Grupo TMM, S.A. and subsidiaries (a)Statement of Income (discontinuing of railroad operations) - millions of dollars - Three months ended Year ended December 31, December 31, 2004 2003 2004 2003---------------------------------------------------------------------- Revenue from freight and services 67.772 58.989 250.992 226.897---------------------------------------------------------------------- Cost of freight and services (58.190) (49.130) (212.159)(188.972)----------------------------------------------------------------------Depreciation of vessels and operating equipment (1.313) (1.694) (5.430) (7.349)---------------------------------------------------------------------- 8.269 8.165 33.403 30.576---------------------------------------------------------------------- Administrative expenses (7.578) (7.475) (28.429) (29.686)----------------------------------------------------------------------Corporate restructuring expenses (0.010) (0.400) (0.820) (3.178)---------------------------------------------------------------------- Operating income (loss) 0.681 0.290 4.154 (2.288)====================================================================== Other (expenses) income - Net (6.473) (44.843) 14.428 (61.507)---------------------------------------------------------------------- Financial (expenses) income - Net (18.756) (10.239) (67.446) (52.596)----------------------------------------------------------------------Exchange gain (loss) - Net 2.460 (1.512) 2.466 (4.039)---------------------------------------------------------------------- Net financial cost (16.296) (11.751) (64.980) (56.635)---------------------------------------------------------------------- Loss before taxes (22.088) (56.304) (46.398)(120.430)====================================================================== Benefit (provision) for taxes 9.994 (8.109) 19.739 (6.121)---------------------------------------------------------------------- Loss before minority interest (12.094) (64.413) (26.659)(126.551)====================================================================== Minority interest (1.788) (0.101) (4.519) (2.042)---------------------------------------------------------------------- Net loss before discontinuing operations (13.882) (64.514) (31.178)(128.593)====================================================================== Discontinuing operations 0.804 (1.739) 7.815 41.931---------------------------------------------------------------------- Net loss for the period (13.078) (66.253) (23.363) (86.662)---------------------------------------------------------------------- Weighted average outstanding shares (millions) 56.963 56.963 56.963 56.963Loss earnings per share (dollars / share) (0.23) (1.16) (0.41) (1.52) Outstanding shares at end of period (millions) 56.963 56.963 56.963 56.963Loss earnings per share (dollars / share) (0.23) (1.16) (0.41) (1.52)---------------------------------------------------------------------- (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 discontinuedoperations" Grupo TMM, S. A. shows the effect of the applications ofour Financial Statements. Grupo TMM, S.A. and subsidiaries (a)Balance Sheet (discontinuing of railroad operations) - millions of dollars - December 31, December 31, 2004 2003---------------------------------------------------------------------- Current assets:---------------Cash and cash equivalents 53.227 71.030----------------------------------------------------------------------Accounts receivable Accounts receivable - Net 38.236 33.105---------------------------------------------------------------------- Other accounts receivable 52.993 44.649---------------------------------------------------------------------- Prepaid expenses and others current assets 8.550 6.592----------------------------------------------------------------------Total current assets 153.006 155.376====================================================================== Property, machinery and equipment - Net 77.701 76.358======================================================================Assets disposed of by sale 367.613 360.502======================================================================Other assets 45.198 35.618======================================================================Deferred taxes 88.244 67.201======================================================================Total assets 731.762 695.055---------------------------------------------------------------------- Current liabilities:--------------------Bank loans and current maturities of long- term liabilities 1.740 373.792----------------------------------------------------------------------Suppliers 24.443 25.335----------------------------------------------------------------------Other accounts payable and accrued expenses 92.451 118.350---------------------------------------------------------------------- Total current liabilities 118.634 517.477======================================================================Long-term liabilities:---------------------- Bank loans and other obligations 469.532 1.470---------------------------------------------------------------------- Other long-term liabilities 73.586 87.255----------------------------------------------------------------------Total long-term liabilities 543.118 88.725====================================================================== Total liabilities 661.752 606.202---------------------------------------------------------------------- Minority interest 40.184 35.665====================================================================== Stockholders' equity Common stock 121.158 121.158---------------------------------------------------------------------- Retained earnings (73.575) (50.213)---------------------------------------------------------------------- Initial accumulated translation loss (17.757) (17.757)----------------------------------------------------------------------Total stockholders' equity 29.826 53.188---------------------------------------------------------------------- Total liabilities and stockholders' equity 731.762 695.055---------------------------------------------------------------------- (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 discontinuedoperations" Grupo TMM, S. A. shows the effect of the applications ofour Financial Statements. Grupo TMM, S.A. and subsidiaries (a)Statement of Cash Flow (discontinuing of railroad operations) millions of dollars - Three months ended Year ended December 31, December 31, 2004 2003 2004 2003---------------------------------------------------------------------- Cash flow from operation activities:------------------------Net loss for the period (13.078) (66.253) (23.363) (86.662)---------------------------------------------------------------------- Charges (credits) to income not affecting resources: Depreciation & amortization 3.167 3.366 13.621 16.797---------------------------------------------------------------------- Interest in TFM (0.804) 1.739 (7.815) (41.931)---------------------------------------------------------------------- Minority interest 1.788 0.101 4.519 2.042---------------------------------------------------------------------- Deferred income taxes (4.890) 9.354 (21.043) 5.027---------------------------------------------------------------------- Other non-cash items 1.010 37.655 1.870 55.560---------------------------------------------------------------------- Total non-cash items 0.271 52.215 (8.848) 37.495---------------------------------------------------------------------- Changes in assets & liabilities 26.682 29.543 27.960 10.499---------------------------------------------------------------------- Total adjustments 26.953 81.758 19.112 47.994---------------------------------------------------------------------- 13.875 15.505 (4.251) (38.668)====================================================================== Cash flow from investing activities:------------------------ Proceeds from sales of assets (net) 0.022 0.641 1.374 7.570---------------------------------------------------------------------- Payments for purchases of assets (3.575) (4.206) (11.968) (7.887)---------------------------------------------------------------------- Sale of subsidiaries, net of cash sold 0.288 128.693---------------------------------------------------------------------- Dividends paid to minority partners (8.000)---------------------------------------------------------------------- Net cash (used in) provided by investment activities (3.553) (3.277) (10.594) 120.376====================================================================== Cash flow provided by financing activities:-------------------------------- Short-term borrowings (net) 1.341 (0.300) (16.749)---------------------------------------------------------------------- Principal payments under capital lease obligations (0.025) (0.022) (0.094) (0.833)---------------------------------------------------------------------- (Repurchase) sale of accounts receivable (net) (4.998) 22.300 (1.328) (10.419)---------------------------------------------------------------------- Repayment of long-term debt (0.247) (0.247) (1.236) (0.989)---------------------------------------------------------------------- (Paid) Proceeds from convertible notes (13.295)---------------------------------------------------------------------- Net cash (used in) provided by financing activities (5.270) 23.372 (2.958) (42.285)====================================================================== Net (decrease) increase in cash 5.052 35.600 (17.803) 39.423---------------------------------------------------------------------- Cash at beginning of period 48.175 35.430 71.030 31.607---------------------------------------------------------------------- Cash at end of period 53.227 71.030 53.227 71.030---------------------------------------------------------------------- (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 discontinuedoperations" Grupo TMM, S. A. shows the effect of the applications ofour Financial Statements.
SOURCE: Grupo TMM
CONTACT: Grupo TMM Juan Fernandez, 011-525-55-629-8778 juan.fernandez@tmm.com.mx Brad Skinner, 011-525-55-629-8725 (Investor Relations) 203-247-2420 brad.skinner@tmm.com.mx or Dresner Corporate Services Kristine Walczak, 312-726-3600 (investors, analysts, media) kwalczak@dresnerco.com or Proa Structura Marco Provencio, 011-525-55-629-8708 011-525-55-442-4948 mp@proa.structura.com.mx Copyright (C) 2005 Business Wire. All rights reserved.
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