Grupo IMSA Announces Fourth Quarter 2001 Results; EBITDA Grows 19.1% vs. Fourth Quarter 2000 to US$ 77 million
MONTERREY, Mexico--Feb. 19, 2002--Grupo IMSA, S.A. de C.V. today announced results for the fourth quarter of 2001.Unless otherwise stated, all figures are presented in millions of Dec. 31, 2001 pesos (Ps), or in millions of nominal US dollars(a) (US$).
Fourth Quarter 2001 Highlights
| -- | Fourth quarter revenues in nominal dollar terms rose year-over-year by 13.8% to US$639, and in peso terms by 10.7% to Ps 5,894. |
| -- | IMSA ACERO's sales volume for the fourth quarter grew 2.8% year-over-year, despite a difficult economic environment. |
| -- | In the fourth quarter, ENERMEX's sales volume increased by 9.3% year-over-year, reflecting the incorporation of new clients. |
| -- | Fourth quarter EBITDA in nominal dollar terms totaled US$77, 19.1% above the same period of the previous year; in peso terms, EBITDA increased year-over-year by 18.8%. |
| -- | EBITDA in 2001 grew 1.6% in nominal dollar terms to US$316. |
| -- | Net income for the fourth quarter rose year-over-year by 636.0% to Ps 633. For the year 2001, net income grew 5.8% to Ps 1,477. |
| -- | Interest coverage, defined as EBITDA divided by net interest expense, reached 5.6 times in the fourth quarter of 2001. Interest coverage for 2001 was 5.1 times, significantly higher than the ratio of 3.6 times for the year 2000. |
| -- | Grupo IMSA started to consolidate VP Buildings' results into its IMSATEC business segment in the month of October. |
| -- | During the quarter, Grupo IMSA obtained a long-term syndicated loan for US$380. The transaction improves the Company's debt profile by extending its average life without increasing total indebtedness and at the same time reduces financing cost. |
| -- | Standard & Poor's upgraded Grupo IMSA's foreign currency credit rating to investment grade, raising it from 'BB+' to 'BBB-'. |
For a full version of Grupo IMSA's fourth quarter of 2001 earnings release please visit our Web site at www.grupoimsa.com.
A conference call with Marcelo Canales Clariond, chief financial officer of Grupo IMSA, will be held on Wednesday, Feb. 20, 2002 at 11:00 a.m. US ET. To participate in the conference, please dial 719/457-2641 ten minutes prior to the call. Confirmation Code: 415647
(a) Nominal dollars result from the translation of nominal pesos using
the average exchange rate of each month.