DETAILED FINANCIAL INFORMATION FOLLOWS:
 
 Consolidated Results
 
 2Q05 Highlights
 US$ Million
 
 SALES EBITDA
 YoY YoY
 % 2Q05 2Q04 Change % 2Q05 2Q04 Change
 $ $ % $ $ %
 FLAT GLASS  46 285 273 4.3 25 22 34 -33.7
 CONTAINERS 45 277 232 19.3 67 59 49 21.4
 GLASSWARE 8 51 58 -12.2 7 6 9 -32.1
 HOLDING(1,2) 1 9 7 27.0 1 1 2 -25.2
 TOTAL 100 621 570 9.0 100 89 93 -4.6
 (1) Sales for the Holding Co. represent only third party revenues.
 (2) Holding includes all corporate companies
 
  INTER COMPANY
 TOTAL DEBT DEBT
 YoY
 2Q05 2Q04 Change 2Q05 2Q04
 $ $ % $ $
 FLAT GLASS 397 362 9.6 142 38
 CONTAINERS 483 434 11.2 -11 251
 GLASSWARE 73 85 -14.5 5 9
 HOLDING(1,2) 509 501 1.6 -136 -298
 TOTAL 1463 1383 5.7
 
 (1) Sales for the Holding Co. represent only third party revenues.
 (2) Holding includes all corporate companies
 
 
 DEBT WITH THIRD CASH & CASH
 PARTIES EQUIVALENTS(3)
 
  YoY YoY
 2Q05 2Q04 Change 2Q05 2Q04 Change
 $ $ % $ $ %
 FLAT GLASS  255 325 -21.4 53 49 7.4
 CONTAINERS 494 183 169.1 43 51 -15.6
 GLASSWARE 68 76 -10.3 8 16 -51.3
 HOLDING(1,2) 646  800 -19.2 78 38 104.6
 TOTAL 1463 1383 5.7 182 154 18.8
 
 (1) Sales for the Holding Co. represent only third party revenues.
 (2) Holding includes all corporate companies
  (3) Cash & Cash Equivalents include cash collateralizing long term
 debt accounted for in other long term assets.
 
 
 Sales

Consolidated net sales for 2Q'05 increased 9 percent YoY and 3 percent for the last twelve months. Flat Glass and Glass Containers sales for the quarter rose 4.3 percent and 19.3 percent YoY, respectively; Glassware sales declined 12.2 percent over the same time period.

During the quarter, domestic, export and foreign subsidiaries sales experienced YoY growth of 9.8 percent, 1.2 percent and 16.5 percent, respectively.

On a comparable basis, excluding Vitro American National Can, S.A. de C.V. (VANCAN) and Plasticos Bosco S.A. de C.V. (Bosco), which were divested September 2004 and April 2005, respectively, consolidated net sales for the quarter rose YoY by 12.4 percent. At the business unit level, sales at Glass Containers, excluding VANCAN, rose 24.5 percent YoY and sales at Glassware, excluding Bosco increased 1 percent.

 
 Table 1: Total Sales
 (Million)
 YoY% YoY%
 2Q'05 2Q'04 Change 6M'05 6M'04 Change
 
 Constant Pesos
 Total Consolidated Sales 6,736 6,600 2.1 12,793 12,880 (0.7)
 
 Flat Glass 3,078 3,137 (1.9) 5,983 6,275 (4.7)
 Glass Containers 3,008 2,696 11.6 5,454 5,163 5.6
 Glassware 556 685 (19.0) 1,179 1,289 (8.6)
 
 Domestic Sales 2,885 2,877 0.3 5,433 5,646 (3.8)
 Export Sales 1,891 1,998 (5.4) 3,624 3,812 (4.9)
 Foreign Subsidiaries 1,960 1,725 13.6 3,735 3,422 9.2
 
 Nominal Dollars
 Total Consolidated Sales 621 570 9.0 1,169 1,117 4.6
 
 Flat Glass 285 273 4.3 549 547 0.4
 Glass Containers 277 232 19.3 497 447 11.2
 Glassware 51 58 (12.2) 107 110 (3.2)
 
 Domestic Sales 265 242 9.8 492 480 2.5
 Export Sales 174 172 1.2 330 330 0.0
 Foreign Subsidiaries 182 156 16.5 347 307 12.9
 
 % Foreign Currency Sales*/
 Total Sales 57.3% 57.6% -0.3 pp 58.0% 57.0% 1 pp
 % Export Sales/
 Total Sales 28.0% 30.2% -2.2 pp 28.2% 29.5% -1.3 pp
 * Exports + Foreign Subsidiaries
 
 
 LTM YoY%
 2005 2004 Change
 Constant Pesos
 Total Consolidated Sales 25,870 26,154 (1.1)
 
 Flat Glass 12,119 12,684 (4.5)
 Glass Containers 10,823 10,462 3.4
 Glassware 2,595 2,700 (3.9)
 
 Domestic Sales 11,390 11,827 (3.7)
 Export Sales 7,124 7,214 (1.3)
 Foreign Subsidiaries 7,356 7,113 3.4
 
 Nominal Dollars
 Total Consolidated Sales  2,324 2,255 3.0
 
 Flat Glass 1,097 1,098 (0.1)
 Glass Containers 968 901 7.4
 Glassware 230 230 (0.2)
 
 Domestic Sales 1,006 1,003 0.3
 Export Sales 637 622 2.4
 Foreign Subsidiaries 680 630 7.9
 
 % Foreign Currency Sales* / Total Sales 56.7% 55.5% 1.2 pp
 % Export Sales / Total Sales 27.4% 27.6% -0.2 pp
 * Exports + Foreign Subsidiaries
 
 
 EBIT and EBITDA

Consolidated EBIT for the quarter decreased 4.3 percent YoY to US$39 million from US$41 million last year. EBIT margin decreased 0.9 percentage points to 6.3 percent. On a comparable basis, excluding VANCAN and Bosco, consolidated EBIT fell 1.1 percent. On a LTM basis, EBIT margin decreased by 1.6 percentage points. As mentioned in previous quarters, natural gas cost continues to be the main factor affecting EBIT margins.

EBIT for the quarter at Flat Glass and Glassware declined YoY by 59.8 percent and 59.9 percent, respectively, while at Glass Containers EBIT increased 52.7 percent. On a comparable basis, excluding VANCAN, Glass Containers EBIT for the same period rose 62.6 percent. Excluding Bosco, Glassware EBIT declined 59.2 percent.

Consolidated EBITDA for the quarter decreased 4.6 percent to US$89 million from US$93 million in 2Q'04. The EBITDA margin declined 2.1 percentage points to 14.3 percent. On a comparable basis, excluding VANCAN and Bosco, EBITDA decreased 2.2 percent YoY during the same time period.

On a LTM basis, consolidated EBITDA decreased 8.5 percent to US$339 million from US$371 during the same period last year. On a comparable basis, excluding VANCAN, Bosco and Vitro Fibras, the last one divested on March 2004, consolidated EBITDA for the last twelve month period decreased 2.5 percent.

During the quarter, EBITDA decreased 33.7 percent and 32.1 percent YoY at Flat Glass and Glassware, respectively. EBITDA at Glass Containers rose 21.4 percent.

Glass Containers, excluding VANCAN, was the major EBITDA contributor for the quarter through its 26.1 percent YoY increase. During the same period, Glassware, excluding Bosco, declined 28.7 percent.

The Company's expense reduction effort started to benefit results during this quarter, SG&A was reduced by 1 percent of sales compared with 2Q'04.

 
  Table 2: EBIT and EBITDA
 (Million)
 YoY% YoY%
 2Q'05 2Q'04 Change 6M'05 6M'04 Change
 
 Constant Pesos
 Consolidated EBIT 422 475 (11.1) 656 804 (18.4)
 Margin 6.3% 7.2% -0.9 pp 5.1% 6.2% -1.1 pp
 
 
 Flat Glass 76 208 (63.7) 118 395 (70.2)
  Glass Containers 351 247 42.1 545 417 30.8
 Glassware 14 38 (63.2) 8 38 (80.3)
 
 Consolidated EBITDA 965 1,096 (12.0) 1,762 2,036 (13.5)
 Margin  14.3% 16.6% -2.3 pp 13.8% 15.8% -2 pp
 
 Flat Glass 241 395 (39.0) 458 772 (40.7)
 Glass Containers 645 576 12.0 1,133 1,055 7.4
 Glassware 67 107  (37.8) 122 182 (33.0)
 
 Nominal Dollars
 Consolidated EBIT 39 41 (4.3) 61 70 (13.0)
 Margin 6.3% 7.2% -0.9 pp 5.2% 6.2% -1 pp
 
 Flat Glass 7  18 (59.8) 11 34 (66.9)
 Glass Containers 32 21 52.7 50 36 38.5
 Glassware 1 3 (59.9) 1 3 (78.4)
 
 Consolidated EBITDA 89 93 (4.6) 161 175 (8.0)
 Margin 14.3% 16.4% -2.1 pp 13.7% 15.6% -1.9 pp
 
 Flat Glass 22 34 (33.7) 42 67 (36.5)
 Glass Containers 59 49 21.4 103 90 14.0
 Glassware 6 9 (32.1) 11 15 (28.7)
 
 
 
 LTM YoY%
 2005 2004 Change
 
 Constant Pesos
 Consolidated EBIT 1,409 1,883 (25.1)
 Margin 5.4% 7.2% -1.8 pp
 
 Flat Glass 566 937 (39.6)
 Glass Containers  922 836 10.3
 Glassware 52 188 (72.1)
 
 Consolidated EBITDA 3,807 4,355 (12.6)
 Margin 14.7% 16.6% -1.9 pp
 
 Flat Glass 1,278 1,706 (25.1)
 Glass Containers 2,241 2,086 7.4
 Glassware 279 486 (42.6)
 
 Nominal Dollars
 Consolidated EBIT 127 161 (21.2)
 Margin 5.5% 7.1% -1.6 pp
 
 Flat Glass 51 80  (35.7)
 Glass Containers 82 72 14.7
 Glassware 5 16 (70.8)
 
 Consolidated EBITDA 339 371 (8.5)
  Margin 14.6% 16.4% -1.8 pp
 
 Flat Glass 115 146 (21.0)
 Glass Containers 199 178 11.9
 Glassware  25 41 (40.1)
 
 
 Consolidated Financing Cost

Consolidated financing cost for the quarter decreased to US$10 million compared with US$82 million during 2Q'04. This was primarily driven by a non-cash foreign exchange gain of US$32 million compared to a non-cash foreign exchange loss of US$43 million in 2Q'04. During 2Q'05 the Mexican Peso appreciated by 4 percent compared with a 3 percent depreciation in 2Q'04. Although a non-cash item, this effect has a positive effect on total financing cost.

The YoY decline in other financial expenses was associated with the unwinding of an interest rate cap in 2Q'04.

On a LTM basis, total consolidated financing cost declined to US$82 million from US$213 million also due to a non-cash foreign exchange gain of US$63 million compared with a non-cash foreign exchange loss of US$97 million in the same period last year.

 
 Table 3: Total Financing Cost
 (Million)
 YoY% YoY%
 2Q'05 2Q'04 Change 6M'05 6M'04 Change
 
 Constant Pesos
 Interest Expense 449 386 16.2 952 768  23.9
 Interest Income (22) (12) 82.6 (71) (26) 174.1
 Foreign Exchange Loss (Gain) (352) 513 -- (324) 451 --
 Monetary Position (Gain) (62) (65) (4.2) (147) (302) (51.4)
 Other Financial Expenses (Gain)* 99 158 (37.5) 245 244 0.3
 Total Financing Cost (Gain) 112 981 (88.6) 655 1,136 (42.3)
 
 Nominal Dollars
 Interest Expense 41 32 26.7 86 65 31.3
 Interest Income (2) (1) 83.9 (6) (2) 176.7
 Foreign Exchange Loss (Gain) (32) 43 -- (30) 38 --
 Monetary Position (Gain) (6) (5) 2.2 (13) (26) (49.1)
 Other Financial Expenses (Gain)* 9 13 (31.2) 22 21 8.2
 Total Financing Cost (Gain) 10 82 (87.4) 59 95 (38.5)
 
 * Net of non related interest products.
 
 
 LTM YoY%
  2005 2004 Change
 
 Constant Pesos
 Interest Expense 1,819 1,608 13.1
 Interest Income (130) (128) 1.7
 Foreign Exchange Loss (Gain) (698) 1,164 --
 Monetary Position (Gain) (580) (604) (3.9)
 Other Financial Expenses (Gain)* 524 500 4.7
 Total Financing Cost (Gain) 934 2,541 (63.2)
 
 Nominal Dollars
 Interest Expense 161 136 18.0
 Interest Income (11) (11) 3.8
 Foreign Exchange Loss (Gain) (63) 97 --
 Monetary Position (Gain) (51) (51) (1.1)
 Other Financial Expenses (Gain)* 46 42 9.5
 Total Financing Cost (Gain) 82 213 (61.4)
 
 * Net of non related interest products.
 
 
 Taxes

Accumulated accrued income tax as of June 30, 2005 decrease to US$10 million due to a reduction in the taxable profit in the Flat Glass and Glassware business units. During the quarter a deferred tax benefit was recorded due to the recognition of tax basis of certain assets of some foreign subsidiaries subject to be repatriated.

 
 Table 4: Taxes and Profit Sharing to Workers
  (Million)
 YoY% YoY%
 2Q'05 2Q'04 Change 6M'05 6M'04 Change
 
 Constant Pesos
 Accrued Income Tax 0 83 (99.5) 115 199 (42.5)
 Deferred Income Tax (438) (168) 160.4 (668) (186) 258.4
 Total Income Tax (438) (85) -- (553) 13 --
 Profit Sharing to Workers  6 18 (67.2) 43 58 (24.8)
 Total Taxes and PSW (432) (67) -- (510) 71 --
 
 Nominal Dollars
 Accrued Income Tax 0 7 (99.4) 10 17 (40.5)
 Deferred Income Tax  (41) (14) 188.8 (61) (16) 290.0
 Total Income Tax (41) (7) -- (51) 2 --
 Profit Sharing to Workers 1 2 (64.9) 4 5 (21.4)
 Total Taxes and PSW (40) (5) 647.7  (47) 7 --
 
 
 LTM YoY%
 2005 2004 Change
 
 Constant Pesos
 Accrued Income Tax 63 200 (68.4)
 Deferred Income Tax (683) (302) 126.3
 Total Income Tax (620) (101) 511.0
 Profit Sharing to Workers 106 55 91.4
  Total Taxes and PSW (514) (46) 1,017.2
 
 Nominal Dollars
 Accrued Income Tax 5 17 (70.1)
 Deferred Income Tax (62) (25) 145.7
  Total Income Tax (57) (8) 611.1
 Profit Sharing to Workers 9 5 94.4
 Total Taxes and PSW (48) (3) 1,356.4
 
 
 Consolidated Net Income

During the quarter, the Company recorded a consolidated net income of US$37 million compared with a consolidated net loss of US$41 million during the same quarter last year. This variation is mainly a result of lower total financing cost due to an exchange rate gain and positive deferred taxes during the quarter which more than offset other expenses of US$32 million associated with a non-cash loss from the sale of Bosco, the write-off of other assets, as well as severance payments incurred in the period.

Capital Expenditures (CAPEX)

Capital expenditures for the quarter totaled US$28 million, compared with US$16 million in 2Q'04. Flat Glass accounted for 30 percent of total capex consumption and was mainly invested in preparation for the scheduled VF1 furnace repair and for maintenance purposes; Glass Containers and Glassware represented 51 percent and 18 percent, respectively of total consolidated capex for the quarter, mainly for maintenance purposes.

 Consolidated Financial Position

Consolidated gross debt as of June 30, 2005 totaled US$1,463 million, a QoQ decrease of US$32 million.

Net debt, which is calculated as cash and cash equivalents as well as cash collateralizing debt accounted for in other long term assets, decreased QoQ by US$4 million to US$1,280. On a YoY comparison, net debt increased US$50 million.

As of 2Q'05, the Company had a cash balance of US$182 million, of which US$156 million was recorded as cash and cash equivalents and US$25 million was classified as other long term assets. As of June 30, 2005, 19 percent of this cash balance was restricted. Restricted cash includes cash collateralizing debt.

 
 Table 5
 Debt Indicators
  (Million dollars; except as indicated)
 
 2Q'05 1Q'05 4Q'04 3Q'04 2Q'04
 
 Interest Coverage
 (EBITDA/ Total Net Financial Exp.)
 (Times) LTM 1.7 1.8 2.0 2.1 2.2
 
 Leverage
 (Total Debt / EBITDA)
 (Times) LTM 4.1 4.2 4.1 3.8 3.8
 (Total Net Debt / EBITDA)
 (Times) LTM 3.3 3.3 3.3 3.3 3.4
 
 Total Debt 1,463 1,495 1,507 1,518 1,383
 Short-Term Debt(1) 395 339 293 276 373
 Long-Term Debt 1,067 1,156 1,213 1,242 1,010
 
 Cash and Equivalents(2) 182 211 279 323 154
 Total Net Debt 1,280 1,284 1,227 1,195 1,230
 
 Currency Mix (%) dlls&Euros/
 Pesos/UDI's 85/9/7 82/10/8 81/11/8 81/10/9 74/17/9
 
  (1) Short term debt includes current maturities of long-term
 debt.
 (2) Includes cash collateralizing debt accounted for in the other
 long term assets
 
 
 -- The Company's average life of debt as of 2Q'05 was 4.1 years compared
 with 4.0 years for 2Q'04.
 -- VENA's average life of debt in 2Q'05 increased 3.4 years to 5.1 from
 1.7 years in 2Q'04.
 -- Short term debt as of June 30, 2005 increased by US$56 million, to 27
 percent as a percentage of total debt, compared with 23 percent in
 1Q'05. These amounts include current maturities of long term debt.
 
 
 -- Of total short term debt, 30 percent of maturities are at the Holding
 Co. level.
 -- Revolving and other short-term debt, including trade related, accounted
 for 42 percent of total short-term debt. This type of debt is usually
 renewed within 28 to 180 days.
 -- Current maturities of long term debt, including current maturities of
 market debt, increased by US$49 million to US$164 million from US$115
 as of March 31, 2005, and as of 2Q'05 represented 42 percent of total
 short term debt.
 -- Short Term Market debt, excluding current maturities of long term
 market debt, is mostly Euro Commercial Paper and "Certificados
 Bursatiles" that the Company uses on a regular basis to finance short-
 term needs and accounts for 16 percent of total short term debt.
 -- Approximately 53 percent of debt maturities due in 2006 are at the
 operating subsidiary level and are principally related to syndicated
 facilities.
 -- Market maturities during 2006 include medium-term notes denominated in
 UDI's. Maturities for 2007 include the Senior Notes at the Holding Co.
 level.
 -- Market maturities from 2008, 2009 and thereafter, include the Senior
 Notes due 2011 at VENA, the 2010 Secured Term Loan at VENA, long-term
 "Certificados Bursatiles", a Private Placement and the Senior Notes due
 2013 at the Holding Co. level.
 
 Cash Flow

Net free cash flow for the quarter increased to US$19 million compared to US$7 million in 2Q'04. This was mainly a result of lower working capital needs YoY given reduced accounts receivables and inventory levels, as well as better conditions negotiated with suppliers during the quarter which more than compensated for higher capex and interest expense. Proceeds of cash flow from operations for the quarter were mainly used for pension and severance payments and to pay down debt.

 On a LTM basis, the Company recorded net free cash flow of US$2 million
compared with US$0.2 in the same period last year. Lower working capital needs
during this period helped compensate for higher interest expense and cash
taxes paid.
 
 
 Table 6: Cash Flow Analysis(1)
 (Million)
  YoY% YoY%
 2Q'05 2Q'04 Change 6M'05 6M'04 Change
 
 Constant Pesos
 EBITDA 965 1,096 (12.0) 1,762 2,036 (13.5)
 Net Interest Expense(2) (546) (527) 3.5 (1,034) (796) 29.9
 Capex (306) (193) 58.3 (550) (546) 0.6
 Working Capital(3) 323 (152) -- (102) (593) (82.8)
 Dividends (133) (96) 39.1 (148) (165) (10.2)
 Cash Taxes (paid)
 recovered (101) (65) 54.8 (216) (21) 949.5
 Net Free Cash Flow 203 63 221.0 (288) (85) 239.2
 
 Nominal Dollars
 EBITDA 89 93 (4.6) 161 175 (8.0)
 Net Interest Expense(2) (50) (44) 13.4 (93) (67) 38.5
 Capex (28) (16) 71.6 (50) (47) 6.2
 Working Capital(3) 30 (13) --  (8) (51) (84.4)
 Dividends (12) (8) 50.4 (14) (14) (3.5)
 Cash Taxes (paid) recovered (9) (5) 69.1 (19) (2) 1,085.7
 Net Free Cash Flow 19 7 189.8 (24) (7) 265.9
 
 (1) This statement is a Cash Flow statement and it does not represent a
 Statement of Changes in Financial Position according with the
 Mexican GAAP
 (2) Includes other financial expenses and products.
 (3) Includes: Clients, inventories, suppliers, other current assets and
 liabilities, IVA (Value Added Tax) and ISCAS taxes (Salary
 Special Tax)
 
 
 LTM YoY%
  2005 2004 Change
 
 Constant Pesos
 EBITDA 3,807 4,355 (12.6)
 Net Interest Expense(2) (1,842) (1,714) 7.4
 Capex  (1,445) (1,418) 1.9
 Working Capital(3) (63) (972) (93.5)
 Dividends (217) (168) 29.8
 Cash Taxes (paid) recovered (227) (92) 148.0
 Net Free Cash Flow 12 (10) --
 
 Nominal Dollars
 EBITDA 339 371 (8.5)
 Net Interest Expense(2) (163) (144)  13.2
 Capex (129) (122) 6.1
 Working Capital(3) (4) (83) (94.8)
 Dividends (21) (14) 44.0
 Cash Taxes (paid) recovered (21) (8) 159.4
 Net Free Cash Flow 2 0 572.2
 
 (1) This statement is a Cash Flow statement and it does not represent a
 Statement of Changes in Financial Position according with the
 Mexican GAAP
 (2) Includes other financial expenses and products.
 (3) Includes: Clients, inventories, suppliers, other current assets and
 liabilities, IVA (Value Added Tax) and ISCAS taxes (Salary Special
 Tax)
 
 
 Key Developments
 
 Plasticos Bosco Divestiture

On April 1, 2005, the Company completed the sale of its 100 percent interest in Plasticos Bosco, S.A. de C.V. ("Bosco"). This practically completes the divestiture of all non-glass related businesses. Bosco, located south of Mexico City, was acquired by Vitro in 1981 and engaged in the manufacture and commercialization of disposable tableware.

 
 Flat Glass
 (46 percent of LTM Consolidated Sales)
 
 Sales

Flat Glass sales increased 4.3 percent YoY to US$285 million from US$273 million.

Domestic sales decreased 14 percent YoY, mainly as a result of lower construction-related volumes. Prices in the construction segment continue to reflect stability as they increased 3 percent compared to the first quarter of this year and decreased 2 percent YoY.

Automotive sales decreased 2 percent YoY, driven by a decline in domestic and exports volumes in the Auto Glass Replacement ("AGR") segment. New Platforms resulted in a 2 percent YoY volume increase at the OEM segment.

Sales from foreign subsidiaries rose 17.5 percent YoY to US$153 million from US$130 million. Sales at the Spanish subsidiary increased 20 percent YoY driven by an improved price mix. In addition, sales at Vitro America, oue Flat Glass subsidiary in the US, rose by 6.4 percent, compared with 2Q'04 and during the same period as US construction continues on an upward momentum. Vitro Colombia's sales rose 30.6 percent as a result of increased demand and favorable pricing.

EBIT & EBITDA

EBIT decreased YoY by 59.8 percent to US$7 million from US$18 million, while EBITDA fell 33.7 percent to US$22 million from US$34 million. During the same period, both EBIT and EBITDA margins decreased 4.1 and 4.5 percentage points, to 2.5 and 7.9 percent, respectively.

EBITDA was negatively affected by lower sales to the domestic construction segment and the AGR business. Higher energy costs continue to be one of the main factors affecting EBIT and EBITDA margins.

 Strong EBITDA generation from Vitro America, the Spanish and Colombian
subsidiaries which grew YoY 90 percent, 63 percent, and 32 percent,
respectively contributed to partially offset the reduction in EBITDA at this
Business Unit.
 
 
 Table 7: Flat Glass
 (Million)
 YoY% YoY%
 2Q'05 2Q'04 Change 6M'05 6M'04 Change
 
 Constant Pesos
 Consolidated Net sales 3,078 3,137 (1.9) 5,983 6,275 (4.7)
 Net Sales
 Domestic Sales 585 749 (21.9) 1,200 1,650 (27.3)
 Exports 846 952 (11.2) 1,644 1,772 (7.2)
 Foreign Subsidiaries 1,647 1,435 14.8 3,139 2,854 10.0
 EBIT 76 208 (63.7) 118 395 (70.2)
 EBITDA 241  395 (39.0) 458 772 (40.7)
 EBIT Margin 2.5% 6.6% -4.1 pp 2.0% 6.3% -4.3 pp
 EBITDA Margin 7.8% 12.6% -4.8 pp 7.7% 12.3% -4.6 pp
 
 Nominal Dollars
 Consolidated Net sales 285 273 4.3 549 547 0.4
 Domestic Sales 54 63 (14.0) 109 141 (22.7)
 Export Sales 78 80 (2.7) 149 150 (1.1)
 Foreign Subsidiaries 153 130 17.5 292 257 13.8
 EBIT 7 18 (59.8) 11 34 (66.9)
 EBITDA 22 34 (33.7) 42 67 (36.5)
 
 EBIT Margin 2.5% 6.6% -4.1 pp 2.1% 6.3% -4.2 pp
  EBITDA Margin 7.9% 12.4% -4.5 pp 0.0% 12.2%-12.2 pp
 
 Volumes
 Flat Glass (Thousands
 of m2B)(2) 33,881 39,245 (13.7) 66,183 76,787 (13.8)
 
 Capacity utilization
 Flat Glass furnaces(1) 88% 102% -14 pp
 Flat Glass auto segment 84% 82% 2 pp
 
 (1) Capacity utilization may sometimes be greater than 100 percent
 because pulling capacity is calculated based on a certain number of
 changes in glass color & thickness, determined by historical
 averages.
 (2) m2B = Reduced Squared Meters
 
 
 LTM YoY%
 2005 2004 Change
 
 Constant Pesos
 Consolidated Net sales 12,119 12,684 (4.5)
 Net Sales
 Domestic Sales 2,730 3,537 (22.8)
 Exports  3,249 3,199 1.6
 Foreign Subsidiaries 6,140 5,948 3.2
 EBIT 566 937 (39.6)
 EBITDA 1,278  1,706 (25.1)
 
 EBIT Margin 4.7% 7.4% -2.7 pp
 EBITDA Margin 10.5% 13.4% -2.9 pp
 
 Nominal Dollars
 Consolidated Net sales 1,097 1,098 (0.1)
 Domestic Sales 241 301 (20.0)
 Export Sales 287 270 6.0
 Foreign Subsidiaries 569 527  8.0
 EBIT 51 80 (35.7)
 EBITDA 115 146 (21.0)
 
 EBIT Margin 4.7% 7.4% -2.7 pp
 EBITDA Margin 10.5% 13.4% -2.9 pp
 
 Volumes
 Flat Glass (Thousands of m2B)(2) 142,712 144,065 (0.9)
 
 Capacity utilization
 Flat Glass furnaces(1)
 Flat Glass auto segment
 
 
 (1) Capacity utilization may sometimes be greater than 100 percent
 because pulling capacity is calculated based on a certain number of
 changes in glass color & thickness, determined by historical
  averages.
 (2) m2B = Reduced Squared Meters
 
 
 Glass Containers
 (45 percent of LTM Consolidated Sales)
 
 Sales

Sales increased 19.3 percent YoY to US$277 million from US$232 million. On a comparable basis, excluding VANCAN which was divested on September 2004, sales rose 24.5 percent.

The main drivers behind the 27.3 percent YoY increase in domestic sales were higher beer volume, improved product mix in the Wine & Liquor Segment and increased demand from the food segment. Beer volume rose 107 percent YoY as a result of both higher export and domestic demand. Despite a 9 percent decrease in volume in the Wine & Liquor Segment, sales rose 15 percent because of a better product mix. The soft drink segment reflected a 16 percent sales increase.

The 7.2 percent YoY increase in exports was principally due to the 42 percent rise in sales at the CFT (Cosmetics, Fragrances & Toiletries) segment in the US, with both higher volumes and better product mix. The Company continues to benefit from its position as a niche player, increasing exports through Vitro Packaging and gaining market share in the US. In addition, the Wine & Liquor, food and beer segments recorded sale increases during this quarter, compared with the same period last year.

Sales from Glass Containers' foreign subsidiaries rose 11.4 percent YoY, reflecting increased demand in Central and South America.

EBIT and EBITDA

EBIT for the quarter increased 52.7 percent YoY to US$32 million from US$21 million. EBITDA for the same period rose 21.4 percent to US$59 million from US$49 during 2Q'04. On a comparable basis, excluding VANCAN, EBIT and EBITDA increased 62.6 and 26.1 percent. Glass Containers recorded the highest EBITDA since 2Q'98. EBIT and EBITDA margins rose YoY 2.6 and 0.4 percentage points, respectively.

EBITDA growth during the quarter was driven by higher sales, cost reduction initiatives and improved production efficiencies (enhanced fixed costs absorption), which more than offset increased energy costs. On a comparable basis, cost of sales, as a percentage of total sales, decreased YoY by 1.8 percentage points.

EBITDA from Mexican glass operations, which is VENA's core business and represents approximately 82 percent of total EBITDA rose 35 percent YoY.

 
 
 Table 8: Glass Containers
 (Million)
 YoY% YoY%
  2Q'05 2Q'04 Change 6M'05 6M'04 Change
 
 Constant Pesos
 Consolidated Net sales 3,008 2,696 11.6 5,454 5,163 5.6
 Net Sales
 Domestic Sales 1,840 1,581 16.4 3,226 3,008 7.2
  Exports 827 798 3.6 1,558 1,522 2.3
 Foreign Subsidiaries 313 290 7.9 596 568 4.9
 EBIT 351 247 42.1 545 417 30.8
 EBITDA  645 576 12.0 1,133 1,055 7.4
 
 EBIT Margin 11.7% 9.2% 2.5 pp 10.0% 8.1% 1.9 pp
 EBITDA Margin 21.4% 21.4% 0 pp 20.8% 20.4% 0.4 pp
 
 Nominal Dollars
 Consolidated Net sales 277 232 19.3 497 447 11.2
 Domestic Sales 171 135 27.3 299 260 14.7
 Export Sales 77 71 7.2 143 136 5.5
 Foreign Subsidiaries 29 26 11.4 55 51 8.2
 EBIT 32 21 52.7 50 36 38.5
 EBITDA 59 49 21.4 103 90 14.0
 
 EBIT Margin 11.7% 9.1% 2.6 pp 10.0%  8.0% 2 pp
 EBITDA Margin 21.4% 21.0% 0.4 pp 20.7% 20.2% 0.5 pp
 
 Glass Containers
 Domestic (Millions of
 Units) 1,197 961 24.5 2,099 1,823 15.1
 Exports (Millions of
 Units) 320 306 4.4 608 584 4.0
 Total 1,517 1,268 19.7 2,706 2,407 12.4
 
 Capacity utilization
 (furnaces) 94% 87% 7 pp
  Capacity utilization
 (production lines) 90% 90% 0 pp
 
 Soda Ash (Thousands Tons) 144 139 3.6 291 283 2.8
 
 
 LTM YoY%
  2005 2004 Change
 
 Constant Pesos
 Consolidated Net sales 10,823 10,462 3.4
 Net Sales
 Domestic Sales 6,442  6,248 3.1
 Exports 2,996 2,924 2.5
 Foreign Subsidiaries 1,216 1,165 4.4
 EBIT 922 836 10.3
 EBITDA 2,241 2,086 7.4
 
 EBIT Margin 8.5% 8.0% 0.5 pp
 EBITDA Margin 20.7% 19.9% 0.8 pp
 
 Nominal Dollars
 Consolidated Net sales 968 901 7.4
 Domestic Sales 584 539 8.3
 Export Sales 273 259 5.4
  Foreign Subsidiaries 111 103 7.5
 EBIT 82 72 14.7
 EBITDA 199 178 11.9
 
 EBIT Margin  8.5% 8.0% 0.5 pp
 EBITDA Margin 20.6% 19.8% 0.8 pp
 
 Glass Containers
 Domestic (Millions of
 Units) 4,202  3,678 14.3
 Exports (Millions of Units) 1,187 1,148 3.4
 Total 5,389 4,826 11.7
 
 Capacity utilization
 (furnaces)
 Capacity utilization
 (production lines)
 
 Soda Ash (Thousands Tons)
 
 
 Glassware
 (8 percent of LTM Consolidated Sales)
 
 Sales

Sales declined 12.2 percent YoY to US$51 million from US$58 million. On a comparable basis, excluding Bosco, sales increased 1 percent.

During the quarter, domestic sales decreased 16.7 percent YoY. The unfavorable YoY comparison reflects the divestiture of Bosco in April of 2005. Excluding Bosco, Glassware domestic sales remained flat YoY.

A 14 percent decline in sales volume was offset by a better product mix in all segments during this quarter compared with 2Q'04.

EBIT and EBITDA

EBIT and EBITDA for 2Q'05 was US$1 million and US$6 million respectively. During the quarter, EBIT and EBITDA margins declined YoY by 3 and 3.5 percentage points respectively.

Higher energy and packaging costs continue to negatively affect EBIT and EBITDA by US$2.5 million in this quarter. Lower capacity utilization and fixed cost absorption also impacted margins.

In addition, EBITDA was negatively impacted by a strong peso. This affected results of dollar denominated exports (39 percent of sales) and made imports into Mexico more competitive.

During the quarter, a plan to reduce costs and focus production activities in areas of core competency was implemented at Glassware. This initial effort included the closure of two production lines and the reduction of certain top managerial positions. These activities are expected to generate savings of approximately US$2 million on an annualized basis, starting late this quarter. Severance costs of approximately $0.6 million have been incurred year-to-date.

 
 Table 9: Glassware
  (Million)
 YoY% YoY%
 2Q'05 2Q'04 Change 6M'05 6M'04 Change
 
 Constant Pesos
 Consolidated Net sales  556 685 (19.0) 1,179 1,289 (8.6)
 Net Sales
 Domestic Sales 335 430 (22.2) 747 820 (8.9)
 Exports 218 248 (12.1) 422 456 (7.5)
 EBIT  14 38 (63.2) 8 38 (80.3)
 EBITDA 67 107 (37.8) 122 182 (33.0)
 
 EBIT Margin 2.5% 5.5% -3 pp 0.6% 3.0% -2.4 pp
 EBITDA Margin 12.0% 15.6% -3.6 pp 10.3% 14.1% -3.8 pp
 
 Nominal Dollars
 Consolidated Net sales 51 58 (12.2) 107 110 (3.2)
 Domestic Sales 31 37 (16.7) 69 71 (4.2)
 Export Sales 20 21 (4.1) 38 39 (1.5)
 EBIT 1 3 (59.9) 1 3 (78.4)
 EBITDA 6 9 (32.1) 11 15 (28.7)
 
 EBIT Margin 2.5% 5.5% -3 pp 0.7% 2.9% -2.2 pp
 EBITDA Margin 12.0% 15.5% -3.5 pp 10.3% 14.0% -3.7 pp
 
 Sales mix glassware products
 (Volume terms)
 Retail 35.9% 36.6% -0.7 pp 37.4% 35.6% 1.8 pp
 Wholesaler  27.4% 26.9% 0.5 pp 29.5% 26.0% 3 pp
 Industrial 31.8% 31.9% -0.1 pp 28.5% 33.7% -5.2 pp
 OEM 5.0% 4.6% 0.4 pp 4.7% 4.7% 0 pp
 
 Capacity utilization
 (installed) 64% 73% -9.2 pp
 Capacity utilization
 (available) 71% 75% -4.1 pp
 
 
 
 LTM YoY%
  2005 2004 Change
 
 Constant Pesos
 Consolidated Net sales 2,595 2,700 (3.9)
 Net Sales
 Domestic Sales 1,688 1,732 (2.5)
 Exports 878 943 (6.9)
 EBIT 52 188 (72.1)
 EBITDA 279 486 (42.6)
 
 EBIT Margin  2.0% 7.0% -5 pp
 EBITDA Margin 10.8% 18.0% -7.2 pp
 
 Nominal Dollars
 Consolidated Net sales 230 230 (0.2)
 Domestic Sales  152 150 1.3
 Export Sales 78 80 (3.0)
 EBIT 5 16 (70.8)
 EBITDA 25  41 (40.1)
 
 EBIT Margin 2.0% 6.8% -4.8 pp
 EBITDA Margin 10.7% 17.8% -7.1 pp
 
 Sales mix glassware products
 (Volume terms)
 Retail  35.6% 31.7% 3.9 pp
 Wholesaler 26.0% 25.2% 0.8 pp
 Industrial 33.7% 38.9% -5.2 pp
 OEM  4.7% 4.2% 0.5 pp
 
 Capacity utilization (installed)
 Capacity utilization (available)
 
 
 CONSOLIDATED
 VITRO, S.A. DE C.V. AND SUBSIDIARIES
 CONSOLIDATED FINANCIAL STATEMENTS
 FOR THE PERIODS, (MILLION)
 
 Second Quarter
 INCOME STATEMENT Constant Pesos Nominal Dollars
 2005 2004 % Var. 2005 2004 % Var.
 Consolidated Net Sales 6,736 6,600 2.1 621 570 9.0
 Cost of Sales 4,995 4,802 4.0 461 414 11.2
 Gross Income 1,740 1,798 (3.2) 161 155 3.3
 SG&A Expenses 1,318 1,323 (0.4) 121 115 6.1
 Operating Income 422 475 (11.1) 39 41 (4.3)
 
 Interest Expense 449 386 16.2 41 32 26.7
 Interest Income (22) (12) 82.6 (2) (1) 83.9
 Other Financial Expenses (net) 99 158 (37.5) 9 13 (31.2)
 Exchange Loss (Gain) (352) 513 -- (32) 43 --
 Gain from Monet. Position 62 65 (4.2) 6 5 2.2
 Total Financing Cost 112 981 (88.6) 10 82 (87.4)
 Other Income (352) (63) (454.8) (32) (6) (485.4)
 Inc. (loss) bef. Tax & PSW (41) (569) 92.8 (4) (47) 92.4
  Income Tax and PSW (432) (67) (547.6) (40) (5) (647.7)
 Net Inc. (loss) Cont. Opns. 391 (502) -- 37 (41) --
 Net Income (Loss) 391 (502) -- 37 (41) --
 Net Income (loss) of Maj. Int. 189 (509) -- 18 (42) --
 Net Income (loss) of Min. Int. 201 7 -- 19 1 --
 
 
 January - June
 INCOME STATEMENT Constant Pesos Nominal Dollars
 2005 2004 % Var. 2005 2004 % Var.
 Consolidated Net Sales 12,793 12,880 (0.7) 1,169 1,117 4.6
 Cost of Sales 9,543 9,469 0.8 872 821 6.2
 Gross Income  3,249 3,410 (4.7) 297 296 0.4
 SG&A Expenses 2,593 2,606 (0.5) 237 227 4.5
 Operating Income 656 804 (18.4) 61 70 (13.0)
 
 Interest Expense 952  768 86 65 31.3
 Interest Income (71) (26) 174.1 (6) (2) 176.7
 Other Financial Expenses (net) 245 244 0.3 22 21 8.2
 Exchange Loss (Gain) (324) 451 -- (30) 38 --
 Gain from Monet. Position 147 302 (51.4) 13 26 (49.1)
 Total Financing Cost 655 1,136 (42.3) 59 95 (38.5)
 Other Income (383) 267 -- (35) 23 --
 Inc. (loss) bef. Tax & PSW (382) (65) (488.4) (33) (3) (964.2)
 Income Tax and PSW (510) 71 -- (47) 7 --
 Net Inc. (loss) Cont.
 Opns. 128 (136) -- 13 (10) --
 Net Income (Loss) 128 (136) -- 13 (10) --
 Net Income (loss) of Maj. Int. (61) (189) 68.0 (4) (14) 70.7
 Net Income (loss) of Min. Int. 189 53 253.8 18 5 266.7
 
 
  LTM
 INCOME STATEMENT Constant Pesos Nominal Dollars
 2005 2004 % Var. 2005 2004 % Var.
 Consolidated Net Sales 25,870 26,154 (1.1) 2,324 2,255 3.0
 Cost of Sales 19,174 18,995 0.9 1,722 1,638 5.1
 Gross Income 6,696 7,159 (6.5) 602 617 (2.5)
 SG&A Expenses 5,286 5,276 0.2 475 456 4.1
  Operating Income 1,409 1,883 (25.1) 127 161 (21.2)
 
 Interest Expense 1,819 1,608 13.1 161 136 18.0
 Interest Income (130) (128) 1.7 (11) (11) 3.8
 Other Financial
  Expenses (net) 524 500 4.7 46 42 9.5
 Exchange Loss (Gain) (698) 1,164 -- (63) 97 --
 Gain from Monet.
 Position 580 604 (3.9) 51 51 (1.1)
  Total Financing Cost 934 2,541 (63.2) 82 213 (61.4)
 Other Income (786) 180 -- (71) 15 --
 Inc. (loss) bef. Tax & PSW (311) (478) (34.8) (26) (37) 28.8
 Income Tax and PSW (514) (46) 1,017.2 (48) (3) --
 Net Inc. (loss) Cont. Opns. 202 (432) -- 22 (34) --
 Net Income (Loss) 202 (432) -- 22 (34) --
 Net Income (loss)
 of Maj. Int.  (152) (555) (72.5) (11) (44) 75.6
 Net Income (loss)
 of Min. Int. 355 124 187.0 33 11 199.6
 
 
 VITRO, S.A. DE C.V. AND SUBSIDIARIES
 CONSOLIDATED FINANCIAL STATEMENTS
 As of June 30, (Million)
 
 Constant Pesos Nominal Dollars
 BALANCE SHEET 2005 2004 % Var. 2005 2004 % Var.
 Cash & Cash Equivalents 1,685 1,307 28.9 156 113 38.3
 Trade Receivables 1,974 2,478 (20.4) 183 213 (13.8)
 Inventories 4,336 4,007 8.2 402 345 16.8
 Other Current Assets 1,880 1,693 11.1 174 143 21.6
 Total Current Assets 9,874 9,486 4.1 916 814 12.6
 
 Prop., Plant & Equipment 17,856 19,202 (7.0) 1,657 1,615 2.6
 Deferred Assets 2,412 1,833 31.6 224 158 41.3
 Other Long-Term Assets 368 817 (54.9) 34 70 (51.4)
 Total Assets 30,511 31,338 (2.6) 2,832 2,658 6.5
 
 Short-Term & Curr. Debt 4,258 4,452 (4.4) 395 373 5.9
 Trade Payables  2,136 2,220 (3.8) 198 188 5.2
 Other Current Liabilities 2,596 2,587 0.3 241 219 9.8
 Total Curr. Liab. 8,990 9,260 (2.9) 834 781 6.8
 Long-Term Debt 11,501 12,093 (4.9) 1,067 1,010 5.7
 Other LT Liabilities 1,807 1,809 (0.1) 168 153 9.8
 Total Liabilities 22,299 23,162 (3.7) 2,069 1,944 6.5
 
 
 Majority interest 5,305 5,470 (3.0) 492 478 3.0
 Minority Interest 2,907 2,706 7.4 270 236 14.4
 Total Shar. Equity 8,212 8,176 0.4 762 714 6.8
 
 
 VITRO, S.A. DE C.V. AND SUBSIDIARIES
 CONSOLIDATED FINANCIAL STATEMENTS
 As of June 30, (Million)
 
 FINANCIAL INDICATORS 2Q'05 2Q'04
 Debt/EBITDA (LTM, times) 4.1 3.8
 EBITDA/ Total Net Fin. Exp. (LTM, times) 1.7 2.2
 Debt / Firm Value (times) 0.7 0.7
 Debt/Equity (times) 1.9 2.0
 Curr. Assets/Curr. Liab. (times) 1.1 1.0
 Sales/Assets (times) 0.8 0.8
 EPS (Ps$) * 0.64 (1.72)
 EPADR (US$) * 0.18 (0.43)
 
 * Based on the weighted average shares outstanding.
 
 OTHER DATA
 # Shares Issued (thousands) 324,000 324,000
 
 # Average Shares Outstanding (thousands) 295,728 295,728
 
 # Employees 25,092 26,048
 
 
  VITRO, S.A. DE C.V. AND SUBSIDIARIES
 SEGMENTED INFORMATION
 FOR THE PERIODS, (MILLION)
 
 Second Quarter
 Constant Pesos Nominal Dollars
 2005 2004 % 2005 2004 %
 FLAT GLASS
 Net Sales 3,080 3,138 -1.9% 285 273 4.3%
 Interd. Sales 1 2 -30.2% 0 0 -23.8%
 Con. Net Sales 3,078 3,137 -1.9% 285 273 4.3%
 Expts. 846 952 -11.2% 78 80 -2.7%
 EBIT 76 208 -63.7% 7 18 -59.8%
 Margin (1) 2.5% 6.6% 2.5% 6.6%
 EBITDA 241 395 -39.0% 22 34 -33.7%
 Margin (1) 7.8% 12.6% 7.9% 12.4%
 
 Flat Glass Volumes (Thousand m2B)(3)
 Const + Auto 33,881 39,245 -13.7%
 
 
 GLASS CONTAINERS
 Net Sales 3,036 2,724 11.5% 279 234 19.3%
 Interd. Sales 28 27 2.0% 3 2 11.3%
 Con. Net Sales 3,008 2,696 11.6% 277 232 19.3%
 Expts. 827 798 3.6% 77 71 7.2%
 EBIT 351 247 42.1% 32 21 52.7%
 Margin (1) 11.7% 9.2% 11.7% 9.1%
 EBITDA 645 576 12.0% 59 49 21.4%
 Margin (1) 21.4% 21.4% 21.4% 21.0%
 
 Glass containers volumes (MM Pieces)
 Domestic  1,197 961 24.5%
 Exports 320 306 4.4%
 Total:Dom.+Exp. 1,517 1,268 19.7%
 
 Soda Ash (Thousand Tons) 144 139 3.6%
 
 
 GLASSWARE
 Net Sales 558 693 -19.4% 51 59 -12.7%
 Interd. Sales 3 7 -60.3% 0 1 -56.6%
 Con. Net Sales 556 685 -19.0% 51 58 -12.2%
 Expts.  218 248 -12.1% 20 21 -4.1%
 EBIT 14 38 -63.2% 1 3 -59.9%
 Margin (1) 2.5% 5.5% 2.5% 5.5%
 EBITDA 67 107 -37.8%  6 9 -32.1%
 Margin (1) 12.0% 15.6% 12.0% 15.5%
 
 GLASSWARE (Volume Mix %)
 Retail 35.9% 36.6%
 Wholesale 27.4% 26.9%
 Industrial 31.8% 31.9%
 OEM 5.0% 4.6%
 
 
 CONSOLIDATED (2)
 Net Sales 6,768 6,637 2.0% 624 573 9.0%
 Interd. Sales  32 37 -12.0% 3 3 -3.9%
 Con. Net Sales 6,736 6,600 2.1% 621 570 9.0%
 Expts. 1,891 1,998 -5.4% 174 172 1.2%
 EBIT 422 475 -11.1% 39 41 -4.3%
 Margin (1) 6.3% 7.2% 6.3% 7.2%
 EBITDA 965 1,096 -12.0% 89 93 -4.6%
 Margin (1) 14.3% 16.6% 14.3% 16.4%
 
 (1) EBIT and EBITDA Margins consider Consolidated Net Sales.
 (2) Includes corporate companies and other's sales and EBIT.
 (3) m2B = Reduced Squared Meters
 
 
 VITRO, S.A. DE C.V. AND SUBSIDIARIES
 SEGMENTED INFORMATION
 FOR THE PERIODS, (MILLION)
 
 January - June
 Constant Pesos Nominal Dollars
 2005 2004  % 2005 2004 %
 FLAT GLASS
 Net Sales 5,984 6,340 -5.6% 550 553 -0.6%
 Interd. Sales 1 65 -98.0% 0 6 -97.9%
 Con. Net Sales 5,983 6,275 -4.7% 549 547 0.4%
 Expts. 1,644 1,772 -7.2% 149 150 -1.1%
 EBIT 118 395 -70.2% 11 34 -66.9%
 Margin (1) 2.0% 6.3% 2.1% 6.3%
 EBITDA  458 772 -40.7% 42 67 -36.5%
 Margin (1) 7.7% 12.3% 12.2%
 
 Flat Glass Volumes (Thousand m2B)(3)
 Const + Auto 66,183 76,787 -13.8%
 
 
 GLASS CONTAINERS
 Net Sales 5,528 5,228 5.7% 503 452 11.3%
 Interd. Sales 74 65 14.9% 7 6 21.1%
 Con. Net Sales 5,454 5,163 5.6% 497 447 11.2%
 Expts.  1,558 1,522 2.3% 143 136 5.5%
 EBIT 545 417 30.8% 50 36 38.5%
 Margin (1) 10.0% 8.1% 10.0% 8.0%
 EBITDA 1,133 1,055 7.4% 103 90 14.0%
 Margin (1) 20.8% 20.4% 20.7% 20.2%
 
 Glass containers volumes (MM Pieces)
 Domestic 2,099 1,823 15.1%
 Exports  608 584 4.0%
 Total:Dom.+Exp. 2,706 2,407 12.4%
 
 Soda Ash (Thousand Tons) 291 283 2.8%
 
 
 GLASSWARE
 Net Sales 1,188 1,302 -8.7% 108 111 -3.4%
 Interd. Sales 9 13 -24.3% 1 1 -19.5%
 Con. Net Sales 1,179 1,289 -8.6% 107 110 -3.2%
 Expts. 422 456 -7.5% 38 39 -1.5%
  EBIT 8 38 -80.3% 1 3 -78.4%
 Margin (1) 0.6% 3.0% 0.7% 2.9%
 EBITDA 122 182 -33.0% 11 15 -28.7%
 Margin (1) 10.3%  14.1% 10.3% 14.0%
 
 GLASSWARE (Volume Mix %)
 Retail 37.4% 35.6%
 Wholesale 29.5% 26.0%
 Industrial 28.5% 33.7%
 OEM 4.7% 4.7%
 
 
 CONSOLIDATED (2)
 Net Sales 12,878 13,022 -1.1% 1,176 1,129 4.2%
 Interd. Sales 85 142 -40.1% 8 12 -37.0%
 Con. Net Sales 12,793 12,880 -0.7% 1,169 1,117 4.6%
 Expts. 3,624 3,812 -4.9% 330 330 0.0%
 EBIT 656 804 -18.4% 61 70 -13.0%
 Margin (1)  5.1% 6.2% 5.2% 6.2%
 EBITDA 1,762 2,036 -13.5% 161 175 -8.0%
 Margin (1) 13.8% 15.8% 13.7% 15.6%
 
 (1) EBIT and EBITDA Margins consider Consolidated Net Sales.
 (2) Includes corporate companies and other's sales and EBIT.
 (3) m2B = Reduced Squared Meters
 
 
 VITRO, S.A. DE C.V. AND SUBSIDIARIES
 SEGMENTED INFORMATION
 FOR THE PERIODS, (MILLION)
 
 LTM
 Constant Pesos Nominal Dollars
 2005 2004 % 2005 2004 %
 FLAT GLASS
 Net Sales  12,119 12,839 -5.6% 1,097 1,111 -1.3%
 Interd. Sales (0) 155 -- (0) 13 --
 Con. Net Sales 12,119 12,684 -4.5% 1,097 1,098 -0.1%
 Expts. 3,249 3,199 1.6% 287 270 6.0%
 EBIT 566 937 -39.6% 51 80 -35.7%
 Margin (1) 4.7% 7.4% 4.7% 7.3%
 EBITDA 1,278 1,706 -25.1% 115 146 -21.0%
 Margin (1) 10.5% 13.4% 10.5% 13.3%
 
 Flat Glass Volumes (Thousand m2B)(3)
 Const + Auto 142,712 144,065 -0.9%
 
 
 GLASS CONTAINERS
 Net Sales 10,991 10,587 3.8% 983 912 7.8%
 Interd. Sales 169 125 34.6% 15 11 39.7%
 Con. Net Sales 10,823 10,462 3.4% 968 901 7.4%
 Expts. 2,996 2,924 2.5% 273 259 5.4%
 EBIT  922 836 10.3% 82 72 14.7%
 Margin (1) 8.5% 8.0% 8.5% 8.0%
 EBITDA 2,241 2,086 7.4% 199 178 11.9%
 Margin (1) 20.7% 19.9%  20.6% 19.8%
 
 Glass containers volumes (MM Pieces)
 Domestic 4,202 3,678 14.3%
 Exports 1,187 1,148 3.4%
 Total:Dom.+Exp.  5,389 4,826 11.7%
 
 Soda Ash (Thousand Tons)
 
 
 GLASSWARE
 Net Sales 2,623 2,725 -3.7% 232 232 0.0%
 Interd. Sales 29 25 14.6% 3 2 18.8%
 Con. Net Sales 2,595 2,700 -3.9% 230 230 -0.2%
 Expts. 878 943 -6.9% 78 80 -3.0%
 EBIT 52 188 -72.1% 5 16 -70.8%
 Margin (1) 2.0% 7.0%  2.0% 6.8%
 EBITDA 279 486 -42.6% 25 41 -40.1%
 Margin (1) 10.8% 18.0% 10.7% 17.8%
 
 GLASSWARE (Volume Mix %)
 Retail 35.6% 31.7%
 Wholesale 26.0% 25.2%
 Industrial 33.7% 38.9%
 OEM 4.7% 4.2%
 
 
 CONSOLIDATED (2)
 Net Sales 26,067 26,460 -1.5% 2,341 2,281 2.6%
 Interd. Sales 197 306 -35.5% 17 26 -32.9%
 Con. Net Sales 25,870 26,154 -1.1% 2,324 2,255 3.0%
 Expts. 7,124 7,214 -1.3% 637 622 2.4%
 EBIT 1,409 1,883 -25.1% 127 161 -21.2%
 Margin (1) 5.4% 7.2% 5.5% 7.1%
 EBITDA 3,807 4,355 -12.6% 339 371 -8.5%
 Margin (1) 14.7% 16.6% 14.6% 16.4%
 
 (1) EBIT and EBITDA Margins consider Consolidated Net Sales.
 (2) Includes corporate companies and other's sales and EBIT.
 (3) m2B = Reduced Squared Meters
 
 
 VITRO ENVASES DE NORTEAMERICA, S.A. DE C.V., VITRO PACKAGING AND
 EMPRESAS COMEGUA AND SUBSIDIARIES
 CONSOLIDATED AND COMBINED FINANCIAL STATEMENTS
 FOR THE PERIODS, (MILLION)
 
  Second Quarter
 INCOME STATEMENT Constant Pesos Nominal Dollars
 2005 2004 % Var. 2005 2004 % Var.
 Consolidated Net Sales 3,026 2,549 18.7 278 219 27.1
 Cost of Sales 2,284 1,958 16.7 210 168 25.0
 Gross Income 741 591 25.4 68 51 34.0
 SG&A Expenses 391 365 7.2 36 31 14.3
 Operating Income  350 227 54.6 32 19 65.8
 Interest Expense 163 149 9.0 15 13 18.8
 Interest Income (16) (5) (1) (0)
 Other Financial Expenses 58 19 200.9 5 2 233.2
  Exchange Loss (Gain) (162) 194 -- (15) 16 --
 Gain from Monet. Position 28 11 158.9 3 1 175.8
 Total Financing Cost 15 347 (95.6) 1 29 (95.2)
 Other Income (14) (13) (9.2) (1) (1) (20.4)
 Inc. (loss) bef. Tax & PSW 321 (133) -- 30 (11) --
 Income Tax and PSW (36) (45) 20.8 (3) (4) 6.0
 Net Inc. (loss) Cont. Opns. 357 (87) -- 33 (7) --
  (Loss) on disposal of
 discontinued operations -- -- -- --
 Income (loss)
 of Discont. Oper. -- 0 -- -- 0 --
 Net Income (Loss) 357 (87) -- 33 (7) --
 
 EBITDA 644 551 17.0 59 47 26.7
 
 
 January - June
 INCOME STATEMENT Constant Pesos Nominal Dollars
 2005 2004 % Var. 2005 2004 % Var.
 Consolidated Net Sales 5,509 4,884 12.8 501 422 18.8
 Cost of Sales 4,204 3,797 10.7 382 328 16.6
 Gross Income 1,305 1,087 20.1 119 94 26.4
  SG&A Expenses 762 708 7.6 69 61 12.9
 Operating Income 543 378 43.5 50 33 51.8
 
 Interest Expense 353 315 12.0 32 27 18.5
 Interest Income (28)  (6) (3) (0) 432.7
 Other Financial Expenses 166 44 280.1 15 4 306.0
 Exchange Loss (Gain) (148) 173 -- (14) 14 --
 Gain from Monet. Position 65 104 (37.1) 6 9 (34.1)
 Total Financing Cost 278 423 (34.3) 25 36 (30.8)
 Other Income (21) (35) 41.0 (2) (3) 36.6
 Inc. (loss) bef. Tax & PSW 244 (80) -- 23 (6) --
 Income Tax and PSW (77)  7 -- (7) 1 --
 Net Inc. (loss) Cont. Opns. 321 (86) -- 30 (7) --
 (Loss) on disposal of
 discontinued operations -- (69) -- -- (6) --
 Income (loss) of
 Discont. Oper.  -- 30 -- -- 3 --
 
 Net Income (Loss) 321 (126) -- 30 (10) --
 
 EBITDA 1,131 1,014 11.6 103 87 18.4
 
 
 LTM
 INCOME STATEMENT Constant Pesos Nominal Dollars
 2005 2004 % Var. 2005 2004 % Var.
 Consolidated Net Sales 10,783 9,894 9.0 964 852 13.2
 Cost of Sales 8,334 7,629 9.2 745 656 13.4
 Gross Income 2,449 2,264 8.2 219 195 12.3
 SG&A Expenses 1,547 1,520 1.8 139 131 5.7
 Operating Income 902 744 21.2 81 64 25.9
 
 Interest Expense 649 641 1.3 57 54 5.6
 Interest Income (47) (6) 621.0 (4) (1) 669.4
 Other Financial Expenses 288 116 147.9 26 10 161.5
 Exchange Loss (Gain) (289) 492 -- (26) 41 --
 Gain from Monet.
 Position 217 232 (6.7) 19 20 (3.3)
 Total Financing Cost 385 1,010 (61.9) 34 85 (60.2)
 Other Income (69) (89) (22.3) (6) (8) 18.2
 Inc. (loss) bef. Tax & PSW 447 (355) -- 41 (28) --
 Income Tax and PSW 48 (31) -- 4 (2) --
 Net Inc. (loss) Cont. Opns. 399 (324) -- 37 (26) --
  (Loss) on disposal of
 discontinued operations 32 (69) -- 3 (6) --
 Income (loss) of
 Discont. Oper. 0 94 (100.0) -- 8 --
 
 Net Income (Loss) 431 (299) -- 40  (24) --
 
 EBITDA 2,218 1,996 11.1 197 170 15.7
 
 
 VITRO ENVASES DE NORTEAMERICA, S.A. DE C.V., VITRO PACKAGING AND
 EMPRESAS COMEGUA AND SUBSIDIARIES
 CONSOLIDATED AND COMBINED FINANCIAL STATEMENTS
 As of June 30, (Million)
 
 Constant Pesos Nominal Dollars
 BALANCE SHEET 2005 2004 % Var. 2005 2004 % Var.
 Cash & Cash Equivalents 429 396 8.4 40 34 16.6
 Trade Receivables 701 821 (14.7) 65 72 (9.2)
 Inventories 1,635 1,414 15.6 152 122 24.0
 Notes receivable from
 affiliates 590 1 -- 55 0 --
 Other Current Assets 956 519 84.2 89 43 108.7
 Total Current Assets 4,311 3,151 36.8 400 271 47.8
 
 Prop., Plant & Equipment 8,129  8,749 (7.1) 754 739 2.1
 Deferred Assets 643 515 24.7 60 43 38.8
 Other Long-Term Assets 219 185 18.2 20 16 30.4
 Total Assets 13,302 12,601 5.6 1,234 1,068 15.6
 
 Short-Term & Curr. Debt 1,011 1,194 (15.3) 94 100 (6.3)
 Notes payable to
 affiliates 38 326 (88.2) 4 27 (86.9)
 Trade Payables 929 803 15.6 86 68 27.7
  Other Current Liabilities 1,806 1,120 61.3 168 95 76.9
 Total Curr. Liab. 3,785 3,442 10.0 351 290 21.2
 Long-Term Debt 4,308 918 369.3 400 77 417.4
 Long-Term notes
 payable to affiliates 377 2,714 35 226
 Other LT Liabilities 1,330 1,587 (16.2) 123 133 (7.4)
 Total Liabilities 9,800 8,661 13.2 910 726 25.3
 
 Majority interest 2,774 3,940  (29.6) 257 342 (24.8)
 Minority Interest 727 0 -- 67 (0) --
 Total Shar. Equity 3,501 3,940 (11.1) 325 342 (5.0)
 
 
 FINANCIAL INDICATORS 2Q'05 2Q'04
 Debt/EBITDA (LTM, times) 2.6 2.6
 EBITDA/ Total Net
 Fin. Exp. (LTM, times) 2.5 2.7
 Debt/Equity (times) 1.6 1.3
 Total Liab./Stockh.
 Equity (times) 2.8 2.1
 Curr. Assets/Curr.
 Liab. (times) 1.1 0.9
 
 
 Vitro Envases Norteamerica and Subsidiaries, Vitro Packaging, Inc. and
 Empresas Comegua and Subsidiaries
 CONSOLIDATED AND COMBINED STATEMENTS OF CHANGES IN FINANCIAL POSITION
  (Million of constant Mexican pesos as of June 30,2005)
 
 FOR THE SIX MONTHS PERIOD
 ENDED JUNE 30
 
  2005 2004
 OPERATING ACTIVITIES:
 Net (loss) from continuing
 operations 321 (86)
 Items that did not require
 (generate) resources: -- --
 Depreciation and amortization 526 582
 Amortization of debt issue costs 72 7
 Provision for seniority premium and pension 62 53
 Write-off and loss on sale of fixed assets (0) (1)
 Deferred income tax and workers' profit sharing (474) (101)
 507 455
 (Increase) in trade receivables  159 (72)
 Decrease (increase) in inventories (58) (4)
 Increase (Decrease) in trade payables 99 51
 Change in other current assets and liabilities, net 45 (350)
 Pension funding payments (45) (43)
 Resources generated from continued operations 706 36
 Net income from discontinued operations -- 30
 Proceeds from disposal of discontinued operations -- 834
 Operating assets and liabilities
 from discontinued operations -- (67)
 Resources generated from operations 706 833
 FINANCING ACTIVITIES:
 Bank loans 574 (302)
 Notes payable to affiliates (273) (241)
 Payment of dividends (16) (34)
 Increase of capital stock  -- --
 Effect from discontinued operations -- 46
 Resources used in financing activities 285 (531)
 INVESTING ACTIVITIES:
 Investment in land and buildings,
 machinery and equipment, and
 construction in progress (245) (176)
 Sale of fixed assets 0 3
 Investment in deferred charges (81) (0)
  Notes receivable from affiliates (569) 18
 Long term receivables (3) 3
 Investment in subsidiaries -- --
 Effect from discontinued operations -- (9)
 Resources used in investing activities (898) (160)
 Decrease in cash and cash equivalents 93 143
 Balance at the beginning of year 336  253
 Balance at the end of the period 429 396
 
 
 CONSOLIDATED AND COMBINED OF VENA AND SUBSIDIARIES, VITRO PACKAGING AND
 COMEGUA AND SUBSIDIARIES
 Cash Flow from Operations Analysis(1)
 (Million)
 
 YoY% YoY% LTM YoY%
 2Q'05 2Q'04 Change 6M'05 6M'04 Change 2005 2004 Change
 
 
 Nominal Dollars
 EBITDA 59 47 26.7 103 87 18.4 197 170 15.7
 Net Interest
 Expense(2) (12) (21) (41.3) (39) (32) 24.0 (58) (61) (5.4)
 Capex (14) (6) 128.2 (22) (15) 48.2 (65) (40) 63.6
 Working
 Capital(3) 26 (28) -- (5) (11) (56.6) (30) (27) 10.0
 Dividends -- -- -- (2) (3) (49.7) (2) (3) (49.7)
 Cash Taxes
 paid (6) (6) 6.9 (6) (9) (29.7) 4 (12) --
  Net Free
 Cash Flow 52 (14) -- 28 17 65.9 47 27 72.5
 
 (1) This statement is a Cash Flow statement and it does not represent a
 Statement of Changes in Financial Position according with Mexican
 GAAP
 
 (2) Includes other financial expenses and products.
 
 (3) Includes; Clients, Inventories, suppliers, other current assets and
 liabilities and IVA (Value Added Tax) and ISCAS taxes (Salary
 Special Tax)