MEXICO
CITY, April 23, 2024 /PRNewswire/ -- Grupo
Rotoplas S.A.B. de C.V. (BMV: AGUA*) ("Rotoplas", "the Company"),
America's leading company in water solutions, reports its unaudited
first quarter 2024 results. The information has been prepared in
accordance with the International Financial Reporting Standards
(IFRS).
Figures are expressed in millions of Mexican
pesos.
HIGHLIGHTS | 1Q24 vs 1Q23
- During this quarter, we reported a record gross
margin of 50.7%, the highest in the Company's history along
with a 70 bps expansion in EBITDA margin. Additionally,
services experienced significant growth, the
cash conversion cycle was optimized by 56
days, and net income was 8.3 times greater than in the
first quarter of 2023.
- Nonetheless, Net sales closed at Ps. 2,667 million,
2.9% below 1Q23, due to a complex economic and climatic environment
in the various countries where we operate. Mexico and Central
America had a solid performance in both sales and
profitability; however, they were unable to offset the declines in
other regions, exacerbated by the strength of the Mexican
peso.
Taking the 2023 exchange rate, and isolating
the effect of devaluation in Argentina, net sales growth would have been
1.0%.
- Product sales decreased by 6.1%,
affected by weak demand, as well as adverse exchange rate effects,
especially in Argentina,
the United States, and
Peru.
- Service sales increased by 56.2%,
driven by the ongoing expansion of bebbia and the solid
growth in RSA and rieggo.
- Gross margin closed at 50.7%, with an expansion of 300
bps. This result is due to an efficient pricing strategy, the
reduction in raw material costs, and an increase in sales volumes
of Tinaco Plus+ in Mexico, which
has a lower average production cost.
- Operating income reached Ps. 421 million, a margin
of 15.8%, a reduction of 20 basis points compared to 1Q23. This
reduction is attributed to an increase in operating expenses,
influenced by higher freight costs and the development of
e-commerce, digitalization, and advertising initiatives for
bebbia in Mexico, along
with a slowdown in sales in certain markets.
- EBITDA remained stable, reaching Ps. 555 million.
The margin expanded by 70 bps compared to 1Q23, reaching
20.8%.
- Net income closed at Ps. 304 million, an increase
of 8.3x compared to 1Q23, driven by a reduction in financial
expenses.
- ROIC at the end of the quarter was 14.0%, decreasing by
210 basis points compared to 1Q23, due to the reduction in
operating profitability and the increase in invested capital.
However, ROIC remains 290 basis points above the cost of
capital.
- The Net Debt/EBITDA leverage ratio closed at 1.7x,
and the cash conversion cycle was optimized by 56 days due to an
effective working capital management.
- During the period, CapEx reached Ps. 98
million, mainly directed towards updating the production
process of storage solutions in Mexico.
KEY FIGURES | 1Q24 vs 1Q23
|
|
1Q
|
|
|
|
2024
|
2023
|
%Δ
|
Income
Statement
|
Net Sales
|
2,667
|
2,746
|
(2.9 %)
|
% gross
margin
|
50.7 %
|
47.7 %
|
300
bps
|
Operating
Income
|
421
|
438
|
(4.0 %)
|
%
margin
|
15.8 %
|
16.0 %
|
(20)
bps
|
EBITDA
|
555
|
553
|
0.4 %
|
%
margin
|
20.8 %
|
20.1 %
|
70
bps
|
Neta Income
|
304
|
37
|
NM
|
%
margen
|
11.4 %
|
1.3 %
|
1,010
bps
|
|
|
|
|
|
Balance
Sheet
|
Cash and Cash
Equivalents
|
|
682
|
(16.4 %)
|
Total Debt
|
4,123
|
4,146
|
(0.6 %)
|
Net Debt
|
3,553
|
3,464
|
2.6 %
|
|
|
|
|
|
Cash Flow
|
Operating Cash
Flow
|
132
|
136
|
(3.0 %)
|
CapEx
|
98
|
110
|
(11.1 %)
|
Working
Capital
|
(361)
|
(264)
|
37.0 %
|
|
|
|
|
|
Ohers
|
Net Debt /
EBITDA
|
1.7 x
|
1.6 x
|
0.1 x
|
ROIC
|
14.0 %
|
16.1 %
|
(210) bps
|
Cash Conversion
Cycle
|
30
|
86
|
(56)
|
|
|
|
|
|
|
|
KEY FIGURES | JANUARY – MARCH 2024
Employees
|
3,737
|
Sales Points
|
>32,000
|
Government
Transactions
|
4.2 %
|
e-commerce
clients
|
>5,260
|
bebbia users
|
>115,000
|
20L water jugs
saved
|
8.6 million
|
MESSAGE | CEO
Dear investors,
As we begin 2024, our focus remains on delivering
decentralized water solutions and enhanced access in
the regions in which we operate, while implementing operational and
financial strategies to create value for our stakeholders.
During the quarter, we successfully maintained profitability,
achieving an EBITDA margin of over 20%, as well as a ROIC above the
cost of capital. However, we faced challenges due to lower demand
in Argentina, the United States, and Peru.
Mexico achieved solid results,
with strong performance in both services and products. The drought
in the central region of the country continues to drive volume
growth, while acquisitions through our Programmatic M&A
strategy have brought more dynamism to rieggo and RSA. Our
solutions aim to address and mitigate the growing issue of water
scarcity in our country. During this period, we were able to make
adjustments in production and supply chain management to meet the
high demand.
Our pricing strategy and ongoing business activity with our
partners, distributors and plumbers, have maintained the leading
position of our brands in the different regions where we
operate.
Regarding corporate governance best practices, on April 26th, the General Assembly will be
presented with the nomination of two new independent board members,
Regina García-Cuellar and Marcos
Westphalen, whose experience will strengthen the Board of
Directors and provide a greater diversity of profiles and
perspectives. Additionally, a dividend of $0.50 MXN per share will be proposed, reaffirming
our commitment to distributing value to our shareholders.
We are excited about the opportunities that 2024 will continue
to bring. We remain focused on providing the best service to our
customers and leading the change towards a more efficient and
sustainable use of water.
Carlos Rojas
Aboumrad
INVITE | EARNINGS CALL
Thursday, April
25th, 10:00am
Mexico City Time (12:00pm,
EST)
Speakers: Carlos Rojas
Aboumrad (CEO) and Mario Romero
Orozco (CFO)
Link:
https://rotoplas.zoom.us/webinar/register/WN_Daz-WvpOSg6KhlM4GPeKdQ
GUIDANCE| 2024-2025
|
Metric
|
|
2024
Guidance
|
Objectives
2025
|
Guidance
|
Increase in net
sales
|
|
> 10%
|
≥2x sales
(vs 2020)
|
Adjusted EBITDA
Margin
|
|
18.0% -
19.0%
|
≥ 20%
|
|
Net Debt/
EBITDA
|
|
< 2.0x
|
≤ 2.0x
|
|
ROIC
|
|
ROIC = WACC + 200
bps
|
∼ 20%
|
EBITDA| BY REGION AND SOLUTION
|
|
1Q
|
|
|
|
2024
|
2023
|
%Δ
|
Mexico
|
Sales
|
1,702
|
1,510
|
12.7 %
|
|
EBITDA
|
471
|
460
|
2.4 %
|
|
%
Margin
|
27.7 %
|
30.5 %
|
(280)
bps
|
|
|
|
|
|
Argentina
|
Sales
|
442
|
636
|
(30.5 %)
|
|
EBITDA
|
72
|
82
|
(11.5 %)
|
|
%
Margin
|
16.4 %
|
12.9 %
|
350
bps
|
|
|
|
|
|
United
States
|
Sales
|
224
|
280
|
(19.8 %)
|
|
EBITDA
|
(38)
|
(50)
|
(24.9 %)
|
|
%
Margen
|
(16.9 %)
|
(18.0 %)
|
110
bps
|
|
|
|
|
|
Others
|
Sales
|
299
|
320
|
(6.7 %)
|
|
EBITDA
|
49
|
62
|
(20.8 %)
|
|
%
Margin
|
16.3 %
|
19.2 %
|
(290)
bps
|
|
|
|
|
|
1Q
|
|
|
|
2024
|
2023
|
%Δ
|
Products
|
Sales
|
2,445
|
2,603
|
(6.1 %)
|
|
EBITDA
|
607
|
599
|
1.4 %
|
|
%
Margin
|
24.8 %
|
23.0 %
|
180
bps
|
|
|
|
|
|
Servicies
|
Sales
|
223
|
143
|
56.2 %
|
|
EBITDA
|
(52)
|
(46)
|
14.1 %
|
|
%
Margin
|
(23.4 %)
|
(32.0 %)
|
860
bps
|
|
3M24
|
%
|
3M23
|
%
|
Sales
|
Mexico
|
1,702
|
64 %
|
1,510
|
55 %
|
Argentina
|
442
|
17 %
|
636
|
23 %
|
United
States
|
224
|
8 %
|
280
|
10 %
|
Other
|
299
|
11 %
|
320
|
12 %
|
Total
|
2,667
|
100 %
|
2,746
|
100 %
|
EBITDA
|
Mexico
|
471
|
85 %
|
460
|
83 %
|
Argentina
|
72
|
13 %
|
82
|
15 %
|
United
States
|
(38)
|
(7 %)
|
(50)
|
(9 %)
|
Other
|
49
|
9 %
|
62
|
11 %
|
Total
|
555
|
100 %
|
553
|
100 %
|
Mexico
During 1Q24, net sales increased by 12.7% due to
solid growth in both products and services. The persistent drought
in the central region has boosted storage volumes, particularly in
water tanks and cisterns. Similarly, water flow and improvement
performed well during the quarter.
It is important to note that the product sales prices in 1Q24
were lower than those in 1Q23, demonstrating the strength of sales
volumes.
The recent acquisitions of HiTech, IrriVan, and a treatment
plant in Puebla contributed to the
solid performance of services in the country. Additionally,
bebbia continues to trend positively in sales and new
subscribers.
EBITDA margin closed at 27.7%, reflecting a decrease
of 280 basis points compared to the first quarter of the previous
year. This contraction is primarily attributed to price reductions
and increased expenses, which have mitigated the positive effects
of the solid performance in sales volumes.
Argentina
Net sales decreased by 30.5% in Mexican pesos and
increased by 230.7% in local currency. This is due to the impact of
the recent currency devaluation in the country.
The widespread market contraction, especially pronounced in the
construction sector, was exacerbated by the macroeconomic
stabilization plan, which has negatively impacted real wages.
Additionally, the pricing strategy has not fully compensated for
the effects of the currency devaluation that occurred in
December 2023.
During the quarter, we expanded our portfolio of solutions with
new faucet lines and two new models of water heaters, which have
helped us stay innovative in the market and strengthen our presence
at sales points.
Efficient management of costs and expenses contributed to an
increase of 350 bps in the EBITDA margin, which reached
16.4%.
NOTE: Adoption of IAS 29, Financial Reporting in
Hyperinflationary Economies.
Due to Argentina
experiencing inflation above 100% in the last three years, it is
considered a hyperinflationary economy. In accordance with IAS 29,
an adjustment for inflation has been made to the Financial
Statements to consider changes in purchasing power.
International Accounting Standard (IAS) 29, Financial
Information in Hyperinflationary Economies establishes that the
results of operations in Argentina
should be reported as if they were hyperinflationary as of
January 1st, 2018. Moreover, an
adjustment for inflation in the Financial Statements should be made
to account for the change in the purchasing power of the local
currency.
As a result, in the first quarter of 2024, the impact of
restatement resulted in a decrease of Ps. 46 million in financial
expenses, benefiting the Comprehensive Financing Result. After
considering taxes, the benefit in net profit amounts to Ps. 2
million.
United States
During the first quarter, net sales decreased by
19.8%. The absence of drought conditions in key areas such as
California and Texas reduced the demand for our water storage
products. Additionally, price pressure was intensified by
competitors liquidating excess inventory.
The septic tank business continues to develop and has been
strategically refocused to optimize service offerings according to
geography, tailoring them to the specific needs of each locality
and focusing efforts in states like Texas.
The EBITDA margin is negative due to the reduction in
sales, which has complicated the absorption of costs and expenses.
The primary expenses are associated with the operation of our
online commerce platform and the strategic repositioning of the
septic tank business.
Other countries
Net sales in other countries (Peru, Guatemala, El
Salvador, Costa Rica,
Honduras, Nicaragua y Brazil) decreased by 6.7 % compared to the
same quarter of 2023, due to slow demand in Peru that was not offset by growth in
Central America and Brazil.
In Peru, sales decreased
due to a widespread market contraction and reduced construction
activity, as well as lower government spending. The strategy in
this country is focused on protecting margins and maintaining
market share.
Central
America sales increased, driven by a good
performance in the five countries and growth in all three
categories: storage, water flow, and improvement. The growth in
storage in Guatemala and
El Salvador stands out due to the
droughts experienced during the period.
In Brazil, the portfolio
of water treatment and recycling plant projects continues to gain
good traction. Additionally, commercial partnerships have been
developed, which have increased qualified leads.
The EBITDA margin decreased, closing at 16.3%, compared
to 19.2% in the same period of the previous year. This decline is
due to the sales contraction in Peru and the expenses related to the
construction of treatment plants in Brazil.
ANALYSIS | COSTS AND EXPENSES
Gross Profit
The gross profit increased by 3.1% and the margin
expanded by 300 bps to reach 50.7%, a record high figure for
Rotoplas. This margin increase is due to an effective pricing
strategy aimed at maintaining competitiveness, a reduction in raw
material costs, and an increase in sales volumes of Tinaco Plus+ in
Mexico, a product that has a lower
average production cost.
Operating Income
The operating profit closed at Ps. 421 million for the
quarter, representing a decrease of 4.0% compared to 1Q23. The
operating margin decreased by 20 basis points to reach 15.8%,
primarily due to an increase in operating expenses. This increase
was linked to higher freight costs, attributed to the
transportation of Tinaco Plus+ to plants in Mexico where it is not yet produced.
Additionally, the increase in expenses was also influenced by
initiatives in e-commerce and cybersecurity, as well as advertising
for bebbia, which could not be offset by the lack of growth
in some markets.
Although these digitalization initiatives increase our expenses
in the short-term, they are aligned with our long-term vision for
growth and efficiency. Measures such as process optimization and
contract renegotiation are underway to manage these costs
effectively.
Comprehensive Financing Result
The comprehensive financing result for 1Q24 resulted in
an expense of Ps. 64 million compared to an expense of Ps. 411
million in the same period of 2023. The 2024 expense includes Ps.
100 million for interest on debt, commissions, and leases,
alongside a benefit of Ps. 36 million due to exchange rate and
inflation effects in Argentina.
The 2023 expense was mainly impacted by Ps. 252 million for the
valuation of financial instruments for hedging exchange rate and
Ps. 69 million for exchange losses and inflationary effects in
Argentina.
In 2024, the accounting method for hedging instruments was
changed, the effects of the MXN/USD hedge are now recorded
alongside costs rather than within the Comprehensive Financing
Result, influencing the gross margin.
Net Result
The net result in the first quarter of the year was Ps. 304
million, an increase of 8.3x compared to Ps. 37 million in the same
quarter of the previous year. This increase is mainly due to the
reduction in financial expenses described in the previous
paragraph.
CapEx
|
3M
|
|
2024
|
%
|
2023
|
%
|
%Δ
|
Mexico
|
87
|
89 %
|
102
|
93 %
|
(14.9 %)
|
Argentina
|
7
|
7 %
|
1
|
1 %
|
NM
|
United
States
|
0
|
0 %
|
5
|
4 %
|
NM
|
Others
|
4
|
4 %
|
2
|
2 %
|
121.6 %
|
Total
|
98
|
100 %
|
110
|
100 %
|
(11.1 %)
|
Capital investments represented 3.7% of quarterly
sales and decreased by 11.1% compared to the same quarter of the
previous year.
Capital investments include:
- Mexico: an investment has been
made in new technology to produce storage solutions. These
investments are an essential part of the long-term sustainability
strategy and are intended for the design of the new generation of
water tanks. Additionally, it includes Ps. 22 million
allocated to bebbia and Ps. 14 million to RSA treatment
plants.
- Argentina: the investment has
focused on maintaining existing plants and increasing production
capacity in the water flow segment.
ANALYSIS | BALANCE SHEET
Cash Conversion Cycle (Days)
|
3M
|
|
|
2024
|
2023
|
Δ
days
|
Inventory
Days
|
76
|
92
|
(16)
|
Accounts Receivale
Days
|
59
|
78
|
(19)
|
Accounts Payable
Days
|
105
|
84
|
21
|
Cash Conversion
Cycle
|
30
|
86
|
(56)
|
Inventory Days: Average Inventory / (3M Cost of Sales / 90)
Accounts Receivable Days: Average Accounts Receivable /
(3M Sales / 90)
Accounts Payable Days: Average Suppliers / (3M Cost of Sales / 90)
During the quarter, the cash conversion cycle decreased
by 56 days due to a widespread improvement in working capital
management. This was achieved through increased inventory turnover,
improved accounts receivable collection, and increased supplier
financing.
Debt
|
3M
|
|
|
2024
|
2023
|
%Δ
|
Total
Debt
|
4,123
|
4,146
|
(0.6 %)
|
Short-term
Debt
|
124
|
147
|
(15.6 %)
|
Long-term
Debt
|
3,999
|
3,999
|
0.0 %
|
Cash and Cash
Equivalents
|
570
|
682
|
(16.4 %)
|
Net
Debt
|
3,553
|
3,464
|
2.6 %
|
Debt Maturity Profile
Total debt decreased to Ps. 4,123 million and corresponds
to the AGUA 17-2X sustainable bond, as well as a working capital
loan.
|
Currency
|
Amount in
MXN
|
Rate
|
Maturity
|
AGUA 17-2X
Sustainable Bond
|
Mexican
Pesos
|
4,098
|
Fixed 8.65%
|
June 16,
2027
|
Citi Working Capital
Loan
|
U.S. Dollars
|
17
|
SOFR + 2.55%
|
July 27,
2024
|
Citi Working Capital
Loan
|
Argentine
Pesos
|
8
|
Fixed 111.5%
|
August 26,
2024
|
FINANCIAL RATIOS
|
3M
|
|
|
2024
|
2023
|
%Δ
|
Net Debt /
EBITDA
|
1.7 x
|
1.6 x
|
0.1 x
|
Interest
covarage*
|
8.8 x
|
9.6 x
|
(8.3 %)
|
Total Liabilities /
Total Stockholders' Equity
|
1.1 x
|
1.0 x
|
0.1 x
|
Net Earnings per
Share**
|
0.62
|
0.08
|
8.3 x
|
* EBITDA LTM/ net interest LTM
**Net income
divided by 486.2 million shares, expressed in Mexican
pesos.
Leverage as of the first quarter of 2024 was within the
Company's debt guideline of 2.0x Net Debt/EBITDA.
ROIC / Cost of Capital
|
1Q17
|
1Q18
|
1Q19
|
1Q20
|
1Q21
|
1Q22
|
1Q23
|
1Q24
|
ROIC
|
7.1 %
|
8.0 %
|
7.8 %
|
9.4 %
|
14.8 %
|
13.1 %
|
16.1 %
|
14.0 %
|
WACC
|
12.4 %
|
11.0 %
|
12.5 %
|
11.8 %
|
10.5 %
|
12.1 %
|
12.0 %
|
11.1 %
|
ROIC: NOPAT L12M/Average Invested Capital t, t-1
Invested Capital: Total Assets – Cash and Cash Equivalents –
Short-Term Liabilities
ROIC excludes Flow program execution costs from 2Q20 to 4Q21
as they are one-off
The ROIC reached 14.0%, which represents a decrease of 210
bps compared to the same quarter of the previous year. However, it
ended the quarter at 290 bps above the cost of capital, which
recorded a decrease of 90 bps compared to the previous
year.
Financial derivates
The use of derivative financial instruments is governed by the
recommendations and policies issued by the Board of Directors and
supervised by the Audit Committee, which provides guidelines on the
management of exchange risk, interest rate risk, credit risk, the
use of derivative and non-derivative financial instruments, and the
investment of excess liquidity.
As of March 31st, 2024,
the market value of Grupo Rotoplas' position was:
|
|
Market
Value
|
Instrument
|
MXN/USD exchange rate
forward
|
Ps. (53.0)
millon
|
ESG | ENVIORMENTAL, SOCIAL AND
GOVERNANCE
During the quarter, the following progress stands out within
sustainable initiatives:
- Rotoplas has conducted a high-level
assessment of risks and opportunities related
to climate change and water security.
- Rotoplas has received, for the fourteenth consecutive year, the
distinction of "Socially Responsible Company" in
Mexico.
- Various activities were carried out to promote
an inclusive culture. Additionally, activities
were conducted in all countries during the month of March as part
of the commemoration of International Women's Day,
including a broadcast on Rotoplas TV, webinars, and internal and
external communication materials.
AGUA | PERFORMANCE AND ANALYST
COVERAGE
|
|
1Q
|
|
|
|
2024
|
2023
|
%Δ
|
AGUA*
|
Closing
Price
|
30.13
|
27.58
|
9.2 %
|
|
P/BV
|
2.4 x
|
2.1 x
|
0.3 x
|
|
EV/EBITDA
|
8.5 x
|
7.5 x
|
1.0 x
|
Treasury shares
As of March 31st, 2024, the
Company had 2.0 million shares in the treasury, equivalent to an
invested amount of Ps. 168 million. Treasury shares have never been
cancelled.
Analyst Coverage
As of March 31, 2024, analysts'
coverage was provided by:
|
|
Recommendation
|
PO
|
BTG
Pactual
|
Felipe
Barragán
|
Neutral
|
$34.00
|
|
felipe.barragan@btgpactual.com
|
GBM
|
Regina
Carrillo
|
Buy
|
$50.00
|
|
rcarrillo@gbm.com
|
SIGNUM RESEARCH /
PUNTO
|
Alain Jaimes
|
Buy
|
$39.00
|
|
alain.jaimes@signumresearch.com
|
Miranda Global
Research /ESG
|
Martín Lara / Marimar
Torreblanca
|
Buy
|
$46.00
|
|
martin.lara@miranda-gr.com
marimar.torreblanca@miranda-partners.com
|
Apalache
|
Jorge
Plácido
|
Buy
|
$44.00
|
|
jorge.placido@apalache.mx
|
|
|
|
|
|
Consensus
|
Buy
|
$42.60
|
|
|
|
|
|
FINANCIAL STATEMENTS | INCOME STATEMENT,
BALANCE SHEET AND CASH FLOW
Income Statement
(Unaudited figures, millions of Mexican pesos)
|
|
1Q
|
|
|
|
|
2024
|
2023
|
%Δ
|
Income
Statement
|
Net Sales
|
2,667
|
2,746
|
(2.9 %)
|
|
COGS
|
1,316
|
1,435
|
(8.3 %)
|
|
Gross
Profit
|
1,352
|
1,311
|
3.1 %
|
|
%
margin
|
50.7 %
|
47.7 %
|
300
bps
|
|
Operation
Expenses
|
931
|
873
|
6.6 %
|
|
Operating
Income
|
421
|
438
|
(4.0 %)
|
|
%
margin
|
15.8 %
|
16.0 %
|
(20
bps)
|
|
Comp. Financing
Results
|
(64)
|
(411)
|
(84.5 %)
|
|
Financial
Income
|
11
|
31
|
(64.1 %)
|
|
Financial
Expenses
|
(75)
|
(441)
|
(83.1 %)
|
|
Income Before
Taxes
|
357
|
27
|
NM
|
|
Taxes
|
54
|
(9)
|
NM
|
|
Net
Income
|
304
|
37
|
NM
|
|
%
margin
|
11.4 %
|
1.3 %
|
NM
|
|
EBITDA
|
555
|
553
|
0.4 %
|
|
%
margin
|
20.8 %
|
20.1 %
|
70
bps
|
|
|
|
|
|
|
|
|
|
Balance Sheet (unaudited figures in millions of
Mexican pesos)
|
|
3M
|
|
|
|
2024
|
2023
|
%Δ
|
Balance
Sheet
|
Cash and Cash
Equivalents
|
570
|
682
|
(16.4 %)
|
Accounts
Receivable
|
1,780
|
2,039
|
(12.7 %)
|
Inventory
|
1,239
|
1,420
|
(12.8 %)
|
Other Current
Assets
|
702
|
749
|
(6.2 %)
|
Current
Assets
|
4,292
|
4,890
|
(12.2 %)
|
Property, Plant and
Equipment - Net
|
3,982
|
3,215
|
23.8 %
|
Other Long-term
Assets
|
4,734
|
4,636
|
2.1 %
|
Total
Assets
|
13,007
|
12,741
|
2.1 %
|
Short-term
Debt
|
124
|
147
|
(15.9 %)
|
Suppliers
|
870
|
728
|
19.5 %
|
Other Accounts
Payable
|
975
|
975
|
0.0 %
|
Short-term
Liablilities
|
1,969
|
1,850
|
6.4 %
|
Long-term
Debt
|
3,999
|
3,999
|
0.0 %
|
Other long-term
Liabilities
|
834
|
609
|
36.9 %
|
Total
Liablities
|
6,802
|
6,458
|
5.3 %
|
Total Stockholders'
Equity
|
6,205
|
6,283
|
(1.2 %)
|
Total Liabilities +
Stockholders' Equity
|
13,007
|
12,741
|
2.1 %
|
Cash Flow (Unaudited figures, millions of Mexican
pesos)
|
|
3M
|
|
|
|
2024
|
2023
|
%Δ
|
Cash Flow
|
EBIT
|
421
|
438
|
(4.0 %)
|
Depreciation and
Amortization
|
134
|
113
|
18.4 %
|
Inventory
|
(173)
|
15
|
NM
|
Accounts
Receivable
|
(237)
|
(264)
|
(10.3 %)
|
Accounts
Payable
|
49
|
(14)
|
NM
|
Other Current
Liabilities
|
(54)
|
(70)
|
(22.9 %)
|
Taxes
|
(8)
|
(82)
|
(90.6 %)
|
Operating Cash
Flow
|
132
|
136
|
(3.0 %)
|
CapEx
|
(98)
|
(110)
|
(11.1 %)
|
Other Investment
Activities
|
(15)
|
54
|
(127.4 %)
|
Investing Cash
Flow
|
(113)
|
(56)
|
NM
|
Dividends
|
0
|
0
|
NM
|
Repurchase
Fund
|
(5)
|
(13)
|
(62.3 %)
|
Short and Long-term
Debt
|
8
|
50
|
0.0 %
|
Interest and
Leases
|
(41)
|
(42)
|
(4.0 %)
|
Financing Cash
Flow
|
(38)
|
(5)
|
NM
|
Change in
Cash
|
(18)
|
75
|
(124.3 %)
|
Effect of exchange
rate on cash
|
23
|
(66)
|
NM
|
Net Change in
Cash
|
4
|
9
|
(53.7 %)
|
Inicial Cash
Balance
|
566
|
673
|
(15.9 %)
|
Final Cash
Balance
|
570
|
682
|
(16.4 %)
|
PRESS RELEASES | 1Q24
- Rotoplas completed the acquisition of the
remaining 20% of the shares of Soluciones y Tratamiento
Ecológico, S.A. de C.V. (Sytesa). This was done in order to
consolidate full ownership of Sytesa, commercially known as
Rotoplas Water Services (RSA). – March
7th
- Rotoplas announced the start of construction of the new
plant in the Metropolitan Area of the Valley of Mexico - February
22nd.
- Rotoplas announced that the Board of Directors will
propose and submit for a vote at the next Ordinary General
Shareholders' Meeting the incorporation of Regina García-Cuéllar
and Marcos Westphalen as new members
- February 21st.
- Rotoplas acquired an operational treatment plant in
Puebla, with the aim of fostering
the growth of the water treatment and recycling business in
Mexico - February 15th.
For more information, please consult the relevant events section
of our website:
https://rotoplas.com/inversionistas/eventos-relevantes/
CONTACT DETAILS | INVESTOR RELATIONS
Mariana
Fernández
Maria Fernanda Escobar
mfernandez@rotoplas.com mescobar@rotoplas.com
agua@rotoplas.com
- Forward-Looking Statements
This press release may include certain forward-looking
statements relating to Grupo Rotoplas S.A.B. de C.V. It relies on
considerations of the Grupo Rotoplas S.A.B. de C.V. management
which are based on current and known information; however, the
expectations could vary due to facts, circumstances, and events
beyond the control of Grupo Rotoplas, S.A.B. de C.V.
Grupo Rotoplas S.A.B. de C.V. is America's leading provider of
water solutions, including products and services for storing,
piping, improving, treating, and recycling water. With over 40
years of experience in the industry and 18 plants throughout the
Americas, Rotoplas is present in 14 countries and has a portfolio
that includes 27 product lines, a services platform, and an
e-commerce business. Grupo Rotoplas has been listed on the Mexican
Stock Exchange (BMV) under the ticker "AGUA" since December 10th, 2014.
Pedregal 24,
19th Floor, Molino del Rey
Miguel Hidalgo
Zip Code 11040, Mexico City
T. +52 (55) 5201 500
www.rotoplas.com
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SOURCE Grupo Rotoplas S.A.B. de C.V.