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Vitro Reports Increase of 2.4% in 2Q’12 EBITDA and Debt Reduction of 35.8%

Post Time:Jul 31,2012Classify:Industry NewsView:71

San Pedro Garza Garcia, Nuevo Leon, Mexico – July 26, 2012 – Vitro, S.A.B. de C.V. (BMV: VITROA) (“Vitro” or the “Company”), one of the world's largest producers and distributors of glass products, today announced 2Q’12 unaudited results.

Second Quarter 2012 Highlights

- During 2Q’12, Consolidated net sales increased 12.3 percent, when measured in pesos, benefited by an increase in higher value added Glass Containers sales, and a strong price-mix in both Glass Containers and Flat Glass. However, impacted by the 15.8 percent YoY peso depreciation (quarterly average), sales decreased 3.0 percent when measured in dollars, to US$447 million.

- Consolidated EBITDA rose 18.6 percent, when measured in pesos, driven by higher value added Glass Containers sales, lower natural gas prices and manufacturing efficiencies which resulted in higher fixed cost absorption, which more than offset the impact of the higher electricity costs resulting from the supply interruption caused by Tractebel’s incident reported in March, 2012. Measured in U.S. dollars, however, EBITDA increased by 2.4 percent YoY to US$85.9 million affected by the peso depreciation.

- Consolidated net debt decreased 35.8% YoY to US$1,000 million at the end of 2Q’12 reflecting the effect of the conclusion in Mexico of our debt restructuring process.

- During 2Q’12 Vitro recognized a US$55 million one-time non-operating loss as a result of the initiation of “Concurso” proceedings in the Commercial Courts of Madrid by its Spanish subsidiary, Vitro Cristalglass. Excluding this one-time loss, Vitro would have reported a US$18 million Net loss from continuing operations in 2Q12, principally reflecting the impact of the peso depreciation during this period.

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Source: http://www.glassonweb.com/news/index/16599/Author:

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