Securities and Exchange Commission

Washington, D.C. 20549

 

 

FORM 6-K

 

 

Report of Foreign Issuer Pursuant to Rule 13a-16 or 15d-16 of the Securities Exchange Act of 1934

 

 

FOR THE FIRST QUARTER ENDED AS OF MARCH 31, 2019

 

BACHOCO INDUSTRIES

(Translation of Registrant’s name into English)

 

Avenida Tecnológico #401

38010 Celaya, Guanajuato, Mexico

(Address of principal office)

 

  

(Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.)

 

(Check One) Form 20-F x Form 40-F ¨

 

(Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing information to the Commission

pursuant to Rule 12g-3-2(b) under the Securities Exchange Act of 1934.)

 

(Check One) Yes ¨ No x

 

(If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b). 82_

 

 

 

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

Industrias Bachoco, S.A.B. de C.V. (Registrant)
   
/s/ Daniel Salazar Ferrer, CFO  
   
Date: April 29, 2019  

  

 

Bachoco Announces First Quarter 2019 Results

CELAYA, Mexico, April 29, 2019 /PRNewswire/ -- Industrias Bachoco, S.A.B. de C.V., "Bachoco" or "the Company", (NYSE: IBA; BMV: Bachoco) announced today its unaudited results for the first quarter ("1Q19") ending March 31, 2019. All figures have been prepared in accordance with International Financial Reporting Standard ("IFRS") and are presented in nominal million Mexican Pesos ("$"), except earnings per share.

HIGHLIGHTS- 2019 vs. 2018

CEO COMMENTS

Mr. Rodolfo Ramos Arvizu, Chief Executive Officer of Bachoco, stated, "In Mexico, the conditions prevailing in last two quarters of 2018, continued into the first quarter of this year. In general, we saw sluggish demand conditions that kept prices down for most of the quarter. Furthermore, strong results in 1Q18 made it a very challenging to compare with.

In the US market, we observed also relatively low prices for most of 1Q19, with an improvement towards the end of the quarter.

Prices of our main raw material were stable in USD terms but, volatility in the Mexican peso exchange rate vs the US dollar, did not allow us to completely capture this benefit. Our SG&A continued to be mainly affected by energy prices in Mexico.

Volume of our main product segments continued growing, but lower prices, mainly in poultry, led us to a decrease of 6.4% in total sales for 1Q19 when compared to the same quarter of 2018.

For 1Q19, we reached an EBITDA of $654.9 for a 4.6% margin. This EBITDA represents an important decrease when compared with the 1Q18. Earnings per basic and diluted shares were $0.50 for the 1Q19.

The Company remained in a healthy financial condition as we reached a net cash level of $12,434.7 million, which will allow us to continue to support our growth plans.

We will remain focused on continuous improvements and efficiencies across all of our processes and working close to our customers"

Executive Summary
The following financial information is expressed in millions of nominal pesos, except for amounts per share and per ADR, with comparative figures for the same periods of 2018.

QUARTERLY RESULTS

NET SALES BY GEOGRAPHY





In millions of pesos


1Q19

1Q18

Change



$

$

$

%

Net sales


14,323.6

15,303.0

(979.4)

(6.4)

Net sales in Mexico


10,311.3

11,091.5

(780.1)

(7.0)

Net sales in the U.S.


4,012.3

4,211.5

(199.2)

(4.7)

NET SALES BY SEGMENT





In millions of pesos


1Q19

1Q18

Change



$

$

$

%

Net sales


14,323.6

15,303.0

(979.4)

(6.4)

Poultry


12,852.8

13,774.5

(921.7)

(6.7)

Other


1,470.8

1,528.4

(57.6)

(3.8)

NET VOLUME SOLD BY SEGMENT




In tons



Change


1Q19

1Q18

Volume

%

Total sales volume:

553,175

546,750

6,425

1.2

Poultry

425,745

422,181

3,564

0.8

Others

127,430

124,569

2,861.3

2.3

In 1Q19, the Company's net sales totaled $14,323.6 million; $979.4 million or 6.4% less than $15,303.0 million reported in 1Q18. This was a result of price decreases in our main product lines.

In 1Q19, sales of our U.S. operations represented 28.0% of our total sales compared with 27.5% in 1Q18.

GROSS PROFIT





In millions of pesos


1Q19

1Q18

Change



$

$

$

%

Cost of sales


12,515.7

12,085.8

429.9

3.6

Gross profit


1,807.9

3,217.2

(1,409.3)

(43.8)

Gross margin


12.6%

21.0%

-

-

The cost of sales totaled $12,515.7 million, representing $429.9 million or 3.6% higher than $12,085.8 million reported in the same period of 2018. This increase was a result of more volume sold, and an increase in our feed costs expressed in Mexican pesos.

The Company's gross profit in 1Q19 was $1,807.9 million, with a gross margin of 12.6%. This result is lower when compared to a gross profit of $3,217.2 million and a gross margin of 21.0% reported in 1Q18.

SELLING, GENERAL AND ADMINISTRATIVE EXPENSES ("SG&A")

In millions of pesos







1Q19

1Q18

Change



$

$

$

%

Total SG&A


1,474.4

1,385.5

88.9

6.4

Total SG&A expenses in 1Q19 were $1,474.4 million; $88.9 million or 6.4% more than the $1,385.5 million reported 1Q18. Total SG&A expenses, as a percentage of net sales, represent 10.3% in 1Q19 and 9.1% in 1Q18.

OTHER INCOME (EXPENSE), NET

In millions of pesos


1Q19

1Q18

Change



$

$

$

%

Other income (expense), net


1.6

(9.2)

10.8

(117.6)

Other income or other expenses include the sale of byproducts and unused assets. We register such sales as expenses when the sales price is below the book value of those assets.

In 1Q19, we had other income of $1.6 million, compared with other expenses of $9.2 million reported in 1Q18.

OPERATING INCOME





In millions of pesos


1Q19

1Q18

Change



$

$

$

%

Operating income


335.2

1,822.5

(1,487.3)

(81.6)

Operating margin


2.3%

11.9%

-

-

Operating income in 1Q19 totaled $335.2 million for an operating margin of 2.3%; lower than an operating income of $1,822.5 million and a 11.9% operating margin reported in 1Q18. The decrease in operating income is mainly attributed to lower gross profit than in 1Q18.


NET FINANCIAL INCOME





In millions of pesos


1Q19

1Q18

Change



$

$

$

%

Net Financial Income (Expense)


76.0

(93.8)

169.8

(181.1)

Financial Income


135.4

204.6

(69.3)

(33.8)

Financial Expense


59.4

298.4

(239.0)

(80.1)

In 1Q19, the Company reported net financial income of $76.0 million, compared to net financial expense of $93.8 million reported in the same period of 2018, mainly due to lower financial expense.

TAXES FOR THE PERIOD





In millions of pesos


1Q19

1Q18

Change



$

$

$

%

Total Taxes


108.7

467.8

(359.2)

(76.8)

Income tax


49.3

315.9

(266.6)

(84.4)

Deferred income tax


59.3

151.9

(92.6)

(61.0)

Total taxes for the 1Q19 were $108.7 million, compared to $467.8 million in the same period of 2018.

NET INCOME





In millions of pesos


1Q19

1Q18

Change



$

$

$

%

Net income


302.5

1,260.9

(958.4)

(76.0)

Net margin


2.1%

8.2%

-

-

Non-Controlling Interest income


3.8

5.3

(1.5)

n/a

Net controlling interest income


298.8

1,255.6

(956.9)

 n/a

Basic and diluted income per share1


0.50

2.09

(1.6)

n/a

Basic and diluted income per ADR2


5.98

25.11

(19.1)

n/a

Weighted average Shares outstanding3


599,920

600,000

-

-

1 In pesos






2 in pesos, an ADR is equal to twelve shares






3 In thousands of shares












The net income for 1Q19 was $302.5 million, representing a basic and diluted income of $0.50 pesos per share. This result compares to a net income of $1,260.9 million, which represented a net income of $2.09 pesos of basic and diluted income per share in 1Q18. Net margin for the 1Q19 was 2.1% compared to 8.2% reported in 1Q18.

EBITDA AND ADJUSTED EBITDA





In millions of pesos


1Q19

1Q18

Change



$

$

$

%

Net controlling interest income


298.8

1,255.6

(956.9)

(76.2)

   Income tax expense (benefit)


108.7

467.8

(359.2)

(76.8)

   Result in associates


(3.8)

5.3

(1.5)

(28.6)

   Net finance (income) expense


(76.0)

93.8

(169.8)

(181.1)

   Depreciation and amortization


319.7

268.5

51.2

(19.1)

EBITDA


654.9

2,091.0

(1,436.1)

(68.7)

EBITDA Margin (%)


4.6%

13.7%

-

-

Net sales


14,323.6

15,303.0

(979.4)

(6.4)

EBITDA in 1Q19 reached $654.9 million, representing an EBITDA margin of 4.6%, compared to an EBITDA of $2,091.0 million in 1Q18 with an EBITDA margin of 13.7%.

BALANCE SHEET DATA

BALANCE SHEET DATA





In millions of pesos


Mar 31, 2019

Dec. 31, 2018

Change



$

$

$

%

TOTAL ASSETS


50,564.8

52,865.6

(2,300.8)

(4.4)

Cash and cash equivalents


16,201.4

18,458.5

(2,257.1)

(12.2)

Accounts receivable


3,935.3

3,486.5

448.9

12.9

TOTAL LIABILITIES


12,148.1

14,699.9

(2,551.8)

(17.4)

Accounts payable


3,181.3

4,228.4

(1,047.1)

(24.8)

Short-term debt


2,227.4

3,492.8

(1,265.4)

(36.2)

Long-term debt


1,539.3

1,544.8

(5.5)

(0.4)

TOTAL STOCKHOLDERS' EQUITY


38,416.7

38,165.7

251.0

0.7

Capital stock


1,174.4

1,174.3

0.1

0.0

Cash and equivalents as of March 31, 2019 totaled $16,201.4 million; $2,257.1 million or 12.2% lower than $18,458.5 million as of December 31, 2018.

Total debt as of March 31, 2019 totaled $3,766.7 million, compared to $5,037.6 million reported as of December 31, 2018.

Net cash as of March 31, 2019 was $12,434.7 million, compared to net cash of $13,420.9 million as of December 31, 2018.

CAPEX

CAPITAL EXPENDITURES

In millions of pesos


2019

2018

Change



$

$

$

%

Capital Expenditures


409.9

304.0

105.9

34.8

Total CAPEX for the 1Q19 was $409.9 million, which was mainly allocated toward organic growth and productivity projects across all our facilities.

STOCK INFORMATION

As of March 31, 2019

Total Shares


600,000,000

Total free float


26.75%

Market cap (millions of pesos)


$44,754

SHARE PRICE

 




Mexican Stock Exchange


The New York Stock Exchange



Ticker Symbol: Bachoco


Ticker Symbol: IBA



In nominal pesos per Share


In U.S. Dollar per ADR


Month

High

Low

Close


High

Low

Close


Mar-19

75.88

70.51

74.59


47.98

45.72

46.10


Feb-19

76.06

72.83

74.84


47.74

45.17

46.93


Jan-19

74.37

65.38

73.31


46.53

40.07

46.00


Dec-18

70.53

63.50

64.52


41.60

38.08

39.56


Nov-18

75.14

66.38

70.90


45.43

39.00

41.72


Oct-18

87.37

74.14

74.51


55.23

43.83

43.86
















Source: Yahoo Finances

ANALYST COVERAGE






Institution

Analyst name

E-mail

ACTINVER

José Antonio Cebeira

jcebeira@actinver.com.mx

BBVA BANCOMER

Miguel Ulloa

miguel.ulloa@bbva.com

GBM

Miguel Tortolero

matortolero@gbm.com.mx

MIRANDA-GR

Martin Lara

martin.lara@miranda-gr.com

JPMORGAN

Ulises Argote

ulises.argote@jpmorgan.com

INVEX

Giselle Mojica

gmojica@invex.com

SANTANDER

Luis Miranda

lmiranda@santander.com.mx

APPENDICES

For reference, some figures have been translated into millions of U.S. dollars ("USD") using an exchange rate of $19.41 per USD $1.0, which corresponds to the rate at the close of March 29, 2019, according to Mexico's National Bank.

CONSOLIDATED STATEMENT OF FINANCIAL POSITION 

-Unaudited-





In U.S. Dollar

March 31,

December 31,

In million pesos

2019

2019

2018*





TOTAL ASSETS

$           2,646.3

51,364.5

52,865.6





Total current assets

1,397.9

27,132.4

29,775.0

   Cash and cash equivalents

834.7

16,201.4

18,458.5

   Total accounts receivable

202.7

3,935.3

3,486.5

   Inventories

322.5

6,259.7

6,649.1

   Other current assets

37.9

736.0

1,180.9





Total non current assets

1,248.4

24,232.1

23,090.6

   Net property, plant and equipment

930.9

18,069.7

18,018.2

   Other non current Assets

317.5

6,162.4

5,072.4





TOTAL LIABILITIES

$              667.1

12,947.8

14,699.9





Total current liabilities

330.2

6,409.2

9,084.9

   Notes payable to banks

114.8

2,227.4

3,492.8

   Accounts payable

158.5

3,075.8

4,228.4

   Other taxes payable and other accruals

57.0

1,106.0

1,363.7





Total long-term liabilities

336.9

6,538.6

5,614.9

   Long-term debt 

79.3

1,539.3

1,544.8

   Other  non current liabilities

63.0

1,223.2

302.8

   Deferred income taxes

194.5

3,776.1

3,767.3





TOTAL STOCKHOLDERS' EQUITY

$           1,979.2

38,416.7

38,165.7





Capital stock

60.5

1,174.4

1,174.3

Commission in shares issued

21.4

414.5

414.5

Retained earnings

1,837.2

35,659.6

35,354.5

Others accounts

56.4

1,094.9

1,153.0

Non controlling interest

3.8

73.2

69.5





TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY

$           2,646.3

51,364.5

52,865.6





*Audited




CONSOLIDATED STATEMENT OF INCOME


First Quarter Results, ended March 31st:




-Unaudited-





U.S. Dollar



In millions pesos

2019

2019

2018

Net sales

$         738.0

14,323.6

15,303.0

Cost of sales

644.8

12,515.7

12,085.8

Gross profit

93.1

1,807.9

3,217.2

SG&A

76.0

1,474.4

1,385.5

Other income (expenses), net

0.1

1.6

(9.2)

Operating income 

17.3

335.2

1,822.5

Net finance income

3.9

76.0

(93.8)

Income tax 

5.6

108.7

467.8

Net Income

$           15.6

302.5

1,260.9





Non-controlling interest

0.19

3.8

5.3

Net controlling interest profit

15.4

298.8

1,255.6

Basic and diluted earnings per share

0.03

0.50

2.09

Basic and diluted earnings per ADR

0.31

5.98

25.11

Weighted average Shares outstanding1

599,920

599,920

600,000





EBITDA Result

$           33.7

654.9

2,091.0





Gross margin

12.6%

12.6%

21.0%

Operating margin

2.3%

2.3%

11.9%

Net margin

2.1%

2.1%

8.2%

EBITDA margin

4.6%

4.6%

13.7%





1In thousands




CONSOLIDATED STATEMENT OF CASH FLOWS



In million of pesos




-Unaudited-









U.S. Dollar

March 31,


2019

2019

2018





NET MAJORITY INCOME BEFORE INCOME TAX

$                    21.2

411.2

1,728.7





ITEMS RELATING TO INVESTING ACTIVITIES:

7.8

151.6

172.0

      Depreciation and others

16.5

319.7

305.0

      Income (loss) on sale of plant and equipment

(0.2)

(3.2)

3.7

      Other Items

(8.5)

(164.9)

(136.7)





NET CASH GENERATED FROM NET INCOME BEFORE TAXES

29.0

562.7

1,900.8

CASH GENERATED OR USED IN THE OPERATION:

(67.5)

(1,310.4)

(589.6)

   Decrease (increase) in accounts receivable

(23.6)

(458.0)

119.3

   Decrease (increase) in inventories

18.8

364.6

498.1

   Increase (decrease) in accounts payable

(136.7)

(2,653.0)

(380.9)

   Other Items

74.0

1,436.0

(826.2)





NET CASH FLOW FROM OPERATING ACTIVITIES

(38.5)

(747.7)

1,311.1





NET CASH FLOW FROM INVESTING ACTIVITIES

(5.2)

(100.0)

(61.6)

      Acquisition of property, plant and equipment

(21.1)

(409.2)

(304.0)

      Proceeds from sales of property plant and equipment

1.7

33.0

4.4

      Other Items

14.2

276.3

238.0





CASH FLOW SURPLUS (REQUIREMENTS OF) TO BE USED IN FINANCING ACTIVITIES

(43.7)

(847.6)

1,249.5





Net cash provided by financing activities:

(72.7)

(1,410.9)

(632.4)

   Proceeds from loans

102.6

1,992.4

3,006.8

   Principal payments on loans

(165.4)

(3,211.2)

(3,201.5)

   Other items

(9.9)

(192.1)

(437.6)

Net increase (decrease) in cash and equivalents

(116.4)

(2,258.5)

617.1





Cash and investments at the beginning of year

$                  950.6

18,451.9

17,240.1

CASH AND INVESTMENTS AT END OF PERIOD

$                  834.3

16,193.4

17,857.3





DERIVATIVES POSITION REPORT

First Quarter 2019










Thousands of Mexican Pesos, as of March 31, 2019








TYPE OF FINANCIAL INSTRUMENT

OBJECTIVE

NOTIONAL

VALUE OF THE RELATED COMMODITY

REASONABLE VALUE

AMOUNTS DUE BY YEAR

GUARANTIES REQUIRED

1Q-2019

4Q-2018

1Q-2019

4Q-2018

Forward Vanilla, Calls and Puts

Hedge

$    901,574

$         19.41


$         19.67


$     -4,655

$      2,051

90% in 2019 and 10% in 2020

The deals consider the possibility of margin calls but not another kind of guarantee

Futures for corn and soybean meal

Hedge

$      233,218

 CORN 

 CORN 

-$        2,474

-$          104

100% in 2019

 In USD per Bushel 

 In USD per Bushel 

 month 

 price 

 month 

 price 



Mar-19

$           3.750

May-19

$           3.565

May-19

$           3.830

Jul-19

$           3.663

Jul-19

$           3.908

Sep-19

$           3.750

Sep-19

$           3.935

Dec-19

$           3.848

Dec-19

$           3.975

 SOYBEAN MEAL 

 SOYBEAN MEAL 

 In USD per ton 

 In USD per ton 

 month 

 price 

 month 

 price 

May-19

$           306.5

May-19

$           313.3

Jul-19

$           310.0



Aug-19

$           311.5



Sep-19

$           313.0





Dec-19

$           321.2

Options of Corn

Hedge

$    130,523

 CORN 

 CORN 

-$        2,846

$             65

92% in 2019; 8% in 2020

 In USD per Bushel 

 In USD per Bushel 

 month 

 price 

 month 

 price 

May-19

$           3.565



Jul-19

$           3.663



Sep-19

$           3.750

Mar-19

$           3.750

Dec-19

$           3.848

May-19

$           3.830

Jan-20

$           3.970

Jul-19

$           3.908

Options of soybean meal

Hedge

$      134,833

 SOYBEAN MEAL 

 SOYBEAN MEAL 

$             97

-$          267

80% in 2019; 20% in 2020

 In USD per ton 

 In USD per ton 

 month 

 price 

 month 

 price 

May-19

$           306.5



 Jul-19

$           310.0



Aug-19

$           311.5



Sep-19

$           313.0



Oct-19

$           314.1



Dec-19

$           316.8

Mar-19

$           309.9

Jan-20

$           317.7

May-19

$           313.3

Mar-20

$           317.8

 Jul-19

$           316.6












-The total financial instruments do not exceed 5% of total assets as of March 31, 2019.






-The notional value represents the net position as of March 31, 2019 at the exchange rate of Ps. 19.41 per one dollar.



-A negative value means an unfavorable effect for the Company.


















First Quarter 2019

Thousands of Mexican Pesos, as of March 31, 2019





PROBABLE SCENARIO

TYPE OF FINANCIAL INSTRUMENT

REASONABLE VALUE

VALUE OF THE RELATED COMMODITY

EFFECT ON THE INCOME STATEMENT

EFFECT ON THE CASH FLOW(3)

Reference Value (1)

-2.5%

2.5%

5.0%

-2.5%

2.5%

5.0%

Forward Vanilla, Calls and Puts

-$               4,655

$18.92

$       19.90

$       20.38

 Direct 

-$   27,194

$   17,885

$ 40,424



-5%

5%

10%


-5%

5%

10%

Futures of Corn: (2)

-$               2,474

$       3.387

$       3.743

$       3.922

 The effect will materialize as the inventory is consumed 

-$     2,234

-$     2,713

-$   2,953

Futures of Soybean Meal: (2)

$       291.2

$       321.8

$       337.2

Options for Corn

-$               2,846

$       3.387

$       3.743

$       3.922

-$     9,372

$     3,680

$ 10,206

Options of Soybean Meal

$                     97

$       291.2

$       321.8

$       337.2

-$     6,645

$     6,839

$ 13,580










(1)The reference value is the exchange  rate of Ps. $19.41 per USD as of March 31, 2019.





(2)The reference values are; the future of corn for May 2019, $3.565 USD/bushel and the future of soybean meal for May 2019, $306.5  USD/ton.

    'All the evaluations are performed according with the corresponding future, here only the first month futures are shown.


(3)The Company has credit lines with the majority of its counterparts, so that the effect in cash flow is lower than the amount shown.


-A negative value means an unfavorable effect for the Company.















First Quarter 2019










Thousands of Mexican Pesos, as of March 31, 2019






STRESS SCENARIO 

TYPE OF FINANCIAL INSTRUMENT

REASONABLE VALUE

VALUE OF THE RELATED COMMODITY

EFFECT ON THE INCOME STATEMENT

EFFECT ON THE CASH FLOW

Reference Value

-50%

-25%

25%

50%

-50%

-25%

25%

50%

Forward Vanilla, Calls and Puts

-$               4,655

$9.71

$14.56

$24.26

$29.12

 Direct 

-$455,441

-$230,048

$220,739

$446,132












CONFERENCE CALL INFORMATION

The Company will host its first quarter 2019 earnings call, on Tuesday, April 30th, 2019. The earnings call will take place at 9:00 am Central Time (10:00 am ET).

To participate in the earnings call, please dial:

Toll free in the U.S.: 1 (888) 771-4371
Toll free in Mexico: 001 866 779 0965
Toll Local Mexico: 52 55 6722 5257
Toll in the Brazil: 0800 761 0710

A current list of available local and international free phone telephone numbers: http://web.meetme.net/r.aspx?p=12&a=UOfFJZMLdjzbnt

Confirmation Number: 48509855

COMPANY DESCRIPTION

Industrias Bachoco is the leader in the Mexican poultry industry, and one of the largest poultry producers globally. The Company was founded in 1952, and became a public company in 1997, via a public offering of shares on the Mexican and The New York Stock Exchange. Bachoco is a vertically integrated company headquartered in Celaya, Guanajuato located in Central Mexico. Its main business lines are: chicken, eggs, balanced feed, swine, and turkey and beef value-added products. Bachoco owns and manages more than a thousand facilities, organized in nine production complexes and 64 distribution centers in Mexico, and a production complex in the United States. Currently the Company employs more than 27,000 people.

The Company is rated AAA (MEX), the highest rating awarded by Fitch Mexico, S.A. de C.V., and HR AAA which signals that the Company and the offering both have the highest credit quality by HR Ratings de Mexico S.A. de C.V.

DISCLAIMER

The document contains certain information that could be considered forward looking statements concerning anticipated future events and performance of the Company. The statements reflect management's current beliefs based on information currently available and are not guarantees of future performance and are based on our estimates and assumptions that are subject to risks and uncertainties, including those described in our Annual Information Form, which could cause our actual results to differ materially from the forward-looking statements contained in this document. Those risks and uncertainties include risks associated with ownership in the poultry industry, competition for investments within the poultry industry, shareholder liability, governmental regulation, and environmental matters. As a result, there can be no assurance that actual results will be consistent with these forward-looking statements. Except as required by applicable law, Industrias Bachoco, S.A.B. de C.V., undertakes no obligation to publicly update or revise any forward-looking statement.

IR contact information:
Maria Guadalupe Jaquez
maria.jaquez@bachoco.net
Andrea Guerrero
andrea.guerrero@bachoco.net
T. +52(461)618 3555