Desc, S.A. de C.V. and Subsidiaries
Consolidated Balance Sheets
(In millions of constant pesos, as of June 30, 2004).
2004 2003 %
Assets
Current Assets:
Cash and Short Term Investments 410 889 -53.8%
Account Receivable(net) 5,454 4,842 12.6%
Inventories and Other Assets 3,231 3,165 2.1%
Total Current Assets 9,095 8,896 2.2%
Long-term Accounts Receivable 1,201 1,115 7.7%
Land held for development
and real estate projects 3,619 3,755 -3.6%
Fixed Assets 11,384 13,567 -16.1%
Deferred Assets (net) 630 1,586 -60.3%
Other Assets 1,222 1,135 7.7%
Total Assets 27,151 30,054 -9.7%
Liabilities
Current Liabilities:
Banks Loans 433 3,087 -86.0%
Suppliers 2,130 2,210 -3.6%
Taxes to be paid 261 683 -61.9%
Other Liabilities 1,664 1,605 3.7%
Total Current Liabilities 4,488 7,585 -40.8%
Long-Term Debt 8,428 8,541 -1.3%
Deferred Taxes 817 1,458 -44.0%
Other 812 593 37.0%
Total Liabilities 14,545 18,177 -20.0%
Stockholders' Equity
Capital Stock 30 18 66.7%
Paid-in Surplus 3,810 1,170 225.5%
Restatement of
Paid-In Capital Stock 11,913 11,242 6.0%
Cumulative effect
of restatement, net -6,774 -4,455 52.0%
Total Majority Interest 8,979 7,975 12.6%
Minority Interest 3,627 3,902 -7.1%
Total Stockholders' Equity 12,606 11,877 6.1%
Total Liabilities and
Stockholders' Equity 27,151 30,054
-----------------------------------------------------------------------
Desc, S.A. de C.V. and Subsidiaries
Consolidated Income Statements
(In millions of constant pesos, as of June 30, 2004)
The financial figures below have not been adjusted to exclude the operations and businesses divested in 2003.
2Q04 2Q03 Var.
Net Sales 5,680 5,999 -5.3%
Cost of Sales 4,607 4,587 0.4%
Gross Profit 1,073 1,412 -24.0%
Operating Expenses
Administrative and
Selling Expenses 830 951 -12.7%
Operating Income 243 461 -47.3%
Interest Expense 174 189 -7.9%
Interest Income (9) (5) 80.0%
Exchange Gain (loss), net 120 (175) NA
Gain on Monetary Position 4 (43) NA
Others 63 85 -25.9%
Comprehensive Financial Result 352 51 590.2%
Other Expenses (33) (24) 37.5%
Income before Provisions (76) 434 NA
Provisions for:
Income and Asset Tax 45 95 -52.6%
Employee Profit Sharing 16 16 0.0%
Deferred Income Taxes (29) 117 NA
Total Taxes 32 228 -86.0%
Net Consolidated Income (108) 206 NA
32 75 -57.3%
Minority Interest - -
Majority Net Income (140) 131 NA
12 months Net Income per Share (1.57) (0.74)
Number of shares outstanding: 2,282 1,369
(Thousands of shares)
Operating Income+Depreciation 572 805 -29.0%