GRUPO SIMEC ANNOUNCES RESULTS OF OPERATIONS FOR THE FIRST SIX MONTHS OF 2022

Gross profit of the Company for the first half of 2022 increased 12% from Ps. 7,704 million in the first half of 2021, to Ps. 8,607 million in the first half of 2022. Gross profit as percentage of net sales in the first half of 2022 was of 28%, while in the first half of 2021 was of 27%. The gross profit between both periods is given by better mix products shipped and higher average price.

Selling, General and Administrative Expense

Selling, general and administrative expense increased 15%, from Ps. 984 million in the first half of 2021 to Ps. 1,130 million in the same period 2022, selling, general and administrative expense represented 3% of the net sales in the second quarter of 2021 and 4% in the second quarter of 2022.

Other Income (Expenses,) net

The Company recorded other income net for Ps. 2 million in the first half of 2022 million compared to other expense Ps. 30 million in the same period of 2021.

Operating Income

Operating income increased 12% from Ps. 6,690 million for the first half of 2021 compared to Ps. 7,479 million in the first half of 2022. Operating income as percentage of net sales was 24% in the first half of 2022 compared to 23% in the same period of 2021. The increase in operating profit is mainly due to the mix of products shipped and higher sales prices.

Ebitda

The Ebitda amounted to Ps. 7,283 million in the first semester of 2021 as a result of a net income of Ps. 4,977 million, plus minority stake of Ps. 1 million, plus income taxes of Ps.1,631 million, plus comprehensive financial cost of Ps. 81 million, plus depreciation of Ps. 593 million to Ps 8,029 million in the first semester of 2022 as a result a net income of Ps. 6,098 million, plus minority stake of Ps. 1 million, plus income taxes of Ps. 1,152 million, plus comprehensive financial cost of Ps. 228 million, plus depreciation of Ps. 550 million.

Comprehensive Financial Cost 

Comprehensive financial cost for the first half of 2022 represented an expense of Ps. 228 million compared with an expense of Ps. 81 million for the first half of 2021. The comprehensive financial cost is comprised by the exchange loss of Ps. 227 million in the first half of 2022 compared with an exchange loss of Ps. 55 million in the first half of 2021. Likewise, the Company recorded a net expense interest of Ps. 1 million for the first half of 2022 compared with a net expenses interest of Ps. 26 million in 2021.

Income Taxes

The Company recorded an expense of Ps. 1,152 million for the net income tax during the first half of 2022, (comprised for a current expense tax of Ps. 1,165 million and income for deferred tax of Ps. 13 million) compared with an expense of Ps. 1,631 million to the first half of 2021 (comprised for a current expense tax of Ps. 1,610 million and expense for deferred tax of Ps. 21 million).

Net Income

As a result of the foregoing, the Company recorded an increase in net income of 23% to pass of Ps. 4,977 million in the first half of 2021 to Ps. 6,098 million in the same period of 2022.

Comparative second quarter of 2022 vs. first quarter of 2022

Net Sales

Net sales of the Company increased 3% in the second quarter of 2022 compared to the first quarter of the same period, to pass of Ps. 15,032 million during the first quarter of 2022 to Ps. 15,547 million in the second quarter of 2022. Shipments of finished steel products decreased from 623 thousand tons in the first quarter of 2022 to 556 thousand tons in the second quarter of the same year. Total sales outside of Mexico in the second quarter of 2022 increased 4% to get to Ps. 7,276 million compared to Ps. 6,976 million of the first quarter of the same year. Domestic sales increased from Ps. 8,056 million in the first quarter of 2022 to Ps. 8,271 million in the second quarter of the same year. The sales increased mainly a lower shipped by 67 thousand tons compared with the first quarter that represent a 11% and an income sales price in 16%.

Cost of Sales

Cost of sales decreased 4% from Ps. 11,190 million in the first quarter of 2022 to Ps. 10,783 million in the second quarter of 2022. Cost of sales as a percentage of net sales represented 74% for the first quarter of 2022 compared to 69% in the second quarter of the same year, the average cost of sales by ton record an increase between both quarters of 8%.

Gross Profit

Gross profit of the Company for the second quarter of 2022 increased 24% to pass of Ps. 3,842 million in the first quarter of 2022 to Ps. 4,764 million in the second quarter of same year. Gross profit as a percentage of net sales represented 26% for the first quarter of 2022 compared to 31% in the second quarter of the same year. The gross profit in the second quarter of 2022 it originates from a higher average sale.

Selling, General and Administrative Expense

Selling, general and administrative expense increased 18%, from Ps. 518 million in the first quarter of 2022 to Ps. 612 million in the second quarter of the same year, and as percentage of net sales represented 3% in the first quarter of 2022 compared to 4% in the second quarter of the same year.

Other (Expenses) Income, net

The Company recorded other income net for Ps. 2 million during the second quarter of 2022 compared to other income net for Ps. 1 million in the first quarter of 2022.

Operating Income

Operating income increased 25%, of Ps. 3,325 million in the first quarter of 2022 compared to Ps. 4,154 million of the second quarter of the same year. Operating income as percentage of net sales was 22% for the first quarter of 2022 compared to 27% for the second quarter of the same year. The operating income is due mainly to a better average sale price.

Ebitda

The Ebitda amounted to Ps. 3,605 million in the first quarter of 2022 as a result of a net income of Ps. 2,494 million, plus income taxes of Ps. 460 million, plus comprehensive financial cost of Ps. 371 million, plus depreciation of Ps. 280 million to Ps 4,424 million in the second quarter of 2022 as a result of a net income of Ps. 3,604 million, plus income taxes of Ps. 693 million, less comprehensive financial cost of Ps. 143 million, plus depreciation of Ps. 270 million.

Consolidated
Million		Comparative second quarter of 2022 vs first quarter of 2022,
		Second quarter				First quarter
Net income (loss)			3,604				2,494
Loss attributable to noncontrolling interests
Net income (loss)			3,604				2,494
Depreciation, depletion and amortization			270				280
Income taxes			693				460
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