Grupo Transportacion Ferroviaria Mexicana, S.A. de C.V.
and Subsidiaries
Consolidated Statement of Income
( Amounts expressed in thousands of US dollars )
( Unaudited )
Three months ended Nine months ended
September 30, September 30,
------------------- -------------------
2003 2002 2003 2002
--------- --------- --------- ---------
--------- --------- --------- ---------
Transportation revenues 178,247 $175,307 523,365 $532,402
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Operating expenses (120,457) (115,506) (358,803) (348,973)
Depreciation and amortization (21,808) (21,115) (64,660) (63,065)
--------- --------- --------- ---------
Total cost (142,265) (136,621) (423,463) (412,038)
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Operating profit 35,982 38,686 99,902 120,364
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Other expenses - net (15,793) (219) (25,104) (6,554)
--------- --------- --------- ---------
Financial expenses - net (27,785) (27,130) (83,403) (68,306)
Exchange profit (loss) - net (7,168) (3,085) (10,119) (14,397)
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Net comprehensive financing
cost (34,953) (30,215) (93,522) (82,703)
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Income (loss) before taxes (14,764) 8,252 (18,724) 31,107
and minority interest
Deferred income tax (18,895) (21,888) (37,780) (19,360)
--------- --------- --------- ---------
Income (loss) before minority
interest (33,659) (13,636) (56,504) 11,747
Minority interest 6,838 2,710 11,248 (2,119)
--------- --------- --------- ---------
Net income (loss) for the
period ($26,821) ($10,926) ($45,256) $9,628
--------- --------- --------- ---------
The consolidated financial statements were prepared in accordance with
International Accounting Standards.
Grupo Transportacion Ferroviaria Mexicana, S.A. de C.V.
and Subsidiaries
Consolidated Balance Sheet
( Amounts expressed in thousands of US dollars )
( Unaudited )
September 30, December 31,
2003 2002
(Audited)
------------- ------------
Assets
Current assets
Cash and cash equivalents $8,380 $30,249
Accounts receivable - net 190,240 204,484
Materials and supplies 16,188 20,261
Other current assets 8,522 10,256
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Total current assets 223,330 265,250
Concession, property and equipment - net 1,815,480 1,832,289
Other assets 32,452 36,034
Deferred income tax 63,228 100,972
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Total assets $2,134,490 $2,234,545
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Liabilities and stockholders' equity
Current liabilities
Commercial paper and capital
lease due within one year $131,949 $18,553
Accounts payable and accrued expenses 134,779 128,742
------------- ------------
Total current liabilities 266,728 147,295
Long-term debt and capital lease
obligation 846,028 1,004,552
Other non-current liabilities 36,266 40,735
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Long-term liabilities 882,294 1,045,287
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Total liabilities 1,149,022 1,192,582
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Minority interest 318,380 329,619
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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 98,546 143,802
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Total stockholders' equity 667,088 712,344
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Total liabilities and stockholders'
equity $2,134,490 $2,234,545
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The consolidated financial statements were prepared in accordance with
International Accounting Standards.
Grupo Transportacion Ferroviaria Mexicana, S.A. de C.V.
and Subsidiaries
Consolidated Statement of Cash Flows
( Amounts expressed in thousands of US dollars )
( Unaudited )
Three months ended Nine months ended
------------------- -------------------
September 30, September 30,
--------- --------- --------- ---------
2003 2002 2003 2002
--------- --------- --------- ---------
Cash flows from operating
activities:
Net income for the period ($26,821) ($10,926) ($45,256) $9,628
--------- --------- --------- ---------
Adjustments to reconcile net
income to net cash
provided by operating
activities :
Depreciation and
amortization 21,808 21,115 64,660 63,065
Discount on senior
unsecured debentures 0 0 0 22,560
Amortization of deferred
financing costs 1,601 (701) 4,804 3,555
Other non cash item 13,219 20,376 29,498 25,342
Changes in working capital (14,691) (14,913) 18,949 (36,774)
--------- --------- --------- ---------
Total adjustments 21,937 25,877 117,911 77,748
--------- --------- --------- ---------
Net cash provided by operating
activities (4,884) 14,951 72,655 87,376
--------- --------- --------- ---------
Cash flows from investing
activities:
Investment in Mex-Rail 0 0 0 (44,000)
Acquisitions of property
and equipment - net (17,028) (18,324) (51,003) (52,974)
Sale of equipment (391) 589 1,062
Acquisition of treasury
shares 1,766 (162,575) 1,766 (162,575)
--------- --------- --------- ---------
Net cash used in investing
activities (15,653) (180,310) (49,237) (258,487)
--------- --------- --------- ---------
Cash flows from financing
activities:
Proceeds payments of
commercial paper - net 30,000 (173,190) (27,000) (143,262)
Proceeds from senior notes 0 22,535 0 175,191
Payment of term loan (18,287) 128,000 (18,287) 128,000
--------- --------- --------- ---------
Net cash (used in) provided by
financing activities 11,713 (22,655) (45,287) 159,929
--------- --------- --------- ---------
Increase in cash and cash
equivalents (8,824) (188,014) (21,869) (11,182)
Cash and cash equivalents
Beginning of period 17,204 229,935 30,249 53,103
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End of period $8,380 $41,921 $8,380 $41,921
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The consolidated financial statements were prepared in accordance with
International Accounting Standards.