GRUPO SIMEC ANNOUNCES RESULTS OF OPERATIONS FOR THE TWELVE-MONTH PERIOD ENDED DECEMBER 31, 2022.

Operating Income 
Operating income decreased 11% from Ps. 13,532 million for the twelve-month period ended December 31, 2021 to Ps. 12,045 million in the same period of 2022. Operating income as a percentage of net sales represented 22% and 24% for the 2022 and 2021 periods respectively.

EBITDA 
The EBITDA of the Company decreased 11% from Ps. 14,707 million in the twelve-month prior ended December 31, of 2021, as a result a net income of Ps. 9,444, plus minority stake of Ps. 2 million, plus income taxes of Ps. 4,390, less comprehensive financial cost of Ps. 304 million, plus depreciation of Ps. 1,175 million. to Ps. 13,162 million in the same period of 2022 as a result a net income of Ps. 8,639, less minority stake of Ps. 2 million, plus income taxes of Ps. 3,278 million, plus comprehensive financial cost of Ps. 130 million, plus depreciation of 1,117 million.

Comprehensive Financial Cost
Comprehensive financial cost in the twelve-month period ended December 31, 2022 represented a net expense of Ps. 130 million compared with a net income of Ps. 304 million in the same period of 2021. The net interest was an income of Ps. 296 million in 2022 compared with a net expense of Ps. 21 million in the twelve-month period ended December 31, 2021. As a result, we registered a net exchange loss of Ps. 618 million in the twelve-month period ended December 31, 2022 compared with a net exchange profit of Ps. 325 million in the same period of 2021, other financial income was recorded for Ps. 192 million for the period.

Income Taxes 
The Company have recorded an expense net tax of Ps. 3,278 million in the twelve-month period ended December 31, 2022 (including the expenses of deferred tax of Ps. 39 million) compared with a net expense tax of Ps. 4,390 million in the same period of 2021 (including the tax deferred expense of Ps. 571 million).

Net Income (loss) 
As a result of the foregoing, net income decreased by 9% from Ps. 9,444 million net profits in the twelve-month period ended December 31, 2021 to Ps. 8,639 million a result net income in the same period of 2022. 

Liquidity and Capital Resources 
As of December 31, 2022, Simec's total consolidated debt consisted of U.S. $302,000 of 8 7/8% medium-term notes ("MTN's") due 1998, Ps. 5.8 million (accrued interest on December 31, 2022 was U.S. $694,987 or Ps. 13.5 million).  As of December 31, 2021, Simec's total consolidated debt consisted of U.S. $302,000 of 8 7/8% medium-term notes ("MTN's") due 1998, Ps. 6.2 million (accrued interest on December 31, 2021 was U.S. $671,437, or Ps. 13.8 million).

Comparative fourth quarter 2022 vs third quarter 2022

Net Sales
Net sales decreased from Ps. 13,433 million in the third quarter of 2022 to Ps. 11,100 million for the fourth quarter of 2022. Sales in tons decreased from 541 thousand ton in the third quarter of 2022 to 535 thousand ton in the fourth quarter of the same period, a decreased of 1%. Total sales outside of Mexico for the fourth quarter of 2022 decreased 29% from Ps. 6,559 million in the third quarter to Ps. 4,657 million in the four quarter of 2022. Sales in Mexico decreased to Ps. 6,443 million in the fourth quarter of 2022 compared Ps. 6,874 million in the third quarter of 2022 and decreased of 6%. Prices of finished products sold in the fourth quarter of 2022 decreased 16% compared with the third quarter of the same period.

Cost of Sales 
Cost of sales decreased to Ps. 8,510 million in the fourth quarter of 2022 compared to Ps. 10,271 million for the third quarter of 2022. With respect to sales, in the fourth quarter of 2022, the cost of sales represented 77% in the fourth quarter of 2022, compared to 76% in the third quarter of the same period. The average cost of sales by ton decreased of 16% in the fourth quarter of 2022 versus the third quarter of 2022.

Gross Profit 
Gross profit of the Company for the fourth quarter of 2022 decreased 18% to Ps. 2,590 million compared to Ps. 3,162 million in the third quarter of 2022. The gross profit as a percentage of net sales for the third and fourth quarter of 2022 was of 24% and 23% respectively.

Operating Expenses 
Selling, general and administrative expenses increased 14% to Ps. 676 million in the fourth quarter of 2022 compared to Ps. 595 million for the third quarter of 2022. Selling, general and administrative expenses as a percentage of net sales for the third and fourth quarter of 2022 was of 4% and 6% respectively.

Other Expenses (Income) net 
The company recorded other net income of Ps. 80 million in the fourth quarter of 2022 compared to other net income of Ps. 5 million for the third quarter of 2022.

Operating (Loss) Income 
Operating income was of Ps. 1,994 million in the fourth quarter of 2022 compared to an operating income of Ps. 2,572 million in the third quarter of 2022. The operating income as a percentage of net sales represented 18% and 19% for the third quarter and fourth quarter periods respectively.

EBITDA 
The EBITDA was Ps. 2,857 million in the third quarter of 2022 as a result a net income of Ps. 1,940 million, less minority stake of Ps. 1 million, plus income taxes of Ps. 798 million, less comprehensive financial cost of Ps. 165 million, plus depreciation of Ps. 285million, compared to Ps. 2,277 million for the fourth quarter of 2022, as a result a net profit of Ps. 602 million, less minority stake of Ps. 2 million, plus income taxes of Ps. 1,328 million, plus comprehensive financial cost of Ps. 66 million, plus depreciation of Ps. 283 million.

Consolidated
Million		Comparative fourth quarter vs third quarter 2022
		4Q 2022				3Q 2022
Net income (loss)			602				1,940
Loss attributable to noncontrolling interests			(2)				(1)
Net income (loss)			600				1,939
Depreciation and Amortization			283				285
Income taxes			1,328				798
Financial results income (loss)			66				(165)
EBITDA			2,277				2,857
Items to reconciled adjusted EBITDA
Equity results and other results in associates and joint ventures			0				0
Dividends received and interest from associates and joint ventures (i)			0				0
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