EXHIBIT 1
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[DESC LOGO]
For Immediate Release
Contacts:
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MEXICO CITY NEW YORK CITY
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Arturo D'Acosta Ruiz Blanca Hirani
Alejandro de la Barreda Melanie Carpenter
Tel: (525) 261-8037 Tel: (212) 406-3690
[email protected] [email protected]
DESC ANNOUNCES THIRD QUARTER 2000 RESULTS
Mexico City, October 23, 2000 - DESC, S.A. de C.V. (NYSE: DES; BMV: DESC) today
announced its results for the third quarter of 2000. All figures were prepared
according to generally accepted accounting principles in Mexico.
FINANCIAL HIGHLIGHTS
o Dollar-denominated sales increased 6.4%, reaching US$ 614.0 million
compared to 3Q99
o Operating income decreased 18.2%, from US$ 71.7 million during 3Q99 to US$
58.7 million
o EBITDA (in U.S. dollars) for 3Q00 was US$ 88.3 million, a 9.0% decrease
compared to the same period of the previous year
DESC, S.A. DE C.V. AND SUBSIDIARIES
TABLE 1. CONSOLIDATED RESULTS
(Figures in millions of constant pesos and U.S. dollars)
<TABLE>
<CAPTION>
3Q00 3Q99(4) 3Q00 VS. 2Q00 3Q00 VS.
3Q99 2Q00
<S> <C> <C> <C> <C> <C> <C>
Sales (Ps.)3 5,778.1 5,942.2 -2.8% 5,969.3 -3.2%
Sales (U.S.$)1 614.0 577.2 6.4% 608.7 0.9%
Exports (US $) 2 271.4 229.0 18.5% 275.4 -1.4%
Operating Income (Ps.)3 551.7 737.7 -25.2% 690.7 -20.1%
Operating Income (U.S.$)1 58.7 71.7 -18.2% 70.2 -16.4%
OPERATING MARGIN 9.6% 12.4% 11.6%
EBITDA (PS.)3 830.4 997.3 -16.7% 963.8 -13.8%
EBITDA (U.S.$)1 88.3 97.0 -9.0% 98.1 -9.9%
NET MAJORITY INCOME (PS.)3 311.5 369.5 -15.7% -287.8 N.A.
Net Majority Income (U.S.$)1 32.6 36.0 -9.5% -29.2 N.A.
</TABLE>
1 All figures in US dollars for sales, operating income, EBITDA and net
income are calculated using monthly figures in current pesos divided by
the average monthly exchange rate.
2 All export figures are based on real sales charged in US$;
3 All figures in this report are in constant pesos as of September 30, 2000;
4 1999 figures include the poultry business and are therefore not
comparable. Results for this business are located in the section on Food.
<PAGE>
[DESC LOGO]
THIRD QUARTER 2000 RESULTS
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SALES
During 3Q00, dollar sales increased 6.4% compared to 2Q99, primarily as a result
of stronger sales volumes in Unik (+12.2%). Despite the seasonality of the third
quarter due to the change in the vehicle models that occurs during the months of
August and September, the business continued to post strong sales volumes. In
the case of GIRSA, sales rose 17.3% due to the increases in volumes and prices
in the main businesses. In DINE, an increase in sales of 128.1%, compared to the
third quarter of the previous year, reflect the higher sales in the Punta Mita
and Arcos Bosques projects.
Without including the poultry business, dollar sales in for the third quarter of
2000 increased by 16.9% compared to 3Q99 sales.
[Pie chart showing Net Sales Composition for 3Q00 as follows:
Unik 45%
Girsa 35%
Agrobios 16%
Dine 4%]
EXPORTS
EXPORTS during 3Q00 reached US$ 271.4 million, representing 44.2% of total sales
compared to the 3Q99, an increase of 18.5%, which was mainly due to UNIK
contributing 10.8%, GIRSA with 32.8% and AGROBIOS with 40.9%.
INCOME, MARGIN AND EBITDA
Operating income decreased 18.2% to US$ 58.7 million during the 3Q00 from US$
71.7. As a result of: i) the peso's appreciation against the U.S. dollar, ii)
the increase in the price of raw materials for the petrochemical sector, iii)
salary increases above inflation levels and iv) the increase in the price of
natural gas of over 104% for the year. Excluding the poultry business the
decrease was 14.1%.
EBITDA was US$ 88.3 million, 9.0% lower than the amount reported for 3Q99. Not
including the poultry business, the decrease was of 3.9%.
TAXES
During the third quarter, US$ 3.4 million was provisioned for the payment of
taxes. This figure was lower when compared to the previous year due to the
fiscal benefit that resulted from Desc's fiscal consolidation.
NET MAJORITY INCOME (LOSS)
Net income for the quarter reached US$ 32.6 million, mainly as a result of the
positive comprehensive financial result, which occurred due to the consolidation
of the peso, and inflation levels of 1.68% resulting in a lower monetary gain.
<PAGE>
[DESC LOGO]
THIRD QUARTER 2000 RESULTS
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SHARE REPURCHASE PROGRAM
The Company's share repurchase program continued during the third quarter.
Following are the amounts of shares repurchased:
<TABLE>
<CAPTION>
SHARES AS OF SEPTEMBER 30, 2000 AS OF JUNE 30, 2000 AS OF DECEMBER 31, 1999
REPURCHASED
<S> <C> <C> <C>
DESC A 48,785,000 38,267,000 24,117,000
DESC B 60,088,140 22,353,140 15,658,140
DESC C 43,411,155 34,086,470 2,773,000
TOTAL 152,284,295 94,706,610 42,548,140
DEBT STRUCTURE
TABLE 2. DEBT BREAKDOWN
(Figures in millions of U.S. dollars)
30-SEP-00 30-JUN-00 31-MAR-00 31-DEC-99
<S> <C> <C> <C> <C>
Cash 221 187 114 169
Total Debt 1,285 1,217 1,064 1,075
Net Debt 1,064 1,030 950 906
Interest Coverage 3.7x 3.9x 3.9x 3.8x
</TABLE>
As is illustrated in Table 2, Desc's net debt increased US$ 34 million compared
to the debt reported during 2Q00. This increase was primarily as a result of the
Company's share repurchase program as well as the capital expenditures that are
described in each sector.
During the third quarter, Desc issued a second tranche of medium-term notes in
UDIs (Inflation-linked Units) in the amount of Ps. 1 billion for a term of 7
years and with a net return rate of 8.2%. Thus, the Company's debt profile
improved with 64% in long-term debt and 36% short-term debt.
[Pie chart showing profile of short term debt vs. long term debt.]
Thus, at the end of 3Q00, the Company's debt mix was 81% in dollars and 19% in
pesos. This reflects a natural coverage between exports and dollar-denominated
debt.
The average cost of debt for September 30, 2000 was 8.5% in dollars and 17.7% in
pesos.
[UNIK LOGO]
RESULTS BY SECTORS
UNIK
(Auto Parts)
Unik's sales in dollars for 3Q00 increased 12.2%, compared to 3Q99. This result
reflects the positive development of the domestic market, which registered a
16.9% increase in sales of the sector due to: i) an increase of 134,140 in the
number of automobiles sold, and ii) a 16.1% increase in the number of light
trucks sold which reached 57,711, during the 3Q00.
Despite the slight increase in oil prices and interest rates, auto and light
trucks sales in the United States increased 1.8% Y-o-Y from 4.3 million to 4.4
million units. The automotive industry was able to maintain its sales levels due
to higher discounts and incentives. Sales volumes in heavy trucks, however,
started to register a minor decrease.
<PAGE>
[DESC LOGO]
THIRD QUARTER 2000 RESULTS
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<TABLE>
<CAPTION>
TABLE 3 UNIK FIGURES
(Figures in millions of constant pesos and U.S. dollars)
3Q00 3Q99 3Q00 VS. 2Q00 3Q00VS
3Q99 2Q00
<S> <C> <C> <C> <C> <C>
SALES (PS.) 2,642.1 2,574.5 2.6% 2,841.7 -7.0%
Sales (US$) 280.8 250.2 12.2% 289.8 -3.1%
Exports (US$) 172.5 155.7 10.8% 182.0 -5.2%
OPERATING INCOME (PS.) 369.6 415.7 -11.1% 459.8 -19.6%
OPERATING INCOME (US$) 39.3 40.4 -2.7% 46.8 -16.0%
OPERATING MARGIN 14.0% 16.2% 16.2%
EBITDA (PS.) 515.1 541.1 -4.8% 599.1 -14.0%
EBITDA (US$) 54.7 52.6 4.1% 61.1 -10.4%
</TABLE>
As illustrated in table 3 Unik's net sales reached US$ 280.8 million. This
result was due to an increase in the sales of:
1- Axles by 16.6%
2- Gears by 8.9%
3- Stamping products (pick-up truck bodies) by 38.8%
4- Constant velocity joints by 22.9%
5- Aluminum and steel wheels by 62.4%
6- Spark plugs by 48.7%
Exports increased 10.8% to US$ 172.5 million, due to an increase in exports of
axles, stamping products and constant velocity joints.
OPERATING INCOME decreased 2.7%, compared to the results obtained during 3Q99,
to US$39.3 million. This result was due to the appreciation of the peso compared
to the dollar as well as the higher depreciation from new investments.
Capacity utilization rate of transmissions, stamping products, axles and
constant velocity joints was approximately 90%.
Sales per employee increased to US$96.3 thousand during 3Q00, compared to
US$84.4 thousand recorded during the previous quarter.
During the quarter, the Company invested US$16 million in the following:
EXPANSION PROJECTS
o Increase stamping and painting of pick-up trucks bodies' businesses
capacities
o Expansion of capacity for constant velocity joint
o Increase gear capacity from 650,000 to 1,000,000 units per year
MODERNIZATION PROJECTS
o Automation of various production and assembly lines of axles
o Automation of several production and assembly lines of cardan shafts
o Automation of gear production process
o Design and production of new transmission
o Modernization of new foundering facility
o Modernization of various spark plug lines
o Concentration of the installation of piston facilities in Celaya
(Guanajuato), in conjunction with an aggressive modernization and
automation program
<PAGE>
[DESC LOGO]
THIRD QUARTER 2000 RESULTS
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[GIRSA LOGO]
GIRSA
(Petrochemicals and Diversified Products)
As shown in table 4, sales of Girsa reached US$ 214.7 million, 17.3% higher than
those reported for 2Q00. For comparative purposes, Girsa's results, as
previously reported for Petrochemical and Diversified Products, are shown in
tables 5 and 6.
<TABLE>
<CAPTION>
TABLE 4. GIRSA FIGURES
(Figures in millions of constant pesos and U.S. dollars)
3Q00 3QT99 3Q00 VS. 2Q00 3Q00VS.
3QT99 2Q00
<S> <C> <C> <C> <C> <C>
SALES (PS.) 2,021.9 1,885.5 7.2% 2,053.4 -1.5%
Sales (US$) 214.7 183.1 17.3% 209.5 2.5%
Exports (US$) 72.4 54.5 32.8% 69.4 4.0%
OPERATING INCOME (PS.) 145.5 230.3 -36.8% 171.2 -15.0%
OPERATING INCOME (US$) 15.4 22.4 -31.1% 17.4 -11.5%
OPERATING MARGIN 7.2% 12.2% 8.3%
EBITDA (PS.) 219.6 274.1 -19.8% 240.7 -8.7%
EBITDA (US$) 23.3 29.1 -19.9% 24.5 -4.9%
</TABLE>
The lower operating results are attributed to the substantial increase in costs
of raw materials such as butadiene, styrene and cumene (see graph below), which
rose due to the increase in the price oil which reached its highest level in the
last 10 years. The Company has been unable to pass these cost increases on to
their sales prices.
In addition, the price of natural gas has increased by over 100% so far this
year, which increased costs in the carbon black and phosphates businesses.
Among the measures taken to counter the aforementioned factors are: price
increases, reduction in expenses (which went from 10% to 9% on sales), a strict
monitoring of working capital and higher productivity, which have helped the
Company offset its lower operating margin.
Among the Company's positive factors are the higher sales volumes mainly of
synthetic rubber, 3%; polystyrene, 8%; phosphates, 2%; acrylics, 2%; and
laminates, 18%. These results have offset the 7.5% decrease in sales volume of
carbon black due to the closing of the operating facilities of one of its main
customers.
Capital expenditures during the quarter reached US$ 7.0 million, an amount
in-line with Girsa's budget for the year. This went mainly towards the following
businesses: synthetic rubber, US$ 1.5 million; polystyrene, US$ 2.2 million; and
laminates US $1.4 million.
TABLE 5. GIRSA - PETROCHEMICALS
(Figures in millions of U.S. dollars)
Following are the results for the petrochemical division:
<TABLE>
<CAPTION>
3Q00 3Q99 3Q00 VS. 2Q00 3Q00VS.
3Q99 2Q00
<S> <C> <C> <C> <C> <C>
SALES (US$) 121 91 33.0% 115 5.2%
OPERATING MARGIN 6.4% 14.1% 5.5%
EBITDA (US$) 13 17 -23.5% 11 18.1%
</TABLE>
<PAGE>
[DESC LOGO]
THIRD QUARTER 2000 RESULTS
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TABLE 6 GIRSA - DIVERSIFIED PRODUCTS
(Figures in millions of U.S. dollars)
Following are the results for the diversified products division:
<TABLE>
<CAPTION>
3Q00 3Q99 3Q00 VS. 2Q00 3Q00VS.
3Q99 2Q00
<S> <C> <C> <C> <C> <C>
SALES (US$) 93 92 1.1% 95 -2.1%
OPERATING MARGIN 8.2% 8.9% 11.8%
EBITDA (US$) 10 12 -16.6% 14 -28.5%
[AGROBIOS LOGO]
AGROBIOS
As shown in table 7, sales of Agrobios reached US$ 95.7 million, 28.7% lower
than the second quarter of 1999. Without taking into account the poultry
business, this figure increased by 16.4%.
TABLE 7. AGROBIOS FIGURES
(Figures in millions of constant pesos and U.S. dollars)
3Q00 3Q99* 3Q00 VS. 2Q00 3Q00VS.
3Q99 2Q00
<S> <C> <C> <C> <C> <C>
SALES (PS.) 900.3 1,382.7 -34.9% 847.7 6.2%
Sales (US$) 95.7 134.3 -28.7% 86.4 10.7%
Exports (US$) 26.5 18.8 40.9% 23.4 13.2%
OPERATING INCOME (PS.) 17.9 89.3 -79.9% 14.1 26.9%
OPERATING INCOME (US$) 1.9 8.7 -78.0% 1.4 35.7%
OPERATING MARGIN 2.0% 6.5% 1.7%
EBITDA (PS.) 56.8 143.3 -60.4% 56.6 0.3%
EBITDA (US$) 6.0 13.5 -55.5% 5.8 3.4%
*1999 figures include the poultry business, which was sold in December of 1999
Following are the third quarter 2000 results not including the poultry business:
3Q00 3Q99 3Q00 VS. 2Q00 3Q00VS.
3Q99 2Q00
<S> <C> <C> <C> <C> <C>
SALES (US$) 95.7 82.2 16.4% 86.4 10.7%
OPERATING INCOME 1.9 5.3 -64.1% 1.4 35.7%
OPERATING MARGIN 2.0% 6.4% 1.7%
</TABLE>
BRANDED PRODUCTS
Following the announcement of the reorganization of the branded products
division 60 days ago, the following material events have occurred.
The Company is reviewing its strategy in order to identify opportunities, within
the current business, that will better position its brands, improve its market
presence, bring geographic expansion, launch better products, bring cost
efficiencies, procurement, logistics, etc., among other measures to recover the
profitability of the business.
Among the many savings already achieved is the US$ 2 million annual savings
resulting from the elimination of Corporativo Agrobios, the corporate department
of Agrobios.
<PAGE>
[DESC LOGO]
THIRD QUARTER 2000 RESULTS
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The operating margin posted a decline and reached break-even levels mainly due
to the following:
1 - Lower tomato paste exports to the United States as well as a price
decrease due to the record crop achieved there.
2 - Higher costs of raw materials purchased.
3 - The difficulty of implementing sales price increases.
4 - Charges corresponding to previous quarters that during this
quarter reached US$0.5 million, which correspond to the clearance of
client accounts and inventories.
5 - Lower margins due to the discontinuation of a cleaning product
during the quarter.
With the objective of maintaining a growing market share in branded products,
marketing and promotional expenses where higher than the amount spent last year.
There has been significant progress in positioning the Company's "Foodservice"
division, as well as the development of new brands to be launched during the
fourth quarter.
PORK
The highlights for the quarter include:
1 - A 34.5% increase in sales volume attributed to the incorporation
of operations in Bajio and new associated farms in the Yucatan
Peninsula.
2 - Average sales price registered an increase of 19.7% compared to
the third quarter of 1999, which allowed margins to remain stable.
3 - Productivity in various operations continued to post record levels
in the domestic market. Thus, the Company expects to reach higher
sales during the next few quarters.
4 - The association with the Company's, operating partner was
evaluated to re-establish growth and profitability as its main
business goals. A new formula under which the participating partner
could increase up to 46% its stake in the business if the internal
rate of return increases (IRR), was instituted. In this order, if
the IRR declines its participation in the business will also
declined accordingly.
The operating margins achieved in both the branded products and commodities
businesses were:
3Q00 3Q99 2Q00
BRANDED PRODUCTS -1.2% 9.3% 0.9%
COMMODITIES 4.4% 5.4% 4.2%
<PAGE>
[DESC LOGO]
THIRD QUARTER 2000 RESULTS
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[DINE LOGO]
DINE
(Real Estate)
Dine's results for the third quarter reflect an important increase in sales
within the Arcos Bosques and Punta Mita properties.
<TABLE>
<CAPTION>
TABLE 8. DINE FIGURES
(Figures in millions of constant pesos and U.S. dollars)
3Q00 3Q99 3Q00 VS. 2Q00 3Q00VS.
3Q99 2Q00
<S> <C> <C> <C> <C> <C>
SALES (PS.) 205.0 98.2 108.8% 225.1 -8.9%
Sales (US$) 21.9 9.6 128.1% 22.7 -3.5%
Operating Income (Ps.) 21.5 16.3 32.0% 64.3 -66.5%
OPERATING INCOME (US$) 2.3 1.6 45.1% 6.4 -64.0%
OPERATING MARGIN 10.6% 16.7% 28.3%
EBITDA (PS.) 35.8 24.7 45.0% 79.1 -54.7%
EBITDA (US$) 3.8 2.4 58.3% 7.9 -51.9%
</TABLE>
As shown in table 8, Dine's net sales in dollars reached US$ 21.9 million, a
128.1% increase when compared to the figures recorded for 3Q99. This result
reflects the following:
1 - The high occupancy rate coupled with the high demand for
residential lots in the Punta Mita tourism property. This property
contributed 19.5% to Dine's sales.
2 - Bosques de Santa Fe contributed 30% of this sector's sales.
3 - The sale of the Building North B, one of the buildings in the
Arcos Bosques Property, to an insurance company. This property,
which contributed with 39.3% of Dine's sales, is currently under
development in association with ICA.
4 - The increasing sales in the Santa Fe Mall, which contributed 8.5%
of the sales recorded for the quarter.
As a result of the combination of the events above, Dine's operating margin
decreased Y-to-Y to 10.6%.
This was due to the sales mix, mentioned above, which were originated from
properties with lower operating margins.
Capital expenditures during the quarter reached US$ 1.5 million, in the projects
Bosques de Santa Fe, Punta Mita and Arcos Bosques principally.
The Company expects sales as well as operating margins to substantially recover
during 4Q00, due to the signing of sales contracts for residential lots in
Bosques de Santa Fe and in Punta Mita.
00 TABLES FOLLOW 00
<PAGE>
[DESC LOGO]
THIRD QUARTER 2000 RESULTS
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DESC, S.A. DE C.V. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
(In millions of constant pesos, as of September 30, 2000).
<TABLE>
<CAPTION>
----------------------------------------
2000 1999 %
----------------------------------------
<S> <C> <C> <C>
ASSETS
Current Assets:
Cash and Short Term Investments 2,089.5 1,415.0 47.7%
Account and Documents Receivable (net) 4,901.8 4,709.6 4.1%
Inventories 4,831.0 3,242.2 49.0%
----------------------------------------
TOTAL CURRENT ASSETS 11,822.4 9,366.8 26.2%
Land held for development and real estate projects 3,557.7 3,669.9 -3.1%
Fixed Assets 15,036.7 16,366.2 -8.1%
Investments in shares of Subsidiaries Non Consolidated 29.5 133.9 -78.0%
Other Assets 2,842.0 2,787.8 1.9%
=========================================
TOTAL ASSETS 33,288.3 32,324.6 3.0%
----------------------------------------
LIABILITIES
Current Liabilities:
Banks Loans 4,331.3 4,120.9 5.1%
Suppliers 1,995.5 1,743.6 14.4%
Taxes to be paid 945.2 377.2 150.6%
Other Liabilities 1,562.3 1,225.6 27.5%
----------------------------------------
TOTAL CURRENT LIABILITIES 8,834.3 7,467.4 18.3%
Long-Term Debt 7,810.6 7,755.2 0.7%
Deferred taxes 2,710.9 0.0 NA
Other 83.9 109.6 -23.4%
=========================================
TOTAL LIABILITIES 19,439.7 15,332.2 26.8%
----------------------------------------
STOCKHOLDERS' EQUITY
Capital Stock 17.8 19.4 -8.2%
Paid-in Surplus 1,169.8 1,169.8 0.0%
Retained Earnings and Reserve for Repurchase of Shares 19,666.3 20,096.9 -2.1%
Cumulative effect of restatement, net -11,369.7 -8,785.0 29.4%
----------------------------------------
Total Majority Interest 9,484.2 12,501.1 -24.1%
Minority Interest 4,364.4 4,491.3 -2.8%
TOTAL STOCKHOLDERS' EQUITY 13,848.6 16,992.4 -18.5%
=========================================
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY 33,288.3 32,324.6 3.0%
----------------------------------------
</TABLE>
<PAGE>
[DESC LOGO]
THIRD QUARTER 2000 RESULTS
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DESC, S.A. DE C.V. AND SUBSIDIARIES
CONSOLIDATED INCOME STATEMENT (In
millions of constant pesos, as of September 30, 2000).
<TABLE>
<CAPTION>
--------------------------------------
2000 1999 %
--------------------------------------
<S> <C> <C> <C>
Net Sales 17,165.4 18,389.6 -6.7%
Cost of Sales 12,674.4 13,212.1 -4.1%
--------------------------------------
GROSS PROFIT 4,491.0 5,177.5 -13.3%
Operating Expenses
Administrative and Selling Expenses 2,649.7 2,662.4 -0.5%
--------------------------------------
OPERATING INCOME 1,841.3 2,515.1 -26.8%
Interest Income -224.4 -227.5 -1.4%
Interest Expense 941.4 879.1 7.1%
Exchange Gain (loss), net 154.3 -584.7 -126.4%
Gain on Monetary Position -504.8 -772.6 -34.7%
--------------------------------------
Comprehensive Financial Result 366.4 -705.8 -151.9%
--------------------------------------
Other Expenses 211.0 164.7 28.1%
INCOME BEFORE PROVISIONS 1,263.9 3,056.2 -58.6%
--------------------------------------
Provisions for:
Income and Asset Tax 482.1 583.9 -17.4%
Employee Profit Sharing 132.1 133.4 -0.9%
Deferred Income Taxes -96.0 0.0 NA
--------------------------------------
518.2 717.3 -27.8%
NET CONSOLIDATED INCOME 745.7 2,338.9 -68.1%
--------------------------------------
Minority Interest 282.9 526.7 -46.3%
======================================
MAJORITY NET INCOME 462.7 1,812.3 -74.5%
--------------------------------------
Net Income per Share* 0.4 1.5
*Millions of shares outstanding : 1,369.0 1,490.3
</TABLE>
<PAGE>
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THIRD QUARTER 2000 RESULTS
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<TABLE>
<CAPTION>
DESC, S.A. DE C.V. AND SUBSIDIARIES
FINANCIAL INDICATORS
JAN-SEPT THIRD QUARTER
2000 1999 2000 1999
<S> <C> <C> <C> <C>
Consolidated Operating Margin 10.7% 13.7% 9.6% 12.4%
Operating Margin Auto Parts 15.5% 16.1% 14.0% 16.2%
Operating Margin Chemicals 7.3% 13.5% 7.2% 12.2%
Operating Margin Food 1.9% 7.2% 2.0% 6.5%
Operating Margin Real Estate 20.7% 35.5% 10.6% 16.7%
EBITDA Margin 15.5% 17.7% 14.4% 16.5%
Interest Coverage Ratio 3.70 4.65
Debt / Capitalization 0.47 0.41
Earnings per Share (last 12 months) 0.37 Ps. 1.53
Book Value (Desc B) 6.58 Ps. 7.66
Earnings per ADR (last 12 months) 0.78 US$ 3.27
Share Price Series "A" (End of period) Ps. 5.70 Ps. 8.10
Share Price Series "B" (End of period) 5.30 8.00
Share Price Series "C" (End of period) 5.00 7.90
Share Price "ADS" (End of Period) US$ 10.31 US$ 6.75
EXCHANGE RATE PER US$1.00(BY QUARTER ENDED) PS. 9.4459 PS. 9.3500
TOTAL SHARES OUTSTANDING
<S> <C> <C>
"A" Shares 587,479,900 42.9%
"B" Shares 506,176,760 37.0%
"C" Shares 275,341,610 20.1%
-----------------------
TOTAL 1,368,998,270 100.0%
</TABLE>
