ROHSTOFF INTERNATIONAL

1:30 | 27.02.2020
Orbia Announces Fourth Quarter and Full Year Financial Results for 2019

Orbia Advance Corporation, S.A.B. de C.V. (BMV: ORBIA*) (“the Company” or “Orbia”) today released unaudited results for the fourth quarter and full year of 2019. Despite headwinds in some of Orbia’s key businesses, sluggish market activity, and overall macroeconomic uncertainty related to trade tensions, the Company achieved its full year guidance in line with management’s expectations.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20200226006050/en/Sales by Region: Sales FY19 (Photo: Business Wire)Q4 2019 Financial Highlights1
Orbia’s reported EBITDA reached $294 million USD, an increase of 9%, reflecting an 18.0% margin; normalized EBITDA (excluding the impact of IFRS 16 and one-time3 effects) increased 13%, yielding a margin of 18.5%, despite continuing headwinds related to the illegal import of refrigerant gases in Europe;

Orbia’s Fluent Business Group normalized EBITDA3 (excluding the impact of IFRS 16) increased 35%, driven by strong performance in the Dura-Line and Netafim businesses;

Orbia’s revenues decreased 3% to $1.6 billion, mainly impacted by lower sales in our Wavin, Koura and Dura-Line businesses;

Improvement in working capital drove higher cash generation of $312 million, with strong free cash flow conversion of 75.2% for the quarter.
Full Year 2019 Financial Highlights2
Orbia’s reported EBITDA reached $1.365 billion USD, reflecting a 19.5% margin; normalized EBITDA (excluding the impact of IFRS 16 and one-time3 effects) decreased 5.8%;

Orbia’s Fluent Business Group normalized EBITDA3 (excluding the impact of IFRS 16) increased 10%, driven by healthy growth in the Dura-Line and Netafim businesses;

Orbia’s revenues decreased 3% to $7.0 billion, mainly due to lower sales in the Vestolit and Wavin businesses;

The Netafim business performed strongly, achieving sales increase of 12%;

Orbia generated $414 million in free cash flow, reflecting a conversion rate of 30.3% across 2019.
1
Q4 2019 Financial Highlights as compared to Q4 2018
2
Full Year 2019 Financial Highlights as compared to 2018
3
We had a negative one-time effect from our Vestolit business amounting to $25 million USD, where we have accrued this amount in connection with potential liabilities relating to a previously disclosed investigation of the subsidiary by the European competition authorities. And Wavin LatAm accrued $3.7 million USD in restructuring costs for their Mexican operations.
Q4 and Full Year 2019 Financial Highlightsmm US$Fourth QuarterJanuary – DecemberFinancial Highlights20192018%Var.20192018% Var.Net sales
1,636

1,689

-3%

6,987

7,198

-3%
Operating income
155

122

27%

823

935

-12%
EBITDA
294

269

9%

1,365

1,397

-2%
EBITDA margin
18.0%

15.9%

209 bps

19.5%

19.4%

14 bps
EBITDA wo IFRS 16 effect
274

269

2%

1,287

1,397

-8%
Normalized EBITDA wo IFRS 16 effect
303

269

13%

1,316

1,397

-6%
EBT
91

47

94%

533

655

-19%
Income (loss) from continuing operations
30

43

-30%

327

460

-29%
Consolidated net income (loss)
30

46

-35%

327

483

-32%
Net majority income
(2)

32

N/A

207

355

-42%
Cash generation
312

282

11%

766

734

4%
CapEx
(71)

(83)

-14%

(261)

(283)

-8%
Free cash flow
221

187

18%

413

406

2%
Cash balance
586

700

-16%

586

700

-16%

Unless noted otherwise, all figures in this release are derived from the Interim Consolidated Financial Statements of the Company as of December 31, 2019 and are prepared in accordance with International Accounting Standard 34 “Interim Financial Reporting” of the International Financial Reporting Standards (IFRS), which has been published in the Bolsa Mexicana de Valores (BMV). See “Notes and Definitions” at the end of this release for further explanation of terms used herein.

Daniel Martinez-Valle, CEO of Orbia Advance Corporation, remarked, “2019 was an important year for our company. It marked the culmination of a multi-year acquisition strategy that had dramatically increased our global footprint and market penetration. We unveiled a new name, purpose and strategy that reflected our ability to tackle the world’s most pressing challenges and our drive to advance life around the world. We reorganized into five business groups focused on providing customer-centered solutions across the Data Communications (Dura-Line), Precision Agriculture (Netafim), Building and Infrastructure (Wavin), Fluor (Koura) and Polymer Solutions (Vestolit) verticals. And we started operationalizing our play-to-win strategy to capitalize on organic growth opportunities and deliver superior operational and financial performance.”

Added Martínez-Valle, “As we started doing in 2019, we will double down on operational excellence and focus on markets, products and solutions that will yield higher margins across our key verticals in 2020.” As initiated in 2019, the Company continues to work to control costs, optimize its working capital management and steer a disciplined capital allocation policy.
Outlook for 2020
Recent developments related to the Coronavirus outbreak have significantly increased uncertainty around economic growth that could negatively impact some of our key markets. Assuming no major disruption in the global economy, the Company feels confident that it will deliver mid-single digit growth in EBITDA and stronger free cash flow generation that will in turn result in a decrease in leverage. The Company continues to double down on its efforts to drive operational excellence and deliver superior operational and financial performance.
Consolidated Financial Information Revenues
In Q4 2019, revenues totaled $1.6 billion, down $53 million or 3% from Q4 2018, mainly due to lower sales in the Wavin and Dura-Line businesses.

In 2019 overall, revenues decreased to $7.0 billion, representing a 3% decline as compared to 2018, mainly due to lower sales in the Vestolit and Wavin businesses.
EBITDA
In Q4 2019, consolidated reported EBITDA was $294 million, up 9% from the $269 million reported in Q4 2018. The EBITDA margin for the quarter was 18.0%. Normalized EBITDA (excluding the impact of IFRS 16 and one-time effects) grew 13% with an implicit margin of 18.5%, due better product mix in Dura-Line and Netafim businesses in a context of lower costs of raw materials.
mm US$EBITDA4Q184Q19% Var.Vestolit
78

78

0%
Fluent
95

135

42%
Koura
74

73

-1%
Holding
22

8

-64%
Total2692949%
In 2019 overall, reported EBITDA was $1.4 billion, down 2% as compared to 2018. The reported EBITDA margin for the year was 19.5%. Normalized EBITDA (excluding the impact of IFRS 16 and one-time effects) declined 5.8% with an implicit margin of 18.8%, mainly due to lower profit margins from Vestolit amidst challenging market conditions as well as Koura, which was negatively affected by illegal imports of refrigerant gases in Europe.
mm US$EBITDA12M1812M19% Var.Vestolit
502

415

-17%
Fluent
503

590

17%
Koura
344

316

-8%
Holding
48

44

-8%
Total1,3971,365-2%Financial Costs
In Q4 2019, financial costs decreased by $12 million or 16%, as compared to Q4 2018. The decrease was mainly because in Q4 2018, we registered the full annual effect of the mark-to-market valuation of the put option granted to Netafim’s minority shareholders in connection with the Netafim acquisition, while in 2019 the effect was recorded on a quarterly basis.

In 2019 overall, costs increased $12 million, or 4% as compared to 2018. The increase was mainly due to the adoption of IFRS 16 which impacted net interest expenses as well as higher bank commissions related to the renewal of Orbia’s $1.5 billion revolving credit facility and Netafim’s refinancing of its bank loan. These increased costs were partially offset by a decrease in foreign exchange losses.
Taxes
In Q4 2019, income tax charges were $62 million as compared to $5 million in Q4 2018, resulting in an effective tax rate of 68% driven by the appreciation of the Mexican Peso over the US Dollar and due to higher fiscal profits generated by inflation in Mexico.

In 2019 overall, income tax charges amounted to $206 million as compared to $195 million in 2018. This resulted in an effective tax rate of 39% driven by the appreciation of the Mexican Peso over the US Dollar as well as by the repatriation of dividends, as cited in the Q3 2019 report.
Consolidated Net Majority Income (Loss)
Net majority income in Q4 2019 decreased $34 million, as compared to a $32 million decrease in Q4 2018, yielding a $2 million loss, mainly affected by the one-time effects and the higher income tax as mentioned above.

In 2019 overall, Orbia posted $207 million in net majority income, as compared to $355 million reported in 2018, due primarily to lower operating income.
Financial Performance by Business GroupFluent Business Group (including Wavin, Dura-Line, Netafim):mm US$ Fourth Quarter January – DecemberFluent 2019 2018 %Var. 2019 2018 % Var.Sales 
 939
 
 985
 
-5%
 
 3,999
 
 4,077
 
-2%
Wavin 
 533
 
 559
 
-5%
 
 2,328
 
 2,449
 
-5%
Dura-Line 
 141
 
 161
 
-12%
 
 667
 
 711
 
-6%
Netafim 
 269
 
 276
 
-3%
 
 1,063
 
 945
 
12%
Intercompany eliminations 
(4)
 
(11)
 
-64%
 
(59)
 
(28)
 
111%
Operating income 
 72
 
 12
 
500%
 
 341
 
 294
 
16%
EBITDA 
 135
 
 95
 
42%
 
 590
 
 503
 
17%
EBITDA wo IFRS 
 124
 
 95
 
31%
 
 550
 
 503
 
9%
Normalized EBITDA wo IFRS 
 128
 
 95
 
35%
 
 553
 
 503
 
10%

In Q4 2019, the Fluent Business Group posted revenues of $939 million, down 5% as compared Q4 2018. The drop was mainly due to a decline in Wavin’s overall sales in Latin America, impacted by sluggish activity in Mexico and Ecuador and as well as lower sales in our main European markets. Dura-Line was mainly impacted by lower sales in India and the shift to a more profitable product mix, while Netafim’s slight decline in sales was due to projects in India that concluded in 2018.

In 2019 overall, Fluent revenues decreased 2% to $4.0 billion as compared to 2018, mainly due to lower sales posted by Wavin Europe and Wavin LatAm as well as by Dura-Line. Dura-Line’s lower sales numbers were largely due to a continued shift to a more profitable product mix as well as a reduction in India sales. These declines were partially offset by a 12% increase in Netafim sales.
mm US$ Fourth Quarter January – DecemberFluent 2019 2018 %Var. 2019 2018 % Var.Sales 
 939
 
 985
 
-5%
 
 3,999
 
 4,077
 
-2%
Fluent Latam 
 247
 
 259
 
-5%
 
 1,032
 
 1,076
 
-4%
Fluent Europe 
 303
 
 299
 
1%
 
 1,320
 
 1,385
 
-5%
Fluent USA & Canada 
 111
 
 121
 
-8%
 
 531
 
 536
 
-1%
Fluent AMEA 
 14
 
 41
 
-66%
 
 110
 
 159
 
-31%
Netafim 
 269
 
 276
 
-3%
 
 1,063
 
 945
 
12%
Intercompany eliminations 
(5)
 
(12)
 
-58%
 
(58)
 
(23)
 
152%
Operating income 
 72
 
 12
 
500%
 
 341
 
 294
 
16%
EBITDA 
 135
 
 95
 
42%
 
 590
 
 503
 
17%
EBITDA wo IFRS 
 124
 
 95
 
31%
 
 550
 
 503
 
9%
Normalized EBITDA wo IFRS 
 128
 
 95
 
35%
 
 553
 
 503
 
10%

In Q4 2019, reported EBITDA for the Fluent Business Group increased 42%. Normalized EBITDA (excluding the impact of IFRS 16) grew 35% as compared to Q4 2018, with an implicit margin of 13.6%—an expansion of 400 basis points. This increase reflected a significantly higher profitability in the Dura-Line business due to a better product mix and lower average raw material costs, as well as the high performance of the Netafim business spurred by similar trends.

In 2019 overall, reported EBITDA for the Fluent Business Group was $590 million, up 17% from $503 million in 2018. The reported EBITDA margin was 14.8% as compared to 12.3% in 2018. Normalized EBITDA (excluding the impact of IFRS 16) grew 10% as compared to 2018, with an implicit margin of 13.8%—an expansion of 150 basis points, mainly due to higher profitability in the Dura-Line and Netafim businesses (see above paragraph.) The normalized EBITDA for the group included $3.7 million in restructuring costs related to an operational optimization plan for Wavin LatAm’s Mexican operations.
Vestolit (Polymer Solutions Business Group):mm US$ Fourth Quarter January – DecemberPolymer Solutions 2019 2018 %Var. 2019 2018 % Var.Volume (K tons) 
626
 
580
 
8%
 
2,557
 
2,524
 
1%
Total sales* 
549
 
552
 
-1%
 
2,334
 
2,460
 
-5%
Operating income 
19
 
26
 
-27%
 
182
 
301
 
-40%
EBITDA 
78
 
78
 
0%
 
415
 
502
 
-17%
EBITDA wo IFRS 
70
 
78
 
-10%
 
384
 
502
 
-24%
Normalized EBITDA wo IFRS 
96
 
78
 
23%
 
409
 
502
 
-19%

*Intercompany sales were $38 million and $44 million in 4Q19 and 4Q18, respectively. And as of December 2019 and 2018 were $144 million and $180 million, respectively.

In Q4 2019, Vestolit posted revenues of $549 million, down 1% as compared to Q4 2018. This slight decline was mainly due to lower caustic soda and PVC prices despite the higher sales volume.

In 2019 overall, Vestolit revenues decreased 5% to $2.3 billion, as compared to $2.5 billion in 2018, mainly due to challenging market conditions that resulted in lower caustic soda and PVC prices.

In Q4 2019, reported EBITDA for Vestolit was $78 million, remaining flat as compared to Q4 2018. During the quarter, Vestolit absorbed longer than expected maintenance work in one of its European plants as well as a one-time effect of $25 million in connection with potential liabilities relating to a previously disclosed investigation of Orbia’s European subsidiary by the EU competition authorities. Normalized EBITDA (excluding the impact of IFRS 16 and one-time effects) grew 23% as compared to Q4 2018—a 17.4% margin expansion totaling 330 basis points.

In 2019 overall, reported EBITDA for Vestolit was $415 million, down 17% from the $502 million posted in 2018. EBITDA (excluding the impact of IFRS 16 and one-time effects) declined 19% primarily due to lower caustic soda and PVC prices, down 47% and 5% respectively. Full year EBITDA was also impacted by a temporary force majeure of a key supplier in Germany, as well as longer than expected maintenance work in a main VCM supplier plant in the US. The normalized EBITDA margin (excluding the impact of IFRS 16 and one-time effects) was 17.5%, down from 20.4% in 2018.
Koura (Fluor Business Group):mm US$
 
Fourth Quarter
 
January – DecemberKoura
 
2019
 
2018
 
%Var.
 
2019
 
2018
 
% Var.Sales
 

187

 

193

 

-3%

 

805

 

837

 

-4%
Operating income
 

56

 

62

 

-10%

 

258

 

294

 

-12%
EBITDA
 

73

 

74

 

-1%

 

316

 

344

 

-8%
EBITDA wo IFRS
 

72

 

74

 

-3%

 

312

 

344

 

-9%

In Q4 2019, Koura revenues decreased 3% compared to Q4 2018. While the continuing impact of illegal imports of refrigerant gases in Europe constrained Koura’s “downstream” (i.e. higher value-added fluorinated products) business, strong performance in Koura’s “upstream” (i.e. fluorspar and HF) business partially offset this impact.

In 2019 overall, Koura revenues decreased 4% to $805 million, as compared to $837 million in 2018.

In Q4 2019, reported EBITDA was $73 million, down 1% from $74 million in Q4 2018, reflecting an EBITDA margin of 39.2% as compared to 38.5% in Q4 2018. This decline in EBITDA was mainly driven by the illegal import of refrigerant gases in Europe (see above).

In 2019 overall, reported EBITDA was $316 million, down 8% from $344 million in 2018, reflecting an EBITDA margin of 39.3% as compared to 41.1% in 2018. Again, this decline in EBITDA was mainly driven by the illegal import of refrigerant gases in Europe.
Operating Cash Flow Fourth Quarter January – Decembermm US$ 2019 2018 %Var. 2019 2018 % Var.EBITDA 
294
 
269
 
9%
 
1,365
 
1,397
 
-2%
Taxes paid, net 
(52)
 
(71)
 
-27%
 
(233)
 
(242)
 
-4%
Net interest / Bank commissions 
(28)
 
(49)
 
-43%
 
(261)
 
(237)
 
10%
Change in trade working capital 
120
 
201
 
-40%
 
(112)
 
(92)
 
22%
Others (Other assets – provisions, Net) 
(21)
 
(38)
 
-45%
 
36
 
4
 
800%
CTA and FX 
(1)
 
(29)
 
-97%
 
(29)
 
(94)
 
-69%
Cash generation 
312
 
282
 
11%
 
766
 
734
 
4%
CapEx 
(71)
 
(83)
 
-14%
 
(261)
 
(283)
 
-8%
Leasing payments 
(19)
 
(12)
 
58%
 
(92)
 
(45)
 
104%
Free cash flow 
221
 
187
 
18%
 
413
 
406
 
2%
FCF conversion (%) 75.2% 69.5% 0% 30.3% 29.1% 
 
Dividends to Shareholders 
(59)
 
(87)
 
-32%
 
(218)
 
(197)
 
11%
Buy-back shares program 
(1)
 
(16)
 
-94%
 
(41)
 
(67)
 
-39%
New debt (paid) 
(127)
 
(58)
 
119%
 
(125)
 
119
 
N/A
Minority interest payments 
(42)
 
(45)
 
-7%
 
(151)
 
(145)
 
4%
Mergers & Acquisitions 

 
(0)
 
 
 

 
(1,464)
 
-100%
Minority acquisition 

 
(159)
 
-100%
 

 
(159)
 
-100%
Collection of insurance PMV 

 

 
 
 

 
270
 
-100%
Unwind HSBC 
(0)
 

 
 
 
8
 

 
 
Net change in cash 
(8)
 
(178)
 
-96%
 
(114)
 
(1,237)
 
-91%
Initial cash balance 
594
 
878
 
-32%
 
700
 
1,937
 
-64%
Cash balance 
586
 
700
 
-16%
 
586
 
700
 
-16%
(1)
PMV’s insurance A/R is not included in trade working capital calculation.

(2)

Trade working capital variation (Dec 18 vs Dec 17) includes Netafim’s proforma results for comparative purposes.

In Q4 2019, Orbia’s cash generation and free cash flow was $312 million and $221 million respectively, resulting in a strong free cash flow conversion rate of 75.2%. Cash generation was positively influenced by improvements in working capital management. Additionally, Orbia continued to maintain a disciplined approach to capital deployment during the quarter.
Financial Debt  Last Twelve Months Dec 2019 Dec 2018Net Debt USD million 
2,865
 
2,871
Net Debt/EBITDA 12 M 
2.10x
 
2.05x
Interest coverage 
6.09x
 
6.62x

As of December 31, 2019, Orbia’s net financial debt totaled $2.9 billion, from a total financial debt of $3.5 billion less cash and cash equivalents of $586 million.

As of December 31, 2019, Orbia’s net debt/EBITDA ratio was 2.10x, while the Company’s interest coverage ratio (EBITDA/interest expense) was 6.09x.
Conference Call Details
Orbia will host a conference call to discuss Q4 2019 results on February 27, 2020 at 10:00am Mexico City/11:00 am (US Eastern Time). To access the call, please dial 001-855-817-7630 (Mexico), 1-888-339-0721 (United States) or 1-412-317-5247 (International).

Participants may pre-register for the conference call here.

The live webcast can be accessed here.

A recording of the webcast will be posted several hours after the call is completed on Orbia’s website.

For all company news, please visit Orbia’s newsroom.
Consolidated Income Statement
 
USD in millions Fourth QuarterJanuary – DecemberIncome Statement 2019 2018 %2019 2018 %Net sales 
1,636
 
1,689
 
-3%

6,987
 
7,198
 
-3%
Cost of sales 
1,176
 
1,283
 
-8%

5,029
 
5,199
 
-3%
Gross profit 460 406 13%1,958 1,999 -2%Operating expenses 
305
 
284
 
7%

1,135
 
1,064
 
7%
Operating income (loss) 155 122 27%823 935 -12%Financial Costs 63 75 -16%296 284 4%Equity in income of associated entity – – 
 
(4) (4) 0%Income (loss) from continuing operations before income tax 91 47 94%533 655 -19%Cash tax 
72
 
58
 
24%

243
 
226
 
8%
Deferred taxes 
(10)
 
(53)
 
-81%

(37)
 
(31)
 
19%
Income tax 62 5 1140%206 195 6%Income (loss) from continuing operations 30 43 -30%327 460 -29%Discontinued operations 
1
 
4
 
-75%


 
23
 
-100%
Consolidated net income (loss) 30 46 -35%327 483 -32%Minority stockholders 
32
 
15
 
113%

120
 
128
 
-6%
Net income (loss) (2) 32 N/A207 355 -42% 
 
 
 
 
 

 
 
 
 
 
EBITDA 
294
 
269
 
9%

1,365
 
1,397
 
-2%
EBITDA wo IFRS 16 effect 
274
 
269
 
2%

1,287
 
1,397
 
-8%
Normalized EBITDA wo IFRS 16 effect 
303
 
269
 
13%

1,316
 
1,397
 
-6%

 

 

 

 
Consolidated Balance Sheet
 
 USD in millionsBalance sheet 2019 2018Total assets 10,057 10,075
Cash and temporary investments
 
586
 
700

Receivables
 
1,158
 
1,150

Inventories
 
834
 
866

Others current assets
 
273
 
262

Property, plant and equipment, Net
 
3,349
 
3,507

Intangible assets and Goodwill
 
3,258
 
3,345

Right of use Fixed Assets, Net
 
337
 

Long term assets
 
262
 
245
Total liabilities 6,963 6,905
Current portion of long-term debt
 
322
 
396

Suppliers
 
1,264
 
1,414

Short-term leasings
 
78
 
18

Other current liabilities
 
913
 
881

Long-term debt
 
3,129
 
3,175

Long-term employee benefits
 
229
 
195

Long-Term deferred tax liabilities
 
335
 
349

Long-term leasings
 
267
 
15

Other long-term liabilities
 
426
 
462
Consolidated shareholders’equity 3,094 3,170
Minority shareholders’ equity
 
719
 
761
Majority shareholders’ equity 2,375 2,409Total liabilities & shareholders’ equity 10,057 10,075Notes and Definitions
The results contained in this release have been prepared in accordance with International Financial Reporting Standards (“NIIF” or “IFRS”) having US Dollars as the functional and reporting currency. Figures are presented in millions, unless specified otherwise.

Commencing Q1 2019, Business Groups EBITDAs are reported inclusive of corporate charges and intercompany royalties; comparable prior year figures have been adjusted accordingly.

In our continuous effort to better inform the market and as part of our transformation journey to become a more customer-centric organization, beginning in Q1 2019, we have presented Fluent revenues geographically and by global business division: Wavin (Building & Infrastructure in Europe and Amanco in LatAm), Dura-Line (Fluent US and Canada and Fluent AMEA – Datacom) and Netafim (Precision Agriculture).

The Fluent Business Group’s prior year results include those of Netafim as of the February 7, 2018 acquisition closing date.

Figures and percentages have been rounded and may not add up.
About Orbia
Orbia is a community of companies bound together by a shared purpose: to advance life around the world. Orbia’s business groups have a collective focus on ensuring food security, reducing water scarcity, reinventing the future of cities and homes, connecting communities to data infrastructure, and expanding access to health and wellness with advanced materials. The business groups include Precision Agriculture, Building and Infrastructure, Fluor, Polymer Solutions, and Data Communications, which collectively pursue human-centric solutions to global challenges. Orbia has commercial activities in more than 100 countries and operations in 41, with global headquarters in Mexico City, Boston, Amsterdam, and Tel Aviv.
Prospective Information
In addition to historical information, this press release contains “forward-looking” statements that reflect management’s expectations for the future. The words “anticipate,” “believe,” “expect,” “hope,” “have the intention of,” “might,” “plan,” “should” and similar expressions generally indicate comments on expectations. The final results may be materially different from current expectations due to several factors, which include, but are not limited to, global and local changes in politics, the economy, business, competition, market and regulatory factors, cyclical trends in relevant sectors; as well as other factors that are highlighted under the title “Risk Factors” in the annual report submitted by Orbia to the Mexican National Banking and Securities Commission (CNBV). The forward-looking statements included herein represent Orbia’s views as of the date of this press release. Orbia undertakes no obligation to revise or update publicly any forward-looking statement for any reason unless required by law.”

Orbia has implemented a Code of Ethics that helps define our obligations to and relationships with our employees, clients, suppliers and others. Orbia’s Code of Ethics is available for consulting in the following link: http://www.Orbia.com/Codigo_de_etica.html. Additionally, according to the terms contained in the Mexican Securities Exchange Act No 42, the Orbia Audit Committee has established a “hotline” system permitting any person who is aware of a failure to adhere to applicable operational and accounting records guidelines, internal controls or the Code of Ethics, whether by the Company itself or any of its controlled subsidiaries to file a complaint (including anonymously). This system is operated by an independent third-party service provider. The system may be accessed via telephone in Mexico, the website at http://www.ethic-line.com/Orbia, or e-mail at Orbia@ethic-line.com. Orbia’s Audit Committee has oversight responsibility for ensuring that all such complaints are appropriately investigated and resolved.
View source version on businesswire.com: https://www.businesswire.com/news/home/20200226006050/en/


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