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Annual Report | 1 Financial Highlights Our Company Vitro, S.A. de C.V. (NYSE: VTO; BMV: VITROA), through its Founded in 1909, Monterrey, Mexico-based Vitro has subsidiary companies, is one of the world’s leading glass strong joint ventures and strategic alliances with major producers. The company focuses on three core businesses: world-class partners and industry leaders that provide its flat glass, glass containers, and glassware. Within these subsidiaries with access to important international markets, businesses, Vitro’s subsidiaries serve diverse product distribution channels, and state-of-the-art technology. markets, including construction and automotive glass; Vitro’s subsidiaries have facilities and distribution centers in beverage, cosmetics, food, liquor, and wine glass eight countries, located in Europe, North, Central, and containers; and glassware for commercial, industrial, and South America, and export products to more than 70 retail uses. Vitro also produces raw materials and capital countries worldwide. goods for the glass industry. Flat Glass Glass Containers Glassware Vitro Plan: Vitro + Pilkington (UK) Vitro Envases Norteamérica (VENA) Crisa Corporation (USA) 1965 – 35% Compañía Vidriera Crisa Industrial: Crisa Corp. + LGA4, Cristales Automotrices + Posselt Empresas Comegua: VENA + Cervecería a Libbey subsidiary (USA) 1997 – Family (Mexico) 1999 – 49% Centroamericana (Guatemala) & Cervecería de 49% Cristales Inastillables de México Costa Rica (Costa Rica) 1964 – 50.3% Crisa Libbey: Vitro + LGA3, a Libbey Distribuidora de Vidrio de México Fabricación de Máquinas subsidiary (USA) 1997 – 49% Distribuidora de Vidrio y Cristal Industria del Álcali Fabricación de Cubiertos Distribuidora Nacional de Vidrio Metalúrgica Oriental Plásticos Bosco Química M: Vitro Plan + Solutia Procesadora de Materias Primas Industrializables Vitrocrisa Holding: Vitro + Libbey (USA) 1995 – 49% Servicios Integrales de Acabados Europe, a Libbey subsidiary (USA) Vitro AFG: Vitro Plan + AFG Vidriera Guadalajara 1997 – 49% Industries (USA) 2002 – 50% Vidriera Los Reyes Vitrocrisa Vitro America (USA) Vidriera México Vitrocrisa Comercial Super Sky (USA) Vidriera Monterrey Vitro Automotriz Vidriera Querétaro Vitrocar Vidriera Toluca Vitro Colombia Vidrio Lux (Bolivia) Vitro Flex: Vitro Plan + Fairlane VGD Soluciones Integrales de Diseño Holdings, a Visteon subsidiary Vitro Packaging (USA) (USA) 1979 – 38% Vitro Flotado Cubiertas Vidrio Plano Vidrio Plano de México Vitro Vidrio y Cristal VVP Europa Holdings Vitro Cristalglass: VVP Europa Holdings + Prado Family & Inversiones Gargalón (Spain) The reference to the term “Joint Venture” in this report does not imply or infer the definition of “Joint 2001 – 40% Venture” set forth in the International Accounting Standards. It refers to those corporations in which Vitro Vitro Chaves-Industria de owns a controlling interest and one or more third parties (either domestic or foreign) own the remaining Vidro: Vitro Cristalglass + interest of the corresponding corporation. We believe our usage of the term “Joint Venture” is consistent Chaves Family (Portugal) with international business and legal practices. 2002 – 40% Contents Financial Highlights 2 Summarizes Vitro’s 2004 financial results. Chairman´s Letter 4 Chairman, Adrian Sada G., reviews Vitro’s strategic development, macroeconomic environment, performance, and outlook. CEO’s Letter 6 CEO, Federico Sada G., discusses Vitro’s progress on its strategic priorities, year-over-year results, and objectives. Vitro Overall 8 Provides a picture of Vitro’s multinational operations. Flat Glass 10 Highlights the business’ initiatives to strengthen customer relationships, provide value-added products and services, About the Cover and improve operating efficiency. Glass Containers 12 The prism featured on the cover symbolizes the crystallization of our Reviews the business’ customer relationship strategic efforts to become a glass-focused company. It further highlights management, new product development, and operating efficiency. our organization’s commitment to transparency with all of our stakeholders—including our investors, our employees, and our communities. Glassware 14 Underscores the business’ commitment to This piece comes from our Crisa Collection Workshop, where our craftsmen new product development, strong customer relationships, and improved operating efficiency. conceive and create unique and artful glass masterpieces. Corporate Social Responsibility 16 Reviews the company’s commitment to the environment, its employees, its communities, and other important stakeholders. Board of Directors 20 Our Mission, Provides the composition of and pertinent information about Vitro’s Board members Vision & Values and committees. Operating and Financial Review 22 Reviews the company’s performance and developments in 2004. Vitro is a customer-committed corporation that is dedicated to providing Management’s value-added products and services in profitable and growing markets. This Financial Responsibility 28 Mission is sustained through our values, personnel development, and Underscores management’s responsibility for, and system of, internal control. state-of-the-art technology. Our Vision is to become a leader in the global glass industry in terms of Auditor’s Report 29 Offers the independent auditor’s reports profitability, efficiency, quality, and service. We believe that the only way for of Vitro’s financial statements. us to realize our vision is to remain true to our time-tested values: Our Consolidated Customer Orientation enables us to anticipate and satisfy customers’ Financial Statements 30 needs; Our commitment to Quality drives us to consistently exceed Presents Vitro’s financial statements under Mexican GAAP. customers’ expectations; Our Creativity and Innovation lead us to constantly search for new ideas to develop and improve our value-added Glossary / products and services; and Our Teamwork and Integrity foster a collegial Shareholder Information 53 Provides a glossary of relevant industry environment in which to meet and exceed our constituents’ expectations. terms and helpful investor information. 2004 Annual Report | 1 Financial Highlights Vitro, S.A. de C.V. and Subsidiaries (In millions of constant pesos as of December 31, 2004, except where indicated otherwise; dollar figures are in millions of US dollars). December 31, 2004 (US$(1)) 2003 (US$(1)) % change (2) 2004 (Ps.) 2003 (Ps.) % change (2) Income Statement Consolidated net sales $ 2,272 $ 2,238 1.5 Ps. 26,181 Ps. 26,238 (0.2) Domestic 993 1,020 (2.6) 11,483 11,845 (3.1) Export 637 579 10.0 7,323 6,724 8.9 Foreign Subsidiaries 642 639 0.5 7,375 7,669 (3.8) Operating income 136 165 (17.7) 1,570 1,960 (19.9) Net loss of majority interest (21) (51) (267) (596) Net loss of majority interest (0.08) (0.18) (0.98) (2.17) earnings per common share(3) EBITDA 353 364 (2.9) 4,089 4,286 (4.6) Balance Sheet Total assets 2,801 2,748 1.9 31,231 32,412 (3.6) Total liabilities 2,070 1,978 4.7 23,078 23,366 (1.2) Stockholders’ equity 731 770 (5.1) 8,153 9,046 (9.9) Stockholders’ equity of majority interest 480 514 (6.6) 5,349 6,023 (11.2) Personnel 25,465 25,829 (1.4) 25,465 25,829 (1.4) Capital expenditures 126 160 (21.3) 1,453 1,871 (22.3) Financial Indicators Debt / EBITDA (times) 4.3 3.9 4.1 3.9 Interest Coverage (times) 2.0 2.3 2.0 2.3 (EBITDA / total net financial expense) EBITDA / sales (%) 15.5 16.3 15.6 16.3 (1) Dollar figures reported herein are in nominal dollars resulting from dividing each month’s nominal pesos by that month’s ending exchange rate. (2) Change from 2003 to 2004. (3) Based on the weighted average shares outstanding. 2 | 2004 Annual Report Pesos US Dollars Consolidated Net Sales Consolidated Net Sales In millions of constant pesos as of December 31, 2004 In millions of US dollars 28,276 28,359 28,494 28,912 27,691 27,634 27,317 26,901 26,238 26,181 1,607 1,795 2,001 2,039 2,132 2,292 2,369 2,343 2,238 2,272 95 96 97 98 99 00 01 02 03 04 95 96 97 98 99 00 01 02 03 04 EBIT EBIT In millions of constant pesos as of December 31, 2004 In millions of US dollars 6,230 5,172 5,327 5,391 4,364 3,411 2,622 2,272 1,960 1,570 320 300 365 369 333 285 226 194 165 136 95 96 97 98 99 00 01 02 03 04 95 96 97 98 99 00 01 02 03 04 EBITDA EBITDA In millions of constant pesos as of December 31, 2004 In millions of US dollars 8,546 7,279 7,370 7,598 6,607 5,628 5,002 4,599 4,286 4,089 440 433 505 520 505 471 437 403 364 353 95 96 97 98 99 00 01 02 03 04 95 96 97 98 99 00 01 02 03 04 Dollar figures reported herein are in nominal dollars resulting from dividing each month’s nominal pesos by that month’s ending exchange rate. Discontinued Operations On July 3, 2002, we sold our controlling 51% interest in Vitromátic, our joint venture with Whirlpool that engaged in the production and distribution of household products, to Whirlpool for US$148.3 million in cash. Our consolidated financial statements have been reclassified to reflect Vitromátic as a discontinued operation for all periods presented in our financial statements. Therefore, Vitromátic’s results are included in the line items titled “Net loss from discontinued operations”. Therefore, except as otherwise expressly provided, any discussion of our results of operations or our debt or other liabilities in this annual report does not include the results or debt or other liabilities of Vitromátic or its subsidiaries. 2004 Annual Report | 3 Chairman’s Letter To Our Shareholders: A few years ago we made the commitment to focus on our glass operations. We embarked on this strategy because glass is a profitable industry in which we have a renowned reputation for our high-quality products and services, our century-old knowledge, our modern technology, our efficient operations, and our remarkable list of world-class customers.
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