Vitro Reports 87.1% and 60.3% YoY US dollars Increase in Sales and EBITDA respectively

25 of April of 2017

San Pedro Garza García, Nuevo León, Mexico, April 25, 2017.– Vitro, S.A.B. de C.V. (BMV: VITROA), hereinafter “Vitro” or the “Company”, a leading glass producer in North America, announced today its unaudited results for the first quarter of 2017 (“1Q’17”).

First Quarter 2017 Highlights: 

  •  Vitro delivered solid results during the first quarter of 2017 benefitting from our recent acquisitions and organic growth in core business. More specifically, the financial performance reflects the integration of the Vitro Flat Glass “VFG” (formerly PPG´s Flat Glass Division), one month of operations of Vitro Automotive (formerly PGW´s Original Equipment unit “OEM”) businesses and organic growth in the Flat Glass division.
  • Consolidated Net Sales rose 87.1% year-on-year (“YoY”) during the first quarter of 2017 to US Dollars (“US$”) 431 million. This good growth was led by the 136.3% YoY revenue increase in our Flat Glass division to US$378 million for the quarter. By contrast, revenues for the Glass Container unit, which represents 12% of Consolidated Net Sales, decreased 25.7% YoY to US$50 million as the first quarter of 2016 benefitted from strong machinery and equipment sales making for a difficult comparison this year and a soft market in the perfumery segment during the first quarter of this year. Measured in Mexican pesos (MX$), Consolidated Net Sales increased 106.5% YoY to MX$8,486 million.
  • EBITDA rose 60.3% YoY to US$95 million during the first quarter of 2017. The favorable result was primarily the result of a 116.6% YoY increase in the Flat Glass division EBITDA to US$88 million. The increase was partially offset by a 38.2% YoY reduction in the Glass Container EBITDA to US$12 million. This negative impact in the container business unit being the result of a slow market for the quarter for machinery and perfumery bottles as well as a scheduled furnace rebuild in our cosmetics glass plant.  In MX$ terms, Consolidated EBITDA increased 78.2% YoY to MX$1,888 million for the quarter.
  • As of March 31, the Company´s cash position was US$189 million, US$51 million lower than year-end 2016 reflecting the US$80 million payment corresponding to the equity portion of the US$310 million acquisition of PGW’s Automotive OEM business. The remaining US$230 million portion of the purchase price was financed with long term debt thus increasing the Total Debt position to US$744 million. Net Debt to EBITDA (LTM) ratio was 1.9x, and 1.3x on a proforma basis.

Commenting on Vitro’s performance and outlook, Mr. Adrián Sada Cueva, Chief Executive Officer, said “We are very pleased to report a strong start to the year. Consolidated sales measured in U.S. dollars were up 87 percent, driven by the solid performance in Flat Glass whose revenues rose 136 percent supported by positive organic growth in the Auto OEM and the Architectural glass units, while benefitting from the recently acquired U.S. flat glass and coatings business, and one month of operations of Vitro Automotive.” 

Mr. Sada Cueva further said: “Over the past two quarters we have significantly strengthened Vitro’s position as a leading glass producer in North America laying a strong foundation for a business with significant growth potential. In addition to the recent acquisition of PPG’s U.S. Architectural Flat Glass business, on March 1, 2017 we closed the acquisition of Pittsburgh Glass Works’ automotive original equipment business significantly increasing our geographic coverage. With this strategic transaction, we are also adding the advanced capabilities in innovation and technological development for automotive glass thus enhancing our technical, research and development capabilities while further strengthening our leadership position in this industry. Following these two acquisitions we estimate that by year-end approximately 60% of our revenues would be generated from the US and Canada.”

Commenting on the financial results, Mr. Claudio Del Valle, Chief Administrative and Financial Officer, noted: “Strong quarterly EBITDA growth of 60.3% to US$95 million reflect the achievements of the last twelve months consisting of executing key strategic transactions in combination with organic growth across most of the businesses. The company closed the quarter with US$189 million in cash, resulting in a healthy ratio of Net Debt to Ebitda of 1.3 times on a pro-forma basis. Vitro remains fully committed to maintaining a strong debt profile combined with healthy cash generation and a solid balance sheet."


Financial statements were prepared according to International Financial Reporting Standards (IFRS). The Peso figures included in the document are presented in nominal Pesos which could affect its comparability. Dollar figures are in nominal US dollars and are obtained by dividing nominal pesos for each month by the end of month fixed exchange rate published by Banco de México. In the case of the Balance Sheet, US dollar translations are made at the fixed exchange rate as of the end of the period. Certain amounts may not sum due to rounding. All figures and comparisons are in US dollar terms, unless otherwise stated, and may differ from the peso amounts due to the difference in exchange rates.

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