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 - Accumulated Current...17 [610000] Statement of changes in equity - Accumulated 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...42 [800200] Notes - Analysis of income and expense...46 [800500] Notes - List of notes...47 [800600] Notes - List of accounting policies...59 [813000] Notes - Interim financial reporting...80 Footnotes of 81

2 [105000] Management commentary Management commentary [text block] Sales volume rose 6%. Net sales grew 15% to Ps.4,513 million. Operating income grew 15% to Ps.642 million. 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. 2 of 81

3 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; 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. 3 of 81

4 Disclosure of results of operations and prospects [text block] RESULTS OF OPERATIONS 3Q16 versus 3Q15 Sales volume rose 6% to 491 thousand metric tons due mainly to (1) increased penetration of corn flour among tortilla makers, especially in Central Mexico, driven by commercial initiatives aimed at improving customer service, and more competitive corn flour prices; (2) higher sales to wholesalers driven especially by improved customer service and direct contact; and (3) higher sales to our U.S. operations. Commercial initiatives continue to focus on increased distribution and availability, product quality and additional promotion of corn flour types, some of them resembling the traditional method, among various other initiatives. Net sales grew 15% to Ps.4,513 million in connection with (1) the aforementioned sales volume growth; (2) price increases implemented during December 2015 and June 2016 to reflect higher corn costs; and, to a lesser extent, (3) extraordinary corn sales of Ps.47 million to Gruma Centroamérica. These corn sales are reported under net sales, but not as part of sales volume. Cost of sales as a percentage of net sales rose to 72.6% from 68.7% mainly because of (1) higher corn costs driven by peso weakness; and (2) higher transportation, energy and packaging costs, most of it also resulting from peso weakness. In absolute terms, cost of sales rose 21% to Ps.3,274 million due to the aforementioned higher costs and volume growth. The increase in cost of sales as a percentage of net sales was fully offset through gains on corn and exchange rate hedging, which are not reported under cost of sales. These hedging activities have been undertaken in connection with changes in the way corn is procured in our Mexican corn flour operations aimed at reducing volatility in corn prices and exchange rate. Selling, General & Administrative expenses (SG&A) as a percentage of net sales was flat at 16.2% as higher expenses were fully absorbed by the increase in net sales. In absolute terms, SG&A rose 15% to Ps.731 million due mainly to the strengthening of the company s commercial initiatives to enhance customer service, and higher freight expenses, which have helped volume growth. Higher freight expenses reflected higher tariffs, increased intercompany shipments and from plants to distribution centers. Other income, net, was Ps.135 million, a benefit of Ps.170 million related mostly to (1) the reversal of an impairment loss in connection with the reopening of a plant in Central Mexico; and (2) gains on corn and natural gas hedging. Operating income grew 15% to Ps.642 million driven by the aforementioned benefit from other income. Operating margin was flat at 14.2%. EBITDA increased 2% to Ps.754 million. EBITDA margin declined to 16.7% from 18.9%, due primarily to the increase in the cost of corn, which was compensated by gains in foreign exchange hedging, reported under net comprehensive financing income. Net comprehensive financing income was Ps.165 million, an increase of Ps.127 million in connection with (1) lower foreign exchange losses resulting from lower trade accounts payable; and (2) higher gains on foreign exchange hedging also related to corn procurement. Income taxes were Ps.249 million, Ps.216 million more due to the use of tax losses in 3Q15 and higher pre-tax income. The effective tax rate was 30.9%. Majority net income was Ps.554 million, a decrease of 1% and as a percentage of net sales, majority net income declined to 12.3% from 14.3%. The increase in operating income and net comprehensive financing income were offset by higher taxes. Financial position, liquidity and capital resources [text block] 4 of 81

5 CAPITAL EXPENDITURES GIMSA s capital expenditures for 3Q16 were US$9 million, primarily allocated to the reopening of a corn flour plant in Central Mexico, as well as to general technical upgrades. FINANCIAL POSITION September 2016 versus June 2016 Balance Sheet Highlights Total assets increased 3% to Ps.15,566 million due primarily to higher cash balances. Total liabilities decreased 4% to Ps.4,635 million largely due to lower trade accounts payable. Shareholders equity increased 6% to Ps.10,931 million. ACCOUNTING PROCEDURES The consolidated figures have been prepared in accordance with the International Financial Reporting Standards (IFRS). International Accounting Standard 29 (IAS 29) defines the criteria to consider when a company operates under a hyperinflationary economic environment, which are: The general population prefers to keep its wealth in non-monetary assets or in a relatively stable foreign currency. Amounts of local currency held are immediately invested to maintain purchasing power; The general population regards monetary amounts not in terms of the local currency but in terms of a relatively stable foreign currency. Prices may be quoted in that currency; Sales and purchases on credit take place at prices that compensate for the expected loss of purchasing power during the credit period, even if the period is short; Interest rates, wages, and prices are linked to a price index; and The cumulative inflation rate over three years is approaching, or exceeds, 100%. Based on the foregoing, as GIMSA operates in a non-hyperinflationary environment, the effects of inflation are not recognized in its figures. ABOUT GIMSA Founded in 1949, Grupo Industrial Maseca, S.A.B. de C.V. ( GIMSA ), is the world s largest producer of corn flour. GIMSA is engaged principally in the production of corn flour in Mexico under the MASECA brand name. GIMSA s corn flour is used mainly in the preparation of tortillas and other related products. GIMSA is headquartered in San Pedro Garza Garcia, Mexico, and has approximately 4,500 employees and 18 plants. In 2015, GIMSA had net sales of US$922 million. This report may contain certain forward-looking statements and information relating to Grupo Industrial Maseca, S.A.B. de C.V., that are based on the beliefs of its management as well as assumptions made by and information then available to GIMSA. Such statements reflect the views of GIMSA with respect to future events and are subject to certain risks, uncertainties, and assumptions. Many factors could cause the actual results, performance, or achievements of GIMSA to be materially different from historical results or any future results, performance, or achievements that may be expressed or implied by such forward-looking statements. Such factors include, among others, changes in economic, political, social, governmental, business, or other factors globally or in Mexico, as well as world and domestic corn prices. If one or more of these risks or uncertainties materializes, or underlying assumptions are proven incorrect, actual results may vary materially from those described herein as anticipated, believed, estimated, expected, or targeted. GIMSA does not intend, and undertakes no obligation, to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. 5 of 81

6 Internal control [text block] 6 of 81

7 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 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 81

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 Yes Number of quarter: 3 Type of issuer: ICS Explanation of change in name of reporting entity or other means of identification from end of preceding reporting period: Description of nature of financial statements: Disclosure of general information about financial statements [text block] 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 81

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10 [210000] Statement of financial position, current/non-current Concept Statement of financial position [abstract] Assets [abstract] Current assets [abstract] Close Current Quarter Close Previous Exercise Cash and cash equivalents 576,756, ,466,000 Trade and other current receivables 4,035,927,000 1,862,646,000 Current tax assets, current 0 0 Other current financial assets 196,692,000 40,298,000 Current inventories 4,020,349,000 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 8,829,724,000 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 8,829,724,000 5,514,737,000 Non-current assets [abstract] Trade and other non-current receivables 241,021, ,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 4,691,218,000 4,346,567,000 Investment property 0 0 Goodwill 166,425, ,425,000 Intangible assets other than goodwill 1,292,496,000 1,584,277,000 Deferred tax assets 345,317, ,710,000 Other non-current non-financial assets 0 0 Total non-current assets 6,736,515,000 6,787,448,000 Total assets 15,566,239,000 12,302,185,000 Equity and liabilities [abstract] Liabilities [abstract] Current liabilities [abstract] Trade and other current payables 3,466,372,000 1,651,053,000 Current tax liabilities, current 123,159,000 0 Other current financial liabilities 13,381,000 27,209,000 Other current non-financial liabilities 501,339, ,421,000 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 4,104,251,000 2,087,683,000 Liabilities included in disposal groups classified as held for sale 0 0 Total current liabilities 4,104,251,000 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 81

11 Concept Close Current Quarter Close Previous Exercise Other non-current non-financial liabilities 0 0 Non-current provisions [abstract] Non-current provisions for employee benefits 222,832, ,980,000 Other non-current provisions 0 0 Total non-current provisions 222,832, ,980,000 Deferred tax liabilities 308,186, ,360,000 Total non-current liabilities 531,018, ,340,000 Total liabilities 4,635,269,000 2,579,023,000 Equity [abstract] Issued capital 183,681, ,681,000 Share premium 333,734, ,734,000 Treasury shares 0 0 Retained earnings 10,143,375,000 8,948,171,000 Other reserves 0 0 Total equity attributable to owners of parent 10,660,790,000 9,465,586,000 Non-controlling interests 270,180, ,576,000 Total equity 10,930,970,000 9,723,162,000 Total equity and liabilities 15,566,239,000 12,302,185, of 81

12 [310000] Statement of comprehensive income, profit or loss, by function of expense Concept Profit or loss [abstract] Profit (loss) [abstract] Accumulated Current Year Accumulated Previous Year Quarter Current Year Quarter Previous Year Revenue 13,004,600,000 11,695,771,000 4,512,779,000 3,928,166,000 Cost of sales 9,325,134,000 8,114,100,000 3,274,391,000 2,697,273,000 Gross profit 3,679,466,000 3,581,671,000 1,238,388,000 1,230,893,000 Distribution costs 1,744,016,000 1,553,769, ,520, ,409,000 Administrative expenses 369,425, ,064, ,247, ,317,000 Other income 224,585,000 85,913, ,784,000 17,742,000 Other expense 48,489, ,982,000 20,167,000 53,414,000 Profit (loss) from operating activities 1,742,121,000 1,662,769, ,238, ,495,000 Finance income 618,333, ,234, ,083, ,581,000 Finance costs 208,017, ,022,000 58,038,000 81,429,000 Share of profit (loss) of associates and joint ventures accounted for using equity method Profit (loss) before tax 2,152,437,000 1,795,981, ,283, ,647,000 Tax income (expense) 676,535, ,028, ,160,000 33,210,000 Profit (loss) from continuing operations 1,475,902,000 1,382,953, ,123, ,437,000 Profit (loss) from discontinued operations Profit (loss) 1,475,902,000 1,382,953, ,123, ,437,000 Profit (loss), attributable to [abstract] Profit (loss), attributable to owners of parent 1,463,298,000 1,372,043, ,604, ,782,000 Profit (loss), attributable to non-controlling interests 12,604,000 10,910,000 4,519,000 3,655,000 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 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 Total diluted earnings (loss) per share of 81

13 [410000] Statement of comprehensive income, OCI components presented net of tax Concept Statement of comprehensive income [abstract] Accumulated Current Year Accumulated Previous Year Quarter Current Year Quarter Previous Year Profit (loss) 1,475,902,000 1,382,953, ,123, ,437,000 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 Other comprehensive income, net of tax, gains (losses) on revaluation Other comprehensive income, net of tax, gains (losses) on remeasurements of defined benefit plans Other comprehensive income, net of tax, change in fair value of financial liability attributable to change in credit risk of liability Other comprehensive income, net of tax, gains (losses) on hedging instruments that hedge investments in equity instruments 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 ,347,000 1,905,000 53,347,000 (1,711,000) Total other comprehensive income that will not be reclassified to profit or loss, net of tax 53,347,000 1,905,000 53,347,000 (1,711,000) 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 Reclassification adjustments on exchange differences on translation, net of tax Other comprehensive income, net of tax, exchange differences on translation Available-for-sale financial assets [abstract] Gains (losses) on remeasuring available-for-sale financial assets, net of tax Reclassification adjustments on available-for-sale financial assets, net of tax Other comprehensive income, net of tax, available-for-sale financial assets Cash flow hedges [abstract] Gains (losses) on cash flow hedges, net of tax Reclassification adjustments on cash flow hedges, net of tax 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 Other comprehensive income, net of tax, cash flow hedges Hedges of net investment in foreign operations [abstract] Gains (losses) on hedges of net investments in foreign operations, net of tax Reclassification adjustments on hedges of net investments in foreign operations, net of tax Other comprehensive income, net of tax, hedges of net investments in foreign operations Change in value of time value of options [abstract] Gains (losses) on change in value of time value of options, net of tax Reclassification adjustments on change in value of time value of options, net of tax Other comprehensive income, net of tax, change in value of time value of options 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 Reclassification adjustments on change in value of forward elements of forward contracts, net of tax Other comprehensive income, net of tax, change in value of forward elements of forward contracts Change in value of foreign currency basis spreads [abstract] of 81

14 Concept Accumulated Current Year Accumulated Previous Year Quarter Current Year Quarter Previous Year Gains (losses) on change in value of foreign currency basis spreads, net of tax Reclassification adjustments on change in value of foreign currency basis spreads, net of tax Other comprehensive income, net of tax, change in value of foreign currency basis spreads 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 Total other comprehensive income that will be reclassified to profit or loss, net of tax Total other comprehensive income 53,347,000 1,905,000 53,347,000 (1,711,000) Total comprehensive income 1,529,249,000 1,384,858, ,470, ,726,000 Comprehensive income attributable to [abstract] Comprehensive income, attributable to owners of parent 12,604,000 10,910,000 4,519,000 3,655,000 Comprehensive income, attributable to non-controlling interests 1,516,645,000 1,373,948, ,951, ,071, of 81

15 [520000] Statement of cash flows, indirect method Concept Statement of cash flows [abstract] Cash flows from (used in) operating activities [abstract] Accumulated Current Year Accumulated Previous Year Profit (loss) 1,475,902,000 1,382,953,000 Adjustments to reconcile profit (loss) [abstract] Discontinued operations 0 0 Adjustments for income tax expense 676,534, ,028,000 Adjustments for finance costs 0 0 Adjustments for depreciation and amortisation expense 566,255, ,756,000 Adjustments for impairment loss (reversal of impairment loss) recognised in profit or loss (77,963,000) 0 Adjustments for provisions 0 0 Adjustments for unrealised foreign exchange losses (gains) 79,495, ,222,000 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 (249,301) (6,900,000) Participation in associates and joint ventures 0 0 Adjustments for decrease (increase) in inventories (943,022,000) (1,095,257,000) Adjustments for decrease (increase) in trade accounts receivable (1,992,000) (41,768,000) Adjustments for decrease (increase) in other operating receivables (2,305,473,000) (535,118,000) Adjustments for increase (decrease) in trade accounts payable 1,883,610, ,079,000 Adjustments for increase (decrease) in other operating payables (50,444,000) (14,190,000) Other adjustments for non-cash items 0 0 Other adjustments for which cash effects are investing or financing cash flow 5,851,000 3,253,000 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) (167,398,301) (74,895,000) Net cash flows from (used in) operations 1,308,503,699 1,308,058,000 Dividends paid 0 0 Dividends received 0 0 Interest paid 0 0 Interest received (4,643,000) (3,099,000) Income taxes refund (paid) 412,318, ,081,000 Other inflows (outflows) of cash (276,704,082) (251,366,000) Net cash flows from (used in) operating activities 614,839, ,512,000 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 516,160, ,133,000 Proceeds from sales of intangible assets 0 0 Purchase of intangible assets 0 0 Proceeds from sales of other long-term assets of 81

16 Concept 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 (31,552,639) 1,607,000 Net cash flows from (used in) investing activities (547,713,000) (336,526,000) 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 321,441, ,476,000 Interest paid 0 0 Income taxes refund (paid) 0 0 Other inflows (outflows) of cash 296,606, ,108,000 Net cash flows from (used in) financing activities (24,836,000) (205,368,000) Net increase (decrease) in cash and cash equivalents before effect of exchange rate changes 42,290,000 (137,382,000) 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 42,290,000 (137,382,000) Cash and cash equivalents at beginning of period 534,466, ,172,000 Cash and cash equivalents at end of period 576,756,000 99,790, of 81

17 [610000] Statement of changes in equity - Accumulated Current Components of equity [axis] Sheet 1 of 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 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) ,463,298, Other comprehensive income ,347, Total comprehensive income ,516,645, Issue of equity Dividends recognised as distributions to owners ,441, 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 ,195,204, Equity at end of period 183,681, ,734, ,143,375, of 81

18 Components of equity [axis] Sheet 2 of 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 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 81

19 Components of equity [axis] Sheet 3 of 3 Reserve for equalisation Reserve of discretionary participation features Other comprehensive income Other reserves Equity attributable to owners of parent Non-controlling interests Equity 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) ,463,298,000 12,604,000 1,475,902,000 Other comprehensive income ,347, ,347,000 Total comprehensive income ,516,645,000 12,604,000 1,529,249,000 Issue of equity Dividends recognised as distributions to owners ,441, ,441,000 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 ,195,204,000 12,604,000 1,207,808,000 Equity at end of period ,660,790, ,180,000 10,930,970, of 81

20 [610000] Statement of changes in equity - Accumulated Previous Components of equity [axis] Sheet 1 of 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 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) ,372,043, Other comprehensive income ,905, Total comprehensive income ,373,948, Issue of equity Dividends recognised as distributions to owners ,286, Increase through other contributions by owners, equity Decrease through other distributions to owners, equity Increase (decrease) through other changes, equity (826,000) 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 ,836, Equity at end of period 183,681, ,734, ,135,341, of 81

21 Components of equity [axis] Sheet 2 of 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 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 81

22 Components of equity [axis] Sheet 3 of 3 Reserve for equalisation Reserve of discretionary participation features Other comprehensive income Other reserves Equity attributable to owners of parent Non-controlling interests Equity 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) ,372,043,000 10,910,000 1,382,953,000 Other comprehensive income ,905, ,905,000 Total comprehensive income ,373,948,000 10,910,000 1,384,858,000 Issue of equity Dividends recognised as distributions to owners ,286,000 18,190, ,476,000 Increase through other contributions by owners, equity Decrease through other distributions to owners, equity Increase (decrease) through other changes, equity (826,000) 0 (826,000) 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 ,836,000 (7,280,000) 952,556,000 Equity at end of period ,652,756, ,182,000 8,917,938, of 81

23 [700000] Informative data about the Statement of financial position Concept 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 2,795 2,746 Number of workers 1,749 1,791 Outstanding shares 918,405, ,405,000 Repurchased shares 0 0 Restricted cash 0 0 Guaranteed debt of associated companies of 81

24 [700002] Informative data about the Income statement Concept Informative data of the Income Statement [abstract] Accumulated Current Year Accumulated Previous Year Quarter Current Year Quarter Previous Year Operating depreciation and amortization [1] 488,296, ,756,000 [2] 112,061, ,370, of 81

25 [700003] Informative data - Income statement for 12 months Concept Current Year Previous Year Informative data - Income Statement for 12 months [abstract] Revenue 17,180,177,000 15,569,831,000 Profit (loss) from operating activities 2,284,492,000 2,144,047,000 Profit (loss) 2,298,282,000 1,713,264,000 Profit (loss), attributable to owners of parent 2,294,159,000 1,708,161,000 Operating depreciation and amortization 673,237, ,609, of 81

26 [800001] Breakdown of credits Banks [abstract] Foreign trade Institution [axis] Foreign institution (yes/no) Contract signing date Expiration date Interest rate Current year Until 1 year Until 2 years Domestic currency Time interval [axis] Until 3 years Until 4 years Until 5 years or more Denomination [axis] Current year Until 1 year Until 2 years Foreign currency Time interval [axis] Until 3 years Until 4 years Until 5 years or more TOTAL NO Banks - secured TOTAL NO Commercial banks TOTAL NO Other banks TOTAL NO Total banks TOTAL NO Stock market [abstract] Listed on stock exchange - unsecured TOTAL NO Listed on stock exchange - secured TOTAL NO Private placements - unsecured TOTAL NO Private placements - secured TOTAL NO Total listed on stock exchanges and private placements TOTAL NO Other current and non-current liabilities with cost [abstract] Other current and non-current liabilities with cost TOTAL NO Total other current and non-current liabilities with cost TOTAL NO Suppliers [abstract] Suppliers PROVEEDORES VENCIMIENTO NACIONAL NO ,421,221,000 PROVEEDORES VENCIMIENTO MONEDA EXTRANJERA NO ,846,000 TOTAL NO 2,421,221, ,846, Total suppliers TOTAL NO 2,421,221, ,846, Other current and non-current liabilities [abstract] Other current and non-current liabilities TOTAL NO Total other current and non-current liabilities 26 of 81

27 Institution [axis] Foreign institution (yes/no) Contract signing date Expiration date Interest rate Current year Until 1 year Until 2 years Domestic currency Time interval [axis] Until 3 years Until 4 years Until 5 years or more Denomination [axis] Current year Until 1 year Until 2 years Foreign currency Time interval [axis] Until 3 years Until 4 years Until 5 years or more TOTAL NO Total credits TOTAL NO 2,421,221, ,846, of 81

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 12,210, ,100, ,100,454 Non-current monetary assets Total monetary assets 12,210, ,100, ,100,454 Liabilities position [abstract] Current liabilities 50,467, ,122, ,122,998 Non-current liabilities Total liabilities 50,467, ,122, ,122,998 Net monetary assets (liabilities) (38,257,174) (746,022,544) 0 0 (746,022,544) 28 of 81

29 [800005] Annex - Distribution of income by product MASECA Income type [axis] National income Export income Income of subsidiaries abroad Total income HARINA DE MAÍZ 11,753,292, ,484, ,498,776,000 OTROS GRITS 374,185, ,639, ,824,000 TOTAL 12,127,477, ,123, ,004,600, of 81

30 [800007] Annex - Financial derivate instruments Management discussion about the policy uses of financial derivate instruments, explaining if these policies are allowed just for coverage or for other uses like trading [text block] INFORMACION SOBRE INSTRUMENTOS FINANCIEROS DERIVADOS I. Información Cualitativa A. Discusión de la Administración sobre las Políticas de Uso de Instrumentos Financieros Derivados, y Fines de los Mismos. 1. Políticas de contratación de instrumentos financieros derivados. Las políticas de Grupo Industrial Maseca, S.A.B. de C.V. (GIMSA) en relación a instrumentos financieros establecen que la adquisición de cualquier contrato de instrumentos financieros derivados debe estar asociada a la cobertura de una posición primaria de la compañía, como pueden ser la compra de inventarios o consumo de combustibles (commodities), pago de intereses a una tasa determinada, pagos de moneda extranjera a un tipo de cambio, entre otras. GIMSA cuenta con una política de Administración de Riesgos, en la cual se detalla el procedimiento a seguir para autorizar su contratación. Todas las operaciones con instrumentos financieros derivados deben ser previamente autorizadas por nuestro Comité Divisional de Riesgos, integrado por miembros de la alta dirección de GIMSA, así como por el Comité Central de Riesgos de Gruma, S.A.B. de C.V. (GRUMA), integrado por miembros de la alta dirección de GRUMA, aprobado por el Comité de Auditoría y Consejo de Administración. 2. Descripción general de los objetivos para utilizar instrumentos financieros derivados. Utilizamos instrumentos financieros derivados en el curso normal de operaciones, principalmente para cubrir los riesgos operativos y financieros a los cuales estamos expuestos, incluyendo sin limitaciones: La disponibilidad y precio del maíz y otros insumos clave, los cuales están sujetos a amplias fluctuaciones debido a factores que están fuera de nuestro control, tales como el clima, siembras, programas agrícolas y políticas del gobierno (nacional y extranjero), cambios en la demanda/oferta global creada por crecimiento de la población y producción global de cosechas similares y competidoras. Fluctuaciones en las tasas de interés o en el tipo de cambio, como resultado de afectaciones en las condiciones económicas, políticas fiscales y monetarias, volatilidad, liquidez de los mercados globales, eventos políticos internacionales y locales, entre otros; y 30 of 81

31 Fluctuaciones en el precio del gas natural utilizado en nuestros procesos de producción, que puedan resultar de la oferta y la demanda, afectaciones en las condiciones económicas, políticas fiscales y monetarias, volatilidad, guerras, eventos políticos internacionales y locales, entre otros. En consideración de lo anterior, el objetivo de utilizar instrumentos financieros derivados es el de minimizar los riesgos antes mencionados y cubrir en la medida de lo posible un posible efecto adverso en nuestra condición financiera o resultados de operación. 3. Instrumentos utilizados y estrategias de cobertura o negociación implementadas. Cubrimos una parte de nuestros requerimientos de producción por medio de contratos de futuros y opciones para poder reducir el riesgo generado por las fluctuaciones de precio y el suministro de maíz, gas natural y gas LP, los cuales existen como parte ordinaria del negocio. Asimismo, GIMSA ha contratado diversos instrumentos financieros tales como swaps de tasas de interés y operaciones financieras de tipo de cambio (FX). 4. Mercados de negociación permitidos y contrapartes elegibles. Las políticas de GIMSA en relación a instrumentos financieros establecen que la adquisición de cualquier contrato de instrumentos financieros derivados debe estar exclusivamente asociada a la cobertura de una posición primaria de la compañía, como pueden ser la compra de inventarios o consumo de combustibles (commodities), pago de intereses a una tasa determinada, pagos de moneda extranjera a un tipo de cambio, entre otras. Para minimizar el riesgo de solvencia asociado con las contrapartes, GIMSA contrata sus instrumentos financieros derivados solamente con instituciones financieras nacionales e internacionales reconocidas utilizando principalmente y cuando es aplicable, en virtud del instrumento financiero derivado a ser contratado, el formato de contrato estándar aprobado por la International Swaps and Derivatives Association, Inc. ( ISDA ) y los formatos de confirmación estándar de operaciones. 5. Política para la designación de agentes de cálculo o valuación. GIMSA designa como agentes de cálculo a las contrapartes, quienes envían periódicamente los estados de cuenta de las posturas abiertas de los instrumentos financieros. 31 of 81

32 6. Políticas de márgenes, colaterales, líneas de crédito, VAR. En general, las operaciones concertadas establecen obligaciones a cargo de GIMSA de garantizar en tiempo en tiempo el diferencial entre el valor razonable y la línea de crédito (margen de riesgo) contratada con las instituciones financieras para tal efecto, de manera que el cumplimiento puntual de las obligaciones asumidas se encuentre garantizado. Adicionalmente, se establece que, de no cumplirse con la obligación de otorgar garantía, la contraparte tendrá el derecho, mas no la obligación, de declarar las transacciones vigentes como vencidas anticipadamente y exigir la contraprestación que le corresponda conforme a los términos contratados. El Comité de Riesgos de GIMSA establece discrecionalmente qué operaciones financieras derivadas pueden llevarse a cabo con garantía para cubrir eventuales llamadas de margen o haciendo uso de líneas de crédito para tal efecto y los límites de estas. A fin de mantener un nivel de exposición al riesgo dentro de los limites aprobados por el Comité Corporativo de Riesgos de nuestra tenedora GRUMA, así como por nuestro Comité de Riesgos y el Comité de Auditoría, nuestra Tesorería Corporativa reporta semanal y mensualmente la información de los instrumentos financieros derivados a estos órganos, respectivamente, y trimestralmente al Consejo de Administración. Al 30 de septiembre de 2016 la Compañía no cuenta con fondos revolventes denominados llamadas de margen para los instrumentos financieros derivados vigentes. 7. Procedimientos de control interno para administrar la exposición a los riesgos de mercado y de liquidez. Nuestra Dirección de Finanzas evalúa los cambios en la exposición de los instrumentos financieros derivados contratados e informan periódicamente a nuestra Dirección General. Asimismo, ésta informa de manera periódica a la Dirección Corporativa de Finanzas y Planeación y al Comité Central de Riesgos de GRUMA cuando las condiciones de mercado hayan cambiado de manera importante. La contratación de instrumentos financieros derivados es autorizada de acuerdo a los lineamientos establecidos en la política que la compañía tiene de Administración de Riesgos. 8. Existencia de un tercero independiente que revise los procedimientos anteriores. Anualmente nuestros procesos internos son auditados por PricewaterhouseCoopers, S.C. como parte del proceso de auditoría externa realizada. 9. Información sobre la autorización del uso de derivados y si existe un comité que lleve a cabo dichas autorizaciones y el manejo de los riesgos por derivados. Todas las operaciones financieras derivadas deben ser previamente autorizadas por nuestro Comité Divisional de Riesgos, integrado por miembros de la alta dirección de GIMSA, así como por el Comité Central de Riesgos de GRUMA, integrado por miembros de la alta dirección de GRUMA, aprobado por el Comité de Auditoría y Consejo de Administración. 32 of 81

33 General description about valuation techniques, standing out the instruments valuated at cost or fair value, just like methods and valuation techniques [text block] B. Descripción Genérica sobre las Técnicas de Valuación. 10. Descripción de los métodos, técnicas de valuación y frecuencia de valuación. Los instrumentos financieros derivados que no son designados contablemente como instrumentos de cobertura se registran a su valor razonable. El resultado de esta valuación se reconoce en los resultados del periodo. Todos los registros contables se apegan a la normatividad aplicable y se basan en estados de cuenta oficiales de cada Institución Financiera. Para los instrumentos financieros derivados que constituyen una cobertura de flujo de efectivo, los efectos por cambios en el valor razonable del instrumento financiero derivado, se incluyen en otro resultado integral en el capital contable, con base a la evaluación de la efectividad de dichas coberturas. Dichos cambios en el valor razonable se reclasifican a los resultados del período cuando el compromiso en firme o la transacción pronosticada se realizan. Los contratos de cobertura distintos a los de flujo de efectivo se valúan a su valor razonable y los efectos por cambios resultantes de dicha valuación se reconocen en los resultados del ejercicio. 11. Aclaración sobre si la valuación es hecha por un tercero independiente o es valuación interna y en qué casos se emplea una u otra valuación. La valuación de instrumentos financieros derivados de tipo de cambio e instrumentos sobre futuros de maíz y gas natural, se realiza internamente tomando como referencia los valores de mercado de los futuros de las bolsas estadounidenses de Chicago, Kansas y Nueva York, a través de las Instituciones Financieras especializadas que se tienen contratadas para estos efectos. Estas valuaciones se hacen periódicamente. 12. Para instrumentos de cobertura, explicación del método utilizado para determinar la efectividad de la misma, mencionando el nivel de cobertura actual de la posición global con que se cuenta. La efectividad de una cobertura se determina cuando los cambios en el valor razonable o flujos de efectivo de la posición primaria, son compensados por los cambios en el valor razonable o flujos de efectivo del instrumento de cobertura en un cociente que fluctúe en el rango de entre el 80% y el 125% de correlación inversa. Cuando la inefectividad de una cobertura, así como cuando la designación de una cobertura no cumple con los requerimientos de documentación establecidos en las Normas Internacionales de Información Financiera, los resultados de la valuación de los instrumentos financieros a su valor razonable se aplican a los resultados del ejercicio. Al 30 de septiembre de 2016, las posiciones abiertas de maíz que calificaron como coberturas de flujo de efectivo tuvieron una efectividad del 100%. 33 of 81

34 Management discussion about intern and extern sources of liquidity that could be used for attending requirements related to financial derivate instruments [text block] C. Discusión de la Administración sobre las Fuentes de Liquidez que Pudieran ser Utilizadas para Atender Instrumentos Financieros Derivados. 13. Discusión sobre las fuentes internas y externas de liquidez que pudieran ser utilizadas para atender los requerimientos relacionados con instrumentos financieros derivados. Existen potenciales requerimientos de liquidez conforme a nuestros instrumentos financieros derivados vigentes. GIMSA pretende utilizar su flujo de efectivo disponible para satisfacer estos requerimientos, así como otras fuentes de liquidez existentes en caso de ser necesario. Changes and management explanation in principal risk exposures identified, as contingencies and events known by the administration that could affect future reports [text block] D. Explicación de Cambios en la Exposición a Principales Riesgos Identificados. 14. Explicación de los cambios en la exposición a los principales riesgos identificados, su administración y contingencias que pudieran afectarla en futuros reportes. La disponibilidad y precio del maíz y otros bienes agrícolas están sujetos a amplias fluctuaciones debido a factores que están fuera de nuestro control, tales como el clima, siembras, programas agrícolas y políticas del gobierno (nacional y extranjero), cambios en la demanda/oferta global creada por crecimiento de la población y producción global de cosechas similares y competidoras. Cubrimos una parte de nuestros requerimientos de producción por medio de contratos de futuros y opciones para poder reducir el riesgo generado por las fluctuaciones de precio y el suministro de maíz, gas natural y gas LP, los cuales existen como parte ordinaria del negocio. Por otra parte, GIMSA ha celebrado algunos Swaps de gas natural referenciadas al Henry Hub Nimex con el fin de cubrir la volatilidad en el costo del gas natural utilizado en nuestros procesos de producción. El valor razonable de estos instrumentos derivados puede disminuir o aumentar en el futuro antes de la fecha de vencimiento de los instrumentos, 34 of 81

35 como resultado de cambio en la oferta y la demanda, condiciones económicas, políticas fiscales y monetarias, volatilidad, guerras, eventos políticos internacionales y locales, entre otras. Finalmente, GIMSA celebra de tiempo en tiempo transacciones forwards con la intención de cubrir el riesgo de tipo de cambio del peso mexicano a dólar americano, relacionado con el precio de las compras de maíz tanto de la cosecha nacional como el importado. Los instrumentos financieros derivados de tipo de cambio que no califican bajo la contabilidad de coberturas son reconocidos a su valor razonable. El valor razonable de estos instrumentos derivados puede disminuir o aumentar en el futuro antes de la fecha de vencimiento de los instrumentos. Las variaciones en el tipo de cambio pueden ser resultado de cambios en las condiciones económicas, políticas fiscales y monetarias, volatilidad, liquidez de los mercados globales, eventos políticos internacionales y locales, entre otras. Durante el trimestre en cuestión no ha cambiado la exposición a los riesgos de GIMSA. 35 of 81

36 15. Revelación de eventualidades, tales como cambios en el valor del activo subyacente, que ocasionen que difiera con el que se contrató originalmente, que lo modifique, o que haya cambiado el nivel de cobertura, para lo cual requiere que la emisora asuma nuevas obligaciones o vea afectada su liquidez. No existen eventualidades que revelar para el trimestre en cuestión. 16. Presentar impacto en resultados o flujo de efectivo de las mencionadas operaciones de derivados. Al 30 de septiembre de 2016 las posturas abiertas de los instrumentos financieros de Tipo de Cambio se valuaron a su valor razonable y representaron un efecto favorable de $180,329 miles de pesos el cual se aplicó a los resultados del ejercicio. Estos instrumentos no calificaron como cobertura contable Al 30 de septiembre de 2016 las posturas abiertas de los instrumentos financieros de Gas Natural se valuaron a su valor razonable y representaron un efecto favorable de $16,363 miles de pesos el cual se aplicó a los resultados del ejercicio. Estos instrumentos no calificaron como cobertura contable. Al 30 de septiembre de 2016 las posturas abiertas de maíz que calificaron como cobertura de flujo de efectivo, se registraron como un cargo al resultado integral por un monto de $6,064 miles de pesos. 17. Descripción y número de instrumentos financieros derivados que hayan vencido durante el trimestre y de aquellos cuya posición haya sido cerrada. Las operaciones terminadas durante el tercer trimestre de 2016 sobre los instrumentos financieros de Tipo de Cambio representaron un efecto favorable de $127,651 miles de pesos. Las operaciones terminadas durante el tercer trimestre de 2016 sobre los instrumentos financieros de Gas Natural representaron un efecto desfavorable de $2,798 miles de pesos. Las operaciones terminadas durante el tercer trimestre de 2016 sobre los instrumentos financieros de maíz representaron un efecto favorable de $19,685 el cual se aplicó a los resultados del período. Las operaciones terminadas durante el tercer trimestre de 2016, sobre los instrumentos financieros de maíz y por las cuales no se ha recibido físicamente el grano dieron como resultado una utilidad de $59,409 miles de pesos, como un crédito al resultado integral y se transferirán al inventario una vez que se reciba físicamente. 18. Descripción y número de llamadas de margen que se hayan presentado durante el trimestre. Durante el trimestre que se reporta, GIMSA no recibió llamada de margen alguna por parte de sus contrapartes. Al 30 de septiembre de 2016 la Compañía no cuenta con fondos revolventes denominados llamadas de margen para los instrumentos financieros derivados vigentes. 19. Revelación de cualquier incumplimiento que se haya presentado a los contratos respectivos. La compañía ha cumplido con todos los compromisos de los contratos por operaciones con instrumentos financieros derivados. Quantitative information for disclosure [text block] 36 of 81

37 Información Cuantitativa A. Características de los instrumentos derivados a la fecha del reporte. Resumen de Instrumentos Financieros Derivados Al 30 de septiembre de 2016 Cifras en miles de pesos Instrumentos Financieros Derivados de Tipo de Cambio: Instrumentos Financieros Derivados de Gas Natural: Instrumentos Financieros Derivados de Maíz: 37 of 81

38 * La compra de instrumentos financieros derivados por parte de la compañía, tienen como único objetivo cubrirse de riesgos de mercado y de liquidez, sin embargo, las reglas contables para clasificar un instrumento financiero derivado como de cobertura requiere de cierta documentación y pruebas, por lo que la compañía clasificó sus instrumentos financieros derivados como de negociación. 25. Al 30 de septiembre de 2016 la compañía no cuenta con fondos revolventes denominados llamadas de margen. Las operaciones terminadas durante el tercer trimestre de 2016 sobre los instrumentos financieros de Tipo de Cambio representaron un efecto favorable de $127,651 miles de pesos. Las operaciones terminadas durante el tercer trimestre de 2016 sobre los instrumentos financieros de Gas Natural representaron un efecto desfavorable de $2,798 miles de pesos. Las operaciones terminadas durante el tercer trimestre de 2016 sobre los instrumentos financieros de maíz representaron un efecto favorable de $19,685 el cual se aplicaron a resultados. Las operaciones terminadas durante el tercer trimestre de 2016, sobre los instrumentos financieros de maíz y por las cuales no se ha recibido físicamente el grano dieron como resultado una utilidad de $59,409 miles de pesos, como un crédito al resultado integral y se transferirán al inventario una vez que se reciba físicamente. B. Análisis de Sensibilidad Instrumentos Financieros Derivados de Tipo de Cambio: Basado en la posición al 30 de septiembre de 2016, un cambio hipotético a la baja del 10% del valor del dólar, resultaría un efecto desfavorable adicional de $434,753 miles de pesos. Este análisis de sensibilidad es determinado con base en los valores de los activos subyacentes proporcionados en la valuación efectuada al 30 de septiembre de El resultado del análisis de sensibilidad es como sigue: 38 of 81

39 * La compra de instrumentos financieros derivados por parte de la compañía, tienen como único objetivo cubrirse de riesgos de mercado y de liquidez, sin embargo, las reglas contables para clasificar un instrumento financiero derivado como de cobertura requiere de cierta documentación y pruebas, por lo que la compañía clasificó sus instrumentos financieros derivados como de negociación Instrumentos Financieros Derivados de Gas Natural: Basado en la posición al 30 de septiembre de 2016, un cambio hipotético a la baja del 10% del valor del Mmbtu, resultaría un efecto desfavorable adicional de $23,105 miles de pesos. Este análisis de sensibilidad es determinado con base en los valores de los activos subyacentes proporcionados en la valuación efectuada al 30 de septiembre de El resultado del análisis de sensibilidad es como sigue: * La compra de instrumentos financieros derivados por parte de la compañía, tienen como único objetivo cubrirse de riesgos de mercado y de liquidez, sin embargo, las reglas contables para clasificar un instrumento financiero derivado como de cobertura requiere de cierta documentación y pruebas, por lo que la compañía clasificó sus instrumentos financieros derivados como de negociación. Instrumentos Financieros Derivados de Maíz: Basado en la posición al 30 de septiembre de 2016, un cambio hipotético a la alza del 10% del valor del Bushel, resultaría un efecto desfavorable adicional de $173,798 miles de pesos. Este análisis de sensibilidad es determinado con base en los valores de los activos subyacentes proporcionados en la valuación efectuada al 30 de septiembre de El resultado del análisis de sensibilidad es como sigue: 39 of 81

40 * La compra de instrumentos financieros derivados por parte de la compañía, tienen como único objetivo cubrirse de riesgos de mercado y de liquidez, sin embargo, las reglas contables para clasificar un instrumento financiero derivado como de cobertura requiere de cierta documentación y pruebas, por lo que la compañía clasificó sus instrumentos financieros derivados como de negociación. 26. Para los instrumentos financieros derivados de negociación o aquellos de los cuales deba reconocerse la inefectividad de la cobertura, descripción del método aplicado para la determinación de las pérdidas esperadas o la sensibilidad del precio de los derivados, incluyendo la volatilidad. Las pérdidas potenciales de los instrumentos financieros derivados fueron determinadas con base en los valores de los activos subyacentes y su volatilidad, bajo un análisis de sensibilidad en un sentido adverso al valor del activo subyacente de un 10%, 25% y 50%. 27. Presentación de un análisis de sensibilidad para las operaciones mencionadas. El análisis de sensibilidad presentado contiene tres collares para el precio de los commodities, por lo que los riesgos asociados a una variación en el precio de estos commodities son compensados parcialmente entre los contratos de futuros y las opciones, los cuales son contratados con los mismos montos nocionales y las mismas fechas de vencimiento. El valor razonable de los instrumentos financieros derivados puede disminuir o aumentar en el futuro antes de la fecha de vencimiento de los instrumentos. Las variaciones en el los precios de los instrumentos financieros derivados, pueden ser resultado de cambios en las condiciones económicas, políticas fiscales y monetarios, volatilidad, liquidez de los mercados globales, eventos políticos internacionales y locales, entre otras. 28. Presentación de 3 escenarios (probable, posible y remoto o de estrés) que pueden generar situaciones adversas para la emisora, describiendo los supuestos y parámetros que fueron empleados para llevarlos a cabo. La tabla de sensibilidad en el apartado B anterior ya contiene esta información. 29. Estimación de la pérdida potencial reflejada en el estado de resultados y en el flujo de efectivo, para cada escenario. Para los instrumentos financieros derivados de Tipo de Cambio, basado en nuestra posición de instrumentos financieros derivados al 30 de septiembre de 2016, un cambio hipotético de 10%, 25% y 50% a la baja en los precios de mercado del Dólar aplicados al valor razonable de los instrumentos financieros derivados resultaría en un cargo adicional a resultados por $434,753, $1 086,883 y $2 173,766 miles de pesos, respectivamente. Para los instrumentos financieros derivados de Gas Natural, basado en nuestra posición de instrumentos financieros derivados al 30 de septiembre de 2016, un cambio hipotético de 10%, 25% y 50% a la baja en los precios de mercado del 40 of 81