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Ferromex: A key player in the North American
Railroad System
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Ferrocarriles Nacionales de México
Las 5Cs de Ferromex para la calidad en el servicio
How bad can a Railroad be?
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Ferrocarriles Nacionales de México
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Ferrocarriles Nacionales de México
Capital Investments were very scarce prior to privatization
Francisco J. Gorostiza, Renacimiento de los ferrocarriles de carga en México
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Per each US$1,00 of revenue, cost was US$2,25
Ferrocarriles Nacionales de México
Francisco J. Gorostiza, Renacimiento de los ferrocarriles de carga en México
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The Mexican Railroad became an obsolete mode of transportation
Ferrocarriles Nacionales de México
Francisco J. Gorostiza, Renacimiento de los ferrocarriles de carga en México
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Grupo México
Las 5Cs de Ferromex para la calidad en el servicio
Background
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Grupo Mexico: Evolution
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Grupo Mexico: Currently
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Grupo Mexico
$9,3 ANNUAL REVENUE (BILLION USD)
30,018 EMPLOYEES
3 COUNTRIES OPERATED
556 FORBES LIST 2015
LARGEST COPPER RESERVES WORLDWIDE 1° 4th COPPER PRODUCER WORLDWIDE
Grupo México Statistics
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Grupo Mexico
Key Results
Grupo México 2015
Grupo Mexico Consolidated Financial Highlights
Market Cap as of June 2015:
Millions of USD 2010 2011 2012 2013 2014 2015
Copper Price (Avg. US$ per lb) 3.43 4.01 3.61 3.34 3.12 2.89
Revenues 8,338 10,443 10,183 9,357 9,324 9,057
Mining Division 84% 83% 82% 78% 76% 75%
Mexico 29% 42% 45% 45% 47% 49%
Peru 46% 36% 35% 35% 35% 35%
USA 25% 22% 20% 20% 18% 16%
Transportation Division 15% 16% 17% 19% 21% 22%
Infrastructure Division 2% 1% 1% 3% 3% 4%
EBITDA 3,921 5,194 5,006 4,147 3,833 3,636
Net Income 1,627 2,472 2,402 1,845 1,795 2,053
Cash & Securities 2,928 2,229 3,193 2,589 1,640 2,998
Total Assets 14,598 15,251 19,558 20,213 20,878 22,251
Total Debt¹ 3,957 3,801 5,583 5,811 5,948 7,846
Shareholder's Equity 5,967 7,269 8,293 9,458 9,829 9,989
Capital Expenditures 604 1,217 2,118 2,852 2,433 2,147
Free Cash Flow² 2,643 1,761 1,082 41 35 28
1 Includes short-term and long-term debt
2 Free Cash Flow defined as net cash from operating activities less capital expenditures
US$23 B
Copper Price (Avg. US$ per Lb) 3.43 4.01 3.61 3.34 3.12 2.34
E
Grupo Mexico Consolidated Financial Highlights
Market Cap as of June 2015:
Millions of USD 2010 2011 2012 2013 2014 2015
Copper Price (Avg. US$ per lb) 3.43 4.01 3.61 3.34 3.12 2.89
Revenues 8,338 10,443 10,183 9,357 9,324 9,057
Mining Division 84% 83% 82% 78% 76% 75%
Mexico 29% 42% 45% 45% 47% 49%
Peru 46% 36% 35% 35% 35% 35%
USA 25% 22% 20% 20% 18% 16%
Transportation Division 15% 16% 17% 19% 21% 22%
Infrastructure Division 2% 1% 1% 3% 3% 4%
EBITDA 3,921 5,194 5,006 4,147 3,833 3,636
Net Income 1,627 2,472 2,402 1,845 1,795 2,053
Cash & Securities 2,928 2,229 3,193 2,589 1,640 2,998
Total Assets 14,598 15,251 19,558 20,213 20,878 22,251
Total Debt¹ 3,957 3,801 5,583 5,811 5,948 7,846
Shareholder's Equity 5,967 7,269 8,293 9,458 9,829 9,989
Capital Expenditures 604 1,217 2,118 2,852 2,433 2,147
Free Cash Flow² 2,643 1,761 1,082 41 35 28
1 Includes short-term and long-term debt
2 Free Cash Flow defined as net cash from operating activities less capital expenditures
US$23 B
Grupo Mexico Consolidated Financial Highlights
Market Cap as of June 2015:
Millions of USD 2010 2011 2012 2013 2014 2015
Copper Price (Avg. US$ per lb) 3.43 4.01 3.61 3.34 3.12 2.89
Revenues 8,338 10,443 10,183 9,357 9,324 9,057
Mining Division 84% 83% 82% 78% 76% 75%
Mexico 29% 42% 45% 45% 47% 49%
Peru 46% 36% 35% 35% 35% 35%
USA 25% 22% 20% 20% 18% 16%
Transportation Division 15% 16% 17% 19% 21% 22%
Infrastructure Division 2% 1% 1% 3% 3% 4%
EBITDA 3,921 5,194 5,006 4,147 3,833 3,636
Net Income 1,627 2,472 2,402 1,845 1,795 2,053
Cash & Securities 2,928 2,229 3,193 2,589 1,640 2,998
Total Assets 14,598 15,251 19,558 20,213 20,878 22,251
Total Debt¹ 3,957 3,801 5,583 5,811 5,948 7,846
Shareholder's Equity 5,967 7,269 8,293 9,458 9,829 9,989
Capital Expenditures 604 1,217 2,118 2,852 2,433 2,147
Free Cash Flow² 2,643 1,761 1,082 41 35 28
1 Includes short-term and long-term debt
2 Free Cash Flow defined as net cash from operating activities less capital expenditures
US$23 B
Grupo Mexico Consolidated Financial Highlights
Market Cap as of June 2015:
Millions of USD 2010 2011 2012 2013 2014 2015
Copper Price (Avg. US$ per lb) 3.43 4.01 3.61 3.34 3.12 2.89
Revenues 8,338 10,443 10,183 9,357 9,324 9,057
Mining Division 84% 83% 82% 78% 76% 75%
Mexico 29% 42% 45% 45% 47% 49%
Peru 46% 36% 35% 35% 35% 35%
USA 25% 22% 20% 20% 18% 16%
Transportation Division 15% 16% 17% 19% 21% 22%
Infrastructure Division 2% 1% 1% 3% 3% 4%
EBITDA 3,921 5,194 5,006 4,147 3,833 3,636
Net Income 1,627 2,472 2,402 1,845 1,795 2,053
Cash & Securities 2,928 2,229 3,193 2,589 1,640 2,998
Total Assets 14,598 15,251 19,558 20,213 20,878 22,251
Total Debt¹ 3,957 3,801 5,583 5,811 5,948 7,846
Shareholder's Equity 5,967 7,269 8,293 9,458 9,829 9,989
Capital Expenditures 604 1,217 2,118 2,852 2,433 2,147
Free Cash Flow² 2,643 1,761 1,082 41 35 28
1 Includes short-term and long-term debt
2 Free Cash Flow defined as net cash from operating activities less capital expenditures
US$23 B
% Margin 47.0% 49.7% 49.1% 44.3% 41.1% 40.1%
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Ferromex
Transportation Division
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Provides rail services, intermodal and support in logistic solutions
Largest Rail coverage in Mexico
Third largest Rail coverage in Mexico
Operates 178 locomotives, 7,977 cars and has a workforce of 2,038 employees
Offers terminal services; loading and unloading of goods and overland transportation
Operates in 40 major cities and in 12 states in Mexico
Operates in West Texas over the South Orient Rail Line
Interchanges with UP at Alpine, TX; BNSF and FWWR at San Angelo Junction Operates 620 locomotives,
19,508 cars and has a workforce of 7,983 employees
Transportation Division
Transportation Division
Ferromex Statistics
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Connected with the key players in the global supply chain
Ferromex
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Ferromex
6,719 MILES
798 LOCOMOTIVES 6 US BORDERS SERVED
9 PORTS SERVED
NTKM MOVED 2014 52 MM
27,485 RAIL CARS
10,021 EMPLOYEES 1.3MM CARLOADS MOVED 2014
Ferromex Statistics
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VOLUME 1998 2015E %VAR
TONS - KM 14,155 53,862 +281%
CARLOADS 432 K 1,3 MM +215%
Ferromex: Performance Summary
8.2% CAGR in NTK
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1998 2014
CUM. INVESTMENT MMUSD
$89.5 $5,032
MARKET SHARE 44% 65%
CROSS BORDER VOLUME (SHARE)
23% 51%
Ferromex: Performance Summary
17% Market Share in the Total Land Freight Transport
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OF TRACK REBUILT
80%
CAPITAL EXPENDITURE
$5.2 BILLION INVESTED AS CAPEX
27.5% of total revenue
HORSE POWER CAPACITY
+162%
Ferromex: Investments
Investment has been the key to modernize the largest Railroad in Mexico
Ferromex Statistics
Since privatization
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Source: U.S. Census Bureau (2002 – 2011) and Association of American Railroad
Ferromex has invested 27.5% of the total revenues
Significantly above class 1’s and most industries
Ferromex: Investments
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GROSS TON-KM +186%
FUEL PRODUCTIVITY +33%
GROSS TON PER TRAIN +52%
ACCIDENTS RATE -97%
Operating efficiencies key to our development
Ferromex: Improvements
Ferromex Statistics
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Productivity per Locomotive Millions tons - Km per Locomotive
Source: Inter-American Development Bank, 2013 OECD: Organization for Economic Cooperation and Development
The most productive Railroad in Latin America
Productive Transportation System
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USD
Cen
ts P
er T
on
-Kilo
met
er
Efficient Transportation System
The most competitive Railroad in Latin America
Source: Inter-American Development Bank, 2013 OECD: Organization for Economic Cooperation and Development
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Ferromex
The future
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Ferromex Projections
Five – Year Projections
Ferromex Statistics
(mm of Tons - Km) 2015E 2016E 2017E 2018E 2019E
Net Tons - Km 53,862 57,686 59,994 62,813 64,384
Net Tons - Km Growth 7.1% 4.0% 4.7% 2.5%
(US$ mm)
Revenues 1,950$ 2,137$ 2,319$ 2,490$ 2,640$
Revenue Growth 9.6% 8.5% 7.4% 6.0%
Operating Ratio 71.9% 71.0% 70.2% 69.5% 68.9%
EBITDA 710$ 791$ 886$ 974$ 1,056$
% Margin 36.4% 37.0% 38.2% 39.1% 40.0%
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73%
67%45% 54%
54%
14%
21%
40% 33%
34%
8%
5%
2% 3%
2%
5%
6%
12% 10%
9%
411.4
512.5
461.4 467.2
381.7
2015 2016 2017 2018 2019
INFRAESTRUCTURA EQUIPO TELECOMUNICACIONES OTROS
CAPEX: USD$2,2 Billion 2015 - 2019
EQUIPMENT TELECOMUNICATION INFRASTRUCTURE OTHERS
CAPEX Plan 2015 -2019
Ferromex Statistics
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Ferromex Potential
McKinsey & Company confirms Ferromex has a market potential especially in
finished product segments like automotive, industrial products and intermodal
FXE market share
Automotive
Relevant market size: 2,578,000 VINS(1)
64.9%
35.1%
Growth opportunity
FXE market share
Industrial Products
Relevant market size: 32,280,000 MT
41.0%
29.5%
70.5%
Growth opportunity
Relevant market size: 3,499,000 containers
87.8%
Intermodal
43.8% 12.2%
FXE market share Growth opportunity
FXE market share Growth opportunity
Cement
Relevant market size: 20,261,000 MT
41.0%
59.0%
VINS (Vehicle Identification Number)
McKinsey & Company, 2013
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2,000,000
Ferromex is a crucial component in the Mexican Automotive Industry
We move 64% of total automotive production served by FXE
Ferromex Potential: Automotive Industry
13.2%
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Global automotive players will set-up new production facilities in Mexico
2014 2017
Ferromex Potential: Automotive Industry
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INTERMODAL 2015 2019 %VAR
CROSS BORDER 117K 144K 23%
INTERPACIFIC 23K 47K 104%
MARITIME 200K 342K 71%
TOTAL 340K 533K 56%
Ferromex Potential: Intermodal
2015 -19
12% CARG
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Ferromex
The largest Railroad in Mexico
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Transformation
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Transformation
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