MEXICAN STOCK EXCHANGE

Transcription

1 STOCK EXCHANGE CODE: GRUPO INDUSTRIAL, S.A.B. DE C.V. STATEMENT OF FINANCIAL POSITION QUARTER: 4 YEAR: 215 REF AT 31 DECEMBER 215 AND 31 DECEMBER 214 (Thousand Pesos) ACCOUNT / SUBACCOUNT ENDING CURRENT PREVIOUS YEAR END Amount Amount 1 TOTAL ASSETS 12,32,185 1,98, TOTAL CURRENT ASSETS 5,514,737 4,375, CASH AND CASH EQUIVALENTS 534, , SHORT-TERM INVESMENTS 1121 AVAILABLE-FOR-SALE INVESTMENTS 1122 TRADING INVESTMENTS 1123 HELD-TO-MATURITY INVESTMENTS 113 TRADE RECEIVABLES, NET 1,81,351 9, TRADE RECEIVABLES 1,221,592 1,71, ALLOWANCE FOR DOUBTFUL ACCOUNTS -14,241-17, OTHER RECEIVABLES, NET 74,487 67, OTHER RECEIVABLES 74,487 67, ALLOWANCE FOR DOUBTFUL ACCOUNTS 115 INVENTORIES 3,77,327 2,54, BIOLOGICAL CURRENT ASSETS 116 OTHER CURRENT ASSETS 81,16 26, PREPAYMENTS 4,88 26, DERIVATIVE FINANCIAL INSTRUMENTS 4, ASSETS AVAILABLE FOR SALE 1165 RIGHTS AND LICENSES 1166 OTHER 12 TOTAL NON-CURRENT ASSETS 6,787,448 6,533, ACCOUNTS RECEIVABLE, NET 27, , INVESTMENTS INVESTMENTS IN ASSOCIATES AND JOINT VENTURES 1222 HELD-TO-MATURITY INVESTMENTS 1223 AVAILABLE-FOR-SALE INVESTMENTS 1224 OTHER INVESTMENTS PROPERTY, PLANT AND EQUIPMENT, NET 4,346,567 4,76, LAND AND BUILDINGS 2,23,429 1,978, MACHINERY AND INDUSTRIAL EQUIPMENT 8,4,25 7,921, OTHER EQUIPMENT 9,83 95, ACCUMULATED DEPRECIATION -6,397,648-6,175, CONSTRUCTION IN PROGRESS 23, , INVESTMENT PROPERTY 125 BIOLOGICAL NON- CURRENT ASSETS 126 INTANGIBLE ASSETS,NET 1,75,72 2,141, GOODWILL 166, , TRADEMARKS 1,561,991 1,952, RIGHTS AND LICENSES CONCESSIONS 1264 OTHER INTANGIBLE ASSETS 22,286 22, DEFERRED TAX ASSETS 482,71 16, OTHER NON-CURRENT ASSETS 1281 PREPAYMENTS 1281 DERIVATIVE FINANCIAL INSTRUMENTS 1282 EMPLOYEE BENEFITS AVAILABLE FOR SALE ASSETS 1284 DEFERRED CHARGES 1285 OTHER 2 TOTAL LIABILITIES 2,579,23 2,943, TOTAL CURRENT LIABILITIES 2,87,683 2,291, BANK LOANS 212 STOCK MARKET LOANS 213 OTHER LIABILITIES WITH COST 214 TRADE PAYABLES 1,419,247 1,548, TAXES PAYABLE 15, INCOME TAX PAYABLE 15, OTHER TAXES PAYABLE 216 OTHER CURRENT LIABILITIES 668, ,318

2 STOCK EXCHANGE CODE: GRUPO INDUSTRIAL, S.A.B. DE C.V. STATEMENT OF FINANCIAL POSITION QUARTER: 4 YEAR: 215 REF AT 31 DECEMBER 215 AND 31 DECEMBER 214 (Thousand Pesos) ACCOUNT / SUBACCOUNT ENDING CURRENT PREVIOUS YEAR END Amount Amount 2161 INTEREST PAYABLE 2162 DERIVATIVE FINANCIAL INSTRUMENTS 27,29 49, DEFERRED REVENUE 2165 EMPLOYEE BENEFITS 2166 PROVISIONS CURRENT LIABILITIES RELATED TO AVAILABLE FOR SALE ASSETS 2168 OTHER 641, , TOTAL NON-CURRENT LIABILITIES 491,34 652,7 221 BANK LOANS 222 STOCK MARKET LOANS 223 OTHER LIABILITIES WITH COST 224 DEFERRED TAX LIABILITIES 274,36 444, OTHER NON-CURRENT LIABILITIES 216,98 27, DERIVATIVE FINANCIAL INSTRUMENTS 2252 DEFERRED REVENUE 2254 EMPLOYEE BENEFITS 216,98 27, PROVISIONS NON-CURRENT LIABILITIES RELATED TO AVAILABLE FOR SALE ASSETS 2257 OTHER 3 TOTAL EQUITY 9,723,162 7,965, EQUITY ATTRIBUTABLE TO OWNERS OF PARENT 9,465,586 7,692,92 33 CAPITAL STOCK 183, , SHARES REPURCHASED 35 PREMIUM ON ISSUANCE OF SHARES 333, , CONTRIBUTIONS FOR FUTURE CAPITAL INCREASES 37 OTHER CONTRIBUTED CAPITAL 38 RETAINED EARNINGS (ACCUMULATED LOSSES) 8,948,171 7,175, LEGAL RESERVE 36,736 36, OTHER RESERVES 383 RETAINED EARNINGS 6,78,531 5,938, NET INCOME FOR THE PERIOD 2,22,94 1,199, OTHERS 39 ACCUMULATED OTHER COMPREHENSIVE INCOME (NET OF TAX) 391 GAIN ON REVALUATION OF PROPERTIES 392 ACTUARIAL GAINS (LOSSES) FROM LABOR OBLIGATIONS 393 FOREING CURRENCY TRANSLATION 394 CHANGES IN THE VALUATION OF FINANCIAL ASSETS AVAILABLE FOR SALE 395 CHANGES IN THE VALUATION OF DERIVATIVE FINANCIAL INSTRUMENTS 396 CHANGES IN FAIR VALUE OF OTHER ASSETS SHARE OF OTHER COMPREHENSIVE INCOME OF 397 ASSOCIATES AND JOINT VENTURES 398 OTHER COMPREHENSIVE INCOME 32 NON-CONTROLLING INTERESTS 257, ,462

3 STOCK EXCHANGE CODE: GRUPO INDUSTRIAL, S.A.B. DE C.V. STATEMENT OF FINANCIAL POSITION INFORMATIONAL DATA QUARTER: 4 YEAR: 215 REF AT 31 DECEMBER 215 AND 31 DECEMBER 214 (Thousand Pesos) ACCOUNT CONCEPTS / SUBACCOUNT ENDING CURRENT PREVIOUS YEAR END Amount Amount 911 SHORT-TERM FOREIGN CURRENCY LIABILITIES 667, , LONG TERM FOREIGN CURRENCY LIABILITIES 913 CAPITAL STOCK (NOMINAL) 183, , RESTATEMENT OF CAPITAL STOCK 915 PLAN ASSETS FOR PENSIONS AND SENIORITY PREMIUMS 916 NUMBER OF EXECUTIVES (*) NUMBER OF EMPLOYEES (*) 2,746 2, NUMBER OF WORKERS (*) 1,791 1, OUTSTANDING SHARES (*) 918,45, 918,45, 911 REPURCHASED SHARES (*) 9111 RESTRICTED CASH (1) 9112 GUARANTEED DEBT OF ASSOCIATED COMPANIES (1) THIS CONCEPT MUST BE FILLED WHEN THERE ARE GUARANTEES OR RESTRICTIONS THAT AFECCT CASH AND CASH EQUIVALENTS (*) DATA IN UNITS

4 STOCK EXCHANGE CODE: GRUPO INDUSTRIAL, S.A.B. DE C.V. STATEMENTS OF COMPREHENSIVE INCOME QUARTER: 4 YEAR: 215 REF FOR THE TWELVE AND THREE MONTHS ENDED 31 DECEMBER, 215 AND 214 ACCOUNT / SUBACCOUNT (Thousand Pesos) CURRENT YEAR PREVIOUS YEAR ACCUMULATED QUARTER ACCUMULATED QUARTER 41 REVENUE 15,871,348 4,175,577 15,74,17 3,874,6 411 SERVICES 412 SALE OF GOODS 15,871,348 4,175,577 15,74,17 3,874,6 413 INTERESTS 414 ROYALTIES 415 DIVIDENDS 416 LEASES 4161 CONSTRUCTIONS 417 OTHER REVENUE 42 COST OF SALES 11,,61 2,886,511 1,379,911 2,63, GROSS PROFIT 4,87,738 1,289,66 4,694,196 1,243, GENERAL EXPENSES 2,573,29 719,457 2,435, ,41 44 PROFIT (LOSS) BEFORE OTHER INCOME (EXPENSE), NET 2,297, ,69 2,258, , OTHER INCOME (EXPENSE), NET -92,38-27, ,947-15, OPERATING PROFIT (LOSS) (*) 2,25,14 542,37 2,129, , FINANCE INCOME 434,239 99,5 4,923 8, INTEREST INCOME 37,753 5,48 14,996 3, GAIN ON FOREIGN EXCHANGE, NET 54,285 34,655 25,927 4, GAIN ON DERIVATIVES, NET 342,21 58, GAIN ON CHANGE IN FAIR VALUE OF FINANCIAL INSTRUMENTS 475 OTHER FINANCE INCOME 48 FINANCE COSTS 232,67 3, ,54 32, INTEREST EXPENSE 15,287 3,117 65,73 7, LOSS ON FOREIGN EXCHANGE, NET 217,383 27,531 59,462 25, LOSS ON DERIVATIVES, NET 23, LOSS ON CHANGE IN FAIR VALUE OF FINANCIAL INSTRUMENTS 486 OTHER FINANCE COSTS 49 FINANCE INCOME (COSTS), NET 21,569 68,357-17,617-24, SHARE OF PROFIT (LOSS) OF ASSOCIATES AND JOINT VENTURES 411 PROFIT (LOSS) BEFORE INCOME TAX 2,46,79 61,727 2,21,75 456, INCOME TAX EXPENSE 21, , ,95 129, CURRENT TAX 688,46 14, ,69 244, DEFERRED TAX -487,84-352,115-89, , PROFIT (LOSS) FROM CONTINUING OPERATIONS 2,25, ,379 1,394, , PROFIT (LOSS) FROM DISCONTINUED OPERATIONS -195,82-1, NET PROFIT (LOSS) 2,25, ,379 1,199, , PROFIT (LOSS), ATTRIBUTABLE TO NON-CONTROLLING INTERESTS 2,429-8, , PROFIT (LOSS), ATTRIBUTABLE TO OWNERS OF PARENT 2,22,94 83,86 1,199, , BASIC EARNINGS (LOSS) PER SHARE DILUTED EARNINGS (LOSS) PER SHARE..

5 STOCK EXCHANGE CODE: GRUPO INDUSTRIAL, S.A.B. DE C.V. STATEMENTS OF COMPREHENSIVE INCOME OTHER COMPREHENSIVE INCOME (NET OF INCOME TAX) FOR THE TWELVE AND THREE MONTHS ENDED 31 DECEMBER, 215 AND 214 REF ACCOUNT / SUBACCOUNT (Thousand Pesos) QUARTER: 4 YEAR: 215 CURRENT YEAR PREVIOUS YEAR ACCUMULATED QUARTER ACCUMULATED QUARTER 42 NET PROFIT (LOSS) 2,25, ,379 1,199, ,27 DISCLOSURES NOT BE RECLASSIFIED ON INCOME 421 PROPERTY REVALUATION GAINS 422 ACTUARIAL EARNINGS (LOSS) FROM LABOR OBLIGATIONS -2,336-2,336-47,687-47, SHARE OF INCOME ON REVALUATION ON PROPERTIES OF ASSOCIATES AND JOINT VENTURES DISCLOSURES MAY BE RECLASSIFIED SUBSEQUENTLY TO INCOME 423 FOREING CURRENCY TRANSLATION 424 CHANGES IN THE VALUATION OF FINANCIAL ASSETS HELD-FOR-SALE 425 CHANGES IN THE VALUATION OF DERIVATIVE FINANCIAL INSTRUMENTS -1, CHANGES IN FAIR VALUE OF OTHER ASSETS 427 SHARE OF OTHER COMPREHENSIVE INCOME OF ASSOCIATES AND JOINT VENTURES 428 OTHER COMPREHENSIVE INCOME 4,259 4,259 1,16 1, TOTAL OTHER COMPREHENSIVE INCOME -16,77-17,982-37,671-37, TOTAL COMPREHENSIVE INCOME 2,189,256 84,397 1,162,92 287, COMPREHENSIVE INCOME, ATTRIBUTABLE TO NON-CONTROLLING INTERESTS 3,34-7,66-1,816-17, COMPREHENSIVE INCOME, ATTRIBUTABLE TO OWNERS OF PARENT 2,185, ,3 1,163,98 35,257

6 STOCK EXCHANGE CODE: GRUPO INDUSTRIAL, S.A.B. DE C.V. STATEMENTS OF COMPREHENSIVE INCOME INFORMATIONAL DATA QUARTER: 4 YEAR: 215 REF FOR THE TWELVE AND THREE MONTHS ENDED 31 DECEMBER, 215 AND 214 ACCOUNT / SUBACCOUNT (Thousand Pesos) CURRENT YEAR PREVIOUS YEAR ACCUMULATED QUARTER ACCUMULATED QUARTER 921 OPERATING DEPRECIATION AND AMORTIZATION 736, , , ,383

7 STOCK EXCHANGE CODE: GRUPO INDUSTRIAL, S.A.B. DE C.V. STATEMENTS OF COMPREHENSIVE INCOME INFORMATIONAL DATA (12 MONTHS) QUARTER: 4 YEAR: 215 (Thousand Pesos) CURRENT YEAR YEAR PREVIOUS YEAR REF ACCOUNT / SUBACCOUNT ACCUMULATED CURRENTQUARTER ACCUMULATED PREVIOUSQUARTER 923 REVENUE NET (**) 15,871,348 15,74, OPERATING PROFIT (LOSS) (**) 2,25,14 2,129, NET PROFIT (LOSS) (**) 2,25,333 1,199, PROFIT (LOSS), ATTRIBUTABLE TO OWNERS OF PARENT(**) 2,22,94 1,199, OPERATING DEPRECIATION AND AMORTIZATION (**) 736, ,493 (*) TO BE DEFINED BY EACH COMPANY (**) INFORMATION LAST 12 MONTHS

8 STOCK EXCHANGE CODE: GRUPO INDUSTRIAL, S.A.B. DE C.V. STATEMENT OF CHANGES IN EQUITY (THOUSAND PESOS) QUARTER: 4 YEAR: 215 CONCEPTS CAPITAL STOCK SHARES REPURCHASED PREMIUM ON ISSUANCE OF SHARES CONTRIBUTIONS FOR FUTURE CAPITAL INCREASES OTHER CAPITAL CONTRIBUTED RETAINED EARNINGS (ACCUMULATED LOSSES) RESERVES UNAPPROPRIATE D EARNINGS (ACCUMULATED LOSSES) ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) EQUITY ATTRIBUTABLE TO OWNERS OF PARENT NON- CONTROLLING INTERESTS TOTAL EQUITY BALANCE AT JANUARY 1, , ,734 6,498,35 7,15, ,822 7,39,587 RETROSPECTIVE ADJUSTMENTS APPLICATION OF COMPREHENSIVE INCOME TO RETAINED EARNINGS RESERVES DIVIDENDS -486, ,753-19,544-56,297 CAPITAL INCREASE (DECREASE) REPURCHASE OF SHARES (DECREASE) INCREASE IN PREMIUM ON ISSUE OF SHARES (DECREASE) INCREASE IN NON-CONTROLLING INTERESTS OTHER CHANGES COMPREHENSIVE INCOME 1,163,98 1,163,98-1,816 1,162,92 BALANCE AT DECEMBER 31, , ,734 7,175,55 7,692,92 272,462 7,965,382 BALANCE AT JANUARY 1, , ,734 7,175,55 7,692,92 272,462 7,965,382 RETROSPECTIVE ADJUSTMENTS APPLICATION OF COMPREHENSIVE INCOME TO RETAINED EARNINGS RESERVES DIVIDENDS -413, ,286-18,19-431,476 CAPITAL INCREASE (DECREASE) REPURCHASE OF SHARES (DECREASE) INCREASE IN PREMIUM ON ISSUE OF SHARES (DECREASE) INCREASE IN NON-CONTROLLING INTERESTS OTHER CHANGES COMPREHENSIVE INCOME 2,185,952 2,185,952 3,34 2,189,256 BALANCE AT DECEMBER 31, , ,734 8,948,171 9,465, ,576 9,723,162

9 STOCK EXCHANGE CODE: GRUPO INDUSTRIAL, S.A.B. DE C.V. STATEMENT OF CASH FLOWS QUARTER: 4 YEAR: 215 FOR THE TWELVE MONTHS ENDED 31 DECEMBER, 215 AND 214 (Thousand Pesos) REF OPERATING ACTIVITIES ACCOUNT/SUBACCOUNT CURREENT YEAR Amount PREVIOUS YEAR 51 PROFIT (LOSS) BEFORE INCOME TAX 2,46,79 2,21, (-) ITEMS NOT REQUIRING CASH ESTIMATE FOR THE PERIOD PROVISION FOR THE PERIOD 523 +(-) OTHER UNREALISED ITEMS 53 +(-) ITEMS RELATED TO INVESTING ACTIVITIES 761, , DEPRECIATION AND AMORTISATION FOR THE PERIOD 736, , (-)+ GAIN OR LOSS ON SALE OF PROPERTY, PLANT AND EQUIPMENT , (-) LOSS (REVERSAL) IMPAIRMENT 534 (-)+ EQUITY IN RESULTS OF ASSOCIATES AND JOINT VENTURES 535 (-) DIVIDENDS RECEIVED 536 (-) INTEREST RECEIVED -4,19-3, (-) EXCHANGE FLUCTUATION 538 (-)+ OTHER INFLOWS (OUTFLOWS) OF CASH 28,98 2, (-) ITEMS RELATED TO FINANCING ACTIVITIES 161, ,7 541 (+) ACCRUED INTEREST 11,289 46, (+) EXCHANGE FLUCTUATION 163,98 33, (+) DERIVATIVE TRANSACTIONS -13,89 49, (-)+ OTHER INFLOWS (OUTFLOWS) OF CASH 55 CASH FLOWS BEFORE INCOME TAX 3,329,4 2,875, CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES -1,979,32-373, (-) DECREASE (INCREASE) IN TRADE ACCOUNTS RECEIVABLE -232,25 14, (-) DECREASE (INCREASE) IN INVENTORIES -536,489 1, (-) DECREASE (INCREASE) IN OTHER ACCOUNTS RECEIVABLE -294, , (-) INCREASE (DECREASE) IN TRADE ACCOUNTS PAYABLE -292, , (-) INCREASE (DECREASE) IN OTHER LIABILITIES 22, , (-) INCOME TAXES PAID OR RETURNED -843, , NET CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES 1,35,98 2,51,444 INVESTING ACTIVITIES 58 NET CASH FLOWS FROM (USED IN) INVESTING ACTIVITIES -561,15-211, (-) PERMANENT INVESTMENTS DISPOSITION OF PERMANENT INVESTMENTS 583 (-) INVESTMENT IN PROPERTY, PLANT AND EQUIPMENT -616, , SALE OF PROPERTY, PLANT AND EQUIPMENT 51,651 48, (-) TEMPORARY INVESTMENTS DISPOSITION OF TEMPORARY INVESTMENTS 587 (-) INVESTMENT IN INTANGIBLE ASSETS , DISPOSITION OF INTANGIBLE ASSETS 589 (-) ACQUISITIONS OF VENTURES DISPOSITIONS OF VENTURES 155, DIVIDEND RECEIVED INTEREST RECEIVED (-) DECREASE (INCREASE) ADVANCES AND LOANS TO THIRD PARTS (+) OTHER INFLOWS (OUTFLOWS) OF CASH 5,22-69,344 FINANCING ACTIVITIES 59 NET CASH FLOW FROM (USED IN) FINANCING ACTIVITIES -491,789-2,92, BANK FINANCING STOCK MARKET FINANCING OTHER FINANCING -49,24 9, (-) BANK FINANCING AMORTISATION -1,55, 595 (-) STOCK MARKET FINANCING AMORTISATION 596 (-) OTHER FINANCING AMORTISATION 597 +(-) INCREASE (DECREASE) IN CAPITAL STOCK 598 (-) DIVIDENDS PAID -431,476-56, PREMIUM ON ISSUANCE OF SHARES CONTRIBUTIONS FOR FUTURE CAPITAL INCREASES 5911 (-) INTEREST EXPENSE -11,289-46, (-) REPURCHASE OF SHARES 5913 (-)+ OTHER INFLOWS (OUTFLOWS) OF CASH Amount

10 STOCK EXCHANGE CODE: GRUPO INDUSTRIAL, S.A.B. DE C.V. STATEMENT OF CASH FLOWS QUARTER: 4 YEAR: 215 FOR THE TWELVE MONTHS ENDED 31 DECEMBER, 215 AND 214 (Thousand Pesos) REF ACCOUNT/SUBACCOUNT CURREENT YEAR Amount PREVIOUS YEAR 51 NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 297, , EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS 512 CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 237,172 39, CASH AND CASH EQUIVALENTS AT END OF PERIOD 534, ,172 Amount

11 STOCK EXCHANGE CODE: QUARTER: 4 YEAR: 215 GRUPO INDUSTRIAL, S.A.B. DISCUSSION AND ANALYSIS OF THE DE C.V. ADMINISTRATION ON THE RESULTS OF PAGE 1 / 3 OPERATIONS AND FINANCIAL CONDITION OF THE COMPANY GIMSA REPORTS FOURTH QUARTER 215 RESULTS RESULTS OF OPERATIONS 4Q15 versus 4Q14 Sales volume increased 4% to 485 thousand metric tons. Corn flour sales volume rose 6% due mainly to (1) tortilla producers because of the strengthening of commercial initiatives aimed at improving customer service; (2) higher intercompany sales to our U.S. corn flour operations to support their growth; and (3) higher sales to snack producers due to conversion from the traditional method to corn flour. The increase was partially offset by the reclassification of byproducts for animal feed, an operation that effective April 215 is no longer part of GIMSA as it was incorporated into a new subsidiary within Other Subsidiaries and Eliminations. Net sales grew 8% to Ps.4,176 million in connection with the aforementioned sales volume growth, and higher prices implemented to reflect higher corn costs. Also, net sales rose in connection with (1) the peso weakness on intercompany sales to the U.S. operations as those sales are dollar denominated; (2) a change in the sales mix towards corn flour resulting from the aforementioned reclassification of the byproducts for animal feed operation; and (3) an extraordinary corn sale to third parties of Ps.41 million, which benefits net sales but is not reflected in sales volume. Cost of sales as a percentage of net sales increased to 69.1% from 67.9% as a result of (1) higher corn costs mostly resulting from peso weakness; (2) higher transportation costs for corn related to higher tariffs and to longer distances as more corn was procured during the Sinaloa summer crop; (3) increases in additives and packaging costs in connection with the weaker peso, changes in formulation and improved packaging for some SKUs; and (4) the aforementioned extraordinary corn sale at very low margins. In absolute terms, cost of sales rose 1% to Ps.2,887 million mostly due to the aforementioned volume growth and higher costs. SG&A as a percentage of net sales increased to 17.2% from 17.% and, in absolute terms, SG&A rose 9% to Ps.719 million due mainly to (1) higher freight expenses in connection with volume growth, higher freight tariffs and higher intercompany shipments resulting from capacity constrains in some regions; (2) new distribution centers; and (3) higher severance payments and year-end accounting adjustments related to higher provisions on employee benefits. Operating income increased 13% to Ps.542 million due to lower other expense, net. In 4Q14 GIMSA reported higher losses on natural gas hedging and a write-off of fixed assets. Operating margin improved to 13.% from 12.4% due to the aforementioned reduction in other expense, net. EBITDA increased 1% to Ps.727 million. EBITDA margin improved to 17.4% from 17.1%. Net comprehensive financing income was Ps.68 million versus a cost of Ps.25 million, due mainly to gains on foreign exchange hedging related to corn procurement. Also, the company reported foreign exchange gains on dollar-denominated trade accounts payable versus losses in 4Q14. Income taxes were a positive Ps.212 million versus a charge of Ps.13 million in 4Q14. The implementation of several initiatives allowed GIMSA to use tax-loss-carry-forwards, resulting in one-time benefits.

12 STOCK EXCHANGE CODE: QUARTER: 4 YEAR: 215 GRUPO INDUSTRIAL, S.A.B. DISCUSSION AND ANALYSIS OF THE DE C.V. ADMINISTRATION ON THE RESULTS OF PAGE 2 / 3 OPERATIONS AND FINANCIAL CONDITION OF THE COMPANY Majority net income was Ps.831 million, an increase of Ps.49 million driven by the positive tax effect, and, to a lesser extent, net comprehensive financing income and better operational performance. As a percentage of net sales, majority net income improved to 19.9% from 8.8%. FINANCIAL POSITION December 215 versus September 215 Balance Sheet Highlights Total assets decreased 1% to Ps.12,32 million due primarily to consumption of corn inventories. Total liabilities decreased 26% to Ps.2,579 million largely due to lower trade accounts payable. Shareholders equity increased 9% to Ps.9,723 million. ACCOUNTING PROCEDURES The consolidated figures have been prepared in accordance with the International Financial Reporting Standards (IFRS). International Accounting Standard 29 (IAS 29) defines the criteria to consider when a company operates under a hyperinflationary economic environment, which are: * The general population prefers to keep its wealth in non-monetary assets or in a relatively stable foreign currency. Amounts of local currency held are immediately invested to maintain purchasing power; * The general population regards monetary amounts not in terms of the local currency but in terms of a relatively stable foreign currency. Prices may be quoted in that currency; * Sales and purchases on credit take place at prices that compensate for the expected loss of purchasing power during the credit period, even if the period is short; * Interest rates, wages, and prices are linked to a price index; and * The cumulative inflation rate over three years is approaching, or exceeds, 1%. Based on the foregoing, as GIMSA operates in a non-hyperinflationary environment, the effects of inflation are not recognized in its figures. ABOUT GIMSA Founded in 1949, Grupo Industrial Maseca, S.A.B. de C.V. ( GIMSA ), is the world s largest producer of corn flour. GIMSA is engaged principally in the production of corn flour in Mexico under the brand name. GIMSA s corn flour is used mainly in the preparation of tortillas and other related products. GIMSA is headquartered in San Pedro Garza Garcia, Mexico, and has approximately 4,7 employees and 18 plants. In 215, GIMSA had net sales of US$922 million. This report may contain certain forward-looking statements and information relating to Grupo Industrial Maseca, S.A.B. de C.V., that are based on the beliefs of its management as well as assumptions made by and information then available to GIMSA. Such statements reflect the views of GIMSA with respect to future events and are subject to certain risks, uncertainties, and assumptions. Many factors could cause the actual results, performance, or achievements of GIMSA to be materially different from historical results or any future results, performance, or achievements that may be expressed or implied by such forward-looking statements. Such factors include, among others, changes in economic, political, social, governmental, business, or other

13 STOCK EXCHANGE CODE: QUARTER: 4 YEAR: 215 GRUPO INDUSTRIAL, S.A.B. DISCUSSION AND ANALYSIS OF THE DE C.V. ADMINISTRATION ON THE RESULTS OF PAGE 3 / 3 OPERATIONS AND FINANCIAL CONDITION OF THE COMPANY factors globally or in Mexico, as well as world and domestic corn prices. If one or more of these risks or uncertainties materializes, or underlying assumptions are proven incorrect, actual results may vary materially from those described herein as anticipated, believed, estimated, expected, or targeted. GIMSA does not intend, and undertakes no obligation, to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

14 STOCK EXCHANGE CODE: QUARTER: 4 YEAR: 215 GRUPO INDUSTRIAL, FINANCIAL STATEMENT NOTES S.A.B. DE C.V. PAGE 1 / 1

15 STOCK EXCHANGE CODE: QUARTER: 4 YEAR: 215 GRUPO INDUSTRIAL, S.A.B. DE C.V. INVESTMENTS IN ASSOCIATES AND JOINT VENTURES (THOUSAND PESOS) COMPANY NAME PRICIPAL ACTIVITY NUMBER OF SHARES % OWNER SHIP TOTAL AMOUNT ACQUISITION COST CURRENT VALUE TOTAL INVESTMENT IN ASSOCIATES NOTES

16 STOCK EXCHANGE CODE: GRUPO INDUSTRIAL, S.A.B. DE C.V. BREAKDOWN OF CREDITS (THOUSAND PESOS) QUARTER: 4 YEAR: 215 MATURITY OR AMORTIZATION OF CREDITS IN NATIONAL CURRENCY MATURITY OR AMORTIZATION OF CREDITS IN FOREIGN CURRENCY CREDIT TYPE / INSTITUTION FOREIGN INSTITUTION (YES/NO) CONTRACT SIGNING DATE EXPIRATION DATE INTEREST RATE TIME INTERVAL TIME INTERVAL CURRENT YEAR UNTIL 1YEAR UNTIL 2 YEAR UNTIL 3 YEAR UNTIL 4 YEAR UNTIL 5 YEAR OR MORE CURRENT YEAR UNTIL 1YEAR UNTIL 2 YEAR UNTIL 3 YEAR UNTIL 4 YEAR UNTIL 5 YEAR OR MORE BANKS FOREIGN TRADE SECURED COMMERCIAL BANKS OTHER TOTAL BANKS

17 STOCK EXCHANGE CODE: GRUPO INDUSTRIAL, S.A.B. DE C.V. BREAKDOWN OF CREDITS (THOUSAND PESOS) QUARTER: 4 YEAR: 215 MATURITY OR AMORTIZATION OF CREDITS IN NATIONAL CURRENCY MATURITY OR AMORTIZATION OF CREDITS IN FOREIGN CURRENCY CREDIT TYPE / INSTITUTION FOREIGN INSTITUTION (YES/NO) CONTRACT SIGNING DATE EXPIRATION DATE INTEREST RATE TIME INTERVAL TIME INTERVAL CURRENT YEAR UNTIL 1YEAR UNTIL 2 YEAR UNTIL 3 YEAR UNTIL 4 YEAR UNTIL 5 YEAR OR MORE CURRENT YEAR UNTIL 1YEAR UNTIL 2 YEAR UNTIL 3 YEAR UNTIL 4 YEAR UNTIL 5 YEAR OR MORE STOCK MARKET LISTED STOCK EXCHANGE UNSECURED SECURED PRIVATE PLACEMENTS UNSECURED SECURED TOTAL STOCK MARKET LISTED IN STOCK EXCHANGE AND PRIVATE PLACEMENT

18 STOCK EXCHANGE CODE: GRUPO INDUSTRIAL, S.A.B. DE C.V. BREAKDOWN OF CREDITS (THOUSAND PESOS) QUARTER: 4 YEAR: 215 MATURITY OR AMORTIZATION OF CREDITS IN NATIONAL CURRENCY MATURITY OR AMORTIZATION OF CREDITS IN FOREIGN CURRENCY CREDIT TYPE / INSTITUTION FOREIGN INSTITUTION (YES/NO) DATE OF AGREEMENT EXPIRATION DATE TIME INTERVAL TIME INTERVAL CURRENT YEAR UNTIL 1YEAR UNTIL 2 YEAR UNTIL 3 YEAR UNTIL 4 YEAR UNTIL 5 YEAR OR MORE CURRENT YEAR UNTIL 1YEAR UNTIL 2 YEAR UNTIL 3 YEAR UNTIL 4 YEAR UNTIL 5 YEAR OR MORE OTHER CURRENT AND NON- CURRENT LIABILITIES WITH COST TOTAL OTHER CURRENT AND NON- CURRENT LIABILITIES WITH COST SUPPLIERS PROVEEDORES NOT 31/12/215 31/12/216 N/A 81,633 PROVEEDORES YES 31/12/215 31/12/216 N/A 617,614 TOTAL SUPPLIERS 81, ,614 OTHER CURRENT AND NON- CURRENT LIABILITIES BENEFICIO A LOS EMPLEADOS NOT N/A 216,98 OTROS NOT N/A 618,376 OTROS YES N/A 5,6 TOTAL OTHER CURRENT AND NON- CURRENT LIABILITIES 618, ,98 5,6 GENERAL TOTAL 1,42,9 216,98 667,674 NOTES

19 STOCK EXCHANGE CODE: GRUPO INDUSTRIAL, S.A.B. DE C.V. MONETARY FOREIGN CURRENCY POSITION (THOUSAND PESOS) QUARTER: 4 YEAR: 215 FOREIGN CURRENCY POSITION (THOUSANDS OF PESOS) THOUSANDS OF DOLLARS DOLLARS THOUSAND PESOS OTHER CURRENCIES THOUSANDS OF DOLLARS THOUSAND PESOS THOUSAND PESOS TOTAL MONETARY ASSETS 5,547 95,437 95,437 CURRENT 5,547 95,437 95,437 NON CURRENT LIABILITIES POSITION 38,84 667, ,674 CURRENT 38,84 667, ,674 NON CURRENT NET BALANCE -33, , ,237 NOTES

20 STOCK EXCHANGE CODE: QUARTER: 4 YEAR: 215 GRUPO INDUSTRIAL, S.A.B. DE C.V. DEBT INSTRUMENTS PAGE 1 / 2 FINANCIAL LIMITATIONS IN CONTRACT, ISSUED DEED AND / OR TITLE

21 STOCK EXCHANGE CODE: QUARTER: 4 YEAR: 215 GRUPO INDUSTRIAL, S.A.B. DE C.V. DEBT INSTRUMENTS PAGE 2 / 2 ACTUAL SITUATION OF FINANCIAL LIMITED

22 STOCK EXCHANGE CODE: GRUPO INDUSTRIAL, S.A.B. DE C.V. DISTRIBUTION OF REVENUE BY PRODUCT TOTAL INCOME (THOUSAND PESOS) QUARTER: 4 YEAR: 215 MAIN PRODUCTS OR PRODUCT LINE VOLUME NET SALES AMOUNT MARKET SHARE (%) TRADEMARKS MAIN CUSTOMERS NATIONAL INCOME HARINA DE MAÍZ 1,743,972 15,13,627. Y AGROINSA VARIOS OTROS 32, ,89. AGROINSA Y OTROS VARIOS EXPORT INCOME HARINA DE MAÍZ 7, ,632. VARIOS INCOME OF SUBSIDIARIES ABROAD TOTAL 1,847,77 15,871,348 NOTES

23 STOCK EXCHANGE CODE: GRUPO INDUSTRIAL, S.A.B. DE C.V. ANALYSIS OF PAID CAPITAL STOCK CHARACTERISTICS OF THE SHARES QUARTER: 4 YEAR: 215 SERIES NOMINAL VALUE VALID COUPON FIXED PORTION NUMBER OF SHARES CAPITAL STOCK FREE SUBSCRIPTION VARIABLE PORTION MEXICAN FIXED VARIABLE A 54,15,3 54,15,3 1,83 B 414,254,7 414,254,7 82,851 TOTAL 918,45, 54,15,3 414,254,7 183,681 TOTAL NUMBER OF SHARES REPRESENTING THE PAID IN CAPITAL STOCK ON THE DATE OF SENDING THE INFORMATION 918,45, NOTES

24 STOCK EXCHANGE CODE: QUARTER: 4 YEAR: 215 GRUPO INDUSTRIAL, S.A.B. DERIVATIVE FINANCIAL INSTRUMENTS DE C.V. PAGE 1 / 1

25 STOCK EXCHANGE CODE: QUARTER 4 YEAR: 215 GRUPO INDUSTRIAL, S.A.B. DE C.V. NOTES TO FINANCIAL STATEMENTS ACUM927: LA DEPRECIACIÓN Y AMORTIZACION OPERATIVA ACUMULADA AL 31 DE DICIEMBRE DE 214 ASCIENDE A $698,493, SE PRESENTA VARIACIÓN EN FLUJO DE EFECTIVO $672,963 POR CONCEPTO DE INGRESOS NO RELACIONADOS CON LA OPERACIÓN POR ($21,757 Y -$47,287 = $25,53) IN THIS ANNEX INCLUDE THE NOTES FOR THE FINANCIAL STATEMENTS ACCOUNTS AND STATEMENTS ACCOUNTS BREAKDOWNS AND OTHER CONCEPTS