SANLUIS Corporacion, S.A. de C.V. and Subs.

   Consolidated Statements of Income for the period Jan-June 2004

 (in thousands of Mexican Pesos with Purchasing Power as of

                      June 30, 2004)

 

                                   2004       2003

 

Net Sales                        3,216,176 2,624,975

Cost of Sales                    2,652,691 2,034,000

Gross Profit                       563,485   590,975

Operating Expenses                 392,239   365,154

Operating Income                   171,246   225,821

Financial Expenses                 152,320   172,617

Financial Income                     4,551     7,381

Exchange (Gain) Loss                28,299    60,800

Monetary (Gain) Loss               (54,764)  (48,922)

Other Expenses                      64,465    46,689

Income from affiliates              (2,891)   (1,002)

Income before Taxes

 and Profit Sharing                (17,414)    1,016

Taxes and Employee Profit Sharing   40,138    23,560

Deferred Taxes                      29,629    35,626

 

Net Income before

 extraordinary items               (87,181) (58,170)

Extraordinary expense (income)    (125,751)       0

 

Net Income                          38,570  (58,170)

  

 

Distribution of Net Income

  

Majority Interest                    6,463 (67,416)

Minority Interest                   32,107    9,246

Depreciation and Amortization      180,140  165,544

EBITDA                             351,386  391,365

 

Financial and operating indicators

 

Gross Margin                        17.52%   22.51%

EBITDA Margin                       10.93%   14.91%

 Operating Margin                    5.32%    8.60%

 

Net Interest coverage

 (EBITDA/Net Interest Expense)         2.4     2.4

 

 

 

 

         SANLUIS Corporación, S.A. de C.V. and Subs.

       Consolidated Balance Sheet as of June 30, 2004

(in thousands of Mexican Pesos with Purchasing Power as of

                     June 30, 2004)

 

 

  

  

  

                                      2004       2003

 

Assets

 

Cash and equivalents                216,030    161,395

Customer receivables                856,167    697,430

Other Accounts Receivable           180,118    295,353

Inventories                          73,075    358,159

Other Current Assets                244,943    119,848

Total current assets              1,970,333  1,632,185

 

Investment in affiliates

 and long-term receivables          68,424     211,633

Property, Plant and

 Equipment,net                   4,314,109   4,305,697

Other assets                     1,329,996   1,318,701

 

Total Assets                     7,682,862   7,468,216

 

Liabilities

 

Supplier payables                  732,588    502,206

Notes Payable                      440,030    491,220

Other Current Liabilities          365,680    383,139

Long Term Debt                   3,194,890  3,422,597

Other Long Term Liabilities        119,594    102,844

 

Total Liabilities                4,852,782  4,902,006

 

Consolidated Net Worth

 

Majority Interest                  930,443    689,512

Minority Interest                1,899,637  1,876,698

 

Total consolidated Net Worth     2,830,080  2,566,210