Vitro reports 4Q and FY 2013 unaudited results

2014-03-13  Company financial news

Vitro has reported its unaudited results for the fourth quarter 2013 and fiscal year 2013, also concluding the insolvency process started on 17 November 2010 without affecting its customers.
Vitro reports 4Q and FY 2013 unaudited results
Vitro, S.A.B. de C.V., the leading glass producer in Mexico, has announced its unaudited results for the fourth quarter 2013 and fiscal year 2013. 
Fourth Quarter 2013 highlights include a solid performance across Glass Containers segments and Flat Glass exports to US, partially offset a Consolidated Net sales decline of 7.5%, derived from expected lower sales volumes in the Automotive and Beer segments at Flat Glass and Glass Containers. 
Consolidated EBITDA reached USD 56 million, down 3.8% YoY, impacted by lower sales, increasing gas prices and certain non-operating effects. Despite higher natural gas prices, FY 2013 EBITDA increased 4.3%, YoY, to USD 355 million, driven by cost reduction efforts, stable price mix and lower restructuring expenses. 
FY2013 Free Cash Flow before Capital Expenditures increased to USD 268 million, from USD 180 million in FY2012, boosted by a USD 20 million Working Capital Recovery, compared to a USD 48 million investment during the previous year. Incremental cash flow was used to fund Vitro’s Capital Expenditure of USD 139 million for FY2013. 
Commenting on Vitro’s outlook and performance, Adrián Sada Cueva, Chief Executive Officer, said “This was a challenging year for Vitro, given the expected reduction of sales in the Automotive and Beer segments, however, our continued efforts in new client and product development allowed us to partially offset the market weakness. Further capitalizing on our existing growth opportunities, this year we regai...
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