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Our First Century 1909

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Our First Century 1909 2009 Annual Report Our First Century Our First Century 1909 2009 Annual Report Vitro 2009 It all began 100 years ago… On December 6, 1909, a group of visionary businessmen created Vidriera Monterrey, laying the groundwork for the glass industry to become a reality in Mexico. This seed has grown today to become one of the leading glass manufacturing companies in the world. Vitro’s importance in the industry is no coincidence. Over the last century, the Company has faced innumerable challenges but has also had the foresight to capitalize on many impor- tant opportunities. In 2009 Vitro celebrated its First Century. Today we can proudly say that the Company’s corporate philosophy, ideology and the strong foundation of beliefs and values inherited from its founders and predecessors, combined with its employees commitment and dedication throughout their years, Vitro will not only succeed but will maintain and strengthen the confidence of customers, suppliers and community in the future ahead. Vitro is preparing to celebrate many more centuries as one of the world’s largest suppliers. 1 At Vitro, our Mission, Vision and Values are the foundations that give meaning to everything we do within the Company; they represent the key elements that encompasses the image projected to the world. 8 1 7 6 2 3 4 5 United States of America Bolivia 1 One of the leading processors and distributors of architectural glass; automotive 5 Producer and distributor of glass containers for the soft drink, beer, food, wine replacement glass, distribution and installation, and an important supplier of and liquor, and pharmaceutical industries. custom-made value-add glass containers. Portugal Mexico 6 An important player in the processing and distribution of flat glass products for 2 Largest producer, distributor and seller of glass containers and flat glass. the Portuguese construction industry. Spain Costa Rica, Guatemala and Panama 7 One of the leading processors of flat glass products for the construction industry 3 Leading glass container producer and commercial seller in Central America and and other industrial markets. the Caribbean through Comegua, our joint venture in the region. France Colombia 8 Processing and distribution of glass products for the French and Central 4 Producer of laminated and tempered glass products for the construction and European construction markets. automotive industries. Companies Glass Containers Flat Glass Vitro Envases Norteamérica Viméxico Productos de Valor Agregado en Cristal Compañía Vidriera Cristales Inastillables de México Vitro Cristalglass (Spain) Fabricación de Máquinas Distribuidor Vidriero Lan Vitro Chaves - Industria de Vidro: Industria del Álcali Vidrio Plano de México Chaves Family (Portugal) - 40% Servicios Integrales de Acabados Vidrio y Cristal del Noroeste Vitro America (USA) Vidriera Guadalajara Vitro Automotriz Super Sky (USA) Vidriera Los Reyes Cristales Automotrices + Posselt Family - 49% Vidriera Monterrey Vitrocar Vidriera Querétaro Vitro Colombia Vidriera Toluca Vitro Flex Vidrio Lux (Bolivia) Vitro Flotado Cubiertas Vitro Packaging de México Vitro Vidrio y Cristal Vitro Packaging (USA) Grupo Sordo Noriega: Ruiz Álvarez Family - 45% 2 Our Company Founded in 1909, Vitro, S.A.B. de C.V. (BMV: VITROA), Mission is the leading glass manufacturer in Mexico, and one Vitro is a customer-committed company dedicated to of the largest in the world, backed by more than 100 providing value-added products and services in profitable years of experience in the industry. and growing markets. Headquartered in Monterrey, Mexico, the Company has subsidiaries in 10 countries throughout Europe Vision and the Americas, through which it offers high quality To become a leading Company in the glass industry in products and reliable services that address the needs terms of profitability, efficiency, quality, and service. of two distinct businesses: containers and flat glass. Vitro’s manufacturing facilities produce, process, Values At Vitro we maintain a strict adherence to the following distribute and sell a wide range of glass products that Values, to move on the path to profitability. form an important part of millions of people’s everyday Customer Orientation: Our customer as origin and lives. The Company also provides excellent solutions final destination of our efforts. to a variety of industries, including: food, beverage, wines & spirits, cosmetics, and pharmaceutical, as Quality: Constantly meet and exceed customer’s well as the automotive and construction industries. expectations. In addition Vitro is a supplier of raw materials, machinery and industrial equipment. Creativity and Innovation: Continuously search for new ideas to develop and improve our value-added products As part of its culture of corporate responsibility, and services. the Company continues to create new initiatives to improve the well-being of its employees, support Integrity: Meet and exceed expected ethic behavior. the communities in which it conducts business, preserve the environment, and manage its business Teamwork: Foster a friendly environment among with the highest ethical standards and in complete colleagues. transparency. Contents 4 Financial Highlights 19 Corporate Governance 6 Chairman´s Letter 20 Operating and Financial Analysis 8 CEO´s Letter 28 Management´s Financial Responsibility 10 Glass Containers 29 Independent Auditors´ Report 12 Flat Glass 30 Consolidated Financial Statements 14 Sustainable Development 65 Shareholder Information 18 Board of Directors 3 Financial highlights Vitro, S.A.B de C.V. and Subsidiaries (In millions of pesos, except where indicated otherwise; dollar figures are in millions of US nominal dollars). December 31, (1) (2) US $ % Ps. % 2009 2008 change (3) 2009 2008 change (3) Income Statement Consolidated net sales $ 1,770 $ 2,627 (32.6) Ps. 23,991 Ps. 29,013 (17.3) Domestic 825 1,157 (28.7) 11,152 12,831 (13.0) Export 484 600 (19.3) 6,568 6,547 0.3 Foreign Subsidiaries 461 870 (47.0) 6,271 9,635 (34.9) Operating income (EBIT) 98 160 (38.7) 1,329 1,710 (22.3) Net loss (47) (458) (754) (5,682) Net loss of majority interest (49) (460) (787) (5,706) Net loss of majority interest earnings per common share (4) (0.17) (1.34) (2.17) (16.57) EBITDA (5) 237 329 (27.8) 3,217 3,605 (10.8) Balance Sheet Total assets 2,500 2,586 (3.3) 32,652 35,774 (8.7) Total liabilities 2,348 2,361 (0.5) 30,668 32,666 (6.1) Stockholders’ equity 152 225 (32.4) 1,984 3,108 (36.2) Stockholders’ equity of majority interest 40 123 (67.5) 520 1,704 (69.5) Financial Indicators Debt / EBITDA (times) 6.5 4.9 6.2 6.1 Interest Coverage (times) 1.3 2.1 1.3 2.1 (EBITDA / total net financial expense) EBIT Margin (%) 5.5 6.1 5.5 5.9 EBITDA Margin (%) 13.4 12.5 13.4 12.4 Personnel 16,807 19,385 (13.3) 16,807 19,385 (13.3) Capital expenditures (6) 48 176 (72.7) 638 1,909 (66.6) (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) Financial data is presented in nominal pesos. (3) Change from 2008 to 2009. (4) Based on the weighted average shares outstanding. (5) EBITDA = earning before interest, taxes, depreciation and amortization, and provision for employee retirement obligations. (6) Represents the capital expeditures carried out during the year, for which differs of the investments presented in the cash flow. Starting December 2008 Comegua is consolidated under the method of equity. Due to changes in Mexican FRS, regarding to consolidation of entities, specifically to consolidation of entities or single-purpose transaccions, our accounts receivables securization trusts were included in the Consoli- dated Financial Statements of Vitro and Subsidiaries. The effects of these changes in accounting principles increased debt of fiscal years 2008 and 2009. 4 Consolidated Net Sales 26,567 27,876 28,591 29,103 23,991 2,212 2,401 2,560 2,627 1,770 2005 2006 2007 2008 2009 2005 2006 2007 2008 2009 In millions of pesos (1) In millions of US nominal dollars EBIT 153 180 242 160 98 1,839 2,117 2,704 1,710 1,329 2005 2006 2007 2008 2009 2005 2006 2007 2008 2009 In millions of pesos (1) In millions of US nominal dollars EBITDA 336 371 391 329 237 4,041 4,331 4,379 3,605 3,217 2005 2006 2007 2008 2009 2005 2006 2007 2008 2009 In millions of pesos (1) In millions of US nominal dollars (1) Financial data for year 2009 and 2008 is presented in nominal pesos, while for previous periods it is expressed in constant pesos as of December 31, 2007. 5 Chairman’s Letter Dear Shareholders: 2009 was a challenging and very important year for our Company. Since then, we have maintained ongoing negotiations with the major- Vitro commemorated its First Century of operations on December 6, ity of our creditors attempting to reach a mutually satisfactory agree- 2009. This tremendous milestone occurred in the backdrop of a financial ment. Throughout this process, we have reached agreements with crisis that impacted almost everyone across the globe. Our financial posi- several of them, exchanged restructuring proposals and expect to tion and liquidity was particularly affected since the third quarter 2008. conclude this process in the near future. While this was not the ideal scenario for celebrating an anniversary, it was The effects of the global recession significantly impacted the auto- an incentive for us to renew our commitment and work diligently to main- motive and construction industries - the two important markets served tain our position as one of the leading glass manufacturers in the world. by our Flat Glass business unit, as well as contractions in other markets The financial crisis which began in late 2008, worsened in 2009, and served by the Glass Containers business unit.
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