/C O R R E C T I O N -- Grupo Simec, S.A.B. de C.V./

Gross Profit

Gross profit of the Company in the twelve-month period ended December 31, 2023 was of Ps. 10,629 million compared to Ps. 14,475 million in the same period of 2022. Gross profit as a percentage of net sales represented 26% and 27% for the 2023 and 2022 periods respectively. 

Operating Expenses

Selling, general and administrative expenses decreased 4% from Ps. 2,456 million in the twelve-month period ended December 31, 2022 to Ps. 2,348 million in the same period of 2023. Selling, general and administrative expenses as a percentage of net sales represented 5% during the twelve-month period ended December 31, 2022 and 6% in the same period of 2023.

Other Expenses (Income) net

The company recorded other net income of Ps. 72 million in the twelve-month period ended December 31, 2022 compared to other net income of Ps. 104 million in the same period of 2023.

Operating Income

Operating income decreased 31% from Ps. 12,091 million for the twelve-month period ended December 31, 2022 to Ps. 8,385 million in the same period of 2023. Operating income as a percentage of net sales represented 20% and 22% for the 2023 and 2022 periods respectively.

EBITDA

The EBITDA of the Company decreased 29% from Ps. 13,207 million in the twelve-month prior ended December 31, of 2022, as a result a net income of Ps. 7,703, less minority stake of Ps. 2 million, plus income taxes of Ps. 3,300, plus comprehensive financial cost of Ps. 1,089 million, plus depreciation of Ps. 1,117 million, to Ps. 9,412 million in the same period of 2023 as a result a net income of Ps. 5,186, less minority stake of Ps. 6 million, plus income taxes of Ps. 1,305 million, plus comprehensive financial cost of Ps. 1,900 million, plus depreciation of 1,027 million. 

Comprehensive Financial Cost 

Comprehensive financial cost in the twelve-month period ended December 31, 2023 represented a net expense of Ps. 1,900 million compared with a net expense of Ps. 1,089 million in the same period of 2022. The net interest was an income of Ps. 574 million in 2023 compared with a net income of Ps. 197 million in the twelve-month period ended December 31, 2022. As a result, we registered a net exchange loss of Ps. 2,541 million in the twelve-month period ended December 31, 2023 compared with a net exchange loss of Ps. 700 million in the same period of 2022, net other financial income was recorded for Ps. 67 million for the period 2023 compared to the Ps. 586 million of other financial expenses for the period 2022.

Income Taxes

The Company have recorded an expense net tax of Ps. 1,305 million in the twelve-month period ended December 31, 2023 (including the income of deferred tax of Ps. 144 million) compared with a net expense tax of Ps. 3,300 million in the same period of 2022 (including the tax deferred expense of Ps. 150 million). 

Net Income (loss)

As a result of the foregoing, net income decreased by 33% from Ps. 7,703 million net profit in the twelve-month period ended December 31, 2022 to Ps. 5,186 million a result net income in the same period of 2023.

Liquidity and Capital Resources

As of December 31, 2023, Simec's total consolidated debt consisted of U.S. $302,000 of 8 7/8% medium-term notes ("MTN's") due 1998, Ps. 5.1 million (accrued interest on December 31, 2023 was U.S. $812,916 or Ps. 13.7 million).  As of December 31, 2022, Simec's total consolidated debt consisted of U.S. $302,000 of 8 7/8% medium-term notes ("MTN's") due 1998, Ps. 5.8 million (accrued interest on December 31, 2022 was U.S. $694,987, or Ps. 13.5 million).

Comparative fourth quarter 2023 vs third quarter 2023

Net Sales                       

Net sales decreased from Ps. 9,454 million in the third quarter of 2023 to Ps. 8,815 million for the fourth quarter of 2023. Sales in tons increased from 531 thousand ton in the third quarter of 2023 to 536 thousand ton in the fourth quarter of the same period, an increase of 1%. Total sales outside of Mexico for the fourth quarter of 2023 decreased 16% from Ps. 3,932 million in the third quarter to Ps. 3,320 million in the four quarter of 2023. Sales in Mexico decreased to Ps. 5,495 million in the fourth quarter of 2023 compared Ps. 5,522 million in the third quarter of 2023 and decreased of 0.49%. Prices of finished products sold in the fourth quarter of 2023 decreased 8% compared with the third quarter of the same period. 

Cost of Sales

Cost of sales decreased to Ps. 6,282 million in the fourth quarter of 2023 compared to Ps. 7,177 million for the third quarter of 2023. With respect to sales, in the fourth quarter of 2023, the cost of sales represented 71% in the fourth quarter of 2023, compared to 76% in the third quarter of the same period. The average cost of sales by ton decreased of 13% in the fourth quarter of 2023 versus the third quarter of 2023.

Gross Profit

Gross profit of the Company for the fourth quarter of 2023 increased 11% to Ps. 2,533 million compared to Ps. 2,277 million in the third quarter of 2023. The gross profit as a percentage of net sales for the third and fourth quarter of 2023 was of 24% and 29% respectively.

Operating Expenses

Selling, general and administrative expenses increased 57% to Ps. 761 million in the fourth quarter of 2023 compared to Ps. 485 million for the third quarter of 2023. Selling, general and administrative expenses as a percentage of net sales for the third and fourth quarter of 2023 was of 5% and 9% respectively. 

Other Expenses (Income) net

The company recorded other net expenses of Ps. 63 million in the fourth quarter of 2023 compared to other net income of Ps. 24 million for the third quarter of 2023. 

Operating (Loss) Income

Operating income was of Ps. 1,709 million in the fourth quarter of 2023 compared to an operating income of Ps. 1,816 million in the third quarter of 2023. The operating income as a percentage of net sales represented 19% for both periods.

EBITDA

The EBITDA was Ps. 2,079 million in the third quarter of 2023 as a result a net income of Ps. 1,802 million, less minority stake of Ps. 2 million, plus income taxes of Ps. 298 million, less comprehensive financial cost of Ps. 283 million, plus depreciation of Ps. 264 million, compared to Ps. 1,914 million for the fourth quarter of 2023, as a result a net income of  Ps. 1,365 million, less minority stake of Ps. 2 million, less income taxes of Ps. 236 million, plus comprehensive financial cost of Ps. 582 million, plus depreciation of Ps. 205 million.

Consolidated
Million		Comparative fourth quarter vs third quarter 2023
		4Q 2023				3Q 2023
Net income (loss)			1,365				1,802
Loss attributable to noncontrolling interests			(2)				(2)
Net income (loss)			1,363				1,800
Depreciation and Amortization			205				264
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