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Sigma Alimentos, S. A. De C. V. and Subsidiaries (Subsidiary of Alfa, S

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Sigma Alimentos, S. A. De C. V. and Subsidiaries (Subsidiary of Alfa, S | Sigma Alimentos, S. A. de C. V. and Subsidiaries (Subsidiary of Alfa, S. A. B. de C. V.) Consolidated Financial Statements as of and for the Years Ended December 31, 2020 and 2019, and Independent Auditors’ Report Dated January 31, 2021 Sigma Alimentos, S. A. de C. V. and Subsidiaries (Subsidiary of Alfa, S. A. B. de C. V.) Independent Auditors’ Report and Consolidated Financial Statements as of and for the Years Ended December 31, 2020 and 2019 Table of contents Page Independent Auditors’ Report 1 Consolidated Statements of Financial Position 3 Consolidated Statements of Income 4 Consolidated Statements of Comprehensive Income 5 Consolidated Statements of Changes in Stockholders’ Equity 6 Consolidated Statements of Cash Flows 7 Notes to Consolidated Financial Statements 8 Independent Auditors’ Report to the Board of Directors and Stockholders of Sigma Alimentos, S. A. de C. V. and Subsidiaries Opinion We have audited the consolidated financial statements of Sigma Alimentos, S. A. de C. V. and Subsidiaries (the “Company”), which comprise the consolidated statements of financial position as of December 31, 2020 and 2019, and the consolidated statements of income, consolidated statements of comprehensive income, consolidated statements of changes in equity and consolidated statements of cash flows for the years then ended, and notes to the consolidated financial statements, including a summary of the principal accounting policies. In our opinion, the accompanying consolidated financial statements present fairly, in all material respects, the consolidated financial position of Sigma Alimentos, S. A. de C. V. and Subsidiaries as of December 31, 2020 and 2019, and their consolidated financial performance and their cash flows for the years then ended, in accordance with International Financial Reporting Standards (“IFRS”), as issued by the International Accounting Standards Board. Basis of the Opinion We had conducted our audit in accordance with International Standards on Auditing (“ISA”). Our responsibilities under those standards are further described in the Independent Auditors’ Responsibilities for the Audit of the Consolidated Financial Statements section of our report. We are independent of the Company in accordance with the International Ethics Standards Board for Accountants’ Code of Ethics for Professional Accountants (“IESBA Code”) and with the ethical requirements that are relevant to our audit of the consolidated financial statements together with the Code of Ethics issued by the Mexican Institute of Public Accountants (“IMCP Code”), and we have fulfilled our other ethical responsibilities in accordance with the IESBA Code and with the IMCP Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Other Matters The accompanying consolidated financial statements have been translated into English for the convenience of readers. Responsibilities of Management and Those Charged with Governance for the Consolidated Financial Statements Management is responsible for the preparation and fair presentation of the consolidated financial statements in accordance with IFRS, and for such internal control as management determines is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error. In preparing the consolidated financial statements, management is responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so. Those charged with governance of the Company are responsible for supervising the Company’s consolidated financial reporting process. Deloitte se refiere a Deloitte Touche Tohmatsu Limited, sociedad privada de responsabilidad limitada en el Reino Unido, y a su red de firmas miembro, cada una de ellas como una entidad legal única e independiente. Conozca en www.deloitte.com/mx/conozcanos la descripción detallada de la estructura legal de Deloitte Touche Tohmatsu Limited y sus firmas miembro. Independent Auditors’ Responsibilities for the Audit of the Consolidated Financial Statements Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an audit report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial statements. As part of an audit in accordance with ISAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also: • Identify and assess the risks of material misstatement of the consolidated financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. • Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control. • Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management. • Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditors’ report to the related disclosures in the consolidated financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditors’ report. However, future events or conditions may cause the Company to cease to continue as a going concern. • Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the consolidated financial statements represent the underlying transactions and events in a manner that achieves fair presentation. • Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Company and subsidiaries to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision, and performance of the audit of the consolidated financial statements of the Company. We remain solely responsible for our audit opinion. We communicate with those charged with governance of the Company regarding, among other matters, the planning, scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. We also provide those charged with governance of the Company with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards. Galaz, Yamazaki, Ruiz Urquiza, S.C. Member of Deloitte Touche Tohmatsu Limited C. P. C. A. Alejandra Villagómez G. Monterrey, Nuevo León, Mexico January 31, 2021 2 Sigma Alimentos, S. A. de C. V. and Subsidiaries (Subsidiary of Alfa, S. A. B. de C. V.) Consolidated Statements of Financial Position As of December 31, 2020 and 2019 In thousands of Mexican pesos Note 2020 2019 Assets Current assets: Cash and cash equivalents 6 $ 16,300,838 $ 9,730,213 Restricted cash 7 23,938 11,307 Trade and other accounts receivable, net 8 6,895,108 7,903,117 Inventories 9 15,247,812 16,244,535 Recoverable income tax 17 741,417 407,015 Derivative financial instruments 4 1,715 - Other current assets 521,042 485,997 Total current assets 39,731,870 34,782,184 Non-current assets: Property, plant and equipment, net 10 33,345,796 32,306,053 Right-of-use asset, net 11 2,366,003 2,106,179 Goodwill and intangible assets, net 12 29,451,265 26,459,392 Investments in associates and other assets 13 222,787 215,252 Deferred income taxes 17 4,125,223 2,678,379 Derivative financial instruments 4 596,115 326,380 Restricted cash 7 32,500 55,114 Total non-current assets 70,139,689 64,146,749 Total assets $109,871,559 $ 98,928,933 Liabilities and Stockholders’ Equity Current liabilities: Trade and other accounts payable 14 $ 26,610,208 $ 26,186,839 Debt 15 648,603 575,749 Lease liabilities 16 557,969 440,132 Income taxes payable 17 460,549 1,739,222 Provisions 18 182,410 101,634 Derivative financial instruments
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