Vitro Reports 6.1% Top Line Growth in 1Q'08

SAN PEDRO GARZA GARCIA, NUEVO LEON, Mexico, April 28 /PRNewswire/ -- Vitro
S.A.B. de C.V. (BMV: VITROA; NYSE: VTO) one of the world's largest producers
and distributors of glass products, today announced 1Q'08 unaudited results.
Year over year consolidated sales increased 6.1 percent while EBITDA declined
15.6 percent. The consolidated EBITDA margin dropped to 12.6 percent from 15.9
percent in the same period last year as natural gas prices increased 23
percent.
Commenting on the results for the quarter, Enrique Osorio, Chief Financial
Officer, said "The fundamentals of our business have not changed, the top line
was what we expected, demand was strong and sales were up. In fact, on a
comparable basis, sales for the quarter reached an all-time high of $640
million. Higher energy costs and a temporary decline in production resulting
from the planned refurbishing of four glass container furnaces, however,
impacted EBITDA for the quarter. But overall, our business remains strong."
Mr. David Gonzalez, President of Glass Containers, commented, "Containers
sales remained strong posting record comparable sales for a first quarter.
Export sales rose almost 14 percent year-over-year, including those to the US
market, proving that this is a fairly resilient business. Domestic sales also
performed well, up 3.5 percent despite Easter week this year falling in the
first quarter compared with the second quarter last year."
"EBITDA, in turn, decreased 15.1 percent year-over-year largely due to a
strong increase in natural gas prices, higher cost of raw materials and the
impact of having two cosmetics glass container plants working in parallel as
we transition production to our new plant in Toluca. Four furnace repairs this
quarter compared to only two last year also contributed to a lower fixed cost
absorption," continued Mr. Gonzalez.
Commenting on Flat Glass, Mr. Hugo Lara noted, "Flat Glass sales increased
5.1 percent this quarter. While sales in our US subsidiary declined, sales in
Spain continued to grow despite the contraction in residential construction in
the country. Auto sales, in turn, increased for both the original equipment
manufacturing and auto glass replacement markets. EBITDA for the quarter,
however, fell by 15.7 percent affected by higher energy and raw materials
costs. Following our strategy to extend our European presence, on April 1,
2008 we purchased a small glass company in Paris for 3.6 million Euros. This
company, now called Vitro Cristalglass France SAS, is dedicated to the
transformation and commercialization of value added glass for the commercial
and residential markets."
Discussing the financial front, Mr. Osorio noted, "As expected, net debt
to EBITDA rose to 3.3 times from 2.9 times in the fourth quarter of last year,
as working capital requirements were higher this quarter. Capital expenditures
to strengthen Vitro's market position and expand our client base also
contributed to the increase. The average cost of debt, in turn, dropped 30
basis points year-over-year to 9.2 percent."
"Bottom line, the fundamentals of our business remain strong and we will
continue to build on Vitro's strengths in the glass industry," Mr. Osorio
closed.

FINANCIAL HIGHLIGHTS*
1Q'08 1Q'07 % Change

Consolidated Net Sales 640 603 6.1%
Glass Containers 336 312 7.5%
Flat Glass 296 282 5.1%
Cost of Sales 472 433 9.1%
Gross Income 167 170 -1.3%
Gross Margins 26.2% 28.1% -1.9 pp
SG&A 125 117 6.6%
SG&A % of sales 19.6% 19.5% 0.1 pp
EBIT 42 52 -19.3%
EBIT Margins 6.6% 8.7% -2.1 pp
EBITDA 81 96 -15.6%
Glass Containers 58 68 -15.1%
Flat Glass 22 26 -15.7%
EBITDA Margins 12.6% 15.9% -3.3 pp
Net Income 30 (40) -
Net Income Margins 4.7% -6.7% +11 pp
Total Debt 1,402 1,466 -4.4%
Short Term Debt 132 147 -10.4%
Long Term Debt 1,270 1,319 -3.7%
Average life of debt 6.5 7.1

Cash & Cash Equivalents(1) 138 380 -63.8%
Total Net Debt 1,264 1,086 16.4%

* Million US$ Nominal

(1) Cash & Cash Equivalents include restricted cash which corresponded to
cash collateralizing debt and derivatives instruments accounted for in
other current assets. As of 1Q'08, the restricted cash includes US$33
million deposited in a trust to repay debt and interests.

All figures provided in this announcement are in accordance with Mexican
Financial Reporting Standards (Mexican FRS or NIFs) issued by the Mexican
Board for Research and Development of Financial Reporting Standards (CINIF),
except otherwise indicated. Dollar figures are in nominal US dollars and are
obtained by dividing nominal pesos for each month by the end of month fix
exchange rate published by Banco de Mexico. In the case of the Balance Sheet,
US dollar translations are made at the fix exchange rate as of the end of the
period. Certain amounts may not sum due to rounding. All figures and
comparisons are in US dollar terms, unless otherwise stated, and may differ
from the peso amounts due to the difference between inflation and exchange
rates.
Mar-08 Mar-07
Inflation in Mexico
Quarter 1.5% 1.0%
LTM 4.2% 4.2%
Inflation in USA
Quarter 1.3% 1.1%
LTM 4.3% 3.1%
Exchange Rate
Closing 10.6962 11.0322
Devaluation
Quarter -1.6% 2.0%
LTM -3.0% 1.3%

This announcement contains historical information, certain management's
expectations, estimates and other forward-looking information regarding Vitro,
S.A.B. de C.V. and its Subsidiaries (collectively the "Company"). While the
Company believes that these management's expectations and forward looking
statements are based on reasonable assumptions, all such statements reflect
the current views of the Company with respect to future events and are subject
to certain risks and uncertainties that could cause actual results to differ
materially from those contemplated in this report. Many factors could cause
the actual results, performance or achievements of the Company to be
materially different from any future results, performance or achievements that
may be expressed or implied by such forward-looking statements, including,
among others, changes in general economic, political, governmental and
business conditions worldwide and in such markets in which the Company does
business, changes in interest rates, changes in inflation rates, changes in
exchange rates, the growth or reduction of the markets and segments where the
Company sells its products, changes in raw material prices, changes in energy
prices, particularly gas, changes in the business strategy, and other factors.
Should one or more of these risks or uncertainties materialize, or should the
underlying assumptions prove incorrect, actual results may vary materially
from those described herein as anticipated, believed, estimated or expected.
The Company does not assume any obligation, to and will not update these
forward-looking statements. The assumptions, risks and uncertainties relating
to the forward-looking statements in this report include those described in
the Company's annual report in form 20-F file with the U.S. Securities and
Exchange Commission, and in the Company's other filings with the Mexican
Comision Nacional Bancaria y de Valores.
This report on Form 6-K is incorporated by reference into the Registration
Statement on Form F-4 of Vitro, S.A.B. de C.V. (Registration Number 333-
144726).
NEW ACCOUNTING PRINCIPLES
In 2007 and January 2008, the CINIF issued the following NIFs and
Interpretations of Financial Reporting Standards (INIFs), which became
effective for fiscal years beginning on January 1, 2008:
-- NIF B-2, Statement of Cash Flows.
-- NIF B-10, Effects of Inflation.
-- NIF B-15, Translation of Foreign Currencies.
-- NIF D-3, Employee Benefits.
-- NIF D-4, Taxes on Income.
-- INIF 5, Recognition of the Additional Consideration Agreed to at the
Inception of a Derivative Financial Instrument to Adjust It to Fair
Value.
-- INIF 6, Timing of Formal Hedge Designation.
-- INIF 7, Application of Comprehensive Income or Loss Resulting From a
Cash Flow Hedge on a Forecasted Purchase of a Non-Financial Asset.
-- INIF 8, Effects of the Business Flat Tax (IETU)
-- INIF 9, Presentation of Comparative Financial Statements Prepared under
NIF B-10

Some of the significant changes established by these standards are as
follows:
-- NIF B-2, Statement of Cash Flows.- This NIF establishes general rules
for the presentation, structure and preparation of a cash flow
statement, as well as the disclosures supplementing such statement,
which replaces the statement of changes in financial position. NIF B-2
requires that the statement show a company's cash inflows and outflows
during the period. Line items should be preferably presented gross.
Cash flows from financing activities are now presented below those from
investing activities (a departure from the statement of changes in
financial position). In addition, NIF B-2 allows entities to determine
and present their cash flows from operating activities using either the
direct or the indirect method.

-- NIF B-10, Effects of Inflation.- CINIF defines two economic
environments: a) inflationary environment, when cumulative inflation of
the three preceding years is 26 percent or more, in which case, the
effects of inflation should be recognized using the comprehensive
method; and b) non-inflationary environment, when cumulative inflation
of the three preceding years is less than 26 percent, in which case, no
inflationary effects should be recognized in the financial statements.
Additionally, NIF B-10 eliminates the replacement cost and specific
indexation methods for inventories and fixed assets, respectively, and
requires that the cumulative gain or loss from holding non-monetary
assets be reclassified to retained earnings, if such gain or loss is
realized; the gain or loss that is not realized will be maintained in
stockholders' equity and charged to current earnings of the period in
which the originating item is realized.

-- NIF B-15, Translation of Foreign Currencies.- NIF B-15 eliminates
classification of integrated foreign operations and foreign entities
and incorporates the concepts of accounting currency, functional
currency and reporting currency. NIF B-15 establishes the procedures to
translate the financial information of a foreign subsidiary: i) from
the accounting to the functional currency; and ii) from the functional
to the reporting currency, and allows entities to present their
financial statements in a reporting currency other than their
functional currency.

-- NIF D-3, Employee Benefits.- This NIF includes current and deferred PSW
(Profit Sharing to Workers). Deferred PSW should be calculated using
the same methodology established in NIF D-4. It also includes the
career salary concept and the amortization period of most items is
reduced to five years. The beginning balance of gains and losses from
severance benefits should be amortized against the results of 2008.

-- NIF D-4, Income Taxes .- This NIF relocates accounting for current and
deferred PSW to NIF D-3, eliminates the permanent difference concept,
redefines and incorporates various definitions and requires that the
cumulative income tax ("ISR") effect be reclassified to retained
earnings, unless it is identified with some of the other comprehensive
income items that have not been applied against current earnings.

-- INIF 5, Recognition of the Additional Consideration Agreed To at the
Inception of a Derivative Financial Instrument to Adjust It to Fair
Value.- INIF 5 states that any additional consideration agreed to at
the inception of a derivative financial instrument to adjust it to its
fair value at that time should be part of the instrument's initial fair
value and not subject to amortization as established by paragraph 90 of
Bulletin C-10. INIF 5 also establishes that the effect of the change
should be prospectively recognized, affecting results of the period in
which this INIF becomes effective. If the effect of the change is
material, it should be disclosed.

-- INIF 6, Timing of Formal Hedge Designation.- INIF 6 states that hedge
designations may be made as of the date a derivative financial
instrument is contracted, or at a later date, provided its effects are
prospectively recognized as of the date when formal conditions are met
and the instrument qualifies as a hedging relationship. Paragraph 51 a)
of Bulletin C-10 only considered the hedge designation at the inception
of the transaction.

-- INIF 7, Application of Comprehensive Income or Loss Resulting From a
Cash Flow Hedge on a Forecasted Purchase of a Non-Financial Asset.-
INIF 7 states that the effect of a hedge reflected in other
comprehensive income or loss resulting from a forecasted purchase of a
non-financial asset should be capitalized within the cost of such
asset, whose price is set through a hedge, rather than reclassifying
the effect to the results of the period affected by the asset, as
required by Paragraph 105 of Bulletin C-10. The effect of this change
should be recognized by applying any amounts recorded in other
comprehensive income or loss to the cost of the acquired asset, as of
the effective date of this INIF.

-- INIF 8, Effects of the Business Flat Tax (IETU).- Due to the new tax
law, the INIF 8 provides the guidance for the deferred tax recording
methodology given the two income tax regimes (ISR and IETU), depending
on the tax regime the company will substantially operate according to
its financial projections.

-- INIF 9, Presentation of Comparative Financial Statements Prepared under
NIF B-10.- INIF 9 states that financial data for year 2008 is presented
in nominal pesos while for previous periods it is expressed in constant
pesos as of December 31, 2007. Due to the above mentioned situation,
financial data for last twelve months 2008 is a combination of nominal
pesos (for those months of year 2008) and constant pesos as of December
31, 2007 (for those months of year 2007).

SPECIAL NOTE REGARDING NON-GAAP FINANCIAL MEASURES
A body of generally accepted accounting principles is commonly referred to
as "GAAP". A non-GAAP financial measure is generally defined by the SEC as
one that purports to measure historical or future financial performance,
financial position or cash flows but excludes or includes amounts that would
not be so adjusted in the most comparable U.S. GAAP measure. We disclose in
this report certain non-GAAP financial measures, including EBITDA. EBITDA for
any period is defined as consolidated net income (loss) excluding (i)
depreciation and amortization, (ii) non-cash items related to pension
liabilities, (iii) total net comprehensive financing cost (which is comprised
of net interest expense, exchange gain or loss, monetary position gain or loss
and other financing costs and derivative transactions), (iv) other expenses,
net, (v) income tax, (vi) provision for employee retirement obligations, (vii)
cumulative effect of change in accounting principle, net of tax and (viii)
(income) loss from discontinued operations.
In managing our business we rely on EBITDA as a means of assessing our
operating performance and a portion of our management's compensation and
employee profit sharing plan is linked to EBITDA performance. We believe that
EBITDA can be useful to facilitate comparisons of operating performance
between periods and with other companies because it excludes the effect of (i)
depreciation and amortization, which represents a non-cash charge to earnings,
(ii) certain financing costs, which are significantly affected by external
factors, including interest rates, foreign currency exchange rates and
inflation rates, which have little or no bearing on our operating performance,
(iii) income tax and tax on assets and statutory employee profit sharing,
which is similar to a tax on income and (iv) other expenses or income not
related to the operation of the business. EBITDA is also a useful basis of
comparing our results with those of other companies because it presents
operating results on a basis unaffected by capital structure and taxes.
We also calculate EBITDA in connection with covenants related to some of
our financings. We believe that EBITDA enhances the understanding of our
financial performance and our ability to satisfy principal and interest
obligations with respect to our indebtedness as well as to fund capital
expenditures and working capital requirements. EBITDA is not a measure of
financial performance under U.S. GAAP or Mexican FRS. EBITDA should not be
considered as an alternate measure of net income or operating income, as
determined on a consolidated basis using amounts derived from statements of
operations prepared in accordance with Mexican FRS, as an indicator of
operating performance or as cash flows from operating activity or as a measure
of liquidity. EBITDA has material limitations that impair its value as a
measure of a company's overall profitability since it does not address certain
ongoing costs of our business that could significantly affect profitability
such as financial expenses and income taxes, depreciation, pension plan
reserves or capital expenditures and associated charges. The EBITDA presented
herein relates to Mexican FRS, which we use to prepare our consolidated
financial statements.
Vitro, S.A.B. de C.V. (BMV: VITROA; NYSE: VTO), is one of the largest
glass manufacturers in the world. Through our subsidiary companies we offer
products with the highest quality standards and reliable services to satisfy
the needs of two distinct business sectors: glass containers and flat glass.
Our manufacturing facilities produce, process, distribute and sell a wide
range of glass products that offer excellent solutions to multiple industries
that include: wine, beer, cosmetic, pharmaceutical, food and beverage, as well
as the automotive and construction industry. Also, we supply raw materials,
machinery and industrial equipment to different industries. We constantly
strive to improve the quality of life for our employees as well as the
communities in which we do business by generating employment and economic
prosperity thanks to our permanent focus on quality and continuous improvement
as well as consistent efforts to promote sustainable development. Our World
Headquarters are located in Monterrey, Mexico where Vitro was founded in 1909
and now embarks major facilities and a broad distribution network in ten
countries in the Americas and Europe. Additionally, it exports its products to
over 50 countries around the World. For more information, you can access
Vitro's Website at: www.vitro.com
First Quarter 2008 results
Conference Call and Web cast
Tuesday, April 29, 2008
11:00 AM U.S. EDT - 10:00 A.M. Monterrey time

A live web cast of the conference call will be available to investors and
the media at www.vitro.com. A replay of the web cast will be available
through the end of the day on May 13, 2008. For inquiries regarding the
conference call, please contact Barbara Cano or Susan Borinelli of Breakstone
Group via telephone at (646) 452-2334, or via email at
bcano@breakstone-group.com

DETAILED FINANCIAL INFORMATION FOLLOWS:
Consolidated Results
Sales 5
EBIT and EBITDA 5
Consolidated Financing Result 6
Taxes 7
Consolidated Net Income 8
Capital Expenditures 8
Consolidated Financial Position 8
Cash Flow 10
Key Developments 12
Glass Containers 14
Flat Glass 15
Consolidated Financial Statements 17
Segmented Information 18

Sales
Consolidated net sales for 1Q'08 increased 6.1 percent YoY to US$640
million from US$603 million last year. For LTM 2008, consolidated net sales
rose 6.6 percent to US$2,597 million from US$2,435 in LTM 2007. Glass
Containers sales for the quarter rose YoY by 7.5 percent while Flat Glass
sales grew 5.1 percent over the same time period.
During the quarter domestic, export and foreign subsidiaries' sales
increased 7.5 percent, 9.8 percent and 2.1 percent YoY respectively.

Table 1
Sales
(Million)
YoY% LTM YoY%
1Q'08 1Q'07 Change 2008 2007 Change

Pesos(1)
Total Consolidated Sales 6,881 6,889 (0.1) 28,583 28,155 1.5

Glass Containers 3,613 3,543 2.0 14,708 14,484 1.5
Flat Glass 3,189 3,252 (2.0) 13,527 13,230 2.2

Domestic Sales 2,874 2,849 0.9 12,031 12,001 0.2
Export Sales 1,667 1,590 4.9 6,752 6,369 6.0
Foreign Subsidiaries 2,340 2,450 (4.5) 9,800 9,785 0.2

Nominal Dollars
Total Consolidated Sales 640 603 6.1 2,597 2,435 6.6

Glass Containers 336 312 7.5 1,341 1,261 6.3
Flat Glass 296 282 5.1 1,225 1,136 7.8

Domestic Sales 269 250 7.5 1,097 1,040 5.4
Export Sales 154 140 9.8 615 556 10.6
Foreign Subsidiaries 216 212 2.1 885 839 5.5

% Foreign Currency Sales* /
Total Sales 58% 58% -0.5 pp 58% 57% 0.5 pp
% Export Sales / Total Sales 24% 23% 0.8 pp 24% 23% 0.9 pp

(1) Financial data for year 2008 is presented in nominal pesos while for
previous periods it is expressed in constant pesos as of December 31,
2007. For more details please refer to the note regarding new
accounting principles on page 2.

* Exports + Foreign Subsidiaries

EBIT and EBITDA
Consolidated EBIT for the quarter decreased 19.3 percent YoY to US$42
million from US$52 million last year. EBIT margin decreased 2.1 percentage
points to 6.6 percent from 8.7 percent. On a LTM basis, consolidated EBIT
increased 12.6 percent to US$231 million from US$206 million in LTM 2007.
During this same period of time, EBIT margin increased 50 basis points to 8.9
percent from 8.4 percent.
EBIT for the quarter at Glass Containers decreased by 11.9 percent YoY,
while at Flat Glass EBIT decreased by 32.4 percent.
Consolidated EBITDA for the quarter declined by 15.6 percent to US$81
million from US$96 million in 1Q'07. The EBITDA margin decreased 3.3
percentage points YoY to 12.6 percent from 15.9 percent and was negatively
affected, among other factors, by higher energy and raw materials costs, the
impact of four furnaces under programmed maintenance, transition of production
of our new cosmetics glass container plant and having Easter week during the
quarter. On a LTM basis, consolidated EBITDA decreased 4.4 percent to US$376
million from US$393 million in LTM 2007.
During the quarter, EBITDA at Glass Containers decreased 15.1 percent YoY
to US$58 million from US$68 million while EBITDA at Flat Glass decreased 15.7
percent YoY to US$22 million from US$26 million. For details on both business
units please refer to page 13 and 14, respectively.

Table 2
EBIT and EBITDA
(Million)

YoY% LTM YoY%
1Q'08 1Q'07 Change 2008 2007 Change

Pesos(1)
Consolidated EBIT 453 601 (24.5) 2,556 2,398 6.6
Margin 6.6% 8.7% -2.1 pp 8.9% 8.5% 0.4 pp

Glass Containers 383 459 (16.5) 2,009 2,034 (1.2)
Flat Glass 100 165 (39.2) 718 520 38.1

Consolidated EBITDA 870 1,098 (20.8) 4,152 4,576 (9.2)
Margin 12.6% 15.9% -3.3 pp 14.5% 16.3% -1.8 pp

Glass Containers 623 776 (19.6) 2,948 3,373 (12.6)
Flat Glass 239 310 (22.8) 1,250 1,210 3.3

Nominal Dollars
Consolidated EBIT 42 52 (19.3) 231 206 12.6
Margin 6.6% 8.7% -2.1 pp 8.9% 8.4% 0.5 pp

Glass Containers 36 40 (11.9) 183 176 3.8
Flat Glass 9 14 (32.4) 64 43 48.3

Consolidated EBITDA 81 96 (15.6) 376 393 (4.4)
Margin 12.6% 15.9% -3.3 pp 14.5% 16.2% -1.7 pp

Glass Containers 58 68 (15.1) 268 292 (8.2)
Flat Glass 22 26 (15.7) 112 102 9.6

(1) Financial data for year 2008 is presented in nominal pesos while for
previous periods it is expressed in constant pesos as of December
31,2007. For more details please refer to the note regarding new
accounting principles on page 2.

Consolidated Financing Result
Consolidated financing result for the quarter decreased 65.0 percent YoY
to US$16 million compared with US$47 million during 1Q'07. This was mainly
driven by a non-cash foreign exchange gain of US$20 million compared with a
non-cash foreign exchange loss of US$14 million during 1Q'07. During 1Q'08,
the Mexican peso experienced a 1.6 percent appreciation compared with a 2.0
percent depreciation in the same period last year. In addition, a US$9 million
reduction in interest expense related to the refinancing done at the beginning
of last year also contributed to lower the total consolidated financing
result. These factors more than compensated a decline in monetary position as
this effect was eliminated at the beginning of year 2008 due to the new
accounting principles in Mexico (please refer to the related note on page 2).
On a LTM basis, total consolidated financing result decreased 30.2 percent
YoY to US$116 million from US$166 million driven by two favorable factors: a
non-cash foreign exchange gain of US$27 million compared with a non-cash
foreign exchange loss of US$13 million during LTM 2007 driven by a 3.0 percent
appreciation experienced by the Mexican peso in LTM 2008 compared with a 1.3
percent depreciation in the same period last year; and lower interest expense
of US$143 million compared with US$157 million, as a result of a decrease in
the interest rate. The above mentioned factors more than compensated a lower
monetary position due to the reason mentioned in the previous paragraph.

Table 3: Total Financing Result

Table 3
Total Financing Result
(Million)
YoY% LTM YoY%
1Q'08 1Q'07 Change 2008 2007 Change

Pesos(1)
Interest Expense (361) (489) (26.2) (1,575) (1,831) (14.0)
Interest Income 16 44 (63.3) 148 148 (0.4)
Other Financial Expenses(2) (50) (54) (7.2) (505) (561) (9.8)
Foreign Exchange (Loss) 218 (161) -- 285 (163) --
Monetary Position (Loss)(3) - 119 -- 352 447 (21.3)
Total Financing Result (177) (541) (67.3) (1,296) (1,960) (33.9)

Nominal Dollars
Interest Expense (33) (43) (21.6) (143) (157) (9.3)
Interest Income 2 4 (60.8) 13 13 3.6
Other Financial Expenses(2) (5) (5) 0.7 (46) (48) (4.8)
Foreign Exchange (Loss) 20 (14) -- 27 (13) --
Monetary Position (Loss)(3) - 10 -- 32 39 (18.6)
Total Financing Result (16) (47) (65.0) (116) (166) (30.2)

(1) Financial data for year 2008 is presented in nominal pesos while for
previous periods it is expressed in constant pesos as of December 31,
2007. For more details please refer to the note regarding new
accounting principles on page 2.
(2) Includes derivative transactions and interest related to factoring
transactions
(3) According with the new accounting principles in Mexico, the monetary
position effect was eliminated at the beginning of year 2008. For
further details please refer to the note regarding new accounting
principles on page 2.

Taxes
Total income tax decreased from an expense of US$6 million in 1Q'07 to a
gain of US$5 million during this quarter. Accrued income tax increased to US$9
million from US$5 million in 1Q'07 due to higher taxable profits in some of
our foreign operations in the U.S. and Europe. In addition, during this
quarter we posted a deferred income tax gain of US$14 million related to
temporary tax benefits at one of our foreign subsidiaries due to a change in
tax law, which will be reverted during the year compared to an expense of US$1
million in 1Q07.

Table 4: Taxes

Table 4
Taxes
(Million)
YoY% LTM YoY%
1Q'08 1Q'07 Change 2008 2007 Change

Pesos(1)
Accrued Income Tax 98 61 61.5 432 201 115.5
Deferred Income Tax (gain) (151) 12 -- (514) (55) 840.5
Total Income Tax (53) 73 -- (82) 146 --

Nominal Dollars
Accrued Income Tax 9 5 73.4 39 17 132.2
Deferred Income Tax (gain) (14) 1 -- (47) (2) 2,263.8
Total Income Tax (5) 6 -- (8) 15 --

(1) Financial data for year 2008 is presented in nominal pesos while for
previous periods it is expressed in constant pesos as of December 31,
2007.
For more details please refer to the note regarding new accounting
principles on page 2.

Consolidated Net Income
During 1Q'08 the Company recorded a consolidated net income of US$30
million compared to a net loss of US$40 million during the same period last
year. This variation is mainly the result of a combination of several factors:
lower other expenses of US$1 million in 1Q'08 compared with US$39 million in
the same quarter last year associated with prepayment fees and other expenses
related to the debt refinancing completed at the beginning of year 2007; a
US$31 million decrease in total financing result due to a non-cash foreign
exchange gain compared with a non-cash foreign exchange loss in 1Q'07 coupled
with lower interest expense; and an income tax gain of US$5 million during
this quarter compared with an expense of US$6 million in 1Q'07. The above
mentioned factors more than compensated lower EBIT of US$42 million compared
with US$52 million in the first quarter last year.
Capital Expenditures (CapEx)
Capital expenditures for the quarter totaled US$65 million, compared with
US$53 million in 1Q'07. Glass Containers represented 94 percent of total capex
consumption and was mainly invested in the four major furnace repairs which
will also contribute to increase capacity for 2008, the transfer of Vimex's
facilities to Toluca and maintenance. Flat Glass accounted for 6 percent and
was mainly invested in maintenance as well as in capacity increase and
equipment upgrade in the Automotive business, Vitro America and Cristalglass,
Vitro's Flat Glass subsidiaries in the US and Spain respectively.
Consolidated Financial Position
Net debt, which is calculated by deducting cash and cash equivalents as
well as restricted cash accounted for in current and other long term assets,
increased QoQ by US$77 million to US$1,264. On a YoY comparison, net debt
increased US$178 million.
As of 1Q'08, the Company had a cash balance of US$138 million, of which
US$104 million was recorded as cash and cash equivalents and US$34 million was
classified as other current assets. The US$34 million is restricted cash,
which is composed of cash collateralizing debt and cash deposited in a trust
to repay debt and interests on the covenant defeasance of the Vitro Envases
Norteamerica, S.A. de C.V. ("VENA") Senior Notes due 2011 that will be paid in
July 2008. Cash collateralizing debt corresponds to US$1 million recorded at
Flat Glass and the cash deposited in a trust to repay debt and interests
corresponds to US$33 million recorded at Glass Containers.
Consolidated gross debt as of March 31, 2008 totaled US$1,402 million, a
QoQ increase of US$29 million and a YoY decrease of US$64 million. As of
1Q'08, consolidated short-term debt includes US$30 million associated with the
covenant defeasance of the Senior Notes due 2011 at VENA mentioned above.

Table 5
Debt Indicators
(Million dollars; except as indicated)

1Q'08 4Q'07 3Q'07 2Q'07 1Q'07

Interest Coverage
(EBITDA/ Total Net Financial Exp.)
(Times) LTM 2.1 2.2 2.1 2.0 2.0

Leverage
(Total Debt / EBITDA) (Times) LTM 3.6 3.4 3.5 3.4 3.6
(Total Net Debt / EBITDA) (Times) LTM 3.3 2.9 3.1 3.0 2.7

Total Debt 1,402 1,373 1,382 1,373 1,466
Short-Term Debt(1) 132 87 80 45 147
Long-Term Debt 1,270 1,286 1,302 1,328 1,319

Cash and Equivalents(2) 138 186 173 212 380
Total Net Debt 1,264 1,186 1,209 1,161 1,086

Currency Mix (%) dlls&Euros/Pesos /
UDI's 98/2/0 98/2/0 98/2/0 98/2/0 96/2/2

(1) 1Q'08 short term debt includes US$30 million associated with the
covenant defeasance of the Senior Notes due 2011 at VENA that will be
paid in July 2008. The required cash is recorded as restricted cash.
On July 23, 2008 the restricted cash will be freed from the trust and
will be used to pay down the outstanding balance.

(2) Cash & Cash Equivalents include restricted cash which corresponded to
cash collateralizing debt and derivative instruments accounted for in
current and other long term assets. As of 1Q'08, the restricted cash
includes US$33 million deposited in a trust to repay debt and
interests (see note 1).

-- The Company's average life of debt as of 1Q'08 was 6.5 years compared
with 7.1 years for 1Q'07.
-- Short-term debt as of March 31, 2008, decreased by US$15 million to 9
percent as a percentage of total debt, compared with 10 percent in
1Q'07.
-- Revolving debt, including trade-related debt, accounted for 50 percent
of total short-term debt. This type of debt is usually renewed within
28 to 180 days.
-- Current maturities of long-term debt, including current maturities of
market debt, increased by US$62 million to US$66 million from US$4
million as of March 31, 2007. As of 1Q'08 current maturities of
long-term debt represented 50 percent of short-term debt.
-- As of March 31, 2008 Vitro had an aggregate of US$137 million in
off-balance sheet financing related to sales of receivables and
receivable securitization programs. Flat Glass recorded US$74 million
and Glass Containers recorded US$63 million.
-- Maturities for 2008 include long-term "Certificados Bursatiles", the
covenant defeasance of the VENA Senior Notes due 2011 and Credit
Facilities at the subsidiary level.
-- Maturities from 2009 and thereafter include, among others, long-term
"Certificados Bursatiles", the Senior Notes due in 2012, Senior Notes
due in 2013 and Senior Notes due in 2017 at the Holding Company level.

Cash Flow
Cash flow before CapEx and dividends decreased to negative US$27 million
from US$55 million in 1Q'07. This was principally the result of higher working
capital needs and lower EBITDA.
Available cash was used to fund the negative US$27 million mentioned above
and the US$65 million in CapEx investments compared with US$53 million in
1Q'07.
On a LTM basis, the Company recorded cash flow before CapEx and dividends
of US$150 million compared with US$193 million in LTM 2007. The main factors
behind this decrease were higher working capital needs, higher cash taxes paid
and lower EBITDA. This cash flow coupled with available cash was used to fund
the US$254 million CapEx investments, which in part was used to increase
capacity at Glass Containers to satisfy higher demand from our customers.

Table 6: Cash Flow Analysis

Table 6
Cash Flow from Operations Analysis(1)
(Million)
YoY% LTM YoY%
1Q'08 1Q'07 Change 2008 2007 Change

Pesos (2)
EBITDA 870 1,098 (20.8) 4,152 4,576 (9.2)
Net Interest Expense (3),(4) (407) (346) 17.6 (1,273) (2,260) (43.7)
Working Capital (5) (713) (32) 2,131.4 (704) 227 --
Cash Taxes (paid)
recovered (6) (44) (92) (52.1) (480) (314) 52.9
Cash Flow before Capex and
Dividends (294) 629 -- 1,695 2,228 (23.9)

Capex (701) (603) 16.3 (2,793) (1,617) 72.7
Dividends - (31) -- (187) (147) 27.5
Net Free Cash Flow (995) (6) -- (1,285) 464 --

Nominal Dollars
EBITDA 81 96 (15.6) 376 393 (4.4)
Net Interest
Expense (3),(4) (38) (30) 24.6 (115) (192) (39.8)
Working Capital (5) (66) (2) 2,684.2 (67) 18 --
Cash Taxes (paid) recovered(6) (4) (8) (49.3) (44) (27) 61.5
Cash Flow before Capex and
Dividends (27) 55 -- 150 193 (22.3)

Capex (65) (53) 23.4 (254) (140) 81.4
Dividends - (3) -- (16) (12) 37.1
Net Free Cash Flow (93) (1) -- (121) 41 --

(1) This statement is a Cash Flow statement and it does not represent a
Statement of Changes in Financial Position according with Mexican FRS
(2) Financial data for year 2008 is presented in nominal pesos while for
previous periods it is expressed in constant pesos as of December 31,
2007. For more details please refer to the note regarding new
accounting principles on page 2.
(3) Includes derivative transactions, and other financial expenses and
products. Includes interest rate swap transaction in which Vitro pays
variable peso rates on a monthly basis and receives semi-annual
payments of fixed dollar rate.
(4) 1Q'07 does not include additional interests and transaction fees
associated with the debt refinancing completed at the beginning of
year 2007.
(5) Includes: Clients, inventories, suppliers, other current assets and
liabilities, IVA (Value Added Tax) and ISCAS taxes (Salary Special
Tax)
(6) Includes PSW (Profit Sharing to Workers)

Key Developments

Vitro's rating and outlook affirmed by Fitch Ratings
On April 28, 2008 the Company's rating was affirmed at B by Fitch Ratings
(Fitch). At the same time, Fitch upgraded the national scale long term rating
to BBB-(mex) from BB+(mex). The ratings for Vitro are based in the Company's
strong business position in the production of glass in Mexico, geographic
revenue diversification and hard currency generation. Vitro's export revenues
and sales from foreign subsidiaries located in the United States, Spain,
Portugal, Central America and South America totaled US$1.48 billion in 2007
and represented 57.9 percent of total consolidated revenues. More than 80
percent of Vitro's total revenues are linked to the US dollar. The ratings
also incorporate the continued challenging operating environment for Vitro.
Average natural gas prices for 2008 are expected to be higher than in 2007 and
construction and automotive industries cyclicality due to the slowdown in the
US and Mexican economies, could affect the Company's performance.
Vitro's ratings reflect the Company's improved financial profile and
capital structure after the refinancing process completed at the beginning of
2007, which consisted in the offering of US$1.0 billion Senior Unsecured Notes
in two tranches, US$300 million and US$700 million with final maturity
scheduled for 2012 and 2017, respectively. With this transaction Vitro
mitigated short-term refinancing and liquidity risks and eliminated structural
subordination following the take out of secured operating subsidiary debt
Vitro's rating and outlook affirmed by Standard & Poor's
On April 23, 2008 the Company's corporate rating was affirmed at B by
Standard & Poor's (S&P) Ratings Services. The ratings are supported by the
Company's leading position in glass containers and its significant share of
the Mexican flat-glass market. They also reflect its export activities and
international operations, which contribute about 58 percent of total revenues.
Vitro has a manageable maturity schedule, with short-term debt
representing only 6 percent of total debt. Additional flexibility is derived
from the Company's ability to defer expansion capital expenditures during the
year. As of Dec. 31, 2007, cash in hand (about $150 million) and restricted
cash (about $36 million earmarked to repay debt and interests in July 2008 of
the senior notes issued by the glass-containers business) compared favorably
with debt maturities of $87 million during the next 12 months.
The stable outlook reflects S&P's opinion that Vitro's liquidity is
adequate to meet its debt maturities during 2008 and considers the S&P's
expectation that financial performance could weaken this year.
Vitro's rating and outlook affirmed by Moody's
On April 14, 2008 the Company's B2 corporate family rating and its stable
outlook were affirmed by Moody's. According to Moody's, Vitro's actual ratings
reflect the solid domestic and international market positions of its glass
container division, the fairly defensive nature of the glass container
business which generates the bulk of consolidated earnings, and positive
operating performance trends in recent years despite higher input costs and
intense competition. In addition, over the past years, earnings growth has
been driven by a favorable economic environment and solid demand, cost
efficiencies and successful efforts to move towards higher priced value-added
products, which have been gradually strengthening Vitro's competitive
position, in particular in flat glass. The ratings also take into account
Vitro's solid liquidity position, with material cash reserves and a
comfortable debt maturity profile after last year's debt restructuring, which
largely offset continued negative free cash flow.
The stable outlook reflects Moody's view that Vitro currently has room at
the B2 rating level to absorb some impact from the weakening economic
environment on cash generation and credit metrics. The outlook also
incorporates the rating agency's expectation of a stable to modestly growing
earnings contribution from glass containers and some deterioration at flat
glass.
Vitro's subsidiary in Spain acquires Verres et Glaces d'Epinay
On April 1, 2008 the Company, through its subsidiary Vitro Cristalglass
S.L., completed the acquisition of the assets of Verres et Glaces d'Epinay,
the Paris-based value-added flat glass company, for €3.6 MM. This acquisition
is in line with the Company's strategic plan to broaden its geographic
coverage in Europe and strengthen its position in the value-added products and
services market. The new company, named Vitro Cristalglass France SAS ("Vitro
Cristalglass France"), is dedicated to the transformation and distribution of
flat glass to the French residential and commercial construction market.
Vitro receives the distinction as a Socially Responsible Company
On March 12, 2008 the Company announced that it had received the
distinction as a Socially Responsible Corporation (ESR) 2008 from the Mexican
Center for Philanthropy, A.C. (CEMEFI). The distinction was received since the
company meets the established standards in the strategic area of corporate
social responsibility. The acknowledgements were awarded to Glass Containers,
Flat Glass, Corporate Offices and Clinica Vitro.
District Court decides in favor of the merger of Vimexico with Vitro Plan
in the opposition case initiated by Pilkington
On February 28, 2008 the Company announced that its subsidiary Vimexico,
S.A. de C.V. (Vimexico), was notified of the first instance decision issued by
the First District Court in Civil and Labor matters in the State of Nuevo
Leon, declaring unfounded the Pilkington Group Limiter's (Pilkington) action
to oppose to the resolutions adopted at the Extraordinary Shareholders Meeting
held on December 11th, 2006 of the now extinct company Vitro Plan, S.A. de
C.V. (Vitro Plan)
In its decision, the Court resolved that according to the article 200 of
the General Laws of Corporations, all of the adopted resolutions are valid and
mandatory for all of the then Vitro Plan shareholders, including those that
voted against such resolutions. In addition, the court absolved Vimexico of
each and all of the claims demanded by Pilkington in its complaint. Also, the
Court resolved to condemn Pilkington to pay Vimexico legal fees and trial
expenses generated by these proceedings, which amount will be calculated upon
the execution of this decision. As previously disclosed, the Company's
subsidiary in the flat glass business unit, Vitro Plan, approved at a
shareholders meeting held on second call on December 2006 its merger into
Vimexico, a subsidiary of Vitro. As a result of this merger, Vitro's flat
glass business unit reduced its debt by US$135 million, thus significantly
improving its financial condition by reducing its Debt to EBITDA financial
ratio from 4.5 to 3.2 times. Despite Pilkington may still appeal this
decision, based in its attorneys opinion, Vitro considers that any appeal
court will confirm this decision.
Vitro signs an agreement with FIDE to implement programs for energy
savings
On January 10, 2008 the Company announced that it had signed an agreement
with the Electric Energy Savings Mexican Commission (FIDE) for the purpose of
making all its industrial facilities in Mexico more energy efficient through
the reduction in the amount of greenhouse emissions.
In addition to develop energy savings programs, Vitro will conduct massive
awareness programs on the subject, will promote the substitution of high
energy consuming equipment for more energy efficient ones and will expand the
technical training of its affiliates on the subject of energy efficiency in
all of its installations in Mexico. For its part FIDE will promote energy
savings programs within Vitro's manufacturing facilities, to workers and
suppliers and will help finance the purchase of high energy efficient
equipment.
The signing of this agreement adds to the multiple efforts of Vitro to
promote sustainable development by implementing initiatives that seek to
increase our competitiveness while at the same time promote a cleaner
environment and a safer work place.
Glass Containers
(52 percent of LTM 2008 Consolidated Sales)

Sales
Sales for the quarter increased 7.5 percent YoY to US$336 million from
US$312 million.
The main drivers behind the 3.5 percent YoY increase in domestic sales
were higher sales derived from the raw materials business and higher volume in
the food and soft drinks segments coupled with an improved price mix in the
beer market.
Export sales increased 13.8 percent due to a volume increase in all
segments coupled with an improved price mix in the wine & liquor and soft
drinks segments.
Sales from Glass Containers' foreign subsidiaries rose 11.3 percent YoY as
a result of continued positive market conditions in Central and South America.
EBIT and EBITDA
EBIT for the quarter decreased 11.9 percent YoY to US$36 million from
US$40 million in 1Q'07. EBITDA for the same period decreased 15.1 percent to
US$58 million from US$68 million.
EBIT and EBITDA were negatively affected by higher energy and raw
materials costs as well as lower fixed costs absorption associated with the
four major furnace repairs performed by the Company during this quarter
compared with the two major furnaces repairs carried out during the same
period last year. This situation was partially compensated by better
production efficiencies and the ongoing cost reduction initiatives.
EBITDA from Mexican glass containers operations, which is Glass
Container's core business and represents approximately 80 percent of total
EBITDA, declined 20 percent YoY due to the above mentioned factors.

Table 7: Glass Containers

Table 7
Glass Containers
(Million)

YoY% LTM YoY%
1Q'08 1Q'07 Change 2008 2007 Change

Pesos(1)
Consolidated Net sales 3,613 3,543 2.0 14,708 14,484 1.5
Net Sales
Domestic Sales 1,979 2,041 (3.1) 8,309 8,382 (0.9)
Exports 1,053 962 9.5 4,119 3,990 3.2
Foreign
Subsidiaries 581 540 7.6 2,281 2,112 8.0
EBIT 383 459 (16.5) 2,009 2,034 (1.2)
EBITDA 623 776 (19.6) 2,948 3,373 (12.6)

EBIT Margin 10.6% 13.0% -2.4 pp 13.7% 14.0% -0.3 pp
EBITDA Margin 17.3% 21.9% -4.6 pp 20.0% 23.3% -3.3 pp

Nominal Dollars
Consolidated Net sales 336 312 7.5 1,341 1,261 6.3
Domestic Sales 185 179 3.5 756 723 4.5
Export Sales 97 85 13.8 376 351 7.1
Foreign
Subsidiaries 53 48 11.3 209 187 11.7
EBIT 36 40 (11.9) 183 176 3.8
EBITDA 58 68 (15.1) 268 292 (8.2)

EBIT Margin 10.6% 12.9% -2.3 pp 13.6% 14.0% -0.4 pp
EBITDA Margin 17.2% 21.8% -4.6 pp 20.0% 23.1% -3.1 pp

Glass Containers
Domestic (Millions of Units) 1,163 1,226 (5.2) 4,777 5,010 (4.6)
Exports (Millions of Units) 346 308 12.4 1,385 1,346 2.8
Total 1,509 1,535 (1.7) 6,162 6,356 (3.1)

Capacity utilization
(furnaces)* 89% 95% -6 pp

Alcali (Thousands Tons sold)** 164 157 4.8 644 638 0.9

(1) Financial data for year 2008 is presented in nominal pesos while for
previous periods it is expressed in constant pesos as of December 31,
2007. For more details please refer to the note regarding new
accounting principles on page 2.

* Includes furnaces being repaired
** Includes sodium carbonate, sodium bicarbonate, sodium chlorine,
calcium chlorine

Flat Glass
(47 percent of LTM 2008 Consolidated Sales)

Sales
Flat Glass sales for the quarter increased 5.1 percent YoY to US$296
million from US$282 million.
Domestic sales increased 21.0 percent YoY, mainly as result of higher
sales to the automotive market due to increased volumes along with an improved
price mix. Float glass sales also contributed to this improvement as they
experienced a 13 percent increase in volumes in a stable price environment.
Export sales increased 3.7 percent YoY due to higher float glass volumes,
in line with the company's strategy of temporarily exporting the additional
capacity gained by the purchase of AFG's 50 percent stake in Mexicali (the
float glass manufacturing facility located in Mexicali, Baja California,
Mexico).
Automotive sales grew 14.5 percent YoY driven by higher sales both in the
Auto Glass Replacement ("AGR") and in the Original Equipment Manufacturer
("OEM") markets. AGR sales increased as a result of an improved product mix
coupled with higher volumes in the domestic market. OEM sales increased as a
result of higher volumes coupled with a better product mix which is in line
with our strategy to increase sales of value added products.
Sales from foreign subsidiaries remained relatively stable. Sales at Vitro
Cristalglass, the Spanish subsidiary, increased 8 percent YoY due to a better
price mix coupled with a stronger Euro. Sales at Vitro Colombia increased 18
percent compared with the same quarter last year due to increased volumes
associated with the strong demand in the region. Sales at Vitro America, the
U.S. subsidiary, were affected by the anticipated slowdown in the demand from
the residential construction market.
EBIT & EBITDA
EBIT decreased 32.4 percent YoY to US$9 million from US$14 million while
EBITDA decreased 15.7 percent YoY to US$22 million from US$26 million. During
the same period, EBIT and EBITDA margins decreased 1.8 and 1.9 percentage
points respectively.
On a YoY comparison, higher energy and raw materials costs coupled with a
lower contribution from Vitro America had a negative impact on the EBIT and
EBITDA generation. This situation was partially compensated by a better
product mix along with enhanced fixed-cost absorption due to improved capacity
utilization at the Automotive business.

Table 8: Flat Glass

Table 8
Flat Glass
(Million)
YoY% LTM YoY%
1Q'08 1Q'07 Change 2008 2007 Change

Pesos(1)
Consolidated Net sales 3,189 3,252 (2.0) 13,527 13,230 2.2
Net Sales
Domestic Sales 816 714 14.2 3,374 3,178 6.2
Exports 614 628 (2.2) 2,633 2,379 10.7
Foreign Subsidiaries 1,759 1,910 (7.9) 7,519 7,673 (2.0)
EBIT 100 165 (39.2) 718 520 38.1
EBITDA 239 310 (22.8) 1,250 1,210 3.3

EBIT Margin 3.1% 5.1% -2 pp 5.3% 3.9% 1.4 pp
EBITDA Margin 7.5% 9.5% -2 pp 9.2% 9.1% 0.1 pp

Nominal Dollars
Consolidated Net sales 296 282 5.1 1,225 1,136 7.8
Domestic Sales 77 63 21.0 309 279 10.9
Export Sales 57 55 3.7 239 205 16.6
Foreign Subsidiaries 163 164 (0.6) 676 652 3.8
EBIT 9 14 (32.4) 64 43 48.3
EBITDA 22 26 (15.7) 112 102 9.6

EBIT Margin 3.1% 4.9% -1.8 pp 5.2% 3.9% 1.3 pp
EBITDA Margin 7.5% 9.4% -1.9 pp 9.2% 9.1% 0.1 pp

Volumes
Flat Glass
(Thousands of m2R)(2) 32,107 30,869 4.0 134,027 125,954 6.4

Capacity utilization
Flat Glass furnaces(3) 107% 109% -2.1 pp
Flat Glass auto 90% 69% 21 pp

(1) Financial data for year 2008 is presented in nominal pesos while for
previous periods it is expressed inconstant pesos as of December 31,
2007. For more details please refer to the note regarding new
accounting principles on page 2.
(2) m2R = Reduced Squared Meters
(3) Capacity utilization may sometimes be greater than 100 percent
because pulling capacity is calculated based on a certain number of
changes in glass color & thickness, determined by historical averages.

CONSOLIDATED
VITRO, S.A.B. DE C.V. AND SUBSIDIARIES
CONSOLIDATED FINANCIAL STATEMENTS
FOR THE PERIODS, (MILLION)

First Quarter
INCOME STATEMENT Pesos(1) Nominal Dollars
Item 2008 2007 % Var. 2008 2007 % Var.

1 Consolidated Net Sales 6,881 6,889 (0.1) 640 603 6.1
2 Cost of Sales 5,079 4,948 2.6 472 433 9.1
3 Gross Income 1,801 1,940 (7.2) 167 170 (1.3)
4 SG&A Expenses 1,348 1,340 0.6 125 117 6.6
5 Operating Income 453 601 (24.5) 42 52 (19.3)

6 Other Expenses (Income),
net 6 447 (98.6) 1 39 (98.6)

7 Interest Expense (361) (489) (26.2) (33) (43) (21.6)
8 Interest Income 16 44 (63.3) 2 4 (60.8)
9 Other Financial Expenses
(net) (50) (54) (7.2) (5) (5) 0.7
10 Exchange Loss 218 (161) - 20 (14) -
11 Gain from Monet. Position - 119 - - 10 -
12 Total Financing Result (177) (541) (67.3) (16) (47) (65.0)
13 Inc. (loss) bef. Tax 270 (387) - 25 (34) -
14 Income Tax (53) 73 - (5) 6 -
15 Net Inc. (loss) Cont.
Opns. 323 (460) - 30 (40) -
16 Income (loss)of Discont.
Oper. - - - - - -
17 Income on disposal of
discontinued operations - - - - - -
18 Extraordinary Items, Net - - - - - -
19 Net Income (Loss) 323 (460) - 30 (40) -
20 Net Income (loss) of Maj.
Int. 297 (493) - 28 (43) -
21 Net Income (loss) of Min.
Int. 26 33 (21.9) 2 3 (21.7)

Last Twelve Months
INCOME STATEMENT Pesos(1) Nominal Dollars
Item 2008 2007 % Var. 2008 2007 % Var.

1 Consolidated Net Sales 28,583 28,155 1.5 2,597 2,435 6.6
2 Cost of Sales 20,319 20,240 0.4 1,846 1,751 5.5
3 Gross Income 8,265 7,915 4.4 751 684 9.7
4 SG&A Expenses 5,709 5,517 3.5 519 479 8.4
5 Operating Income 2,556 2,398 6.6 231 206 12.6

6 Other Expenses
(Income), net 428 283 51.4 39 24 64.7

7 Interest Expense (1,575) (1,831) (14.0) (143) (157) (9.3)
8 Interest Income 148 148 (0.4) 13 13 3.6
9 Other Financial
Expenses (net) (505) (561) (9.8) (46) (48) (4.8)
10 Exchange Loss 285 (163) - 27 (13) -
11 Gain from Monet.
Position 352 447 (21.3) 32 39 (18.6)
12 Total Financing
Result (1,296) (1,960) (33.9) (116) (166) (30.2)
13 Inc. (loss) bef. Tax 832 155 437.4 77 16 385.1
14 Income Tax (82) 146 - (8) 15 -
15 Net Inc. (loss) Cont.
Opns. 914 9 10,200.8 85 1 -
16 Income (loss)of
Discont. Oper. - (32) - - (3) -
17 Income on disposal of
discontinued
operations - 480 - - 40 -
18 Extraordinary Items, Net - - - - - -
19 Net Income (Loss) 914 457 99.8 85 38 123.4
20 Net Income (loss) of
Maj. Int. 778 521 49.4 73 44 66.2
21 Net Income (loss) of
Min. Int. 136 (63) - 12 (6) -

VITRO, S.A.B. DE C.V. AND SUBSIDIARIES
CONSOLIDATED FINANCIAL STATEMENTS
As of March 31, (Million)

Pesos(1) Nominal Dollars
Item BALANCE SHEET 2008 2007 % Var. 2008 2007 % Var.

22 Cash & Cash Equivalents 1,108 2,593 (57.3) 104 229 (54.7)
23 Trade Receivables 1,627 1,415 15.0 152 123 24.0
24 Inventories 4,368 3,992 9.4 408 352 16.1
25 Other Current Assets 3,244 3,822 (15.1) 303 337 (10.1)
26 Total Current Assets 10,346 11,822 (12.5) 967 1,040 (7.0)

27 Prop., Plant & Equipment 18,364 16,283 12.8 1,717 1,435 19.6
28 Deferred Assets 2,659 2,379 11.8 249 206 20.9
29 Other Long-Term Assets 103 700 (85.2) 10 62 (84.3)
30 Total Assets 31,472 31,184 0.9 2,942 2,743 7.3

31 Short-Term & Curr. Debt 1,408 1,681 (16.2) 132 147 (10.4)
32 Trade Payables 2,184 2,020 8.1 204 177 15.5
33 Other Current Liabilities 3,399 2,366 43.7 318 208 52.7
34 Total Curr. Liab. 6,990 6,067 15.2 654 532 22.9
35 Long-Term Debt 13,584 14,941 (9.1) 1,270 1,319 (3.7)
36 Other LT Liabilities 831 1,727 (51.9) 78 151 (48.7)
37 Total Liabilities 21,405 22,735 (5.9) 2,001 2,002 (0.0)

38 Majority interest 8,159 6,567 24.3 763 580 31.6
39 Minority Interest 1,908 1,882 1.4 178 162 10.4
40 Total Shar. Equity 10,067 8,448 19.2 941 741 27.0

(1) Financial data for year 2008 is presented in nominal pesos while for
previous periods it is expressed in constant pesos as of December 31,
2007. For more details please refer to the note regarding new
accounting principles on page 2.

FINANCIAL INDICATORS 1Q'08 1Q'07

Debt/EBITDA (LTM, times) 3.6 3.6
EBITDA/ Total Net Fin. Exp. (LTM, times) 2.1 2.0
Debt / (Debt + Equity) (times) 0.6 0.7
Debt/Equity (times) 1.5 2.0
Total Liab./Stockh. Equity (times) 2.1 2.7
Curr. Assets/Curr. Liab. (times) 1.5 1.9
Sales/Assets (times) 0.9 0.9
EPS (Ps$) * 0.8 (1.6)
EPADR (US$) * 0.2 (0.4)

* Based on the weighted average shares
outstanding.

OTHER DATA

# Shares Issued (thousands) 386,857 386,857

# Average Shares Outstanding
(thousands) 358,505 358,538

# Employees 24,298 23,450

VITRO, S.A.B. DE C.V. AND SUBSIDIARIES
SEGMENTED INFORMATION
FOR THE PERIODS, (MILLION)

First Quarter
Pesos(1) Nominal Dollars
2008 2007 % 2008 2007 %
GLASS CONTAINERS
Net Sales 3,603 3,557 1.3% 335 314 6.8%
Interd. Sales (10) 14 -- (1) 1 --
Con. Net Sales 3,613 3,543 2.0% 336 312 7.5%
Expts. 1,053 962 9.5% 97 85 13.8%
EBIT 383 459 -16.5% 36 40 -11.9%
Margin (2) 10.6% 13.0% 10.6% 12.9%
EBITDA 623 776 -19.6% 58 68 -15.1%
Margin (2) 17.3% 21.9% 17.2% 21.8%

Glass containers volumes
(MM Pieces)
Domestic 1,163 1,226 -5.2%
Exports 346 308 12.4%
Total:Dom.+Exp. 1,509 1,535 -1.7%

Soda Ash (Thousand Tons) 164 157 4.8%

FLAT GLASS
Net Sales 3,198 3,257 -1.8% 297 282 5.3%
Interd. Sales 9 5 104.6% 1 0 116.4%
Con. Net Sales 3,189 3,252 -2.0% 296 282 5.1%
Expts. 614 628 -2.2% 57 55 3.7%
EBIT 100 165 -39.2% 9 14 -32.4%
Margin (2) 3.1% 5.1% 3.1% 4.9%
EBITDA 239 310 -22.8% 22 26 -15.7%
Margin (2) 7.5% 9.5% 7.5% 9.4%

Flat Glass Volumes
(Thousand m2R)(3)
Const + Auto 32,107 30,869 4.0%

CONSOLIDATED (4)
Net Sales 6,880 6,907 -0.4% 640 604 5.8%
Interd. Sales (0) 19 -- (0) 2 --
Con. Net Sales 6,881 6,889 -0.1% 640 603 6.1%
Expts. 1,667 1,590 4.9% 154 140 9.8%
EBIT 453 601 -24.5% 42 52 -19.3%
Margin (2) 6.6% 8.7% 6.6% 8.7%
EBITDA 870 1,098 -20.8% 81 96 -15.6%
Margin (2) 12.6% 15.9% 12.6% 15.9%

Last Twelve Months
Pesos(1) Nominal Dollars
2008 2007 % 2008 2007 %
GLASS CONTAINERS
Net Sales 14,722 14,560 1.1% 1,342 1,268 5.8%
Interd. Sales 13 76 -82.4% 1 7 -82.0%
Con. Net Sales 14,708 14,484 1.5% 1,341 1,261 6.3%
Expts. 4,119 3,990 3.2% 376 351 7.1%
EBIT 2,009 2,034 -1.2% 183 176 3.8%
Margin (2) 13.7% 14.0% 13.6% 14.0%
EBITDA 2,948 3,373 -12.6% 268 292 -8.2%
Margin (2) 20.0% 23.3% 20.0% 23.1%

Glass containers volumes
(MM Pieces)
Domestic 4,777 5,010 -4.6%
Exports 1,385 1,346 2.8%
Total:Dom.+Exp. 6,162 6,356 -3.1%

Soda Ash (Thousand Tons) 644 638 0.9%

FLAT GLASS
Net Sales 13,546 13,236 2.3% 1,226 1,136 7.9%
Interd. Sales 19 6 232.5% 2 1 246.6%
Con. Net Sales 13,527 13,230 2.2% 1,225 1,136 7.8%
Expts. 2,633 2,379 10.7% 239 205 16.6%
EBIT 718 520 38.1% 64 43 48.3%
Margin (2) 5.3% 3.9% 5.2% 3.8%
EBITDA 1,250 1,210 3.3% 112 102 9.6%
Margin (2) 9.2% 9.1% 9.2% 9.0%

Flat Glass Volumes
(Thousand m2R)(3)
Const + Auto 134,027 125,954 6.4%

CONSOLIDATED (4)
Net Sales 28,616 28,239 1.3% 2,600 2,442 6.5%
Interd. Sales 32 83 -61.1% 3 7 -59.3%
Con. Net Sales 28,583 28,155 1.5% 2,597 2,435 6.6%
Expts. 6,752 6,369 6.0% 615 556 10.6%
EBIT 2,556 2,398 6.6% 231 206 12.6%
Margin (2) 8.9% 8.5% 8.9% 8.4%
EBITDA 4,152 4,576 -9.2% 376 393 -4.4%
Margin (2) 14.5% 16.3% 14.5% 16.2%

(1) Financial data for year 2008 is presented in nominal pesos while for
previous periods it is expressed in constant pesos as of December 31,
2007. For more details please refer to the note regarding new
accounting principles on page 2.
(2) EBIT and EBITDA Margins consider Consolidated Net Sales.
(3) m2R = Reduced Squared Meters
(4) Includes corporate companies and other's sales and EBIT.

SOURCE Vitro, S.A.B. de C.V.

Investor Relations: Adrian Meouchi, +(52) 81-8863-1765, ameouchi@vitro.com,
Angel Estrada, +(52) 81-8863-1730, aestradag@vitro.com, both of Vitro S.A.B.
de C.V.; U.S. agency: Susan Borinelli, sborinelli@breakstone-group.com, or
Barbara Cano, bcano@breakstone-group.com, both of Breakstone Group,
+1-646-452-2334; Media Relations: Albert Chico, Vitro, S.A.B. de C.V., +(52)
81-8863-1661, achico@vitro.com