Grupo Imsa Announces Second Quarter 2002 Results; EBITDA Grows to a Record Level of US$105 Million
MONTERREY, Mexico--July 23, 2002--Grupo Imsa, S.A. de C.V. (BMV:IMSA) today announced results for the second quarter of 2002. Unless otherwise stated, all figures are presented in millions of June 30, 2002, pesos (Ps), or in millions of nominal U.S. dollars(a) (US$).Second Quarter 2002 Highlights
| -- | In nominal dollars, both revenues and EBITDA reached their maximum level for a quarter in the Company's history. |
| -- | Second quarter revenues in nominal dollar terms rose year-over-year by 31.8% to US$712, and in peso terms by 29.4% to Ps 6,818. |
| -- | IMSA ACERO's sales volume for the second quarter grew 30.2% year-over-year. |
| -- | In the second quarter, ENERMEX's sales volume increased by 9.5% compared with the same quarter of 2001. |
| -- | Second quarter EBITDA in nominal dollar terms totaled US$105, 29.1% above the same period of the previous year; in peso terms, EBITDA rose year-over-year by 23.3%. |
| -- | Interest coverage defined as EBITDA divided by net interest expense rose to 9.6 times in the second quarter of 2002, while interest coverage defined as EBITDA divided by gross interest expense reached 9.0 times. |
| -- | During the quarter, Grupo Imsa acquired certain assets of Pinole Point Steel; these assets consist mainly of a galvanized and painted steel plant in Richmond, California. |
| -- | At the end of May, Grupo Imsa successfully placed two issues of certificados bursatiles (peso bonds) totaling one billion Mexican pesos. |
| -- | Capacity closures, new import tariffs on steel products and a recovery in demand have resulted in an increase in steel prices in the United States, as well as on a global level, including in Mexico. |
For a full version of Grupo IMSA's second quarter of 2002 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, July 24, 2002, at 11:00 a.m. US ET. To participate in the conference, please dial 719/219-0214 ten minutes prior to the call. Confirmation Code: 505818
------------ (a) Nominal dollars result from the translation of nominal pesos using the average exchange rate of each month.