 15,260,846,000 Profit (loss) from operating activities 2,206,627,000 2,144,374,000 Profit (loss) 2,188,466,000 1,252,877,000 Profit (loss), attributable to owners of parent 2,190,652,000 1,251,445,000 Operating depreciation and amortization 739,497, ,865, of 55

26 [800001] Breakdown of credits Bancarios [sinopsis] Institución [eje] Comercio exterior (bancarios) Institución Extranjera (Si/No) Fecha de firma/contrato Fecha de vencimiento Tasa de interés y/o sobretasa Año actual [miembro] Hasta 1 año [miembro] Hasta 2 años [miembro] Moneda nacional [miembro] Intervalo de tiempo [eje] Hasta 3 años [miembro] Hasta 4 años [miembro] Hasta 5 años o más [miembro] Denominación [eje] Año actual [miembro] Hasta 1 año [miembro] Hasta 2 años [miembro] Moneda extranjera [miembro] Intervalo de tiempo [eje] TOTAL NO Con garantía (bancarios) TOTAL NO Banca comercial TOTAL NO Otros bancarios TOTAL NO Total bancarios TOTAL NO Bursátiles y colocaciones privadas [sinopsis] Bursátiles listadas en bolsa (quirografarios) TOTAL NO Bursátiles listadas en bolsa (con garantía) TOTAL NO Colocaciones privadas (quirografarios) TOTAL NO Colocaciones privadas (con garantía) TOTAL NO Total bursátiles listados en bolsa y colocaciones privadas TOTAL NO Otros pasivos circulantes y no circulantes con costo [sinopsis] Otros pasivos circulantes y no circulantes con costo TOTAL NO Total otros pasivos circulantes y no circulantes con costo TOTAL NO Proveedores [sinopsis] Proveedores PROVEEDORES VENCIMIENTO NACIONAL NO ,455,000 PROVEEDORES VENCIMIENTO MONEDA EXTRANJERA SI ,056,000 TOTAL NO 832,455, ,056, Total proveedores TOTAL NO 832,455, ,056, Otros pasivos circulantes y no circulantes sin costo [sinopsis] Otros pasivos circulantes y no circulantes sin costo TOTAL NO Hasta 3 años [miembro] Hasta 4 años [miembro] Hasta 5 años o más [miembro] 26 of 55

27 Institución [eje] Total otros pasivos circulantes y no circulantes sin costo Institución Extranjera (Si/No) Fecha de firma/contrato Fecha de vencimiento Tasa de interés y/o sobretasa Año actual [miembro] Hasta 1 año [miembro] Hasta 2 años [miembro] Moneda nacional [miembro] Intervalo de tiempo [eje] Hasta 3 años [miembro] Hasta 4 años [miembro] Hasta 5 años o más [miembro] Denominación [eje] Año actual [miembro] Hasta 1 año [miembro] Hasta 2 años [miembro] Moneda extranjera [miembro] Intervalo de tiempo [eje] TOTAL NO Total de créditos TOTAL NO 832,455, ,056, Hasta 3 años [miembro] Hasta 4 años [miembro] Hasta 5 años o más [miembro] 27 of 55

28 [800003] Annex - Monetary foreign currency position Foreign currency position [abstract] Monetary assets [abstract] Dollars Dollar equivalent in pesos Currencies [axis] Other currencies equivalent in dollars Other currencies equivalent in pesos Total pesos Current monetary assets 15,463, ,078, ,078,000 Non-current monetary assets Total monetary assets 15,463, ,078, ,078,000 Liabilities position [abstract] Current liabilities 41,348, ,521, ,521,000 Non-current liabilities Total liabilities 41,348, ,521, ,521,000 Net monetary assets (liabilities) -25,885, ,443, ,443, of 55