23
Strength and
determination
Annual Report
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gmexico.mx
Index
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08
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66
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Letter to Shareholders
Grupo México Results
Mining Division
Transportation Division
Infrastructure Division
Fundación Grupo México
and Community Development
Board of Directors and Management Team
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BUENAVISTA DEL COBRE MINE, CANANEA, SONORA, MEXICO.
INFORME ANUAL 2021 Letter to
Shareholders
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TEQUILA TRAIN, JALISCO, MEXICO.
In the national and international context of regulatory changes and economic
and social uncertainty that defined the year 2023, Grupo México reiterated
its commitment to growth and, at the same time, took advantage of new
business opportunities. As a result, the Grupo's capital investments for the
year totaled US$1.91 billion dollars.
Our strength, determination and long-term vision are decisive factors in
achieving positive operating and financial results. Despite the volatile
environment, in the Mining Division we consolidated the Pilares project in
Sonora during 2023, which reached its total annual production capacity of
30 thousand tons of copper concentrates. Therefore, copper production
grew 2.3 percent to 1,029,854 annual tons, which in part is also due to the
efficiency of SPCC's operations in Peru and ASARCO's operations in Arizona.
The results that our company has achieved have been possible thanks to
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the perseverance, dedication and talent of our more than 30,000 highly
specialized direct employees in the four countries where we operate, as well
as the trust of our shareholders, who contribute capital to embody this great
group of companies.
INFORME ANUAL 2021
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We have two highways in
Guanajuato with a traffic
flow of more than 10 million
vehicles.
Our commitment to environmental care, governance and best social
practices is permanent and is consolidated as a fundamental factor of our
business model.
In Fundación Grupo México, and after nine years in operation, Dr. Vagón,
the Health Train, successfully completed its scheduled routes on our tracks,
covering 23 states in Mexico, 39 communities and 12,153 kilometers.
This year, Dr. Vagón provided more than 245,000 free medical services.
Through the Escuchar Sin Fronteras (Hearing Without Borders) program, the
foundation implanted 40 cochlear devices 2023.
On the environmental front, the foundation donated 3.2 million trees
from our seven nurseries to 152 municipalities through its Restauración de
Cuencas (Watershed Restoration) and Islas Verdes (Green Islands) programs.
We continue to produce more than 6.2 million trees annually.
Regards,
GERMÁN LARREA
Chairman of the Board
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SALAMANCA-LEON HIGHWAY, GUANAJUATO, MEXICO.
8 | 9
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Grupo
México results
In 2024, we expect to see significant growth in terms of copper and zinc production
as a result of our Pilares and Buenavista Zinc projects.
Grupo México
Thousands of dollars
Fourth Quarter
Variation
January - December
Variation
2022
2023
Thousands
of USD
%
2022
2023
Thousands
of USD
%
Revenues
$ 3,787,672
$ 3,412,115
$ (375,557)
(9.9)
$ 13,870,313
$14,366,895
$ 496,581
3.6
Cost of sales
$ 1,667,298
$ 1,768,312
$ 101,014
6.1
$ 6,445,020
$ 6,940,866
$ 495,846
7.7
Operating Profit
$ 1,623,929
$ 1,098,534
$ (525,395)
(32.4)
$ 5,650,444
$ 5,433,042
$ (217,402)
(3.8)
EBITDA
$ 2,089,024
$ 1,544,135
$ (544,889)
(26.1)
$ 7,138,944
$ 7,059,559
$ (79,385)
(1.1)
EBITDA Margin
55.2%
45.3%
51.5%
49.1%
Net Profit
$ 872,305
$ 638,025
$ (234,280)
(26.9)
$ 2,855,530
$ 2,935,346
$ 79,816
2.8
Profit Margin
23.0%
18.7%
20.6%
20.4%
Investments
Employees
$ 511,024
$ 501,726
$ (9,298)
(1.8)
$ 1,542,361
$ 1,909,323*
$ 366,962
23.8
30,086
30,702
616
2.0
30,086
30,702
616
2.0
* Includes acquisition of Planigrupo (US$248 million)
Grupo México employed over 30,000
direct employees and 110,000 indirect
employees throughout the year.
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400-TON DIESEL/ELECTRIC ORE TRUCK IN CANANEA, SONORA, MEXICO.
INFORME ANUAL 2021
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Sales by Division
Thousands of dollars
Infrastructure
2.7%
Transportation
21.7%
Mining
75.6%
$392,912
$3,113,146
$10,860,837
$14,366,895
Net Income by Division
Thousands of dollars
Infrastructure
1.9%
Transportation
16.6%
Mining
81.6%
$54,783
$481,809
$2,372,331
$2,935,346
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ORE CONVEYOR BELT, BUENAVISTA DEL COBRE, CANANEA, SONORA, MEXICO.
* The sum is different from the total due
to intercompany transactions.
We reinvested
US$1.91 billion,
65% of our profits.
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Realized sales
Mexico
US
Europe
Asia
LATAM*
40.8%
20.3%
16.6%
13.7%
8.6%
* Does not include Mexico.
Total US$14.36
billion
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Capital Investments
Focused on generating long-term value, we invested US$1.91 billion in 2023—
a 24% increase compared to 2022. For 2024, we have an investment plan of
approximately US$1.97 billion as a company in different projects to continue
generating a positive impact through job creation and economic benefits in the
countries where we operate.
Investments (millions)
Mining
2023
2024
US$ 1,166
US$ 1,231
Transportation
Infrastructure
Total
US$ 427
US$ 491
US$ 317
US$ 248
US$ 1,910
US$1,970
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We are the fifth largest copper
producer in the world.
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Consolidated Debt
76% of the debt contracts are dollar-denominated, and 24% are peso-denominated.
95% of the debt has a fixed rate with excellent terms. Gross debt is US$8.91 billion
and net debt is US$2.32 billion with a ratio of 0.3x net debt to EBITDA.
Grupo México has a maturity schedule with comfortable payments for the next
few years.
Grupo México Maturities
As at December 31, 2023
Mining Division
Transportation Division
Infrastructure Division
1,600
1,400
1,200
1,000
800
600
400
200
0
1,500
1,200
1,112
1,021
1,000
15
956
765
509
248
211
52
59 64 68
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CRANE MOVING CONTAINERS AT INTERMODAL TERMINAL IN SILAO,
GUANAJUATO, MEXICO.
US$ Million
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SILVER BELL MINE PIT, ARIZONA, USA.
Stock performance and
dividend payments
Grupo México maintains its commitment to generate value
for its shareholders, seeking sustained growth and striving to
increase productivity with a focus on cost optimization.
During 2023, the company maintained the average dividend
yield at levels of 4%.
GMEXICO share price vs. Average
Copper Price - COMEX
January - December 2023
Share price
COMEX copper price (MXN/lb)*
The company's shares appreciated 38% in pesos and 59% in
dollar terms during the year, significantly outperforming the
annual returns of the Mexican stock market index (IPC) in
74.18
69.40
94.18
66.03
peso terms by 18%. Grupo México closed the year as one of
2023
Feb
Mar
Apr
May
Jun
Jul
Agu
Sep
Oct
Nov
Dec
the largest companies on the Mexican Stock Exchange (BMV)
in terms of market capitalization and marketability.
* Equivalent average price in Mexican pesos
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ENEFEBMARABRMAYJUNJULAGOSEPTOCTNOVDICPrecio de la acción GmexPrecio promedio del cobre - COMEX
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Credit Profile
We are proud to share that, in 2023, credit rating agencies
Fitch and S&P confirmed Grupo México's BBB+ credit rating,
with a stable outlook. The rating agencies emphasized the
benefits that Grupo México obtains from the diversification
of its businesses, in addition to its leadership as one of the
largest copper producers in the world, with a remarkable track
record in project development and a portfolio with significant
organic growth.
Thanks to the discipline
followed for many years and
to significant investments in
exploration, we are the copper
producer with the lowest
cash-cost in the industry
worldwide and number one
in copper reserves.
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INTERMODAL TRAIN IN CUYUTLAN, COLIMA, MEXICO.
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FLAMINGOS ARE MIGRATORY BIRDS, FEEDING ON SMALL CRUSTACEANS THAT LIVE IN THE
WETLANDS, WHICH PRODUCE THE PINK COLORATION OF THEIR PLUMAGE.
GRUPO MÉXICO REMEDIATED THE BAY OF ITE AND CREATED ONE OF THE
MOST IMPORTANT WETLANDS IN THE AMERICAS.
The Ite wetlands are part of
Grupo México's daily efforts as
part of its strategy to preserve
and protect biodiversity and
ecosystems at all levels.
Over 20 years, Grupo México has developed one of the largest ecosystems for
biodiversity conservation at Ite. Parcels of land were built and flooded; vegetation
was introduced. Canals, floodgates and spillways were built to control water levels
and today the water quality and the flora and fauna populations that live there are
constantly monitored.
1,600
hectares, the largest in Peru.
150
resident and migratory bird species.
25
years working on the recovery of Ite Bay.
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AMERICAN OYSTERCATCHER. SHOREBIRD THAT FEEDS ON MARINE MOLLUSKS. ITS GLOBAL
POPULATION IS 3,000 INDIVIDUALS AND IT IS CONSIDERED AN ENDANGERED SPECIES.
The wetlands of Ite are composed of shallow water bodies,
floating grasses, cattails and reeds, as well as grassland areas.
Greater biodiversity
With 15,000 resident and migratory birds, Ite is the wetland
with the greatest diversity of birds of all the wetlands
inventoried in Peru. There are currently more than 150 bird
species registered, certified by the National Forestry and
Wildlife Service of Peru (SERFOR, for its spanish acronym),
50% of which are resident and 50% migratory.
Wetlands represent
6% of the planet’s surface.
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2323
FLORA OF THE ITE WETLAND.
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Highlights
In 2023, Grupo México paid
US$2.72 billion in taxes in Mexico,
Peru and the United States.
2021
2022
2023
Var. %
2023/2022
2021
2022
2023
Var. %
2023/2022
Volumes sold *
Copper
Zinc
Silver
Gold
Molybdenum
(tons.)
(tons.)
(thousands of ounces)
(ounces)
(tons.)
1,058,348
91,570
20,115
42,428
30,319
985,438
101,140
19,830
52,763
26,266
Average price (dollars)
Copper (COMEX)
(pound)
Zinc (LME)
(pound)
$ 4.24
$ 1.36
$ 4.01
$ 1.58
Silver (COMEX)
(ounce)
$ 25.18
$ 21.76
1,012,623
99,677
19,078
43,504
26,875
$ 3.86
$ 1.20
$ 23.41
Gold (LF)
(ounce)
$ 1,799.58
$ 1,800.80
$ 1,942.74
Molybdenum (MW DEALER OXIDE)
(pound)
$ 15.85
$ 18.76
$ 24.14
Volumes transported
Net tons-kilometers
(million tons.)
69,252
63,114
Carloads
(thousands of units)
1,908.4
1,885.5
65,400
1,881.8
Balance sheet (millions of dollars)
Current Assets
Fixed Assets
Total Assets
Bank Liabilities
Total Liabilities
Total Shareholders’ Equity
Income Statement (millions of dollars)
Total Sales
Cost of Sales
Taxes Incurred***
EBITDA
Net Profit
$ 10,312
$ 10,099
$ 10,634
$ 16,970
$ 17,342
$ 30,359
$ 30,334
$ 8,782
$ 8,396
$ 13,584
$ 16,775
$ 12,547
$ 17,787
$ 18,357
$ 32,355
$ 8,801
$ 13,307
$ 19,048
$ 14,777
$ 13,870
$ 14,367
$ 5,565
$ 2,453
$ 8,933
$ 3,706
$ 6,445
$ 1,893
$ 7,139
$ 2,856
$ 6,941
$ 1,792
$ 7,060
$ 2,935
3
(1)
(4)
(18)
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(4)
(24)
8
8
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(0)
5
6
7
5
6
7
4
8
(5)
(1)
3
Cash flow (millions of dollars)
Generated by the Operation
Dividends Paid
Taxes Paid***
Applied to Financial Activities
Used in Investments
Cash Flow after Investments and Financial Acts.
Financial Ratios
Operating Margin
EBITDA Margin
Current Assets to Current Liabilities (times)
Total Liabilities to Total Assets
Debt /Total Stockholders’ Equity + Debt
$ 5,627
-$ 2,872
$ 2,964
-$ 228
-$ 1,362
$ 1,165
51%
60%
2.2
45%
34%
$ 4,136
-$ 2,461
$ 3,336
-$ 572
-$ 1,542
-$ 439
41%
51%
2.4
41%
32%
$ 5,144
-$ 2,282
$ 2,724
- $ 246
-$ 1,910
**
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(7)
(18)
(57)
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$ 956
(318)
38%
49%
2.4
41%
32%
(7)
(5)
1
(1)
(1)
(6)
EBITDA/Interest
(times)
16.24
13.32
12.54
Grupo México
Employees
Annual Inflation
Mexico
United States
Peru
Average Exchange Rate
Mexico
Peru
29,707
30,086
30,702
2
7%
7%
6%
8%
6%
8%
5%
3%
3%
(pesos/dollar)
(soles/dollar)
$ 20.28
$ 3.88
$ 20.12
$ 3.84
$ 17.76
$ 3.75
(38)
(50)
(63)
(12)
(2)
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Stated in accordance with US Generally Accepted Accounting Principles (US GAAP)
* Throughout the report, tons are metric and ounces are troy.
** Includes acquisition of Planigrupo.
*** Taxes Incurred refers only to income tax; Taxes Paid includes all taxes (income tax, VAT, withholdings, etc.)
Mining
Division
MISSION MINE, SAHUARITA, ARIZONA, UNITED STATES.
Dr. Vagón, el Tren de la Salud
en Viaducto Ferroviario Manzanillo, Colima, México.
UNDERGROUND MINE EMPLOYEE.
US$10.86
billion in mining sales
in 2023
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LA CARIDAD CONCENTRATOR PLANT, NACOZARI DE GARCÍA, SONORA, MEXICO.
Mining
Division
Thousands of dollars
Revenues
Cost of sales
January - December
Variation
2022
2023
Thousands of USD
%
$ 10,968,118
$ 10,860,837
$ (107,281)
(1.0)
$ 5,304,370
$ 5,413,164
$ 108,795
2.1
Operating Profit
$ 4,542,736
$ 4,264,960
$ (277,776)
(6.1)
EBITDA
$ 5,652,726
$ 5,269,878
$ (382,848)
(6.8)
EBITDA Margin
51.5%
48.5%
Net Profit
Profit Margin
Investment
Actual tax rate
$ 2,456,863
$ 2,372,331
$ (84,532)
(3.4)
22.4%
21.8%
$ 1,084,765
$ 1,166,022
$ 81,257
7.5
38.1%
36.3%
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Americas Mining Corporation (AMC) is a
U.S.-based company of Grupo México that
owns mining concessions and operations in
Mexico and Peru, ASARCO with three mines
and plants in the United States,
and Minera Los Frailes in Spain.
In 2023, we were the largest copper producer in Mexico and Peru, and the third
largest in the United States.
Throughout the years, we have continuously and consistently invested most of our
profits. We have several important projects for the organic growth of the company.
The mining investments that we will make are:
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a) US$665 million in Mexico
b) US$344 million in Peru
c) US$157 million in the United States
Total: US$1.16 billion
INFORME ANUAL 2021
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Baja
California
01
Arizona
16
03
02
24
05
22
04
Sonora
18
06
38
09
19
25
Chihuahua
11
39
20
12
17
Texas
13
26
Zacatecas
14
21
S.L. Potosi
Mexico
City
40
27
Michoacan
15
Guerrero
PACIFIC OCEAN
Mining
OPEN PIT MINES
POLYMETALLIC UNDERGROUND MINES
PROJECTS
GULF OF MEXICO
Spain
33
01 Ray
02 Mission
03 Silver Bell
MINE AND PLANT
04 Planta de Cal
05 Buenavista de Cobre
06 La Caridad
07 Tantahuatay
GOLD MINE
11 Santa Eulalia
12 Santa Barbara
13 San Martin
14 Charcas
15 Taxco
PLANTS
16 Hayden
17 Amarillo
30
08 Cuajone
COPPER MINE
09 Pilares
COPPER
10 Toquepala
COPPER MINE
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19 Terminal Guaymas
20 Taller Central
21 Refineria Electrolitica de Zinc
22 Buenavista Zinc
23
Ilo
24 El Pilar
COPPER
25 El Arco
COPPER
33 Los Frailes
POLYMETALLIC
34 Caldera
GOLD AND SILVER
26 Chalchihuites
35 Cañadon del Moro
POLYMETALLIC UNDERGROUND MINE
SILVER
Ecuador
27 Angangueo
POLYMETALLIC UNDERGROUND MINE
28 Chaucha
COPPER
29 Los Chancas
COPPER
30 Tia Maria
COPPER
31 Catanave
COPPER
32 Michiquillay
GOLD AND COPPER
36 La Hoyada
COPPER
37 Esperanza
GOLD AND SILVER
OFFICES
38 Hermosillo
CORPORATE
39 Chihuahua
CORPORATE
40 Mexico
CORPORATE
41 Lima
CORPORATE
Peru
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07
32
41
29
30
10
23
08
31
Chile
35
34
36
37
Argentina
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INFORME ANUAL 2021
Contamos con los mayores recursos
minerales de cobre a nivel mundial
Construction
20%
Copper
Copper is present in our daily lives, from its most everyday uses as a
comprehensive part of the food and drinking water supply or in our cell phones,
to the role it plays in the development of new technologies that enable the
decarbonization of the economy.
Its main uses are:
Power grid
44%
To have electrical energy in a home, copper is used in components such as:
Used for the wiring of:
• Transmission and distribution cables
• Transformers
• Grounding conductors
• Connections and terminals
• Electrical substations
• Grounding systems
• Power generation equipment
There can be up to 200kg of copper in a house.
• Electrical cables
• Structures
• Water piping and plumbing systems
• Roofing and coatings
• Heating and air conditioning systems
• Antibacterial coatings
• Facade components
• Lightning protection systems
• Lighting systems
• Fire protection systems
• Industrial machinery
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Contamos con los mayores recursos
minerales de cobre a nivel mundial
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Transportation
12%
Appliances and electronics
14%
It is the most common raw material used in the manufacture of household appliances
that use electric motors.
• Refrigerators and freezers
• Washers and dryers
• Blenders and food processors
• Ovens and stoves
• Televisions and electronic devices
• Fans and exhaust fans
• Computers
• Smartphones and tablets
• Monitors
Others
• Digital cameras and camcorders
• Videogame consoles
• Network devices, routers,
modems
10%
It is present in:
It is present in:
34
• Automobiles and land vehicles
• Brake, antilock, electronic fuel injection, fuel, and air
conditioning systems
• Chips and sensors
• Trains and streetcars
• Electrification of tracks, control and communication systems,
engines and lighting systems for railcars
• Ships and vessels
• Electric propulsion, communication and navigation systems
• Aircraft and airships
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• Electric cars, engines, batteries, charging and cooling systems
• Aerospace industry, electric propulsion systems
• Marine industry, seawater desalination systems and corrosion
protection equipment
• Food industry, food processing equipment, refrigeration
equipment and temperature control systems
• Healthcare, manufacturing of medical and surgical equipment,
diagnostic devices, medical imaging equipment
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Tons of copper produced
Concentrators
SX/EW
2022
Concentrators
SX/EW
2023
Minera México
436,259
116,624
315,370
79,707
26,451
32,525
552,883
341,820
112,232
426,330
110,546
348,884
86,163
25,253
32,678
536,876
374,137
118,841
831,336
175,599
1,006,935
861,377
168,477
1,029,854
SPCC
ASARCO
Total
Share % and var. vs. 2022
82.6%
17.4%
83.6%
16.4%
2.3%
Summary of production of other metals (tons)
Mine
Product
Zinc
Lead
Gold (ounces)
Silver (ounces)
Molybdenum
Refined metals and semi-processed products
Product
High purity refined copper
Copper Rod
Refined Zinc
Refined Gold (ounces)
Refined Silver (ounces)
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Sulfuric acid
Cadmium
Lime
2021
2022
2023
66,958
17,104
60,631
60,010
16,590
65,134
65,509
18,746
65,372
20,234,222
19,663,241
19,527,146
30,262
26,240
26,836
2021
2022
2023
668,210
245,003
92,672
42,628
710,994
203,787
99,893
43,307
676,697
154,304
101,013
37,667
13,690,329
14,271,702
10,926,675
2,228,926
2,393,615
2,415,234
526
274,403
671
346,066
513
240,000
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400 TON DIESEL-ELECTRIC TRUCK AND SHOVEL AT TOQUEPALA MINE, PERU.
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Projects
in Mexico
AGUA PRIETA LIME PLANT, SONORA, MEXICO.
El Arco
Buenavista Zinc
El Pilar
Angangueo
Progress
• One of the largest untapped copper
•
deposits in the world
Preparation of studies for port, power
supply lines, energy, housing and
infrastructure facilities underway
• During 2023, the construction
of the plant was completed,
allowing the start of tests for its
commissioning
It will begin operating in the
first quarter of 2024, following
technical adjustments to the
concentrator, which will result in a
significant increase in production
•
Progress
• Adequate copper recovery was
confirmed in the test leach dumps. Work
is underway to improve recovery levels
and options for optimization are being
evaluated
• The basic engineering of the project was
completed and the company is involved
in the development of environmental
projects and activities at the site
• Basic engineering in progress
• MIA update pending
Start date
of operation
Capacity
Awaiting approval
by the authorities
First quarter of 2024
190,000 tons of copper
105,000 ounces of gold
35,000 tons of copper
100,000 tons of zinc
Investment
Millions of Dollars
$9,008
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Jobs
24,300
Mine lifespan
in years
More than 40
$439
2,330
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Start date
of operation
2027
Capacity
36,000 tons of copper
To be determined
10,000 tons of copper
2,000,000 tons of silver
Investment
Millions of Dollars
$310
Jobs
2,030
Mine lifespan
in years
More than 13
Total Projects Mexico
$248
2,830
18
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US$10.00
billion
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Projects
Michiquillay Peru
Tia Maria Peru
Aznalcollar Spain
COPPER REFINERY IN NACOZARI DE GARCIA, SONORA, MEXICO.
Progress
In final exploration
Start date
of operation
2029
Awaiting approval by the
authorities
2025
Capacity
269,000 tons of copper eq
120,000 tons of copper
Investment
Millions of Dollars
$3,130
Jobs
Mine lifespan
in years
6,000
40
$1,514
2,800
21
40
Total projects in Peru
Start date
of operation
•
It has received a favorable Environmental Report from the Delegación
Territorial de Medio Ambiente (Department of the Environment)
• The project is moving forward through a meticulous and demanding
environmental process to obtain the Unified Environmental
Authorization in the short term and accelerate the start of operations
Capacity
125,000 tons of zinc
Investment
Millions of euros
Jobs
Mine lifespan
in years
$450
2,000
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US$4.64
PRESA DE JALES, CANANEA, SONORA, MÉXICO.
billion
We are working on several projects
in Mexico, Peru, the United States
and Spain, with an investment of
more than US$21.21 billion.
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Explorations
Mexico
Chalchihuites, Zacatecas
• Skarn type deposit.
• Drilling programs conducted between 1980 and 2014
identified 12.6 million tonnes of ore with an average silver
content of 110 grams per ton, 2.66% zinc, 0.37% lead, and
0.67% copper.
Bella Union (La Caridad), Sonora
• Breccia-type
satellite deposit with copper and
molybdenum mineralization
located
less
than one
kilometer from the southern limit of the La Caridad pit.
• A total of 61 million tons of copper sulfides with a copper
ore grade of 0.67% and 69 million tons of leachable ore
with 0.20% copper have been identified.
Peru
Los Chancas, Apurimac
• Porphyry copper and molybdenum deposit. 545 million
42 tons of mineralized rock with a mineral content of
0.59% copper, 0.04% molybdenum and 0.039 grams of
gold per ton. 181 million tons of leached mineralized rock
with 0.357% copper content.
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LA CARIDAD MINE. AT THE END OF ITS USEFUL LIFE, IT WILL BECOME A WATER RESERVOIR AND
THE SOIL WILL BE RESTORED TO ITS NATURAL STATE. NACOZARI DE GARCIA, SONORA, MEXICO.
Transportation
Division
BULK TRAIN, LA BARCA, JALISCO, MEXICO.
EMPLOYEE AT TORREON TERMINAL, MEXICO.
US$3.17
billion in Transportation
revenue in 2023
We transport more than 1.9 million
carloads per year from different
industries to supply the country,
equivalent to 6 million trailers.
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UNLOADING OF BILEVEL CARS.
Transportation
Division
Thousands of Dollars
January - December
Variation
2022
2023
Thousands of USD
%
Vol. Transported (Million Tons/Km)
63,114
65,400
2,286
Loads transported
1,885,478
1,881,818
$ (3,660)
3.6
(0.2)
17.2
17.7
15.5
16.0
$ 2,712,743
$ 3,178,482
$ 465,739
$ 1,387,791
$ 1,632,969
$ 245,178
$ 857,086
$ 989,573
$ 132,487
$ 1,234,111
$ 1,431,761
$ 197,650
45.5%
45.0%
$ 481,671
$ 481,809
$ 138
0.0
17.8%
15.2%
Revenues
Cost of Sales
Operating Profit
EBITDA
EBITDA Margin
Net Profit
Profit Margin
The volume transported increased 3.6% compared to 2022, reaching 65.40
billion net tons-km. Volume growth was led by the automotive segment,
with a 19% increase in net tons-km, followed by the intermodal segment,
which grew by 8% in net tons-km, and lastly, by the agriculture segment.
Ferromex is expected to invest around
MXN$3.2 billion in various construction
works related to Road Safety Programs,
corresponding to government and
municipal works for which we will
be compensated with additional years
of exclusivity.
For reasons of national security, President López Obrador decided that the
Government should operate the Medias Aguas to Coatzacoalcos section,
which Ferrosur held as a concession, and to instead grant this company
the right of way over the section.
As of December 15, 2023, the government is responsible for providing
maintenance and ensuring the safety of trains running on this section of
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the track, which primarily handles hazardous chemical materials. GMXT
pays a right-of-way for each rail car traveling on this part and the Medias
Investments
$ 376,487
$ 426,655
$ 50,168
13.3
Aguas to Salina Cruz section.
In exchange for possession of the railway by the Government, we were
compensated with eight more years of concession and exclusivity.
INFORME ANUAL 2021
UP
Mexicali
Pascualitos
UP
Nogales
BNSF / UP
El Paso
Cd. Juarez
BNSF / FWWR
Coleman
Ft. Stockton
San Angelo
BNSF / CN /
CSX / NS
Mobile
Benjamin Hill
Hermosillo
Guaymas
Ojinaga
Presidio
Alpine
Chihuahua
Piedras Negras
BNSP / UP
Eagle Pass
Sufragio
Cd. Frontera
Topolobampo
Culiacan
Torreon
Paredón
R. Arizpe
Mazatlan
PACIFIC OCEAN
Zacatecas
Aguascalientes
Tepic
Monterrey
Cd. Victoria
Altamira
Tampico
Coatzacoalcos-Mobile
Railferry
GULF OF MEXICO
GMXT
Network
Guadalajara
Silao
Celaya
Penjamo
Irapuato
Manzanillo
Colima
Ajuno
Veracruz
Mexico
City
Puebla
Coatzacoalcos
Sanchez
Medias Aguas
Salina Cruz
GMXT
Rights of way
Connections
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CSX / NS
Jacksonville
Orlando
Fort Pierce
West Palm Beach
Fort Lauderdale
Miami
Coatzacoalcos-Miami
Railferry Project
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INFORME ANUAL 2021
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INTERMODAL TRAIN IN SANTA ANA, JALISCO, MEXICO.
Revenues by Segment
Tons per Segment
Cement
5%
Metals
6%
Chemicals
8%
Energy
8%
Industrial
8%
Automotive
11%
Others
3%
Agriculture
27%
Intermodal
13%
Minerals
11%
Cement
6%
Metals
8%
Chemicals
8%
Energy
8%
Industrial
5%
Automotive
2%
Total
US$3.17
billion
Agriculture
36%
Intermodal
12%
Minerals
15%
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Total
65.40
million Tons-Km
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TEPALCATES INTERMODAL TERMINAL, MANZANILLO, MEXICO.
We reinvested nearly
100% of our total profit.
In 2023, it amounted to
US$427 million.
EBITDA
During 2023, EBITDA reached US$1.43 billion, 16% growth compared to
the same period of 2022; however, margin reports a decrease of 50 basis
points because operating costs were affected by the migration crisis and
the closing of borders by the U.S. authorities, as well as higher diesel costs.
Investments
In 2023, we invested 13% more than in the previous year, mainly in:
• Track replacement and rehabilitation
• Construction and rehabilitation of tunnels, slopes, yards and terminals
• Construction of railroad beltways
• Upgrade of telecommunications equipment
• Acquisition of haulage equipment
•
Introduction of new operating technologies
Productivity Improvements
The operational practices implemented by GMXT during 2023 have
generated improvements in our service to the supply chains across North
America.
During 2023, sound operating results were reported for the following
53
indicators. Train speed improved 2.4% from 37.5 km/hr to 38.4 km/hr to 38.4
km/h, allowing us to provide an efficient and timely service for our clients.
Similarly, car dwell times decreased by 3.5% to 24 hours, which allowed for
a 1.1% improvement in car velocity delivered.
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Operating metrics
Average train speed (km/hr)
Car speed (km/hr)
+2%
38.4
37.5
40
35
30
25
20
15
0
+1%
280.3
277.4
300
250
200
150
100
50
0
2022
2023
2022
2023
Car's dwell time (hours)
Crews (monthly average)
40
35
30
25
20
15
0
24.9
-4%
24.0
+13%
11,060
9,820
12000
10000
8000
6000
4000
2000
0
2022
2023
2022
2023
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CONTAINERS STACKED AT JACKSONVILLE TERMINAL, FLORIDA, USA.
Infrastructure
Division
WIND FARM, JUCHITAN, OAXACA.
Dr. Vagón, el Tren de la Salud
en Viaducto Ferroviario Manzanillo, Colima, México.
WIND FARM EMPLOYEE, JUCHITAN, OAXACA.
US$710
million in Infrastructure
revenue in 2023
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Infrastructure
Division
Thousands of Dollars
Revenues
Cost of sales
January - December
Variation
2022
2023
Thousands of USD
%
$ 664,107
$ 710,338
$ 46,231
7.0
$ 391,744
$ 342,389
$ (49,355)
(12.6)
Operating Profit
$ 112,155
$ 151,613
$ 39,458
35.2
EBITDA
$ 267,823
$ 350,426
$ 82,603
30.8
EBITDA Margin
40.3%
49.3%
Net Profit
Profit Margin
Investments
$ 36,322
$ 54,783
$ 18,461
50.8
5.5%
7.7%
$ 81,109
$ 316,646*
$ 235,537
290
The Infrastructure Division has seven lines of business
1. Oil and gas
2. Energy
3. Construction
4. Highways
5. Engineering
6. Fuels
7. Real estate
We invested US$317 million in 2023, mainly in the acquisition of construction
59
equipment for new projects, energy projects and the acquisition of Planigrupo. In
2024, we will invest US$248 million.
SALAMANCA-LEON HIGHWAY TOLL BOOTH, GUANAJUATO, MEXICO.
* Includes acquisition of Planigrupo (US$248 million).
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Revenues 2023
Millions of Dollars
Engineering
$34.5
Real estate
$50.8
Highways
$66.6
Construction
$77.1
Oil rigs
$206.1
Fuels
$0.3
Energy
$274.1
Total
US$710.3
In 2023, the Infrastructure
Division achieved record
figures, with 7% growth
in Net Revenues and a
31% improvement in EBITDA
compared to 2022.
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COMBINED CYCLE PLANT WITH A CAPACITY OF 500 THOUSAND MW, LA CARIDAD, SONORA, MEXICO.
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Baja California
01
Sonora
Baja California Sur
PACIFIC OCEAN
Chihuahua
Nayarit
Jalisco
Coahuila
03
02
Nuevo Leon
Tamaulipas
San Luis Potosi
06
05
Guanajuato
07
GULF OF MEXICO
Veracruz
Hidalgo
14
13
Quintana Roo
Michoacan
State
of Mexico
Puebla
12
10 11
Campeche
09
08
Tabasco
Infrastructure
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04
Oaxaca
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Energy
Fuel storage terminal
Highways
Construction
Oil and gas
Real estate
Engineering
01 Combined Cycle Plants
08
"Tamaulipas" rig
02 Cadereyta Fuel Terminal
09
"Veracruz" rig
03 Fenicias Wind Farm
10
"Tabasco" rig
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04 El Retiro Wind Farm
11
"Zacatecas" rig
05 Salamanca-León Highway
12 Offshore drilling rig
06 Silao Bypass
13
"Campeche" rig
07 Land drilling rig
14
"Chihuahua" rig
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SELF-ELEVATING DRILLING PLATFORM: 400 FEET OF OPERATING DRAFT
CONSTRUCTION OF THE PUERTA MEXICO CHEMICAL TERMINAL FOR
AND 30,000 FEET OF DRILLING, VERACRUZ, MEXICO.
BRASKEM IDESA, COATZACOALCOS, VERACRUZ, MEXICO.
CONSTRUCTION OF SUPERELEVATION DAM 3, STAGE 3, NEW TAILINGS DEPOSIT
AND WATER RECOVERY FOR REUTILIZATION, CANANEA, SONORA, MEXICO.
URBAN VILLAGE GARZA SADA, MONTERREY, NUEVO LEON, MEXICO.
6565
Fundación
Grupo México
DR. VAGÓN, THE HEALTH TRAIN TRAVELING THROUGH
MANZANILLO, COLIMA, MEXICO.
Dr. Vagón, el Tren de la Salud
en Viaducto Ferroviario Manzanillo, Colima, México.
A PATIENT OF DR. VAGÓN.
In addition to fulfilling our sustainable
development responsibilities in our
operating units and surrounding
communities, we created Fundación
Grupo México, with a genuine interest
in providing people with means and
tools to increase their quality of life
through healthcare services and
sustainability programs.
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Health
Dr. Vagón, the Health Train
A train equipped with 18 cars where specialized medical care is provided free of
charge to the country's communities that need it the most.
Thanks to the infrastructure of Grupo México Transportes, we travel through 23
DR. VAGÓN, THE HEALTH TRAIN ON ITS JOURNEY, CHIHUAHUA, MEXICO.
We improve people's quality
of life through prevention,
timely detection and early
treatment of diseases.
states of Mexico with a team of 65 health professionals.
All our healthcare services and medicines are high quality and free of charge, based
We offer free general and specialty medical services such as; dentistry, chiropractic,
physical rehabilitation, nutrition and family planning, as well as lab and clinical tests.
We have a clinic specializing in women's health and a clinic to provide care to
individuals with diabetes. We also have the Operating Room Car—the only one of
on three lines of action:
• Disease prevention
• Timely detection
• Early treatment
its kind in the world—to perform outpatient surgical procedures.
In 2023, Dr. Vagón provided medical services in 39 communities, benefiting
the following indigenous populations:
69
• Tarahumaras
• Yaquis
• Mazahuas
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Coverage 2023:
Patients served
61,279
Lab tests
204,186
Medication donated to patients
69,882
Clinical studies
21,857
Eyeglasses
12,320
Timely detection of comorbidities*
4,000
*Disease complications in
patients with diabetes
Hearing aids
584
Approximately 65% of the patients seen are women of reproductive age. In 2023, the
Dr. Vagón program consolidated one of its most ambitious projects: the Women's
Car, which offers gynecological consultation, prenatal check-up, early breast and
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cervical cancer screening, family planning, and a menopause clinic. Through this
program, thousands of women have received specialized, quality medical care,
improving their health and wellness.
IMAGING SERVICE ON BOARD DR. VAGÓN.
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Mammograms
Vasectomies
4,530
136
IUDs placed
Years of couples protection
176
2,240
equivalent to preventing
2,240 pregnancies per year
In addition to the healthcare services, Dr. Vagón has a train car adapted as a movie
theater. During 2023, it brought the magic of cinema to 39 communities where 116
screenings were offered to 22,526 viewers.
We thank our allies
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PHARMACY STAFF HANDING OUT FREE MEDICATION THROUGH DR. VAGÓN.
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Escuchar Sin Fronteras
(Hearing Without Borders)
To date, we have implanted devices
in 42 children, equivalent to 84
implants provided.
Through this program we assist children from 0 to 24 months of age with hearing
loss problems (severe and/or profound hypoacusis) in obtaining a Bilateral Cochlear
Implant, as well as the corresponding auditory-verbal therapy and follow-up.
Our purpose is to achieve the development of auditory skills and the use of spoken
language, so that children can have a better insertion into society.
In 2023:
Bilateral cochlear implants
40
Donation (pesos)
$24 millones
Auditory-verbal therapy sessions
1,848
Audiological tests
130
Emotional support sessions for families
152
People impacted, including family members and beneficiaries
+300
Applications received for the program
108
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Three years after this program began, the results of the first children who received
their cochlear implants are reflected in an improvement of their hearing and
language skills.
COCHLEAR IMPLANT ACTIVATION.
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Environment
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TREE NURSERY, SONORA, MEXICO.
Contribute to the restoration of watersheds, natural protected areas, parks and areas
of environmental value in Mexico in accordance with the Sustainable Development
Goals (SDGs) 2030.
Support communities in their adaptation to the effects of climate change, with
nature-based solutions, encouraging social engagement and environmental
education.
Programs
• Mexicanos Sembrando (Mexicans Planting)
• Restauración de cuencas (Watershed restoration)
•
Islas Verdes (Green islands)
We work hand in hand with local governments, civil society organizations,
communities and shared land to restore the country's ecosystems and recover
biodiversity.
We have 7 nurseries
with an annual
production of
6.2 million trees.
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FOREST NURSERY, SAN LUIS POTOSI, MEXICO.
Beneficiaries
Rural communities
Municipalities
213
Indigenous groups
9
152
Tarahumaras, Cucapás, Tekos, Kikapúes,
Huastecos, Tlahuicas, northern
Tepehuanos, Purépechas, Guarijíos.
Ejidos
2%
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CSO's
34%
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States
5%
Municipalities
59%
Projects started in 2023
State
Projects
Chihuahua
Restoration of the Rio Fuerte Watershed
State
of Mexico
Reforestation and Restoration of the Cutzamala
Watershed
Durango
Carbon Credits Forest
Michoacan
Reforestation in and around Monarch Butterfly
Protected Natural Area
Morelos
Reforestation around the Sierra Monte Negro
Protected Natural Area
Reforestation of Sierra San Miguelito Protected
Natural Area and Islas Verdes
SLP
Total
Thousands of trees
638
84
86
267
96
166
1,337
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17 million trees donated
in 24 states across the
country since 2011.
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Nurseries
We have seven nurseries in four states of the country:
Sonora
Chihuahua
Zacatecas
GULF OF MEXICO
San Luis Potosi
PACIFIC OCEAN
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Annual production: 6.2 million trees
• 102 species
• 50% of the trees are destined for donation
• The remaining 50% are used for reforestation of Grupo Mexico's
mining properties
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The nurseries have
high-tech irrigation
systems that achieve
70% water savings
in their operations.
NURSERY-GROWER IN NURSERY, SAN LUIS POTOSI, MEXICO.
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Community
Development
We are committed to generate well-being and improve
the quality of life of the inhabitants of the communities
where we operate. To this end, we have implemented a
Community Development Model in the Mining Division and
in the Infrastructure Division with outreach and participation
instruments based on transparent communication with
stakeholders.
Our management is based
on three pillars:
• Promoting responsible
coexistence
• Generate a shared
economic development
• Promoting human
development
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MIDDLE SCHOOL STUDENTS AT THE LA CARIDAD EDUCATIONAL CENTER,
NACOZARI DE GARCÍA, SONORA, MEXICO.
HIGH PERFORMANCE SCHOOL. THIS CAMPUS IS HOME TO 300 OUTSTANDING
STUDENTS FROM THE MOST VULNERABLE AREAS OF THE REGION. TACNA, PERU.
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We have implemented 3 thousand
social programs benefiting close
to 300 thousand individuals.
Results of our commitments
• We have 33 community centers in Mexico, Peru and the United States.
•
In the last year, we destined US$40 million to tax projects in Peru, benefiting
close to 10,000 students with the construction of five educational centers.
• We invested US$15 million in community development programs and productive
projects.
• We provided education to close to 4 thousand children and young people, who
are the children of our employees and neighboring communities, in Mexico and
Peru, through 11 educational centers from preschool to high school.
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MEMBER OF THE GRUPO MÉXICO BASEBALL ACADEMY IN ESQUEDA, SONORA.
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We have 12 orchestral nuclei in Mexico
and Peru, where 1,700 students between
the ages of five and 22 devote 15 hours
a week to music lessons. 90% of these
students, after one year of belonging
to the project show improvements in
their school performance.
• We have three baseball academies in the neighboring communities of our
operations in the state of Sonora, Mexico, benefiting more than 400 students.
• Our swim team is made up of 25 young people from Cananea, Sonora, Mexico,
who are part of the Asociación Sonorense de Natación (Sonora Swimming
Association).
•
In the last five years, the Taller Ambulante de Cine Documental (Traveling
Documentary Film Workshop) project has benefited 800 students from seven
communities in Mexico, who have generated close to 100 original short films,
19 of which have been recognized at festivals.
• Eight thousand volunteers have supported us in educational, artistic, sports and
environmental activities for the benefit of their own communities.
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CHRISTMAS CONCERT WITH THE GRUPO MÉXICO ORCHESTRAS AND CHOIRS,
TOGETHER WITH THE MINERIA SYMPHONY ORCHESTRA.
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MEMBER OF THE CHILDREN’S CHOIR OF SANTA BARBARA, CHIHUAHUA, MEXICO.
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Red de Asociaciones y Fundaciones
Empresariales
(Network of Business Associations and Foundations)
• The Network of Business Associations and Foundations is a leading social
platform in Mexico and Latin America.
•
It provides free training to organizations and helps social enterprises and
community groups. These actions promoted the sustainability and transparency
of the participating organizations.
• La Red (The Network) celebrated its tenth anniversary with the Expo Red de
Asociaciones (Association Network Expo), which was the first hybrid edition
and was attended by 5,048 people from 17 countries.
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PANEL ON GENERATIONAL LEADERSHIP AT EXPO RED 2024.
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Grupo México
Board of Directors
Management Team
Germán Larrea
Chairman
Patrimonial Board Member
Oscar González Rocha
Patrimonial Board Member
Alfredo Casar Pérez
Patrimonial Board Member
Luis Castelazo Morales
Patrimonial Board Member
Fernando López-Guerra Larrea
Patrimonial Board Member
Claudio X. González Laporte
Independent Board Member
Emilio Carrillo Gamboa
Independent Board Member
Fernando Ruiz Sahagún
Independent Board Member
Rolando Vega Saénz
Independent Board Member
Antonio del Valle Ruiz
Independent Board Member
Carlos Prieto Sierra
Independent Board Member
Carlos Rojas Mota Velasco
Independent Board Member
Lillie Hernández Minor
Secretary
Germán Larrea
CEO and Chairman of the Board
Fernando López-Guerra Larrea
CEO, Trasportation Division
Oscar González Rocha
Executive President of Mining Division
Francisco Zinser González
CEO, Infrastructure Division
Leonardo Contreras Lerdo De Tejada
CEO, Mining Division
Lourdes Aranda Bezaury
Chief Communications Officer
Alfredo Casar Pérez
Executive President of Transportation Division
Marlene Finny De La Torre
Chief of Financial and Administration Officer
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