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Grupo Simec Announces Results Of Operations For The Twelve Month Period Ended December 31, 2015
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PR Newswire
GUADALAJARA, Mexico, Feb. 29, 2016
GUADALAJARA, Mexico, Feb. 29, 2016 /PRNewswire/ -- Grupo Simec, S.A.B. de C.V. (NYSE: SIM; Mexico: SIMEC-B) ("Simec") announced today its results of operations for the twelve-month period ended December 31, 2015 and December 31, 2014.
Twelve-Month Period Ended December 31, 2015 compared to Twelve-Month Period Ended December 31, 2014
Net Sales
Net sales decreased 6% by the combination of lower shipments of finished steel products by 4% and a lower average sales price by 3%, compared the same period of 2014, the sales decline from Ps. 26,829 million in the twelve-month period ended December 31, 2014 to Ps. 25,096 million in the same period of 2015. Shipments of finished steel products decrease 4% to 2 million 119 thousand tons in the twelve-month period ended December 31, 2015 compared to 2 million 197 thousand tons in the same period of 2014. Total sales outside of Mexico on the twelve-month period ended December 31, 2015 decreased 22% to Ps. 10,339 million compared with Ps. 13,314 million in the same period of 2014. Total sales in Mexico increased 9% from Ps. 13,515 million in the twelve-month period ended December 31, 2014 to Ps. 14,757 million in the same period of 2015. The decrease in sales is due to lesser shipments of finished steel products by 4% and a lower average sales price by 3%.
Cost of Sales
Cost of sales decreased 14% from Ps. 25,492 million in the twelve-month period ended December 31, 2014 to Ps. 21,957 million in the same period of 2015. Cost of sales as a percentage of net sales in twelve months ended on December 31 of 2015 represented 88% and 95% in the same period of 2014. The average cost of finished steel produced in the twelve-month period ended December 31, 2015 compared to the same period of 2014 decreased approximately 11% due to lower costs of some supplies at year end.
Gross Profit
Gross profit of the Company in the twelve-month period ended December 31, 2015 was of Ps. 3,139 million compared to Ps. 1,337 million in the same period of 2014. Gross profit as a percentage of net sales represented 13% in the twelve-month period ended December 31, 2015 and 5% in the same period of 2014. The increase in the gross profit is due to lower cost of supplies on 2015, compared with the same period of 2014.
Operating Expenses
Selling, general and administrative expenses increased 25% from Ps. 1,194 million in the twelve-month period ended December 31, 2014 to Ps. 1,487 million in the same period of 2015. Selling, general and administrative expenses as a percentage of net sales represented 4% during the twelve-month period ended December 31, 2014 and 6% in the same period of 2015.
Other Expenses (Income) net
The company recorded other income of Ps. 61 million in the twelve-month period ended December 31, 2014 compared to other net income of Ps. 58 million in the same period of 2015.
Operating Income
Operating income increased 738% from Ps. 204 million for the twelve-month period ended December 31, 2014 to Ps. 1,710 million in the same period of 2015. Operating income as a percentage of net sales represented 1% during the twelve-month period ended December 31, 2014 and 7% in the same period of 2015.
EBITDA
The EBITDA of the Company increased 114% from Ps. 1,322 million in the twelve-month prior ended December 31, of 2014, to Ps. 2,833 million in the same period of 2015.
Comprehensive Financial Cost
Comprehensive financial cost in the twelve-month period ended December 31, 2015 represented a net income of Ps. 65 million compared with a net income of Ps. 477 million in the same period of 2014. The net interest was an income of Ps. 5 million in 2015 compared with a net interest income of Ps. 3 million in the twelve-month period ended December 31, 2014. As a result, we registered a net exchange income of Ps. 60 million in the twelve-month period ended December 31, 2015 compared with a net exchange income of Ps. 474 million in the same period of 2014, reflecting a 18% decrease in the value of the peso versus the dollar in the twelve-month period ended December 31, 2015 compared to December 31, 2014.
Income Taxes
The Company have recorded an expense net tax of Ps. 1,243 million in the twelve-month period ended December 31, 2015 (including the income of deferred income tax of Ps. 205 million) compared with a net expense tax of Ps. 162 million in the same period of 2014 (including the tax deferred income of Ps. 116 million).
Net Income (loss) (After Minority Interest)
As a result of the foregoing, net income decreased by 25% from Ps. 1,204 million in the twelve-month period ended December 31, 2014 to a net income of Ps. 901 million in the same period of 2015.
Liquidity and Capital Resources
As of December 31, 2015, Simec's total consolidated debt consisted of U.S. $302,000 of 8 7/8% medium-term notes ("MTN's") due 1998, Ps. 5.2 million (accrued interest on December 31, 2015 was U.S. $614,425 or Ps. 10.7 million). As of December 31, 2014, Simec's total consolidated debt consisted of U.S. $302,000 of 8 7/8% medium-term notes ("MTN's") due 1998, Ps. 4.5 million (accrued interest on December 31, 2014 was U.S. $555,585, or Ps. 8.2 million).
Comparative fourth quarter 2015 vs third quarter 2015
Net Sales
Net sales decreased 13% from Ps. 6,347 million in the third quarter of 2015 to Ps. 5,545 million for the fourth quarter of 2015. Sales in tons decreased from 546 thousand ton in the third quarter of 2015 to 455 thousand ton in the fourth quarter of the same period, a decrease of 17%. Total sales outside of Mexico for the fourth quarter of 2015 decreased 20% from Ps. 2,482 million in the third quarter to Ps. 1,977 million in the four quarter of 2015. Sales in Mexico diminish to Ps. 3,568 million in the fourth quarter of 2015 compared Ps. 3,865 million in the third quarter of 2015 a decrease of 8%. Prices of finished products sold in the fourth quarter of 2015 increased 5% compared with the third quarter of the same period.
Cost of Sales
Cost of sales decreased to Ps. 4,894 million in the fourth quarter of 2015 compared to Ps. 5,587 million for the third quarter of 2015. With respect to sales, in the fourth quarter of 2015, the cost of sales represented 88% for the fourth and third quarter of 2015. The average cost of sales by ton increased 5% in the fourth quarter of 2015 versus the third quarter of 2015.
Gross Profit
Gross profit of the Company for the fourth quarter of 2015 decreased 14% to Ps. 651 million compared to Ps. 760 million in the third quarter of 2015. The gross profit as a percentage of net sales for the fourth and third quarter of 2015 was of 12%.
Operating Expenses
Selling, general and administrative expenses increased 57% to Ps. 517 million in the fourth quarter of 2015 compared to Ps. 329 million for the third quarter of 2015. Selling, general and administrative expenses as a percentage of net sales represented 9% during the fourth quarter of 2015 and 5% for the third quarter of 2015.
Other Expenses (Income) net
The company recorded other net expense of Ps. 44 million in the fourth quarter of 2015 compared to other net income of Ps. 94 million for the third quarter of 2015.
Operating (Loss) Income
Operating income was of Ps. 90 million in the fourth quarter of 2015 compared to an operating income of Ps. 525 million in the third quarter of 2015. The operating income as a percentage of net sales in the fourth quarter of 2015 represented 2% while the operating income for the third quarter of 2015 represented 7%.
EBITDA
The EBITDA was Ps. 806 million in the third quarter of 2015 compared to Ps. 368 million for the fourth quarter of 2015 due to the above explained.
Comprehensive Financial Income (Cost)
Comprehensive financial cost for the fourth quarter for 2015 was a net income of Ps. 105 million compared with a net expense of Ps. 109 million for the third quarter of 2015. The net interest income in the fourth quarter was Ps. 1 million compared to Ps. 9 million in the third quarter of 2015. At the same time we registered an exchange net loss of Ps. 118 million in the third quarter of 2015 compared with an exchange net gain of Ps. 104 million in the fourth quarter of 2015.
Income Taxes
Income Taxes for the fourth quarter of 2015 had an income net tax of Ps. 17 million (including an income tax deferred for Ps. 43 million) compared to an expense of Ps. 758 million for the third quarter of 2015, (including an income tax deferred of Ps. 161 million).
Net Income (loss) (After Minority Interest)
As a result of the foregoing, the Company had a net income of Ps. 340 million in the fourth quarter of 2015 compared to Ps. 292 million of net income in the third quarter of 2015.
Comparative fourth quarter 2015 vs fourth quarter 2014
Net Sales
Net sales decreased 16% from Ps. 6,604 million for the fourth quarter of 2014 to Ps. 5,545 million for the fourth quarter of 2015. Sales in tons of finished steel in the fourth quarter of 2014 were 548 thousand tons versus to 455 thousand tons in the fourth quarter of 2015. Total sales outside of Mexico decrease 38% from Ps. 3,176 million for the fourth quarter of 2014 to Ps. 1,977 million in the fourth quarter of 2015. Sales in Mexico increased 4% from Ps. 3,428 million in the fourth quarter of 2014 to Ps. 3,568 million in the fourth quarter of 2015. The average sales prices of finished products sold in the fourth quarter of 2015 increased 1%, compared to the same period of 2014.
Cost of Sales
Cost of sales decreased 29% from Ps. 6,858 million in the fourth quarter of 2014 compared to Ps. 4,894 million for the fourth quarter of 2015. With respect to sales, the cost of sales represented 88% during the fourth quarter of 2015 and 104% during the fourth quarter of 2014. The average cost of steel products decreased 14% in the fourth quarter of 2015 versus the fourth quarter of 2014.
Gross Profit
Gross profit for the fourth quarter of 2015 increased 356% from Ps. -254 million in the fourth quarter of 2014 compared to Ps. 651 million in the fourth quarter of 2015. The gross profit as a percentage of net sales represented 12% during the fourth quarter of 2015 and -4% during the fourth quarter of 2014.
Operating Expenses
Selling, general and administrative expenses increased 41% from Ps. 367 million in the fourth quarter of 2014 compared to Ps. 517 million for the fourth quarter of 2015. Selling, general and administrative expenses as a percentage of net sales represented 9% during the fourth quarter of 2015 and 6% during the fourth quarter of 2014.
Other Expenses (Income) net
The company recorded other income net of Ps. 3 million in the fourth quarter of 2014 compared with other expenses net of Ps. 44 million for the fourth quarter of 2015.
Operating (Loss) Income
Operating income was of Ps. 90 million in the fourth quarter of 2015 compared to an operating loss of Ps. 618 million in the fourth quarter of 2014. The operating income as a percentage of net sales in the fourth quarter of 2015 was 2%, compared to an operating loss of -9% in the fourth quarter of 2014.
EBITDA
The EBITDA from the fourth quarter of 2015 increased 248% from a loss of Ps 249 million in the fourth quarter of 2014 to a profit of Ps 368 million in the fourth quarter of 2015.
Comprehensive Financial Income (Cost)
Comprehensive financial cost for the fourth quarter of 2015 was a net income of Ps. 105 million compared with a net income of Ps 415 million in the fourth quarter of 2014. Net interest income was of Ps. 1 million in the fourth quarter of 2015 compared with a net interest income of Ps. 11 million in the fourth quarter of 2014. At the same time we registered a net exchange income of Ps. 104 million in the fourth quarter of 2015 compared with an exchange income of Ps. 404 million in the fourth quarter of 2014.
Income Taxes
The Company recorded an income net taxes for the fourth quarter of 2015 of Ps. 17 million (including an income of deferred income tax of Ps. 43 million), compared to an expense taxes of Ps. 225 million for the fourth quarter of 2014, (including an expense of deferred income tax of Ps. 71 million).
Net Income (loss) (After Minority Interest)
As a result of the foregoing, the Company recorded a net income of Ps. 340 million in the fourth quarter of 2015 compared to Ps. 21 million of net income in the fourth quarter of 2014.
| (million of pesos) | Jan - Dec '15 | | Jan - Dec '14 | | Year 15 vs |
| Sales | 25,096 | | 26,829 | | (6%) |
| Cost of Sales | 21,957 | | 25,492 | | (14%) |
| Gross Profit | 3,139 | | 1,337 | | 135% |
| Selling, General and Administrative Expense | 1,487 | | 1,194 | | 25% |
| Other Income (Expenses), net | 58 | | 61 | | (5%) |
| Operating Profit | 1,710 | | 204 | | 738% |
| EBITDA | 2,833 | | 1,322 | | 114% |
| Net income | 901 | | 1,204 | | (25%) |
| Sales Outside Mexico | 10,339 | | 13,314 | | (22%) |
| Sales in Mexico | 14,757 | | 13,515 | | 9% |
| Total Sales (Tons) | 2,119 | | 2,197 | | (4%) |
| Cost by ton | 10,362 | | 11,603 | | (11%) |
| Quarter | | | | | |
| (million of pesos) | 4Q'15 | 3Q '15 | 4Q '14 | 4Q´15vs | 4Q´15 vs |
| Sales | 5,545 Werbung Mehr Nachrichten zur Grupo Simec Aktie kostenlos abonnieren
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