Corporate Presentation 3Q16

Transcription

1 Corporate Presentation 3Q16

2 v 10.4 This presentation contains, or may be deemed to contain, forwardlooking statements. By their nature, forward looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. The future results of Alpek, S.A.B. de C.V. And its subsidiaries may differ from the results expressed in, or implied by the forward-looking statements set out herein, possibly to a material degree. 16.4

3 Index Business Overview Consolidated Financials Appendix

4 Index Business Overview Consolidated Financials Appendix

5 Investment Highlights 1 Market-leading position in the Americas 2 Attractive consumer-oriented product portfolio 3 High-return integration and cost-saving projects 4 Low cost producer with leading technology 5 Experienced management team 6 Strong free cash flow and financial performance 5

6 Alpek is a leading petrochemical company focused on Polyester chain products, mainly PTA and PET Revenues 1 EBITDA 1 US$ 4.8 Billion US$ 679 Million Polyester (71% of Sales) Plastics & Chemicals (29% of Sales) PTA / PET Polyester Fibers Polypropylene Expandable Polystyrene Caprolactam Fertilizers & Specialty Chemicals Products and Uses Subsidiaries Grupo Petrotemex 2 Indelpro 3 Styropek Unimor Polioles 4 Source: Alpek estimates (1) September 2016 LTM (2) 6.65% of the subsidiaries Akra Polyester, S.A. de C.V. and 8.55% Tereftalatos Mexicanos, S.A. de C.V., are owned by BP Amoco Chemical Co. (3) 49% is owned by Lyondell Basell Industries Holdings B.V. (4) 50% minus one share is owned by BASF de Mexico S.A. de C.V. 6

7 Polyester Chain Polyester Crude Oil Gasoline PET Reformer Paraxylene PTA Fibers Naphtha Ethane Cracker Ethylene Ethylene Oxide MEG Source: Alpek 7

8 Alpek s products are widely used for food packaging and consumer end-markets Volume by Industry 2015 (3,937 Kta) Sample End Users by Industry Consumer Goods 32% Textiles 7% Construction 3% Food and Beverages 58% Beverage Food Sales Geography 2015 Europe 3% LatAm 14% Mexico 37% Asia and Others 1% USA & Canada 45% Personal Care Textiles Source: Alpek estimates Kta: Thousand tons per year 8

9 Alpek is the largest integrated polyester producer in North America (PTA-PET) North America 2015 Installed Capacity PTA (5,560 kta) PET (4,443 kta) Eastman NanYa BP M&G 41% 42% Indorama Indorama Source: PCI 2015 Capacities, 2016 M&As 9

10 Alpek s installed capacity amounts to 5.8 M tons; 23 production facilities and ~5,000 employees Location of Production Sites Installed Capacity Breakdown (Kta) Site PTA PET rpet Fibers PP EPS CPL Other A Monterrey 160 A B DC FE J I H G Corpus Christi (2017) PTA: 420 k tons PET: 500 k tons R P K Q N L M O Mexico (2,950 Kta) USA (2,343 Kta) B Altamira 1, C Salamanca 85 D Ocotlán 10 E Cosoleacaque F Lerma 100 G Cedar Creek H Cooper River I Columbia J Pearl River 430 Canada K Selenis 144 Argentina (225 kta) L Zárate 190 M Pacheco 16 N General Lagos 19 Brazil O Guaratingueta 46 Chile (27 Kta) P Santiago 5 Q Puerto Montt 2 R Concon 20 Total Capacity 1 : 5,755 Kta 2,250 2, Source: Alpek estimates Kta: Thousand tons per year (1) Includes industrial and specialty chemicals and recycled PET capacities 10

11 Plastics & Chemicals Polyester Alpek has developed a leading position in every product of its portfolio Alpek: Industry Position Industry Position Comments PTA #1 in North America Attractive industry structure 41% est. installed capacity share 1 PET Fibers #1 in North America #2 Worldwide #2 in North America 42% est. installed capacity share 1 Leading supplier of filament for car seatbelts 26% est. installed capacity share 1 PP Only producer in Mexico Attractive growth potential EPS #1 in the Americas Largest plant in the Americas 40% est. installed capacity share 2 CPL Only producer in Mexico Among top 5 lowest cost producers worldwide Source: PCI and Alpek estimates (1) In North America (2) In the Americas, including recent EPS acquisition 11

12 Alpek is investing in attractive organic projects to boost profitability Strategic Guidelines Project Overview Estimated figures and dates Project Capex (US$M) EBITDA (US$M) Start-up Capture natural gas, ethane and propane advantage in North America Maximize operating efficiency Selective capacity expansion Lever IntegRex technology 1. Cosoleacaque Cogeneration Q14 2. MEG Tolling Agreement Q16 3. PTA/PET Site (Corpus Christi) Propylene Spheres (2) EPS Expansion Altamira Altamira Cogeneration Fiber Expansion Pearl River TBD Total ~ $1 B 2 ~$ Integrated MEG Plant (Mex) $1+ B 250 N/A Source:Alpek estimates (1) Does not include 100 ktons additional supply rights recently acquired (2) US $663 M invested up to date 12

13 Alpek also holds a successful M&A track record and is constantly evaluating potential targets M&A Guidelines M&A Deals ( ) Product Capacity Year Country Investment Attractive Market Potential 1. Eastman PTA / PET 1.3 Mtons 2011 USA US $622 M 2. Wellman PET 430 ktons 2011 USA US $123 M 3. Cabelma rpet 16 ktons 2014 Argentina Undisclosed Cost Competitiveness Alpek M&A Existing/Related Business 4. BASF EPS EPS 230 ktons 2015 The Americas Undisclosed 5. BASF (Concon) EPS 20 Ktons 2016 Chile Undisclosed 6. Selenis PET 144 ktons 2016 Canada Undisclosed PTA 700 ktons 7. PQS (1) PET 450 Ktons TBD Brazil US $385 M Fibers 90 ktons (1) Subject to corporate and governmental approval 13

14 2016 average Brent price was revised up to $45/bbl Brent Crude Oil Impact on Alpek US$/Bbl 120 Inventory devaluation Inventory cost carryover $/bbl Value of feedstock discounts Product price formulas Import parity $/bbl New Guidance ($45/bbl) Orig. Guidance ($38/bbl)

15 Alpek benefited from strong drivers in 1H16 which moderated in 2H16 Segment 1H16 2H Preview Polyester Favorable oil price environment Gradual Asian margin recovery PTA price formula increase (April 2015) Challenging oil price environment in 3Q16; recovery in 4Q16 Reference Asian margin retreat Hurricane Matthew Pressure on U.S. PET margins in anticipation to Corpus startup Favorable oil price environment Gradual Asian margin recovery expected to resume Plastics & Chemicals (P&C) Record-high PP margins Strong EPS margins and acquisition in March 2015 Sequential PP and EPS margin decrease vs 1H16 Moderate PP and EPS margin reduction vs 2H16 15

16 (US$ Million) (US$ Million) (Ktons) (US$ Million) 2016 Guidance (2Q16 revision to EBITDA) Sales Volume +5% Revenues 3,874 3,931 3,937 4,150 7,028 6,471-9% 5,284 4, G G EBITDA +11% CAPEX +1% % Sales 8.1% 6.7% 11.9% 14.6% G G Source: Alpek estimates 16

17 Index Business Overview Consolidated Financials Appendix

18 (Kta) (US$ Million) Sales Volume and Revenues Sales Volume Revenues 0% 3,874 22% 3,931 22% 3,937 23% 3,938 24% 7,028 24% 6,471 27% 5,284-8% 4,874 27% 29% 78% 78% 77% 76% 76% 73% 73% 71% (1) (1) Polyester Plastics & Chemicals Source: Alpek estimates (1) September 2016 LTM 18

19 (US$ Million) (US$ Million) (US$ Million) (US$ Million) Income Statement Accounts Operating Income +11% EBITDA % % Sales 3.2% 4.4% 9.1% 11.0% % Sales 8.1% 6.7% 11.9% 13.9% 2013 (1) (2) (2) Financial Cost, Net (3) +16% Majority Net Income +14% Source: Alpek estimates % Sales (2) (1) Includes US$173 million asset impairment charge from Cape Fear plant closure (2) September 2016 LTM (3) Financial Cost, Net = Net Financial Expenses + Fx Gains (Losses) + Interest Rate Swaps + Gas & Comm. Derivatives % 1.0% % % 2016 (2) 19

20 (US$ Million) (US$ Million) (US$ Million) (US$ Million) Balance Sheet Accounts Net Working Capital (1) Property, Plant and Equipment +3% % 1,889 1,861 1,820 1, NWC Days (2) (2) Net Debt (3) +27% Stockholders Equity +1% ,071 2,028 2,005 2, (2) (2) Source: Alpek estimates (1) Net Working Capital = Accounts receivable + Other accounts receivable + Inventories - Suppliers - Other accounts payable and accrued expenses (2) Septiembre 2016 (3) Net Debt = Bank loans and notes payable + Current portion of long term debt + Long term debt Cash 20

21 (US$ / Ton) (US$ Million) (Times) (Times) Financial Ratios and Other Indicators Net Debt / EBITDA Interest Coverage (2) (1) (1) EBITDA / Ton CAPEX (1) (1) Source: Alpek estimates (1) September 2016 LTM (2) Interest coverage= EBITDA / Net financial expenses 21

22 Alpek Consolidated Debt Profile September 2016 Gross Debt: U.S. $1.155 billion Net Debt: U.S. $915 million 99% of our debt is denominated in US dollars (1) Cash A small portion of debt is denominated in ARS 22

23 Index Business Overview Consolidated Financials Appendix

24 Operating & Financial Highlights (3Q16) Alpek 3Q16 Consolidated EBITDA of U.S. $157 million, including a U.S. $1 million non-cash inventory devaluation charge and a U.S. $6 million insurance claim cash gain Acquired controlling interest in Selenis Canada Inc., a 144 Kty PET plant in Montreal, Quebec Solid balance sheet: 1.3x Net Debt / LTM EBITDA and 10.8x Interest Coverage Polyester 3Q16 Polyester EBITDA of U.S. $83 million, including a U.S. $7 million non-cash inventory devaluation charge and a U.S. $6 million insurance claim gain Results impacted by: i) lower-than-expected oil/feedstock price environment, ii) an extended scheduled PET shutdown in Argentina, iii) PET sales mix, and iv) weak polyester fiber demand Plastics & Chemicals (P&C) 3Q16 P&C EBITDA of U.S. $73 million, including a U.S. $6 million non-cash inventory gain due to higher propylene prices Polypropylene margins decreased as expected vs. 2Q16, still remain above historical levels Better-than-expected EPS performance resulting from robust demand and margins 24

25 Latest Quarter Results Alpek: Selected Financial Information (%) 3Q16 vs. 3Q16 2Q16 3Q15 2Q16 3Q15 YTD16 YTD15 Ch.% Total Volume (ktons) ,967 2,970 - Polyester ,254 2,282 (1) Plastics & Chemicals Consolidated Revenues 1,236 1,237 1,346 - (8) 3,655 4,065 (10) Polyester (11) 2,593 2,956 (12) Plastics & Chemicals (4) (1) 1,062 1,109 (4) Consolidated EBITDA (25) Polyester (25) (2) Plastics & Chemicals (25) (4) Profit Attributable to Controlling Interest CAPEX and Acquisitions Net Debt Net Debt/LTM EBITDA (1) Interest Coverage (1) Source: Alpek (1) Times: Last 12 months. 25

26 (US$ Million) (US$ Million) (Ktons) (US$ Million) Latest Quarter Results Sales Volume Revenues , ,646 1,219 1,321 1,182 1,398 1,237 1,346 1,236 Ch.% 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q -1.6% -o.1% -1.9% 1.8% Ch.% -25.9% -10.5% -11.5% 8.2% 143 EBITDA Majority Net Income Ch.% 4Q 1Q 2Q 3Q 100.1% 25.5% 6.7% 0.6% Ch.% 198.7% 189.9% -42.1% 29.6% -29 4Q 1Q 2Q 3Q Source: Alpek

27 Latest Quarter Results Alpek: Cash Flow (%) 3Q16 vs. 3Q16 2Q16 3Q15 2Q16 3Q15 YTD16 YTD15 Ch.% EBITDA (25) Net Working Capital & Others 37 (22) (52) (100) (7) (1,307) Capital Expenditures & Acq. (128) (110) (35) (17) (265) (270) (150) (81) Financial Expenses (18) (18) (19) (2) 1 (41) (58) 29 Income tax (23) (45) (20) 49 (11) (142) (41) (248) Dividends - (69) (12) (205) (150) (36) Payment affiliated companies (4) 52 - (108) (100) 60 (2) 2,927 Other Sources / Uses (25) (3) (19) (819) (29) (32) (22) (49) Decrease (Increase) in Net Debt (4) (7) (104) (193) 59 (429) Alpek: Net Income (%) 3Q16 vs. 3Q16 2Q16 3Q15 2Q16 3Q15 YTD16 YTD15 Ch.% Consolidated Net Income (8) Non-Controlling Interest (34) Controlling Interest Earnings per Share (U.S. Dollars) Avg. Outstanding Shares (Millions)* 2,118 2,117 2,118 2,118 2,118 Source: Alpek 27

28 Comparable EBITDA Reported EBITDA G 2016G2 YTD15 YTD16 Polyester Plastics & Chemicals TOTAL Adjustments* G 2016G2 YTD15 YTD16 Polyester (4) 12 (2) Plastics & Chemicals - (11) - (6) (11) (14) TOTAL (16) *Adjustments: Inventory and non-operating, one-time (gains) losses Comparable EBITDA G 2016G2 YTD15 YTD16 Polyester Plastics & Chemicals TOTAL

29 New Guidance New Consolidated Guidance 2016 Ch.% (vs. 2015) Volume (Ktons) 4,150 5 Net Sales (Million) U.S. $4,800 (9) EBITDA (Million) 1 U.S. $ Capex (Million) U.S. $ ) Does not include any impact from inventory valuation. 29

30 (US$ Million) (US$ Million) Breakdown of revised 2016 EBITDA Guidance By Main EBITDA Driver By Business Segment G Inventory Gain 1H16 Higher Poly Avg. Oil propylene Price EPS Other 2016G2 1H16 vs. 2H16E G Polyester P&C 2016G2 1H16 Polyester Plastics & Chemicals Inventory Gain (1H16) 2H16E 30

31 Polyester Chain PTA, PET, and Polyester Fibers Revenues 2016 (1) US$ 3,477 Million EBITDA 2016 (1) US$ 337 Million Selenis, Quebec. PET General Information Employees: 3,629 Products (Capacity): PTA (2,250 Kta) PET (2,014 Kta) rpet (89 Kta) PSF (150 Kta) Filament and polymer (160 Kta) Monterrey, N.L. Headquarters Polyester Filament Cosoleacaque, Ver. PTA & PET Cedar Creek, NC PET, R-PET Cooper River, SC PET & PSF Columbia, SC PTA & PET Pearl River, MI PET Altamira, Tamps. PTA ARG Zárate, Arg. PET Raw Materials: Paraxylene (Px) Monoethyleneglycol (MEG) Acetic Acid Pacheco, Arg. PET End Markets: Food and beverage Textile Consumer Goods Source: Alpek (1) September 2016 LTM 31

32 Plastics & Chemicals PP, EPS, CPL and Others Revenues 2016 (1) US$ 1,397 Million EBITDA 2016 (1) US$ 342 Million Altamira, Tamps. PP, EPS Employees: 1,527 General Information Products (Capacity): Polypropylene - PP (640 Kta) Expandable Polystyrene - EPS (250 Kta) Caprolactam - CPL (85 Kta) Other (117 Kta) Raw Materials: Propylene, Styrene, Cyclohexane, Ammonia, Sulfur, Pentane, Ethylene Oxide, Propylene Oxide and Others End Markets: Consumer Goods Food and Beverage Construction Monterrey, N.L. Headquarters, Ocotlán, Jal. Nylon 6 Salamanca, Gto. CPL and Fertilizers Lerma, Edo. De Mex. Specialty Chemicals Concon, Chile EPS Santiago, Chile Other Puerto Montt, Chile Other General Lagos, Argentina EPS Guaratingueta, Brazil EPS Source: Alpek (1) September 2016 LTM 32

33 Plastics & Chemicals Plastics & Chemicals Polyester Polyester Alpek is managed by an experienced team focused on delivering value to shareholders Name Position Years with Alpek / Alfa José de Jesús Valdez Simancas CEO 40 Eduardo Escalante Castillo CFO 29 Felipe Garza Medina President, PTA 39 Jorge Young Cerecedo President, PET and PSF 26 Jorge González Escobedo President, Polyester Filaments 42 Alejandro Llovera Zambrano President, Polypropylene 31 José Luis Zepeda Peña President, EPS and Chemicals 30 Gustavo Talancón Gómez President, CPL and Ammonium Sulfate 27 Source: Alpek 33

34 Organization Chart José de Jesús Valdez CEO Eduardo Escalante CFO Polyester Chain Plastics & Chemicals Felipe Garza President, PTA Jorge Young President, PET and PSF Jorge González President, Polyester Filaments Alejandro Llovera President, Polypropylene José Luis Zepeda President, EPS and Chemicals Gustavo Talancón President, CPL and Ammonium Sulfate Source: Alpek 34

35 Polypropylene Chain Refinery Propylene Polypropylene Cracker Source: Alpek 35

36 EPS & CPL Chain Refinery Ammonia Gasoline Crude Oil Cyclohexane Caprolactam (CPL) Reformer Benzene Styrene EPS Cracker Ethylene Source: Alpek 36

37 Alpek has been a reliable partner to other global industry leaders through successful joint ventures Alpek: Sample Joint Ventures 51.0% 50.0% + 1 Share + + World leader in PP production with sales in more than 100 countries Largest petrochemical company in the world with more than 370 sites Source: Alpek 37

38 Alpek has grown at a 10% annualized rate since 1986 through M&A, JVs and organic projects Sales Volume (Index: 1986=100) PTA/PET acquisitions (USA) EPS acquisition (Concon) Acquisition of polyester business (USA) EPS expansion in Altamira Polypropylene expansion Clear Path Recycling IPO (BMV) CabelmaPET Coso Cogen Acquisition of Univex (Caprolactam) DMT Expansion Acquisition of PTA plant Cogeneration project Polypropylene plant start-up EPS Expansion Propylene splitter installation Acquisition of Argentina and Mexico PET plants Source: Alpek 38

39 Organic growth and acquisitions position Alpek as a leading PTA and PET producer in North America 2004 (5,500 Kta) PTA Installed Capacity (1) 2015 (5,560 Kta) Interquisa Invista Eastman Eastman BP BP 41% 29% Indorama 2004 (3,800 Kta) PET Installed Capacity (1) 2015 (4,443 Kta) 8% Indorama Others Eastman NanYa NanYa M&G Wellman 42% Source: PCI (1) In North America 2015 Capacities, 2016 M&As M&G Invista Indorama 39

40 Alpek operates a state-of-the-art portfolio of proprietary and third-party technologies Alpek: Proprietary and Third-Party Technologies PTA PET Oilfield Chemicals Proprietary Technologies (I&D, acquisitions) Integrex PTA Integrex PET In-house technology Melt Tek TM Polypropylene EPS Caprolactam Third-Party Technologies Spheripol (LB) Spherizone (LB) Single Step (BASF) HSO Source: Alpek 40

41 Alpek s IntegRex technology simplifies both PTA and PET production processes PTA / PET: Process Diagram Oxidation Feed prep Esterification Precursor Preheating Post-Oxidation Hydrogenation Pre-Poly Crystallization Crystallization Crystallization Polymerization Annealing Filtration and Drying CTA Storage Filtration and Drying PTA Storage Pelletization Precursor Storage Solid State Polymerization PET Resin Steps eliminated with IntegRex TM technology Source: Alpek Benefits from IntegRex TM technology: ~20% reduction in conversion cost ~US$15 less per ton in capital cost 11 less steps for the production of PTA and PET Lower wastewater by-product and greenhouse gas emissions 41

42 Gas turbine Steam turbine Power cogeneration overview Natural Gas 1 Cogeneration plant Hot gases 2 Heat Recovery Steam 3 Electricity Steam Contract-based power customers 1. Gas turbine generates electricity 2. Combustion gases produce steam 3. Steam is used to generate additional electricity and for Alpek s chemical reactions 42

43 Alpek signed an IntegRex PTA license and PTA- PET sourcing agreement with M&G Corpus Christi Site Integrated PTA - PET site in Corpus Christi, TX Capacity: 1.2 M tons PTA and 1.1 M tons PET Wholly owned and operated by the M&G Group U.S.$ 350M 400 Ktons per year of integrated PET PTA-PET Sourcing Agreement ~U.S.$ 1B estimated investment (green field) Largest IntegRex PTA facility in the world Expected to begin operations in 2017 License fee ($) IntegRex PTA License Agreement 43

44 The sourcing agreement provides Alpek with unique access to M&G s Corpus Christi site Corpus Christi Site (CC) PTA 1.2 M tons PET 1.1 M tons Raw materials (e.g. Px, MEG, etc.) 336 Ktons +84 Ktons Ktons +100 Ktons 1 Raw materials (e.g. Px, MEG, etc.) M&G 864 Ktons M&G 600 Ktons 350 Ktons PTA Pearl River (1) Additional supply rights acquired in 4Q15 44

45 Alpek acquires Polioles and BASF s EPS business activities in North and South America Polioles EPS business activities Alpek/BASF JV EPS site in Altamira, Mexico Polyurethane (PU) business activities Selected assets in Lerma, Mexico Industrial & Specialty Chemicals EPS sales & distribution in NA/SA EPS site in Guaratingueta, Brazil EPS site in General Lagos, Argentina Aislapol, S.A. (Chile) 45

46 Styropek is the leading EPS player in the Americas Styropek: Locations Largest EPS capacity in the Americas (~250 ktons) Sites Sales office Warehouses Only EPS producer covering North and South America 46

47 Alpek has effectively transformed its EPS business Alpek: EPS capacity Expandable Polystyrene (EPS) The Americas installed EPS capacity 2017E Total: 600 ktons Kta Others Nexkemia 8% 17% 42% Alpek (Styropek) 165 Nova 18% 15% Flint Hills 2014 Acquisition 2015 Concon Altamira Plant Expansion

48 Alpek acquired a 20 Kta EPS plant in Concon, Chile from BASF Alpek: EPS production facilities Concon Plant Altamira. México Styropek Plants (230 Kta) Concon Plant (20 Kta) Capacity: 20 Kta (EPS) Location: Concon, Chile (BASF site) Closing: March 31, 2016 Concón, Chile Santiago, Chile Guaratingueta, Brasil Puerto Montt, Chile General Lagos, Argentina, 48

49 Alpek acquired a controlling interest in Selenis Canada Inc. Alpek: Polyester production facilities Monterrey. México Cosoleacaque. México Columbia. USA Bay St. Louis. USA Altamira. México Fayetteville. USA Charleston. USA Montreal. Canada Selenis Plant Capacity: 144 Ktons (PET) Location: Montreal, Canada Rationale: Only PET plant in Canada Alpek to capture PTA integration synergies Complement product portfolio with differentiated PET products Polyester Plants (4,519 Kta) Selenis Plant (144 Kta) Zárate. Argentina Pacheco. Argentina 49

50 U.S. PET antidumping case Case Calendar Final Rates March 15: Department of Commerce (DOC) and International Trade Commission (ITC) filing March 16: DOC issued affirmative FINAL Antidumping Duty and Countervailing Duty determinations April 16: ITC issued affirmative FINAL determinations Countervailing Antidumping Canada N/A 14 % China % % India % 8 19 % Oman 1 % 8 % Rates applicable for a minimum period of five years. Trade orders could be renewed in five-year increments (1) 154% only for JBF Industries Limited 50

51 Paraxylene (Px) Price Px USA Contract Price 1,708 1,635 1,641 1,168 (US$ / Ton) 1, Q 15 2Q 15 3Q 15 4Q 15 1Q 16 2Q 16 3Q 16 4Q 16 51

52 PET Margin (Asia) Margin: China PET to Px/MEG (US$ / Ton) Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q

53 (Pesos) Alpek stock highlights (BMV: ALPEK) Daily Stock Price Daily Average Traded Shares & Value (M Shares) (U.S. $ M) Shares Value Dec Feb Apr Jun Aug Oct Dec 0 0 Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Valuation 4Q13 4Q14 4Q15 4Q16 Performance ALPEK IPC DJI December % 0.7% 3.3% YTD (Dec-16) 2.4% 6.2% 13.4% LTM (Dec-16) 2.4% 6.2% 13.4% Market Cap. (U.S.$ B) Net Debt (U.S.$ M) EBITDA LTM (U.S.$ M) Enterprise Value / EBITDA Price / Earnings Price per Share (MXN) Exchange Rate (MXN/USD) (1) Alpek 3Q16 LTM EBITDA 53