ALFA, S.A.B. de C.V. THIRD QUARTER 2015 FINANCIAL REPORT
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- Kory Sims
- 5 years ago
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1 ALFA, S.A.B. de C.V. THIRD QUARTER 2015 FINANCIAL REPORT ALFA REPORTS 3Q15 EBITDA UP 8 YEAR- ON- YEAR Monterrey, N.L., Mexico. October 20, ALFA, S.A.B. de C.V. (ALFA) reported today 3Q15 unaudited financial results. Revenues amounted to U.S. $4,107 million, down 12 year- on- year. EBITDA was U.S. $589 million, up 8 vis- à- vis 3Q14. Commenting on the Company s results Mr. Alvaro Fernandez, ALFA s President, said: Our 3Q15 EBITDA increased 8 year- over- year due to a combination of positive factors including better margins at Alpek, higher volumes, lower expenses and ongoing efficiencies at Nemak, better sales volume and lower raw material costs at Sigma and non- recurring gains at Campofrio ( CFG ), which more than offset lower profits at Alestra and Newpek, as well as non- cash losses at Alpek reflecting an inventory devaluation charge. We are pleased that we were able to deliver improved EBITDA even as our top line was impacted by macro factors such as unfavorable exchange rates and a significant decrease in oil prices. ALFA s companies invested U.S. $325 million in capital expenditures and acquisitions during 3Q15, flat with the prior year. Net debt at the quarter end of U.S. $4,859 million was lower when compared to U.S. $5,163 million in 3Q14. Lower debt reflects both strong cash generation in the period, and the proceeds from the early 3Q15 Nemak initial public offering. At the end of the quarter, financial ratios were: Debt, net of cash, to EBITDA: 2.1 times; Interest Coverage: 7.2 times. Those ratios compare favorably to 2.6 times and 5.8 times in 3Q14. The strong U.S. Dollar generated exchange losses that impacted 3Q15 Majority Net Income of ALFA. However, they were more than offset with solid operating results. As a consequence, ALFA posted Majority Net Income of U.S. $155 million, down 15 sequentially, but significantly ahead of the U.S. $55 million reported in 3Q14, when the U.S. Dollar also gained vis- à- vis the Mexican Peso. SELECTED FINANCIAL INFORMATION (U.S. $ MILLIONS) 3Q15 3Q14 2Q15 CH. CH. YTD YTD YTD VS. 3Q14 VS. 2Q Chg. CONSOLIDATED REVENUES 4,107 4,663 4,218 (12) (3) 12,418 12,582 (1) Sigma 1,499 1,712 1,481 (12) 1 4,419 3, Alpek 1,346 1,633 1,398 (18) (4) 4,065 4,825 (16) Nemak 1,094 1,141 1,167 (4) (6) 3,433 3,548 (3) Alestra (4) (5) Newpek (11) (53) (45) CONSOLIDATED EBITDA (10) 1,773 1, Sigma (1) Alpek (20) Nemak (5) Alestra (16) (22) (4) Newpek (69) (17) (65) MAJORITY NET INCOME (15) (36) CAPITAL EXPENDITURES & ACQ (46) 1, NET DEBT 4,859 5,163 5,443 (6) (11) 4,859 5,163 (6) Net Debt/LTM EBITDA* LTM Interest Coverage* *Times. LTM= Last 12 months 1 EBITDA = Operating Income + depreciation and amortization + impairment of assets. CONTENTS: Consolidadated Section 2 Sigma 5 Alestra 7 Newpek 8 - Tables, Appendix A and B 10 - Appendix C Alpek s 2Q15 Report 17- Appendix D Nemak s 2Q15 Report 29
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9 ALFA, S.A.B. de C.V. 3Q15 FINANCIAL REPORT 9 FINANCIAL INFORMATION CONSOLIDATED AND GROUP TABLES CONSOLIDATED BALANCE SHEET CONSOLIDATED STATEMENT OF INCOME ENRIQUE FLORES +52 (81) eflores@alfa.com.mx LUIS OCHOA +52 (81) lochoa@alfa.com.mx RAÚL GONZÁLEZ +52 (81) rgonzale@alfa.com.mx JUAN ANDRÉS MARTÍN +52 (81) jamartin@alfa.com.mx MARCELA ELIZONDO +52 (81) melizondo@alfa.com.mx MBS VALUE PARTNERS SUSAN BORINELLI +1 (646) susan.borinelli@mbsvalue.com This release may contain forward- looking information based on numerous variables and assumptions that are inherently uncertain. They involve judgments with respect to, among other things, future economic, competitive and financial market conditions and future business decisions, all of which are difficult or impossible to predict accurately. Accordingly, results could vary from those set forth in this release. The report presents unaudited financial information. Figures are presented in Mexican pesos or U.S. Dollars, as indicated. Where applicable, peso amounts were translated into U.S. Dollars using the average exchange rate of the months during which the operations were recorded. Financial ratios are calculated in U.S. Dollars. Due to the rounding up of figures, small differences may occur when calculating percent changes from one period to the other.
10 ALFA, S.A.B. de C.V. 3Q15 FINANCIAL REPORT 10 ALFA TABLE 1 VOLUME AND PRICE CHANGES () 3Q15 vs. YTD. 15 vs. 2Q15 3Q14 YTD. 14 Total Volume (1.1) Domestic Volume Foreign Volume (4.9) (1.4) 6.6 Avg. Ps. Prices Avg. U.S. $ Prices (1.5) (12.8) (7.4) TABLE 2 REVENUES () 3Q15 vs. 3Q15 2Q15 3Q14 2Q15 3Q14 YTD.15 YTD.14 Ch. TOTAL REVENUES Ps. Millions 67,353 64,592 61, , , U.S. $ Millions 4,107 4,218 4,663 (3) (12) 12,418 12,582 (1) DOMESTIC REVENUES Ps. Millions 22,691 21,599 21, ,634 61,881 6 U.S. $ Millions 1,384 1,411 1,639 (2) (16) 4,224 4,719 (10) FOREIGN REVENUES Ps. Millions 44,662 42,993 39, , , U.S. $ Millions 2,723 2,808 3,024 (3) (10) 8,194 7,863 4 Foreign / Total () TABLE 3 OPERATING INCOME AND EBITDA () 3Q15 vs. 3Q15 2Q15 3Q14 2Q15 3Q14 YTD.15 YTD.14 Ch. OPERATING INCOME Ps. Millions 6,515 7,086 4,607 (8) 41 18,125 12, U.S. $ Millions (14) 13 1, EBITDA Ps. Millions 9,684 10,030 7,163 (3) 35 27,631 19, U.S. $ Millions (10) 8 1,773 1, TABLE 4 COMPREHENSIVE FINANCING (EXPENSE) / INCOME (CFI) (U.S. $ MILLIONS) () 3Q15 vs. 3Q15 2Q15 3Q14 2Q15 3Q14 YTD.15 YTD.14 Ch. Financial Expenses (85) (87) (99) 3 14 (264) (273) 3 Financial Income Net Financial Expenses (74) (80) (99) 7 25 (239) (254) 6 Fx Gains (Losses) (100) (90) (132) (11) 24 (302) (112) (170) PRE valuation (224) 0 - Capitalized CFE (100) 0 6 (100) CFE (174) (170) (229) (2) 24 (765) (360) (112) Avg. Cost of Borrowed Funds ()
11 ALFA, S.A.B. de C.V. 3Q15 FINANCIAL REPORT 11 ALFA TABLE 5 MAJORITY NET INCOME (U.S. $ MILLIONS) () 3Q15 vs. 3Q15 2Q15 3Q14 2Q15 3Q14 YTD.15 YTD.14 Ch. Consolidated Net Income (Loss) (24) Minority Interest , Majority Net Income (Loss) (15) (36) Per Share (U.S. Dollars) Avg. Outstanding Shares (Millions) 5,128 5,135 5,136 5,132 5,136 TABLE 6 CASH FLOW (U.S. $ MILLIONS) () 3Q15 vs. 3Q15 2Q15 3Q14 2Q15 3Q14 YTD.15 YTD.14 Ch. EBITDA (10) 8 1,772 1, Net Working Capital & Others (155) 0 (39) - (296) (414) (145) (185) Capital Expenditures & Acquisitions (325) (597) (324) 46 - (1,152) (968) (19) Net Financial Expenses (76) (79) (87) 3 12 (241) (265) 9 Taxes (71) (28) (80) (151) 12 (162) (262) 38 Dividends 0 (156) (156) 0 - Other Sources / Uses 622 (56) (919) 1, (1,566) 139 Decrease (Increase) in Net Debt 584 (262) (904) (1,690) 116 TABLE 7 SELECTED BALANCE SHEET INFORMATION & FINANCIAL RATIOS (U.S. $ MILLIONS) 3Q15 2Q15 3Q14 YTD.15 YTD.14 Assets 15,639 15,404 16,382 15,639 16,382 Liabilities 11,002 11,381 10,944 11,002 10,944 Stockholders Equity 4,637 4,023 5,438 4,637 5,438 Majority Equity 3,644 3,352 4,330 3,644 4,330 Net Debt 4,859 5,443 5,163 4,859 5,163 Net Debt/EBITDA* Interest Coverage* *Times: LTM= Last 12 months
12 ALFA, S.A.B. de C.V. 3Q15 FINANCIAL REPORT 12 SIGMA TABLE 8 VOLUME AND PRICE CHANGES () 3Q15 vs. YTD. 15 vs. 2Q15 3Q14 YTD. 14 Total Volume Avg. Ps. Prices Avg. U.S. $ Prices 0 (14) (3) TABLE 9 REVENUES () 3Q15 vs. 3Q15 2Q15 3Q14 2Q15 3Q14 YTD.15 YTD.14 Ch. TOTAL REVENUES Ps. Millions 24,573 22,675 22, ,742 48, U.S. $ Millions 1,499 1,481 1,712 1 (12) 4,419 3, DOMESTIC REVENUES Ps. Millions 10,184 9,784 9, ,436 27,620 7 U.S. $ Millions (3) (15) 1,894 2,107 (10) FOREIGN REVENUES Ps. Millions 14,389 12,891 12, ,306 20, U.S. $ Millions (10) 2,524 1, Foreign / Total () TABLE 10 OPERATING INCOME AND EBITDA () 3Q15 vs. 3Q15 2Q15 3Q14 2Q15 3Q14 YTD.15 YTD.14 Ch. OPERATING INCOME Ps. Millions 2,686 2,530 1, ,944 4, U.S. $ Millions (1) EBITDA Ps. Millions 3,437 3,235 2, ,100 5, U.S. $ Millions (1) TABLE 11 SELECTED BALANCE SHEET INFORMATION & FINANCIAL RATIOS (U.S. $ MILLIONS) 3Q15 2Q15 3Q14 YTD.15 YTD.14 Assets 4,722 4,658 5,197 4,722 5,197 Liabilities 4,043 4,054 3,966 4,043 3,966 Stockholders Equity , ,231 Majority Equity Net Debt 2,105 2,052 2,011 2,105 2,011 Net Debt/EBITDA* Interest Coverage* *Times: LTM= Last 12 months
13 ALESTRA TABLE 12 REVENUES ALFA, S.A.B. de C.V. 3Q15 FINANCIAL REPORT 13 () 3Q15 vs. 3Q15 2Q15 3Q14 2Q15 3Q14 YTD.15 YTD.14 Ch. TOTAL REVENUES Ps. Millions 1,630 1,482 1, ,503 4, U.S. $ Millions (4) (5) VOICE SERVICES (LD & LOCAL) Ps. Millions (4) (8) 1,059 1,078 (2) U.S. $ Millions (11) (26) (17) DATA & INTERNET Ps. Millions ,725 1,734 (1) U.S. $ Millions (2) (18) (16) MANAGED NETWORKS & IT Ps. Millions ,719 1, U.S. $ Millions TABLE 13 OPERATING INCOME AND EBITDA () 3Q15 vs. 3Q15 2Q15 3Q14 2Q15 3Q14 YTD.15 YTD.14 Ch. OPERATING INCOME Ps. Millions (27) (1) 1, U.S. $ Millions (31) (21) (4) EBITDA Ps. Millions (16) 6 1,826 1, U.S. $ Millions (22) (16) (4) TABLE 14 SELECTED BALANCE SHEET INFORMATION & FINANCIAL RATIOS (U.S. $ MILLIONS) 3Q15 2Q15 3Q14 YTD.15 YTD.14 Assets Liabilities Stockholders Equity Net Debt Net Debt/EBITDA* Interest Coverage* *Times: LTM= Last 12 months
14 NEWPEK TABLE 15 REVENUES ALFA, S.A.B. de C.V. 3Q15 FINANCIAL REPORT 14 () 3Q15 vs. 3Q15 2Q15 3Q14 2Q15 3Q14 YTD.15 YTD.14 Ch. TOTAL REVENUES Ps. Millions (5) (41) 1,090 1,676 (35) U.S. $ Millions (11) (53) (45) DOMESTIC REVENUES Ps. Millions U.S. $ Millions FOREIGN REVENUES Ps. Millions (5) (41) 1,090 1,676 (35) U.S. $ Millions (11) (53) (45) Foreign / Total () VOLUME Thousands of Barrels of Oil Equivalent Per Day (MBOEPD) Liquids & others as of total sales volume TABLE 16 OPERATING INCOME AND EBITDA () 3Q15 vs. 3Q15 2Q15 3Q14 2Q15 3Q14 YTD.15 YTD.14 Ch. OPERATING INCOME Ps. Millions (196) (96) 138 (103) (242) (1,033) 244 (524) U.S. $ Millions (12) (6) 10 (88) (214) (67) 19 (463) EBITDA Ps. Millions (12) (61) 488 1,162 (58) U.S. $ Millions (17) (69) (65) TABLE 17 SELECTED BALANCE SHEET INFORMATION & FINANCIAL RATIOS (U.S. $ MILLIONS) 3Q15 2Q15 3Q14 YTD.15 YTD.14 Assets Liabilities Stockholders Equity Net Debt Net Debt/EBITDA* Interest Coverage* *Times: LTM= Last 12 months
15 Appendix A ALFA, S.A.B. de C.V. and Subsidiaries BALANCE SHEET Information in millions of Nominal Mexican Pesos () Jun 15 vs. Sep- 15 Jun- 15 Sep- 14 Mar 15 Jun 14 ASSETS CURRENT ASSETS: Cash and cash equivalents 23,791 17,615 14, Trade accounts receivable 25,823 24,437 21, Other accounts and notes receivable 9,497 7,067 6, Inventories 34,672 31,940 30, Other current assets 5,960 5,821 14,286 2 (58) Total current assets 99,743 86,880 86, INVESTMENTS IN ASSOCIATES AND JOINT VENTURES 1,791 1,900 1,542 (6) 16 PROPERTY, PLANT AND EQUIPMENT 104,009 96,584 84, INTANGIBLE ASSETS 44,492 40,711 39, OTHER NON- CURRENT ASSETS 15,952 13,727 7, Total assets 265, , , LIABILITIES AND STOCKHOLDER'S EQUITY CURRENT LIABILITIES: Current portion of long- term debt 5,099 4,413 4, Bank loans and notes payable 5,037 9,680 3,154 (48) 60 Suppliers 39,082 36,517 31, Other current liabilities 18,591 17,779 15, Total current liabilities 68,613 68,389 55, LONG- TERM LIABILITIES: Long- term debt 95,576 89,096 75, Deferred income taxes 11,701 10,508 8, Other liabilities 7,750 5,999 5, Estimated liabilities for seniority premiums and pension plans 3,480 3,182 2, Total liabilities 187, , , STOCKHOLDERS' EQUITY: Controlling interest: Capital stock (0) (0) Contributed capital (0) (0) Earned surplus 61,772 51,969 58, Total controlling interest 61,978 52,176 58, Total Non- controlling interest 16,889 10,453 14, Total stockholders' equity 78,868 62,629 73, Total liabilities and stockholders' equity 265, , , Current ratio Debt to equity
16 Appendix B ALFA, S.A.B. DE C.V. and Subsidiaries STATEMENT OF COMPREHENSIVE INCOME Information in millions of Nominal Mexican Pesos 3Q15 vs. () 3Q15 2Q15 3Q14 YTD '15 YTD '14 2Q15 3Q14 Net sales 67,353 64,592 61, , , Domestic 22,691 21,599 21,481 65,634 61, Export 44,662 42,993 39, , , Cost of sales (53,391) (50,251) (49,686) (152,579) (134,902) (6) (7) Gross profit 13,962 14,341 11,445 40,489 30,103 (3) 22 Operating expenses and others (7,447) (7,255) (6,837) (22,363) (17,258) (3) (9) Operating income 6,515 7,086 4,607 18,126 12,845 (8) 41 Comprehensive financing expense, net (2,720) (2,607) (3,012) (11,571) (4,737) (4) 10 Equity in income (loss) of associates 61 (269) (51) (291) (56) Income before the following provision 3,855 4,210 1,545 6,264 8,053 (8) 150 Provisions for: Income tax (258) (1,331) (558) (1,223) (2,866) Consolidated net income 3,597 2, ,042 5, Income (loss) corresponding to minority interest , , Net income (loss) corresponding to majority interest 2,675 2, ,616 4,335 (5) 271 EBITDA 9,684 10,030 7,163 17,948 19,860 (3) 35 Interest coverage* * LTM
17 ALFA, S.A.B. de C.V. 3Q15 FINANCIAL REPORT 17 APPENDIX C ALPEK S 3Q15 REPORT
18 Third Quarter 2015 (3Q15) Monterrey, Mexico. October 20, 2015 Alpek, S.A.B. de C.V. (BMV: ALPEK) Selected Financial Information (U.S. $ Millions) (1) Times: Last 12 months Alpek reports 3Q15 EBITDA of U.S. $156 million Operating & Financial Highlights (3Q15) () 3Q15 vs. 3Q15 2Q15 3Q14 2Q15 3Q14 YTD15 YTD14 Total Volume (ktons) 980 1, (2) (1) 2,970 2,947 1 Polyester (3) (2) 2,282 2,316 (1) Plastics & Chemicals Consolidated Revenues 1,346 1,398 1,633 (4) (18) 4,065 4,825 (16) Polyester 993 1,033 1,187 (4) (16) 2,956 3,538 (16) Plastics & Chemicals (3) (21) 1,109 1,287 (14) Consolidated EBITDA (20) Polyester (42) (10) Plastics & Chemicals Profit Attributable to Controlling Interest CAPEX and Acquisitions Net Debt Net Debt/LTM EBITDA (1) Interest Coverage (1) Ch (54) (22) (40) (11) (16) (8) Alpek 3Q15 Consolidated EBITDA of U.S. $156 million, including a U.S.$26 million non-cash inventory devaluation charge Adjusting for inventory valuation, 3Q15 Consolidated EBITDA was +40 y-o-y and +5 q-o-q Construction of Altamira cogeneration project set to begin before year-end Polyester Plastics & Chemicals (P&C) 3Q15 Polyester EBITDA of U.S. $79 million, including a U.S. $23 million non-cash inventory devaluation charge Adjusting for inventory valuation, 3Q15 Polyester EBITDA was +18 y-o-y and -6 q-o-q Unfavorable 3Q15 feedstock price environment; paraxylene (Px) price down -19 q-o-q 3Q15 Plastics & Chemicals EBITDA of U.S. $76 million, including a U.S. $3 million non-cash inventory devaluation charge Strong PP and EPS performance supported +81 y-o-y and +27 q-o-q P&C EBITDA growth Engaged in 75 Kta EPS capacity expansion project at the Altamira, Mexico site and signed an agreement to acquire a 20 Kta EPS plant from BASF in Concon, Chile This release contains forward looking information based on numerous variables and assumptions that are inherently uncertain. They involve judgments with respect to, among other things, future economic, competitive and financial market conditions and future business decisions, all of which are difficult or impossible to predict accurately. Accordingly, results could vary from those set forth in this release. The report presents unaudited financial information based on International Financial Reporting Standards (IFRS). Figures are stated in nominal Mexican pesos ($) and in current U.S. Dollars (U.S. $), as indicated. Where applicable, peso amounts were translated into U.S. Dollars using the average exchange rate of the months during which operations were recorded. Financial ratios are calculated in U.S. Dollars. Due to the rounding up of figures, small differences may occur when calculating percent changes from one period to the other.
19 Third Quarter 2015 (3Q15) Message from the CEO Alpek s 3Q15 Consolidated EBITDA was U.S. $156 million, up 19 year-on-year and 20 lower quarteron-quarter, as feedstock price volatility weighed on our Polyester segment. Oil and feedstock prices fell in 3Q15 after posting an upward trend in the previous two quarters. The average price per barrel of Brent crude oil went down from U.S. $62 in June to U.S. $47 in September. Similarly, the U.S. paraxylene (Px) contract price decreased 19 quarter-on-quarter. Consequently, Alpek s 3Q15 Consolidated EBITDA was impacted by a U.S. $26 million non-cash inventory devaluation charge. The breakdown by business segment was: U.S. $23 million in Polyester and U.S. $3 million in P&C. The year-to-date negative impact from inventory valuation is U.S. $26 million as the benefit recognized in 2Q15 was more than offset by charges in 1Q15 and 3Q15. Our Polyester segment posted a U.S. $79 million 3Q15 EBITDA. Adjusting for inventory valuation, 3Q15 Polyester EBITDA was U.S. $102 million versus U.S. $86 million and U.S. $108 million in 3Q14 and 2Q15, respectively. This quarter s 18 year-on-year underlying Polyester EBITDA growth reflects the U.S. ~$66/ton increase to the North American PTA price formula that came into effect as of April 1, 2015, as well as savings from our Cosoleacaque cogeneration facility. Underlying Polyester segment performance was also encouraging quarter-on-quarter, even with 3Q15 s falling feedstock prices and lower Asian reference margins. Noteworthy polyester industry developments include the preliminary affirmative determinations announced recently by the U.S. Department of Commerce in the antidumping and countervailing duty investigations on packaging grade PET resin. As a result of the preliminary affirmative determinations, cash deposits are now required for PET imports from certain countries based on preliminary rates. Our P&C segment continued to benefit from better than expected polypropylene (PP) and expandable polystyrene (EPS) margins. 3Q15 U.S. $76 million P&C EBITDA increased 81 year-on-year, driven mainly by strong margins. On the investment front, we remain committed to implementing all projects included in our Capex program. Most importantly, the Altamira power cogeneration plant s construction is set to begin before yearend. An exhaustive analysis of an alternative set-up resulted in enhanced profitability due to lower investment and higher power output. Investment in the 350 MW facility is estimated to be U.S. $350 million with startup expected in the first half of Selected new expansion initiatives are also being implemented, especially in our EPS business. We initiated a 75 Kta EPS capacity expansion project at our Altamira site in Mexico, and we have signed an agreement with BASF Chile S.A. to acquire its 20 Kta EPS plant in Concon, Chile. We expect the Altamira expansion to come online before year-end 2017 and anticipate the closing of the Concon transaction by early Alpek s EPS capacity will increase approximately 40 upon completion of both these initiatives. In addition, we have started a 110 Kta polyester fiber capacity expansion project at our Pearl River site that will allow us to meet growing customer demand by leveraging existing on-site infrastructure before year-end Alpek s 3Q15 results affirm our optimistic view as we approach the end of the year. We maintain our revised 2015 EBITDA guidance of U.S. $585 million, given the expectation that 4Q15 EBITDA could be lower than 3Q15 due to seasonality and a planned polyester plant shutdown. ir@alpek.com 2
20 Third Quarter 2015 (3Q15) Results by Business Segment Polyester (PTA, PET, Polyester fibers 73 of Alpek s Net Sales) Alpek s third quarter 2015 Polyester revenues were down 16 year-on-year and 4 quarter-on-quarter driven mainly by lower prices. Average 3Q15 Polyester prices decreased 15 and 1 when compared to 3Q14 and 2Q15, respectively. Lower Polyester prices largely reflect the volatility in crude oil and feedstock prices, mainly those of Px, over the last twelve months. The U.S. Px contract price posted one of its lowest levels year-to-date in September, following this quarter s downward trend in crude oil prices. 3Q15 Polyester volume was down 2 year-on-year and 3 quarter-on-quarter mainly due to an unplanned plant shutdown in Argentina. This quarter s soft feedstock price environment also weighed on volume as customers may have deferred some purchases by drawing down on their inventories while prices stabilize. Segment EBITDA was U.S. $79 million, including a U.S. $23 million non-cash inventory devaluation charge. For reference, non-cash inventory revaluation credits of U.S. $22 million and U.S. $1 million were recognized in 2Q15 and 3Q14, respectively. Adjusting for inventory valuation, Polyester EBITDA increased 18 year-on-year, but was 6 lower quarter-on-quarter. Plastics & Chemicals (P&C) (Polypropylene (PP), Expandable Polystyrene (EPS), Caprolactam (CPL), Other products 27 of Alpek s Net Sales) 3Q15 Plastics & Chemicals revenues decreased 21 year-on-year and 3 quarter-on-quarter due to lower prices. Average P&C prices decreased 23 when compared to 3Q14, and were 5 lower than in 2Q15, reflecting lower feedstock prices, mainly those of propylene. Alpek s third quarter P&C volume was 3 higher than 3Q14, and 2 higher quarter-on-quarter. Strong seasonal EPS demand driven mainly by durable goods packaging more than offset the lower CPL volume associated with an ammonia supply force majeure. PP volume remained stable. 3Q15 P&C EBITDA totaled U.S. $76 million, including a U.S. $3 million non-cash inventory devaluation charge associated with lower propylene prices. Adjusting for year-to-date inventory devaluation charges (U.S. $14 million), and excluding the U.S. $26 million 1Q15 profit from the sale of Polioles polyurethane business, accumulated P&C EBITDA was 73 higher than the comparable period in Strong margins, supported by lower feedstock costs and robust demand, have driven this year s better-than-expected PP and EPS performance. ir@alpek.com 3
21 Third Quarter 2015 (3Q15) Consolidated Financial Results Net Sales Net Sales for the third quarter totaled U.S. $1.3 billion, down 18 year-on-year, driven mainly by a 17 decline in average consolidated prices due to this year s lower oil and feedstock prices. When compared to 2Q15, Net Sales were down 4 resulting from 2 lower average consolidated prices and a 2 decrease in consolidated volume, which was mostly due to an unplanned polyester plant shutdown in Argentina and the ramp down of peak summer polyester demand in North America. Accumulated Net Sales as of September 30, 2015, totaled U.S. $ 4.1 billion, down 16 when compared to the same period last year, as the 1 increase in consolidated volume was more than offset by a 16 decrease in accumulated average consolidated prices. EBITDA 3Q15 EBITDA was U.S. $156 million, up 19 when compared to 3Q14 and 20 lower than that of 2Q15. This figure includes a U.S. $26 million non-cash inventory devaluation charge, reflecting lower Px and propylene prices. Adjusting for inventory valuation, Comparable Consolidated EBITDA was U.S. $182 million, U.S. $173 million, and U.S. $130 million in 3Q15, 2Q15 and 3Q14. The year-on-year and sequential increases in Comparable Consolidated EBITDA have been driven mainly by better than expected P&C performance and the ~$66/ton increase to the North American PTA price formula. Accumulated EBITDA and Comparable Consolidated EBITDA as of September 30, 2015 were U.S. $488 million and U.S. $486 million, respectively, up 35 and 28 versus Profit (Loss) Attributable to Controlling Interest Profit Attributable to Controlling Interest for the third quarter was U.S. $38 million, compared with U.S. $83 million and U.S. $30 million in 2Q15 and 3Q14, respectively. This quarter s sequential Profit decline was mainly attributable to the U.S. $26 million non-cash inventory devaluation charge and a U.S. $21 million non-cash foreign exchange (Fx) loss resulting from the recent devaluation of the Mexican peso. Accumulated Profit Attributable to Controlling Interest as of September 30, 2015 was U.S. $146 million, up 56 when compared to the same period last year. Capital Expenditures (Capex) 3Q15 Capital Expenditures were U.S. $35 million, down 40 and 22 when compared to 3Q14 and 2Q15, respectively. Year-to-date U.S. $150 million Capex was 11 lower than the same period last year. The majority of these funds were invested in the EPS operations acquired from BASF, the Corpus Christi PTA/PET site and the Huntsman MEG tolling agreement. Capex also included asset replacements and other minor capital projects. Net Debt Consolidated Net Debt as of September 30, 2015 was U.S. $656 million, down 8 year-on-year and 16 quarteron-quarter. On an absolute basis, Net Debt has decreased U.S. $59 million year-to-date as a result of strong operating cash flow generation. Gross Debt as of September 30, 2015 totaled U.S. $1.1 billion, down 4 and 1 when compared to 3Q14 and 2Q15, respectively. Financial ratios as of September 30, 2015 were as follows: Net Debt to LTM EBITDA of 1.2 times and Interest Coverage of 9.2 times. ir@alpek.com 4
22 Third Quarter 2015 (3Q15) Appendix A - Tables TABLE 1 VOLUME (KTONS) () 3Q15 vs. 3Q15 2Q15 3Q14 2Q15 3Q14 YTD15 YTD14 Ch. Total Volume 980 1, (2) (1) 2,970 2,947 1 Polyester (3) (2) 2,282 2,316 (1) Plastics and Chemicals TABLE 2 PRICE CHANGES () Polyester () 3Q15 vs. YTD15 vs. 2Q15 3Q14 YTD14 Avg. Ps. Prices Avg. U.S. $ Prices (1) (15) (15) Plastics and Chemicals Avg. Ps. Prices 2 (4) (6) Avg. U.S. $ Prices (5) (23) (21) Total Avg. Ps. Prices 5 4 (1) Avg. U.S. $ Prices (2) (17) (16) TABLE 3 REVENUES 3Q15 2Q15 3Q14 () 3Q15 vs. 2Q15 3Q14 YTD15 YTD14 Ch. Total Revenues Ps. Millions 22,060 21,399 21, ,180 63,271 (0) U.S. $ Millions 1,346 1,398 1,633 (4) (18) 4,065 4,825 (16) Domestic Revenues Ps. Millions 7,967 7,489 8,369 6 (5) 23,252 23,741 (2) U.S. $ Millions (1) (24) 1,498 1,811 (17) Foreign Revenues Ps. Millions 14,093 13,910 13, ,928 39,530 1 U.S. $ Millions (5) (14) 2,567 3,014 (15) Foreign / Total () ir@alpek.com 5
23 Third Quarter 2015 (3Q15) TABLE 4 OPERATING INCOME AND EBITDA () 3Q15 vs. 3Q15 2Q15 3Q14 2Q15 3Q14 YTD15 YTD14 Ch. Operating Income Ps. Millions 1,955 2,430 1,266 (20) 54 5,909 3, U.S. $ Millions (24) EBITDA Ps. Millions 2,538 2,993 1,720 (15) 48 7,580 4, U.S. $ Millions (20) TABLE 5 FINANCIAL COST, NET (U.S. $ Millions) () 3Q15 vs. 3Q15 2Q15 3Q14 2Q15 3Q14 YTD15 YTD14 Ch. Financial Expenses (18) (19) (16) 3 (11) (55) (51) (7) Financial Income Net Financial Expenses (14) (15) (14) 5 (3) (44) (44) (1) Fx Gains (Losses) (21) - (21) - 2 (35) (24) (46) Financial Cost, Net (35) (16) (35) (127) - (79) (68) (17) TABLE 6 NET INCOME (U.S $ Millions) () 3Q15 vs. 3Q15 2Q15 3Q14 2Q15 3Q14 YTD15 YTD14 Ch. Consolidated Net Income (49) Non-Controlling Interest (14) (11) Controlling Interest (54) Earnings per Share (U.S. Dollars) (54) Avg. Outstanding Shares (Millions)* 2,118 2,118 2,118 2,118 2,118 *For comparability are considered the same number of equivalent shares in the periods presented. ir@alpek.com 6
24 Third Quarter 2015 (3Q15) TABLE 7 CASH FLOW (U.S. $ Millions) () 3Q15 vs. 3Q15 2Q15 3Q14 2Q15 3Q14 YTD15 YTD14 Ch. EBITDA (20) Net Working Capital & Others 76 (4) (8) 1,989 1,061 (7) 14 (152) Capital Expenditures & Acq. (35) (45) (58) (150) (168) 11 Financial Expenses (19) (18) (15) (5) (21) (58) (48) (22) Income tax (20) (24) (27) (41) (81) 50 Dividends (12) (111) (7) 89 (67) (150) (7) (1,961) Payment affiliated companies - (2) 2 85 (112) (2) - - Other Sources / Uses (19) - (18) - (7) (22) (18) (22) Decrease (Increase) in Net Debt 126 (8) (1) 1,583 14, TABLE 8 STATEMENT OF FINANCIAL POSITION & FINANCIAL RATIOS (U.S. $ Millions) 3Q15 2Q15 4Q14 3Q14 Assets 4,356 4,373 4,442 4,610 Liabilities 2,370 2,366 2,414 2,452 Stockholders Equity 1,986 2,008 2,028 2,158 Net Debt Net Debt/EBITDA* Interest Coverage* * Times: last 12 months. ir@alpek.com 7
25 Third Quarter 2015 (3Q15) Polyester TABLE 9 REVENUES 3Q15 2Q15 3Q14 () 3Q15 vs. 2Q15 3Q14 YTD15 YTD14 Ch. Total Revenues Ps. Millions 16,260 15,815 15, ,964 46,398 (1) U.S. $ Millions 993 1,033 1,187 (4) (16) 2,956 3,538 (16) Domestic Revenues Ps. Millions 4,361 3,865 4, ,689 11,584 1 U.S. $ Millions (16) (15) Foreign Revenues Ps. Millions 11,899 11,950 11, ,274 34,814 (2) U.S. $ Millions (7) (16) 2,205 2,654 (17) Foreign / Total () TABLE 10 OPERATING INCOME AND EBITDA () 3Q15 vs. 3Q15 2Q15 3Q14 2Q15 3Q14 YTD15 YTD14 Ch. Operating Income Ps. Millions 818 1, (50) 2 2,939 2, U.S. $ Millions (52) (17) EBITDA Ps. Millions 1,274 2,063 1,146 (38) 11 4,237 3, U.S. $ Millions (42) (10) ir@alpek.com 8
26 Third Quarter 2015 (3Q15) Plastics & Chemicals TABLE 11 REVENUES 3Q15 2Q15 3Q14 () 3Q15 vs. 2Q15 3Q14 YTD15 YTD14 Ch. Total Revenues Ps. Millions 5,800 5,584 5,849 4 (1) 17,216 16,873 2 U.S. $ Millions (3) (21) 1,109 1,287 (14) Domestic Revenues Ps. Millions 3,606 3,624 4,187 (1) (14) 11,563 12,157 (5) U.S. $ Millions (7) (31) (19) Foreign Revenues Ps. Millions 2,194 1,960 1, ,654 4, U.S. $ Millions Foreign / Total () TABLE 12 OPERATING INCOME AND EBITDA () 3Q15 vs. 3Q15 2Q15 3Q14 2Q15 3Q14 YTD15 YTD14 Ch. Operating Income Ps. Millions 1, ,921 1, U.S. $ Millions EBITDA Ps. Millions 1, ,294 1, U.S. $ Millions ir@alpek.com 9
27 Third Quarter 2015 (3Q15) Appendix B Financial Statements ALPEK, S.A.B DE C.V. and Subsidiaries STATEMENT OF FINANCIAL POSITION Information in Millions of Mexican Pesos () Sep 15 vs. Sep 15 Jun 15 Sep 14 Jun 15 Sep 14 ASSETS CURRENT ASSETS: Cash and cash equivalents 7,675 5,160 5, Trade accounts receivable 9,855 10,416 10,744 (5) (8) Other accounts and notes receivable 2,020 1,789 1, Inventories 11,432 10,716 11,709 7 (2) Other current assets 3,504 3,358 1, Total current assets 34,486 31,439 31, Investment in shares (7) Property, plant and equipment, net 30,878 28,612 25, Goodwill and intangible assets,net 7,652 6,950 4, Other non-current assets (6) 15 Total assets 74,081 68,082 62, LIABILITIES AND STOCKHOLDER'S EQUITY CURRENT LIABILITIES: Current portion of long-term debt (41) Bank loans and notes payable (23) (57) Suppliers 10,208 9,399 9, Other current liabilities 4,640 4,024 3, Total current liabilities 15,585 14,246 14, NON-CURRENT LIABILITIES: Non-current debt 17,734 16,239 13, Deferred income taxes 4,435 4,316 4, Other liabilities 1, ,006 Employees benefits 1,119 1, Total liabilities 40,306 36,826 32, STOCKHOLDERS EQUITY: Controlling interest: Capital stock 6,052 6,052 6,052 - (0) Share premium 9,071 9,071 9,071-0 Contributed capital 15,123 15,123 15,123 - (0) Earned surplus 14,217 12,014 10, Total controlling interest 29,340 27,137 25, Non-controlling interest 4,435 4,119 3, Total stockholders equity 33,775 31,256 29, Total liabilities and stockholders equity 74,081 68,082 62, ir@alpek.com 10
28 Third Quarter 2015 (3Q15) Appendix B ALPEK, S.A.B DE C.V. and Subsidiaries STATEMENT OF INCOME Information in Millions of Mexican Pesos 3Q15 vs.() YTD 15 vs. () 3Q15 2Q15 3Q14 2Q15 3Q14 YTD '15 YTD '14 YTD 14 Revenues 22,060 21,399 21, ,180 63,271 (0) Domestic 7,967 7,489 8,369 6 (5) 23,252 23,741 (2) Export 14,093 13,910 13, ,928 39,530 1 Cost of sales (19,294) (18,150) (19,519) (6) 1 (55,336) (58,146) 5 Gross profit 2,766 3,249 1,891 (15) 46 7,844 5, Operating expenses and others (811) (819) (625) 1 (30) (1,935) (1,722) (12) Operating income 1,955 2,430 1,266 (20) 54 5,909 3, Comprehensive financing expense, net (574) (238) (465) (141) (23) (1,237) (890) (39) Share of losses of associates (1) (4) (7) (19) (16) (19) Profit (loss) before income tax 1,380 2, (37) 74 4,653 2, Income tax (597) (745) (259) 20 (131) (1,703) (815) (109) Consolidated net income (loss) 783 1, (46) 46 2,950 1, Profit (loss) attributable to Controlling interest 623 1, (51) 58 2,271 1, Profit attributable to Non-controlling interest (6) ir@alpek.com 11
29 ALFA, S.A.B. de C.V. 3Q15 FINANCIAL REPORT 29 APPENDIX D NEMAK S 3Q15 REPORT
30 Nemak posts 19 EBITDA 1 growth in 3Q15 Monterrey, Mexico. October 20, Nemak, S.A.B. de C.V. ( Nemak ) (BMV: NEMAK), a leading provider of innovative light-weighting solutions for the global automotive industry, announced today its operational and financial results for the third quarter of For the third quarter of 2015 and the first nine months of the year, EBITDA increased 19 and 9, respectively. This result was mainly driven by an improved mix of higher value added products as well as cost and efficiency gains. Key Figures Third Quarter For the nine months of: D D Volume (M. Equivalent units) Net Sales 1,094 1,141 (4.1) 3,433 3,548 (3.2) Operating Income EBITDA EBITDA 1 / Eq. Unit Net Income CAPEX (1.7) Net Debt 2 1,199 1,244 (3.7) Expressed in millions of US Dollars (1) EBITDA = Operating Income + Depreciation, Amortization & other non-cash Charges (2) Net Debt = Total Debt - Cash Message from the CEO This quarter we took important steps to build on the solid foundations of our business, while continuing to benefit from healthy industry conditions across North America and Europe, our core markets. We delivered 19 EBITDA growth mainly due to an improved mix of higher value added products as well as cost and efficiency gains. During the quarter, we steadily advanced our strategic growth plans. In Mexico, we continued construction of a machining facility and a high pressure die casting (HPDC) plant. The machining facility will support our vertical integration strategy, thereby helping us to improve our margins and strengthen our competitive position; and the HPDC plant will primarily support new engine blocks, transmission cases, and structural components programs with North American and European customers. We expect to launch both of these facilities during the second half of In addition, we officially inaugurated a new plant in Ulyanovsk, Russia, the 35th in our system. This facility strengthens our global footprint and represents our entry point to serve the Russian automotive market. Furthermore, I am pleased to announce that year-to-date, we have been awarded contracts for cylinder heads, engine blocks, transmission components and structural components worth approximately U.S. $1 billion in annual revenues, around half of which represent incremental programs. These new programs are a clear sign of the trust our customers place in us and will support our strategic growth plans. October 20,
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