Grupo TMM, S.A. and subsidiaries
(a)Statement of Income (discontinuing of railroad operations)
- millions of dollars -
Three months ended
March 31,
2005 2004
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Revenue from freight and services 64.545 55.640
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Cost of freight and services (54.696) (46.575)
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Depreciation of vessels and operating equipment (1.365) (1.526)
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8.484 7.539
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Administrative expenses (7.317) (7.051)
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Corporate restructuring expenses (0.544)
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Operating income (loss) 1.167 (0.056)
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Other (expenses) income - Net 0.057 (0.104)
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Financial (expenses) income - Net (23.326) (14.435)
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Exchange (loss) gain - Net (0.173) 0.236
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Net financial cost (23.499) (14.199)
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Loss before taxes (22.275) (14.359)
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Benefit for taxes 1.129 7.967
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Loss before minority interest (21.146) (6.392)
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Minority interest (0.838) (1.134)
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Net loss before discontinuing operations (21.984) (7.526)
======================================================================
Income (loss) from discontinuing operations 1.364 (1.614)
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Income from disposal discontinuing business, net
of income taxes 176.412
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Net income (loss) for the period 155.792 (9.140)
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Weighted average outstanding shares (millions) 56.963 56.963
Income (loss) earnings per share (dollars/share) 2.73 (0.16)
Outstanding shares at end of period (millions) 56.963 56.963
Income (loss) earnings per share (dollars/share) 2.73 (0.16)
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(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 discontinued
operations" Grupo TMM, S. A. shows the effect of the
applications of our Financial Statements.
Grupo TMM, S.A. and subsidiaries
(a)Balance Sheet (discontinuing of railroad operations)
- millions of dollars -
March 31, December 31,
2005 2004
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Current assets:
---------------
Cash and cash equivalents 44.641 53.148
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Accounts receivable
Accounts receivable - Net 38.012 37.396
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Other accounts receivable 69.027 62.473
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Accounts receivable for sale assets 593.680
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Prepaid expenses and others current
assets 9.046 8.095
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Non current assets classified as held for
sale 2,080.529
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Total current assets 754.406 2,241.641
======================================================================
Property, machinery and equipment - Net 74.109 79.242
======================================================================
Other assets 21.425 30.183
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Deferred taxes 40.754 23.900
======================================================================
Total assets 890.694 2,374.966
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Current liabilities:
--------------------
Bank loans and current maturities of long
term liabilities 12.784 26.545
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Suppliers 26.380 24.453
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Other accounts payable and accrued expenses 156.263 89.711
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Liabilities directly associated with non-
current assets classified as held for sale 1,054.556
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Total current liabilities 195.427 1,195.265
======================================================================
Long-term liabilities:
----------------------
Bank loans and other obligations 498.728 469.449
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Other long-term liabilities 69.039 73.586
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Total long-term liabilities 567.767 543.035
======================================================================
Total liabilities 763.194 1,738.300
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Minority interest 21.068 686.026
======================================================================
Stockholders' equity
Common stock 121.158 121.158
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Retained earnings 3.031 (152.761)
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Initial accumulated translation loss (17.757) (17.757)
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Total stockholder's equity 106.432 (49.360)
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Total liabilities and stockholders' equity 890.694 2,374.966
----------------------------------------------------------------------
(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 discontinued
operations" Grupo TMM, S. A. shows the effect of the
applications of our Financial Statements.
Grupo TMM, S.A. and subsidiaries
(a)Statement of Cash Flow (discontinuing of railroad operations)
-millions of dollars -
Three months ended
March 31,
2005 2004
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Cash flow from operation activities:
------------------------------------
Net loss before discontinuing operations (21.984) (7.526)
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Charges (credits) to income not affecting resources:
Depreciation & amortization 7.709 3.721
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Minority interest (0.838) (1.134)
----------------------------------------------------------------------
Deferred income taxes 0.311 0.730
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Other non-cash items 5.862 (7.291)
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Total non-cash items 13.044 (3.974)
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Changes in assets & liabilities (0.580) (2.226)
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Total adjustments 12.464 (6.200)
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Net cash used in operating activities (9.520) (13.726)
======================================================================
Cash flow from investing activities:
------------------------------------
Proceeds from sales of assets (net) 0.089 0.688
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Payments for purchases of assets (3.256) (2.623)
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Sale of share of subsidiaries 8.092
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Net cash (used in) provided by investment
activities 4.925 (1.935)
======================================================================
Cash flow provided by financing activities:
-------------------------------------------
Short-term borrowings (net) (0.150) (0.150)
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Principal payments under capital lease
obligations (0.025) (0.022)
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(Repurchase) sale of accounts receivable (net) (4.998) (3.593)
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Repayment of long-term debt (0.475) (0.247)
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Proceeds from issuance of long-term debt 1.736
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Net cash (used in) provided by financing
activities (3.912) (4.012)
======================================================================
Net (decrease) increase in cash (8.507) (19.673)
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Cash at beginning of period 53.148 71.030
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Cash at end of period 44.641 51.357
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(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 discontinued
operations" Grupo TMM, S. A. shows the effect of the
applications of our Financial Statements.
SOURCE: Grupo TMM