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ALFA reports 39% gain in revenues in Q1 2011
Apr '11
ALFA, S.A.B. de C.V. (ALFA), one of Mexico's leading industrial companies, announced unaudited results for the first quarter of 2011 (1Q11). Consolidated revenues were U.S. $3,486 million, 39% higher than 1Q10 and 20% more than in 4Q10. EBITDA was U.S. $406 million, 44% above 1Q10 and 19% higher on a sequential basis. Majority net income totaled U.S. $202 million, 130% above 1Q10 and 11% higher than 4Q10.

Commenting on the results, Mr. Álvaro Fernández, President of ALFA, said: “While global economic conditions improved, particularly in the petrochemical industry, strong management and the initial benefit from two recent strategic acquisitions were the primary contributors to our first quarter results.

” During the quarter, net debt increased by U.S. $570 million, or 20%, mainly reflecting the acquisition of certain petrochemical assets (Columbia acquisition) closed last January. At the end of the quarter, net debt to LTM EBITDA was 2.5 times and interest coverage was 5.2 times. Net debt to EBITDA for 1Q11 does not reflect ALFA's strong financial position since it considers the full impact of the Columbia and Bar-S acquisitions on net debt, but only a partial contribution to LTM EBITDA from them. The pro-forma ratio is estimated at 2.3 times.

ALFA is a company comprising four business groups: Alpek (petrochemicals), Nemak (high-tech aluminum auto components), Sigma (refrigerated food) and Alestra (telecommunications). ALFA is the world's leading manufacturer of aluminum engine heads and blocks. It is one of the world's largest producers of PTA and PET, and has a leading market share in other petrochemicals in Mexico.

In addition, ALFA is Mexico's leader in the processed meats and cheese market, and one of the most important value-added telecommunications services companies in Mexico. In 2010, ALFA reported revenues of U.S. $10.8 billion, and EBITDA of U.S. $1,260 million. Currently, ALFA has manufacturing operations in 16 countries and employs more than 56,300 people. ALFA's shares are quoted on the Mexican Stock Exchange and on Latibex, the market for Latin American shares of the Madrid Stock Exchange.

ALFA, S.A.B. de C.V. (ALFA)

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