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Grupo Herdez informs about tax resolutions

/ General, Investors / By

Mexico City, September 8, 2021 – Grupo Herdez, S.A.B. de C.V. (“Grupo Herdez” or the “Company”) (BMV: HERDEZ) informs:

  1. In the annual report of April 22, 2021, in the Audited and Consolidated Financial Statements, as well as in the most recent quarterly restatement on July 22, 2021, the company informed about tax assessments determined to Nutrisa, S.A. de C.V. for the fiscal years of 2014, 2015 and 2016 related to a unilateral change in the interpretation of the law by the tax authority with respect to the application of the 0% rate of the Value Added Tax in the sale of yogurt ice creams and popsicles.
  2. In this regard, the Servicio de Administración Tributaria (“SAT” “Tax Administration Service”) confirmed the tax assessments through official resolutions dated August 26 and 27, 2021, which were notified on the 27th of the same month and year. The amounts involved are $310’992,079.00 for 2014, $388’451,717.00 for 2015, and $280’450,157.00 for 2016, for a total amount of $979’893,953.00 (NINE HUNDRED SEVENTY-NINE MILLION, EIGHT HUNDRED NINETY-THREE THOUSAND, NINE HUNDRED FIFTY-THREE PESOS 00/100).
  3. Once we analyzed such resolutions and prior consultation with our advisors, the Company considers that the 0% rate of the Value Added Tax shall be the rate applicable to yogurt ice creams and popsicles, as they are frozen food.
  4. Since this is a unilateral change of interpretation and application of the law by SAT, Herdez will file a Juicio de Resolución Exclusiva de Fondo before the Tribunal Federal de Justicia Administrativa (“Federal Court of Administrative Justice”).
  5. This trial grants the benefit that no guaranty of such tax assessment amounts is required in accordance with applicable law.
  6. The Company reaffirms its commitment to the application of the Law and has properly complied with its tax obligations.
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Grupo Herdez 2019

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2020

  • 2020: We launched the first edition of Semillero Nutrisa. Together with Nutrisa and the Victoria147 business academy for women, we invited women entrepreneurs to participate in a training program to improve the management of their businesses and have the potential to become part of our supply chain.

We established our first technological alliance with Google, which will allow us to accelerate the digital transformation of Grupo Herdez through the use of Google Cloud Platform tools such as BigQuery ML, Looker, among others.

Through the Herdez® brand and Aires de Campo® we joined the “Sowing a New Normality” initiative, promoted by the civil society organizations Ríos Tarango and Ectágono, which aims to increase the vegetation cover of the environmentally valuable area Barranca de Tarango.

  • 2021: We developed the Group’s second proprietary e-commerce platform, with the Nutrisa® online store.

We updated the apps through which we manage the loyalty programs of our retail brands, Cielito Querido Café® and Nutrisa®, improving our customers’ in-store experience.

During the year, 15 formulas had their nutritional profile strengthened by reducing some critical added nutrients (sugars, sodium and saturated fats).

  • 2022: We expanded our capabilities into new categories through the acquisition of Interdeli and Deli, Dips & Snacks. Integrating brands such as Libanius, Flaveur, Liguria and Señor Cactus into our portfolio.

We Issued the first sustainability bond through which we
committed to a 25% reduction in our water consumption.

Together with our partner McCormick & Company, Inc. we
brought the most iconic Mexican cuisine to the tables of the United Kingdom
through meal kits, sauces and condiments under the Herdez® brand.  In less than a year, we obtained a 5.5% shelf
share in the Tesco supermarket chain.

We consolidated the integration of Chilim Balam® into retail brands, a leading brand in the snack segment