ALFA S.A.B. DE C.V. Monterrey, N.L., Mexico. February 10, 2016.- ALFA, S.A.B. de C.V. (ALFA) reported today 4Q15 unaudited financial results. Revenues amounted to U.S. $3,897 million, down 16% year-on-year. EBITDA was U.S. $647 million, up 23% vis-à-vis 4Q14.
Commenting on the Company's results Mr. Alvaro Fernandez, ALFA's President, said: 'Our group companies continued to perform solidly in 4Q15 against a backdrop of ongoing macro challenges, EBITDA increased 23% year-on-year and benefitted from both improved operating performance at Alpek, better volumes at Nemak, efficiency gains across the businesses and non-recurring gains at Sigma.'
ALFA's companies invested U.S. $454 million in capital expenditures during 4Q15, similar vis-à-vis 4Q14. Net debt at the quarter end of U.S. $4,785 million was 7% lower when compared to U.S. $5,123 million in 4Q14. Lower net debt reflects strong cash generation in the period, the proceeds from the early 3Q15 Nemak initial public offering and an insurance compensation received at Campofrio Food Group (CFG - a Sigma subsidiary). At the end of the quarter, financial ratios were: Debt, net of cash, to EBITDA: 2.0 times; Interest Coverage: 7.7 times. These ratios compare favorably to 2.5 times and 6.1 times in 4Q14.
Majority Net Income totaled U.S. $12 million in 4Q15, compared to a Majority Net Loss of U.S. $435 million in 4Q14. ALFA's 4Q15 operating performance more than offset the negative Comprehensive Financing Expense ('CFE') of U.S. $173 million, which resulted from Fx losses and mark-to-market losses in the investment in Pacific Exploration and Production ('PRE'). These same factors negatively affected CFE in 4Q14 to a much greater extent.
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Selected Financial Information (U.S. $ Millions) | ||||||||
| 4Q15 | 4Q14 | 3Q15 |
CH. % VS. 4Q14 |
CH. % VS. 3Q15 | YTD'15 | YTD'14 |
YTD Chg. % | |
| Consolidated Revenues | 3,897 | 4,641 | 4,107 | (16) | (5) | 16,315 | 17,223 | (5) |
| Sigma | 1,482 | 1,657 | 1,499 | (11) | (1) | 5,901 | 5,359 | 10 |
| Alpek | 1,219 | 1,646 | 1,346 | (26) | (4) | 5,284 | 6,471 | (18) |
| Nemak | 1,048 | 1,097 | 1,094 | (4) | (9) | 4,482 | 4,645 | (4) |
| Alestra | 99 | 109 | 99 | (9) | - | 389 | 415 | (6) |
| Newpek | 19 | 42 | 22 | (55) | (14) | 89 | 170 | (47) |
| Consolidated EBITDA | 647 | 526 | 589 | 23 | 10 | 2,420 | 2,040 | 19 |
| Sigma | 287 | 199 | 209 | 44 | 38 | 869 | 636 | 37 |
| Alpek | 143 | 71 | 156 | 100 | (8) | 631 | 433 | 45 |
| Nemak | 165 | 159 | 193 | (4) | (14) | 759 | 714 | 8 |
| Alestra | 48 | 47 | 36 | 2 | 33 | 166 | 170 | (2) |
| Newpek | 9 | 27 | 10 | (67) | (12) | 40 | 116 | (65) |
| Majority Net Income | 12 | (435) | 155 | 103 | (92) | 223 | (104) | 314 |
| Capital Expenditures & Acq. | 454 | 454 | 325 | - | 40 | 1,606 | 1,426 | 13 |
| Net Debt | 4,785 | 5,123 | 4,859 | (7) | (2) | 4,785 | 5,123 | (7) |
| Net Debt/LTM EBITDA* | 2.0 | 2.5 | 2.1 | |||||
| LTM Interest Coverage* | 7.7 | 6.1 | 7.2 | |||||
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*Times. LTM= Last 12 months
1 EBITDA = operating income + depreciation and amortization + impairment of assets. | ||||||||
About ALFA
ALFA is a company that manages a portfolio of diversified subsidiares: Sigma, an important producer, marketer and distributor of foods through recognized brands in Mexico, the United States, Europe and Latin America; Alpek, one of the world's largest producers of polyester (PTA, PET and fibers), which also leads the Mexican market in polypropylene, expandable polystyrene (EPS) and caprolactam; Nemak, a leading provider of innovative light- weighting solutions for the automotive industry, specializing in the development and manufacturing of aluminum components for powertrain and body structure; Alestra, a leading provider of information technology and communications services for the enterprise segment in Mexico; and, Newpek, a company in the hydrocarbons industry in Mexico and the United States. In 2014, ALFA reported consolidated revenues of Ps. 229,226 million (U.S. $17.2 billion), and EBITDA of Ps. 27,116 million (U.S. $2 billion. ALFA's shares are quoted on the Mexican Stock Exchange and on Latibex, the market for Latin American shares of the Madrid Stock Exchange.
Enrique Flores R.
Vice President, Corporate Communications
ALFA, S.A.B. de C.V.
01 81 8748 1207
eflores@alfa.com.mx
Alfa SAB de CV issued this content on 10 February 2016 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 10 February 2016 15:12:39 UTC
Original Document: http://www.alfa.com.mx/SP/press.htm?md=febrero10&y=2016
