Corporate Presentation 3Q17
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1 Corporate Presentation 3Q17
2 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. 19.8
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 Polyester (72% of sales) Plastics & Chemicals (28% of Sales) PTA / PET Polyester Fibers Polypropylene Expandable Polystyrene Caprolactam & Fertilizers Others Alpek Polyester 2 Indelpro 3 Styropek Unimor Polioles 4 Revenues 1 : US$ 5.1 Billion EBITDA 1 : US$ 376 Million (US$ 489 Million ex-a/r impairment) Source: Alpek estimates (1) September 2017 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 Consumer Goods 32% Volume by Industry 2016 (3,938 Kta) Textiles 7% Construction 3% Food and Beverages 58% Sales Geography 2016 (4,838 Kta) Canada 1% Europe 3% LatAm 14% Asia and Others 1% USA 44% Mexico 37% Sample End Users by Industry Beverage Food 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 2016 Installed Capacity PTA (5,550 kta) 5% Eastman 10% NanYa PET (4,391 kta) BP 25% 41% M&G 19% 42% Indorama 30% Indorama 29% Source: PCI adjusted with Alpek s official capacities 2016 Capacities, 2016 M&As 9
10 Alpek s installed capacity amounts to 5.8 M tons; 23 production facilities and ~5,200 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 G H K R P 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 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 Polyester 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 Plastics & Chemicals 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. Propylene Spheres (2) Q17 4. EPS Expansion Altamira Q17 5. Altamira Cogeneration PTA/PET Site (Corpus Christi) TBD Total ~ $1 B ~$260 US $965 M invested up to Sep-17 Source: Alpek estimates 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 640 ktons 7. Petroquimica Suape (1) PET 450 Ktons 2018 est. Brazil US $385 M Fibers 90 ktons (1) Subject to corporate and governmental approvals after suspension imposed on the assets sale is resolved by Petrobras 13
14 YTD Volume, Revenues and Capex in line with guidance; EBITDA affected by M&G provision Sales Volume Revenues (Ktons) 3,931 3,937 3,938 4,106 3,036-1% 3,079 (US$ Million) 6,471 5,284 4,838 5,069 3,910 +1% 3, G YTD17 YTD17G G YTD17 YTD17G EBITDA CAPEX (US$ Million) % 373 (US$ Million) % 200 % Sales 6.7% 11.9% 13.8% 9.9% 6.2% 9.7% G YTD17 YTD17G G YTD17 YTD17G Source: Alpek estimates 14
15 Lower 2017 EBITDA guidance mainly due to normalization of PP margins after 1Q16 peak Alpek: EBITDA (M dls) Average Margin: Polypropylene to Propylene (PGP) (c/lb) EBITDA 2016 Inventory gain Non Comparable operating items EBITDA 2016 PP Margin EPS Margin Polyester Others EBITDA 2017G 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 15
16 EBITDA vs. Guidance (YTD17) Alpek EBITDA vs Guidance US$M YTD17 YTD17G 373 Polyester Comp Plas. & Chem. Comp US -$17 M PPA Selenis 12 8 Guidance EBITDA Val. Inv. 6 - M&G A/R Provision (113) - Reported EBITDA YTD 17G M&G A/R Provision YTD17 Ex-M&G Polyester Outages 2Q17 Secondary feedstocks (IPA) Other Inventory gain YTD17 16
17 Relevant events forward looking M&G s financial distress Support M&G Altamira PET plant restart Formal restructuring plan to be presented by M&G (PET operations + Corpus Christi) Sale of Cosoleacaque and Altamira power cogeneration plants PET antidumping cases in U.S.A. and Canada CADE evaluation of potential acquisition in Brazil 17
18 Index Business Overview Consolidated Financials Appendix
19 Sales Volume and Revenues Sales Volume Revenues +2% 3,931 3,937 3,938 4,006 6,471 (Kta) 22% 78% 23% 77% 24% 76% 23% 77% (US$ Million) 27% 73% 5,284 27% 73% 4,838 29% 71% +4% 5,036 28% 71% LTM LTM 17 Polyester Plastics & Chemicals Source: Alpek estimates 19
20 Income Statement Accounts Operating Income EBITDA (US$ Million) ex-m&g (US$ Million) ex-m&g % Sales 4.4% 9.1% 11.0% -3.9% LTM 17 % Sales 6.7% 11.9% 13.8% 7.4% LTM 17 Financial Cost, Net (1) Majority Net Income (US$ Million) (US$ Million) ex-m&g 60 ex-m&g LTM 17 % Sales 1.0% % 4.1% -5.1% 2016 LTM 17 Source: Alpek estimates (1) Financial Cost, Net = Net Financial Expenses + Fx Gains (Losses) + Interest Rate Swaps + Gas & Comm. Derivatives 20
21 Balance Sheet Accounts Net Working Capital (1) Property, Plant and Equipment ,861 1,820 1,955 2,117 (US$ Million) 488 (US$ Million) NWC Days Sep 17 Net Debt (2) Sep 17 Stockholders Equity (US$ Million) ,042 1,192 (US$ Million) 2,028 2,005 2,019 1, Sep Sep 17 Source: Alpek estimates (1) Net Working Capital = Accounts receivable + Other accounts receivable + Inventories - Suppliers - Other accounts payable and accrued expenses (2) Net Debt = Bank loans and notes payable + Current portion of long term debt + Long term debt Cash 21
22 Financial Ratios and Other Indicators Net Debt / EBITDA Interest Coverage (1) (Times) ex-m&g (Times) ex-m&g LTM LTM 17 EBITDA / Ton CAPEX (US$ / Ton) ex-m&g (US$ Million) LTM LTM 17 Source: Alpek estimates (1) Interest coverage= EBITDA / Net financial expenses 22
23 Alpek Consolidated Debt Profile September 2017 Gross Debt: U.S. $1,639 million Net Debt: U.S. $1,192 million Available Committed Credit Lines: U.S. $171 million (Total: U.S. $430 million) 99% of our debt is denominated in US dollars (1) Cash (1) A small portion of debt is denominated in ARS 23
24 Dividends paid to shareholders (US$ Million) (1) (1) Paid in December
25 Index Business Overview Consolidated Financials Appendix
26 Operating & Financial Highlights (3Q17) Alpek One-time charges associated to Mossi & Ghisolfi (M&G): U.S. -$113 million A/R provision (EBITDA), U.S. -$435 million intangible asset impairment (Oper. Income), U.S. -$95 million financial asset impairment (Financial Cost, Net) and U.S. +$223 million deferred tax 3.2 times Net Debt/LTM EBITDA; 2.4 times excluding M&G A/R provision (U.S. -$113 million) Offers for power cogeneration assets in final selection stage Polyester 3Q17 Polyester EBITDA of U.S.$ -51 million, including the U.S. -$113 million M&G A/R provision and a U.S. $9 million non-cash inventory gain PTA supply to M&G was suspended in Mexico (Sep) and Brazil (Aug) due to missed payments Alpek engaging M&G and its key creditors to resume PTA supply Plastics & Chemicals (P&C) 3Q17 P&C EBITDA of U.S. $54 million; null inventory loss/gain Volume impacted by temporary feedstock supply disruptions, mainly due to Hurricane Harvey Resilient margins in polypropylene (PP), expandable polystyrene (EPS) and caprolactam (CPL) 26
27 Latest Quarter Results Alpek: Selected Financial Information (%) 3Q17 vs. 3Q17 2Q17 3Q16 2Q17 3Q16 YTD17 YTD16 Ch.% Total Volume (ktons) 1,012 1, (2) 1 3,036 2,967 2 Polyester (2) 4 2,353 2,254 4 Plastics & Chemicals (3) (7) (4) Consolidated Revenues 1,312 1,306 1, ,910 3,655 7 Polyester ,791 2,593 8 Plastics & Chemicals (2) 4 1,119 1,062 5 Consolidated EBITDA (96) (98) (55) Polyester (51) (254) (161) (74) Plastics & Chemicals (26) (36) Profit Attributable to Controlling Interest (400) (1,719 ) (903) (289) 170 (270) CAPEX and Acquisitions (2) (50) (24) Net Debt 1,192 1, Net Debt/LTM EBITDA (1) Interest Coverage (1) Source: Alpek (1) Times: Last 12 months. 27
28 Latest Quarter Results Sales Volume Revenues (Ktons) 1, , (US$ Million) 1,293 1,306 1,312 1,182 1,237 1,236 1,219 1,183 Ch.% 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q -0.2% 5.8% 1.4% 0.3% Ch.% 9.4% 5.5% 6.1% -2.9% (US$ Million) EBITDA (US$ Million) 72 Majority Net Income Ch.% Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q -7.9% -60.5% -97.9% -6.8% Ch.% 20.4% -48.5% % -4.2% Source: Alpek ex-m&g 28
29 Latest Quarter Results Alpek: Cash Flow (%) 3Q17 vs. 3Q17 2Q17 3Q16 2Q17 3Q16 YTD17 YTD16 Ch.% EBITDA (96) (98) (55) Net Working Capital & Others (81) (21) 121 (100) 221 Capital Expenditures & Acq. (64) (65) (128) 2 50 (206) (270) 24 Financial Expenses (17) (17) (18) (5) 5 (50) (41) (21) Income tax (19) (33) (23) (78) (142) 45 Dividends (71) (9) - (712) (100) (168) (205) 18 Payment affiliated companies - 1 (4) (100) (99) Other Sources / Uses 5 3 (25) (13) (32) 60 Decrease (Increase) in Net Debt (135) 118 (4) (214) (2,947) (151) (193) 22 Alpek: Net Income (%)3Q17 vs. 3Q17 2Q17 3Q16 2Q17 3Q16 YTD17 YTD16 Ch.% Consolidated Net Income (394) (1,140) (709) (251) 240 (205) Non-Controlling Interest (53) (58) (45) Controlling Interest (400) (1,719) (903) (289) 170 (270) Earnings per Share (U.S. Dollars) (0.19) (1,719) (903) (0.14) 0.08 (270) Avg. Outstanding Shares (Millions)* 2,117 2,117 2,118 2,117 2,118 Source: Alpek 29
30 Comparable EBITDA and 2017 Guidance (ex-m&g) Reported EBITDA G 3Q16 3Q Polyester (51) Plastics & Chemicals TOTAL Adjustments* G 3Q16 3Q Polyester (18) (2) 98 Plastics & Chemicals - (11) (14) - (6) - (14) (3) TOTAL (32) - (4) 105 (16) 95 *Adjustments: Inventory and non-operating, one-time (gains) losses Comparable EBITDA G 3Q16 3Q Polyester Plastics & Chemicals TOTAL
31 Polyester Chain PTA, PET, and Polyester Fibers Revenues LTM 17 US$ 3,103 Million EBITDA LTM 17 US$ 152 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 31
32 Plastics & Chemicals PP, EPS, CPL and Others Revenues LTM 17 US$ 1,425 Million EBITDA LTM 17 US$ 226 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 32
33 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 Polyester Polyester Plastics Plastics & Chemicals Chemicals Felipe Garza Medina Co-President, Alpek Polyester 39 Jorge Young Cerecedo Co-President, Alpek Polyester 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 Co-President Alpek Polyester Jorge Young Co-President Alpek Polyester 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 8% annualized rate since 1986 through M&A, JVs and organic projects Sales Volume (Index: 1986=100) Selenis/ Concon Acquisition PTA/PET acquisitions (USA) EPS acquisition 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 Polypropylene plant start-up Cogeneration project 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) 2016 (5,550 Kta) Interquisa Invista Eastman Eastman BP BP 41% 29% Indorama 2004 (3,800 Kta) PET Installed Capacity (1) 2016 (4,931 Kta) 8% Indorama Others Eastman NanYa NanYa M&G Wellman 42% Invista Source: PCI (1) In North America M&G 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 Power cogeneration overview Natural Gas 1 Gas turbine Cogeneration plant Hot gases 2 Heat Recovery Steam 3 Steam turbine 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 M&G s Corpus Christi site capacity breakdown Corpus Christi Site (CC) PTA 1.3 M tons PET 1.1 M tons Raw materials (e.g. Px, MEG, etc.) 420 Ktons 500 Ktons Raw materials (e.g. Px, MEG, etc.) M&G 850 Ktons M&G 600 Ktons 350 Ktons PTA Pearl River 43
44 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
45 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 45
46 U.S.A. PET antidumping case (2016) 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 46
47 U.S.A. and Canada PET antidumping case (2017) U.S. A. Petitions filed in September Department of Commerce ( DOC ) initiated investigation (4Q 18) International Trade Commission ( ITC ) pending determination of existence of material injury (2Q 18) Canada Canada Border Services Agency ( CBSA) initiated investigation in August Preliminary resolution expected in 4Q 17 Countries under investigation U.S.A. Brazil Indonesia South Korea Pakistan Taiwan Canada China India Oman Pakistan 47
48 2017 average Brent price estimated at $55/bbl Brent Crude Oil Dls/Bbl $/bbl $/bbl 44 $/bbl Guidance 2017 ($55/bbl) Δ 1 US$ dollar / Bbl = ~ Δ 3 US$ Million EBITDA 48
49 Paraxylene (Px) Price Px USA Contract Price 1,708 1,635 1,543 1,168 (US$ / Ton) 1, Q 15 2Q 15 3Q 15 4Q 15 1Q 16 2Q 16 3Q 16 4Q 16 1Q 17 2Q 17 3Q 17 49
50 Propylene and Styrene Prices North America Propylene Contract Price North America Styrene Spot Price (c / lb) (c / lb) Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q E F M A M J J A S 1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q E F M A M J J A S
51 PET Margin (Asia) Margin: Asia PET to Px/MEG 394 (US$ / Ton) China PET PTA Q 2Q 3Q 4Q 1Q 2Q 3Q
52 Caprolactam Margin (US) Margin: CPL Spot to Contract Benzene 2,108 (US$ / Ton) 1,181 1, , Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q
53 Alpek stock highlights (BMV: ALPEK) Daily Stock Price Daily Average Traded Shares & Value (Pesos) (M Shares) (U.S. $ M) Shares Value ($) Jul Sep Nov Jan Mar May Jul Ago Sep 0 Jul Aug Sep Oct Nov Dec Jan Feb Mar Abr May Jun Jul Ago Sep Performance ALPEK IPC DJI September % -1.7% 2.1% YTD (Sep-17) -23.1% 10.3% 13.4% LTM (Sep-17) -42.1% 6.6% 22.4% Valuation 4Q14 4Q15 4Q16 3Q17 3Q17 Proforma Market Cap. (U.S.$ B) 2,475 3,113 2,193 2,228 2,228 Net Debt (U.S.$ M) ,042 1,192 1,192 EBITDA LTM (U.S.$ M) Enterprise Value / EBITDA Price / Earnings N/A 11.0 Price per Share (MXN) Exchange Rate (MXN/USD)
54 M&G Chemicals Overview About M&G Plant locations Founded 1953 in Toronta, Italy Private company; no public debt or equity 20-yr comercial relationship w/alpek (11% of Alpek sales) Corpus Christi 1 Apple Grove Altamira Installed Capacity PTA PET Apple Grove (USA) 270 Altamira (Mexico) 560 Suape (Brazil) 550 Corpus Christi 1 (USA) Suape 1) Under construction; net of Alpek s capacity reservation Source: PCI 54
55 Alpek s exposure to M&G US$M Guarantee Capacity Reservation Corpus Christi 435 Corpus Christi assets (2 nd lien) Accounts Receivable 113 Unsecured M&G Mexico Loan (Acquired) 100 M&G Mexico PET plant in Altamira (1 st lien) $90 M Loan 90 Corporate guarantees 55
56 Non-recurring charges associated to M&G Income Statement Balance Sheet US$M YTD17 (ex-m&g) M&G Charge YTD17 US$M Sep-17 (ex-m&g) M&G Charge Sep-17 Operating Income 250 (548) (298) Intangible asset impairment (435) A/R Provision (113) EBITDA 356 (113) 243 A/R Provision (113) Financial cost, net (26) (95) (121) Taxes (55) Net income (loss) 169 (420) (251) Profit (loss)attributable to controlling interest 127 (416) (289) Net Debt 1,192 1,192 Net Debt / EBITDA Assets 5,044 (481) 4,563 Trade accounts receivable 620 (113) 507 Intangible Assets Cap Res 571 (360) 211 Other Assets Cap Res 76 (75) 1 Other Assets Loan 102 (95) 7 Other Assets Deferred tax Other Assets 3,655-3,655 Liabilities 2,996 (61) 2,935 Other Liabilities Deferred tax 373 (61) 312 Other Liabilities 2,622-2,622 Stockholders Equity 2,048 (420) 1,628 Earned surplus 978 (420) 558 Others 1,070-1,070 56
57 North America PTA / PET capacity breakdown North America 2016 Installed Capacity PTA PET Ktons USA Mexico Canada Total Alpek 640 1,610-2,250 Indorama 1, ,650 BP 1, ,400 Eastman Total 3,340 1, ,550 Ktons USA Mexico Canada Total Alpek 1, ,824 Indorama ,292 M&G Nan Ya Total 3,022 1, ,391 Source: PCI adjusted with Alpek s official capacities 2016 Capacities, 2016 M&As 57
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