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STRENGTHENING Our Core Base ANNUAL REPORT 2003

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STRENGTHENING Our Core Base ANNUAL REPORT 2003 VITRO 2003 ANNUAL REPORT STRENGTHENING our core base ANNUAL REPORT 2003 Av. Ricardo Margáin Zozaya 400 Col. Valle del Campestre, 66265 Garza García, Nuevo León, Mexico Tel. (52) 81 8863 1200 OUR Company at a GLANCE SHAREHOLDER information Vitro, S.A. de C.V. (NYSE: VTO; BMV: VITROA), Mexico through its subsidiary companies, is one of the United States Corporate Headquarters Independent Auditors world’s leading manufacturers and distributors of Born in 1909 as Vidriera Monterrey, Av. Ricardo Margáin Zozaya 400 Galaz, Yamazaki, Ruiz Urquiza, S.C. we’ve grown into one of the market Col. Valle del Campestre, 66265 A member firm of Deloitte Touche Tohmatsu Through our Vitro America and GLOSSARY glass products. The company focuses on three leaders; the Vitro brand is Av. Lázaro Cárdenas 2321 Pte., PB Vitro Packaging subsidiaries, we Garza García, Nuevo León, Mexico recognized among customers Residencial San Agustín, 66260 core businesses: flat glass, glass containers, are a major processor and Tel. (52) 81 8863 1200 nationwide for its high-quality of industry terms Garza García, Nuevo León, Mexico distributor of value-added flat- glass products, packaging and www.vitro.com and glassware. Within these businesses, Vitro’s Tel. (52) 81 8133 7300 glass products, and the U.S. support services. subsidiaries serve diverse product markets, leading supplier of specialty glass Category management is a dynamic consumer-oriented Financial Community Contact Fax (52) 81 8133 7342 and 83 Deyanira Méndez Meléndez packaging. www.deloitte.com/mx including construction and automotive glass; Packaging Revision Assistant, process between retailers and suppliers that groups Fabrice Serfati Fatu Ulale Vidriera Monterrey products with different brands into specific categories Corporate Finance Manager beverage, cosmetics, food, liquor, and wine glass Fabricator, in order to manage them as strategic business units Tel. (52) 81 8863 1201 Exchange Listings Vitro America containers; and glassware for commercial, on a store-by-store basis through merchandising Fax: (52) 81 8863 1290 Bolsa Mexicana de Valores (BMV), Mexico and statistical analysis, generating commercial and e-mail: [email protected] New York Stock Exchange (NYSE), USA industrial, and retail uses. Vitro also produces Guatemala economic improvements, and delivering added Ticker Symbols raw materials and capital goods for industrial use. Through Comegua, a long-standing value to the final consumer. Gerardo Guajardo joint-venture relationship in Financing Manager BMV, VITROA Guatemala and Costa Rica, we Float glass is the modern method of making flat-glass Tel. (52) 81 8863 1349 NYSE, VTO (American Depositary Receipt, ADR, Founded in 1909, Monterrey, Mexico-based Vitro produce, distribute, and sell glass products like windows and mirrors. In the float-glass Fax: (52) 81 8863 1290 consisting of three non-voting VITROA Shares) has strong joint ventures and strategic alliances containers for customers across process, molten glass pours over the lip of a broad e-mail: [email protected] “the cradle of the Mayan world.” spout, passes between rollers, and floats over a bath ADR Depositary Bank with major world-class partners and industry Karen Linares Sandoval of molten tin in a steel container. Media Contact Citibank, N.A. leaders that provide its subsidiaries with access Financial Management Assistant, 111 Wall Street, 20th Floor/Z7 Vidriera Guatemalteca Albert Chico New York, New York 10005, USA to important international markets, distribution Through our Incremental Improvement Award, we Corporate Communication Manager Costa Rica recognize and reward employees’ novel technological Tel. (52) 81 8863 1335 Tel. (212) 657 4665 channels, and state-of-the-art technology. Vitro’s developments at our core businesses. Fax: (52) 81 8863 1307 subsidiaries have facilities and distribution centers We began making glass containers e-mail: [email protected] Dividend Policy for this scenic country and its Insulated glass is composed of two glass sheets joined The declaration, amount, and payment of dividends in eight countries, located in Europe, North, Central American neighbors in by an aluminum separator, forming a hermetic air Legal Contact are determined by the majority of the voting stock, 1964, with our initial investment Central, and South America, and export to more at an Ordinary Shareholders Meeting. This decision in Comegua. space to keep exterior heat and noise out, and Javier Arechavaleta is generally, but not necessarily, based on the than 70 countries worldwide. prevent the loss of indoor heat in winter. Assistant General Counsel Marisol Miranda Mena Tel. (52) 81 8863 1203 recommendation of the Board of Directors. The terms Head of Training, Laminated safety glass is made through a rolling process Fax: (52) 81 8863 1372 and conditions of payment of the dividends formally Vidriera Centroamericana involving two sheets of annealing glass and a flexible e-mail: [email protected] declared by the corresponding Ordinary Shareholders Colombia plastic intermediate film of polyvinyl butyral (PVB). Meeting are generally determined by the Company’s Because of its shatterproof properties (adhesion to US Contact Board of Directors, taking into account the Company’s Our Colombian flat-glass the plastic film in case of breakage), which protect a Alex Fudukidis / Susan Borinelli financial declaration. Bolivia subsidiary, Vitro Colombia, vehicle’s occupants from glass fragments, laminated Breakstone & Ruth International processes tempered and laminated glass is mainly used for automotive windshields. Tel. (646) 536 7012 / 7018 SEC Filings glass for the country’s automotive Vidrio Lux, our glass-container e-mail: [email protected] The Company files and submits periodical reports to and construction markets. subsidiary, serves the soft drink, OEM means original equipment manufacturer. e-mail: [email protected] the U.S. Securities and Exchange Commission (SEC). food, beer, wine and liquor, and : Earthcolor-Houston pharmaceutical industries Álvaro Hernández Restrepo Vitro manufactures a universe of high-quality glass products—from Point of purchase is broadly defined as anything that throughout Bolivia, southern Peru, Cut and Automotive Glass Area laminated glass that fosters vehicle safety, to insulated construction Supervisor, Vitro Colombia PRINTING influences the consumer at the point where the and northern Argentina. 2003 glass for thermal protection, to customized glass containers and Stock Performance María Osinaga Murillo consumer, the product, and the sale come together. packaging that ensure product freshness, to glassware designed for a The price range for Vitro’s common stock on the New York NYSE BMV Industrial Security Attendant, Stock Exchange (NYSE) and the Mexican Stock Exchange variety of daily household, commercial and industrial uses. ADR Shares Vidrio Lux SKU (stockkeeping unit) is an identification, usually (BMV) over 2003 was as follows: alphanumeric, of a particular product that enables (in dollars) (in pesos) tracking for inventory purposes. High Low High Low About the COVER Tempered glass is formed by initially heating a cut and First Quarter 2.85 2.12 9.51 7.80 polished glass sheet to approximately 650o C. At this Second Quarter 2.25 2.00 7.95 7.03 temperature, the glass reaches its required curving Third Quarter 2.47 2.04 9.00 7.06 and is immediately air-cooled. The cover photograph is of our new flat-glass facility—developed : Camilo Garza / Archive photography Fourth Quarter 3.10 2.14 11.63 8.15 jointly with AFG Industries, Inc., the U.S. subsidiary of Asahi Glass—in Mexicali, Mexico. The new plant’s design links the long- This annual report contains historical information, certain management’s expectations and other forward-looking information regarding Vitro, S.A. de C.V. and its subsidiaries (collectively the “Company”). While the Company believes that these expectations and forward-looking statements are based on reasonable assumptions, all such statements reflect the current views of the Company with respect to standing tradition of these two industry leaders with state-of-the- future events and are subject to certain risks and uncertainties that could cause actual results to differ materially from those contemplated in this report. Many factors could cause actual results, PHOTOGRAPHER performance, or achievements of the Company to be materially different from any future results, performance, or achievements that may be expressed or implied by such expectations or forward-looking art technology. The facility further exemplifies the theme of this statements, including among others, changes in general economic, political, governmental, and business conditions worldwide and in the markets in which the Company does business, changes in year’s report: Strengthening our core base. Through selective interests rates, changes in inflations rates, changes in exchange rates, the growth or decline of the markets and segments where the Company sells its products, changes in raw material prices, changes in energy prices, particularly gas, changes in the business strategy, and other factors. Should one or more of these changes, risks or uncertainties materialize, or should the underlying assumptions investments such as this plant, we continue to reinforce our prove incorrect, actual results may vary materially from those described herein as anticipated, believed, estimated or expected. The Company does not assume any obligation to and will not update these position
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