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Synthesis of news related to Gruma. September 2013
September 2nd, 2013
“CREDITS FOR STATES WILL CONTINUE” (EL UNIVERSAL 1).
Carlos Hank González, CEO of the Interacciones Financial Group said that the slowdown in the Mexican economy will not decelerate loans for states and municipalities. In fact, the banker said that the lower GDP growth will produce a “much lower” impact on loans to states and municipalities, because the adverse macroeconomic environment is “short term” and not transcendent. However, the executive, who is also a Grupo Maseca (GRUMA) Vice President, said he hopes structural changes, such as the energy, finance and tax reforms will reverse the slowdown in the coming months. Hank González said in an interview, that they have not yet felt a noticeable “slowdown” on the demand and placement of loans to this sector, as each entity is managed separately and brings different rates based on each administration’s management...
GRUMA "AMASSES" GROWTH WITH ITS NEW STRATEGY (THE FINANCIER / EL FINANCIERO).
The business strategy Grupo Maseca (Gruma) adopted after the death of its founder, Roberto González Barrera, has produced great results. The corn and flour tortilla maker nearly doubled its market value at the BMV, in the last year, largely reflecting its solid operating results. Gruma shares last year grew $35 to $70 pesos for a 100 percent growth, shooting its market value from $15 billion to just over $30 billion pesos and positioning the issuing company as the second fastest growing company in the BMV’s Consumer Price Index. During the last years of González Barrera’s life, who continued to serve as chairman of the Grumaand Grupo Financiero Banorte Boards of Directors until he died, the Mexican producer’s strategy was to expand abroad, mainly in the United States and Europe. However, corporate strategy has focused on consolidating and streamlining the assets the companies operate under the leadership of Juan González Moreno (the founder’s son), who was involved in starting the company’s operations in the United States in 1980 and later expanding them to Asia and Oceania, and Carlos Hank González Chairman of Grupo Financiero Interacciones.
TRENDS AND SIGNALS (THE ECONOMIST 10)
GRUMA. The company’s EBITDA is expected to grow close to 30 percent in 2013, after it stopped consolidating operations in Venezuela and removed low-profit brands from its portfolio.
September 3rd, 2013
IRASEMA ANDRÉS DAGNINI /CLEAR ACCOUNTS (THE REASON / LA RAZÓN).
After seven consecutive downward sessions, the Consumer Price Index rebounded 1.63 percent, naturally led by a technical rebound and lower external pressures... However, the current market level entry opens a major opportunity. The Actinver Brokerage Firm believes the América Móvil, Cemex, Fibra Inn,Maseca, Mega, Mexchem and Sports shares will report a positive performance this year...
September 4th, 2013
STRENGTH IN MONTERREY COMPANIES (EXCÉLSIOR).
While the CPI has fallen 9.64 percent so far this year, companies in Monterrey reported a 6.27 percent profit. According to the Monex Monterrey Index, Grupo Famsa, Vitro and Alfa they are the most resilient companies in Monterrey while Alpek, Soriana and Autlán reported weaker profits. Monex analyst Vianney Sánchez noted that Gruma yields between January and August this year were 76.4 percent, while Vitro reported 72.3 percent profits and Famsa reported 66.3 percent yields. These three companies have implemented strategies that made them look strong to investors;Gruma, for example, has been able to compensate the loss of its business in Venezuela; Vitro restructured its debt and improved its operations while Famsa yesterday announced its foray into the lending business through Banco Ahorro Famsa...
GRUMA, THE BIGGEST WINNER IN 2013 (El Economista.com)
In the new composition for Consumer Price Index (CPI) operations as September 2nd, issuing company Gruma B has returned the best yields so far this year, to settle at 75.20 percent measured in Mexican pesos, according to Economática data. Of the 35 issuing companies comprising the index, best-performerGruma during the December 31st, 2012 through September 2nd, 2013 period, was followed by Promotora y Operadora de Infraestructura (Pinfra), with its 56.60 percent, and the Banregio Financial Group with 34.40 percent, Banco Compartamos with 32.40 percent and Alsea with 31.70 percent.
MIGUEL ANGEL FLORES / WAKE UP BUDDY! (CAPITAL OF MEXICO)
Several professors at the “Free School of Law” used the phrase for a class of seven students, followed by “go get a cup of coffee and come back.” The Right to Competition in Mexico was born with the Federal Economic Competition Law enacted 20 years ago. Today we can say that we have a solid legal framework, the competition authorities have useful tools to fight monopolistic practices, and the constitutional reform enacted in June this year has consolidated these new tools. The new competition authority and the telecommunications and broadcasting regulatory authorities, that will take office once the seven commissioners for each constitutional independent agency are appointed, will have a legal framework that has been “broken in” in the jurisdictional environment... Plenum discussions have been enhanced with different legal points of view, which enriches the authority’s actions and helps reduce the risk of errors. Even so, the Federal Competition Commission lost painful cases against GRUMA, CEMEX, FERROMEX-FERROSUR and IUSACELL due to procedural errors. The statements on the dominance of TELMEX and TELCEL were delayed two years longer due to legal interpretation errors...
September 6th, 2013
RECESSION UNITES MEXICAN AND EUROPEAN GIANTS (EL FINANCIERO 2-22)
The recession in most European countries, has forced América Móvil and Cemex to establish alliances or enter into agreements with their international multinational competitors, such as, Holcim and Telefónica respectively, as indicated by Fernando Solano Monex. Companies like ICA, Mexichem, Grupo KUO, Metalsa and Alfa have presence in Spain, Germany, Hungary, Austria and Turkey. Bimbo has also partnered with Sara Lee brands in Spain and Portugal, and Gruma is present it in the United Kingdom, Holland, Italy, Russia and Turkey.
September 9th, 2013
GRUMA TRENDS AND SIGNALS (EL ECONOMISTA 11)
The flour manufacturer has reported 87.90 percent yields so far this year, ranking it as the top performer in the Mexican CPI
September 10th, 2013
THE BMV ANTICIPATED A WORSE SCENARIO (24 HORAS pp-22)
Yesterday, the Mexican Stock Exchange (BMV), closed with a 2.60 percent gain, the highest since November 2011, thanks to the improvement generated by the Mexican tax reform bill and economic data from China. Banorte analysts say cash flows at maquiladoras or in bond companies will be affected by the elimination of the VAT exemption in the temporary import of goods. However, there are certain issuing companies that could react to this increase, especially in the food and marketing industry, such as Bimbo, Gruma, Herdez, Walmart, Comerci, Chedraui and Soriana because the bill does not tax food products with the Value Added Tax as anticipated from the Mexican President’s proposal.
September 11th, 2013
ENRIQUE GALVÁN: IMPACT OF TAX REFORM (NOTICIAS MVS)
Enrique Galván: How does this “whopping tax reform” affect us on a personal note? What is the good, the bad and the ugly of the bill the President sent to Congress? “It is important to note that the changes will go into effect as of next year and are not retroactive... The Mexican Stock Exchange celebrated as share prices soared for Bimbo and Gruma, the two main producers of bread and tortillas, along with the Walmart, Comercial Mexicana, Chedraui, and Soriana supermarket chain shares. This is because they know their sales will remain high without the VAT. So, corporate managers should stop complaining because consumers won, but so did the large food companies…
September 12th, 2013
BUSINESSES AND ENTREPRENEURS (EXECUTIVE WORLD / MUNDO EJECUTIVO 3-46-49)
Mexican flavor invades U.S. Grupo Herdez, a company that currently sells 30 brands in Mexico and intends to conquer the American palate with packaged food. Andrea Amozurrutia, the Company’s Chief Financial Planner said in an interview “the United States has meant success for Grupo Herdez since 2009, and we want to create a unique portfolio of products with genuine Mexican flavor, something none of our competitors offer, except for Gruma. Families in the U.S. now consume Mexican cuisine items every day.”
September 13, 2013
BANORTE AND THE MEXICO CITY CHILDREN’S HOSPITAL TO CREATE HOSPITALITY FACILITIES FOR FAMILIES (LA JORNADA 36)
The Federico Gómez Children’s Hospital and the Banorte Financial Group signed a partnership agreement to implement the Family Hospitality project to provide food and housing for 40 to 50 people in 15 rooms... The President of the Banorte Financial Group, Guillermo Ortiz Martínez, said the project is a legacy of Mr.Roberto González Barrera’s generosity, since he always maintained close ties to it throughout his lifetime, as a supporter who sat on the Board and spent his time, effort and energy supporting this Children’s Hospital.
September 16th, 2013
GRUMA TRENDS AND SIGNALS (THE ECONOMIST / EL ECONOMISTA 10)
The flour manufacturer’s shares lead profits in the sampling constituting the main Mexican stock market index, with 88 percent gains.
September 17th, 2013
MASECA MAINTAINS THE FORMULA (EL ECONOMISTA 1-8-9)
Juan González Moreno, President of the Board of Directors of Grupo Maseca (Gruma), noted that the company’s growth under his watch is based on the fact that he has maintained his father’s legacy, the company’s late founder Roberto González Barrera. Performance of the company's shares on the Mexican Stock Exchange with their 80 percent increase, prove things have been done well, said the corporate executive. “Gruma is fortunately doing quite well; we have continuity and positive growth with excellent results in the last two quarters.” So are forced to ask: Has it been difficult to steer Gruma after your father’s command? No. There is continuity. I joined the group 35 years ago in its operations abroad. I was born in the company, and there has been continuity since I was appointed to serve in my current position as reflected in the analyst and investor results that trust our group. González Moreno went on to explain details about the Group’s main operations that sell products to more than 100 countries worldwide. He explained that tortilla sales are doing well in the U.S. market, along with the Mexican market, which collectively represents 80 percent of the Group’s sales. He noted that the economy is recovering, the purchasing power of the people is on the rise, and that leads them to spend, to visit more restaurants...
GRUMA FACES AN ESTABLISHED MARKET (EL ECONOMISTA 1-8-9)
Standard and Poor's (S&P) gave Gruma a “BB” rating with a positive outlook. However, the rating agency monitors two key elements that would make it change its mind. Gruma belongs to an established industry and expects to grow 2 percent in the U.S. and in Mexico over the next few years. “Gruma is part of an established industry. We do not have high expectations, in terms of its growth, besides the fact that it has made acquisitions in Europe and taken out loans,” said Laura Martínez, one of S&P managers responsible for rating the company. The firm, said Patricia Calvo, a Gruma S&P analyst, was focused on buying and significantly increased its leverage on share buys, and is now focused on profitability and reducing its debt... The rating agency recently reported that Gruma will reduce its debt three times in 2014, through internal cash flow generation...
September 19th, 2013
ANGÉLICA RIVERA DIRECTED THE INSTALLATION OF THE DISTRIBUTION CENTER (EL SOL DE MEXICO 4)
[Mexico’s First Lady] Angélica Rivera-Peña, the president of the Citizens Advisory Council of the National Family Development System (DIF), thanked businesses for their donations for the victims of the floods caused by tropical storms “Ingrid” and “Manuel” and said the agency will continue to work with everyone and is proud and thrilled to see “how we Mexicans are willing to work, help, come together and move forward during this crucial time in Mexico.” Some of the companies that responded to the National DIF’s call issued by the Chair of the Citizens Advisory Council, include Gruma and Maseca, which today donated t10 tons of corn flour and offered the DIF and Federal Government 18 mobile tortilla factories, each of which produce 36,000 tortillas per day for a total of 650,000 tortillas to be delivered to the affected communities every day.
September 20th, 2013
ANGÉLICA RIVERA ASKS FOR AID FOR THE FLOOD VICTIMS (EXCÉLSIOR 23)
Angélica Rivera, the wife of President Enrique Peña Nieto, arrived at the distribution center installed at Campo Marte early yesterday morning, and worked with Presidential staff members on sorting the products Mexicans have donated for the victims of hurricanes Manuel and Ingrid. Angélica Rivera de Peña and the DIF’s Director General, Laura Vargas Carrillo, gave the starting signal for the first vehicles to start leaving this distribution center to receive donations to the affected areas. Some of the companies that responded to the National DIF’s call issued by the Chair of the Citizens Advisory Council include Gruma and Maseca, which donated 10 tons of corn flour and offered the DIF and the Federal Government 18 mobile tortilla factories.
September 23rd, 2013
GRUMA TRENDS AND SIGNALS (EL ECONOMISTA 10)
S&P expects the flour manufacturer to reduce its debt three times in 2014, through internal cash flow generation. So far this year, its shares are up 83 percent and have advanced 10 percent in the last 12 months.
MAURICIO FLORES/PEOPLE BEHIND THE MONEY (Gente detrás del Dinero) (THE REASON / LA RAZÓN 15)
Gruma puts all of the dough into the oven. The US $400 million debt the González Moreno family incurred to strengthen its control of Gruma is now subject to a series of measures aimed at accelerating payment of the debt by senior management, led by Juan González Moreno. The Company expects to see the benefits these measures will produce in 2014. The debt incurred to acquire 22.3 percent of the shares owned by Archer Daniels Midland, was contracted through two groups, one led by RaboBank and the other by Inbursa. The Company will have to refrain from engaging in new expansions in Mexico and worldwide for two years ―unless these are strategic― in order to cover this debt and make sure the liability/EBITDA ratio is below the three-time debt reduction obtained from the savings achieved from streamlined processes. The measures implemented by the executive committee, including Juan González Moreno, Carlos Hank González, Javier Vélez and Eduardo Livas, have yielded value not only for Don Maseco’s direct heirs, but also for the shareholders who have seen their shares grow almost 100 percent in just one year.
September 24th, 2013
FELIPE SÁNCHEZ / THE STOCK MARKET (EL FINANCIERO 1-10)
The Mexican Stock Exchange rebounded after a 0.71 percent drop this morning with a 0.22 percent moderate gain setting the index at 41,314.68 points. Volumes traded in the week’s opening session were 339.2 million shares and 120,621 operations. In Mexico, a 1.3 percent increase in July retail sales beat expectations as they were expected to remain at 0.5 percent, contributing to a rebound for consumer issuing companies such as AMX, Alsea, Comerci, Kimber, Bimbo, Chedraui, Gruma and Soriana, among others.
September 25th, 2013
MARIELENA VEGA / BUSINESS STRATEGY (Estrategia de Negocios) (EXCÉLSIOR 11)
Cemex, América Móvil, FEMSA, Gruma, Grupo Modelo, Grupo Bimbo, Mabe and Mexichem are among the most powerful corporations in Latin America as they grow three times faster and create 20 percent more value compared with the business sector in developed countries, based on their potential. According to Jorge Becerra, CEO of Boston Consulting Group (BCG), average returns of the 100 top emerging companies in Latin America grew to 26.5 billion U.S. dollars last year, compared with the 20 billion U.S. dollars earned by the list of S&P 500 companies...
September 26th, 2013
DIF THANKS PEOPLE FOR THEIR SOLIDARITY (EXCÉLSIOR 24)
Angélica Rivera, the president of the DIF’s Citizens Advisory Council, spearheaded the receipt of donations made to help people affected by the Ingrid and Manuel tropical storms at Campo Marte, and thanked the country's businessmen for standing with the needy. President Enrique Peña Nieto’s wife specifically thanked Grupo Empresarial Ángeles and the Dondé Foundation for personally delivering several tons of groceries to those affected by the rain… Eight days after installing the National DIF Distribution Center, it has received nearly 700 tons of donations from different business groups such as Bimbo and Gruma, and the Telmex Foundation...
ENRIQUE CASTILLO-PESADO: THE GRUMA/JUAN GONZÁLEZ DEBT (AND WHAT DO YOU THINK? / Y usted qué opina)
On another issue, when speaking of Gruma, let me tell you Nino that the $400 million U.S. dollar debt the González Moreno family incurred to consolidate its control of Gruma, is now subject of a series of measures to stimulate its payment, applied by the Company’s senior management led by Juan González Moreno and which benefits will begin to show next year. The debt incurred to acquire 22.3 percent of the shares held by Archer Daniels, were contracted with two groups, the first led by RaboBank and the other by Inbursa. It will cover this debt by using the savings obtained from efficiency processes, and from refraining to engage in further expansions in Mexico and worldwide ―unless they are strategic―, for at least two years. The measures implemented by the executive committee including Juan González Moreno, Carlos Hank González, Javier Vélez and Eduardo Livas, have produced benefits not only for the don’s direct heirs… the unforgettable “Maseco,” but also the shareholders, who have seen the value of their shares grow almost 100 percent in just one year.
Steptember 27th, 2013
MEXICAN COMPANIES WANT ‘TO SPEAK RUSSIAN’ AND INVEST IN AUTOMOBILE PARTS AND FOOD (EL FINANCIERO pp-18)
Russia has become an investment magnet for large Mexican companies that perceive that country as a major gateway to the old continent, and which has emerged unscathed from Eurozone’s economic slump. Nine Mexican companies have joined the Russian economy in the last five years, in pursuit a 142-million people market with increased purchasing power and business opportunities in the food, services and auto parts industries. The Russian financial adviser in Mexico, Shkolyar Nikolai Andreyevich, explained that Aztec firms are expected to invest 75 million USD [in Russia this year], 15 percent more than in 2012. Jorge Vergara’s Omilife is the oldest Mexican company in Russia. Mabe arrived in 2008, followed by Cemex in 2009, Gruma in 2011, Metalsa and Katcon in 2012, and Kidzania, which plans to venture into this market before the end of this year.
September 30th, 2013
CHILDREN ARE ENCOURAGED TO LEAD (REFORM 1-18)
Good entrepreneurs don’t necessarily have to be adults with a formal education as demonstrated by the story of a famous Mexican businessman. He ventured into the business world in Cerralvo, Nuevo León, with a shoe shine box in 1935, when his parents emigrated to the United States. Roberto was left with his grandmother and built his first shoe shine box at five years of age. He had built five more boxes by the time he was eight, which he rented out to his cousins and friends. By 1949, he founded a small plant called Molinos Azteca in his hometown, the beginning ofGrupo Maseca, the world's largest nixtamalized corn producer, and of Roberto González Barrera, one of Mexico’s leading entrepreneurs who passed away in 2012. Thanks to stories likeDon Roberto’s, there are institutions that now see enormous potential in children to develop entrepreneurs who will form companies that create jobs in the near future...
COMPANIES WITH A STRONG PARTICIPATION IN INTERNATIONAL MARKETS (EL FINANCIERO 30)
The manufacturing sector in the state of Nuevo León is immersed in the globalized world because of its participation in global markets, both in terms of exports and the location of factories at multiple sites across the globe. The country's industrial development thus began in the mid-nineteenth century with the foundation of textile, beer, steel and other industrial material plants in Monterrey. Now, in the 21st Century, they have a strong presence in different industries across the globe. Gruma is Mexico’s most globalized food company, as the leader in the production of corn flour and tortillas worldwide. It has an international expansion that includes operations in Mexico, the United States, Europe, Central America, Venezuela, Asia and Oceania.
SIGNIFICANT PROGRESS MADE ON BIOTECHNICAL RESEARCH AND DEVELOPMENT (EL FINANCIERO 20)
The creation of the Biotech Cluster in 2009, aims to make sure the State of Nuevo León is permanently positioned at high levels of international competition. Cluster Manager Jaime Weischsel explained that biotechnology features several characteristics, including the food production in developing its functional aspects, which include health additives or substances, others such as those that lower cholesterol or blood glucose levels. The cluster is comprised of 20 members including companies like Gruma, Cervecería, Sigma Alimentos, Ragaza, Ceiba, Biotec del Norte, Naviak, Solven, and Biosolutions among others, as well as the Oca and University hospital engaged in clinical research…
GRUMA TRENDS AND SIGNALS (EL ECONOMISTA 7)
The corn producer’s shares grew 4.2 percent in the last 30 days. The highest price achieved in the last 52 weeks was $79.10 Mexican with a low at $35.24 pesos.…
CARLOS PONCE / STOCK MARKET ENVIRONMENT (EL ECONOMISTA 15)
Last week we published our first tentative CPI forecast for 2014 in this space, as well as the group of our 10 favorite issuing companies for the end of next year (2014). I personally think that trust is gained with visible results and regardless of how good your intentions or suggestions might be confidence naturally drops in the absence of favorable performance. Hence, my column this week reminds us of a text published one year ago, on October 1st, 2012 on a similar issue (“Thank you, 2012. Welcome, 2013!”) where I identified our favorite issuing companies and those over weighted for 2013: “The first group of favorites include Pinfra, Funo, Chedraui, Ohlmex and Gfnorte. A second group that also includes an attractive combination of fundamentals on which we will over evaluate their weight in our monthly strategy include Lab, Homex, Gruma, AMX and Alsea, all issuing companies with strong CPI potential...”
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