Sigma Foods, S.a.b. De C.v. · BMV:SIGMAF/A
Sigma Foods, S.a.b. De C.v — Q4 2023 Earnings Presentation
58 slides from Sigma Foods, S.a.b. De C.v's earnings presentation, Feb 21, 2024
Slide 1: Earnings Report Fourth Quarter 2023
EARNINGS REPORT ALFA, S.A.B. de C.V. (BMV: ALFAA) Investor Relations iralfa@alfa.com.mx Fourth Quarter 2023 (4Q23) www.alfa.com.mx + (52) 81-8748-2521 . Monterrey, N.L., Mexico, February 20, 2024. ALFA, S.A.B. de C.V. (BMV: ALFAA) (“ALFA”), a company that has developed leading businesses with global
Slide 2: Important note on changes to ALFA's Consolidated Financial Statements
Earnings Report Fourth Quarter 2023 (4Q23) Important note on changes to ALFA’s Consolidated Financial Statements ALFA’s shareholders approved to spin-off ALFA’s share ownership of Axtel into a new, listed entity called “Controladora Axtel” on July 12, 2022. The shares of “Controladora Axtel” were di
Slide 3: 4Q23 / 2023 Highlights
Earnings Report Fourth Quarter 2023 (4Q23) ALFA reports 4Q23 EBITDA of US $282 million and 2023 EBITDA of US $1.4 billion 4Q23 / 2023 HIGHLIGHTS ALFA positioned for final phase of transformation: refinanced parent-level debt, further simplified corporate structure, lowered dividends and suspended
Slide 4: Selected Financial Information
Earnings Report Fourth Quarter 2023 (4Q23) SELECTED FINANCIAL INFORMATION (US $ MILLION) (%) 4Q23 vs. 4Q23 3Q23 4Q22 3Q23 4Q22 2023 2022 Ch. % ALFA & Subs ALFA Revenues 3,885 4,198 4,452 (7) (13) 16,388 18,085 (9) Alpek 1,691 1,956 2,457 (14) (31) 7,759 10,555 (26) Sigma 2,161 2,209 1,964 (2) 10 8,5
Slide 5: Contents
Earnings Report Fourth Quarter 2023 (4Q23) Contents Message from ALFA’s President Consolidated Financial Results ALFA (BMV: ALFAA) Results by Business Sigma – Food Products Alpek (BMV: ALPEKA) – Petrochemicals Axtel (BMV: AXTELCPO) – IT & Telecom Tables Financial Statements Appendix – Alpek 4Q23 Res
Slide 6: Message from ALFA's President
Earnings Report Fourth Quarter 2023 (4Q23) Message from ALFA’s President “2023 was an important year as ALFA advanced towards the final phase of its transformation. Progress was highlighted by further corporate simplification, greater self-sufficiency at the subsidiaries, disciplined capital allocat
Slide 7: Message from ALFA's President (continued)
Earnings Report Fourth Quarter 2023 (4Q23) ALFA is actively seeking to accelerate debt reduction at the Parent level to ensure a strong financial position of the combined ALFA/Sigma entity in anticipation to a potential Alpek spin-off. Therefore in 2023, a significant portion of ALFA’s debt was refi
Slide 8: ALFA Consolidated Financial Results: Income Statement
Earnings Report Fourth Quarter 2023 (4Q23) ALFA (BMV: ALFAA) Consolidated Financial Results INCOME STATEMENT (US $ MILLION) (%) 4Q23 vs. 4Q23 3Q23 4Q22 3Q23 4Q22 2023 2022 Ch. % Total Revenues 3,885 4,198 4,452 (7) (13) 16,388 18,085 (9) Gross Profit 721 848 676 (15) 7 3,134 3,470 (10) Operating exp
Slide 9: Comparable EBITDA and operating loss discussion
Earnings Report Fourth Quarter 2023 (4Q23) Adjusting for extraordinary items in all periods, Comparable EBITDA was US $395 million, US $407 million and US $430 million in 4Q23, 3Q23 and 4Q22, respectively. Comparable 4Q23 EBITDA was down 8% year-on-year as a 37% increase at Sigma partially offsets a
Slide 10: Change in Net Debt
Earnings Report Fourth Quarter 2023 (4Q23) CHANGE IN NET DEBT (US $ MILLION) (%) 4Q23 vs. 4Q23 3Q23 4Q22 3Q23 4Q22 2023 2022 Ch.% EBITDA 282 373 346 (25) (19) 1,391 2,082 (33) Net Working Capital 174 112 186 55 (14) 458 (486) 197 Capital Expenditures & (192) (96) (139) 100 38 (569) (1,111) (49) Acqu
Slide 11: Dividends
Earnings Report Fourth Quarter 2023 (4Q23) Dividends of US $15 million in 4Q23 correspond to dividends paid to minority shareholders at the subsidiary level. Accumulated Dividends were US $181 million versus US $383 million in 2022. Accumulated Dividends to ALFA shareholders were US $96 million vers
Slide 12: Recent Developments – ALFA
Earnings Report Fourth Quarter 2023 (4Q23) RECENT DEVELOPMENTS – ALFA Transformation to unlock ALFA’s fair value potential by simplifying its corporate structure Orderly transition towards independent business units (vs. conglomerate) Progress to date: – Nemak spin-off (2020) – Axtel spin-off
Slide 13: Credit Ratings, Quiet Period and 2024 Guidance
Earnings Report Fourth Quarter 2023 (4Q23) S&P Global Ratings – updated August 31, 2023 Revised ALFA’s outlook to Stable from Positive Affirmed “BBB-” long-term issuer credit rating; affirmed the “BB+” senior unsecured foreign currency rating Credit Ratings Fitch Ratings – unchanged since March
Slide 14: Results by Business: Sigma – Food Products
Earnings Report Fourth Quarter 2023 (4Q23) Results by Business Sigma – FOOD PRODUCTS 56% of ALFA’s Revenues in 4Q23 4Q23 / 2023 HIGHLIGHTS All-time high annual consolidated Volume, Revenues and EBITDA Eleventh consecutive quarter of year-on-year Revenue growth supported Sigma by record fourth qu
Slide 15: Sigma Selected Financial Information
Earnings Report Fourth Quarter 2023 (4Q23) SELECTED FINANCIAL INFORMATION (US $ MILLION) (%) 4Q23 vs. 4Q23 3Q23 4Q22 3Q23 4Q22 2023 2022 Ch. % Volume (ktons) 443 456 432 (3) 2 1,773 1,740 2 Mexico 240 242 223 (1) 8 943 880 7 Europe 95 97 104 (2) (9) 384 425 (10) United States 81 91 79 (11) 1 342 333
Slide 16: Message from Sigma's President
Earnings Report Fourth Quarter 2023 (4Q23) Message from Sigma’s President “I am pleased to report that Sigma has reaffirmed its growth trajectory, achieving its 11th consecutive quarter of year-on-year sales growth, while setting new records in annual consolidated Volume, Sales, and EBITDA. Addition
Slide 17: Sigma Income Statement
Earnings Report Fourth Quarter 2023 (4Q23) INCOME STATEMENT (US $ MILLION) (%) 4Q23 vs 4Q23 3Q23 4Q22 3Q23 4Q22 2023 2022 Ch. % Total Revenues 2,161 2,209 1,964 (2) 10 8,505 7,425 15 Gross Profit 643 680 495 (5) 30 2,521 1,905 32 Operating expenses and (473) (601) (395) (21) 20 (1,971) (1,476) 34 ot
Slide 18: Sigma operating income, financing expense and net loss
Earnings Report Fourth Quarter 2023 (4Q23) Operating Income was US $170 million in 4Q23, up 71% when compared to US $100 million in 4Q22, driven by the increase in EBITDA explained above. Full year Operating Income was US $551 million in 2023, 28% higher year-on-year, as strong EBITDA growth more th
Slide 19: Sigma Capex, Dividends and Industry Comments
Earnings Report Fourth Quarter 2023 (4Q23) Capital Expenditures & Acquisitions (Capex) totaled US $74 million during the quarter, 15% lower than 4Q22. Approximately 66% of Capex was maintenance-related and the remainder was invested in strategic projects. Full year Capex was US $293 million, up 18%
Slide 20: Exchange Rate
Earnings Report Fourth Quarter 2023 (4Q23) Exchange Rate When compared against the US dollar, the average 4Q23 exchange rate for the Mexican peso appreciated 11%, and the euro appreciated 5% year-on-year. Furthermore, Sigma’s Latam currency mix (outside Mexico) experienced a net appreciation effect
Slide 21: Results by Region – Sigma
Earnings Report Fourth Quarter 2023 (4Q23) RESULTS BY REGION - SIGMA During 4Q23, Mexico accounted for 48% of total revenues; while Europe represented 27%; the U.S. 18%; and Latam 7%. As a percentage of full year 2023 Revenues, these figures were 47%, 28%, 18%, and 7%, respectively. Mexico In local
Slide 22: Results by Region – United States and Latam
Earnings Report Fourth Quarter 2023 (4Q23) Full year Revenue and EBITDA were up 9% and 21% year-on-year, respectively. Annual results were mainly driven by a strong performance of Hispanic Brands, the successful integration of Los Altos Foods, and a consistent solid margin of Mainstream Brands. Adju
Slide 23: Recent Developments – Sigma
Earnings Report Fourth Quarter 2023 (4Q23) RECENT DEVELOPMENTS – SIGMA Moody’s Local Rating (New) Long term national issuer credit rating issued at “AAA.mx” with Stable Outlook (January 2024) Credit Ratings Fitch Rating Affirmed Sigma’s “BBB” and “AAA(mex)” credit ratings. Outlooks are Stable (F
Slide 24: Alpek – Petrochemicals Selected Financial Information
Earnings Report Fourth Quarter 2023 (4Q23) Alpek (BMV: ALPEKA) – PETROCHEMICALS 44% of ALFA's revenues in 4Q23 SELECTED FINANCIAL INFORMATION (US $ MILLION) (%) 4Q23 vs 4Q23 3Q23 4Q22 3Q23 4Q22 2023 2022 Ch. % Volume (ktons) 1,100 1,177 1,230 (7) (11) 4,635 5,065 (8) Polyester 907 955 1,013 (5) (10)
Slide 25: Alpek revenues and EBITDA discussion
Earnings Report Fourth Quarter 2023 (4Q23) Accumulated Revenues were US $7.759 billion, down 26% versus 2022, resulting from a 20% reduction in average prices and an 8% decrease in consolidated volume. EBITDA was US $53 million in 4Q23, down 71% versus 4Q22 and 58% lower quarter-on-quarter. EBITDA i
Slide 26: Recent Developments – Alpek
Earnings Report Fourth Quarter 2023 (4Q23) RECENT DEVELOPMENTS - ALPEK Throughout 2023, undertook a number of initiatives to control fixed and variable costs and to maximize cash flow Footprint optimization – Closure of PET Resin operations at Cooper River, NC (1Q23) – Closure of filament operat
Slide 27: Axtel – IT & Telecom
Earnings Report Fourth Quarter 2023 (4Q23) Axtel (BMV: AXTELCPO) – IT & TELECOM In accordance with International Financial Reporting Standards (IFRS), ALFA’s Consolidated Results must account for Axtel as Discontinued Operations due to the spin-off of this business. Additional details related to the
Slide 28: 4Q23 Earnings Call Information
Earnings Report Fourth Quarter 2023 (4Q23) 4Q23 EARNINGS CALL INFORMATION Date: Wednesday, February 21, 2024 Time: 1:00 p.m. EST (NY) / 12:00 p.m. CST (CDMX) Registration: https://us02web.zoom.us/webinar/register/WN_asZMEKvYTjSWLUrQaYQuXw Replay: https://www.alfa.com.mx/en/events/ iralfa@alfa.com.mx
Slide 29: About ALFA and Disclaimer
Earnings Report Fourth Quarter 2023 (4Q23) About ALFA ALFA is comprised mainly of two businesses with global operations: Sigma, a leading multinational food company, focuses on the production, marketing, and distribution of quality foods through recognized brands in Mexico, Europe, the United States
Slide 30: Tables: Volume, Price, Revenues, Operating Income and EBITDA
Earnings Report Fourth Quarter 2023 (4Q23) Tables ALFA Table 1 | VOLUME AND PRICE CHANGES (%) 4Q23 vs. 2023 vs. 3Q23 4Q22 2022 Total Volume (5.2) (6.1) (4.9) Domestic Volume (4.7) (5.8) (7.8) Foreign Volume (5.5) (6.2) (3.0) Avg. Ps. $ Prices 0.8 (16.9) (15.8) Avg. US $ Prices (2.4) (7.1) (4.7) Tabl
Slide 31: Extraordinary Items and Comparable EBITDA
Earnings Report Fourth Quarter 2023 (4Q23) Table 4 | EXTRAORDINARY ITEMS (US $ MILLION) Company Extraordinary item 4Q23 3Q23 4Q22 2023 2022 Alpek Inventory gain (loss) (15) 0 (57) (48) 17 Carry forward gain (loss) (16) (1) (27) (25) 66 Others (82) (33) (0) (147) (23) Total Alpek (114) (34) (84) (221
Slide 32: Net Income and Statement of Financial Position
Earnings Report Fourth Quarter 2023 (4Q23) Table 7 | NET INCOME (US $ MILLION) (%) 4Q23 % 4Q23 3Q23 4Q22 3Q23 4Q22 2023 2022 Ch.% Consolidated Net Income (Loss) (760) (46) 10 - - (769) 811 (195) Minority Interest (108) 2 27 - (507) (58) 233 (125) Majority Net Income (Loss) (652) (49) (17) - - (711)
Slide 33: Discontinued Operations – Axtel Tables
Earnings Report Fourth Quarter 2023 (4Q23) Table 9 | STATEMENT OF FINANCIAL POSITION DISCONTINUED OPERATIONS – AXTEL (US $ MILLION) 4Q23 3Q23 4Q22 Current assets 0 0 226 Non-Current assets 0 0 848 Total assets 0 0 1,074 Current liabilities 0 0 168 Non-Current liabilities 0 0 670 Total liabilities 0
Slide 34: Sigma Volume, Price and Local Currency Results
Earnings Report Fourth Quarter 2023 (4Q23) Sigma Table 12 | SIGMA - VOLUME AND PRICE CHANGES (%) 4Q23 vs. 2023 vs. 3Q23 4Q22 2022 Total Volume (2.8) 2.4 1.9 Avg. Ps. $ Prices 3.8 (4.1) (0.9) Avg. US $ Prices 0.7 7.4 12.4 Table 13 | SIGMA – REVENUES AND EBITDA IN LOCAL CURRENCY (%) 4Q23 vs. 4Q23 3Q23
Slide 35: Sigma Financing Expense and Financial Position
Earnings Report Fourth Quarter 2023 (4Q23) Table 15 | SIGMA - COMPREHENSIVE FINANCING INCOME / EXPENSE (US $ MILLION) (%) 4Q23 vs. 4Q23 3Q23 4Q22 3Q23 4Q22 2023 2022 Ch.% Financial Expenses (46) (52) (40) (12) 15 (177) (136) 30 Financial Income 8 7 8 23 (1) 25 18 39 Net Financial Expenses (37) (45)
Slide 36: ALFA Balance Sheet
Earnings Report Fourth Quarter 2023 (4Q23) Financial Statements ALFA, S.A.B. de C.V. and Subsidiaries BALANCE SHEET Information in millions of Nominal Mexican Pesos (%) Dec 23 vs. ASSETS Dec 23 Sep 23 Dec 22 Sep 23 Dec 22 CURRENT ASSETS: Cash and cash equivalents 19,745 20,217 21,813 (2) (9) Trade a
Slide 37: ALFA Income Statement
Earnings Report Fourth Quarter 2023 (4Q23) ALFA, S.A.B. de C.V. and Subsidiaries INCOME STATEMENT Information in millions of Nominal Mexican Pesos 4Q23 vs. (%) 4Q23 3Q23 4Q22 3Q23 4Q22 Net sales 68,440 71,606 87,698 (4) (22) Domestic 28,526 28,880 33,087 (1) (14) Export 39,913 42,726 54,611 (7) (27)
Slide 38: Sigma Alimentos Balance Sheet
Earnings Report Fourth Quarter 2023 (4Q23) Sigma Alimentos, S.A. de C.V. and Subsidiaries BALANCE SHEET Information in millions of Nominal Mexican Pesos (%) Dec 23 vs. ASSETS Dec 23 Sep 23 Dec 22 Sep 23 Dec 22 CURRENT ASSETS: Cash and cash equivalents 10,563 9,724 13,208 9 (20) Restricted cash 7 7 7
Slide 39: Sigma Alimentos Income Statement
Earnings Report Fourth Quarter 2023 (4Q23) Sigma Alimentos, S.A. de C.V. and Subsidiaries INCOME STATEMENT Information in millions of Nominal Mexican Pesos 4Q23 vs. (%) 4Q23 3Q23 4Q22 3Q23 4Q22 Revenue 37,985 37,676 38,674 1 (2) Cost of sales (26,672) (26,072) (28,936) 2 (8) Gross profit 11,314 11,6
Slide 40: Appendix – Alpek 4Q23 Results Report
Earnings Report Fourth Quarter 2023 (4Q23) Appendix – Alpek 4Q23 Results Report iralfa@alfa.com.mx 40 www.alfa.com.mx + (52) 81-8748-2521
Slide 41: Fourth Quarter 2023 Results
FOURTH QUARTER 2023 RESULTS
Slide 42: Alpek Posts Comparable EBITDA of U.S. $167M
FOURTH QUARTER 2023 RESULTS Alpek Posts Comparable EBITDA of U.S. $167M (Reported EBITDA of U.S. $53M) Realized Sequential Increase in Comparable EBITDA Despite Dynamic Operating Environment Monterrey, Mexico – February 20, 2024 – Alpek, S.A.B. de C.V. reported today its fourth quarter 2023 results.
Slide 43: Message from Our CEO
FOURTH QUARTER 2023 RESULTS MESSAGE FROM OUR CEO “The petrochemical industry continued to face headwinds throughout the fourth quarter, amid continued economic softness in China, destocking, regional demand slowdown, and global oversupply in our markets. Alpek has remained focused on mitigating the
Slide 44: 2023 Initiatives and Achievements
FOURTH QUARTER 2023 RESULTS 2023 Initiatives and Achievements Throughout 2023, the Company undertook a number of initiatives to control fixed and variable costs and drive improved top line growth. Footprint Optimization – During the first quarter, Alpek announced the halt of PET Resin operations at
Slide 45: 2024 Outlook
FOURTH QUARTER 2023 RESULTS 2024 Outlook 2023 was a challenging year due to the rapidly changing industry landscape. In 2024, Alpek anticipates persistent market headwinds to impact the petrochemical industry, particularly with Chinese reference margins expected to remain at low levels due to overca
Slide 46: Financial Results: EBITDA
FOURTH QUARTER 2023 RESULTS FINANCIAL RESULTS EBITDA (U.S.$ million, unless otherwise noted) QoQ YoY Ch. 4Q23 3Q23 4Q22 2023 2022 (%) (%) (%) Reported EBITDA 53 126 186 (58) (71) 514 1,455 (65) Inventory Adjustment 15 - 57 5,695 (74) 48 (17) 387 Carry-forward effect 16 1 27 1,572 (38) 25 (66) 139 Ot
Slide 47: Income Statement
FOURTH QUARTER 2023 RESULTS INCOME STATEMENT (U.S.$ million, unless otherwise noted) QoQ YoY Ch. 4Q23 3Q23 4Q22 2023 2022 (%) (%) (%) Total Revenues 1,691 1,956 2,457 (14) (31) 7,759 10,555 (26) Gross Profit 68 157 173 (57) (61) 574 1,534 (63) Operating expenses and others (646) (123) (63) (424) (93
Slide 48: Cash Flow, Net Debt & Leverage
FOURTH QUARTER 2023 RESULTS CASH FLOW (U.S.$ million and comparable to 3Q23, unless otherwise noted) QoQ YoY Ch. 4Q23 3Q23 4Q22 2023 2022 (%) (%) (%) EBITDA 53 126 186 (58) (71) 514 1,455 (65) Net Working Capital & Others 163 214 129 (24) 26 596 (413) 244 CAPEX (112) (38) (51) (192) (121) (277) (862
Slide 49: Results by Business Segment: Polyester
FOURTH QUARTER 2023 RESULTS RESULTS BY BUSINESS SEGMENT: POLYESTER (Purified Terephthalic Acid (PTA), Polyethylene Terephthalate (PET), rPET – 73% of Alpek’s Net Sales) QUARTERLY HIGHLIGHTS (U.S.$ million and comparable to 3Q23, unless otherwise noted) • Volume decreased to 907 ktons (-5%) amid a co
Slide 50: Results by Business Segment: Plastics & Chemicals
FOURTH QUARTER 2023 RESULTS RESULTS BY BUSINESS SEGMENT: PLASTICS & CHEMICALS (P&C) (Polypropylene (PP), Expandable Polystyrene (EPS), Other products – 20% of Alpek’s Net Sales) QUARTERLY HIGHLIGHTS (U.S.$ million and comparable to 3Q23, unless otherwise noted) • Volume decreased to 193 ktons (-13%)
Slide 51: About Alpek, Forward Looking Statements, Investor Relations Contact
FOURTH QUARTER 2023 RESULTS ABOUT ALPEK Alpek is a leading petrochemical company operating two business segments: “Polyester” (PTA, PET, and rPET), and “Plastics & Chemicals” (polypropylene, expandable styrenics, and other specialty and industrial chemicals). Alpek is a leading producer of PTA, PET
Slide 52: Appendix A – Additional Financial Information
FOURTH QUARTER 2023 RESULTS APPENDIX A – ADDITIONAL FINANCIAL INFORMATION QoQ YoY Ch. TABLE 1 | PRICE CHANGES (%) (%) (%) (%) Polyester Avg. Ps. Prices (9) (24) (21) Avg. U.S. $ Prices (12) (15) (11) Plastics & Chemicals Avg. Ps. Prices 9 (22) (33) Avg. U.S. $ Prices 6 (13) (24) Total Avg. Ps. Price
Slide 53: Comparable EBITDA and Financial Cost Tables
FOURTH QUARTER 2023 RESULTS QoQ YoY Ch. TABLE 4 | COMPARABLE EBITDA 4Q23 3Q23 4Q22 2023 2022 (%) (%) (%) Reported EBITDA Ps. Million 970 2,143 3,673 (55) (74) 9,260 29,424 (69) U.S. $ Million 53 126 186 (58) (71) 514 1,455 (65) Adjustments* Ps. Million 1,961 580 1,650 238 19 3,831 (1,308) 393 U.S. $
Slide 54: Statement of Financial Position and Financial Ratios
FOURTH QUARTER 2023 RESULTS TABLE 6 | STATEMENT OF FINANCIAL POSITION & FINANCIAL QoQ YoY 4Q23 3Q23 4Q22 RATIOS (U.S.$ million) (%) (%) Assets Cash and cash equivalents 438 503 336 (13) 30 Trade accounts receivable 740 794 940 (7) (21) Inventories 1,381 1,373 1,751 1 (21) Other current assets 343 34
Slide 55: Polyester Tables
FOURTH QUARTER 2023 RESULTS POLYESTER QoQ YoY Ch. TABLE 7 | REVENUES 4Q23 3Q23 4Q22 2023 2022 (%) (%) (%) Total Revenues Ps. Million 21,845 25,295 32,127 (14) (32) 102,154 140,717 (27) U.S. $ Million 1,235 1,483 1,630 (17) (24) 5,739 6,991 (18) Domestic Revenues Ps. Million 4,720 5,356 6,350 (12) (2
Slide 56: Plastics & Chemicals Tables
FOURTH QUARTER 2023 RESULTS PLASTICS & CHEMICALS QoQ YoY Ch. TABLE 10 | REVENUES 4Q23 3Q23 4Q22 2023 2022 (%) (%) (%) Total Revenues Ps. Million 6,022 6,343 8,711 (5) (31) 27,709 46,804 (41) U.S. $ Million 342 372 442 (8) (23) 1,556 2,321 (33) Domestic Revenues Ps. Million 3,040 3,170 4,122 (4) (26)
Slide 57: Appendix B – Financial Statements
FOURTH QUARTER 2023 RESULTS APPENDIX B – FINANCIAL STATEMENTS ALPEK, S.A.B. DE C.V. and Subsidiaries CONSOLIDATED STATEMENT OF FINANCIAL POSITION QoQ YoY Dec-23 Sep-23 Dec-22 (%) (%) (Millions of Mexican pesos) ASSETS CURRENT ASSETS: Cash and cash equivalents 7,391 8,859 6,319 (17) 17 Restricted cas
Slide 58: Alpek Consolidated Statement of Income
FOURTH QUARTER 2023 RESULTS ALPEK, S.A.B. DE C.V. and Subsidiaries CONSOLIDATED STATEMENT OF INCOME QoQ YoY Ch. 4Q23 3Q23 4Q22 2023 2022 (%) (%) (%) (millions of Mexican pesos) Revenues 29,887 33,368 48,411 (10) (38) 138,159 212,435 (35) Domestic 9,731 10,308 14,751 (6) (34) 42,903 74,524 (42) Expor