Consolidated Income Statement

(°) Figures for first quarter 2019 have been adjusted to reflect the application of IAS 29 to the financial reporting of Ternium’s Argentine subsidiaries.
(°°) Figures for second quarter 2019 have been adjusted to reflect the application of IAS 29 to the financial reporting of Ternium’s Argentine subsidiaries.
(°°°) Figures for third quarter 2019 have been adjusted to reflect the application of IAS 29 to the financial reporting of Ternium’s Argentine subsidiaries.
(*) Source: 2018 Form 20F
(**) Source: 2017 Form 20F
(***) Source: 2016 Form 20F
(****) Source: 2015 Form 20F
In thousands of U.S. dollars For the year ended December 31,
(except number of shares and per share data) 2019 2018(*) 2017(**) 2016 (***) 2015 (****)
Selected consolidated income statement data

Continuing operations
Net sales 10,192,818 11,454,807 9,700,296 7,223,975 7,877,449
Cost of sales (8,452,440) (8,483,328) (7,403,025) (5,384,390)
- (6,477,272)
-
Gross profit 1,740,378 2,971,480 2,297,271 1,839,585 1,400,177
Selling, general and administrative expenses (897,475) (876,764) (824,247) (687,942) (770,292)
Other operating (expenses) income, net 21,663 13,656 (16,240) (9,925)
- 9,454
-
Operating income 864,566 2,108,372 1,456,784 1,141,718 639,339
- -
Finance expense (88,284) (131,173) (114,583) (89,971) (89,489)
Finance income 29,071 21,236 19,408 14,129 7,981
Other financial (expenses) income, net (39,756) (69,640) (69,915) 37,957 (17,922)
Equity in earnings (losses) of non-consolidated companies 60,967 102,772 68,115 14,624 (272,810)
- -
Income before income tax expense 826,563 2,031,568 1,359,809 1,118,457 267,099
Income tax expense (196,519) (369,435) (336,882) (411,528) (207,320)
Current and deferred income tax expense (196,519) (369,435) (336,882) (411,528) (207,320)
Reversal of deferred statutory profit sharing - - - - -
Profit (Loss) from continuing operations 630,044 1,662,133 1,022,927 706,929 59,779

Discontinued operations
Income from discontinued operations - - - - -
Profit (Loss) for the year 630,044 1,662,133 1,022,927 706,929 59,779

Attributable to:
Owners of the parent 564,269 1,506,648 886,219 595,644 8,127
Non-controlling interest 65,776 155,485 136,708 111,285 51,652
630,045 1,662,133 1,022,927 706,929 59,779
Depreciation and amortization 661,113 589,299 474,299 406,890 433,788
Weighted average number of shares (3) 1,963,076,776 1,963,076,776 1,963,076,776 1,963,076,776 1,963,076,776

Basic earnings (losses) per share (expressed in USD per share) for profit:
From continuing operations attributable to the owners of the parent 0.29 0.77 0.45 0.30 0.00
From discontinued operations attributable to the owners of the parent - - - - -
For the year attributable to the owners of the parent 0.29 0.77 0.45 0.30 0.00
Dividends per share 0.120 0.120 0.110 0.100 0.090

(1) Of the 2,004,743,442 shares issued as of June 30, 2017, Ternium held 41,666,666 through its wholly-owned subsidiary Ternium International Inc., repurchased from Usiminas on
February 15, 2011. Such shares were not considered outstanding for purposes of the calculation of the weighted average number of shares.
(2) International Accounting Standard N° 1 (IAS 1) (Revised) requires that income for the year as shown in the income statement includes the portion attributable to non-controlling interest.
Basic earnings per share, however, continue to be calculated on the basis of income attributable solely to the owners of the parent.
(3) Diluted earnings per share (expressed in USD per share), equals basic earnings per share.
Consolidated Balance Sheet
(*) Source: 2018 Form 20F
(**) Source: 2017 Form 20F
(***) Source: 2016 Form 20F
(****) Source: 2015 Form 20F
In thousands U.S. dollars At December 31,
(except number of shares and per share data) 2019 2018(*) 2017(**) 2016 (***) 2015 (****)
Selected consolidated balance sheet data

Non-current assets 8,757,320 8,121,823 7,727,283 5,622,556 5,480,389

Property, plant and equipment, net 6,539,581 5,817,609 5,349,753 4,135,977 4,207,566
Other non-current assets 2,217,739 2,304,214 2,377,530 1,486,579 1,272,824
Current assets 4,176,115 4,423,889 4,395,283 2,700,314 2,582,204
Cash and cash equivalents 519,965 250,541 337,779 183,463 151,491
Other current assets 3,656,150 4,173,348 4,054,741 2,506,603 2,419,047
Non-current assets classified as held for sale 2,098 2,149 2,763 10,248 11,667

Total assets 12,935,533 12,547,861 12,122,566 8,322,870 8,062,593

Capital and reserves attributable to the owners of the parent 6,611,665 6,393,253 5,010,424 4,391,298 4,033,148
Non-controlling interest 1,103,208 1,091,321 842,347 775,295 769,849

Non-current liabilities 3,452,535 3,236,758 3,442,521 1,324,785 1,558,979

Lease liabilities 298,219 65,798 69,005 - -

Borrowings 1,628,892 1,637,101 1,716,337 396,742 607,237
Deferred tax liabilities 403,278 474,431 513,357 609,004 609,514
Other non-current liabilities 1,122,146 1,059,427 1,143,822 319,039 342,227

Current liabilities 1,768,125 1,826,530 2,827,274 1,831,492 1,700,617

Lease liabilities 40,546 8,030 8,030 - -

Borrowings 559,782 399,856 1,505,570 821,893 913,786
Other current liabilities 1,167,797 1,418,644 1,313,674 1,009,599 786,831

Total liabilities 5,220,660 5,063,288 6,269,795 3,156,277 3,259,596

Total equity and liabilities 12,935,533 12,547,861 12,122,566 8,322,870 8,062,593

Number of shares 1,963,076,776 1,963,076,776 1,963,076,776 1,963,076,776 1,963,076,776

Consolidated Cash Flow Statement

(*) Source: 2018 Form 20F

(**) Source: 2017 Form 20F
(***) Source: 2016 Form 20F
(****) Source: 2015 Form 20F For the year ended December 31,
In thousands U.S. dollars 2019 2018(*) 2017(**) 2016 (***) 2015 (***)

Profit for the period 630,045 1,662,132 1,022,927 706,929 59,779

Depreciation and amortization 661,112 589,299 474,299 406,890 433,788

Equity in (earnings) losses of non-consolidated companies (60,967) (102,772) (68,115) (14,624) 272,810
Changes in provisions (1,544) (7,659) 2,783 1,678 3,180
Net foreign exchange results and others 51,689 (5,778) 70,894 (33,936) 61,487
Interest accruals less payments 3,405 (13,014) 19,484 12,699 5,496
Income tax accruals less payments (208,805) (154,366) (273,443) 182,332 (23,932)
Results on the sale of participation in subsidiary company - - - - 1,739
Changes in working capital 572,684 (228,577) (864,970) (162,373) 509,144
Net cash provided by operating activities 1,647,619 1,739,265 383,859 1,099,595 1,323,491

Capital expenditures (1,052,252) (520,250) (409,402) (435,460) (466,643)

Proceeds from the sale of property, plant & equipment 788 861 1,124 1,212 1,217
Sale of participation in subsidiary company, net of cash disposed - - - - (673)
Acquisition of business/stake - - - - -
Purchase consideration - - (1,890,989) - -
Cash acquired - - 278,162 - -
Investments in non-consolidated companies - - - (114,449) (9,600)
Recovery/ (Loans) to non-consolidated companies 24,480 (24,480) (23,904) (92,496) (10,416)
Dividends received from non-consolidated companies - - 65 183 -
(Increase) Decrease in Other Investments (163,800) 86,857 14,986 86,340 (85,946)
Net cash used in investing activities (1,190,784) (457,012) (2,029,958) (554,670) (572,061)

Dividends paid in cash to company's shareholders (235,569) (215,938) (196,308) (176,677) (176,677)
Dividends paid in cash to non-controlling interests (28,530) (20,940) (30,573) (50,829) (32,743)
Finance Lease payments (38,569) (7,565) (4,157)
Proceeds from borrowings 1,529,766 1,188,731 3,239,121 910,577 822,663
Repayments of borrowings (1,377,605) (2,266,560) (1,205,827) (1,191,770) (1,379,747)
Net cash provided by (used in) financing activities (150,507) (1,322,272) 1,802,256 (508,699) (809,634)

Increase (Decrease) in cash and cash equivalents 306,328 (40,019) 156,157 36,226 (58,204)
Segment EBITDA
(°) Figures for first quarter 2019 have been adjusted to reflect the application of IAS 29 to the financial reporting of Ternium’s Argentine subsidiaries.
(°°) Figures for second quarter 2019 have been adjusted to reflect the application of IAS 29 to the financial reporting of Ternium’s Argentine subsidiaries.
(°°°) Figures for third quarter 2019 have been adjusted to reflect the application of IAS 29 to the financial reporting of Ternium’s Argentine subsidiaries.
(*) Source: 2018 Form 20F
(**) Source: 2017 Form 20F
(***) Source: 2016 Form 20F
(****) Source: 2015 Form 20F
Steel reporting segment
USD million 4Q2019 3Q2019(°°°) 2Q2019(°°) 1Q2019(°) 4Q2018 3Q2018 2Q 2018 1Q 2018 4Q 2017 3Q 2017 2Q 2017 1Q 2017 4Q 2016 3Q 2016 2Q 2016 1Q 2016 4Q 2015 3Q 2015 2Q 2015

Ton (thousands) 2,917.3 3,056.8 3,332.7 3,204.5 2,963.6 3,143.0 3,321.6 3,522.8 3,410.8 3,070.2 2,640.8 2,474.8 2,378.0 2,347.9 2,607.7 2,430.5 2,309.6 2,462.6 2,397.2
-
Net Sales 2,243.4 2,449.7 2,757.3 2,735.8 2,635.7 2,999.0 3,021.8 2,796.9 2,767.5 2,535.0 2,322.7 2,075.1 1,849.0 1,855.5 1,862.2 1,655.1 1,809.4 1,945.0 1,995.3
Cost of sales (1,965.5) (2,065.1) (2,289.0) (2,232.8) (2,058.1) (2,080.4) (2,234.0) (2,152.4) (2,183.8) (2,007.4) (1,725.3) (1,549.3) (1,418.7) (1,300.0) (1,389.4) (1,283.0) (1,434.0) (1,621.2) (1,681.3)
SG&A expenses (222.0) (208.2) (239.6) (215.4) (198.1) (213.6) (230.5) (218.7) (248.0) (207.4) (186.1) (169.9) (172.9) (165.8) (177.0) (161.3) (177.1) (184.7) (201.3)
Other operating (expenses) income, net
8.3 6.9 0.4 6.3 8.5 4.8 (5.9) 5.6 5.1 (1.9) (12.7) (7.4) (11.3) 2.6 0.1 (1.0) (0.3) 4.0 1.4

Operating income 64.3 183.3 229.1 293.9 388.0 709.8 551.5 431.3 340.7 318.3 398.5 348.5 246.1 392.3 295.9 209.8 198.1 143.2 114.0

Amortization and depreciation 157.9 147.4 161.0 146.5 118.7 134.9 140.6 143.7 139.0 103.2 93.2 89.2 91.6 92.2 88.8 89.0 94.2 97.3 96.1

EBITDA 222.2 330.7 390.0 440.3 506.7 844.6 692.1 575.0 479.7 421.4 491.7 437.7 337.8 484.5 384.7 298.9 292.3 240.5 210.1

Mining reporting segment

USD million 4Q2019 3Q2019(°°°) 2Q2019(°°) 1Q2019(°) 4Q2018 3Q2018 2Q 2018 1Q 2018 4Q 2017 3Q 2017 2Q 2017 1Q 2015 4Q 2016 3Q 2016 2Q 2016 1Q 2015 4Q 2015 3Q 2015 2Q 2015

Ton (thousands) 916.6 904.4 835.1 919.9 856.9 914.5 915.6 929.3 874.8 938.3 874.5 863.4 855.5 808.3 811.4 834.4 906.1 891.5 873.4
-
Net Sales 99.7 111.7 76.8 75.8 71.9 66.6 73.7 69.7 69.0 84.3 55.6 62.6 54.6 58.1 48.4 43.8 45.4 51.1 49.7
Cost of sales (73.3) (61.6) (63.0) (61.6) (69.9) (62.2) (55.3) (52.4) (55.9) (54.6) (53.7) (48.6) (51.5) (44.7) (47.8) (48.0) (46.0) (51.8) (58.8)
SG&A expenses (1.0) (3.7) (4.0) (3.7) (3.9) (3.3) (3.5) (5.1) (3.7) (3.9) (2.9) (2.3) (2.6) (2.6) (3.0) (2.7) (3.0) (3.3) (3.5)
Other operating (expenses) income, net
0.2 0.3 0.0 (0.7) (0.0) 0.1 0.4 0.2 (0.0) 0.5 0.1 0.2 0.5 0.2 0.3 (1.4) 0.4 (0.0) 0.2

Operating income 25.6 46.7 9.8 9.8 (2.0) 1.2 15.3 12.3 9.4 26.3 (0.9) 11.8 0.9 10.9 (2.1) (8.3) (3.3) (4.1) (12.5)

Amortization and depreciation 12.9 12.0 7.2 16.3 11.4 12.7 13.8 13.5 13.4 13.1 11.8 11.4 12.2 10.9 10.5 11.6 11.2 12.6 13.0

EBITDA 38.5 58.7 17.0 26.0 9.5 13.9 29.1 25.9 22.8 39.4 10.9 23.3 13.2 21.8 8.4 3.4 8.0 8.5 0.6

Intersegment eliminations
USD million 4Q2019 3Q2019(°°°) 2Q2019(°°) 1Q2019(°) 4Q2018 3Q2018 2Q 2018 1Q 2018 4Q 2017 3Q 2017 2Q 2017 1Q 2015 4Q 2016 3Q 2016 2Q 2016 1Q 2015 4Q 2015 3Q 2015 2Q 2015

Net Sales (93.1) (111.7) (76.8) (75.8) (71.5) (66.4) (73.1) (69.6) (69.0) (84.3) (55.6) (62.6) (54.0) (57.5) (47.7) (43.4) (44.8) (50.7) (48.9)
Cost of sales 95.5 110.3 74.4 79.4 68.1 64.4 76.8 72.2 68.8 89.5 50.8 66.4 53.6 53.4 47.4 44.2 41.6 52.1 50.3

Operating income 2.4 (1.4) (2.4) 3.7 (3.4) (2.1) 3.7 2.6 (0.2) 5.3 (4.7) 3.8 (0.4) (4.1) (0.3) 0.8 (3.2) 1.4 1.5

Total
USD million 4Q2019 3Q2019(°°°) 2Q2019(°°) 1Q2019(°) 4Q2018 3Q2018 2Q 2018 1Q 2018 4Q 2017 3Q 2017 2Q 2017 1Q 2015 4Q 2016 3Q 2016 2Q 2016 1Q 2015 4Q 2015 3Q 2015 2Q 2015

Net Sales 2,250.0 2,449.7 2,757.3 2,735.8 2,636.1 2,999.2 3,022.4 2,797.0 2,767.5 2,535.0 2,322.7 2,075.1 1,849.6 1,856.1 1,862.8 1,655.5 1,809.9 1,945.4 1,996.1
Cost of sales (1,943.3) (2,016.4) (2,277.7) (2,215.0) (2,059.9) (2,078.3) (2,212.4) (2,132.7) (2,170.9) (1,972.5) (1,728.2) (1,531.5) (1,416.6) (1,291.3) (1,389.7) (1,286.8) (1,438.4) (1,620.8) (1,689.8)
SG&A expenses (222.9) (211.9) (243.6) (219.0) (202.0) (216.9) (234.0) (223.8) (251.7) (211.2) (189.0) (172.3) (175.5) (168.4) (180.0) (164.0) (180.1) (188.0) (204.8)
Other operating (expenses) income, net
8.5 7.2 0.4 5.6 8.5 4.9 (5.5) 5.8 5.1 (1.5) (12.6) (7.2) (10.8) 2.8 0.4 (2.3) 0.1 4.0 1.5

Operating income 92.2 228.6 236.4 307.3 382.7 708.9 570.5 446.2 350.0 349.8 392.8 364.2 246.7 399.1 293.5 202.4 191.6 140.5 103.1

Amortization and depreciation 170.8 159.4 168.1 162.7 130.1 147.5 154.4 157.3 152.4 116.3 105.0 100.6 103.9 103.1 99.3 100.7 105.5 109.9 109.1

EBITDA 263.1 388.0 404.6 470.0 512.8 856.5 724.9 603.5 502.3 466.1 497.9 464.8 350.6 502.2 392.8 303.0 297.1 250.4 212.2
1Q 2015

2,430.9

2,125.5
(1,720.2)
(194.0)

4.0

215.3

96.7

312.0

1Q 2015

964.6

57.0
(58.0)
(3.4)

(0.3)

(4.6)

12.6

8.0

1Q 2015

(56.4)
49.8

(6.6)

1Q 2015

2,126.1
(1,728.3)
(197.4)

3.7

204.1

109.3

313.4
2019 2018(*) 2017(**) 2016(***) 2015(****)

12,511.3 12,951.1 11,596.6 9,764.0 9,600.3

10,186.2 11,453.4 9,700.3 7,221.8 7,875.2

(8,552.5) (8,524.9) (7,465.8) (5,391.0) (6,456.6)
(885.1) (860.9) (811.5) (677.0) (757.1)

21.9 12.9 (17.0) (9.5) 9.2

770.5 2,080.6 1,406.0 1,144.2 670.7

612.7 537.9 424.5 361.7 384.4

1,383.2 2,618.5 1,830.5 1,505.8 1,055.0

2019 2018(*) 2017(**) 2016(***) 2015

3,575.9 3,616.3 3,551.1 3,309.6 3,635.6

364.0 282.0 271.5 204.9 203.1

(259.5) (239.9) (212.9) (192.0) (214.7)
(12.3) (15.9) (12.8) (10.9) (13.2)

(0.3) 0.7 0.8 (0.4) 0.3

91.9 26.9 46.6 1.5 (24.5)

48.4 51.4 49.8 45.2 49.4

140.3 78.3 96.4 46.7 24.9

2019 2018(*) 2017(**) 2016(***) 2015

(357.4) (280.6) (271.4) (202.7) (200.8)

359.6 281.5 275.6 198.7 194.0

2.2 0.8 4.1 (4.0) (6.9)

2019 2018(*) 2017(**) 2016(***) 2015

10,192.8 11,454.8 9,700.3 7,224.0 7,877.4

(8,452.4) (8,483.3) (7,403.0) (5,384.4) (6,477.3)
(897.5) (876.8) (824.2) (687.9) (770.3)

21.7 13.7 (16.2) (9.9) 9.5

864.6 2,108.4 1,456.8 1,141.7 639.3

661.1 589.3 474.3 406.9 433.8

1,525.7 2,697.7 1,931.1 1,548.6 1,073.1

Segment Sales

Shipments
Thousand tons 4Q2019 3Q 2019***2Q 2019** 1Q2019* 4Q2018 3Q 2018 2Q 2018 1Q 2018 4Q 2017 3Q 2017 2Q 2017 1Q 2017 4Q 2016 3Q 2016 2Q 2016 1Q 2016 4Q 2015 3Q 2015 2Q 2015 1Q 2015 2019

Mexico 1,543.7 1,628.6 1,569.3 1,563.4 1,523.4 1,525.2 1,721.7 1,774.5 1,614.4 1,625.0 1,720.4 1,663.0 1,524.8 1,529.4 1,754.2 1,596.6 1,406.7 1,532.9 1,457.7 1,536.0 6,305.0
Southern Region 484.4 503.8 507.8 442.3 505.1 546.5 604.2 645.3 645.2 666.3 599.4 545.1 577.5 535.3 549.0 559.0 643.6 641.4 644.6 622.7 1,938.3
Other Markets 889.2 924.3 1,255.7 1,198.8 935.2 1,071.3 995.8 1,103.0 1,151.2 778.8 321.0 266.7 275.6 283.1 304.5 274.8 259.3 288.2 294.9 272.2 4,268.0
Total steel segment 2,917.3 3,056.8 3,332.7 3,204.5 2,963.6 3,143.0 3,321.6 3,522.8 3,410.8 3,070.2 2,640.8 2,474.8 2,378.0 2,347.9 2,607.7 2,430.5 2,309.6 2,462.6 2,397.2 2,430.9 12,511.3

Total mining segment 916.6 904.4 835.1 919.9 856.9 914.5 915.6 929.3 874.8 938.3 874.5 863.4 855.5 808.3 811.4 834.4 906.1 891.5 873.4 964.6 3,575.9

Revenue / ton
USD/ton 4Q2019 3Q 2019***2Q 2019** 1Q2019* 4Q2018 3Q 2018 2Q 2018 1Q 2018 4Q 2017 3Q 2017 2Q 2017 1Q 2017 4Q 2016 3Q 2016 2Q 2016 1Q 2016 4Q 2015 3Q 2015 2Q 2015 1Q 2015 2019

Mexico 776 820 872 912 945 997 963 854 809 830 828 782 740 767 676 620 678 695 752 806 845
Southern Region 917 865 851 869 939 928 792 734 961 929 940 938 863 845 821 830 1,010 1,010 989 1,014 875
Other Markets 619 644 693 710 699 810 781 657 616 636 844 839 792 803 732 713 770 777 814 888 672
Total steel segment 751 774 802 830 866 921 877 770 772 802 855 822 776 789 713 679 781 787 824 869 790

Total mining segment 109 124 92 82 84 73 81 75 79 90 64 73 64 72 60 53 50 57 57 59 102

Net Sales
USD million 4Q2019 3Q 2019***2Q 2019** 1Q2019* 4Q2018 3Q 2018 2Q 2018 1Q 2018 4Q 2017 3Q 2017 2Q 2017 1Q 2017 4Q 2016 3Q 2016 2Q 2016 1Q 2016 4Q 2015 3Q 2015 2Q 2015 1Q 2015 2019

Mexico 1,197.3 1,334.9 1,368.7 1,425.8 1,439.9 1,521.3 1,657.4 1,515.4 1,306.0 1,348.6 1,424.2 1,299.8 1,128.4 1,172.8 1,185.9 990.5 954.2 1,065.3 1,096.9 1,238.4 5,326.7
Southern Region 444.0 435.9 432.1 384.5 474.3 506.9 478.5 473.6 619.9 618.8 563.5 511.4 498.3 452.5 451.0 464.1 650.3 648.0 637.4 631.6 1,696.6
Other Markets 550.2 595.1 870.8 850.7 653.3 867.9 778.0 724.4 708.8 495.4 270.9 223.9 218.4 227.2 222.8 196.0 199.6 224.1 240.1 241.7 2,866.7
Total steel products 2,191.5 2,365.8 2,671.6 2,661.1 2,567.5 2,896.2 2,913.9 2,713.4 2,634.8 2,462.8 2,258.6 2,035.0 1,845.1 1,852.5 1,859.7 1,650.6 1,804.1 1,937.3 1,974.4 2,111.7 9,890.1
Other products (1) 51.9 83.9 85.6 74.7 68.2 102.8 107.9 83.4 132.7 72.2 64.1 40.1 3.8 3.0 2.5 4.4 5.3 7.7 20.9 13.8 296.1
Total steel segment 2,243.4 2,449.7 2,757.3 2,735.8 2,635.7 2,999.0 3,021.8 2,796.9 2,767.5 2,535.0 2,322.7 2,075.1 1,849.0 1,855.5 1,862.2 1,655.1 1,809.4 1,945.0 1,995.3 2,125.5 10,186.2

Total mining segment 99.7 111.7 76.8 75.8 71.9 66.6 73.7 69.7 69.0 84.3 55.6 62.6 54.6 58.1 48.4 43.8 45.4 51.1 49.7 57.0 364.0

Intersegment eliminations -93.1 -111.7 -76.8 -75.8 -71.5 -66.4 -73.1 -69.6 -69.0 -84.3 -55.6 -62.6 -54.0 -57.5 -47.7 -43.4 -44.8 -50.7 -48.9 -56.4 -357.4

Total net sales 2,250.0 2,449.7 2,757.3 2,735.8 2,636.1 2,999.2 3,022.4 2,797.0 2,767.5 2,535.0 2,322.7 2,075.1 1,849.6 1,856.1 1,862.8 1,655.5 1,809.9 1,945.4 1,996.1 2,126.1 10,192.8
(1) The item "Other products" primarily includes the sale of energy of Mexico and Brazil.

(*) Figures for the first quarter 2019 have been adjusted to reflect the application of IAS 29 to the financial reporting of Ternium’s Argentine subsidiaries.
(**) Figures for the second quarter 2019 have been adjusted to reflect the application of IAS 29 to the financial reporting of Ternium’s Argentine subsidiaries.
2018 2017

6,544.8 6,622.8
2,301.1 2,456.0
4,105.2 2,517.7
12,951.1 11,596.6

3,616.3 3,551.1

2018 2017

937 812
840 942
737 675
856 810

78 76

2018 2017

6,134.0 5,378.6
1,933.4 2,313.6
3,023.6 1,699.0
11,091.0 9,391.2
362.4 309.1
11,453.4 9,700.3

282.0 271.5

-280.6 -271.4

11,454.8 9,700.3
2016 2015

6,405.2 5,933.4
2,220.8 2,552.2
1,138.1 1,114.6
9,764.0 9,600.3

3,309.6 3,635.6

2016 2015

699 734
840 1,006
760 812
738 815

62 56

2016 2015

4,477.6 4,354.8
1,865.9 2,567.2
864.4 905.4
7,208.0 7,827.4
13.8 47.7
7,221.8 7,875.2

204.9 203.1

-202.7 -200.8

7,224.0 7,877.4