Industrias Bachoco, S.A.B. de C.V., “Bachoco” or “the Company”,
(NYSE: IBA; BMV: Bachoco) announced today its unaudited results for
the first quarter (“1Q22”) ending March 31, 2022. All figures have
been prepared in accordance with International Financial Reporting
Standard (“IFRS”) and are presented in nominal million Mexican
Pesos (“$”), except earnings per share.
HIGHLIGHTS- 2022 vs.
2021
- Net sales increased 25.9% in 1Q22.
- Cost of sales increased 27.1% in 1Q22.
- EBITDA margin was 14.4% in 1Q22 vs 15.1% in 1Q21.
- Earnings per basic and diluted share were $3.60 in 1Q22 vs
$3.50 in 1Q21.
CEO COMMENTS
Mr. Rodolfo Ramos Arvizu, Chief Executive Officer of
Bachoco, stated, “We continue observing historically elevated corn
and soybean meal prices which resulted in a 27.1% increase in our
cost of sales when compared to 1Q21.
We think that part of the movement in those markets is driven by
geopolitical tensions between Ukraine and Russia. Although the
length and impact of the ongoing military conflict is highly
unpredictable, it is leading to market disruptions, including
significant volatility in commodity prices. We believe this
uncertainty will keep having a negative impact on our cost of
sales.
Under those volatile conditions, we remained focus on better
managing our sales mix for both Poultry and Others. Particularly in
our Others segment we integrated results from RYC Alimentos (RYC)
for 1Q22. After the integration, in the overall, our net sales
increased 25.9% vs 1Q21.
As a percentage of sales, SG&A was 8.2% compared to the 8.5%
reported in the same period of 2021.
All of the above resulted on an EBITDA in 1Q22 of $3,517.0
million or 14.4% EBITDA margin; which compares to the $2,913.4
million and 15.1% margin reported for 1Q21.
We remain committed to our growth strategy, in that end, we
reported CAPEX of $915.2 million for the quarter which compares to
the $555.7 million for the same period of 2021. This was achieved
while generating a net cash position of $18,122.8 million by the
end of 1Q22. Our solid financial structure should help us face the
uncertainties and volatilities on the market which, at this point,
are difficult to predict.”
Executive Summary
The following financial information is expressed in millions of
nominal pesos, except for amounts per share and per ADR, with
comparative figures for the same periods of 2021.
QUARTERLY RESULTS
NET SALES BY
GEOGRAPHY
In millions of pesos
1Q22
1Q21
Change
$
$
$
%
Net sales
24,367.0
19,357.6
5,009.4
25.9
Net sales in Mexico
18,096.4
14,629.4
3,467.0
23.7
Net sales in the U.S.
6,270.6
4,728.2
1,542.3
32.6
NET SALES BY
SEGMENT
In millions of pesos
1Q22
1Q21
Change
$
$
$
%
Net sales
24,367.0
19,357.6
5,009.4
25.9
Poultry
20,876.2
16,983.9
3,892.3
22.9
Other
3,490.8
2,373.8
1,117.0
47.1
NET VOLUME SOLD
BY SEGMENT
In tons
Change
1Q22
1Q20
Volume
%
Total sales volume:
596,544
558,082
38,461.6
6.9
Poultry
441,036
416,978
24,057.9
5.8
Others
155,508
141,104
14,403.7
10.2
In 1Q22, the Company’s net sales totaled $24,367.0 million;
$5,009.4 million or 25.9% more than $19,357.6 million reported in
1Q21. This was a result of better prices in the U.S. and in our
main business lines in Mexico as well as higher volume sold in
Others due to the integration of RYC.
In 1Q22, sales of our U.S. operations represented 25.7% of our
total sales compared with 24.4% in 1Q21.
GROSS
PROFIT
In millions of pesos
1Q22
1Q21
Change
$
$
$
%
Cost of sales
19,240.5
15,139.6
4,100.9
27.1
Gross profit
5,126.5
4,218.0
908.5
21.5
Gross margin
21.0%
21.8%
-
-
The cost of sales totaled $19,240.5 million, representing
$4,100.9 million or 27.1% higher than $15,139.6 million reported in
the same period of 2021. This increase was mainly driven by higher
raw material prices when compared to the same period of 2021 as it
was addressed at the beginning of this earnings report.
The Company’s gross profit in 1Q22 was $5,216.5 million, with a
gross margin of 21.0%. This result compares to a gross profit of
$4,218.0 million and a gross margin of 21.8% reported in 1Q21.
SELLING, GENERAL
AND ADMINISTRATIVE EXPENSES (“SG&A”)
In millions of pesos
1Q22
1Q21
Change
$
$
$
%
Total SG&A
1,999.1
1,637.3
361.9
22.1
Total SG&A expenses in 1Q22 were $1,999.1 million; $361.9
million or 22.1% more than the $1,637.3 million reported 1Q21.
Total SG&A expenses, as a percentage of net sales, represent
8.2% in 1Q22 and 8.5% in 1Q21.
OTHER INCOME
(EXPENSE), NET
In millions of pesos
1Q22
1Q21
Change
$
$
$
%
Other income (expense), net
14.8
(21.8)
36.6
(168.1)
Other income or other expenses include the sale of byproducts
and unused assets. We register such sales as expenses when the
sales price is below the book value of those assets.
OPERATING
INCOME
In millions of pesos
1Q22
1Q21
Change
$
$
$
%
Operating income
3,142.2
2,559.0
583.2
22.8
Operating margin
12.9%
13.2%
-
-
Operating income in 1Q22 totaled $3,142.2 million with an
operating margin of 12.9% which compares to the operating income of
$2,559.0 million and 13.2% operating margin reported in 1Q21. While
in terms of pesos our operating income is higher mainly attributed
to the integration of RYC and higher net sales both in Mexico and
the U.S., in terms of margin we were negatively impacted by higher
raw material costs.
NET FINANCIAL
INCOME
In millions of pesos
1Q22
1Q21
Change
$
$
$
%
Net Financial Income (Expense)
(235.7)
319.6
(555.3)
(173.8)
Financial Income
(101.2)
374.4
(475.6)
(127.0)
Financial Expense
134.6
54.8
79.8
145.5
In 1Q22, the Company reported net financial expenses of $235.7
million, compared to net financial income of $319.6 million
reported in the same period of 2021. This lower financial income
was a result of the appreciation of the Mexican peso with respect
to 4Q21.
TAXES FOR THE
PERIOD
In millions of pesos
1Q22
1Q21
Change
$
$
$
%
Total Taxes
778.4
803.9
(25.5)
(3.2)
Income tax
604.5
524.7
79.8
15.2
Deferred income tax
173.9
279.2
(105.3)
(37.7)
Total taxes for the 1Q22 were $778.4 million, compared to $803.9
million in the same period of 2021.
NET CONTROLLING INTEREST
INCOME
In millions of pesos
1Q22
1Q21
Change
$
$
$
%
Net income
2,128.0
2,074.6
53.4
2.6
Net margin
8.7%
10.7%
-
-
Non-Controlling Interest income
(28.6)
(25.8)
(2.9)
n/a
Net controlling interest income
2,156.6
2,100.4
56.3
2.7
Basic and diluted income per share1
3.60
3.50
0.10
n/a
Basic and diluted income per ADR2
43.18
42.02
1.2
n/a
Weighted average Shares outstanding3
599,380
599,835
-
-
1 In pesos
2 in pesos, an ADR is equal to twelve
shares
3 In thousands of shares
The net controlling interest income 1Q22 was $2,156.6 million,
representing a basic and diluted income of $3.60 pesos per share.
This result compares to a net controlling interest income of
$2,100.4 million, which represented $3.50 pesos of basic and
diluted income per share in 1Q21. Net margin for the 1Q22 was 8.7%
compared to 10.7% reported in 1Q21 .
EBITDA
In millions of pesos
1Q22
1Q21
Change
$
$
$
%
Net controlling interest income
2,156.6
2,100.4
56.3
2.7
Income tax expense (benefit)
778.4
803.9
(25.5)
(3.2)
Result in associates
(28.6)
(25.8)
(2.9)
11.1
Net finance (income) expense
235.7
(319.6)
555.3
(173.8)
Depreciation and amortization
374.9
354.5
20.4
5.7
EBITDA
3,517.0
2,913.4
603.6
20.7
EBITDA Margin (%)
14.4%
15.1%
-
-
Net sales
24,367.0
19,357.6
5,009.4
25.9
EBITDA in 1Q22 reached $3,517.0 million, representing an EBITDA
margin of 14.4%, compared to an EBITDA of $2,913.4 million in 1Q21
with an EBITDA margin of 15.1%.
BALANCE SHEET DATA
BALANCE SHEET
DATA
In millions of pesos
Mar 31, 2022
Dec. 31, 2021
Change
$
$
$
%
TOTAL ASSETS
66,175.8
65,988.8
187.1
0.3
Cash and cash equivalents
20,194.6
20,777.0
(582.3)
(2.8)
Accounts receivable
4,841.8
5,108.5
(266.7)
(5.2)
TOTAL LIABILITIES
15,979.2
17,704.7
(1,725.5)
(9.7)
Accounts payable
8,299.4
10,200.7
(1,901.3)
(18.6)
Short-term debt
2,071.8
1,993.9
77.9
3.9
Long-term debt
-
-
-
-
TOTAL STOCKHOLDERS’ EQUITY
50,196.7
48,284.1
1,912.6
4.0
Capital stock
1,174.4
1,174.4
-
-
Cash and equivalents as of March 31, 2022 totaled $20,194.6
million; $582.3 million or 2.8% lower than $20,777.0 million as of
December 31, 2021.
Total debt as of March 31, 2022 totaled $2,071.8 million,
compared to $1,993.9 million reported as of December 31, 2021.
Net cash as of March 31, 2022 was $18,122.8 million, compared to
net cash of $ 18,783.1 million as of December 31, 2021.
CAPEX
CAPITAL
EXPENDITURES
In millions of pesos
2022
2021
Change
$
$
$
%
Capital Expenditures
915.2
555.7
359.5
64.7
Total CAPEX for the 1Q22 was $915.2 million. This increase
considers assets related to the integration of RYC Alimentos.
STOCK INFORMATION
As of March 31, 2022
Total Shares
600,000,000
Total free float
26.75%
Market cap (millions of pesos)
$46,632
SHARE
PRICE
Mexican
Stock Exchange
The New
York Stock Exchange
Ticker Symbol: Bachoco
Ticker Symbol: IBA
In nominal pesos per Share
In U.S. Dollar per ADR
Month
High
Low
Close
High
Low
Close
March
77.72
64.93
77.72
46.72
37.36
46.72
February
71.03
69.55
68.87
41.69
39.94
40.41
January
73.48
70.97
70.97
43.25
40.97
41.77
December
72.74
68.29
71.35
42.54
39.46
42.54
November
73.10
70.95
71.17
42.43
39.84
39.84
October
75.53
71.72
73.02
44.36
41.70
42.45
Source: Yahoo Finances
ANALYST COVERAGE
Institution
Analyst name
E-mail
BBVA BANCOMER
Pablo Abraham Peregrina
pablo.abraham@bbva.com
GBM
Luis Rodrigo Willard Alonso
lrwillard@gbm.com
INTERCAM
Richard Horbach Martinez
rhorbach@intercam.com.mx
JP MORGAN
Ulises Argote
ulises.argote@jpmorgan.com
SANTANDER
Alanis Peña Alan
aalanis@santander.com.mx
BANK OF AMERICA
Fernando Olvera
folvera@bofa.com
APPENDICES
For reference, some figures have been translated into millions
of U.S. dollars (“USD”) using an exchange rate of $19.89 per USD
$1.0, which corresponds to the rate at the close of March 31, 2022,
according to Mexico’s National Bank.
- Consolidated Statement of Financial Position
- Consolidated Statement of Income
- Consolidated Statement of Cash Flows
- Derivatives Position Report
CONSOLIDATED STATEMENT OF FINANCIAL POSITION First
Quarter Results, ended March 31st: In U.S. Dollar
March 31,
December 31*,
In million pesos
2022
2022
2021*
TOTAL ASSETS
$
3,327.1
66,175.8
65,988.8
Total current assets
1,843.2
36,661.5
37,845.6
Cash and cash equivalents
1,015.3
20,194.6
20,777.0
Total accounts receivable
243.4
4,841.8
5,108.5
Inventories
507.2
10,088.5
9,145.6
Other current assets
77.3
1,536.6
2,814.6
Total non current assets
1,483.9
29,514.3
28,143.2
Net property, plant and equipment
1,115.4
22,185.4
21,763.4
Other non current Assets
368.5
7,328.9
6,379.8
TOTAL LIABILITIES
$
803.4
15,979.2
17,704.7
Total current liabilities
548.6
10,911.4
12,835.3
Notes payable to banks
104.2
2,071.8
1,993.9
Accounts payable
417.3
8,299.4
10,200.7
Other taxes payable and other accruals
27.2
540.2
640.7
Total long-term liabilities
254.8
5,067.8
4,869.4
Long-term debt
-
-
-
Other non current liabilities
57.1
1,135.9
1,027.9
Deferred income taxes
197.7
3,931.9
3,841.5
TOTAL STOCKHOLDERS' EQUITY
$
2,523.7
50,196.7
48,284.1
Capital stock
59.0
1,174.4
1,174.4
Commission in shares issued
20.8
414.1
414.1
Retained earnings
2,371.3
47,164.6
45,038.6
Others accounts
49.6
986.8
1,179.2
Non controlling interest
23.0
456.9
477.7
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
$
3,327.1
66,175.8
65,988.8
*Audited
CONSOLIDATED STATEMENT OF INCOME First
Quarter Results, ended March 31st: -Unaudited-
In
millions pesos
2022
2022
2021
Net sales
$
1,225.1
24,367.0
19,357.6
Cost of sales
967.3
19,240.5
15,139.6
Gross profit
257.7
5,126.5
4,218.0
SG&A
100.5
1,999.1
1,637.3
Other income (expenses), net
0.7
14.8
(21.8
)
Operating income
158.0
3,142.2
2,559.0
Net finance income
(11.9
)
(235.7
)
319.6
Income tax
39.1
778.4
803.9
Net Income
$
107.0
2,128.0
2,074.6
Non-controlling interest
(1.44
)
(28.6
)
(25.8
)
Net controlling interest profit
108.43
2,156.6
2,100.4
Basic and diluted earnings per share
0.18
3.60
3.50
Basic and diluted earnings per ADR
2.17
43.18
42.02
Weighted average Shares outstanding1
599,380
599,380
599,835
EBITDA Result
$
176.8
3,517.0
2,913.4
Gross margin
21.0
%
21.0
%
21.8
%
Operating margin
12.9
%
12.9
%
13.2
%
Net margin
8.9
%
8.7
%
10.7
%
EBITDA margin
14.4
%
14.4
%
15.1
%
1 In thousands
CONSOLIDATED STATEMENT OF CASH FLOWS
In million of pesos -Unaudited-
U.S. Dollar March
31,
2022
2022
2021
NET MAJORITY INCOME BEFORE INCOME TAX
$
146.1
2,906.5
2,878.5
ITEMS RELATING TO INVESTING ACTIVITIES:
19.4
385.9
431.8
Depreciation and others
27.5
547.3
476.6
Income (loss) on sale of plant and equipment
0.9
17.4
11.1
Other Items
(9.0
)
(178.8
)
(55.9
)
NET CASH GENERATED FROM NET INCOME BEFORE TAXES
165.5
3,292.4
3,310.3
CASH GENERATED OR USED IN THE OPERATION:
(71.2
)
(1,416.5
)
(2,376.9
)
Decrease (increase) in accounts receivable
(17.6
)
(349.2
)
(139.3
)
Decrease (increase) in inventories
(51.5
)
(1,024.1
)
54.9
Increase (decrease) in accounts payable
(101.5
)
(2,019.2
)
(67.9
)
Other Items
99.3
1,975.9
(2,224.7
)
NET CASH FLOW FROM OPERATING ACTIVITIES
94.3
1,875.9
933.4
NET CASH FLOW FROM INVESTING ACTIVITIES
(81.5
)
(1,621.4
)
(298.2
)
Acquisition of property, plant and equipment
(46.0
)
(915.2
)
(555.6
)
Proceeds from sales of property plant and equipment
2.3
46.0
1.8
Other Items
(37.8
)
(752.1
)
255.7
CASH FLOW SURPLUS (REQUIREMENTS OF) TO BE USED IN
FINANCING ACTIVITIES
12.8
254.5
635.2
Net cash provided by financing activities:
(42.6
)
(847.6
)
(85.9
)
Proceeds from loans
3.9
77.9
867.2
Principal payments on loans
-
-
(844.2
)
Dividends paid
-
-
-
Other items
(46.5
)
(925.5
)
(108.8
)
Net increase (decrease) in cash and equivalents
(29.8
)
(593.1
)
549.3
Cash and investments at the beginning of year
$
1,041.1
20,707.1
19,242.4
CASH AND INVESTMENTS AT END OF PERIOD
$
1,011.3
20,114.0
19,791.7
DERIVATIVES POSITION REPORT
First Quarter 2022 Thousands of Mexican Pesos, as of
March 31, 2022 TYPE OF FINANCIALINSTRUMENT
OBJECTIVE NOTIONAL VALUE OF THE RELATED
COMMODITY REASONABLE VALUE AMOUNTS DUEBY YEAR
GUARANTIESREQUIRED 1Q-2022 4Q-2021
1Q-2022 4Q-2021 Forward Vanilla yKO Fwd Hedge
$ 180,723
$ 19.89
$ 20.51
$-157,022
$ -128
92% in 2022and 8% in 2023 The dealsconsider thepossibility ofmargin
callsbut notanother kindof guarantee Futures for corn,soybean meal
andsoybean oil Hedge
$ 592,158
CORN CORN
$ 66,687
$ 4,175
100% in 2022 In USD per Bushel In USD per Bushel
month
price month price May-22
$ 7.488
Jul-22
$ 7.330
Sep-22
$ 6.963
Mar-22
$ 5.933
Dec-22
$ 6.838
Sep-22
$ 5.628
SOYBEAN MEAL SOYBEAN MEAL In USD per ton In
USD per ton
month price month price
May-22
$ 467.5
Mar-22
$ 399.1
Jul-22
$ 459.4
May-22
$ 397.1
Aug-22
$ 447.9
Jul-22
$ 397.6
Sep-22
$ 432.2
Aug-22
$ 394.6
Oct-22
$ 414.5
Sep-22
$ 388.0
Dec-22
$ 411.5
Oct-22
$ 380.2
Dec-22
$ 380.0
SOYBEAN OIL SOYBEAN OIL In US cents per pound In US
cents per pound
Month Price Month Price
May-22
$ 69.94
Mar-22
$ 56.53
Options of Corn Hedge
$ 1,211,004
CORN CORN
$ 138,102
$ 340
97% in 2022and 3% in 2023 In USD per Bushel In USD per Bushel
month price month price May-22
$ 7.488
Jul-22
$ 7.330
Sep-22
$ 6.963
Dec-22
$ 6.838
Mar-23
$ 6.845
Mar-22
$ 5.933
Options of soybean meal Hedge
$ 1,098,297
SOYBEAN MEAL SOYBEAN MEAL
$ 66,894
$ 3,949
87% in2022 and 13% in2023 In USD per ton In USD per ton
month price month price May-22
$ 467.5
Jul-22
$ 459.4
Aug-22
$ 447.9
Sep-22
$ 432.2
Oct-22
$ 414.5
Dec-22
$ 411.5
Mar-22
$ 399.1
Jan-23
$ 406.1
May-22
$ 397.1
Mar-23
$ 394.8
Options of Soybean oil Hedge
$ 23,371
SOYBEAN OIL
$ 521
$ -
100% in 2022 In US cents per pound Mes Precio May-22
$ 69.9
-The total financial instruments do not exceed 5% of
total assets as of March 31, 2022. -The notional value represents
the net position as of March 31, 2022 at the exchange rate of
Ps.19.89 per one dollar.
-A negative value means an unfavorable
effect for the Company. First Quarter 2022 Thousands
of Mexican Pesos, as of March 31, 2022
PROBABLE SCENARIO
TYPE OF FINANCIAL INSTRUMENT REASONABLE VALUE
VALUE OF THE RELATED COMMODITY EFFECT ON THE INCOME
STATEMENT EFFECT ON THE CASH FLOW(3) Reference Value
(1)
-2.5%
2.5%
5.0%
-2.5%
2.5%
5.0%
Forward Vanilla y KO Fwd
-$
157,022
$19.39
$20.39
$20.88
Direct
-$246,886
-$ 67,157
$
22,707
-5%
5%
10%
-5%
5%
10%
Futures of Corn: (2)
$
66,687
$
7.113
$
7.862
$
8.236
The effect will materialize as the inventory is consumed
$
37,079
$
96,295
$
125,903
Futures of Soybean Meal: (2)
$
444.1
$
490.9
$
514.3
Futures for Soy Oil (2)
$
66.4
$
73.4
$
76.9
Options for Corn
$
138,102
$
7.113
$
7.862
$
8.236
$
88,634
$
186,281
$
234,385
Options of Soybean Meal
$
66,894
$
444.1
$
490.9
$
514.3
$
18,845
$
119,358
$
168,676
Options of soybean Oil
$
521
$
66.44
$
73.44
$
76.93
$
1,690
$
-
$
-
(1) The reference value is the exchange rate of Ps. $19.89 per USD
as of March 31, 2022. (2) The reference values are for May 2022;
the future of corn, $7.4875 USD/bushel, the future of soybeanmeal,
$467.50USD/ton and the future of soybean oil, $69.94 usd cts /
pound 'All the evaluations are performed according with the
corresponding future, here only the first month futures are shown.
(3) The Company has credit lines with the majority of its
counterparts, so that the effect in cash flow is lower than the
amount shown.
-A negative value means an unfavorable effect for
the Company. First Quarter 2022 Thousands of Mexican
Pesos, as of March 31, 2022
STRESS SCENARIO
TYPE OF FINANCIAL
INSTRUMENT
REASONABLE VALUE
VALUE OF THE RELATED
COMMODITY
EFFECT ON THE INCOME
STATEMENT
EFFECT ON THE CASH
FLOW
Reference Value
-50%
-25%
25%
50%
-50%
-25%
25%
50%
Forward Vanilla y KO Fwd
-$157,022
$9.95
$14.92
$24.86
$29.84
Direct
-$1,954,312
-$1,055,667
$548,179
$1,247,615
CONFERENCE CALL INFORMATION
The Company will host its first quarter 2022 earnings call, on
Friday, April 29th, 2022. The earnings call will take place at
11:00 am Central Time (12:00 pm ET).
To participate in the earnings call, please dial:
Toll free in the U.S.: 866 374 5140 Toll free in Mexico:
1 866 779 1760 Toll Local Mexico: 52 55 6722
5258 Toll in the Brazil: 800 761 0711
Confirmation Number: 80961847#
To access the event online:
https://onlinexperiences.com/Launch/QReg/ShowUUID=323791AF-2BBB-4FA1-B1FD-2C5920289323&LangLocaleID=1033
COMPANY DESCRIPTION
Industrias Bachoco is the leader in the Mexican poultry
industry, and one of the largest poultry producers globally. The
Company was founded in 1952, and became a public company in 1997,
via a public offering of shares on the Mexican and The New York
Stock Exchange. Bachoco is a vertically integrated company
headquartered in Celaya, Guanajuato located in Central Mexico. Its
main business lines are: chicken, eggs, balanced feed, swine, and
turkey and beef value-added products. Bachoco owns and manages more
than a thousand facilities, organized in nine production complexes
and 80 distribution centers in Mexico, and a production complex in
the United States. Currently the Company employs more than 31,000
people.
The Company is rated AAA
(MEX), the highest rating awarded by Fitch Mexico, S.A.
de C.V., and HR AAA which
signals that the Company and the offering both have the highest
credit quality by HR Ratings de Mexico S.A. de C.V.
DISCLAIMER
The document contains certain information that could be
considered forward looking statements concerning anticipated future
events and performance of the Company. The statements reflect
management’s current beliefs based on information currently
available and are not guarantees of future performance and are
based on our estimates and assumptions that are subject to risks
and uncertainties, including those described in our Annual
Information Form, which could cause our actual results to differ
materially from the forward-looking statements contained in this
document. Those risks and uncertainties include risks associated
with ownership in the poultry industry, competition for investments
within the poultry industry, shareholder liability, governmental
regulation, and environmental matters. As a result, there can be no
assurance that actual results will be consistent with these
forward-looking statements. Except as required by applicable law,
Industrias Bachoco, S.A.B. de C.V., undertakes no obligation to
publicly update or revise any forward-looking statement.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220429005101/en/
Maria Guadalupe Jaquez maria.jaquez@bachoco.net Andrea
Guerrero andrea.guerrero@bachoco.net T. +52(461)618
3555
Industrias Bachoco SAB d... (NYSE:IBA)
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