RATIOS

Debt to Equity
Total Debt to Total Assets ( debt ratio)
Interest Coverage Ratio
Profit Margin
Asset Turnover
Return on Assets

Return on Commonstockholder's equity

FORMULA

(Longterm Debt+ Value of leases)/ Average

Shareholder's Equity or Total Liabilities/Ave
Shareholder's Equity 368,171 169,563
Total Liabilities/Total Assets 368,171 567,581
Net Income/Annual Interest Expense 11,813 19,301
Net Income/Sales 11,813 258,131
Sales/ Average total Assets 258,131 583,655
Net Income/ Average Total Assets 11,813 583,655
(Net Income- Preferred Dividends)/Average
Commonstockholder's Equity 11,813 169,563

Trend Analysis for Sales and Net Income:

Sales Growth
Net Income Growth

Note for TREND Analysis:

As suggestions, we need to read the 2017 Annual Reports to

know the status of its operation in the year 2017. I think there
are operations in other countries which were discontinued in
2016 thus their SALES in 2017 was only 3.28% compared to
10.72% in 2016.
 2017 2016 2015 2014

217.13% 416,839 150,866 276.30%

64.87% 416,839 599,728 69.50%
61.20% 13,384 21,487 62.29%
4.58% 13,384 249,945 5.35%
44.23% 249,945 570,996 43.77%
2.02% 13,384 570,996 2.34%
6.97% 13,384 150,866 8.87%

3.28% 10.72% 7.48% 7.34%

-11.74% 5619.66% 103.45% 37.39%
Fiscal year is January-December. All values MXN
Millions. 2017 2016 2015

Cash & Short Term Investments 13,741 11,616 15,428

Cash Only 13,741 11,616 15,280
Short-Term Investments - - 148

Cash & Short Term Investments Growth 18.29% -24.71% 21.00%

Cash & ST Investments / Total Assets 2.42% 1.94% 2.85%
Total Accounts Receivable 35,448 35,398 32,443
Accounts Receivables, Net 30,478 30,160 27,774
Accounts Receivables, Gross 32,623 32,356 29,773

Bad Debt/Doubtful Accounts -2,145 -2,196 -1,999

Other Receivables 4,970 5,238 4,669

Accounts Receivable Growth 0.14% 9.11% 3.89%

Accounts Receivable Turnover 7.28 7.06 6.96
Inventories 18,852 18,098 17,716
Finished Goods 6,805 7,041 6,964
Work in Progress 3,814 3,378 3,160
Raw Materials 3,237 3,128 3,217
Progress Payments & Other 4,996 4,551 4,375
Other Current Assets 3,324 23,329 8,078
Prepaid Expenses - - 2,687
Miscellaneous Current Assets 3,324 23,329 5,391
Total Current Assets 71,365 88,441 73,665
Net Property, Plant & Equipment 232,203 230,186 214,187
Property, Plant & Equipment - Gross 411,558 395,974 357,010
Buildings 53,927 51,740 47,205
Land & Improvements 95,495 97,218 85,763
Machinery & Equipment 242,636 229,717 210,175
Construction in Progress 19,500 17,299 13,867
Accumulated Depreciation 179,355 165,788 142,823
Buildings 26,225 24,224 20,852
Land & Improvements 16,842 16,301 12,194
Machinery & Equipment 136,288 125,263 109,777
Total Investments and Advances 14,287 17,556 18,645
LT Investment - Affiliate Companies 8,572 10,488 12,150
Other Long-Term Investments 5,715 7,068 6,495
Intangible Assets 234,909 247,507 220,318
Net Goodwill 195,474 206,319 183,752
Net Other Intangibles 39,435 41,188 36,566

Other Assets 0- 0
Total Assets 567,581 599,728 542,264

Assets - Total - Growth -5.36% 10.60% 5.30%

Asset Turnover 0.44 - -
Return On Average Assets 2.02% - -
Liabilities & Shareholders' Equity
All values MXN Millions. 2017 2016 2015
ST Debt & Current Portion LT Debt 36,335 12,880 15,805
Short Term Debt 19,716 11,565 9,203
Current Portion of Long Term Debt 16,619 1,315 6,602
Accounts Payable 46,428 40,338 28,709
Accounts Payable Growth 15.10% 40.51% 18.29%
Income Tax Payable 5,129 5,441 6,619
Other Current Liabilities 24,287 23,345 21,442
Dividends Payable - - -
Miscellaneous Current Liabilities 24,287 23,345 21,442
Total Current Liabilities 112,179 82,004 72,575
Current Ratio 0.64 1.08 1.02
Quick Ratio 0.47 0.86 0.77
Cash Ratio 0.12 0.14 0.21
Long-Term Debt 200,889 274,824 264,735
Long-Term Debt excl. Capitalized Leases 198,386 273,533 263,253
Non-Convertible Debt 184,926 244,369 258,492
Convertible Debt 13,460 29,164 4,761
Capitalized Lease Obligations 2,503 1,291 1,482
Provision for Risks & Charges 34,149 34,288 32,247

Deferred Taxes 984 3,562 4,936

Deferred Taxes - Credit 15,801 19,600 20,385
Deferred Taxes - Debit 14,817 16,038 15,449
Other Liabilities 5,153 6,123 896
Other Liabilities (excl. Deferred Income) 5,153 6,123 896
Total Liabilities 368,171 416,839 390,838
Total Liabilities / Total Assets 64.87% 69.50% 72.08%
Common Equity (Total) 176,112 163,013 138,718
Common Stock Par/Carry Value 4,171 4,162 4,158
Additional Paid-In Capital/Capital Surplus 140,483 123,174 115,466
Retained Earnings 21,402 15,645 6,778
Cumulative Translation Adjustment/Unrealized For. Exch 21,288 31,293 17,606
Other Appropriated Reserves -10,931 -10,934 1,804

Unappropriated Reserves - - -6,915

Treasury Stock -301 -327 -179

Common Equity / Total Assets 31.03% 27.18% 25.58%
Total Shareholders' Equity 176,112 163,013 138,718
Total Shareholders' Equity / Total Assets 31.03% 27.18% 25.58%
Accumulated Minority Interest 23,298 19,876 12,708
Total Equity 199,410 182,889 151,426
Liabilities & Shareholders' Equity 567,581 599,728 542,264
2014 2013

12,750 15,350
12,589 15,176
161 174

-16.94% -
2.48% 3.09%
31,228 32,807
26,954 25,971
28,810 27,775

-1,856 -1,804
4,274 6,836

-4.81% -
6.73 5.96
18,074 16,985
6,588 6,153
3,278 2,825
3,019 3,121
5,189 4,886
8,906 3,906
2,791 2,296
6,115 1,610
70,958 69,048
203,071 205,855
321,236 309,806
43,473 41,531
78,511 75,415
185,629 179,905
13,623 12,955
118,165 103,951
16,970 14,657
9,836 8,675
91,359 80,619
19,734 20,944
9,560 9,022
10,174 11,922
193,484 174,940
160,544 144,457
 32,940 30,483

- -
514,961 496,130

3.80% -
- -
- -

2014 2013
26,019 9,527
8,164 4,564
17,855 4,963
24,271 22,202
9.32% -
9,890 9,779
20,045 18,054
- 24
20,045 18,030
80,225 59,562
0.88 1.16
0.66 0.87
0.16 0.26
230,974 227,067
229,318 225,244
203,085 189,521
26,233 35,723
1,656 1,823
47,959 48,656

-7,931 -7,028
19,783 18,315
27,714 25,343
413 508
413 508
379,354 354,108
73.67% 71.37%
125,408 127,083
4,151 4,143
101,216 84,800
13,194 29,399
11,474 12,152
- -

-6,167 -3,142

-264 -269
24.35% 25.61%
125,408 127,083
24.35% 25.61%
10,199 14,939
135,607 142,022
514,961 496,130
Fiscal year is January-December. All values 2017 2016 2015 2014 2013
Sales/Revenue 258,131 249,945 225,742 210,023 195,661
Sales Growth 3.28% 10.72% 7.48% 7.34% -
Cost of Goods Sold (COGS) incl. D&A 171,380 162,244 152,153 144,291 136,185
COGS excluding D&A 155,388 146,253 136,777 129,834 121,726
Depreciation & Amortization Expense 15,992 15,991 15,376 14,457 14,459
Depreciation 13,955 - 13,528 12,949 13,132
Amortization of Intangibles 2,037 - 1,848 1,508 1,327
COGS Growth 5.63% 6.63% 5.45% 5.95% -
Gross Income 86,751 87,701 73,589 65,732 59,476

Gross Income Growth -1.08% 19.18% 11.95% 10.52% -

Gross Profit Margin 33.61% - - - -
SG&A Expense 54,180 52,158 46,899 43,549 39,972
Research & Development 754 712 660 538 494
Other SG&A 53,426 51,446 46,239 43,011 39,478
SGA Growth 3.88% 11.21% 7.69% 8.95% -
Other Operating Expense - - - 292 -
EBIT 32,571 - 26,690 21,891 19,504
Unusual Expense 3,618 3,183 5,074 4,417 479

Non Operating Income/Expense 3,081 5,600 545 1,752 -3,142

Non-Operating Interest Income 338 402 322 324 424
Interest Expense 19,301 21,487 19,779 21,504 19,937

Interest Expense Growth -10.17% 8.64% -8.02% 7.86% -

Gross Interest Expense 19,301 21,487 19,779 21,504 19,937

Pretax Income 13,071 16,875 2,704 -1,954 -3,630

Pretax Income Growth -22.54% 524.08% 238.38% 46.17% -

Pretax Margin 5.06% - - - -
Income Tax 520 3,125 2,276 4,023 6,210

Income Tax - Current Domestic 3,458 3,456 -6,099 1,838 12,227

Income Tax - Current Foreign - - - 2,380 2,013

Income Tax - Deferred Domestic -2,938 -331 8,375 -4,086 -8,645

Income Tax - Deferred Foreign - - - 3,891 615
Equity in Affiliates 588 688 738 297 229
Other After Tax Income (Expense) 91 119 - - -

Consolidated Net Income 13,230 14,557 1,166 -5,680 -9,611

Consolidated Net Income 13,230 14,557 1,166 -5,680 -9,611
Minority Interest Expense 1,417 1,173 932 1,103 1,223

Net Income 11,813 13,384 234 -6,783 -10,834

Net Income Growth -11.74% 5619.66% 103.45% 37.39% -

Net Margin 4.58% - - - -
Extraordinaries & Discontinued Operations 3,499 768 967 - -
Extra Items & Gain/Loss Sale Of Assets 399 3,507 741 - -

Discontinued Operations 3,100 -2,739 226 - -

Net Income After Extraordinaries 8,314 12,616 -733 -6,783 -10,834

Net Income Available to Common 14,913 10,645 460 -6,783 -10,834

EPS (Basic) 1.01 0.91 0.08 -0.48 -0.79

EPS (Basic) Growth 10.56% 1008.62% 117.00% 38.79% -
Basic Shares Outstanding 15,168 15,464 14,572 13,996 13,685

EPS (Diluted) 1 0.9 0.07 -0.32 -0.56

EPS (Diluted) Growth 11.24% 1126.90% 123.02% 42.54% -
Diluted Shares Outstanding 16,146 16,872 16,322 16,256 16,469
EBITDA 48,563 51,534 42,066 36,348 33,963

EBITDA Growth -5.77% 22.51% 15.73% 7.02% -

EBITDA Margin 18.81% - - - -
EBIT 32,571 - 26,690 21,891 19,504
 5 2017 2016 2015 2014

Net Income before Extraordinaries 13,139 14,438 2,133 -5,680

Net Income Growth -9.00% 576.89% 137.55% 40.90%

Depreciation, Depletion & Amortization 15,992 15,991 15,376 14,457
Depreciation and Depletion 13,955 15,991 13,528 12,949
Amortization of Intangible Assets 2,037 - 1,848 1,508

Deferred Taxes & Investment Tax Credit -2,938 -331 8,375 -195

Deferred Taxes -2,938 -331 8,375 -195

Other Funds -3,123 -1,968 -9,589 1,866

Funds from Operations 23,070 28,130 16,295 10,448

Extraordinaries - - -741 -

Changes in Working Capital 8,040 11,017 3,541 1,544

Receivables 2,615 -4,672 -3,384 -3,266

Inventories 526 -1,239 -1,299 -2,735

Accounts Payable 3,635 13,729 7,208 3,794
Other Accruals - - 2,977 -

Other Assets/Liabilities 1,264 3,199 -1,961 3,751

Net Operating Cash Flow 31,110 39,147 19,095 11,992

Net Operating Cash Flow Growth -20.53% 105.01% 59.23% 844.25%

Net Operating Cash Flow / Sales 12.05% 15.66% 8.46% 5.71%
Investing Activities
All values MXN Millions. 2017 2016 2015 2014

Capital Expenditures -12,360 -5,990 -9,780 -7,036

Capital Expenditures (Fixed Assets) -10,753 -4,563 -8,872 -6,134

Capital Expenditures (Fixed Assets) -10,753 -4,563 -8,872 -6,134

Capital Expenditures (Other Assets) -1,607 -1,427 -908 -902

Capital Expenditures Growth -106.34% 38.75% -39.00% -3.88%

Capital Expenditures / Sales -4.79% -2.40% -4.33% -3.35%

Net Assets from Acquisitions -55 - - -

Sale of Fixed Assets & Businesses 23,841 11,201 - -
Purchase/Sale of Investments - - 2,722 167
Sale/Maturity of Investments - - 2,722 167

Other Uses - -914 -919 -

Other Sources 128 1- 208

Net Investing Cash Flow 11,554 4,298 -7,977 -6,661

Net Investing Cash Flow Growth 168.82% 153.88% -19.76% -23.44%

Net Investing Cash Flow / Sales 4.48% 1.72% -3.53% -3.17%

Financing Activities
All values MXN Millions. 2017 2016 2015 2014

Issuance/Reduction of Debt, Net -39,299 -46,823 -11,802 -9,058

Change in Long-Term Debt -39,299 -46,823 -11,296 -9,058

Issuance of Long-Term Debt - - - 2,052

Reduction in Long-Term Debt -39,299 -46,823 -11,296 -11,110

Other Funds -3,330 -2,572 -665 431

Other Uses -3,745 -2,971 -1,763 -1,130

Other Sources 415 399 1,098 1,561

Net Financing Cash Flow -42,629 -49,395 -12,467 -8,627

Net Financing Cash Flow -42,629 -49,395 -12,467 -8,627

Net Financing Cash Flow Growth 13.70% -296.21% -44.51% -365.04%

Net Financing Cash Flow / Sales -16.51% -19.76% -5.52% -4.11%

Exchange Rate Effect 2,090 2,244 4,040 709

Net Change in Cash 2,125 -3,706 2,691 -2,587

Free Cash Flow 20,357 34,584 10,223 5,858

Free Cash Flow Growth -41.14% 238.30% 74.51% 236.23%

Free Cash Flow Yield 8.58% - - -
 2013 5-year trend

-9,611

-
14,459
14,459
-

-8,030

-8,030

8,534
5,352

-4,082

-3,220

-616
1,620
-

-1,866
1,270

-
0.65%

2013 5-year trend

-6,773

-5,570
 -5,570

-1,203

-3.46%

-
-
1,259
1,259

-
118

-5,396

-2.76%

2013 5-year trend

5,933

5,933
5,933

-2,678

-2,678
-

3,255
 3,255

1.66%
3,569

2,698

-4,300

-
-