Grupo TMM, S.A. and subsidiaries (a) Statement of Income (under discontinuing operations) - millions of dollars - Three months ended Nine months ended September 30, September 30, 2005 2004 2005 2004 ---------------------------------------------------------------------- Revenue from freight and services 78.073 65.469 218.290 183.220 ---------------------------------------------------------------------- Cost of freight and services (66.083) (56.101) (187.610) (153.969) ---------------------------------------------------------------------- Depreciation of vessels and operating equipment (2.548) (1.101) (5.231) (4.117) ---------------------------------------------------------------------- 9.442 8.267 25.449 25.134 ---------------------------------------------------------------------- Administrative expenses (8.360) (7.250) (23.129) (21.661) ---------------------------------------------------------------------- Operating Income 1.082 1.017 2.320 3.473 ====================================================================== Other income - Net 9.170 17.304 8.544 20.901 ---------------------------------------------------------------------- Financial (expenses) income - Net (18.743) (19.519) (71.669) (48.690) ---------------------------------------------------------------------- Increase in value of KCS Shares - net 16.758 28.350 ---------------------------------------------------------------------- Exchange (loss) gain - Net (0.157) 0.066 0.138 0.006 ---------------------------------------------------------------------- ---------------------------------------------------------------------- Net financial cost (2.142) (19.453) (43.181) (48.684) ---------------------------------------------------------------------- Gain (loss) before taxes and profit sharing 8.110 (1.132) (32.317) (24.310) ====================================================================== (Provision) benefit for taxes and profit sharing (1.731) 7.414 6.571 9.745 ---------------------------------------------------------------------- Gain (loss) before minority interest 6.379 6.282 (25.746) (14.565) ====================================================================== Minority interest (1.095) (1.135) (2.701) (2.731) ---------------------------------------------------------------------- Net Income (loss) before discontinuing operations 5.284 5.147 (28.447) (17.296) ====================================================================== Income from discontinuing operations 8.373 1.364 7.011 ---------------------------------------------------------------------- (Loss) income from disposal discontinuing business, net of income taxes (1.140) 175.272 ---------------------------------------------------------------------- ---------------------------------------------------------------------- Net income (loss) for the period 4.144 13.520 148.189 (10.285) ---------------------------------------------------------------------- Weighted average outstanding shares (millions) 56.963 56.963 56.963 56.963 Income (loss) earnings per share (dollars / share) 0.07 0.24 2.60 (0.18) Outstanding shares at end of period (millions) 56.963 56.963 56.963 56.963 Income (loss) earnings per share (dollars / share) 0.07 0.24 2.60 (0.18) ---------------------------------------------------------------------- (a) Prepared in accordance with International Financial Reporting Standards. Note: In accordance with International Financial Reporting Standard #5 (IFRS 5) "Non-current assets held for sale and discontinued operations" Grupo TMM, S.A. shows the effect of the applications of our Financial Statements. Grupo TMM, S.A. and subsidiaries (a) Balance Sheet (under discontinuing operations) - millions of dollars - September 30, December 31, 2005 2004 ---------------------------------------------------------------------- Current assets: --------------- Cash and cash equivalents 26.385 53.148 ---------------------------------------------------------------------- Accounts receivable Accounts receivable - Net 50.027 37.396 ---------------------------------------------------------------------- Other accounts receivable 45.491 62.539 ---------------------------------------------------------------------- Prepaid expenses and others current assets 8.921 8.095 ---------------------------------------------------------------------- Non current assets classified as held for sale 2,080.529 ---------------------------------------------------------------------- Total current assets 130.824 2,241.707 ====================================================================== Long -term accounts receivable 48.175 ====================================================================== Property, machinery and equipment - Net 155.924 79.218 ====================================================================== Investment in KCS shares and other assets 407.027 30.183 ====================================================================== Deferred taxes 40.312 23.900 ====================================================================== Total assets 782.262 2,375.008 ---------------------------------------------------------------------- Current liabilities: -------------------- Bank loans and current maturities of long term liabilities 22.497 26.545 ---------------------------------------------------------------------- Suppliers 28.693 24.495 ---------------------------------------------------------------------- Other accounts payable and accrued expenses 62.225 89.710 ---------------------------------------------------------------------- Liabilities directly associated with non-current assets classified as held for sale 1,054.556 ---------------------------------------------------------------------- Total current liabilities 113.415 1,195.306 ====================================================================== Long-term liabilities: ---------------------- Bank loans and other obligations 525.457 469.449 ---------------------------------------------------------------------- Other long-term liabilities 24.468 73.586 ---------------------------------------------------------------------- Total long-term liabilities 549.925 543.035 ====================================================================== Total liabilities 663.340 1,738.341 ---------------------------------------------------------------------- ====================================================================== Minority interest 20.093 686.026 Stockholders' equity ---------------------------------------------------------------------- Common stock 121.158 121.158 ---------------------------------------------------------------------- Retained earnings (4.572) (152.760) ---------------------------------------------------------------------- Initial accumulated translation loss (17.757) (17.757) ---------------------------------------------------------------------- Total stockholders' equity 98.829 (49.359) ---------------------------------------------------------------------- Total liabilities and stockholders' equity 782.262 2375.008 ---------------------------------------------------------------------- (a) Prepared in accordance with International Financial Reporting Standards. Note: In accordance with International Financial Reporting Standard #5 (IFRS 5) "Non-current assets held for sale and discontinued operations" Grupo TMM, S.A. shows the effect of the applications of our Financial Statements. Grupo TMM, S.A. and subsidiaries (a) Statement of Cash Flow (under discontinuing operations) - millions of dollars - Three months ended Nine months ended September 30, September 30, 2005 2004 2005 2004 ---------------------------------------------------------------------- Cash flow from operation activities: ------------------------ Net Income (loss) before discontinuing operations 5.284 5.147 (28.447) (17.296) ====================================================================== Charges (credits) to income not affecting resources: Depreciation & amortization 7.520 3.351 21.115 10.454 ---------------------------------------------------------------------- Minority interest (1.095) (1.135) (2.701) (2.731) ---------------------------------------------------------------------- Deferred income taxes (5.006) (10.784) (9.685) (16.153) ---------------------------------------------------------------------- Other non-cash items (24.147) 2.686 (36.590) 6.322 ---------------------------------------------------------------------- Total non-cash items (22.728) (5.882) (27.861) (2.108) ---------------------------------------------------------------------- Changes in assets & liabilities (16.490) 6.355 14.246 1.278 ---------------------------------------------------------------------- Total adjustments (39.218) 0.473 (13.615) (0.830) ---------------------------------------------------------------------- Net cash (used in) provided by operating activities (33.934) 5.620 (42.062) (18.126) ====================================================================== Cash flow from investing activities: ------------------------ Proceeds from sales of assets (net) 0.539 0.662 1.760 1.352 ---------------------------------------------------------------------- Payments for purchases of assets (78.798) (1.995) (91.005) (8.393) ---------------------------------------------------------------------- Acquisition of shares of subsidiaries (34.059) ---------------------------------------------------------------------- Proceeds from discontinued business (net) 18.876 210.680 ---------------------------------------------------------------------- Net cash (used in) provided by investment activities (59.383) (1.333) 87.376 (7.041) ====================================================================== Cash flow provided by financing activities: ---------------------- Short-term borrowings (net) (0.150) (0.450) (0.300) ---------------------------------------------------------------------- Principal payments under capital lease obligations (0.126) (0.024) (0.151) (0.069) ---------------------------------------------------------------------- (Repurchase) sale of accounts receivable (net) (4.998) (74.972) 3.670 ---------------------------------------------------------------------- Repayment of long-term debt (0.616) (0.494) (69.474) (0.989) ---------------------------------------------------------------------- Proceeds from issuance of long-term debt 69.645 72.970 ---------------------------------------------------------------------- Net cash provided (used in) by financing activities 68.753 (5.516) (72.077) 2.312 ====================================================================== Net decrease in cash (24.564) (1.229) (26.763) (22.855) ---------------------------------------------------------------------- Cash at beginning of period 50.949 49.404 53.148 71.030 ---------------------------------------------------------------------- Cash at end of period 26.385 48.175 26.385 48.175 ---------------------------------------------------------------------- (a) Prepared in accordance with International Financial Reporting Standards. Note: In accordance with International Financial Reporting Standard #5 (IFRS 5) "Non-current assets held for sale and discontinued operations" Grupo TMM, S.A. shows the effect of the applications of our Financial Statements.