Grupo Imsa Announces Fourth Quarter 2002 Results; EBITDA Grows 35% to US$103 Million
MONTERREY, Mexico--Feb. 13, 2003--Grupo Imsa, S.A. de C.V. today announced results for the fourth quarter of 2002.Unless otherwise stated, all figures are presented in millions of Dec. 31, 2002 pesos (Ps), or in millions of nominal U.S. dollars(a) (US$).
Fourth Quarter 2002 Highlights
| -- | The Company posted record revenues and EBITDA in 2002. Revenues grew 21.0% to US$2,717 and EBITDA increased 26.7% to US$400. In peso terms, revenues and EBITDA rose 19.2% and 25.3% respectively. |
| -- | Fourth quarter revenues in nominal dollar terms rose year-over-year by 9.7% to US$701, and in peso terms by 8.9% to Ps 7,046. |
| -- | IMSA ACERO's fourth-quarter sales volume grew 2.7% year-over-year. |
| -- | In the fourth quarter ENERMEX's sales volume increased by 2.8% compared with the fourth quarter of 2001. |
| -- | Grupo Imsa's operating margin for the quarter was 10.7%, compared with 7.7% for the fourth quarter of 2001. |
| -- | Fourth quarter EBITDA in nominal dollar terms totaled US$103, 34.8% above the same period of the previous year; in peso terms, EBITDA rose year-over-year by 34.5%. |
| -- | EBITDA of all four business segments grew compared with the fourth quarter of 2001. |
| -- | Interest coverage defined as EBITDA divided by net interest expense rose to 15.4 times in the fourth quarter of 2002, while interest coverage defined as EBITDA divided by gross interest expense reached 12.0 times. |
| -- | In 2003 IMSA ACERO will continue its investment program to raise hot-rolled steel production capacity to 2.2 million tonnes. |
| -- | In November Grupo Imsa successfully placed an issue of certificados bursatiles (peso bond) totaling $253. |
For a full version of Grupo Imsa's fourth 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 Friday, Feb. 14, 2003 at 11:00am US ET. To participate in the conference, please dial 719/457-2657 ten minutes prior to the call. Confirmation Code: 418364
(a) Nominal dollars result from the translation of nominal pesos using the average exchange rate of each month.