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Grupo Modelo, S.A.B. de C.V. Management Reports 2015
51651_rns_2015-06-17_d093281b-56a0-4f86-a960-f3075ef50033.pdf
Management Reports
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México, Distrito Federal, a 10 de febrero de 2015.
INFORME DEL DIRECTOR GENERAL SOBRE LAS OPERACIONES Y RESULTADOS DE LA SOCIEDAD AL 31 DE DICIEMBRE DE 2014
Para efectos de dar cumplimiento con lo previsto por el artículo 44, fracción XI de la Ley del Mercado de Valores, en relación con el artículo 172 de la Ley General de Sociedades Mercantiles y demás disposiciones aplicables, se adjunta al presente como anexo, un informe rendido en mi carácter de director general de Grupo Modelo, S.A.B. de C.V., respecto del ejercicio concluido el 31 de diciembre de 2014.
Atentamente,
1774 o
Ricardo Tadeu Almeida Cabral de Soares
Director General
2014 Results Grupo Modelo
Ricardo Tadeu 23 April 2015
Grupo Modelo – Managerial View FY14
+\$449Mio org. EBITDA growth (+22.1%) with 4.6pp margin expansion. Positive Net Revenue and cost performance partially offset by increased 3rd party supply of bottles/cans
| USD mm | FY | Vs. LY (org.) | ||
|---|---|---|---|---|
| 2013 | 2014 | \$ | % | |
| Total Volumes (khl) | 46,779 | 49,468 | 2,689 | 5.7% |
| NET REVENUE | 5,315 | 5,791 | 476 | 9.0% |
| NR/hl | 113.6 | 117.1 | 3.4 | 3.0% |
| VILC | -1,882 | -2,102 | -220 | -11.7% |
| VILC/hl | -40.2 | -42.5 | -2.3 | -5.6% |
| MACO | 3,433 | 3,689 | 256 | 7.5% |
| MACO/hl | 73.4 | 74.6 | 1.2 | 1.6% |
| S&M Packages | -435 | -516 | -81 | -18.6% |
| Overhead | -1,092 | -908 | 184 | 16.9% |
| Other Performance | 209 | 291 | 82 | 39.1% |
| Commercial Capex Dep/Am. | -81 | -73 | 8 | 9.7% |
| Normalized EBITDA | 2,034 | 2,483 | 449 | 22.1% |
| EBITDA Margin | 38.3% | 42.9% | 4.6p.p. |
Managerial View vs. External Report: key differences
- Net Revenue and VIC do not include intercompany operations in managerial view.
- Other income/expenses do not include PPE profit/loss
- ABI Managerial View deducts Commercial Depreciation from EBITDA
Nota: Amounts in 2013 & 2014 @ TC 12.84 (Avg. FY13) for comparison effects. Do not includes intercompany exports to ABI (Eg. EMEA, Canada)
México – Managerial View FY14
\$2,168Mio EBITDA in 2014 (+20.5% org., +5.6pp margin). Net Revenue increase of 5.7% (+1.6% volume). Reduction of \$179Mio in Overhead allowing reinvestment in Sales & Marketing. Other Income driven mainly by increased mark up of Vertical Operations (linked to ISA volumes)
| USD mm | FY | Vs. LY (org.) | ||
|---|---|---|---|---|
| 2013 | 2014 | \$ | % | |
| Total Volumes (khl) | 38,185 | 38,800 | 615 | 1.6% |
| NET REVENUE | 4,503 | 4,759 | 256 | 5.7% |
| NR/hl | 117.9 | 122.6 | 4.7 | 4.0% |
| VILC | -1,307 | -1,385 | -78 | -6.0% |
| VILC/hl | -34.2 | -35.7 | -1.5 | -4.3% |
| MACO | 3,196 | 3,374 | 178 | 5.6% |
| MACO/hl | 83.7 | 87.0 | 3.3 | 3.9% |
| S&M Packages | -426 | -515 | -89 | -20.8% |
| Overhead | -1,083 | -904 | 179 | 16.6% |
| Other Performance | 193 | 286 | 93 | 48.2% |
| Commercial Capex Dep/Am. | -81 | -73 | 8 | 9.7% |
| Normalized EBITDA | 1,799 | 2,168 | 369 | 20.5% |
| EBITDA Margin | 39.9% | 45.6% | 5.6p.p. |
Nota: Amounts in 2013 & 2014 @ TC 12.84 (Avg. FY13) for comparison effects.
Exports – Managerial View FY14
EBITDA reached \$315Mio in FY14 (+33.9% org.), with 30.5% margin (+1.6pp). +24.1% in volume and +2.4% in Net Revenue/hl
| USD mm | FY | Vs. LY (org.) | ||
|---|---|---|---|---|
| 2013 | 2014 | \$ | % | |
| Total Volumes (khl) | 8,594 | 10,668 | 2,074 | 24.1% |
| NET REVENUE | 813 | 1,033 | 220 | 27.1% |
| NR/hl | 94.6 | 96.8 | 2.3 | 2.4% |
| VILC | -576 | -718 | -142 | -24.7% |
| VILC/hl | -67.0 | -67.3 | -0.3 | -0.4% |
| MACO | 237 | 315 | 78 | 32.9% |
| MACO/hl | 27.6 | 29.5 | 2.0 | 7.1% |
| S&M Packages | -9 | -1 | 8 | 89.8% |
| Overhead | -9 | -4 | 5 | 55.9% |
| Other Performance | 16 | 5 | -11 | -69.0% |
| Comm. Capex Dep/Am. | -0 | -0 | 0 | 55.8% |
| Normalized EBITDA | 235 | 315 | 80 | 33.9% |
| EBITDA Margin | 29.0% | 30.5% | 1.6p.p. |
• Other Performance impacted mainly by phased-out of POCM material sales in US (inventory selling in 2013)
Nota: Amounts in 2013 & 2014 @ TC 12.84 (Avg. FY13) for comparison effects. Do not includes intercompany exports to ABI (Eg. EMEA, Canada)
In 2014 we generated \$269Mio in synergies which together with the \$460Mio from 2013 represents 73% of our \$1Bio commitment to the market. By the end of 2015 we expect to delivery 93% of it.
