Grupo
Transportacion Ferroviaria Mexicana, S.A. de C.V.
and Subsidiaries
Consolidated Statement of Income
(Amounts
expressed in thousands of US dollars)
Three months ended Twelve
months ended
December 31, December
31,
----------------------- ----------------------
2004 2003 2004 2003
------------ ---------- ----------------------
(Unaudited) (Audited) (Unaudited)
(Audited)
----------- --------- -----------
---------
Transportation revenues
173,523 175,163 700,438 698,528
----------- --------- -----------
---------
Operating expenses
(116,976) (121,165) (482,049)
(479,968)
Depreciation and
amortization (22,482) (21,894) (88,375) (86,554)
----------- --------- -----------
---------
Total cost
(139,458) (143,059) (570,424)
(566,522)
----------- --------- -----------
---------
Operating profit
34,065 32,104 130,014 132,006
----------- --------- -----------
---------
Other expenses - net
(3,067) (10,278) (10,607) (35,382)
----------- --------- -----------
---------
Financial expenses - net
(27,529) (27,729) (111,458)
(111,132)
Exchange profit (loss)
- net 2,234 (3,576) 429 (13,695)
----------- ---------
----------- ---------
Net comprehensive
financing cost (25,295) (31,305)
(111,029) (124,827)
----------- --------- -----------
---------
Income (loss) before
taxes and minority
interest 5,703 (9,479) 8,378 (28,203)
Income tax and deferred
income tax (1,531) 4,890 14,007 (32,890)
----------- --------- -----------
---------
Income (loss) before
minority
interest 4,172 (4,589) 22,385 (61,093)
Equity method in
Mexrail Inc. (2,043) 0 (2,805) 0
Minority interest (553)
906 (4,258) 12,154
----------- ---------
----------- ---------
Net income (loss) for
the period $1,576 ($3,683) $15,322 ($48,939)
----------- --------- -----------
---------
The consolidated financial statements were prepared in
accordance with
International Financial Reporting Standards.
Grupo
Transportacion Ferroviaria Mexicana, S.A. de C.V.
and Subsidiaries
Consolidated Balance Sheet
(Amounts expressed in thousands of
US dollars)
Dec. 31, Dec. 31,
2004 2003
(Unaudited) (Audited)
----------- -----------
Assets
Current assets
Cash and cash
equivalents
$14,245 $3,597
Accounts
receivable - net
182,388 188,435
Materials and
supplies
21,738 16,693
Other current
assets
9,548 13,157
----------- -----------
Total
current assets 227,919 221,882
Concession, property and equipment - net 1,722,029 1,814,668
Other assets 6,126 2,857
Deferred income tax 99,683 78,845
----------- -----------
Total assets $2,055,757 $2,118,252
----------- -----------
Liabilities and stockholders' equity
Current liabilities
Commercial paper
and capital
lease due
within one year
$65,135 $193,154
Accounts payable
and accrued expenses 147,044 163,749
----------- -----------
Total
current liabilities 212,179 356,903
Long-term debt
and capital lease
obligation 817,914 746,745
Other
non-current liabilities
25,204 33,724
-----------
-----------
Long-term liabilities
843,118 780,469
----------- -----------
Total liabilities 1,055,297 1,137,372
----------- -----------
Minority interest 321,732 317,475
----------- -----------
Stockholders' equity
Capital
stock 807,008 807,008
Treasury
shares
(204,904) (204,904)
Effect on
purchase of subsidiary shares
(33,562) (33,562)
Retained
earnings
110,186 94,863
----------- -----------
Total
stockholders' equity 678,728 663,405
----------- -----------
Total liabilities and stockholders' equity $2,055,757 $2,118,252
----------- -----------
The consolidated financial statements were prepared in
accordance with
International Financial Reporting Standards.
Grupo
Transportacion Ferroviaria Mexicana, S.A. de C.V.
and Subsidiaries
Consolidated Statement of Cash Flows
(Amounts
expressed in thousands of US dollars)
Three months ended Twelve
months ended
----------------------- ----------------------
December 31, December
31,
----------------------- ----------------------
2004 2003 2004 2003
(Unaudited) (Audited) (Unaudited)
(Audited)
----------- ----------- -----------
---------
Cash flows from
operating
activities:
Net income (loss) for
the period $1,576 ($3,683) $15,322 ($48,939)
----------- --------- -----------
---------
Adjustments to reconcile
net income (loss) to
net cash provided by
(used in) operating
activities:
Depreciation and
amortization 22,482 21,894 88,375 86,554
Amortization of
deferred
financing
costs 1,674 1,609 6,672 6,413
Other non cash item (4,153)
(5,483) (16,492) 24,015
Changes in
working
capital -
net (11,613) 12,672 (8,185) 31,621
----------- --------- -----------
---------
Total
adjustments 8,390 30,692 70,370 148,603
----------- --------- -----------
---------
Net cash provided by
(used in) operating
activities 9,966 27,009 85,692 99,664
----------- --------- -----------
---------
Cash flows from
investing
activities:
Proceed from
sale
of Mexrail's
shares before
taxes 0 0 27,147 0
Acquisitions of
property and
equipment -
net (7,528) (22,118) (41,143) (73,121)
Sale of
equipment 42 624 420 2,390
----------- --------- -----------
---------
Net cash provided by
(used in) investing
activities (7,486) (21,494) (13,576) (70,731)
----------- --------- -----------
---------
Cash flows from
financing
activities:
Proceeds
payments
of commercial
paper -
net 0 (10,000) 10,000 (37,000)
Proceeds
payments
of term loan -
net 0 0
(71,129) (18,287)
Principal
payments
under capital
lease
obligations (23) (298) (339) (298)
----------- --------- -----------
---------
Net cash (used in)
provided by
financing
activities (23) (10,298) (61,468) (55,585)
----------- --------- -----------
---------
Increase (decrease) in
cash and cash
equivalents 2,457 (4,783) 10,648 (26,652)
Cash and cash
equivalents
Beginning of
period 11,788 8,380
3,597 30,249
----------- --------- -----------
---------
End of
period $14,245 $3,597 $14,245 $3,597
----------- --------- -----------
---------
The consolidated financial statements were prepared in
accordance with
International Financial Reporting Standards.