VITRO, S.A. DE C.V. AND SUBSIDIARIES CONSOLIDATED FINANCIAL STATEMENTS AS OF MARCH 31, 2002 (IN MILLIONS) First Quarter INCOME STATEMENT Constant Pesos Nominal Dollars(1) Item 2002 2001 % Var. 2002 2001 % Var. ---- ---- ---- ------- ---- ---- ------ 1 Consolidated Net Sales 6,542 6,581 (0.6) 719 672 7.1 2 Cost of Sales 4,803 4,725 1.6 528 482 9.5 ------------------ ------------- 3 Gross Income 1,739 1,855 (6.3) 191 190 0.8 4 SG&A Expenses 1,174 1,137 3.3 129 117 10.1 ------------------ ------------- 5 Operating Income 565 719 (21.4) 62 72 (14.2) 1 -- -- 6 Interest Expense 396 557 (28.8) 43 55 (21.5) 7 Interest Income 6 15 (61.9) 1 1 (57.6) 8 Exchange Loss (Gain) (225) (155) 45.6 (25) (16) 55.9 9 Gain from Monet. Position 210 176 19.3 23 17 31.4 ----------------- ------------- 10 Total Financing Cost (45) 210 -- (5) 20 -- 11 Other Income (349) (57) 516.3 (39) (5) 626.1 12 Share in Net Income of Non-Consol. Assoc. Companies - 0 -- - - -- ----------------- ------------- 13 Inc. bef. Tax & PSW 261 452 (42.2) 29 47 (38.7) 14 Income Tax and PSW (72) 169 -- (8) 17 -- ----------------- ------------- 15 Net Inc. Cont. Opns. 333 283 17.7 36 29 23.7 16 Income (loss) of Discont. Oper. - - -- - - -- 17 Extraordinary Items, Net - - -- - - -- ----------------- ------------- 18 Net Income 333 283 17.7 36 29 23.7 ----------------- ------------- 19 Net Income of Maj. Int. 177 140 26.7 19 15 29.9 20 Net Income of Min. Int. 156 143 8.9 17 15 17.4 -------------------------------------------------------------------------------- BALANCE SHEET 2002 2001 % Var. 2002(2) 2001(2) % Var. -------------- ---- ---- ------- ------- ------- ------ 21 Cash & Cash Equivalents 784 739 6.1 87 76 14.1 22 Trade Receivables 2,273 2,188 3.9 252 225 12.1 23 Inventories 3,667 3,995 (8.2) 407 412 (1.3) 24 Other Current Assets 1,193 1,444 (17.4) 132 149 (11.4) --------------- -------------- 25 Total Current Assets 7,917 8,367 (5.4) 878 863 1.8 26 Inv. in Uncons. Subs. 43 197 (77.9) 5 20 (75.7) 27 Prop., Plant & Equipment 20,599 22,673 (9.1) 2,285 2,298 (0.6) 28 Deferred Assets 1,794 1,600 12.1 199 164 21.3 29 Other Long-Term Assets 526 497 5.9 58 51 14.8 --------------- -------------- 30 Total Assets 30,880 33,334 (7.4) 3,425 3,395 0.9 31 Short-Term & Curr. Debt 6,397 4,653 37.5 709 471 50.5 32 Trade Payables 2,967 2,357 25.9 329 239 37.4 33 Other Current Liabilities 1,932 1,992 (3.0) 214 206 4.2 ---------------- -------------- 34 Total Curr. Liab. 11,296 9,003 25.5 1,253 917 36.7 35 Long-Term Debt 7,907 11,784 (32.9) 877 1,191 (26.3) 36 Other LT Liabilities 2,755 2,720 1.3 305 274 11.5 ---------------- -------------- 37 Total Liabilities 21,957 23,507 (6.6) 2,435 2,381 2.3 38 Restated Capital Stock 6,866 6,847 0.3 762 684 11.3 39 Retained Earnings (1,428) (317) 349.8 (158) (11) 1,345.5 40 Minority Interest 3,484 3,297 5.7 386 341 13.4 --------------- ------------- 41 Total Shar. Equity 8,923 9,827 (9.2) 990 1,014 (2.4) -------------------------------------------------------------------------------- (1) Nominal dollars calculated by dividing each month's nominal pesos by the end of such month exchange rate. (2) Constant pesos at the end of each period converted into dollars using the exchange rate at the end of each respective period. FINANCIAL INDICATORS IQ'02 IQ'01 Debt/EBITDA (LTM, times) 3.0 2.9 EBITDA/Net Int. Exp. (LTM, times) 3.6 3.1 Debt/Firm Value (times) 0.6 0.6 Debt/Equity (times) 1.6 1.7 Total Liab./Stockh. Equity (times) 2.5 2.4 Curr. Assets/Curr. Liab. (times) 0.7 0.9 Sales/Assets (times) 0.8 0.8 EPS (Ps$) (1) 0.65 0.47 EPADR (US$) (1) 0.22 0.16 (1) Based on the weighted average shares outstanding. OTHER DATA # Shares Issued (thousands) 324,000 324,000 # Average Shares Outstanding (thousands) 273,706 296,601 Employees 34,152 33,780 VITRO, S.A. DE C.V. AND SUBSIDIARIES SEGMENTED INFORMATION AS OF MARCH 31, 2002 (IN MILLIONS) First Quarter Constant Pesos Nominal Dollars(1) 2002 2001 % 2002 2001 % -------------------------------------------------------------------------------- FLAT GLASS Net Sales 2,463 2,567 -4.0% 271 266 2.0% Interd. Sales 33 24 37.8% 4 2 52.3% Con. N. Sales 2,431 2,543 -4.4% 268 264 1.6% Expts. (US$) (1) 69 65 5.6% 69 65 5.6% EBIT 227 345 -34.1% 25 34 -27.2% Margin (2) 9.3% 13.6% 9.3% 13.0% EBITDA 376 499 -24.6% 41 50 -16.9% Margin (2) 15.5% 19.6% 15.4% 18.9% -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- GLASS CONTAINERS Net Sales 2,117 2,148 -1.4% 233 220 5.9% Interd. Sales 8 17 -56.4% 1 2 -51.5% Con. N. Sales 2,109 2,130 -1.0% 232 218 6.3% Expts. (US$) (1) 56 59 -5.1% 56 59 -5.1% EBIT 252 221 13.9% 28 22 23.3% Margin (2) 11.9% 10.4% 11.9% 10.3% EBITDA 490 480 2.1% 54 48 11.4% Margin (2) 23.2% 22.5% 23.2% 22.1% -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- ACROS WHIRLPOOL Net Sales 1,451 1,294 12.2% 159 128 24.1% Interd. Sales - 0 - - 0 - Con. N. Sales 1,451 1,294 12.2% 159 128 24.1% Expts. (US$) (1) 59 44 34.3% 59 44 34.3% EBIT 110 116 -4.8% 12 11 5.2% Margin (2) 7.6% 8.9% 7.6% 9.0% EBITDA 186 182 2.4% 20 18 13.3% Margin (2) 12.8% 14.0% 12.8% 14.0% -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- GLASSWARE Net Sales 543 613 -11.4% 60 62 -3.5% Interd. Sales 9 9 0.5% 1 1 11.1% Con. N. Sales 534 603 -11.6% 59 61 -3.7% Expts. (US$) (1) 17 20 -18.7% 17 20 -18.7% EBIT 33 70 -52.7% 4 7 -48.8% Margin (2) 6.2% 11.6% 6.3% 11.8% EBITDA 99 136 -27.4% 11 14 -20.6% Margin (2) 18.5% 22.5% 18.5% 22.4% -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- CONSOLIDATED (3) Net Sales 6,592 6,631 -0.6% 725 677 7.1% Interd. Sales 50 51 -1.7% 5 5 8.9% Con. N. Sales 6,542 6,581 -0.6% 719 672 7.1% Expts. (US$) (1) 200 188 6.4% 200 188 6.4% EBIT 565 719 -21.4% 62 72 -14.2% Margin (2) 8.6% 10.9% 8.6% 10.8% EBITDA 1,123 1,292 -13.1% 123 129 -4.8% Margin (2) 17.2% 19.6% 17.1% 19.3% -------------------------------------------------------------------------------- (1) Nominal dollars calculated by dividing each month's nominal pesos by the end of such month exchange rate. (2) EBIT and EBITDA Margins consider Consolidated Net Sales. (3) Includes corporate companies and other's sales and EBIT. -------------------------------------------------------------------------------- Business Units' Volume and Sales Mix Information (Where Applicable) First Quarter 2002 2001 % -------------------------------------------------------------------------------- FLAT GLASS (MM Red. m2) Constr. + Auto 32,826 29,862 9.9% FIBER GLASS (Tons) 8,027 8,400.0 -4.4% -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- GLASS CONTAINERS (MM Pieces) Domestic 939,662 823,783 14.1% Exports 257,340 280,609 -8.3% Total: Dom.+Exp. 1,197,002 1,104,392 8.4% ALCALI (TONS) 129,481 138,186 -6.3% ASA (MM Pieces) 151,951 181,243 -16.2% VANCAN (MM Pieces) 192,250 185,128 3.8% -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- GLASSWARE (Sales Mix %) Retail 55% 60% Industrial 45% 40% PLASTICS (Sales Mix %) Retail 81% 78% Industrial 19% 22% -------------------------------------------------------------------------------- Table I Sales ( millions ) IQ'02 IQ'01 % Var. Cons. Net Sales Ps$ 6,542 6,581 (0.6) Cons. Net Sales US$ 719 672 7.1 Domestic Ps$ 3,394 3,478 (2.4) Domestic US$ 372 345 7.8 Exports Ps$ 1,824 1,840 (0.9) Exports US$ 200 188 6.4 Foreign Subs. Ps$ 1,325 1,263 4.9 Foreign Subs. US$ 147 138 6.1 % Dllr. Sales*/Tot. Sales 48 49 (0.8) % Exp. Sales/Tot. Sales 28 28 (0.6) Table II EBIT and EBITDA ( millions ) IQ'02 IQ'01 % Var. EBIT Ps$ 565 719 (21.4) EBIT Margin % 8.6% 10.9% EBIT US$ 62 72 (14.2) EBIT Margin % 8.6% 10.8% EBTDA Ps$ 1,123 1,292 (13.1) EBITDA Margin % 17.2% 19.6% EBITDA US$ 123 129 (4.8) EBITDA Margin % 17.1% 19.3% Table III Total Financing Cost ( millions ) IQ'02 IQ'01 % Var. Interest Expense Ps$ 296 455 (35.1) Interest Expense US$ 32 45 (28.3) Interest Income Ps$ 3 9 (65.9) Interest Income US$ 0 1 (62.5) Foreign Exchange Loss (Gain) Ps$ (225) (155) 45.6 Foreign Exchange Loss (Gain) US$ (25) (16) 55.9 Gains from Monetary Position Ps$ 210 176 19.3 Gains from Monetary Position US$ 23 17 31.4 Non Related Interest Expenses (1) Ps$ 98 95 2.6 Non Related Interest Expenses (1) US$ 11 9 13.8 Total Financing Cost Ps$ (45) 210 -.- Total Financing Cost US$ (5) 20 -.- (1) Net of non related interest products. Table IV Taxes & PSW ( millions ) IQ'02 IQ'01 % Var. Income Tax Accrued Ps$ 125 100 25.5 Income Tax Accrued US$ 14 10 39.7 Income Tax Deferred Ps$ (238) 41 -.- Income Tax Deferred US$ (26) 5 -.- Total Income Tax Ps$ (112) 141 -.- Total Income Tax US$ (12) 14 -.- Profit Sharing to Workers Ps$ 40 28 45.6 Profit Sharing to Workers US$ 4 3 61.5 = Net Taxes and PSW Ps$ (72) 169 -.- = Net Taxes and PSW US$ (8) 17 -.- Table V Debt Indicators (Million dlls.(1); except as indicated) IQ'02 IVQ'01 IIIQ'01 IQ'01 Interest Coverage 3.59 3.33 3.35 3.14 (EBITDA/Int. Exp.) (LTM) (2) (Times Leverage 3.02 2.97 3.03 2.94 (Total Debt / EBITDA) (LTM) (2) Times Total Debt 1,586 1,576 1,614 1,662 Short -Term Debt (3) 709 672 514 465 Long - Term Debt 877 904 1,100 1,197 Currency Mix (%) dollars / pesos/ UDIs 95/3/2 96/3/1 96/3/1 89/10/1 Weighted Average Cost of Debt (%)(2) 8.6 9.1 8.8 9.9 (1) Constant pesos at the end of each quarter converted into dollars using the exchange rate prevailing at the end of each respective period. (2) Last twelve months. (3) Short term debt includes current maturities of long-term debt. Table VI Cash Flow ( millions ) IQ'02 IQ'01 % Var. EBITDA Ps$ 1,123 1,292 (13.1) EBITDA US$ 123 129 (4.8) ( - ) Net interest expense * Ps$ 270 410 (34.1) ( - ) Net interest expense * US$ 29 41 (27.5) ( - ) CAPEX Ps$ 226 220 3.0 ( - ) CAPEX US$ 26 22 18.2 ( +/- ) Working capital inv. Ps$ 510 296 72.0 ( +/- ) Working capital inv. US$ 56 29 93.1 = Free Cash Flow Ps$ 116 365 (68.3) = Free Cash Flow US$ 12 38 (68.7) ( - ) Taxes and dividends paid ** Ps$ 250 391 (36.0) ( - ) Taxes and dividends paid ** US$ 29 40 (27.5) = Net Free Cash Flow Ps$ (135) (26) 427.5 = Net Free Cash Flow US$ (17) (2) 713.3 Table VII Flat Glass (millions ) IQ'02 IQ'01 % Var. Cons. Net Sales Ps$ 2,431 2,543 -4.4% Cons. Net Sales US$ 268 264 1.6% Domestic Sales Ps$ 756 872 -13.3% Domestic Sales US$ 83 87 -4.9% Exports Ps$ 629 661 -4.7% Exports US$ 69 65 5.6% Foreign Subs. Ps$ 1,078 1,034 4.3% Foreign Subs. US$ 119 113 5.4% EBIT Ps$ 227 345 -34.1% EBIT Margin % 9.3% 13.6% EBIT US$ 25 34 -27.2% EBIT Margin % 9.3% 13.0% EBITDA Ps$ 376 499 -24.6% EBITDA Margin % 15.5% 19.6% EBITDA US$ 41 50 -16.9% EBITDA Margin % 15.4% 18.9% Table VIII Flat Glass Construction & Auto Sales Volume ((Million of Reduced Square Meters) IQ'02 IQ'01 % Var. Total 32,826 29,862 9.9 Fiber Glass (tons) Total 8,027 8,400 -4.4 Table IX Glass Containers (millions ) IQ'02 IQ'01 % Var. Cons. Net Sales Ps$ 2,109 2,130 -1.0% Cons. Net Sales US$ 232 218 6.3% Domestic Sales Ps$ 1,368 1,378 -0.7% Domestic Sales US$ 150 136 10.0% Exports Ps$ 503 542 -7.1% Exports US$ 56 59 -5.1% Foreign Subs. Ps$ 247 229 7.8% Foreign Subs. US$ 27 25 9.2% EBIT Ps$ 252 221 13.9% EBIT Margin % 11.9% 10.4% EBIT US$ 28 22 23.3% EBIT Margin % 11.9% 10.3% EBITDA Ps$ 490 480 2.1% EBITDA Margin % 23.2% 22.5% EBITDA US$ 54 48 11.4% EBITDA Margin % 23.2% 22.1% Table X Glass Containers Sales Volume ((Millions of units) IQ'02 IQ'01 % Var. Domestic 939,662 823,783 14.1 Exports 257,340 280,609 -8.3 Total 1,197,002 1,104,392 8.4 Alcali (tons) 129,481 138,186 -6.3 Ampoules (MM units) 151,951 181,243 -16.2 Aluminum cans (MM units) 192,250 185,128 3.8 Table XI Household Products (millions) IQ'02 IQ'01 %Var. Cons. Net Sales Ps$ 1,451 1,294 12.2% Cons. Net Sales US$ 159 128 24.1% Domestic Sales Ps$ 910 848 7.3% Domestic Sales US$ 100 84 18.7% Export Sales Ps$ 541 446 21.4% Export Sales US$ 59 44 34.3% EBIT Ps$ 110 116 -4.8% EBIT Margin % 7.6% 8.9% EBIT US$ 12 11 5.2% EBIT Margin % 7.6% 9.0% EBITDA Ps$ 186 182 2.4% EBITDA Margin % 12.8% 14.0% EBITDA US$ 20 18 13.3% EBITDA Margin % 12.8% 14.0% Table XII Glassware Sales mix in pieces (%) IQ'02 IQ'01 Glass (Sales mix) Industrial 45 40 Retail 55 60 Plastics (Sales mix) Industrial 19 22 Retail 81 78 Table XIII Glassware (millions) IQ'02 IQ'01 %Var. Cons. Net Sales Ps$ 534 603 -11.6% Cons. Net Sales US$ 59 61 -3.7% Domestic Sales Ps$ 393 421 -6.6% Domestic Sales US$ 43 41 3.9% Export Sales Ps$ 150 192 -21.9% Export Sales US$ 17 20 -18.7% EBIT Ps$ 33 70 -52.7% EBIT Margin % 6.2% 11.6% EBIT US$ 4 7 -48.8% EBIT Margin % 6.3% 11.8% EBITDA Ps$ 99 136 -27.4% EBITDA Margin % 18.5% 22.5% EBITDA US$ 11 14 -20.6% EBITDA Margin % 18.5% 22.4%