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Synthesis of news related to Gruma August 2013
August 12th, 2013
TRENDS AND SIGNALS (THE ECONOMIST / EL ECONOMISTA)
Gruma,. As of its lowest price in the past 52 weeks until their closing on Friday, the flour production company’s shares have earned an accrued 108.2 percent increase.
CARLOS FERNÁNDEZ-VEGA / MÉXICO, S.A. (TODAY’S NEWS / LA JORNADA)
As they do every year, the country’s owners (concentrated into a powerful political-economic organization called the Mexican Council of Businessmen) met with the tenant currently occupying Los Pinos (the official residence of the President of Mexico), to inform of their intention to invest US $27 billion “for the good of the country” over the course of this year. This is based on the “latest financial reports of 31 companies in the mining and steel and construction industries, television networks, telephone companies, agribusinesses, services, manufacturers of various consumer goods and materials, real estate companies, airlines and supermarket chains that concentrate over 70 percent of the country’s market value. These companies include Grupo México, Industrias Peñoles, Altos Hornos, Walmart, Soriana, Chedraui, Comercial Mexicana, ICA, Cemex, Cementos Chihuahua, MEXICHEM Vitro, GEO, Sare, Home, Homex, Ara, Televisa, TV Azteca, América Móvil, Bachoco, Bimbo, Femsa, Grupo Modelo, Aeroméxico, Grupo Posadas, Kimberly-Clark, Alpha, Gruma, Grupo Carso and San Luis” (Idem)...
August 14th, 2013
COMPANIES CUT DIVIDENDS BY 32 PERCENT (THE FINANCIER / EL FINANCIERO).
The economic slowdown has made companies listed on the Mexican Stock Exchange (BMV) cautious, as they have chosen to retain their profits. The amount of dividends paid by the 35 business corporations that make up the BMV Consumer Price Index fell 32 percent in 2013 year-over-year, for a total sum of 47.2 billion pesos according to information provided by the companies themselves... Gruma was one of the companies that increased its dividend payments the most as it paid out nearly ten times over the previous year.
August 16th, 2013
LETICIA HERNANDEZ / BUSINESS, BUSINESS... (THE FINANCIER / EL FINANCIERO).
The efficiencies, synergies and strategies to optimize sales and reduce costs that were clearly evident in the Gruma operations during the first half of the year, will continue for the rest of 2013 and during 2014, according to the company's prospects. In its report on the issuer, brokerage firm Actinver Casa visited the company and then reported that it will maintain the projection thatGruma will raise its operation flow (EBITDA) in 2013 to 51 percent and 7 percent in 2014, with a 13 percent increase in revenues this year, followed by a 7 percent rebound in 2014. After discontinuing operations in Venezuela, the huge improvement reported in Gruma’s operating performance during the first half of the year was the result of measures taken at the end of 2012 to improve the company’s cash flows and focus on paying off its debt. According to management, operation of Gruma Corporation, which is in charge of the company’s management in the United States and Europe, it expects to see a 100 basis points improvement in its EBITDA margin in 2014, after the 310 basis points increase reported in the first half of 2013. Its volume forecast is expected to improve between four and five percent in 2014, driven by increased Latino market share and a rise in the consumption of Mexican products by the general public.
August 19th, 2013
Gruma. Accival Banamex issued a “neutral” recommendation on the flour producer’s shares and noted that it is completing its correction process. Its shares have gained 73 percent so far this year.
PACT FOR MEXICO PROPOSAL INCLUDES ELIMINATING THE TAX CONSOLIDATION (El Universal)
The forthcoming tax reform will include the elimination of the tax consolidation regime among its primary proposals, a privilege that will cause the federal government to lose $9.554 billion pesos in tax revenues this year, and $9.942 billion pesos in 2014. According to the Mexican Ministry of Finance, the tax consolidation regime involves a tax expenditure because it allows taxpayers to defer income taxes to offset the losses of one or more companies in the group against another’s profits, and the accounting dividends distributed within the consolidated group companies without paying taxes on the income that produced the dividend. There are close to 400 business groups in Mexico enrolled in the tax consolidation regime, which include Alsea, América Móvil, Cemex, Cydsa, Grupo Elektra, Grupo Carso, Grupo Gigante, ICA and Gruma, among others.
August 21st, 2013
DARÍO CÉLIS / TIME FOR BUSINESS (EXCÉLSIOR)
The working trip to Beijing led by the Ministers of Foreign Affairs and Communications and Transportation and Tourism is over. The Mexico-China bilateral relationship is at its prime and the goal is to bring a new momentum to economic matters. Both are G20 members and will play an important role in promoting reforms to the international financial institutions. China is Mexico’s second largest trading partner worldwide and the first among Asia-Pacific countries. Between 2001 and 2011, bilateral trade between both nations grew 1,219.4 percent, growing from US $4,412,100,000 to US $58,212,200,000. Bilateral trade last year alone was reported at US $62.657 billion... On the subject of investment, China ranks sixth and some of its leading companies are Huawei, ZTE, Lenovo, Golden Dragon Copper and Foton. On the other hand, leading Mexican firms with major investments in China are Bimbo, run by Daniel Servitje, Gruma run by Juan González Moreno, La Costeña run by Vicente López Rodea, Nemak run by Armando Garza Sada, and Softek run by Blanca Treviño.
August 22nd, 2013
COMPANIES FACE 926 MDP (MILLION PESOS) MATURITIES. (THE FINANCIER / EL FINANCIERO)
Large Mexican corporations face short-term maturities which are higher than last year, as uncertainty about the direction of interest rates grew last year and companies acquired more bank debt for investments or acquisitions. At the end of June, maturity dates looking forward to 2014 of the business corporations that comprise the BMV CPI, excluding financial groups and housing companies that did not file their reports, amounted to $925.732 billion pesos, for a 10.6 percent increase at the end of 2012, according to their financial reports. Between the close of 2012 and June 30th, 2013 Homex increased its short-term debt by over 150 percent, while Gruma reduced its debt 46 percent.
BMV CLOSES AT A 0.88 PERCENT LOW AFTER THE FED RELEASED ITS MINUTES (El Financiero.com)
The Mexican Stock Exchange closed its operations on Wednesday with a 0.88 percent drop after going up and down once the U.S. Federal Reserve released its minutes. At the close of trading, the Consumer Price Index (CPI) stood at 41,458.16 units, for a 367.24 point contraction from the previous close. The three issuing companies reporting the best CPI performance were the Santander Mexico Financial Group, up 2.58 percent; Gruma (GRUMA B), with 1.88 percent, and Compartamos, with 1.39 percent.
ALBERTO BARRANCO / BUSINESS CORPORATION (EL UNIVERSAL)
The bone of contention is the alternative the giants, formerly called holding companies, have to concentrate the gains and losses of their subsidiaries for tax return purposes, giving them the option to apply for tax credits... The problem the Ministry of Finance faces is that the decision to eliminate tax privileges will affect not only the giant companies, but the entire range of the flowchart. For example, the National Agricultural Council has traditionally objected to the elimination of a lax Income Tax regime for food companies. Furthermore, in the current regime's Value Added Tax scheme allows for a zero rate on staples, perishables and drugs, supplies and services for the agricultural sector, and this tax treatment benefits companies like Bachoco, Maseca, Pilgrims, Tyson, Sabritas, Herdez, Jugos del Valle, Jumex...
August 24th, 2013
GRUMA INCREASES THE NUTRITIONAL CONTENT OF ITS MASECA CORN FLOUR (EL UNIVERSAL)
Obesity and malnutrition in Mexico have increased significantly in less than 10 years and, according to experts, the national evolution of this problem could lead to serious public health problems in the next decade. Given this reality, and as part of its overall strategy as a Socially Responsible Company, Grumadecided to increase its folic acid, iron and zinc contents in all of itsMASECA processed corn flour product lines. This is not a new practice for GRUMA, since it pioneered corn meal enrichment in the nineties, and its corn flour was always been whole flour made with white corn kernels, thus retaining its high fiber content and respecting the traditional nixtamalization process. MASECA corn flour has been enriched with vitamins and minerals since then.GRUMA is Mexico's most globalized food company and is a worldwide leader in the production of corn flour and tortillas, the ancient food of Mexicans, which represents the nation’s pride and identity. It is a plate, a spoon and a napkin people can use to develop more than 160 different nutritious meals.
August 25th, 2013
HIS LEGACY, MORE ALIVE THAN EVER (EXCÉLSIOR).
One year after he died, Don Roberto González Barrera, the founder of Grupo Maseca and Grupo Financiero Banorte, is remembered as one of the greatest entrepreneurs Mexico has given the world. He was also called the “Tortilla King” with great respect and admiration many years before his regrettable passing, and he expanded the Gruma companies to the five continents and acquired Grupo Financiero Banorte known as the Strong Bank of Mexico and the nation’s largest bank funded with local capital. Today, the Roberto González Barrera legacy is more alive than ever. His companies are more valuable and continue to expand, both in Mexico and abroad. In the market, Gruma has 50 percent more value now than before its owner’s demise and the Banorte shine has moved forward 44 percent. Don Roberto used to say that Gruma was his favorite company, which is why he always kept an eye on its operations until early 2012 when he was still in charge of the company, before his health began to decline. The issuing company’s new management directed by Juan Antonio González Moreno, Don Roberto’s son, has boosted its value. Guillermo Ortiz [former governor of the Bank of Mexico], became Don Roberto’s right hand after being appointed Chairman of the Board of Directors of the Banorte financial group, which has been the most valuable financial group in the market with 44 percent returns reaching $229.665 billion pesos over the course of the last year.
August 26th, 2013
GRUMA. Specialists recommend “buying” the flour producer’s shares based on their strong foundations and favorable outlook looking forward.
SAMUEL GARCÍA/PUBLIC ARENA (24 HOURS 24)
Banobras, the largest creditor in the State of Coahuila. True, your eyes are not fooling you. The main creditor of the government of the State of Coahuila, headed by Ruben Moreira is the National Bank of Public Works (Banobras) headed by former mayor of Huixquilucan in the State of Mexico, Alfredo del Mazo, who is, by the way, very close to President Enrique Peña Nieto. The next creditor, in order of importance is Banco Interacciones headed by Carlos Hank González, the grandson of Roberto González Barrera, the founder of Banorte and Grupo Maseca. That is, they are all part of the PRI family, the Institutional Revolutionary Party. This fact becomes even more relevant because Interacciones was actually said to the one of the most active institutions in contracting financing by the State of Coahuila...
JULIO BRITO / RISKS AND RETURNS (TODAY’S CHRONICLE / LA CRÓNICA DE HOY)
Everyone knows that Mexican companies like Gruma and Bimbo make and sell their products worldwide. However, a more obscure fact is that companies like Televisa have also put one foot in complex markets like China, where it has been producing and marketing its soap operas for over ten years now...
August 29th, 2013
I INHERITED DISCIPLINE AND ACCOUNTABILITY FROM ROBERTO GONZÁLEZ (24 HOURS).
It has not been easy for Juan Antonio González Moreno, Chairman of the Board of Directors of Gruma, the world's largest flour maker, to run the company, as he misses his father, Roberto González Barrera, who died in Houston, Texas one year ago. “I miss speaking with my Dad every day, because I was used to reporting to him for the last 35 years,” said the head of the company. “Discipline and responsibility are the key lessons I inherited from my father, that have helped me direct the flour company’s operations in the United States, Mexico, Central America, Europe, Asia and Oceania. “We plan to implement a program to increase production in the United States [in 2014],” added son of the Monterrey businessman known as The Maseco ... The Maseco was one of Mexico's leading businessmen because he founded the world's largest corn and tortillas production facilities and Banco Nacional del Norte, better known as Banorte. Why separate Banorte and Gruma? Because they are completely different businesses; however, the family heritage is divided between the flour production company Gruma and Banorte.
GRUPO BANORTE GATHERS GOVERNORS, ENTREPRENEURS AND INTERNATIONAL EXPERTS (THE FINANCIER / EL FINANCIERO).
The First Banorte Forum on the Mexico Strategy 2013 gathered the governors of the central Mexico Bajío region, secretaries of state and advisers and members of the board of directors of Banorte, convened by the chairman of the Banorte Board of Directors, Guillermo Ortiz, brought together a select group of financiers, such as Xavier Sala, economic adviser at the Center for Global Competitiveness at the World Economic Forum, the former president of Colombia César Gaviria, and the Mexican Ministers of Finance and Economy Luis Videgaray and Ildefonso Guajardo, respectively... The attendees also included Carlos Hank, CEO of Grupo Financiero Interacciones; Gruma CEO Juan González, and Miguel Aleman Magnani, the Executive Chairman of Interjet, among others...
PUEBLA CONQUERS FIELD BUYERS (THE ECONOMIST / EL ECONOMISTA).
Puebla’s goal by the end of 2013, is to formalize 25 contract farming agreements for more than 272,500 tons of agro products marketed through this channel last year, said the State government’s Undersecretary for Rural Development, Pedro Adalberto González. According to the official, the state signed agreements with companies such as Jumex, Granjas Carroll, Nestlé, RYC Alimentos and Grupo Maseca, among others last year, to mainly sell apples, barley, tuna, tangerines, coffee, sorghum, oranges and aromatic herbs.
August 30th, 2013
END OF THE DARK PERIOD FOR BMV SAMPLE (THE FINANCIER / EL FINANCIERO)
The current sample of the Mexican Stock Exchange (BMV) ends today. Issuing companies Azteca, Geo, Homex, Mfrisco and Urbi will withdraw as of next Monday. While the sector was a disaster for the national market, overall, some close companies did triumph. América Móvil, Roberto González, Carlos Slim... Iconic entrepreneur Roberto González Barrera, the owner of Gruma and Banorte among other companies, died six days before the current BMV sampling was implemented. However, his demise did not cause the prices of his companies listed on the Mexican stock market to fall. On the contrary, Gruma stock grew 93 percent between August 2012 and March of this year, and is in fact the share reporting the greatest gains in that period of time...
August 31st, 2013
AMX REDUCES ITS PARTICIPATION IN BMV (MILLENIUM DAILY / MILENIO DIARIO).
The BMV announced the relative official weight of each series of shares that will comprise the CPI sample as of September 2nd, 2013 derived from the yearly sample change. Some of the most outstanding changes include América Móvil with a 16.39 percent weight over the previous 17.7... Kof shares will hold 3.27 percent, Sanmex 2.75, Kimber 2.30, Mexchem 2.08, Gfinbur 1.96, Bimbo 1.89, Peñoles 1.67, Elektra 1.45, AC 1.41, Asur 1.29, Pinfra 1.23, Liverpool 1.09, Ohlmex 0.99, Lab 0.93, COMPARC 0.88, Comerci 0.84, Gap 0.79, Ica 0.62, Alpek 0.50, Bolsa 0.50, Gruma 0.49, Alsea 0.48, Ich 0.48, Lenova 0.47, Gfsanborn 0.34, Gfregio 0.32 and Chedraui 0.30 percent.
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