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Informe Anual Worldreginfo - 1F93cef5-9948-452E-8453-14Ed04509309 ALFA Is a Holding Company That Manages a Portfolio of Diversified Subsidiaries

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Informe Anual Worldreginfo - 1F93cef5-9948-452E-8453-14Ed04509309 ALFA Is a Holding Company That Manages a Portfolio of Diversified Subsidiaries informe anual WorldReginfo - 1f93cef5-9948-452e-8453-14ed04509309 ALFA is a holding company that manages a portfolio of diversified subsidiaries: Alpek, one of the world’s largest producers of polyester (PTA, PET and fibers), and the leader in the Mexican market for polypropylene, expandable polystyrene (EPS) and caprolactam. Sigma, a leading multinational refrigerated food company, focused on the production, marketing and distribution of quality foods through recognized brands in Mexico, Europe, United States and Latin America. 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 and parts for electric vehicles. Axtel, a provider of Information Technology (IT) and Communication services for the enterprise and government markets in Mexico. Newpek, an oil and gas exploration and production company with operations in Mexico and the United States. In 2018, ALFA reported revenues of Ps. 366,432 million (US $19.1 billion), and EBITDA1 of Ps. 55,178 million (US $2.9 billion). ALFA’s shares are quoted on the Mexican Stock Exchange and on Latibex, the market for Latin American shares of the Madrid Stock Exchange. CONTENTS Financial Highlights 2 Business Groups 3 Presence 4 Letter to Shareholders 5 Alpek 10 Sigma 12 Nemak 14 Axtel 16 18 Newpek 1 EBITDA = operating income + depreciation and amortization + non-recurring items. Sustainability 20 Board of Directors 37 NOTE: In this annual report, monetary figures are expressed in nominal Mexican pesos (Ps.), and in nominal dollars (US $) Management Team 38 unless otherwise specified. Conversions from pesos to dollars were made using the average rate of the month in which the revenues or disbursements were made. The percentages of variation between 2018 and 2017 are expressed in nominal terms. Corporate Governance 39 Consolidated Financial Statements 40 Glossary 162 WorldReginfo - 1f93cef5-9948-452e-8453-14ed04509309 1 FINANCIAL HIGHLIGHTS ALFA AND SUBSIDIARIES MILLIONS OF PS. US $ MILLIONS (4) 2018 2017 % CHG. 2018 2017 % CHG. INCOME STATEMENT Net Sales 366,432 317,627 15 19,055 16,804 13 Operating Income 35,705 11,195 219 1,844 557 231 Majority Net Income 13,143 (2,051) 741 682 (134) 608 Majority Net Income per Share(1) (Ps. & US $) 2.60 (0.40) 750 0.13 (0.03) 533 EBITDA(2) 55,178 38,312 44 2,858 2,018 42 BALANCE SHEET Total Assets 369,828 358,968 3 18,789 18,189 0 Total Liabilities 271,604 266,542 2 13,799 13,506 2 Stockholders’ Equity 98,224 92,426 6 4,990 4,683 7 Majority Interest 73,391 69,436 6 3,729 3,518 6 Book Value per Share(3) (Ps. & US $) 14.5 13.7 6 0.74 0.70 7 (1) Based on the weighted average number of outstanding shares (5‘055,111 in 2018 and 5‘087,743 in 2017). (2) EBITDA = operating income + depreciation and amortization + impairments. (3) Based on the number of outstanding shares (5‘055,111 at the end of 2018 and 5‘055,111 at the end of 2017). (4) Due to the dollarization of its revenues, which is higher than 75%, and because of the holding of shares by foreign investors, ALFA provides equivalent US $ amounts for some of its most important financial data. 18,789 2,858 19,055 18,189 17,224 16,804 16,868 16,315 2,420 15,756 15,773 2,322 15,501 2,040 2,018 REVENUES EBITDA ASSETS US $ MILLIONS US $ MILLIONS US $ MILLIONS 14 15 16 17 18 14 15 16 17 18 14 15 16 17 18 WorldReginfo - 1f93cef5-9948-452e-8453-14ed04509309 2 BUSINESS GROUPS The company produces and provides more than 40 products and services that are sold in the food, beverages, consumer products, automotive, packaging, textiles, construction, information technologies and communication markets, among others. Main products Main products Main products Main services Main products • Polyester: PTA, PET, • Cooked and cured meats: • Aluminum heads and • Data centers. • Hydrocarbons. fibers. Ham, sausages, bacon. blocks for combustion • Security. • Oil and gas services. • Plastics and chemicals: • Dairy products: Cheese, engines. • Systems integration. Polypropylene, EPS, yoghurt, cream, butter. • Transmission cases. • Cloud services. Markets Caprolactam, chemical • Other refrigerated and • Structural components. • Management • Energy, oil and gas specialties and industrial frozen foods. • Components for electric applications. chemicals. vehicles. • Managed networks. Financial Highlights 2018 Markets • Collaborative services. Revenues: Markets: • Food Markets • VPN and Ethernet. US $108 million • Containers for beverages, • Automotive Employees: 52 food and consumer Financial Highlights 2018 Markets Footprint: Mexico, U.S.A. products, packaging for Revenues: Financial Highlights 2018 • Enterprise and electronics and appliances, US $6.3 billion Revenues: Government. textiles, construction and Plants: 70, in 14 countries US $4.7 billion automotive. Employees: 45,515 Plants: 38, in 16 countries Financial Highlights 2018 Footprint: Belgium, Costa Employees: 23,982 Revenues: Financial Highlights 2018 Rica, Dominican Republic, Footprint: Argentina, Austria, US $809 million Revenues: Ecuador, El Salvador, Brazil, Canada, China, Czech Employees: 7,549 US $7 billion France, Italy, Mexico, Republic, Germany, Hungary, Footprint: Mexico Plants: 25, in 6 countries Netherlands, Peru, Portugal, India, Mexico, Poland, Employees: 6,603 Spain, Romania and U.S.A. Russia, Slovakia, Spain, Footprint: Argentina, Brazil, Turkey, U.S.A. Canada, Chile, Mexico, U.S.A. WorldReginfo - 1f93cef5-9948-452e-8453-14ed04509309 3 PRESENCE ALFA operates 133 plants in 28 countries: Argentina, Austria, Belgium, Brazil, Canada, Chile, China, Costa Rica, Czech Republic, Ecuador, El Salvador, Dominican Republic, France, Germany, Hungary, India, Italy, Mexico, Netherlands, Peru, Poland, Portugal, Romania, Russia, Slovakia, Spain, Turkey and United States. 37% 35% 34% ALPEK 1% 1% 3% SIGMA 4% 9% NEMAK REVENUES 15% EBITDA ASSETS AXTEL 24% NEWPEK 25% 28% 33% 26% 25% US $19,055 US $2,858 US $18,789 WorldReginfo - 1f93cef5-9948-452e-8453-14ed04509309 4 LETTER TO SHAREHOLDERS In 2018, ALFA had a strong performance BUSINESS PERFORMANCE and progressed in the implementation of its ALPEK business strategy. Consolidated revenues The recovery of polyester and polypropylene and EBITDA reached record levels, margins, the contribution from the acquired underpinning an improvement in financial plants in Brazil and successful execution of its business strategy, enabled Alpek to increase condition. This enabled ALFA to further revenues and post record EBITDA. This was a reduce its leverage ratios. significant recovery from the unfavorable operating environment in the preceding year. Rising oil and commodity prices, brought stronger Armando Garza Sada The good performance was driven mainly by Chairman of the Board of Directors the petrochemical, auto components and food average prices and margins for petrochemical businesses, all of which delivered better results products. Alpek also benefited from the 2017 polyestyrene capacity expansion in Altamira. Álvaro Fernández Garza in comparison to the prior year, reflecting market President leadership positions, higher margins, entry into new geographies, and a focus on value-added products The polyester plants in Brazil, consolidated in May and services. 2018, turned in better than expected results. In addition to the increased production, this investment Each subsidiary made progress on its investment allowed Alpek to enter a market with significant plans and executing on its strategy even as they growth potential and to assume leadership of PTA- faced various challenges that arose in the market PET production in the Americas. More than 90% and macro-economic environment. Initiatives to of Alpek’s production is used for strengthen each business’s competitive position met At the end of the year, a joint venture between beverage, food and other consumer and in some cases exceeded expectations. Alpek, Indorama and Far Eastern completed packaging applications. Main performance drivers included margin recovery the acquisition of M&G's PTA-PET Project in in the polyester business and the contribution of the construction in Corpus Christi, Texas. Once in petrochemical plants acquired by Alpek in Brazil; operation, each partner will have the right to receive increased sales of value-added products by Nemak one third of the PTA and PET produced by the in North America; operating efficiencies and higher Project. In addition, supported by Alpek-backed food sales in the core markets in Sigma; and growth financing, the M&G Mexico plant in Tamaulipas in Information Technology and Communications resumed and normalized PET production while a services at Axtel. definitive restructuring plan is being finalized. WorldReginfo - 1f93cef5-9948-452e-8453-14ed04509309 5 LETTER TO SHAREHOLDERS In addition, Alpek signed an agreement for the In addition, several digital transformation projects sale of its two power cogeneration plants in contributed to increase margins and efficiencies 12 Sigma brands sell more than Cosoleacaque and Altamira, Mexico for an amount throught the value chain. US $100 million a year each. of US $801 million. The closing date is expected during the first half of 2019. NEMAK In 2018, economic conditions across North SIGMA America and Europe, which are Nemak’s main The company continued to strengthen its operations markets, provided stability in the automotive in 18 countries where it operates, supported by a industry. broad product selection and leading brands. In this environment,
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