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For the month of October, Translation of Registrant's name into English. Calzada del Valle Ote. Mexico Address of principal office. Indicate by check mark whether the registrant files or will file annual reports under cover of Form F or Form 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 b under the Securities Exchange Act of If ''Yes'' is marked, indicate below the file number assigned to the registrant in connection with Rule 12g b : Date: October 23th, IR Contact Information: ir gruma.

During the third quarter of results at all of GRUMA's subsidiaries continued their upward trend, achieving improvements even above the company's own expectations from the beginning of the year and strengthening the sustainability of its performance. Consolidated Financial Highlights Ps millions. Operating margin rose to 9. Net comprehensive financing cost was Ps. The increase mainly resulted from 1 higher interest expense in connection with higher debt related to GRUMA's share buy-back last December; and 2 lower foreign exchange gains on dollar-denominated debt driven by lower peso appreciation during 3Q Income taxes totaled Ps.

The effective tax rate was Balance-Sheet Highlights. Debt Profile. Gruma Corporation. In the U. Cost of sales as a percentage of net sales improved to However, the U. Improvements at Gruma Corporation resulted mainly from the aforementioned price increases as well as the shift and focus toward high-margin high-volume products, as in the case of wheat tortillas.

Also, the company benefited from the SKU rationalization programs. Europe also improved due to higher prices and a shift in the sales mix toward high-margin products. Molinera de Mexico. Sales volume was flat at thousand metric tons. Even though there were reductions in administrative expenses, these were offset by higher selling expenses related to higher freight tariffs. Operating income rose to Ps. Gruma Centroamerica. Operating income was Ps. Other Subsidiaries and Eliminations.

Operating loss was Ps. The improvement resulted from the exit of part of the tortilla operations in Mexico, reduced operations at the technology division, better performance at the Asia and Oceania operations, and personnel and expense reductions at corporate levels. International Accounting Standard 29 IAS 29 defines the criteria to consider when a company operates under a hyperinflationary economic environment, which are when:. Amounts of local currency held are immediately invested to maintain purchasing power;.

Prices may be quoted in that currency;. Based on the foregoing, the GRUMA's consolidated figures are determined as follows: the figures for subsidiaries in Mexico, the United States, Europe, Central America, Asia and Oceania operate in a non-hyperinflationary environment; therefore the effects of inflation are not recognized.

Results for foreign subsidiaries that operate in a non-hyperinflationary environment are translated to Mexican pesos applying the historical exchange rate. Under the section Subsidiary Results of Operations and the table of Financial Highlights by Subsidiary of this report, figures for Gruma Corporation were translated to Mexican pesos using a convenience translation with the exchange rate of Ps.

The differences between the use of convenience translation and the historical exchange rate are reflected under ''Other Subsidiaries and Eliminations''. GRUMA was founded in and is engaged primarily in the production of corn flour, tortillas, and wheat flour.

For further information please visit www. Such statements reflect the views of GRUMA with respect to future events and are subject to certain risks, uncertainties, and assumptions.

Many factors could cause the actual results, performance, or achievements of GRUMA to be materially different from historical results or any future results, performance, or achievements that may be expressed or implied by such forward-looking statements.

Such factors include, among others, changes in economic, political, social, governmental, business, or other factors globally or in Mexico, the United States, Latin America, or any other countries in which GRUMA does business, and world corn and wheat prices. If one or more of these risks or uncertainties materializes, or underlying assumptions are proven incorrect, actual results may vary materially from those described herein as anticipated, believed, estimated, expected, or targeted.

GRUMA does not intend, and undertakes no obligation, to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. Qualitative information. Derivative financial instruments contracting policies. Gruma's policies regarding financial instruments establish that the acquisition of any derivative financial instruments agreement must be associated with the hedging of an underlying operation of the company, such as the purchase of inventory or fuel consumption commodities , interest payment at a determined rate, foreign currency payments at an exchange rate, among others.

Gruma has a Risks Management policy that details the procedure to authorize their contracting. General description of the objectives to use derivative financial instruments. The objective of using derivative financial instruments is to reduce the aforementioned risks. Likewise, in the normal course of business, Gruma enters into transactions in which it could be exposed to risks for changes in the interest rates or for fluctuations of exchange rates.

The variations in the exchange rates can result from changes in the economic conditions, tax and monetary policies, volatile conditions, global markets liquidity, international and local political events, among others. In order to minimize these risks Gruma has entered into certain financial instruments. Instruments used and hedging or negotiation strategies implemented. We hedge a part of our production requirements through futures and options contracts in order to minimize the risk generated by the fluctuations in the price and supply of corn, wheat, natural gas, and diesel, risk that exists as an ordinary part of our business.

Additionally, Gruma has entered into certain financial instruments such as interest rate swaps and foreign exchange financial instruments FX. Allowed negotiation markets and eligible counterparties. In order to minimize the counterparty solvency risk, Gruma enters into derivative financial instruments only with major national and international financial institutions using mainly, when applicable depending on the derivative instrument used, the standard International Swaps and Derivatives Association, Inc.

Policies on the appointment of calculation or valuation agents. Gruma appoints the counterparties as calculation agents who periodically send the account statements of the open positions of the financial instruments.

Policies on margins, collaterals, credit lines, VAR. The Central Risks Committee of Gruma establishes that the derivative financial transactions may be performed with collaterals or using credit lines for that purpose. The majority of the executed transactions establish certain obligations on behalf of the Issuer to guarantee, from time to time, the differential between fair value and the credit line risk margin established with the respective financial institutions, consequently the timely compliance of those obligations are assured.

Additionally, it is made clear that, upon failure to fulfill the obligations of providing collateral, the counterparty will have the right, but not the obligation, to early terminate the transactions in place, and to demand the corresponding consideration pursuant to the agreed terms. In addition and in order to maintain a risk exposure level within the boundaries authorized by the Central Risks Committee and the Audit Committee, the Corporate Treasury department reports, in a weekly and monthly manner, the information about the Derivative Financial Instruments to such organs, respectively, and quarterly to the Board of Directors.

Internal control procedures to manage the exposure to market and liquidity risks. The execution of the derivative financial instruments is authorized pursuant to the guidelines set forth in the Risks Management policy of the company. Existence of an independent third party who reviews the aforementioned procedures. The procedures are reviewed in the external audit process performed by PricewaterhouseCoopers, S.

Information regarding the authorization of the use of derivatives and if there is a committee in charge of giving those authorizations and the derivatives risk management. All derivative financial transactions must be previously authorized by a Divisional Risks Committee and by the Central Risks Committee which is formed by members of the senior management and approved by the Audit Committee and the Board of Directors.

Generic Description of Valuation Techniques. Description of methods, valuation techniques and valuation frequency: Derivative financial instruments that are not reported as hedging instruments for accounting purposes are initially recorded at fair value, and at the end of each reporting period they are re-measured at their fair value.

The result of this valuation is recognized in the income statement. All accounting records comply with applicable regulations and are based on the official financial statements of each Financial Institution.

For derivative financial instruments that qualify as cash flow hedges, the effects of changes in the fair value of such derivative financial instrument are included within the other comprehensive income in equity, based on an evaluation of the hedge effectiveness. Such changes in the fair value are reclassified to income in the period when the firm commitment or projected transaction is realized. Hedging agreements other than cash flow hedges are measured at fair value and the effects of these valuation changes are recognized in the income statement.

Clarification concerning if the valuation is performed by an independent third party or if it is an internal valuation and on which cases one or the other valuation is used. If it is performed by a third party, if his arranger, seller or counterparty of the derivative financial instrument is mentioned. The valuation of the foreign exchange derivative financial instruments is performed by the counterparty of these instruments at fair value.

Regarding purchases of corn, wheat and natural gas futures the market values of the US Chicago, Kansas and New York futures exchanges are taken as reference, through the specialized Financial Institutions engaged for such purposes. These valuations are made periodically. For hedging instruments, explanation of the method used to determine the effectiveness of the same, identifying the current available hedging level of the global position. When a hedge is no longer effective as well as when the hedge does not comply with the documentation requirements set forth in the International Financial Reporting Standards the results of the valuation of the financial instruments at their fair value are recognized in the income statement.

Management discussion about the sources of liquidity that could be used to deal with derivative financial instruments. Discussion about the internal and external sources of liquidity that could be used to attend the requirements related to derivative financial instruments.

There is potential liquidity requirements under our derivative financial instruments described in Section II below. Gruma plans to use its available cash flow as well as other available liquidity sources to satisfy such liquidity requirements.

Description of the changes in the exposure to major identified risks. Description of the changes in the exposure to major identified risks, its management and contingencies that could affect it in future reports.

We hedge a part of our production requirements through futures contracts and options in order to reduce the risk generated by the fluctuations in price and supply of corn, wheat, natural gas, and diesel, risks that exist in the normal course of our business.

Gruma carried out forward transactions with the intention of hedging the currency risk of the Mexican peso with respect to the U. The fair value of these derivative instruments can decrease or increase in the future before the instruments expire. The variations in the exchange rate can result from changes in the economic conditions, tax and monetary policies, volatile conditions, global markets liquidity, international and local political events, among others.

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For the month of October, Translation of Registrant's name into English. Calzada del Valle Ote. Mexico Address of principal office.

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Shajora You would have to use the method in ACI for shear head design in my opinion as that is where AS says the limit comes from. Author Standards Association of Australia. Please see [ Commentaty Policy ] for details. The rectangular stress block approximation is older than that but still sees a lot of use. Digital Transformation may be defined in a number of different ways by analysts or commentaty software vendors. Be the first to add this to a list. The commentary also very clearly states that shear reinforcement in the form of closed fitments, shear studs, shear heads and the like, is provided, the value of fcv is taken as 0.

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Skip to main content Skip to table of contents. Advertisement Hide. This service is more advanced with JavaScript available. Editors J. Lehn Ch. Front Matter Pages I Basic Notions of Solid State Physics.

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