Organización Cultiba, S.A.B. de C.V. Announces Consolidated Unaudited Earnings Results for the Second Quarter and Six Months Ended June 30, 2016
July 19, 2016
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Organización Cultiba, S.A.B. de C.V. announced consolidated unaudited earnings results for the second quarter and six months ended June 30, 2016. For the quarter, the company reported net sales of MXN 10,833 million compared with MXN 9,917 million for the same period a year ago. Income from operations was MXN 769 million compared with MXN 542 million for the same period a year ago. Income before tax was MXN 641 million compared with MXN 439 million for the same period a year ago. Net income was MXN 317 million compared with MXN 287 million for the same period a year ago. EBITDA was MXN 1,346 million compared with MXN 1,119 million for the same period a year ago. Total company revenue in second quarter 2016 increased 9.2% from the second quarter of 2015, primarily due to continued improvements in volume sales mix at the beverages division. Increased relevance of higher-value categories and continued transition to smaller presentations keep driving unit prices up. Total company revenue growth also reflects price recovery across the entire beverages portfolio, as well as a better price environment in the sugar division.
For the six months, the company reported net sales of MXN 19,649 million compared with MXN 17,750 million for the same period a year ago. Income from operations was MXN 1,036 million compared with MXN 577 million for the same period a year ago. Income before tax was MXN 821 million compared with MXN 323 million for the same period a year ago. Net income was MXN 387 million compared with MXN 95 million for the same period a year ago. EBITDA was MXN 2,209 million compared with MXN 1,749 million for the same period a year ago. Total company revenue in the first six months of 2016 increased 10.7% from the first six months of 2015, primarily due to price improvements in both the sugar and beverages divisions, and to gradual beverages volume recovery. Net debt was MXN 2,761 million compared with MXN 5,944 million for the same period a year ago.
Organizacion Cultiba SAB de CV (Cultiba) is a Mexico-based holding company principally engaged, together with its subsidiaries, in the beverages industry. The Company has license from Pepsi-Co Inc to produce, distribute and sell mainly the Pepsi Cola, Manzanita Sol, Mirinda, Kas, Gatorade, Lipton, Be Light, Mountain Dew and Seven Up soft drink trademarks. The Company also produces and distributes bottled water under the Trisoda, Santorini and Junghanns brands, among others. In addition, the Company is involved in the production of cane sugar and molasses. The Company owns such subsidiaries as Geusa SA de Tala Electric SA de CV, Agroestevia SA de CV, Geupec Administracion SA de CV, Ingenio Rosales SA de CV and Embotelladora Valle de Oaxaca SA de CV, among others. On August 31, 2013, Cultiba incorporated Grupo Azucarero Mexico SA de CV (GAM) and Controladora de Negocios Azucareros SA de CV (CONASA).