Grupo TMM, S.A. and subsidiaries
(a) Consolidated Statement of Income
- millions of dollars -
Three months ended Six months ended
June 30, June 30,
2004 2003 2004 2003
--------------------------------------------------------
Revenue from
freight and services 241.638 228.774 460.104 447.952
--------------------------------------------------------
Cost of freight
and services (170.526)(159.822) (331.482)(320.859)
---------------------------------------------------------
Depreciation of
vessels and
operating equipment (23.464) (23.289) (46.760) (46.229)
---------------------------------------------------------
47.648 45.663 81.862 80.864
---------------------------------------------------------
Administrative
expenses (7.850) (8.918) (15.785) (17.062)
----------------------------------------------------------
Corporate
restructuring expenses (2.212) (0.544) (2.212)
----------------------------------------------------------
Operating Income 39.798 34.533 65.533 61.590
==========================================================
Financial(expenses)
Income - Net (42.641) (42.539) (84.939) (86.070)
----------------------------------------------------------
Exchange (loss)
gain - Net (4.341) 1.542 (4.202) (4.568)
-----------------------------------------------------------
(46.982) (40.997) (89.141) (90.638)
-----------------------------------------------------------
Other (expenses)
income - Net (1.120) 48.049 (6.941) 44.533
-----------------------------------------------------------
(Loss) gain
before taxes (8.304) 41.585 (30.549) 15.485
===========================================================
Benefit (provision)
for taxes 16.891 (6.886) 28.950 (17.356)
-----------------------------------------------------------
8.587 34.699 (1.599) (1.871)
===========================================================
Minority interest (0.492) 2.485 0.554 11.392
-----------------------------------------------------------
Income (loss) - Net 8.095 37.184 (1.045) 9.521
-----------------------------------------------------------
Weighted average
Outstanding
shares (millions) 56.963 56.963 56.963 56.963
Income (loss)
earnings per share
(dollars / share) 0.14 0.65 (0.02) 0.17
Outstanding shares
at end of period
(millions) 56.963 56.963 56.963 56.963
Income (loss)
earnings per share
(dollars / share) 0.14 0.65 (0.02) 0.17
-------------------------------------------------------------
(a) Prepared in accordance with International Financial Reporting
Standards.
Note: In accordance with International Accounting Standards # 35 (IAS
35) "Discontinuing Operations" Grupo TMM, S. A. shows the effect of the applications of our Financial Statements for year 2003.
Grupo TMM, S.A. and subsidiaries
(a) Consolidated Balance Sheet
- millions of dollars -
June 30, December 31,
2004 2003
-------------------------------------------------------
Current assets:
-------------------------------------------------------
Cash and cash equivalents 54.681 74.627
-------------------------------------------------------
Accounts receivable
Accounts receivable - Net 153.588 138.839
Other accounts receivable 122.140 130.222
Prepaid expenses and
other current assets 42.248 36.435
-------------------------------------------------------
Total current assets 372.657 380.123
=======================================================
Property, machinery
and equipment - Net 1,862.848 1,883.006
=======================================================
Other assets 71.539 68.609
=======================================================
Deferred taxes 189.754 146.011
=======================================================
Total assets 2,496.798 2,477.749
-------------------------------------------------------
Current liabilities:
-------------------------------------------------------
Bank loans and current
Maturities of long-term
liabilities 437.364 566.947
-------------------------------------------------------
Suppliers 74.859 99.923
-------------------------------------------------------
Other accounts payable
and accrued expenses 270.594 210.294
-------------------------------------------------------
Total current liabilities 782.817 877.164
=======================================================
Long-term liabilities:
--------------------------------------------------------
Bank loans and
other obligations 864.567 748.214
Other long-term
liabilities 119.621 120.979
---------------------------------------------------------
Total long-term
Liabilities 984.188 869.193
=========================================================
Total liabilities 1,767.005 1,746.357
---------------------------------------------------------
Minority interest 677.649 678.204
==========================================================
Stockholders' equity
Common stock 121.158 121.158
-----------------------------------------------------------
Retained earnings (51.257) (50.213)
-----------------------------------------------------------
Initial accumulated
translation loss (17.757) (17.757)
-----------------------------------------------------------
Total stockholder's equity 52.144 53.188
-----------------------------------------------------------
Total liabilities and
stockholders' equity 2,496.798 2,477.749
-----------------------------------------------------------
(a) Prepared in accordance with International Financial Reporting
Standards.
Grupo TMM, S.A. and subsidiaries
(a) Consolidated Statement of Cash Flow
- millions of dollars -
Three months Six months
Ended ended
June 30, June 30,
2004 2003 2004 2003
------------------------------------------------------------
Cash flow from operation activities:
------------------------------------------------------------
Income (loss) - Net 8.095 37.184 (1.045) 9.521
------------------------------------------------------------
Charges (credits) to income not
affecting resources:
Depreciation
& amortization 26.985 28.919 54.081 56.106
Minority
interest 0.492 (2.485) (0.554) (11.392)
Deferred
income taxes (30.917) 5.696 (43.742) 15.803
Other non-cash
items 1.312 (53.654) 1.949 (52.119)
-------------------------------------------------------------
Total non-cash
items (2.128) (21.524) 11.734 8.398
-------------------------------------------------------------
Changes in
assets &
liabilities (7.162) (54.358) (6.318) (15.877)
--------------------------------------------------------------
Total adjustments (9.290) (75.882) 5.416 (7.479)
--------------------------------------------------------------
(1.195) (38.698) 4.371 2.042
==============================================================
Cash flow from investing activities:
-------------------------------------------------------------
Proceeds from
sales of assets
(net) 0.243 (0.510) 0.998 0.378
-------------------------------------------------------------
Payments for
purchases of
assets (16.042) (27.125) (30.231) (37.255)
-------------------------------------------------------------
Sale of
subsidiary,
net of cash
sold 32.640 32.640
-------------------------------------------------------------
Proceeds from
discontinued
business (net) 127.765 127.765
-------------------------------------------------------------
Net cash (used in)
provided by
investment
activities (15.799) 132.770 (29.233) 123.528
=============================================================
Cash flow provided by financing
activities:
--------------------------------------------------------------
Short-term
borrowings(net) (0.150) (26.755) (8.583) (16.699)
--------------------------------------------------------------
Principal
Payments under
Capital lease
obligations (0.077) (0.208) (0.099) (0.415)
--------------------------------------------------------------
(Repurchase) sale
of accounts
receivable(net) 17.686 (34.419) 14.093 (37.312)
--------------------------------------------------------------
Repayment of
long-term debt (0.248) (50.248) (0.495) (57.495)
--------------------------------------------------------------
(Paid)Proceeds
from convertible
notes (3.693) (13.295)
---------------------------------------------------------------
Net cash provided
(used in) by
financing
activities 17.211 (115.323) 4.916 (125.216)
==============================================================
Net increase
(decrease) in cash 0.217 (21.251) (19.946) 0.354
---------------------------------------------------------------
Cash and cash equivalents
At beginning of
the period 54.464 83.460 74.627 61.855
---------------------------------------------------------------
Cash and cash equivalents
at end of
the period 54.681 62.209 54.681 62.209
---------------------------------------------------------------
(a) Prepared in accordance with International Financial Reporting
Standards.
Note: In accordance with International Accounting Standards # 35 (IAS
35) "Discontinuing Operations" Grupo TMM, S. A. shows the effect of the applications of our Financial Statements for year 2003.
Grupo TMM, S.A. and subsidiaries
Statement of Income (without Railroad)
- millions of dollars -
Three months Six months
ended ended
June 30, June 30,
2004 2003 2004 2003
---------------------------------------------------------------
Revenue from
freight and services 62.111 56.581 117.751 111.176
----------------------------------------------------------------
Cost of freight
and services (51.293)(46.167)(97.868) (92.340)
----------------------------------------------------------------
Depreciation of
vessels and operating
equipment (1.490)(1.905) (3.016) (3.974)
----------------------------------------------------------------
9.328 8.509 16.867 14.862
----------------------------------------------------------------
Administrative
expenses (6.816) (7.822) (13.867)(14.982)
----------------------------------------------------------------
Corporate restructuring
expenses (2.212) (0.544) (2.212)
----------------------------------------------------------------
Operating income
(loss) 2.512 (1.525) 2.456 (2.332)
================================================================
Financial (expenses)
income - Net (14.736) (14.405) (29.171)(30.452)
----------------------------------------------------------------
Exchange (loss)
gain - Net (0.296) (0.571) (0.060) (1.617)
----------------------------------------------------------------
(15.032)(14.976) (29.231)(32.069)
----------------------------------------------------------------
Other (expenses)
income - Net (0.295) 53.094 (0.399) 53.634
----------------------------------------------------------------
(Loss) gain
before taxes (12.815) 36.593 (27.174) 19.233
================================================================
Benefit for taxes 20.840 5.000 28.807 1.529
----------------------------------------------------------------
Gain before
minority interest 8.025 41.593 1.633 20.762
================================================================
Minority interest (0.182) (1.492) (1.316) (1.929)
----------------------------------------------------------------
Net income before
results for
investment in TFM 7.843 40.101 0.317 18.833
================================================================
Interest in TFM 0.252 (2.917) (1.362) (9.312)
----------------------------------------------------------------
Income (loss) - Net 8.095 37.184 (1.045) 9.521
----------------------------------------------------------------
Weighted average
outstanding shares
(millions) 56.963 56.963 56.963 56.963
Income (loss)
earnings per share
(dollars / share) 0.14 0.65 (0.02) 0.17
Outstanding shares
at end of period
(millions) 56.963 56.963 56.963 56.963
Income (loss)
earnings per share
(dollars / share) 0.14 0.65 (0.02) 0.17
----------------------------------------------------------------
(a) Prepared in accordance with International Financial Reporting
Standards.
Note: In accordance with International Accounting Standards # 35 (IAS
35) "Discontinuing Operations" Grupo TMM, S. A. shows the effect
of the applications of our Financial Statements for year 2003
Grupo TMM, S.A. and subsidiaries
(a) Balance Sheet (without Railroad)
- millions of dollars -
December
June 30, 31,
2004 2003
--------------------------------------------------------------
Current assets:
--------------------------------------------------------------
Cash and cash equivalents 49.404 71.030
--------------------------------------------------------------
Accounts receivable
Accounts receivable - Net 39.913 33.105
--------------------------------------------------------------
Other accounts receivable 48.465 44.649
--------------------------------------------------------------
Prepaid expenses and others
current assets 6.504 6.592
--------------------------------------------------------------
Total current assets 144.286 155.376
==============================================================
Property, machinery and
equipment - Net 77.632 76.358
===============================================================
Investment in GTFM 358.789 360.502
===============================================================
Other assets 37.940 35.618
===============================================================
Deferred taxes 99.746 67.201
===============================================================
Total assets 718.393 695.055
--------------------------------------------------------------
Current liabilities:
---------------------------------------------------------------
Bank loans and current
maturities of long term
liabilities 367.478 373.792
---------------------------------------------------------------
Suppliers 18.353 25.335
---------------------------------------------------------------
Other accounts payable
and accrued expenses 151.224 118.350
---------------------------------------------------------------
Total current
liabilities 537.055 517.477
===============================================================
Long-term liabilities:
---------------------------------------------------------------
Bank loans and
other obligations 0.824 1.470
---------------------------------------------------------------
Other long-term
Liabilities 91.388 87.255
---------------------------------------------------------------
Total long-term
liabilities 92.212 88.725
================================================================
Total liabilities 629.267 606.202
---------------------------------------------------------------
Minority interest 36.982 35.665
===============================================================
Stockholders' equity
Common stock 121.158 121.158
---------------------------------------------------------------
Retained earnings (51.257) (50.213)
---------------------------------------------------------------
Initial accumulated
translation loss (17.757) (17.757)
---------------------------------------------------------------
Total stockholder's equity 52.144 53.188
---------------------------------------------------------------
Total liabilities and
stockholders' equity 718.393 695.055
---------------------------------------------------------------
(a) Prepared in accordance with International Financial Reporting
Standards.
Grupo TMM, S.A. and subsidiaries
(a) Statement of Cash Flow (without Railroad)
- millions of dollars -
Three months Six months ended
ended
June 30, June 30,
2004 2003 2004 2003
----------------------------------------------------------------
Cash flow from operation activities:
-----------------------------------------------------------------
Income (loss) - Net 8.095 37.184 (1.045) 9.521
-----------------------------------------------------------------
Charges (credits) to income not
affecting resources:
Depreciation &
amortization 3.382 5.398 7.103 10.644
-----------------------------------------------------------------
Interest in TFM (0.252) 2.917 1.362 9.312
-----------------------------------------------------------------
Minority interest 0.182 1.492 1.316 1.929
-----------------------------------------------------------------
Deferred income
taxes (23.812) (6.190) (32.545) (3.082)
-----------------------------------------------------------------
Other non-cash
items 0.540 (59.003) 0.444 (54.508)
-----------------------------------------------------------------
Total non-cash items (19.960)(55.386) (22.320)(35.705)
-----------------------------------------------------------------
Changes in assets &
liabilities 1.845 (36.544) (0.381)(16.903)
---------------------------------------------------------------
Total adjustments (18.115)(91.930) (22.701)(52.608)
---------------------------------------------------------------
Net cash used in operating
activities (10.020)(54.746) (23.746)(43.087)
===============================================================
Cash flow from investing activities:
-------------------------------------
Proceeds from sales of assets
(net) 0.002 (0.137) 0.690 0.138
---------------------------------------------------------------
Payments for purchases
of assets (3.775) (1.787) (6.398) (3.202)
---------------------------------------------------------------
Sale of subsidiary,
net of cash
sold 127.765 127.765
---------------------------------------------------------------
Net cash (used in)
provided by Investment
activities 3.773) 125.841 (5.708)124.701
===============================================================
Cash flow provided by financing activities:
-------------------------------------------
Short-term
borrowings (net) (0.150) (26.755) (0.300)(16.699)
---------------------------------------------------------------
Principal payments under capital
lease obligations (0.023) (0.208) (0.045) (0.415)
---------------------------------------------------------------
(Repurchase) sale of accounts
receivable (net) 12.261 (34.419) 8.668 (37.312)
---------------------------------------------------------------
Repayment of
long-term debt (0.248) (0.248) (0.495) (0.495)
---------------------------------------------------------------
(Paid) Proceeds from convertible
notes (3.693) (13.295)
---------------------------------------------------------------
Net cash provided (used in) by
financing activities 11.840 (65.323) 7.828 (68.216)
===============================================================
Net (decrease)
increase in cash (1.953) 5.772 (21.626) 13.398
---------------------------------------------------------------
Cash at beginning of
period 51.357 39.233 71.030 31.607
----------------------------------------------------------------
Cash at end of period 49.404 45.005 49.404 45.005
----------------------------------------------------------------
(a) Prepared in accordance with International Financial Reporting
Standards.
Note: In accordance with International Accounting Standards # 35 (IAS
35) "Discontinuing Operations" Grupo TMM, S. A. shows the effect
of the applications of our Financial Statements for year 2003.