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I . COMPANY OVERVIEW
I. COMPANY OVERVIEW
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(7)
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(13)
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1 CONVENIENCE TRANSLATION AT AN EXCHANGE RATE OF Ps.15.5676/DOLLAR.2 EBITDA = OPERATING INCOME + DEPRECIATION, AMORTIZATION AND IMPAIRMENT OF LONG LIVED ASSETS +(-) EXPENSES
(INCOME) UNRELATED TO CORE BUSINESS OPERATIONS.
GRUMA IS THE WORLDS LARGEST CORN FLOUR AND TORTILLA PRODUCER, WITHOPERATIONS IN THE UNITED STATES, MEXICO, CENTRAL AMERICA,
EUROPE, ASIA AND OCEANIA
CENTROAMRICAASIA-OCEANAPRODISATECHNOLOGYACCOUNTING
ELIMINATIONS
LTM JUN151
SALES: US$3.4 BILLION
EBITDA2: US$524 MILLION
DEBT: US$736 MILLION
MKT CAP: US$5.6 BILLION
CENTROAMRICAASIA-OCEANAPRODISATECNOLOGAELIMINACIONESCONTABLES
GRUMA,S.A.B. DE C.V.
S U BS I D I AR I E S P R O D U CT S
CORN FLOUR TORTILLAS CORN CHIPS OTHER PRODUCTS
OTHER
SUBSIDIARIESGRUMA CENTROAMRICAGRUMA ASIA & OCEANAPRODISATECHNOLOGY AND SERVICESELIMINATIONS
GIMSAGIMSA (85% OWNED)
% SALES % EBITDA
GRUMA CORPORATION(USA, EUROPE)
AZTECAMISSION
BMV: GRUMAB
NYSE: GMK
CORN FLOUR
3
CORN FLOUR TORTILLAS CORN CHIPS OTHER PRODUCTS
FAMILY: 54%
FLOAT: 46%
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TOWARD YEAR END 2012, GRUMAS BOARD AND MANAGEMENT BEGAN A PROCESSTO ENHANCE VALUE CREATION, LEVERAGING THE GROWTH IN RECENT YEARS, BY
FOCUSING ON:
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EFFECTIVENESS AND BETTER CONTROL OF:
ALLOWANCE PROGRAMS AND TARGETED PRODUCTS
RATIONALIZATION OF SKUs AND DISTRIBUTION ROUTES
SELECTIVENESS OF CATEGORY EXPANSION
EFFECTIVENESS AND RATIONALIZATION OF MARKETING EXPENSES, ESPECIALLYADVERTISING
RATIONALIZATION OF ADMINISTRATIVE EXPENSES AT CORPORATE ANDOPERATIONAL LEVELS
REDUCTION IN CAPITAL EXPENDITURES BASED ON:
LEVERAGING AVAILABLE INSTALLED CAPACITY IN REGIONS WHERE WE HAVE PRESENCE
STRICTER PROFITABILITY CRITERIA FOR EACH INVESTMENT
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GRUMA, S.A.B. DE C.V.EBITDA
(MILLIONS OF PESOS)
CAGR:12 LTM JUN15: 31%
4,174
6,254
7,4938,152
2012 2013 2014 LTMJUN'15
SINCE THE BEGINNING OF 2013, GRUMA HAS BENEFITED FROM THE INITIATIVES TOIMPROVE PROFITABILITY
EBITDAMG (%)
8.5 12.8 15.0 15.3
5
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GRUMACONSOLIDATED
DEBT/EBITDA(TIMES)
HIGHER CASH FLOW GENERATION, COUPLED WITH PROCEEDS FROM THE SALE OF THEWHEAT FLOUR OPERATIONS, ENABLED GRUMA TO CONTINUE REDUCING ITS DEBT
IMPORTANTLY IN 2014
4.8
2.6
1.4 1.4
DEC'12 DEC'13 DEC'14 JUN'15
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GRUMACONSOLIDATED
DEBT(MILLIONS OF US$)
1,550
1,272
737 736
DEC'12 DEC'13 DEC'14 JUN'15
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DEBT 1 MATURITY PROFILEAS OF JUNE 30, 2015
(MILLIONS OF US$)
AT YEAR END 2014, GRUMA SUCCESSFULLY ISSUED US$400 MILLION 10-YEAR SENIORNOTES, PRIMARILY TO REDEEM A PERPETUAL BOND, WHICH HAS HELPED GRUMA REDUCE
ITS INTEREST EXPENSE
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1 WEIGHTED AVERAGE INTEREST RATE AS OF JUNE 30, 2015 IS 3.66%.
86.3 90.634.5
122
0.8 0.7
401.5
2015 2016 2017 2018 2019 2020 2024
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WITH ITS STRONGER FINANCIAL PROFILE AND CASH GENERATION, GRUMA IS WELL-POSITIONED TO TAKE ADVANTAGE OF GROWTH OPPORTUNITIES, THUS CAPEX FOR
2015 IS EXPECTED TO INCREASE TO US$250 MILLION
CAPITAL EXPENDITURES FOR 2015
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CAPACITY EXPANSIONS AT EXISTING PLANTS MAINLY IN THE U.S., MEXICO AND EUROPE
NEW PLANTS IN RUSSIA, MALAYSIA AND MEXICO
ACQUISITIONS, PARTICULARLY IN EUROPE
TECHNICAL UPGRADES AND MAINTENANCE
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II. MAIN SUBSIDIARIESII. MAIN SUBSIDIARIES
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GRUMA CORPORATIONGRUMA CORPORATION
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6 MILLS IN THE U.S.
3 MILLS IN EUROPE ITALY UKRAINE TURKEY
INSTALLED CAPACITY:1.2 MILLION METRICTONS/YEAR
TORTILLA CORN FLOUR CHIP CORN FLOUR GRITS
22 PLANTS IN THE U.S.
7 PLANTS IN EUROPE ENGLAND (2) THE NETHERLANDS (2) RUSSIA SPAIN (2)
INSTALLED CAPACITY:1.3 MILLION METRIC TONS/YEAR
CORN FLOUR TORTILLAS WHEAT FLOUR TORTILLAS CORN CHIPS FLATBREADS OTHER RELATED PRODUCTS
CORN MILLINGOPERATIONS
TORTILLAOPERATIONS
NET SALES LTM JUN15: US$2.2 BILLION
GRUMACORPORATION
47% VOLUME 53% VOLUME
GRUMA CORPORATION IS THE LARGEST SUBSIDIARY, RESPONSIBLE FOR OPERATIONS INTHE UNITED STATES AND EUROPE
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Fife, WA
McMinnville, OR
Rancho Cucamonga, CA
Dallas, TX
TORTILLA PLANTS (22)
CORN FLOUR MILLS (6)
Houston, TXSan Antonio, TX
Fresno, CA
Pueblo, CO Evansville, IN
Henderson, KY Goldsboro, NC
Jefferson, GAAmarillo, TX
Plainview, TX
Edinburg, TX
Tempe, AZ
Olympic, CA
Mountain Top, PA
New Brighton, MN
Hayward, CA
Madera, CA
Panorama City, CA
Lawrenceville, GA
Albuquerque, NM
Omaha, NE
Charlotte, NC
* TEMPORARILY CLOSED
Forth Worth, TX*
Lakeland, FL
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GRUMA CORPORATION HAS A BROAD PRESENCE IN THE UNITED STATES THROUGHSTRATEGICALLY LOCATED PLANTS
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HISPANIC POPULATION1
16% OF TOTAL U.S. POPULATION
HISPANIC POPULATION INCREASED 43%BETWEEN 2000 AND 2010, ACCOUNTING FORMORE THAN 50% OF TOTAL U.S. POPULATION
GROWTH
POPULARITY OF MEXICAN FOOD
NON-HISPANICS ACCOUNT FOR THE MAJORITYOF MEXICAN FOODSERVICE PURCHASES
THE NUMBER OF MEXICAN FOODRESTAURANTS CONTINUES TO GROW
MORE RESTAURANTS ARE INCLUDING ITEMS
WITH TORTILLAS AND CHIPS IN THEIR MENUS
CONSUMPTION OF TORTILLAS INNON-MEXICAN DISHES (WRAPS)
WRAPS, BURRITOS, QUESADILLAS, ETC.BECOMING MAINSTREAM FOODS
1 UNITED STATES CENSUS BUREAU.2 INCLUDES TRADITIONAL METHOD.
ESTIMATED U.S. TORTILLA ANDCORN FLOUR MARKETS
GROWTH DRIVERS
THERE IS GROWTH POTENTIAL FOR THE U.S. TORTILLA AND CORN FLOUR INDUSTRIES
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TORTILLAS /TORTILLA CHIPS
US$5 BILLION
CORN FLOUR2US$1.3 BILLION
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182
249293 310
2012 2013 2014 LTMJUN'15
GRUMA CORPORATIONEBITDA
(MILLIONS OF US$)
GRUMA CORPORATIONS RESULTS ARE REFLECTING THE COMPANYS EFFORTS TOENHANCE VALUE CREATION
CAGR:12 LTM JUN15: 24%
EBITDAMG (%)
8.9 11.5 13.3 13.9
15
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GIMSA
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CORN FLOUR MILLS (18)
Ro Bravo
Nuevo Len
Mrida
Chiapas
Tampico
Chihuahua
Mexicali
La Paz
Obregn
Jalisco
Culiacn
Veracruz
Acaponeta
Chinameca
Bajo
Mxico
Chalco*
Celaya*
1 CONVENIENCE TRANSLATION AT AN EXCHANGE RATE OF Ps.15.5676/DOLLAR.
GIMSA
NET SALES LTM JUN15: US$990 MILLION1
18 CORN FLOUR PRODUCTION PLANTS, WITHTOTAL ANNUAL CAPACITY OF 2.7 MILLIONMETRIC TONS
GIMSAS MARKET SHARE WITHIN THE CORNFLOUR INDUSTRY IS APPROXIMATELY 70%
GIMSA IS GRUMAS SECOND LARGEST SUBSIDIARY AND THE LEADER OF THE CORNFLOUR INDUSTRY IN MEXICO
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* TEMPORARILY CLOSED
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GIMSA25%
MINSA
8%
HARIMASA 1%
OTHERS 1%
CARGILL 1%
CORN64%
GIMSA70%
CARGILL 2%
OTHERS 1%
HARIMASA3%
MINSA24%
CORN FLOUR IS ONLY USED TO PRODUCE 36% OF THE TORTILLAS IN MEXICO, THUSTHERE IS A GREAT POTENTIAL FOR GROWTH
CORN FLOUR MARKET IN MEXICO1.7 MILLION METRIC TONS OF CORN FLOUR1
US$3 BILLION
1 ONE CORN FLOUR METRIC TON = 1.8 TORTILLA METRIC TONS.
TORTILLA MARKET IN MEXICO4.7 MILLION METRIC TONS OF CORN FLOUR1
US$7 BILLION
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GIMSAEBITDA
(MILLIONS OF PESOS)
2,095
2,769 2,828 2,859
2012 2013 2014 LTMJUN'15
GIMSA HAS IMPROVED ITS MARGINS BASED MAINLY ON RATIONALIZATION OF MARKETINGAND ADMINISTRATIVE EXPENSES
EBITDAMG (%)
12.4 17.4 18.8 18.5
CAGR12 LTM JUN15: 13%
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AS IN GRUMA CORPORATION AND GIMSA, ALL OF GRUMAS
SUBSIDIARIES HAVE BEEN IMPLEMENTING INITIATIVES TO
ENHANCE VALUE CREATION. WE HAVE SEEN, AND CONTINUE TO
EXPECT, STRONGER EBITDA GENERATION ACROSS THE COMPANY
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ROGELIO SNCHEZTEL: (52 81) 8399-3312
LILIA GMEZTEL: (52 81) [email protected]
TEL: (52 81) [email protected]
IR CONTACTS: