Grupo Condumex

Grupo Condumex´s consolidated revenue was $21.766 billion pesos from January through December of 2011, compared to $18.740 billion pesos reported in 2010, resulting in a 16.1% growth. This result was mainly explained by the performance of two industries: telecom, with a solid growth of 155.1% and 2.9% in sales of fiber optic and copper cable; and the automotive industry, where sales of cables and electrical harnesses increased 12.7% and 7.4%, respectively.

Additionally, due to an environment of increased competition caused mainly by less demand for products, the construction division decreased 19.4% in transformer and integrated projects, and 3.3% in industrial metals, while a slight increase of 0.5% was reported in power cables.

Operating profit was $2.040 billion pesos in 2011, which represented a 28.1% increase compared with 2010. EBITDA was $2.358 billion pesos, a strong growth of 20.3% compared to the EBITDA reported in 2010. The performance was attributed to sales volume as well as efficiencies in costs and expenses.

Profit of Grupo Condumex before discontinued operations and accumulated non-controlling interest was $1.507 billion pesos compared to $1.198 billion in 2010, a 25.7% increase. After these items, net profit fell 46.9% due to the reporting in 2010 of the mining and real estate divisions (which were spun-off at the end of 2010) as discontinued operations, with a $1.511 billion peso difference from what was reported in 2011.

Capital investments for the year were $540 million pesos, which were channeled to investment and maintenance programs of industrial assets in Mexico as well as Brazil.