Rassini, S.A.B. de C.V. reported unaudited consolidated financial results for the first quarter ended March 31, 2018. For the quarter, the company reported that net revenue climbed to MXN 4,748 million as compared to MXN 4,880 million for the same period last year. EBITDA was MXN 923 million as compared to MXN 998 million for the same period last year. Net Income before taxes and minority interest was MXN 590 million as compared to MXN 598 million for the same period last year. Net income was flat on a percentage basis compared to the first quarter of 2017 at MXN 456 million or equivalent to MXN 1.43 per share. These results are primarily due to the completion of the temporary extraordinary contract that was previously disclosed and the impact of the peso appreciation against the U.S. dollar. Net operating cash flow decreased MXN 372 million, mainly due to lower EBITDA and the increase in taxes paid during the first quarter of 2018. consolidated net debt balance decreased by half to USD 21 million as of the end of the first quarter, down from USD 42 million as of the same period last year. The cash balance as of March 31, 2018, was USD 100 million.

For the full year, the company expected CapEx is MXN 60 million. MXN 30 million out of this MXN 60 million is maintenance CapEx and the other MXN 30 million are for the composite line and new materials.