Genomma Lab Internacional Reports Fourth Quarter & Full Year 2023 Results
"Due to the abrupt devaluation of the Argentine peso in late December, accounting rules required
The following table provides an abridged Income Statement, in millions of Mexican pesos. The margin for each figure represents its ratio to net sales and the percentage change in full year 2023 as compared with the same audited period in 2022.
|
FY 2023 |
% Sales |
FY 2022 (2) |
% Sales |
Like for like (3) |
Var. % |
|
16,466.7 |
100.0 % |
16,819.9 |
100.0 % |
+16.7 % |
(2.1) % |
Gross Profit |
10,082.8 |
61.2 % |
10,163.5 |
60.4 % |
|
(0.8) % |
Operating Income |
3,224.2 |
19.6 % |
3,245.2 |
19.3 % |
|
(0.6) % |
EBITDA(1) |
3,453.5 |
21.0 % |
3,453.1 |
20.5 % |
|
0.0 % |
Net Income |
1,030.6 |
6.3 % |
1,389.2 |
8.3 % |
|
(25.8) % |
1) EBITDA defined as operating income before depreciation and amortization 2) FY-2022 audit adjustments were allocated to Q4-2022 as presented herein.
3)
Like For Like currency (excluding |
The following table provides an abridged Income Statement, in millions of Mexican pesos, for the full year 2023 as compared with the same period in 2022, excluding the IAS 29 effect and the special conversion method of IAS 21.
|
FY 2023 Excl. IAS 29(4) |
% Sales |
FY 2022 Excl. IAS 29(4) |
% Sales |
|
Var. % |
|
17,411.1 |
100.0 % |
16,860.0 |
100.0 % |
|
+3.3 % |
EBITDA(1) |
3,930.2 |
22.6 % |
3,480.6 |
20.6 % |
|
+12.9 % |
Net Income |
1,807.5 |
10.4 % |
2,122.7 |
12.6 % |
|
(14.9) % |
1) |
This table is presented as supplementary information (non-IFRS standard). To understand IAS 29 effect on income statement comparison, please refer to annex at the end of this document |
Highlights
- FY-2023 Sales closed at Ps. 16.5 billion
- FY-2023 EBITDA margin of 21.0% a 50bps expansion
- FY-2023 Gross Profit Margin of 61.2% an 80bps year on year increase
- Q4-2023 Net Debt to EBITDA of 1.31x
- Capex Investments for the twelve months ended
December 31, 2023 reached Ps. 212.2 million.
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Note on Forward-Looking Statements
This report may contain certain forward-looking statements and information relating to the Company that reflect the current views and/or expectations of the Company and its management with respect to its performance, business and future events. Forward looking statements include, without limitation, any statement that may predict, forecast, indicate or imply future results, performance or achievements, and may contain words like "believe," "anticipate," "expect," "envisages," "will likely result," or any other words or phrases of similar meaning. Such statements are subject to a number of risks, uncertainties and assumptions. We caution you that a number of important factors could cause actual results to differ materially from the plans, objectives, expectations, estimates and intentions expressed in this presentation and in oral statements made by authorized officers of the Company. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of their dates. Risks and uncertainties include, but are not limited to: risks related to the impact of the COVID19 global pandemic, such as the scope and duration of the outbreak, government actions and restrictive measures implemented in response, material delays, supply chain disruptions and other impacts to the business, or on the Company's ability to execute business continuity plans as a result of the COVID- 19 pandemic, economic factors, such as interest rate and currency exchange rate fluctuations; competition, including technological advances, new products attained by competitors; challenges inherent in new product development; the ability of the Company to successfully execute strategic plans; the impact of business combinations and divestitures; manufacturing difficulties or delays, internally or within the supply chain; significant adverse litigation or government action, including related to product liability claims; changes to applicable laws and regulations, including tax laws; changes in behavior and spending patterns of purchasers of products and services; financial instability of international economies and legal systems and sovereign risk. A further list and descriptions of these risks, uncertainties and other factors can be found within the Company's related filings with the Bolsa
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