Mexico City, Mexico, February 16th, 2023 / — BECLE, S.A.B. de C.V. (“Cuervo”, “Becle” or the “Company”) (BMV: CUERVO) announced its financial results today for the fourth quarter and full year ended December 31st, 2022.
All figures in this release are derived from the Company’s interim consolidated financial statements as of December 31st, 2022, and for the three and twelve-month periods ended on the same date, which are prepared in accordance with International Financial Reporting Standards (IFRS).
Fourth Quarter 2022 highlights
- Volume increased 3.8% to 8.2 million nine-liter cases;
- Net sales increased 5.1% to P$13,801 million pesos;
- Gross profit increased 9.0% to P$7,941 million pesos. Gross margin was 57.5%, an
increase of 2.0 percentage points year over year; - EBITDA increased 7.7% to P$2,495 million pesos. EBITDA margin was 18.1%, an
increase of 0.5 percentage points year over year; - Consolidated net income decreased 11.4% to P$1,396 million pesos. Net margin
was 10.1%, a decrease of 1.9 percentage points year over year and; - Earnings per share (“EPS”) were P$0.39 pesos.
Full Year 2022 highlights
- Volume increased 7.4% to 27.5 million nine-liter cases;
- Net sales increased 16.0% to P$45,729 million pesos;
- Gross profit increased 17.9% to P$25,087 million pesos. Gross margin was 54.9%, an increase of 0.9 percentage points year over year;
- EBITDA increased 24.0% to P$9,843 million pesos. EBITDA margin was 21.5%, an increase of 1.4 percentage points year over year;
- Consolidated net income increased 16.8% to P$5,881 million pesos. Net margin was 12.9%, an increase of 0.1 percentage points year over year and;
- EPS were P$1.64 pesos.
All abovementioned increases and decreases are in comparison to the corresponding period from last year.
Management commentary
“In 2022, we continued to benefit from the premium spirits trend, on-premise openings, and our mitigation of supply chain challenges, in the face of inflationary pressures. Our long-held belief in tequila as a top premium spirit is proving correct as tequila recently overtook American whiskey to become the second most valuable spirit in the US and is set to surpass vodka by the end of 2023, according to IWSR (1). Becle’s diverse portfolio, with its desirable premium-plus options in high-growth geographies, is well positioned to continue its success.”
(1) International Wine and Spirits (“IWSR”)
Fourth Quarter 2022 Unaudited Financial Results Conference Call and Webcast Details
Date: Friday, February 17th, 2023
Time: 9:00 a.m. Mexico City Time (10:00 a.m. E.T.)
Participants: Juan Domingo Beckmann (CEO), Fernando Suárez (CFO)
Dial-in:
Mexico: +52 55 1168 9973
Brazil: +55 61 2017 1549
USA: +1 718 866 4614
Canada: +1 587 855 1318
United Kingdom: +44 203 984 9844
France: +33 1758 50 878
Germany: +49 30 25 555 323
Conference ID: 623996
Webcast:
https://mm.closir.com/slides?id=623996 or www.becle.com.mx.
Miranda Newswire – Full Press Release: Download PDF
Contact:
Investor Relations:
Bryan Carlson
Jose Ignacio Aldama
Investor Relations
Corporate Affairs:
Alfredo López alopez@cuervo.com.mx