GRUPO KUO, S.A.B. de C.V. Business report FY2008
|Financial Overview||(in million USD)|
|FY2008||FY2007||Rate of Change
-Annual sales amounted to US $537 million in 2008, representing an 18% increase compared to 2007 as a result of higher sales volumes in the transmission business and the acquisition of new businesses at the beginning of the year. This compensated for the decline in sales in the painting, stamping and assembly business, which was impacted by the drop in sales at General Motors and the planned stoppages at Chrysler.
-EBITDA at the end of 2008 rose by 33% from the end of 2007, which was mostly due to an improved product mix in the aftermarket business, new businesses coming on line and measures to cut costs and expenses in the stamping, painting and assembly business.
-The Company announced that it has reached an agreement with CIE Automotive to sell 100% of the share capital of Pintura y Ensambles de Mexico for approx. $32 million. Pintura y Ensambles de Mﾃｩxico comprises of two plants with estimated 2008 sales of approx. $82 million. The Company, through its subsidiary KUO Automotriz, has also granted CIE an option to acquire its 50% of the share capital of the Joint Venture, JV CIE-DESC. (From a press release on Mar. 4, 2008)
|Capital Expenditures by business segment||(in thousands of Mexican pesos)|
|Total||Ps. 1,635,883||Ps. 873,071|