MAXCOM TELECOMUNICACIONES, S.A. DE C.V.

CONSOLIDATED STATEMENT OF OPERATIONS

YEAR 2001 AND 2002 QUATERLY PERIODS

(Thousands of Mexican pesos "Ps" with purchasing power as of June 30, 2002 and thousands of US Dollars "$")

 
  April 1 to
 June 30, 2001
 Pesos US Dollars %
 
 
 REVENUES Ps 61,778 $6,202 100%
 Network operating services 15,518 1,558 25%
 Technical expenses 7,994 802 13%
 Installation expenses 13,626 1,368 22%
 Cost of Network Operation 37,138 3,728 60%
 
 GROSS PROFIT 24,640 2,473 40%
 
 SG&A 91,963 9,232 149%
 
 EBITDA  (67,323) (6,758) -109%
 
 Depreciation and amortization 65,926 6,618
 
 Operating Loss (133,249) (13,376)
 
 Comprehensive (Income) Cost of
 Financing:
 
 Interest expenses 109,102 10,952
 Interest income (14,909) (1,497)
 Early extinguishment of debt - -
 Exchange (income) loss, net (78,907) (7,921)
 Gain on net monetary position (21,517) (2,160)
 (6,232) (626)
 
 Non-recurring charges 188 19
 
 Extraordinary Items 2000  23,943 2,404
 Special expenses - -
 Asset Reserve 2001 - -
 23,943 2,404
 
 INCOME (LOSS) BEFORE TAXES (151,148) (15,173)
 
 Provisions for:
 Asset Tax - -
 Income Tax & Profit Sharing - -
 Total Provisions - -
 
 NET INCOME (LOSS) Ps (151,148) $(15,173)
 
 
 January 1 to
 March 31, 2002
  Pesos US Dollars %
 
 
 REVENUES Ps 104,984 $10,539 100%
 Network operating services 26,950 2,705 26%
 Technical expenses 11,493 1,154  11%
 Installation expenses 6,631 666 6%
 Cost of Network Operation 45,074 4,525 43%
 
 GROSS PROFIT 59,910 6,014 57%
 
 SG&A  94,462 9,483 90%
 
 EBITDA (34,552) (3,469) -33%
 
 Depreciation and amortization 70,884 7,116
 
 Operating Loss  (105,437) (10,584)
 
 Comprehensive (Income) Cost of
 Financing:
 
 Interest expenses 92,642 9,300
 Interest income (2,372) (238)
 Early extinguishment of debt  - -
 Exchange (income) loss, net (30,166) (3,028)
 Gain on net monetary position (27,024) (2,713)
 33,080 3,321
 
 Non-recurring charges 669 67
 
 Extraordinary Items 2000 - -
 Special expenses - -
 Asset Reserve 2001 - -
  - -
 
 INCOME (LOSS) BEFORE TAXES (139,185) (13,972)
 
 Provisions for:
 Asset Tax 1,561 157
 Income Tax & Profit Sharing  179 18
 Total Provisions 1,741 175
 
 NET INCOME (LOSS) Ps (140,926) $(14,147)
 
 April 1 to
  June 30, 2002
 Pesos US Dollars %
 
 REVENUES Ps 123,399 $12,388 100%
 Network operating services 29,543 2,966 24%
 Technical expenses 11,662 1,171 9%
 Installation expenses 5,665 569 5%
 Cost of Network Operation 46,870 4,705 38%
 
 GROSS PROFIT 76,530 7,683 62%
 
 SG&A 99,652 10,004 81%
 
 EBITDA (23,122) (2,321) -19%
 
 Depreciation and amortization 77,407 7,771
 
 Operating Loss (100,529) (10,092)
 
 Comprehensive (Income) Cost of
 Financing:
 
 Interest expenses 87,621 8,796
 Interest income (1,413) (142)
 Early extinguishment of debt - -
 Exchange (income) loss, net 170,211 17,087
 Gain on net monetary position (25,146) (2,524)
 231,273 23,217
 
 Non-recurring charges (168) (17)
 
 Extraordinary Items 2000 - -
 Special expenses  - -
 Asset Reserve 2001 - -
 - -
 
 INCOME (LOSS) BEFORE TAXES (331,634) (33,292)
 
 Provisions for:
 Asset Tax 1,544 155
 Income Tax & Profit Sharing 211 21
 Total Provisions 1,755 176
 
 NET INCOME (LOSS) Ps (333,389) $(33,468)
 
 
 
  MAXCOM TELECOMUNICACIONES, S.A. DE C.V.
 CONSOLIDATED BALANCE SHEET
 
 (Thousands of Mexican pesos "Ps" with purchasing power as of June 30, 2002
 
 and thousands of US Dollars "$")
 
 June 30, 2001
 Pesos US Dollars
 ASSETS
 CURRENT ASSETS:
 Cash and cash equivalents 671,250  67,384
 Restricted cash 382,642 38,412
 1,053,892 105,797
 Accounts receivable:
 Customers, net of allowance of Ps
 30,765  25,863 2,596
 Value added tax refundable 32,310 3,244
 Other sundry debtors 114,670 11,511
  172,843 17,351
 
 Inventory 26,202 2,630
 Prepaid expenses 10,812 1,085
 Total current assets 1,263,749 126,863
 
 
 Frecuency rights, Net 110,609 11,104
 Telephone network systems & Equipment,
 Net 1,164,699 116,920
 Preoperating expenses, Net  242,983 24,392
 Intangible Assets, Net 330,653 33,193
 Other assets 6,362 639
 
 Total assets 3,119,055  313,111
 
 LIABILITIES
 CURRENT LIABILITIES:
 Current Maturities of Long Term Debt 2,309 232
 Interest Payable 103,373 10,377
 Accrued expenses and other accounts
 payable 114,694 11,514
 Customers deposits 3,770 378
 Payroll and other taxes payable 13,649 1,370
 Total current liabilities 237,794 23,871
 
 LONG-TERM LIABILITIES:
 Senior notes, net 2,770,131 278,084
 Loans and notes payable 314 32
 Total liabilities 3,008,240 301,987
 
 SHAREHOLDERS' EQUITY
 Capital stock 1,233,964 123,873
 Additional paid-in capital 131,507 13,202
 Accumulated deficit (892,529) (89,598)
 Net loss for the period (362,127) (36,353)
 Total shareholders' equity 110,815 11,124
 
  3,119,055 313,111
 
 March 31, 2002
 Pesos US Dollars
 ASSETS
 CURRENT ASSETS:
 Cash and cash equivalents 55,369 5,558
 Restricted cash 188,977 18,971
 244,346 24,529
 Accounts receivable:
 Customers, net of allowance of Ps
 30,765 60,830 6,107
 Value added tax refundable 20,583 2,066
 Other sundry debtors 10,042 1,008
  91,455 9,181
 
 Inventory 25,353 2,545
 Prepaid expenses 12,664 1,271
 Total current assets 373,817 37,526
 
 
 Frecuency rights, Net 105,957 10,637
 Telephone network systems & Equipment,
 Net 1,405,762  141,120
 Preoperating expenses, Net 219,758 22,061
 Intangible Assets, Net 327,578 32,884
 Other assets 30,295 3,041
 
 Total assets 2,463,167 247,269
 
 LIABILITIES
 CURRENT LIABILITIES:
 Current Maturities of Long Term Debt - -
 Interest Payable 182,693  18,340
 Accrued expenses and other accounts
 payable 143,061 14,361
 Customers deposits 1,821 183
 Payroll and other taxes payable  21,731 2,182
 Total current liabilities 349,306 35,066
 
 LONG-TERM LIABILITIES:
 Senior notes, net 2,450,659 246,013
 Loans and notes payable  0 0
 Total liabilities 2,799,965 281,079
 
 SHAREHOLDERS' EQUITY
 Capital stock 1,000,965 100,483
 Additional paid-in capital  104,916 10,532
 Accumulated deficit (1,301,754) (130,678)
 Net loss for the period (140,926) (14,147)
 Total shareholders' equity (336,798) (33,810)
 2,463,167 247,269
 
 June 30, 2002
 Pesos US Dollars
 ASSETS
 CURRENT ASSETS:
 Cash and cash equivalents 498,727 50,065
 Restricted cash - -
 498,727 50,065
 Accounts receivable:
 Customers, net of allowance of Ps
 30,765 76,876 7,717
 Value added tax refundable 39,918 4,007
 Other sundry debtors  9,517 955
 126,311 12,680
 
 Inventory 12,110 1,216
 Prepaid expenses 51,473 5,167
 Total current assets 688,621 69,128
 
 
 Frecuency rights, Net 104,406 10,481
 Telephone network systems & Equipment,
 Net  1,455,535 146,116
 Preoperating expenses, Net 212,017 21,284
 Intangible Assets, Net 296,799 29,795
 Other assets 30,959 3,108
 
 Total assets 2,788,337 279,911
 
 LIABILITIES
 CURRENT LIABILITIES:
 Current Maturities of Long Term Debt - -
 Interest Payable  5,613 564
 Accrued expenses and other accounts
 payable 176,389 17,707
 Customers deposits 2,136 214
 Payroll and other taxes payable 17,678 1,775
 Total current liabilities 201,816 20,260
 
 LONG-TERM LIABILITIES:
 Senior notes, net 1,796,177 180,312
 Loans and notes payable 0 0
 Total liabilities 1,997,993 200,572
 
 SHAREHOLDERS' EQUITY
 Capital stock 1,745,542 175,229
 Additional paid-in capital 820,870 82,404
 Accumulated deficit (1,301,754) (130,678)
 Net loss for the period (474,315) (47,615)
 Total shareholders' equity (790,344) 79,340
 
 2,788,337 279,911