MANUAL AHMSA 2013 PDF

For the fiscal year ended December 31, Commission File Number Exact name of registrant as specified in its charter. Jurisdiction of incorporation or organization. Address of principal executive offices. Mario Moreno Cortez, telephone number , e-mail mmoreno gruposimec.

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For the fiscal year ended December 31, Commission File Number Exact name of registrant as specified in its charter. Jurisdiction of incorporation or organization. Address of principal executive offices. Mario Moreno Cortez, telephone number , e-mail mmoreno gruposimec.

Securities registered or to be registered pursuant to Section 12 b of the Act:. Title of Each Class. Name of Each Exchange on Which Registered.

American Depositary Shares each representing one Series B share. Series B Common Stock. Securities registered or to be registered pursuant to Section 12 g of the Act: None. Securities for which there is a reporting obligation pursuant to Section 15 d of the Act: None. Series B Common Stock — ,, shares. Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule of the Securities Act.

If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15 d of the Securities Exchange Act of Indicate by check mark whether the registrant 1 has filed all reports required to be filed by Section 13 or 15 d of the Securities Exchange Act of during the preceding 12 months or for such shorter period that the registrant was required to file such reports , and 2 has been subject to such filing requirements for the past 90 days.

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer. Check one :. Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:. Indicate by check mark which financial statement item the registrant has elected to follow.

If this is an annual report, indicate by check mark whether the registrant is a shell company as defined in Rule 12b-2 of the Exchange Act. Table of Contents. Grupo Simec, S. We publish our financial statements in pesos. SBQ steel is produced with precise chemical specifications and generally is made to order following client specifications.

This annual report contains translations of certain peso amounts to U. These translations do not mean that the peso amounts actually represent such dollar amounts or could be converted into U. Unless otherwise indicated, we have translated these U. On April 30, , the interbank transactions rate for the peso was Ps. Private Securities Litigation Reform Act of Our actual results could differ materially from those expressed in any forward looking statement. In light of these risks and uncertainties, we cannot assure you that forward looking statements will prove to be accurate.

Factors that might cause actual results to differ materially from forward looking statements include, but are not limited to, the following:. Forward looking statements speak only as of the date they were made, and we undertake no obligation to update publicly or to revise any forward looking statements after the date of this annual report because of new information, future events or other factors.

In light of the risks and uncertainties described above, the forward looking events and circumstances discussed in this annual report might not occur.

PART I. Not applicable. This annual report includes our consolidated financial statements as of December 31, , and We have adjusted the financial statements of our subsidiaries to conform to IFRS, and we have translated them to Mexican pesos.

See Note 4 to our consolidated financial statements included elsewhere herein. Certain accounting standards and valuation methods applied in the previously issued consolidated financial statements prepared in accordance with MFRS differ from the accounting standards and valuation methods of IFRS. Accordingly, the comparative amounts were reformulated to reflect these adjustments. In preparing its first consolidated financial statements in accordance with IFRS, we applied transitional rules to the figures previously reported in accordance with MFRS.

However, IFRS 1 requires certain mandatory exceptions and permits other optional exemptions from retroactive application in order to assist entities in their transition process. We have applied the following mandatory exceptions as follows:. Additionally, we have applied the option for first-time adoption exemptions as follows:. The following tables present the selected consolidated financial information for our company as of December 31, , and and January 1, and for the years ended December 31, , and The selected financial information should be read in conjunction with, and is qualified in its entirety by reference to, our consolidated financial statements included elsewhere herein.

Adjusted EBITDA does not represent, and should not be considered as, an alternative to net income, as an indicator of our operating performance, or as an alternative to cash flow as an indicator of liquidity. GAAP or IFRS and that it may be calculated differently by different companies and must be read in conjunction with the explanations that accompany it.

Adjusted EBITDA as presented in this table does not take into account our working capital requirements, debt service requirements and other commitments. We believe that Adjusted EBITDA can be useful to facilitate comparisons of operating performance between periods and with other companies in our industry because it excludes the effect of: i depreciation, amortization and impairment loss which represents a non-cash charge to earnings; ii certain financing costs, which are significantly affected by external factors, including interest rates and foreign currency exchange rates, which can have little bearing on our operating performance; iii other income expense that are non-recurring operations; and iv income tax expense and employee statutory profit-sharing expense.

Adjusted EBITDA should not be considered in isolation or as a substitute for net income, net cash flow from operating activities or net cash flow from investing and financing activities.

The following table sets forth, for the periods indicated, the high, low, average and period-end free-market exchange rate expressed in Mexican pesos per U.

The average annual rates presented in the following table were calculated by using the average of the exchange rates on the last day of each month during the relevant period.

The data provided in this table is based on noon buying rates published by the U. Federal Reserve Board for cable transfers in Mexican pesos. We have not restated the rates in constant currency units.

All amounts are stated in pesos. We make no representation that the Mexican peso amounts referred to in this annual report could have been or could be converted into U. Average 1.

Period End. Except for the period from September through December , during a liquidity crisis, the Mexican Central Bank has consistently made foreign currency available to Mexican private-sector entities such as us to meet their foreign currency obligations. Nevertheless, in the event of renewed shortages of foreign currency, we cannot assure you that foreign currency would continue to be available to private-sector companies or that foreign currency needed by us to service foreign currency obligations or to import goods could be purchased in the open market without substantial additional cost or at all.

Fluctuations in the exchange rate between the peso and the U. Such fluctuations will also affect the U. Investing in our series B shares and the ADSs involves a high degree of risk. You should consider carefully the following risks, as well as all the other information presented in this annual report, before making an investment decision. Any of the following risks, if they were to occur, could materially and adversely affect our business, results of operations, prospects and financial condition.

Additional risks and uncertainties not currently known to us or that we currently deem immaterial may also materially and adversely affect our business, results of operations, prospects and financial condition. In either event, the market price of our series B shares and ADSs could decline significantly, and you could lose all or substantially all of your investment.

Risks Related to Our Business. Our results of operations are significantly influenced by the cyclical nature of steel industry. The steel industry is highly cyclical and sensitive to regional and global macroeconomic conditions.

Global demand for steel as well as global production capacity levels significantly influence prices for our products, and changes in global demand or supply for steel in the future will likely impact our results of operations. The steel industry has suffered in the past, especially during downturn cycles, from substantial over-capacity. Currently, as a result of the recent global economic recession and the increase in steel production capacity in recent years, there are signs of excess capacity in steel markets, which is impacting the profitability of the steel industry.

Global steel prices increased significantly during , fell in , increased again in first three quarters of , then weakened in the last quarter of and in remained similar to prices in In , global steel prices increased during the first three quarters of , but weakened significantly in the last quarter of and as a result of the global economic recession.

In , and , global steel prices began to recover and then remained relatively stable. Global steel prices decreased in We cannot give you any assurance as to prices of steel in the future. We may not be able to pass along price increases for raw materials to our customers to compensate for fluctuations in price and supply. Prices for raw materials necessary for production of our steel products have fluctuated significantly in the past and significant increases in raw material prices could adversely affect our gross profit.

During periods when prices for scrap metal, iron ore, ferroalloys, coke and other raw materials have increased, our industry has historically sought to maintain profit margins by passing along increased raw materials costs to customers by means of price increases. As with other raw materials, iron ore and coke prices fluctuated significantly; however, in , and we did not purchase iron ore pellets or coke since our Lorain, Ohio blast furnace facility, which is our only facility that utilizes these materials, was idle during this period.

We may not be able to pass along these and other cost increases in the future and, therefore, our profitability may be materially and adversely affected. Even when we can successfully increase our prices, interim reductions in profit margins frequently occur due to a time lag between the increase in raw material prices and the market acceptance of higher selling prices for finished steel products. We cannot assure you that our customers will agree to pay increased prices for our steel products that compensate us for increases in our raw material costs.

We purchase our raw material requirements either in the open market or from certain key suppliers. Both scrap metal and ferroalloy prices are negotiated on a monthly basis with our suppliers and are subject to market conditions. We cannot assure you that we will be able to continue to find suppliers of these raw materials in the open market, that the prices of these materials will not increase or that the quality will remain the same.

In addition, if any of our key suppliers fails to deliver or we fail to renew our supply contracts, we could face limited access to some raw materials, or higher costs and delays resulting from the need to obtain our raw materials requirements from other suppliers.

The energy costs involved in our production processes are subject to fluctuations that are beyond our control and could significantly increase our costs of production. Our production processes are dependent on adequate supplies of electricity and natural gas. A substantial increase in the cost of electricity or natural gas could have a material adverse effect on our gross profit. In addition, a disruption or curtailment in supply could have a material adverse effect on our production and sales.

The Mexican government is currently the only supplier of energy in Mexico and has, in some cases, increased prices above international levels.

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