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In Detail Annual Report Contents 2014 IN DETAIL ANNUAL REPORT CONTENTS HIGHLIGHTS 02 LETTER TO INVESTORS 04 FINANCIAL ANALYSIS & DISCUSSION OF GRUPO MÉXICO RESULTS 10 MINING DIVISION TRANSPORTATION DIVISION INFRASTRUCTURE DIVISION AMERICAS MINING CORPORATION INFRAESTRUCTURA Y MÉXICO PROYECTOS Y 24 TRANSPORTES MÉXICO DESARROLLO 62 74 GEOGRAPHIC LOCATION 26 GEOGRAPHIC LOCATION GEOGRAPHIC LOCATION HIGHLIGHTS 64 76 29 BYPRODUCTS HIGHLIGHTS HIGHLIGHTS 34 66 77 PROJECTS AND INVESTMENTS 44 EXPLORATIONS GRUPO MÉXICO FOUNDATION 50 90 HEALTH & SAFETY SOCIAL RESPONSIBILITY & 57 ENVIRONMENTAL ACTIONS 112 BOARD OF DIRECTORS AND EXECUTIVE OFFICERS 126 GRUPO MÉXICO, S.A.B. DE C.V. 03 HIGHLIGHTS Variance % Variance % 2011 * 2012 2013 2014 2014 / 2013 2011 * 2012 2013 2014 2014 / 2013 Sales ** Stock Information *** Copper (tons.) 790,103 832,752 799,159 826,839 3 Total Shares Outstanding (thousands) 7,785,000 7,785,000 7,785,000 7,785,000 - Zinc (tons.) 90,663 93,392 99,127 91,387 (8) EBITDA per Share 0.67 0.64 0.53 0.49 (7) Silver (thousand onces) 17,411 18,375 16,429 14,554 (11) Cash Flow per Share 0.45 0.45 0.36 0.32 (11) Gold (ounces) 60,748 63,127 51,058 59,498 17 Earnings per Share 0.32 0.31 0.24 0.22 (8) Molybdenum (tons.) 18,632 18,220 19,940 23,301 17 Book Value 0.93 1.07 1.21 1.26 4 Average Prices (US$) Financial Ratios Copper (COMEX) (pound) 4.01 3.61 3.34 3.12 (7) Operating Margin 44% 40% 35% 32% (7) Zinc (LME) (pound) 0.99 0.88 0.87 0.98 13 EBITDA Margin 50% 49% 44% 41% (5) Silver (COMEX) (ounce) 35.18 31.19 23.82 19.04 (20) Gold (LF) (ounce) 1,568.58 1,668.82 1,411.03 1,266.19 (10) Current Assets to Current Liabilities (times) 3.5 4.3 4.3 2.5 (42) Molybdenum (MW DEALER OXIDE) (pound) 15.33 12.62 10.26 11.30 10 Total Liabilities to Total Assets 43% 47% 44% 44% (2) Debt/Total Equity Capital +Debt 30% 36% 34% 34% 1 Railroad Division Statistics EBITDA/Interest (times) 17.56 16.46 12.29 10.84 (10) Net Tons/km (million tons) 52,182 51,344 51,054 51,704 1 Cars Loaded (thousand units) 1,140.3 1,107.4 1,114.2 1,164.4 5 Employees 26,989 29,154 29,980 30,025 0 Balance Sheet (millions US$) Annual Inflation Current Assets 5,566 6,359 5,341 4,579 (14) Mexico 4% 4% 4% 4% - Fixed Assets 7,862 9,282 11,682 12,945 11 United States of America 3% 2% 1% 1% - Total Assets 15,201 19,559 20,209 20,573 2 Peru 5% 3% 3% 3% - Financial Liabilities 3,801 5,584 5,811 5,948 2 Total Liabilities 6,464 9,469 8,735 8,966 3 Exchange Rate at Year End Total Equity Capital 8,737 10,090 11,474 11,607 1 Mexico (peso/dollar) 13.98 13.01 13.08 14.72 13 Earnings (millions US$) Peru (sol/dollar) 2.70 2.55 2.80 2.99 7 Total Sales 10,443 10,183 9,357 9 ,324 (0) Cost of Sales 5,105 5,004 5,061 5,059 (0) Average Exchange Rate Taxes Incurred 1,408 1,356 966 954 (1) Mexico (peso/dollar) 12.43 13.17 12.77 13.30 4 EBITDA 5,193 5,006 4,147 3,833 (8) Peru (sol/dollar) 2.75 2.64 2.70 2.84 5 Net Profit 2,472 2,402 1,845 1,705 (8) Cash Flow (millions US$) From Operations 2,946 2,732 2,882 2,468 (14) Dividends Paid (1,464) (1,546) (729) (752) 3 Taxes Paid 1,538 1,219 964 972 1 Expressed according to US GAAP Applied to Financing Activities (489) 1,712 (69) (492) (613) * Proforma financial statements, including Ferrosur Allocated to Investments (1,779) (1,806) (2,858) (2,433) (185) * * Throughout this report, all tons are metric and all ounces are troy Cash Flow after Investments and *** Referring to 7,785,000,000 Financing Activities (786) 1,054 (774) 3,657 572 ANNUAL REPORT 2014 04 Letter to During 2014 the global macroeconomic environment was characterized by Our history, experience and track record have enabled us deal with the indus- 05 Investors volatility. The metal prices suffered a significant fall; copper, our main prod- try’s cycles. Therefore, we invest wisely and with a long-term vision. Grupo uct, hit lows not seen since 2008. The pace of growth in emerging econo- México has invested approximately US$10,000 million in the last five years. mies slowed down, while developed countries showed a recovery lower than Only in 2014 capital investments were US$2,433 million; they comply with expected, which resulted in new challenges for Grupo México. the ambitious goals we have set: Energy, financial, tax and educational constitutional reforms in Mexico were (i) In the Mining Division, doubling production to become the third largest approved. With them, the economical growth and the country’s development producer of copper in the world. will be promoted. In taxation the new mining tax represented a challenge for our Company and forced us to be more competitive. (ii) In the Transportation Division, increase the EBITDA from US$279 mil- lion, in 2009, to US$1,029 million, by 2019. The consolidated sales in 2014 amounted to US$9,324 million, maintaining the level of 2013; this was due to operational improvements and higher pro- (iii) Consolidate the Infrastructure Division generating an EBITDA of US$420 duction volumes, a result of significant capital investments in previous years. million by 2016. The railroad is up to 50% more economical than trucking, which translates into major savings for our customers. Double-stack intermodal train in the beltway of Laguna Cuyutlán, Colima. LETTER TO INVESTORS ANNUAL REPORT 2014 06 07 SX/EW III Plant in Buenavista del Cobre mine in Sonora. December , 2011 SX/EW III Plant in Buenavista del Cobre mine in Sonora. March , 2014 During the construction of the SX/EW III Plant, more than 7,600 direct and indirect jobs During 2014, the SX/EW III Plant was inaugurated with a capacity of 120,000 tons. were created during two years. The project investment amounted to US$444 million. Our SX/EW III Plant has the largest flow capacity in the world. Despite a difficult 2014, the financial position of Grupo reached a record of 847,387 tons. Our Company pro- The Infrastructure Division showed a good operating However, a successful year should be measured in México remains solid and the balance sheet remains gressed favorably in implementing our growth proj- performance during 2014, reaching a record level of ways that go beyond the operating performance. We strong and conservative. Flexibility and strength, char- ects and in 2015 the new concentrator in Buenavista sales of US$562 million, which represents an increase are satisfied that, as a Company, we comply fully with acterize us in difficult and challenging times. Our com- del Cobre, will begin operations with a capacity of of 84% over 2013. In 2014, the highest levels of ef- our long-term commitment to sustainability. During the mitment to Mexico, with the creation of jobs and the 188,000 tons. ficiency in PEMSA were achieved. The second com- year, despite suffering an unfortunate accident in the constant generation of value, has defined us throughout bined cycle power plant and two new 400 feet plat- construction of our new dams at the Buenavista del Co- our history. Our Transportation Division continues its upward trend forms started operating. This resulted in an increase bre mine, we reinforced the scope and intensity of our and for the sixth consecutive year reported increases in of 97% over 2013 in operating income and 90% in commitment to our Communities. Nothing better exemplifies this commitment than the EBITDA. In some segments, such as automotive and in- EBITDA both are record highs. In 2014, according to startup of new operations and the execution of our dustrial, it has reached historical records in transported plan, our wind farm located in the state of Oaxaca be- The creation of the MXN$2,000 million trust for reme- strategic growth projects as scheduled. In the Mining volume. In overall terms, ITM moved 1.3% more tons-ki- gan operating, adding 74 megawatts (MW), mainly for diation, which managed to help more than 23,000 peo- Division, in June, the New SX/EW III Plant in Buenavis- lometers than last year, with an increment of 4.6% in self-consumption. This project proves once again our ple and fully remedy the Sonora River without having ta del Cobre was opened on time and in compliance transported wagons. In 2014 the Transportation Division commitment to sustainability and the environment. suffered any loss of wildlife or damage to the flora is with the planned budget, with an annual capacity of achieved a 12% increase in international traffic, reach- These projects reflect the continued emphasis on the proof of our commitment. 120,000 tons of copper. As a result, our copper pro- ing 50% stake in the railway border crossings between pursuit of operational efficiency while maintaining duction increased 7% compared to that of 2013, and the US and Mexico. cost control. LETTER TO INVESTORS ANNUAL REPORT 2014 08 09 Undoubtedly, the hard work and dedication of each of the more than 30,000 employees of Grupo México contributed significantly to our progress in 2014.
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