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,
---------------------- ----------------------
2002 (1) 2001 2002 (1) 2001
---------- --------- ---------- ----------
Transportation revenues 175,304 $168,036 519,091 $495,982
---------- --------- ---------- ----------
Operating expenses (115,906) (107,581) (336,731) (322,129)
Depreciation and
amortization (20,716) (19,394) (61,124) (57,659)
---------- --------- ---------- ----------
(136,622) (126,975) (397,855) (379,788)
---------- --------- ---------- ----------
Operating profit 38,682 41,061 121,236 116,194
---------- --------- ---------- ----------
Other income (expenses)
- net 532,411 (2) (3,969) 525,151 45,777
---------- --------- ---------- ----------
Financial gains
(expenses) - net (27,130) (20,404) (68,301) (63,198)
Exchange loss - net (3,085) (7,161) (14,397) (3,005)
---------- --------- ---------- ----------
Net comprehensive
financing cost (30,215) (27,565) (82,698) (66,203)
---------- --------- ---------- ----------
Income before taxes
and minority interest 540,878 9,527 563,689 95,768
Deferred income tax (21,888) 7,100 (19,343) (10,845)
---------- --------- ---------- ----------
Income before minority
interest 518,990 16,627 544,346 84,923
Minority interest (103,816) (3,159) (108,639) (17,029)
---------- --------- ---------- ----------Net income for the
period $415,174 $13,468 $435,707 $67,894
---------- --------- ---------- ----------
(1) It includes second and third quarter figures of Mexrail, Inc. and
Subsidiary.
(2) Includes $534.4 of VAT refund after tax.
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,
2002 (1) 2001
---------------- ---------------
Assets
Current assets
Cash and cash equivalents $41,921 $52,786
Accounts receivable - net 195,737 219,939
Due from Mexican Government - net 822,229 81,892
Materials and supplies 20,396 22,262
Other current assets 17,700 9,645
---------------- ---------------
Total current assets 1,097,983 386,524
Concession, property and equipment
- net 1,820,097 1,773,361
Other assets 35,345 11,942
Deferred income tax 0 133,487
---------------- ---------------
Total assets $2,953,425 $2,305,314
---------------- ---------------
Liabilities and stockholders'
equity
Current liabilities
Short-term debt and capital
lease obligation $281 $264,936
Accounts payable and accrued
expenses 127,683 96,125
---------------- ---------------
Total current liabilities 127,964 361,061
Long-term debt and capital
lease obligation 1,022,859 573,075
Deferred income tax 176,953 0
Other non-current liabilities 27,086 20,769
---------------- ---------------
Total long-term liabilities 1,226,898 593,844
---------------- ---------------
Total liabilities 1,354,862 954,905
---------------- ---------------
Minority interest 440,987 391,589
---------------- ---------------
Stockholders' equity
Capital stock 807,008 807,008
Effect on purchase of
subsidiary shares -236,951 0
Retained earnings 587,519 151,812
---------------- ---------------
Total stockholders' equity 1,157,576 958,820
---------------- ---------------
Total liabilities and
stockholders' equity $2,953,425 $2,305,314
---------------- ---------------
(1) It includes Mexrail, Inc. and Subsidiary.
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,
---------------------- ----------------------
2002 (1) 2001 2002 (1) 2001
---------- --------- ---------- ----------
Cash flows from operating
activities:
Net income for the
period $415,174 $13,468 $435,707 $67,894
---------- --------- ---------- ----------
Adjustments to reconcile
net income to net cash
provided by operating
activities :
Depreciation and
amortization 20,716 19,394 61,124 57,659
Discount on senior
secured debentures 0 11,638 22,560 33,686
Amortization of
deferred financing
costs (701) 965 3,555 2,534
Other non cash item 127,026 (2,981) 132,070 (27,165)
Changes in working
capital 102,720 3,393 81,839 (29,765)
Net effect on VAT
recovery (534,449) 0 (534,449) 0
---------- --------- ---------- ----------
Total adjustments (284,688) 32,409 (233,301) 36,949
---------- --------- ---------- ----------
Net cash provided by
operating activities 130,486 45,877 202,406 104,843
---------- --------- ---------- ----------
Cash flows from
investing activities:
Investment in Mex-Rail 0 0 (44,000) 0
Acquisitions of
property and
equipment - net (18,018) (21,945) (52,242) (44,813)
Sale of equipment 838 791 1,062 919
---------- --------- ---------- ----------
Net cash used in
investing activities (17,180) (21,154) (95,180) (43,894)
---------- --------- ---------- ----------
Cash flows from
financing activities:
Proceeds from
(payments of)
commercial paper
- net (173,190) (10,000) (143,262) (10,130)
Proceeds from Senior
Notes - net 0 0 152,656 0
Proceeds from term
loan 128,000 0 128,000 0
Principal payments
under capital lease
obligations 0 0 0 (4,227)
Acquisitions of
GTFM's shares (256,130) 0 (256,130) 0
---------- --------- ---------- ----------
Net cash (used in)
provided by financing
activities (301,320) (10,000) (118,736) (14,357)
---------- --------- ---------- ----------
Increase in cash and
cash equivalents (188,014) 14,723 (11,510) 46,592
Cash and cash
equivalents
Beginning of period 229,290 64,907 52,786 33,038
---------- --------- ---------- ----------
End of period $41,276 $79,630 $41,276 $79,630
---------- --------- ---------- ----------
(1) It includes second and third quarter figures of Mexrail, Inc. and
Subsidiary.
The consolidated financial statements were prepared in
accordance with International Accounting Standards.