unaudited consolidated results 522 18% 312 255 22% 33 25 ... 1q12.pdf · sales in kuo automotive by...

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Investor Relations Media Relations

Mariana Rojo Verónica Díez

[email protected] [email protected]

Francisco Galindo

[email protected]

En México Relación con Inversionistas Mariana Rojo T. (5255) 5261.8000 Ext. 3144 / Ext. 2852 [email protected] Relación con Medios Verónica Diez T(5255) 5261.8000 Ext. 2815 [email protected] Francisco Galindo ZIMAT Consultores T. (5255) 5062.8250 Ext. 2003 [email protected] www.kuo.com.mx


Mexico City, April 24, 2012. Grupo KUO, S.A.B. de C.V. (BMV: KUO) (Grupo KUO) reports its (unaudited) results for the first quarter of 2012 (1Q12).

HIGHLIGHTS 1Q12 vs. 1Q11

Sales recorded an 18% increase to reach US $614 million.

EBITDA increased by 16% to stand at US $51 million.

The Result after General Expenses grew by 32% reaching US $33 million.

The Net Majority Result (Controlling Interest) was US $25 million, an increase of 92%.

“During the first quarter of the year we continued to report double-digit growth in both Sales and EBITDA, reaching a 22% increase in our exports,” said Juan Marco Gutiérrez Wanless, CEO of Group KUO, on the report.

Grupo KUO, S.A.B. de C.V. and Subsidiaries

Unaudited Consolidated Results

(Millions of dollars)

Explanatory note: The latest annual consolidated financial statements of the Company which were prepared under Financial Reporting Standards ("NIF") are as of December 31, 2011, for comparison purposes the consolidated financial statements as of December 31, 2011 included in this report were presented in accordance with International Financial Reporting Standards (IFRS), except for the determination of EBITDA, which is calculated considering KUO’s credit contracts. The information and comparisons are presented in either millions of pesos or millions of dollars as indicated; consequently, the figures are obtained by rounding out the decimals to the nearest whole number, therefore percentage variations are calculated with rounded numbers. The dollar figures are calculated on the basis of dividing current pesos of each month by the monthly average exchange rate. Export figures are determined on the basis of Actual Sales invoiced in US dollars.

Variation

2012 2011

Sales (US $) 614 522 18%

Exports (US $) 312 255 22%

Result after general expenses (US $) 33 25 32%

Operating Margin (US) 5% 5%

EBITDA (US $) 51 44 16%

EBITDA Margin (US) 8% 8%

Controlling interest (US$) 25 13 92%

First Quarter

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Francisco Galindo

[email protected]



SALES AND EXPORTS Sales in 1Q12 recorded an 18% increase in dollars against 1Q11, reaching US $614 million due to higher sales in KUO Automotive by 23%, in KUO Chemical by 18% and in KUO Consumer by 14%. In pesos, sales recorded a 27% increase due to higher sales in KUO Automotive by 34%, in KUO Chemical by 27% and in KUO Consumer by 23%.

In 1Q12 the contribution to consolidated sales in dollars of KUO Chemical was 51%, while KUO Consumer provided 33% and KUO Automotive, 16%. In pesos percentages keep the same proportion. In the first quarter of 2012, total exports in dollar recorded a 22% increase when compared with 2011‟s same quarter and reached US $312 million. This result is mainly explained by the abovementioned sales‟ increase. The percentage of exports to total sales during this period was 51%, up 2 percentage points from the 49% recorded in the 1Q11.

US $522

US $614

1Q11 1Q12

Sales (MM USD)

33%

51%

16%

Sales 1Q12

KUO Consumer KUO Chemical KUO Automotive

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Francisco Galindo

[email protected]



RESULT AFTER GENERAL EXPENSES AND EBITDA The Result after General Expenses and the EBITDA in 1Q12 in dollars grew by 32% and 16%, respectively, when compared with 1Q11, reaching US $33 million and US $51 million, also respectively. In pesos, these items recorded increases of 43% and 26%, to reach $427 million and $659 million, respectively. This is mainly due to the aforementioned increase in sales, efficiency in business processes and a focus on higher margin products, with which it was possible to partially offset the price increases in key raw materials.

It should be noted that in the first quarter of 2012 KUO Chemical contributed 48% of the consolidated EBITDA in dollars and KUO Consumer 35%, while KUO Automotive provided 17%. In pesos percentages keep the same proportion.

US $25

US $33

US $44

US $51

1Q11 1Q12

Result after general expenses EBITDA

EBITDA and Result after General Expenses(MM USD)

35%

48%

17%

EBITDA 1Q12

KUO Consumer KUO Chemical KUO Automotive

4




Francisco Galindo

[email protected]



FINANCIAL EXPENSES / INCOME

During 1Q12 other financial income by US $1 million was recorded mainly due to the appreciation of the peso against the dollar during the period, from 13.8483 to 12.8039 pesos per dollar, representing a net exchange gain by the effect of foreign currency translation of US $14 million which offset net financial expenses of US $13 million. In peso terms, this item was $29 million.

INCOME TAX

Income tax in 1Q12 was US $8 million, comprising US $10 million of current tax and US -$ 2 million of deferred tax. In pesos, this item recorded $100 million.

NET MAJORITY RESULT (CONTROLLING PARTICIPATION) In 1Q12, the Net Majority Result (Controlling Participation) was US $25 million, because of profit generated from operations, as well as lower taxes and financial income during the period. In pesos, this item recorded $339 million.

5




Francisco Galindo

[email protected]



INVESTMENT IN PRODUCTIVE ASSETS (CAPEX) Investment in productive assets amounted to approximately US $24 million in 1Q12, mainly comprised as follows:

1. Pork Meat “SBU”

Investment to grow production capacity continues. This includes the expansion of the farms and of the food plant.

2. Elastomers “SBU”

Investment to develop specialty synthetic rubber, used in the production of green tires which are efficient in fuel use, continued.

The project to optimize the installed production capacity of carbon black continues.

3. JV Herdez Del Fuerte

The machinery modernization project to increase productivity of the Santa Rosa tomato paste plant continues.

Additionally, improvement and maintenance projects in several operations both domestically and abroad are carried out.

4. Dynasol “SBU”

Investment for revamping the sea terminal in Santander, Spain.

Construction of a synthetic rubber manufacturing facility in the province of Liaoning, China, started through the 50/50 joint venture with China's Shanxi Northern Xing'an Chemical Industry Co. Ltd. ("SNXCI").

Investment for the production of specialty synthetic rubber in solution, whose characteristics will reduce the use of bromine in the retardants segment.

Investment for the production of specialty synthetic rubber in solution, as of a hydrogenation process.

5. Power Systems “SBU”

Investments to develop two new platforms, TR3160 and TR6070, and to develop the infrastructure for the production of transmission components for Volvo.

These investments are expected to improve Grupo KUO‟s margins, installed capacity and the future results of all its Strategic Business Units.

6




Francisco Galindo

[email protected]



DEBT In spite of the investments that have been made and the working capital requirements particular to the beginning of the year, mainly in the Chemical Sector, Net Debt only increased US $ 25 million, reaching US $404 million. Likewise, Total Debt was US $453 million, a 9% increase against 4Q11. At the end of 1Q12 debt mix by currency was 76% in dollars and 24% in pesos, while by rate 45% is floating and 55% is fixed. The maturity profile at the end of the quarter was 95% long term and 5% short-term. The average cost of debt for the quarter was 7.9%. The leverage ratio at the end of 1Q12 was 2.1x, while the interest coverage ratio was 5.7x and the capitalization ratio 0.42x.

*This figure is calculated under IFRS. Ratios for previous quarters were calculated according to the Financial Reporting Standards in Mexico (NIF).

This Maturity Profile does not include the US $2 million benefit of the use of the Amortized Cost Method according to IFRS.

281 294 309379 404

93 81 57

3549

1Q11 2Q11 3Q11 4Q11 1Q12

Debt (MM USD) and Leverage Ratio

Net Debt Cash

1.7x1.7x1.7x

2x2.1x*

Leverage Ratio

825 21

8765

250

2012 2013 2014 2015 2016 2017

Maturity Schedule* March 31, 2012

(MM USD)

7




Francisco Galindo

[email protected]



Value per Share (MXN)

*This figure is calculated under Financial Reporting Standards in Mexico (NIF), effective January 1, 2012 IFRS were adopted.

Shares Outstanding

2012 2011

12 month Income per Share 1.04 0.83*

Book Value per Share 14.41 13.00

Market Value per "B" Series Share 24.50 20.20

First Quarter

Total Outstanding Shares

"A" Shares 233,221,719 51.10%

"B" Shares 223,144,429 48.90%

Total 456,366,148 100.00%

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Francisco Galindo

[email protected]



SUMMARY OF QUARTER’S HIGHLIGHTS

March 6, 2012. - It was reported that ratings agency Fitch Ratings reaffirmed Grupo Kuo‟s ratings as follows:

o Global Scale Issuer Default Rating (IDR) in foreign currency „BB‟. o Global Scale IDR in domestic currency „BB‟. o Long-term National scale Rating of „A (mex)‟. o US $250 million Senior Notes due 2017 at „BB‟. o $700 million Senior Notes (Certificados Bursátiles) due 2015 at „A (mex)‟.

The ratings outlook is stable.

March 13, 2012. - Grupo KUO and its subsidiary Kekén (Pork Meat “SBU”) received the Socially Responsible Company (Empresa Socialmente Responsable or ESR) distinction awarded by the Mexican Center for Philanthropy (Centro Mexicano de la Filantropía or CEMEFI) and the Alliance for Corporate Social Responsibility (Alianza por la Responsabilidad Social Empresarial or AliaRSE). This award is granted to organizations that meet the standards of corporate social responsibility.

9




Francisco Galindo

[email protected]



RESULTS BY BUSINESS

KUO Consumer Variation

(Figures in Millions) 2012 2011

Sales (Ps.) 2,592 2,115 23%

Sales (US $) 200 175 14%

Exports (US $) 70 47 49%

Result after general expenses

(Ps.) 154 115 34%



EBITDA (Ps.) 231 188 23%

EBITDA (US $) 18 16 13%

EBITDA Margin (Ps.) 9% 9%


First Quarter

10




Francisco Galindo

[email protected]



BRANDED PRODUCTS During 1Q12 Branded Products sales in pesos recorded a 16% increase against 1Q11, to $1.514 billion. This was the result of a 20% increase in the sales of the Herdez Del Fuerte JV (a 50% Joint Venture with Grupo Herdez, S.A.B. de C.V.), mainly because of increased exports to the United States, as well as the incorporation of the Fresherized Foods operations. In addition, the increase is due to the good performance in the domestic market of the “HerdezMR”, “NairMR”, “Doña MaríaMR”, “Del FuerteMR” and “BúfaloMR” brands. Dollar sales for the 1Q12 were US $117 million, an 8% increase against the US $108 million in revenues reported in 1Q11. In 1Q12, the result after general expenses and the EBITDA in pesos increased by 21% and 19%, respectively against 1Q11, totaling $126 million and $179 million. This was due to the improvement in the Herdez Del Fuerte JV profits resulting from increased sales, an adequate operating expenses control and the integration of the abovementioned operations. In dollars, the result after general expenses and the EBITDA increased 11% and 8% to reach US $10 million and US $14 million, respectively.

Branded Products Variation


Sales (Ps.) 1,514 1,304 16%

Sales (US $) 117 108 8%


(Ps.) 126 104 21%



EBITDA (Ps.) 179 151 19%

EBITDA (US $) 14 13 8%



First Quarter

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Francisco Galindo

[email protected]



PORK MEAT “SBU” Sales in pesos for 1Q12 in the Pork Meat “SBU” had a 33% increase from $810 million in 1Q11 to $1.078 billion, mainly due to significant increases in volumes and prices in the export market. Also, in the domestic market an increase in both in price and demand was recorded. In dollars, sales showed a 24% increase against 1Q11, from US $67 million to US $83 million in 1Q12. In 1Q12 the result after general expenses and the EBITDA in pesos, recorded increases of 155% and 41%, reaching $28 million and $52 million, respectively, when compared with 1Q11. This is primarily due to the abovementioned increase in sales resulting from a good placement of volume both domestically and trough exports, as well as from a better selling price that offset the 7% increase in the cost of grain, higher expenditures for the slaughterhouse expansion and the opening of new outlets. In dollars, the result after general expenses grew 100% and the EBITDA increased 33% when compared with 1Q11, reaching US $2 million and US $4 million, respectively, mainly due to the exchange rate. The Pork Meat “SBU” continues to implement its sales channels diversification strategy, through increased presence in export markets. Also, during 1Q12 3 new outlets, for a total of 173, were opened, reaffirming the company's strategy of focusing on high-value segments.

Pork Meat Variation


Sales (Ps.) 1,078 810 33%

Sales (US $) 83 67 24%


(Ps.) 28 11 155%



EBITDA (Ps.) 52 37 41%

EBITDA (US $) 4 3 33%



First Quarter

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Francisco Galindo

[email protected]



Dollar sales in 1Q12 at KUO Chemical posted an 18% increase against 1Q11, reaching US $312 million. This was mostly due to increases in selling prices in all "SBUs" of approximately 16% as a result of rising raw material costs, and to a 2% increase in sales volumes, primarily in the Dynasol “SBU”, due to high demand in the asphalt modifiers market, as well as in the Elastomers “SBU” due to increased consumption in the domestic tires market. KUO Chemical‟s Sales in pesos totaled $4.058 billion in 1Q12, a 27% increase when compared with the $3.188 billion in revenues reported in 1Q11. In dollars, the 1Q12 result after general expenses increased 36% against 1Q11 while the EBITDA also had an increase of 19% in the same period, reaching US $19 million and US $25 million, respectively. This is mainly explained by higher selling prices and a focus on higher margin products which partially offset the average increase in raw materials prices such as 25% in

butadiene and 27% in conversion oil. The operating margin showed a 1% increase against 1Q11, while the EBITDA margin remained at the same levels. In pesos, the 1Q12 result after general expenses increased 46%, while the EBITDA increased 27% when compared with 1Q11, to reach $246 million and $317 million, respectively.

KUO Chemical Variation


Sales (Ps.) 4,058 3,188 27%

Sales (US $) 312 264 18%

Exports (US $) 189 161 17%


(Ps.) 246 169 46%



EBITDA (Ps.) 317 249 27%

EBITDA (US $) 25 21 19%



First Quarter

13




Francisco Galindo

[email protected]



Dollar sales for KUO Automotive reached US $100 million in 1Q12, a 23% increase when compared with the US $81 million reported for last year‟s same quarter. This is mainly explained by the incorporation of aftermarket brake business under the FRITEC® brand, coupled with an increase in export and aftermarket sales, mainly in the engine gaskets, pistons, valves and rockers in the Aftermarket “SBU”. Likewise, the Power Systems “SBU” reported an increase in sales due to increased requirements for components and transmissions for Chrysler, as well as the incorporation of the business for dual clutch transmissions systems in Belgium. In 1Q12 sales in pesos recorded $1.304 billion, a 34% increase against 1Q11. In 1Q12, the 1Q12 result after general expenses in dollars was US $3 million, that is 50% more than what was reported in 1Q11, while EBITDA increased 29% to US $9 million. This was due the positive trend in the Aftermarket “SBU” as a result of the FRITEC® integration, and

the higher sales recorded in the Power Systems “SBU” which partially offset the 8% increase in steel prices. In pesos during 1Q12, result after general expenses totaled $39 million, a 34% increase and while the EBITDA showed a 29% increase to $112 million.

KUO Automotive Variation


Sales (Ps.) 1,304 975 34%

Sales (US $) 100 81 23%

Exports (US $) 54 47 15%


(Ps.) 39 29 34%



EBITDA (Ps.) 112 87 29%

EBITDA (US $) 9 7 29%



First Quarter

14




Francisco Galindo

[email protected]



1Q12 RESULTS CONFERENCE CALL

Date: Wednesday, April 25, 2012 Time:

10:30 a.m. New York, 9:30 a.m. Mexico City

Access Numbers:

800-322-9079 (U.S.) 973-582-2717 (International and Mexico)

Access Code:

68667876

Playback:

Until Wednesday, May 2, 2012 at 11:59 p.m. (ET). Access Number: (800) 585-8367 (U.S.) (404) 537-3406 (International and Mexico) Access Code: 68667876

CONTACTS Investor Relations Mariana Rojo +52 (55) 5261.8000 Ext. 3144 / Ext. 2852 [email protected] Media Relations Verónica Díez Francisco Galindo / Zimat Consultores +52 (55) 5261.8000 +52 (55) 5062.8250 Ext. 2815 Ext.2003 [email protected] [email protected]

ABOUT GRUPO KUO Grupo KUO’s is a leading industrial conglomerate in Mexico, with annual sales amounting to approximately US $2.1 billion, exports to more than 70 countries and more than 17,000 employees. Its current business portfolio includes: KUO Aerospace, Aftermarket, Particle Board, Bioenergy, Dynasol (rubber solution), Elastomers, Herdez Del Fuerte (brand processed foods), Macro-M, Plastics, Pork Meat and Power Systems. This press release contains forward-looking statements that reflect the current opinions of Grupo KUO’s management regarding future events. The words or phrases “predict”, “believe”, “expect”, “tend to”, “may”, “have the intention of” and “should” and similar expressions generally indicate comments about expectations. These comments are subject to risks, uncertainties and changing circumstances. Final results may be materially different from current expectations because of various factors, which include but are not limited to global and local changes in politics, the economy, competition and market and regulatory factors, cyclical trends in the automotive and chemical sectors, as well as other factors that are highlighted under the heading "Risk Factors" in the annual report submitted by Grupo KUO to the Mexican National Banking and Securities Commission (CNBV). Grupo KUO has no obligation whatsoever to update these comments on expectations. Any comment on expectation is valid only on the date on which it is made.

mailto:[email protected]



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Francisco Galindo

[email protected]



BUSINESSES (Figures in millions of pesos and millions of dollars) (1)

1 Refer to the explanatory note at the beginning of the release

KUO Consumer Variation

2012 2011

Result after general expenses (Ps.) 154 115 34%


Depreciation and Amortization (Ps.) 72 53 36%

Depreciation and Amortization (US $) 6 4 50%

EBITDA (Ps.) 231 188 23%

EBITDA (US $) 18 16 13%

First Quarter

KUO Chemical Variation

2012 2011



Depreciation and Amortization (Ps.) 69 77 -10%

Depreciation and Amortization (US $) 5 6 -17%

EBITDA (Ps.) 317 249 27%

EBITDA (US $) 25 21 19%

First Quarter

KUO Automotive Variation

2012 2011



Depreciation and Amortization (Ps.) 67 52 29%

Depreciation and Amortization (US $) 5 4 25%

EBITDA (Ps.) 112 87 29%

EBITDA (US $) 9 7 29%

First Quarter

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Francisco Galindo

[email protected]



Mar-12 Mar-11 % Dec-11 %

Cash and Cash Equivalents 631 1,114 -43% 479 32%

Customers and Documents Receivable 5,949 4,675 27% 5,448 9%

Inventories 4,334 3,427 26% 4,430 -2%

Other Current Assets 576 358 61% 450 28%

Current Assets 11,490 9,574 20% 10,807 6%

Property, Plant and Equipment 9,279 8,470 10% 9,534 -3%

Othrer non-Current Assets 3,207 2,316 38% 3,158 2%

Total Assets 23,976 20,360 18% 23,499 2%

Banks Loans and Current Portion of long-Term Debt 361 63 473% 480 -25%

Suppliers 4,367 4,117 6% 4,410 -1%

Taxes payable 81 66 23% 104 -22%

Other Currents Liabilities 4,443 3,284 35% 4,140 7%

Total Current Liabilities 9,252 7,530 23% 9,134 1%

Long-Term Debt 5,444 4,387 24% 5,205 5%

Employee Benefits 776 754 3% 732 6%

Deferred Taxes 801 1,126 -29% 801 0%

Other non-Currents Liabilities 605 233 160% 507 19%

Total Liabilities 16,878 14,030 20% 16,379 3%

Capital Stock 19 19 0% 19 0%

Paid-in Surplus 2,870 2,932 -2% 2,870 0%

Retained Earnings 3,233 2,993 8% 2,942 10%

Net Income 339 157 116% 291 16%

Currency Translation Adjustment 130 -132 N/A 487 -73%

Financial Instruments -14 -35 60% -20 30%

Controlling interest 6,577 5,934 11% 6,589 0%

Non- Controlling Interest 521 396 32% 531 -2%

Total Stockholders' Equity 7,098 6,330 12% 7,120 0%

Total Liabilities and Stockholders' Equity 23,976 20,360 18% 23,499 2%

Grupo KUO, S.A.B. de C.V. and Subsidiaries Statement of Financial Position

(Figures in millions of Mexican pesos)

At March 31 2012, March 31 and December 31 2011

17




Francisco Galindo

[email protected]



Grupo KUO, S.A.B. de C.V. and SubsidiariesStatement of Financial Position

At March 31 2012, March 31 and December 31 2011

(Figures in millions of US dollars)

Mar-12 Mar-11 % Dec-11 %

Cash and Cash Equivalents 49 93 -47% 35 40%

Customers and Documents Receivable 465 391 19% 393 18%

Inventories 338 286 18% 320 6%

Other Current Assets 45 30 50% 32 41%

Current Assets 897 800 12% 780 15%

Property, Plant and Equipment 725 708 2% 688 5%

Othrer non-Current Assets 251 192 31% 229 10%

Total Assets 1,873 1,700 10% 1,697 10%

Banks Loans and Current Portion of long-Term Debt 28 5 460% 35 -20%

Suppliers 341 344 -1% 318 7%

Taxes payable 6 6 0% 8 -25%

Other Currents Liabilities 347 274 27% 299 16%

Total Current Liabilities 722 629 15% 660 9%

Long-Term Debt 425 367 16% 376 13%

Employee Benefits 61 63 -3% 53 15%

Deferred Taxes 63 94 -33% 58 9%

Other non-Currents Liabilities 47 18 161% 36 31%

Total Liabilities 1,318 1,171 13% 1,183 11%

Capital Stock 1 2 -50% 1 0%

Paid-in Surplus 224 245 -9% 207 8%

Retained Earnings 262 242 8% 238 10%

Net Income 25 13 92% 24 4%

Currency Translation Adjustment 3 -3 -200% 7 -57%

Financial Instruments -1 -3 67% -1 0%

Controlling interest 514 496 4% 476 8%

Non- Controlling Interest 41 33 24% 38 8%

Total Stockholders' Equity 555 529 5% 514 8%

Total Liabilities and Stockholders' Equity 1,873 1,700 10% 1,697 10%

18




Francisco Galindo

[email protected]




Consolidated Income Statements

First Quarter of 2012 and 2011

(Figures in millions of Mexican pesos)

Concept 1Q12 % 1Q11 % Var.Net Sales 7,977 6,302 27%

Cost of Sales 6,542 82% 5,098 81% 28%

Gross Profit 1,435 18% 1,204 19% 19%Selling and Distribution Expenses 644 8% 546 9% 18%

Administrative Expenses 366 5% 347 6% 5%

General Expenses 1,010 13% 893 14% 13%

Income before General Expenses -Net 425 5% 311 5% 37%Other (Income), Net Operating Expenses -2 N/A 12 0% N/A

Operating Income 427 5% 299 5% 43%Other Non-operating Expenses -Net 0 N/A 0 N/A N/A

Financial Expenses (Income) -Net -29 N/A 22 0% N/A

Income before Income Taxes 456 6% 277 4% 65%Income Taxes 100 1% 115 2% -13%

Continuing Operations 356 4% 162 3% 120%

Discontinued Operations -Net 0 N/A 1 0% N/A

Net 356 4% 161 3% 121%Non - Controlling Interest in Income -Net 17 0% 4 0% 325%

Controlling interest in income -Net 339 4% 157 2% 116%

Operating Cash Flow (EBITDA) 659 8% 525 8% 26%

19




Francisco Galindo

[email protected]




Consolidated Income Statements

First Quarter of 2012 and 2011

(Figures in millions of dollars)

Concept 1Q12 % 1Q11 % Var.Net Sales 614 522 18%

Cost of Sales 503 82% 422 81% 19%

Gross Profit 111 18% 100 19% 11%Selling and Distribution Expenses 50 8% 45 9% 11%

Administrative Expenses 28 5% 29 6% -3%

General Expenses 78 13% 74 14% 5%

Income before General Expenses -Net 33 5% 26 5% 27%Other (Income), Net Operating Expenses 0 N/A 1 0% N/A

Operating Income 33 5% 25 5% 32%Other Non-operating Expenses -Net 0 N/A 0 N/A N/A

Financial Expenses (Income) -Net -1 N/A 2 0% N/A

Income before Income Taxes 34 6% 23 4% 48%Income Taxes 8 1% 10 2% -20%

Continuing Operations 26 4% 13 2% 100%

Discontinued Operations -Net 0 N/A 0 0% N/A

Net 26 4% 13 2% 100%Non - Controlling Interest in Income -Net 1 0% 0 N/A N/A

Controlling interest in income -Net 25 4% 13 2% 92%

Operating Cash Flow (EBITDA) 51 8% 44 8% 16%