cp 2q19 v2 - alfa · 2019. 8. 2. · experienced management team rolando zubirán axtelpresident...
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Bottom-up strategy aimed at driving long-term shareholder value
CORPORATE STRATEGY
Bottom-up strategy,driven by subsidiaries
Strategic investmentsand divestments
Enhance operational excellence
Long-term view
Long-standing independent Board of Directors
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Strong management team and solid corporate governance
• C - Suite average tenure of 33 years generating cohesion, consistency, trust and alignment
• The average tenure of our top 125 Executives is of 23 years developing decision-making, consistent operations and accountability
• Strong Corporate Governance with 85% of Independent Board of Directors
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Experienced Management Team
Rolando ZubiránAxtel PresidentTenure 20 years
Mario PáezSigma PresidentTenure 44 years
Armando TamezNemak PresidentTenure 34 years
José de Jesús ValdezAlpek PresidentTenure 42 years
Paulino RodríguezVP Human CapitalTenure 15 years
Armando GarzaChairman of the BoardTenure 40 years
Álvaro FernándezPresidentTenure 27 years
Eduardo EscalanteCFOTenure 31 years
Carlos JiménezLegal CounselTenure 40 years
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EBITDA up 33% y-o-y including US $39 million gain from Mass Market sale
2Q19 Highlights EBITDA (US $ Million)
• Better-than-expected EBITDA driven by operating efficiencies
• Completed Mass Market business sale in 2Q19
• Strategic initiatives:
• Advanced process to monetize Data Centers in Monterrey and Queretaro through a partnership
• Functional separation: “Infrastructure” and “Service” business units
54 55 55 56 57
14 14 13 2 15
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39
2Q18 3Q18 4Q18 1Q19 2Q19
Continued Discontinued Extraordinary
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Broad supply chain network
Reach, service, efficiency and knowledge
• Global processes
• Benchmarks
• Best practice implementation
• Production sharing capabilities
Safety & quality throughout the supply chain
• Sourcing development programs and certifications
• In-store quality checks
• Customer development programs
• Certified facilities
70 Production
facilities
26 Europe
13 Latam
25 Mexico
6 USA208
Distribution centers
18 Europe
39 Latam
137 Mexico
14 USA+642,000
Points of sale
65,000 Europe
116,000 Latam
378,000 Mexico
83,000 USA
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Growth strategy
Strengthen Core Business
• Continue consolidating recent acquisitions while implementing best practices
• Reinforce brand equity through innovation and differentiated marketing
• Increase distribution to improve market share
Expand the Core
• Capture greater market share in the foodservice market
• Fully leverage assets through distribution of third-party leading brands
• Achieve fair-share in relevant markets / categories
• M&A in packaged meats and dairy
• Grow exports of heritage products
Invest in the Future
• Explore new categories
• Enter new geographies
• Complement innovation capabilities through open innovation / venture capital
• Continue developing world class talent
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The leading lightweighting solutions provider for the auto industry
• Global footprint, cost competitiveness, R&D, skilled labor force
• One out of every four new vehicles sold worldwide has at least Nemak component
• Sole supplier in ~90% of sales volume
2018
RevenuesUS $4.7 Billion
EBITDAUS $734 Million
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Focused on innovative lightweighting solutions for the automotive industry
Powertrain• Heads• Blocks• Transmissions
EV Components• E-Motor Housings• Battery Housings
Structural Components• Longitudinal Members• Shock Towers• Cross Members
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Combustion Engine Hybrid Pure Electric
US $450 – 500 US $480 – 580 US $550 – 700
Heads, Blocks & Trans Heads & Blocks E-Motor Housings
Structural Components Structural Components Structural Components
Battery Housings Battery Housings
Hybrid Trans Other EV Components
Driving Nemak content per vehicle
Increased Value Added to Sales
48
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Strategy
Maximize powertrain business
• Capture growth – aluminum penetration in blocks
• Focus on high complexity products
• Continue to increase efficiencies• Increase machining – additional value added,
margin expansion
Invest in development of structural components and parts for EVs
• High-growth segment• Lightweighting key for EV performance
• Complex products• Attractive profitability
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14 7 830
6691
116
40
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31
08 09 10 11 12 13 14 15 16 17 18
Current U.S. Operations
Talent• Team of experience people in the
U.S.
Technology• Fracking for horizontal drilling in
Eagle Ford – 540 wells in operation• Mature fields optimization• World-class sub-surface analysis
capabilities
Successful transition to operations• Experienced transition to operations• Mineral rights on leases over 11,000
net acres
Newpek fields
KS
TX
OK
CO
Eagle Ford
EBITDA(US $ Million)
0.9 1.1 1.02.7
4.76.4
8.2 8.37.2
4.9 4.4
08 09 10 11 12 13 14 15 16 17 18
Net production(MBOED)
58
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Activities in Mexico
• Service contracts in San Andrés and Tierra Blanca fields
• Producing over 3.2 mboed on 126 wells
• Optimization of existing wells
• Development of new wells in conventional formation
• In a JV with Verdad Exploration, won contracts to operate two wet gas fields in Tamaulipas, Mexico
• Area of 363 Km2
• Minimum required investment of US $4 Million
59
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Strategy
• Divest assets outside of Mexico
• Continue to assess opportunities in Mexico
• Find unique opportunities in current market
• Leverage partnerships
• Evaluate infrastructure investments
60
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ALFA Guidance 2019A
(US $ Millions) Revenues EBITDA CAPEX
2018 2019e 2018 2019e 2018B 2019e
ALFA 19,055 19,107 2,858C 2,429D 1,570 979
Alpek 6,991 7,248 1,063 918 827 310
Sigma 6,336 6,679 684 735 180 194
Nemak 4,704 4,377 734 620 403 320
Axtel 809 641 422 217 117 122
Newpek 108 54 31 (3) 21 29
Assumptions:• Mexico GDP growth: 1.7% • U.S. GDP growth: 2.3% • Eurozone GDP Growth: 1.8%• Avg. exchange rate Mx Peso to U.S: $20.60 • Avg. exchange rate Euro to US: $1.18• Avg. oil price (Brent): US $68/barrel
A. Guidance as of February 14, 2019 | B. CAPEX for 2018 includes acquisitions | C. Includes US $427 Million from extraordinary items | D. Includes US $200 Million from sale of Cogen plants 63
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Debt maturities – 2Q19
Cash 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029+
Alfa Holding Alpek Nemak Sigma Axtel Newpek Other
US $ Million Cash 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029+
ALFA Holding 110 50 499 498
Alpek 287 605 35 364 723 315 14 262 12 12 12 2
Nemak 290 152 65 27 35 35 633 593 5 4 4 15
Sigma 513 272 31 17 19 20 683 0 999 500
Axtel 43 14 23 15 83 14 513 18 26 47 47 0
Newpek 5 0 0
Other 0 10 10 1 1 0 0 0 0 0 1
1,095 164 433 861 384 2,342 874 1,042 63 564 516
Total Debt:US $8,338 MillionAvg. Life of Debt 5.6 years
68
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Company Amount(M US) Rate Price / YTM
(31/Mar/2019) MaturityCurrent Rating
S&P Fitch Moody’s
Alfa 500 5.250% $106.6 / 3.7% March 25, 2024 BBB- ; SO BBB- ; SO Baa3 ; SO
Alfa 500 6.875% $111.6 / 6.0% March 25, 2044 BBB- ; SO BBB- ; SO Baa3 ; SO
Alpek 650 4.500% $102.8 / 3.6% November 20, 2022 BBB- ; SO BBB- ; SO Baa3 ; SO
Alpek 300 5.375% $106.0 / 3.8% August 08, 2023 BBB- ; SO BBB- ; SO Baa3 ; SO
Sigma 250 6.875% $102.0 / 2.3% December 16, 2019 BBB ; SO BBB ; SO Baa3 ; SO
Sigma €600 2.625% €106.2 / 1.2% February 07, 2024 BBB ; SO BBB ; SO Baa3 ; SO
Sigma 1,000 4.125% $101.2 / 3.9% May 02, 2026 BBB ; SO BBB ; SO Baa3 ; SO
Sigma 500 4.875% $104.1 / 4.3% March 27, 2028 BBB ; SO BBB ; SO Baa3 ; SO
Nemak 500 4.750% $101.2 / 4.5% January 23, 2025 BB+ ; SO BBB- ; SO Ba1 ; SO
Nemak €500 3.25% €103.7 / 2.4% March 15, 2024 BB+ ; SO BBB- ; SO Ba1 ; SO
Axtel 500 6.375% $102.2 / 5.9% November 14, 2024 BB ; SO BB- ; SO Ba3 ; SO
ALFA & Subsidiaries Outstanding Bonds
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Pork Ham Price in U.S.
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0.1
0.2
0.3
0.4
0.5
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0.7
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Jan. Mar. May. Jul. Sept. Nov.
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US $/lbPork Ham Price in U.S.
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