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2016 Annual Report Worldreginfo - 9Bb3cd03-2480-4Baf-Aad8-78A842c51ba2 ALFA Is a Company That Manages a Portfolio of Diversified Subsidiaries

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2016 Annual Report Worldreginfo - 9Bb3cd03-2480-4Baf-Aad8-78A842c51ba2 ALFA Is a Company That Manages a Portfolio of Diversified Subsidiaries 2016 Annual Report WorldReginfo - 9bb3cd03-2480-4baf-aad8-78a842c51ba2 ALFA is a company that manages a portfolio of diversified subsidiaries: • Sigma, a leading multinational refrigerated food company, focused on the production, marketing and distribution of quality foods through well recognized brands in Mexico, Europe, United States and Latin America. • Alpek, one of the world’s largest producers of polyester (PTA, PET and fibers), which also leads the Mexican market in polypropylene, expandable polystyrene (EPS) and caprolactam. • Nemak, a leading provider of innovative lightweighting solutions for the global automotive industry, specializing in the development and manufacturing of aluminum components for powertrain and body structure applications. • Axtel, a provider of information technologies and communication services for the enterprise, government and mass markets in Mexico. • Newpek, active in the U.S. and Mexican hydrocarbons industry. In 2016, ALFA reported revenues of Ps. 293,782 million (U.S. $15.8 billion), and EBITDA(1) of Ps. 43,254 million (U.S. $2.3 billion). ALFA’s shares are quoted on the Mexican Stock Exchange and on Latibex, the market for Latin American shares on the Madrid Stock Exchange. Contents 2 Business Groups 4 Letter to Shareholders 7 Financial Highlights 8 Sigma 10 Alpek 12 Nemak 1) EBITDA = operating income + depreciation and amortization + non-recurring items. 14 Axtel 16 Newpek NOTE: In this annual report, monetary figures are ex- pressed in nominal Mexican pesos (Ps.), and in nominal 18 Board of Directors dollars (U.S. $) unless otherwise specified. Conversions 19 Management Team from pesos to dollars were made using the average rate of the month in which the revenues or disbursements 20 Corporate Governance were made. The percentages of variation between 2016 21 Consolidated Financial Statements and 2015 are expressed in nominal terms. WorldReginfo - 9bb3cd03-2480-4baf-aad8-78a842c51ba2 Highlights of the year Sigma Opened a new cooked and cured meats plant in Burgos, Spain, replacing the one destroyed by fire in late 2014. Alpek Began the construction of a cogeneration plant of in Tamaulipas, Mexico. It also acquired a PET plant in Canada and an EPS plant in Chile. Nemak Started up an auto parts plant and a machining plant in Mexico, acquired a company in Turkey and advanced in the construction of a plant in Slovakia. Axtel Completed the merger between Alestra and Axtel, thus creating a more competitive company in the information technologies and communication market in Mexico. Newpek Focused on the optimization of the operation of existing wells, minimizing exploration and drilling, while waiting for more favorable conditions in the hydrocarbons industry. 1 WorldReginfo - 9bb3cd03-2480-4baf-aad8-78a842c51ba2 Business Groups www.sigma-alimentos.com Main products Markets • Cooked and cured meats: Ham, sausages, bacon. Food • Dairy products: Cheese, yogurt, cream, butter. Highlights 2016 • Other refrigerated and frozen foods. Revenues: U.S. $5.7 billion Plants: 67, in 13 countries Employees: 42,150 www.alpek.com Main products Markets • Polyester chain: PTA, PET and fibers. Containers for beverages, food and consumer products; • Plastics and Chemicals: Polypropylene, Expandable packaging for electronic appliances; textiles; construction Polystyrene, Caprolactam, Ammonium sulfate. and automotive. Highlights 2016 Revenues: U.S. $4.8 billion Plants: 23, in six countries Employees: 5,284 www.nemak.com Main products Markets • Aluminum heads and blocks for gas and diesel engines. Automotive • Transmission cases Highlights 2016 • Structural components and parts for electric vehicles. Revenues: U.S. $4.3 billion Plants: 36, in 16 countries Employees: 21,371 www.axtelcorp.mx Main services Markets • Data centers • Cloud services Enterprise, government, mass market • Data security • Internet Highlights 2016 • Networks management • Pay-TV Revenues: U.S. $736 million • Consultancy services • Voice service Employees: 7,588 • Systems integration Main products Markets • Hydrocarbons Energy, oil and gas • Oil and gas services Highlights 2016 Revenues: U.S. $107 million Presence U.S.A. and Mexico Employees: 190 2 WorldReginfo - 9bb3cd03-2480-4baf-aad8-78a842c51ba2 Breakdown by business in 2016 Revenues EBITDA Assets ● SIGMA 36% ● SIGMA 28% ● SIGMA 30% ● ALPEK 31% ● ALPEK 28% ● ALPEK 28% ● NEMAK 27% ● NEMAK 34% ● NEMAK 28% ● AXTEL 5% ● AXTEL 9% ● AXTEL 12% ● NEWPEK 1% ● NEWPEK 1% ● NEWPEK 2% Global Footprint 3 19 14 21 24 5 9 15 23 25 27 22 13 17 2 7 26 10 18 16 12 8 11 20 4 1 6 SIGMA ● ALPEK ● NEMAK ● AXTEL ● NEWPEK ● 1 Argentina ● ● 8 Costa Rica ● 15 Hungary ● 22 Portugal ● 2 Austria ● 9 Czech Republic ● 16 India ● 23 Russia ● 3 Belgium ● 10 Dominican Republic ● 17 Italy ● 24 Slovakia ● 4 Brazil ● ● 11 Ecuador ● 18 Mexico ● ● ● ● ● 25 Spain ● ● 5 Canada ● ● 12 El Salvador ● 19 Netherlands ● 26 Turkey ● 6 Chile ● 13 France ● 20 Peru ● 27 United States ● ● ● ● 7 China ● 14 Germany ● 21 Poland ● 3 WorldReginfo - 9bb3cd03-2480-4baf-aad8-78a842c51ba2 Armando Garza Sada Chairman of the Board of Directors Álvaro Fernández Garza President Letter to Shareholders Dear shareholders: A key highlight of our investment program was Our 2016 financial results were generally in line with our expectations. the opening of a new state-of-the art produc- Operating in many countries worldwide, the company was once again tion facility in Spain for Sigma, replacing the one subjected to the vagaries of complex economic environments, further destroyed by fire in november 2014. Alpek began exacerbated by the U.S. presidential election, as well as slower growth construction of a second energy cogeneration in some of our main markets. plant in Tamaulipas, Mexico. The company is also expanding its business through acquisitions and 2016 was also characterized by exchange rate has announced the purchase of two polyester volatility and unstable oil prices. Despite all these plants in Brazil. Nemak started operations at two headwinds, there were also many bright spots in new plants in Mexico, acquired a company in our business units and we remain a financially Turkey, while moving ahead on the construction of strong and healthy company, well positioned to a new plant in Slovakia. ALFA also completed the support future growth opportunities and tackle merger between Alestra and Axtel, which created potential challenges. a new, more competitive company in the IT and communication business. Over the years, we have taken steps to better position the company to operate in challenging Business Segments Performance environments. The positive results of these actions SIGMA were evident in 2016. Operating efficiencies across The food markets of Europe, Mexico and Latin all of our business units, our market leadership America remained stable in 2016, but those of the positions and focus on increasing our value-added U.S. experienced a slight decline. In turn, Sigma product offerings and services enabled ALFA to reported sales of 1.68 million metric tons, similar deliver financial results that were comparable to to the 2015 level. On the positive side, prices of those of the previous year. basic commodities such as meat and milk re- mained low during the year. Overall this benefited During 2016, the company continued to invest to Sigma, but this was partially offset by the peso’s further improve cost competitiveness as well as weakening by 18% against the U.S. dollar which expand capacity and venture into new markets, all raised the cost of imported raw materials for our of which should contribute to profitable long-term Mexican business. growth for ALFA. 4 WorldReginfo - 9bb3cd03-2480-4baf-aad8-78a842c51ba2 By year end, Sigma had opened a new cooked NEMAK Capital and cured meats plant in Burgos, Spain, replac- The strength of the U.S. market and growth in Expenditures ing the one destroyed by fire in late 2014. With Europe, coupled with plant efficiencies and greater totaled an investment of U.S. $225 million, this plant has value-added products, resulting from processes annual production capacity of 100,000 metric such as machining, allowed Nemak to deliver U.S. $1,491 tons and is equipped with the latest technology, improved EBITDA. making its operations more efficient, safe and environmentally friendly. Nemak invested U.S. $541 million to boost produc- tion capacity, increase value-added product offer- ALPEK ings and expand its geographic presence in order The petrochemical industry in general continued to serve new contracts in all its business lines. The to operate in a weak and unstable oil price envi- company signed new contracts equivalent to U.S. ronment. However, Alpek was able to maintain its $875 million in revenues per year, more than 60% sales volume and capitalize on operating efficiencies of them corresponding to incremental programs, reflecting investments made over several years. In including some for structural components and addition, an improvement in polypropylene margins parts for electric vehicles. positively contributed to financial results. In line with the expected lev- The Polyester business benefited from a favorable el of new business, Nemak ruling in an antidumping case that resulted in com- started up operations of an pensatory duties in the U.S. against PET imports, as auto parts plant and a ma- well as from savings from the energy cogeneration chining plant in Mexico and plant in Veracruz, Mexico. On the down side, its advanced in the construction results remained affected by low oil and raw material of a structural components prices, lower reference margins in Asia, and the tem- facility in Slovakia, which will porary shutdown of PET plants on the East Coast of be commissioned around the U.S. due to hurricane damage. mid-2017. The company acquired the Turkish firm The Plastics and Chemicals business reported Cevher Döküm, expanding record-high EBITDA, benefiting from better mar- its capacity in Europe while gins in the polypropylene business, as a result of at the same time enhancing its access to talented Axtel headquarters, lower raw material prices. This business was also human resources to serve that market.
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