RESULTS
Second Quarter 2016
2Q16 RESULTS
GRUPO MÉXICO
Relevant figures in US dollars1
Investor Contact:
Marlene Finny
(55) 1103-5344
Mexico City, July 25, 2016—Grupo México, S.A.B. de C.V. (“Grupo México”
“GMéxico” - BMV: GMEXICOB).
 In the Mining Division, we consolidated ourselves again as the company with the
[email protected]
www.gmexico.com
lowest cash cost in the industry worldwide. In 2Q16, the copper cash-cost per pound,
net of byproducts, reached US$1.04, 20% less than in 2Q15. This reduction was a
result of greater low-cost production thanks to the conclusion of the first stage of the
investment program, as well as of savings generated by the cost-control initiatives
 Copper
production in 1H16 increased 21% (92,923 tons), representing a record
figure for a first semester, as it reached 528,096 tons of copper, due to the start of
operations of the new projects at the Buenavista mine in Sonora, which boosted this mine’s production by 73%
compared to 1H15. Our gold (+73%), zinc (+30%), and silver (+27%) production increased too.

Despite a decrease of 21% in copper prices, 23% in molybdenum, and 16% in zinc, consolidated sales in 1H16
reached US$4.01 billion, only 6% less than in 1H15 due to the increase in volumes thanks to the Buenavista
expansion. In the Transportation Division, the volume in tons/km rose 5% compared to 1H15; however, a 19%
depreciation of the peso vs. the USD had a negative effect on sales, which dropped 4% (in peso terms, we saw a
14% increase). In Infrastructure, sales rose 7% to US$307 million





Cost of sales in 1H16 reached US$2.23 billion, 5% less than in 1H15. In the Mining Division, costs rose 1% due
to greater production volumes. In the Transportation Division, it decreased 9% thanks to greater productivity. In the
Infrastructure Division, it rose 6% compared to 1H15, mainly because of the start of operations of the 2 nd combined
cycle plant.
1H16 EBITDA totaled US$1.61 billion, 8% less than in 1H15, mainly because of the drop in metal prices. In the
Mining Division, it reached US$1.08 billion, with a 36% margin. In the Transportation Division, it reached US$375
million, 4% higher than in 1H15, with a record margin of 41%. The Infrastructure Division achieved US$149
million in EBITDA with a 49% margin.
Net consolidated profit totaled US$757 million in 1H16, which implies an 8% increase compared to 1H15, with a
margin equivalent to 19% of sales.
Capital investments totaled US$714 million. In 2016, we continue to develop our investment program to increase
copper production capacity by 90%, from our production level of 808,000 tons in 2013 to over 1.3 million tons.
Notwithstanding the environment of metal prices and market volatility, the Management Board declared a cash
dividend payment of $0.15 pesos per share outstanding, in order to be consistent and continue with the practice of
generating value for shareholders. This dividend will be paid in a single installment beginning on August 26, 2016.
(Thousand US Dollars)
Sales
Cost of Sales
Operating Income
EBITDA
EBITDA Margin (%)
Net Income
Profit Margin (%)
Investments / Capex
Employees
Second Quarter
2015
2016
Variance
US$000
%
January - June
2015
2016
Variance
US$000
%
2,195,078
2,089,262
(105,815)
(4.8)
4,278,418
4,009,841
(268,577)
1,177,023
1,152,999
(24,024)
(2.0)
2,341,235
2,235,297
(105,938)
(4.5)
719,679
611,577
(108,102)
(15.0)
1,355,925
1,153,038
(202,888)
(15.0)
917,387
883,441
(33,946)
(3.7)
1,742,599
1,611,711
(130,888)
(7.5)
54,771
7.8
41.8%
365,896
16.7%
42.3%
350,288
40.7%
(15,608)
(4.3)
16.8%
702,412
16.4%
(6.3)
40.2%
757,183
18.9%
462,759
453,464
(9,295)
(2.0)
796,611
714,272
(82,338)
(10.3)
29,967
29,933
(34)
(0.1)
29,967
29,933
(34)
(0.1)
1
All figures are in dollars ("US$"), United States currency, under US GAAP, unless otherwise stated.
2Q16
www.gmexico.com
Page 1
2Q16 RESULTS
GRUPO MÉXICO
Relevant Events by Division
Mining Division
Expansion of Buenavista Completed-Sonora, Mexico.- Of the $3.5 billion in this investment program,
the company has already invested $3.22 billion. Excluding the Quebalix IV project and some other lesser
infrastructure facilities, all the other facilities of this program are currently operational, and we expect to
produce 460,000 tons of copper in 2016 and 500,000 tons in 2017. The Buenavista investment program is
being completed on time and below the expected budget. Buenavista’s Concentrator II is working at
105% of its total design capacity of 188,000 tons of copper content. This concludes our 2 main
expansions in Mexico (the solvent extraction and electrowinning III plant with 120,000 tons of copper
content, and the Concentrator II plant).
Better Cost Profile.- The increase in low-cost production has a bearing not only on our volumes, but it
also has a positive effect on our cost structure, due to the economies of scale and state-of-the-art
technology used in the expansions. Likewise, we were able to increase production of other metals, which
provides greater credits through byproducts and improves costs.
Commercial Program Completed.- Despite the current environment that the copper market faces, we
have managed to place all our new production from the Buenavista II Concentrator in 2016, totaling
700,000 tons of copper concentrates, under better terms than the market benchmark for this year.
We Made Progress on the Toquepala Expansion - Tacna, Peru.- This Project includes a new
concentrator with state-of-the-art technology that will increase annual production capacity by 100,000
tons of copper to 235,000 tons by 2018. It will also increase molybdenum production by 3,100 tons with a
capital investment of $1.2 billion. Up to June 30, 2016, we have invested $431.1 million in the project,
and it should be completed by 2Q18.
Normalization of Operations at Santa Eulalia and Charcas.- After solving the flood issues that
affected the Santa Eulalia unit and the cave-in that hampered the Charcas unit in 2015, due to an
earthquake, zinc production during 2Q16 increased 43% to 19,994 tons vs. 2Q15. Santa Eulalia raised its
production by 100% and Charcas by 35%.
Significant reduction in cash cost in ASARCO.- By 2Q16, copper cash cost per pound, net of
byproducts, stood at US$1.66; that is, 19% less than in 2Q15, and 34% below the same period of 2014.
This reduction was a result of our constant effort to optimize our cost structure through various control
measures, including the partial shutdown of our less efficient operations at the Hayden Concentrator
Plant, as well as a reduction in our labor force by 454 employees. Despite these measures, ASARCO
managed to increase production during 1H16 by 3% to 80,594 tons of copper.
Reorganization of the Mining Division.- In response to the adverse market conditions, and as part of our
ongoing improvement program, we have carried out a corporate reorganization of the Mining Division.
The administrative departments of all our subsidiaries have been restructured to centralize functions, new
IT systems have been implemented, and a shared services center was set up in Hermosillo, Sonora, where
we have concentrated all the Mining Division’s transactional operations. Thus, we have achieved
significant savings by finding synergies and economies of scale. We remain committed to our strict cost
control, so we will continue to work on important projects that will yield even more benefits, such as a
strategic supply center.
2Q16
www.gmexico.com
Page 2
2Q16 RESULTS
GRUPO MÉXICO
Transportation Division
The Transportation division continues to grow.- In 2Q16, compared to the same period last year, we
experienced 2.4% growth in Ton-Km, operating profit rose 10.1%, and EBITDA 6.3%. All of this,
notwithstanding a 19.2% devaluation in the peso-USD parity.
Operating Performance Improves.- During the quarter, a new record was achieved in EBITDA margin,
which reached 41.8%, well above the 37.4% reported in the same period last year.
Growth in the Farming Sector.- The segment showed 10% accrued growth in Ton-Km, given the 16.4%
rise in the hauling of imports of basic grains across the border, in terms of Ton-Km.
Automotive Segment Growth.- The segment showed accrued growth of 13.4% in Ton-Km due to the
rise in vehicle exports across the border at Piedras Negras and Ciudad Juarez.
Growth in the Intermodal Segment.- This segment’s growth is due to a greater number of containers
hauled, mainly with an increase in cross-border traffic from Monterrey and Silao to Chicago. This
segment accrued 8.8% growth in Ton-Km.
Growth in the Metals Segment.- Accrued growth totaled 19.8% in Ton-Km. The growth of the
country’s automotive industry helped to increase the hauling of products for automotive manufacture;
likewise, we have also gained market share in hauls for the national metals industry.
Infrastructure Division
Good flow on the Salamanca-Leon Highway.- During 2Q16, the highway reported record revenues of
$124.7 million pesos and a weighted average daily traffic (ADT) of 9,505 vehicles. Revenues rose 8% in
2Q16, and the weighted average daily traffic increased 2.3% compared to 1Q16.
Tamaulipas Modular Platform.- We are awaiting the location from PEMEX. PEMEX is expected to
assign us a fixed platform location in 3Q16, and then the mobilization process will begin.
Grupo Mexico Servicios de Ingenieria (GMSI).- Detailed engineering for the expansion of the
Toquepala concentrator plant is currently underway, reporting 81% progress.
2Q16
www.gmexico.com
Page 3
2Q16 RESULTS
GRUPO MÉXICO
Financing
2015
Gross
(US$000)
Grupo México
Americas Mining Corporation
Southern Copper Corporation
Asarco
Gméxico Transportes
GFM - Ferromex
Debt
Gross
(1)
Debt
(1)
Banks
(2)
Debt
-
-
55,009
(55,009)
-
-
134,952
(134,952)
6,152,219
5,952,854
550,683
103,412
78,701
65,710
12,991
-
188,431
(188,431)
64,024
-
Ferrosur
México Proyectos y Desarrollos
Grupo Mexico (Consolidated)
As of June 30, 2016
Cash &
Net
5,402,171
332,918
263,690
199,666
43,060
31,177
37,264
1,207,971
1,108,531
94,454
1,014,077
7,839,580
7,434,955
1,326,169
6,108,784
(6,087)
(1) include Debt Fees
(2) include Short Term Investment
GMexico maintains a solid balance sheet with a low leverage and a net debt to EBITDA ratio of 2.1x.
93% of the debt contracts are in US dollars, and 7% are in pesos. 90% of the debt has a fixed rate.
Moreover, GMexico has a comfortable debt maturities calendar; we have no significant capital payments
until 2035.
The Company’s financial soundness enables it to be well positioned to face the difficult economic
environment that affects its various Divisions and maintain its commitment to continue with its
aggressive expansion program, as well as to analyze possible opportunities that may arise in the market.
Grupo Mexico Debt Schedule
Up to June 30, 2016
1,600.0
1,400.0
1,200.0
1,000.0
800.0
600.0
400.0
200.0
Mining Division
2Q16
Transportation Division
www.gmexico.com
Infrastructure Division
Page 4
2045
2044
2043
2042
2041
2040
2039
2038
2037
2036
2035
2034
2033
2032
2031
2030
2029
2028
2027
2026
2025
2024
2023
2022
2021
2020
2019
2018
2017
2016
-
2Q16 RESULTS
GRUPO MÉXICO
Mining Division
Americas Mining Corporation
Relevant Figures
(Thousand US Dollars)
Sales
Cost of Sales
Operating Income
EBITDA
Second Quarter
2015
2016
1,615,584
1,552,759
893,243
935,489
514,711
384,127
676,182
583,558
EBITDA Margin (%)
Net Income
Profit Margin (%)
266,039
Investments / Capex
310,087
41.9%
16.5%
Variance
US$000
%
January - June
2015
2016
(62,824)
(3.9)
3,163,029
2,989,992
(173,037)
(5.5)
42,246
4.7
1,804,144
1,827,474
23,330
1.3
(130,584) (25.4)
958,316
721,394
(236,923) (24.7)
(92,624) (13.7)
1,270,131
1,086,046
(184,085) (14.5)
37.6%
207,896
40.2%
(58,143) (21.9)
13.4%
364,683
Variance
US$000
%
512,029
36.3%
560,619
16.2%
54,596
17.6
576,678
48,590
18.7%
9.5
-
601,018
24,340
4.2
Average Metal Prices
Copper
3Q
4Q
1Q
2015
2015
2016
Second Quarter
2016
2015
Var.
%
January - June
2016
Var.
2015
%
($cts/Pound)
2.40
2.20
2.11
2.13
2.77
(23.2)
2.12
2.72
(22.1)
Molybdenum ($dlls/Pound)
5.75
4.75
5.27
6.89
7.45
(7.5)
6.08
7.93
(23.3)
Zinc
($cts/Pound)
0.84
0.73
0.76
0.87
1.00
(12.7)
0.81
0.97
(16.0)
Silver
($dlls/Ounce)
14.87
14.75
14.87
16.83
16.38
2.7
15.85
16.54
(4.2)
Gold
($dlls/Ounce)
1,124.01
1,104.40
1,181.21
1,259.36
1,192.82
5.6
1,220.28
1,206.02
Lead
($cts/Pound)
0.78
0.76
0.79
0.78
0.88
(11.7)
0.78
0.85
(7.8)
72.40
71.76
46.35
49.78
74.96
(33.6)
48.08
72.21
(33.4)
Sulfuric Acid ($dlls/Ton)
1.2
So urce: Co pper & Silver - COM EX; Zinc & Go ld - LM E;
M o lybdenum - M etals Week Dealer Oxide, Sulfuric A cid - A M C
Copper.- Copper production in 1H16 increased 21% vs. 1H15 to 528,096 tons. This translates into an
increase of 92,923 tons, as a result of greater production at Buenavista (+73%), mainly.
Molybdenum.- Molybdenum production in 1H16 decreased 7% to 10,875 tons compared to the same
period last year, given a lower production at Toquepala, due to lower ore grades.
Zinc.- Zinc production in 1H16 increased 30% to 38,023 tons compared to 29,174 tons in 1H15. This
increase resulted from the start of operations of the Santa Eulalia mine following the problems caused by
the flood that affected production in 2015.
Silver.- In 1H16, silver production increased (+27%) to 9,065 ounces compared to 1H15, due to greater
production in Buenavista (+141%) and Mission (+42%).
Gold.- Gold production increased (+73%) to 32,663 ounces, given a higher production in Buenavista
(+159%).
2Q16
www.gmexico.com
Page 5
2Q16 RESULTS
GRUPO MÉXICO
Mining Production
Mining Division
Copper
Production
Sales
Molybdenum
Production
Sales
Zinc
Production
Sales
Silver
Production
Sales
Gold
Production
Sales
Sulfuric Acid
Production
Sales
Second Quarter
2015
2016
Variance
January - June
2015
2016
%
Variance
%
(MT)
($US MM)
216,871
1,348,000
266,071
1,241,884
49,201
(106,117)
22.7
(7.9)
435,173
2,595,729
528,096
2,426,623
92,923
(169,107)
21.4
(6.5)
(MT)
($US MM)
5,758
63,000
5,305
81,281
(453)
18,281
(7.9)
29.0
11,635
153,633
10,875
136,531
(760)
(17,103)
(6.5)
(11.1)
(MT)
($US MM)
13,979
58,735
19,994
57,159
6,015
(1,576)
43.0
(2.7)
29,174
117,355
38,023
102,806
8,849
(14,549)
30.3
(12.4)
('000 Oz)
($US MM)
3,012
54,322
4,075
69,643
1,063
15,321
35.3
28.2
6,270
110,649
7,825
130,636
1,554
19,987
24.8
18.1
(Oz)
($US MM)
34,671
40,406
47,179
60,461
12,508
20,055
36.1
49.6
64,547
76,675
87,672
108,515
23,125
31,840
35.8
41.5
(MT)
($US MM)
584,482
31,790
682,884
24,331
98,403
(7,459)
16.8
(23.5)
1,289,706
65,442
1,385,809
47,218
96,103
(18,224)
7.5
(27.8)
Cash Cost
In 1H16, operating cash cost per pound of copper, before byproducts, was US$1.47, below the US$1.74
accrued in 1H15 (-16%). The reduction was mainly due to operating improvements resulting from greater
low-cost production from the Buenavista expansions and lower fuel costs. In 1H16, operating cash costs
per pound of copper, net of byproducts, reached US$1.07, vs. US$1.24 (-14%) in the same period last
year. This was despite the sharp drop in the prices of byproducts molybdenum (-23%) and silver (-16%).
Sales Distribution
The contribution of each metal to AMC’s accrued sales in 2016 is depicted below:
Zinc
Sulfuric Acid 3.4%
1.6%
Gold
3.6%
Others
0.6% Lead
0.7%
Molybdenum
4.6%
Silver
4.4%
Copper
81.2%
2Q16
www.gmexico.com
Page 6
2Q16 RESULTS
GRUPO MÉXICO
Mining Projects
Projects in Mexico
Crushing, Conveying, and Spreading System for Leachable Ore (Quebalix IV).- The main goal of
this project is to reduce processing times, as well as mining and hauling costs. It will also increase
production by improving SX/EW copper recovery. It has a crushing and conveying capacity of 80 million
tons per year, and we expect it to be completed in 3Q16. By June 30, 2016, the Project shows 98%
progress with an investment of $248.4 million out of an approved capital budget of $340 million.
Infrastructure.- The remaining projects, which complete the investment program, include the necessary
infrastructure (power lines and substations, water supply, tailings dam, mine equipment shops, internal
roads, etc.).
Projects in Peru
High Pressure Grinding Roller System (HPGR) Toquepala, Peru.- The main goal of this project is to
ensure that the existing concentrator operates at its full capacity of 60,000 tons per day, despite an
increase in the hardness of the material. Moreover, recoveries will improve with a better crushed mineral.
The budget for this project is $40 million, and we have invested $11.7 million up to June 30, 2016. It
should be completed by 4Q17.
Cuajone´s Heavy Mineral Management Optimizing Project -Moquegua, Peru. The Project consists
in installing a primary in-pit crusher at the Cuajone mine with a conveyor system to transport the ore to
the concentrator. The project will optimize the hauling process, substituting rail haulage, and thus
reducing operating and maintenance costs, as well as the environmental impact of the Cuajone mine. The
crusher will have a processing capacity of 43.8 million tons per year. The main components, including the
crusher and overland belt, have been acquired and we have begun preparing the land and the civil works.
Up to June 30, 2016, we have invested $102.2 million in this project out of a capital budget of $165.5
million. The project should be completed by 2Q17.
2Q16
www.gmexico.com
Page 7
2Q16 RESULTS
GRUPO MÉXICO
Transportation Division
Relevant Figures
(Thousand US Dollars)
Load Volume (MillionTons/Km)
Moved Cars
Sales
Cost of Sales
Operating Income
EBITDA
EBITDA Margin (%)
Net Income
Profit Margin (%)
Investments / Capex
Second Quarter
2015
2016
Variance
US$000
%
14,134
14,471
400,440
319,876
(80,564)
504,112
479,099
294,001
264,016
149,517
188,484
37.4%
87,250
17.3%
114,299
337
January - June
2015
2016
Variance
US$000
%
2.4
26,607
27,847
1,240
4.7
(20.1)
598,070
618,223
20,153
3.4
(25,013)
(5.0)
954,810
914,553
(40,257)
(4.2)
(29,985)
(10.2)
563,717
511,163
(52,554)
(9.3)
160,327
10,810
7.2
270,736
296,224
25,488
9.4
200,402
11,918
6.3
359,565
374,550
14,985
4.2
17,364
10.9
(61,342)
(36.4)
41.8%
97,663
37.7%
10,413
11.9
159,953
20.4%
86,314
41.0%
177,317
16.8%
(27,985)
(24.5)
19.4%
168,474
107,132
The Transportation Division’s total revenues up to 2Q16 amounted to US$915 million, 4.2% lower than
in the same period of 2015. This is due to the conversion effect resulting from a 19.3% devaluation of the
peso vs. the USD. Revenues in peso terms showed an accrued increase of 14.1% up to 2Q16, compared to
the same period last year.
Volumes transported in 2Q16 increased 4.7% in tons per kilometer compared to the same period of 2015.
Each segment’s revenue contribution up to June 30, 2016, is shown below:
Tons – Km.
Revenues per Segment
Automotive,
1,493
Cement, 1,500
Cement, 8%
Others, 4%
Agricultural, 28%
Industrial, 1,697
Agricultural,
10,270
Siderurgical, 8%
Energy, 1,967
Intermodal, 5%
Intermodal,
2,061
Energy, 11%
Automotive, 8%
Chemical, 2,395
Chemical, 9%
Industrial, 7%
Mineral, 12%
2Q16
www.gmexico.com
Siderurgical,
2,733
Mineral, 3,731
Page 8
2Q16 RESULTS
GRUPO MÉXICO
EBITDA up to 2Q16 and 1H16 grew 6.3% and 4.2%, respectively, compared to the same periods of 2015,
from US$188.5 to US$200.3 million in the quarter, and from US$359.6 to US$374.5 million in the first
half of the year. Margins improved significantly from 37.4% in 2Q15 to 41.8% in 2Q16, and from 37.7%
in 1H15 to 40.9% in 1H16. EBITDA growth expressed in pesos was 23.9% in the period accrued up to
December 2016, compared to 2015.
Capital Investments.- By 2Q16, capital investments totaled $107 million, including the purchase of the
first 10 locomotives out of a total of 50 scheduled for 2016, and the development of infrastructure and
telecommunications projects, which will bring greater operating efficiencies.
2Q16
www.gmexico.com
Page 9
2Q16 RESULTS
GRUPO MÉXICO
Infrastructure Division
MPD
Relevant Figures
(Thousand US Dollars)
Sales
Cost of Sales
Operating Income
EBITDA
EBITDA Margin (%)
Net Income (Loss)
EBITDA Margin (%)
Investments / Capex
Second Quarter
2015
2016
Variance
US$000
%
January - June
2015
2016
Variance
US$000
%
137,634
156,190
18,556
13.5
288,256
307,577
19,320
68,791
70,851
2,060
3.0
139,983
148,475
8,492
6.1
42,957
53,697
10,740
25.0
98,025
96,169
(1,856)
(1.9)
59,242
81,526
22,284
37.6
132,559
149,296
16,737
12.6
7,670
14.2
(45,336)
(88.1)
43.0%
22,095
16.1%
38,373
52.2%
45,080
46.0%
22,985
104.0
28.9%
2,467
54,086
18.8%
(35,906)
(93.6)
51,459
6.7
48.5%
61,756
20.1%
6,122
During 2Q16, MPD’s consolidated sales reached US$156.2 million, 13% more than in the same period
last year, mainly due to greater energy sales by MGE, in line with the expansion of the Buenavista
Concetrator and the operation of tranche II of the highway, which compensated for the reduction in
PEMSA rates, and the lower production volumes of the construction branch related to the highway.
The Division’s EBITDA totaled US$81.5 million, representing a 37% increase compared to the same
period last year.
Capital investments.- Up to June 2016, we have invested US$6.1 million in the Infrastructure Division.
Among the investments, we should note the US$1.6 million to remodel the Sonora platform, the US$3.4
million for the new Tamaulipas modular platform, and US$4.8 million to finish the Salamanca-Leon
highway (recorded as other assets).
*****
2Q16
www.gmexico.com
Page 10
2Q16 RESULTS
GRUPO MÉXICO
Company Profile
Grupo Mexico “GMéxico” is a holding company whose main activities are: (i) mining, where it is one of the
largest integrated copper producers worldwide; (ii) the vastest railway system in Mexico; and (iii) engineering,
procuring, construction, and drilling services. These business lines are grouped under the following subsidiaries:
GMexico’s Mining Division is represented by its subsidiary Americas Mining Corporation (“AMC”), whose main
subsidiaries are Southern Copper Corporation (“SCC”) in Mexico and Peru, and Asarco In the USA. Both
companies together hold the largest copper reserves in the world. SCC trades on the New York and Lima stock
exchanges. SCC’s shareholders, directly or through subsidiaries, are: GMexico (88.8%) and other shareholders
(11.2%). It has mines, metallurgical plants and exploration projects in Peru, Mexico, the USA, Spain, Chile,
Argentina, and Ecuador. Asarco was reincorporated into GMexico on December 9, 2009. It has 3 mines and 1
smelting plant in Arizona, and 1 refinery in Texas.
GMexico’s Transportation Division is represented by its subsidiary Infraestructura y Transportes México, S.A. de
C.V. (“ITM”) and FM Rail Holding S.A. de C.V. (“FM Rail Holding”). Its main subsidiaries are Grupo Ferroviario
Mexicano, S.A. de C.V. (“GFM”), Ferrocarril Mexicano, S.A. de C.V. (“Ferromex”), Ferrosur, S. A. de C. V.
(“Ferrosur”), Intermodal México, S.A. de C.V., and Texas Pacifico, LP, Inc. Ferromex is the largest railway
company and has the largest coverage in Mexico. Its network spans 8,111 km. of railways covering roughly 71% of
the Mexican territory. Ferromex’s lines connect at five border points with the USA, as well as at four ports on the
Pacific Coast, and two on the Gulf of Mexico. GMexico holds 55.% of Ferromex, Union Pacific holds 26%, and
Grupo Carso-Sinca Inbursa, 18.5%. Ferrosur’s railway network spans 1,549 km. covering the center and southeast
of the country. It serves the states of Tlaxcala, Puebla, Veracruz, and Oaxaca, mainly, and has access to the Veracruz
and Coatzacoalcos ports in the Gulf of Mexico. GMexico holds 74.99% of Ferrosur, and Grupo Carso-Sinca Inbursa
holds 25.01%.
GMexico’s Infrastructure Division is represented by its subsidiary México Proyectos y Desarrollos, S.A. de C.V.
(“MPD”). Its main subsidiaries are México Compañía Constructora, S.A. de C.V. (“MCC”), Servicios de Ingeniería
Consutec, S.A. de C.V. (“Consutec”), Compañía Perforadora México, S.A.P.I. de C.V. (“La México”), and México
Generadora de Energía (“MGE”). MPD, La México, MCC, Consutec, and MGE are all 100% controlled by
GMéxico. MPD and MCC participate in engineering, procuring, and construction activities for infrastructure works.
Consutec’s business line is integrated project engineering. La Mexico offers drilling services for oil and water
exploration, and related added value services, such as cementation engineering, and directional drilling. MGE is
active in the construction and services to combined cycle energy plants.
___________________________
This report includes certain estimates and future projections that are subject to risks and uncertainty of their real
results, which could differ significantly from the figures expressed. A lot of these risks and uncertainty are related to
risk factors that GMexico cannot control or estimate precisely, such as future market conditions, metal prices, the
performance of other market participants, and the actions of government regulators, all of which are described in
detail in the Company’s annual report. GMexico is under no obligation to publish a revision of these future
projections to reflect events or circumstances that may take place following the release of this report.
2Q16
www.gmexico.com
Page 11
2Q16 RESULTS
GRUPO MÉXICO
Conference call to discuss the results of the second quarter of 2016
Mexico City, July 25, 2016— Grupo Mexico, S.A.B. de C.V. (“Grupo Mexico” -BMV: GMEXICOB)
will hold its conference call to comment on the results for the second quarter of 2016 with the financial
community on July 26, 2016 at 12:00 pm (Mexico time). A Q&A session for analysts and investors shall
follow the call.
To participate, please dial 10 minutes before the start of the conference call:
(888) 771-4371 (US participants)
(847) 585-4405 (participants outside the US)
Confirmation code:
43057808
A repetition of the call shall be available 2 hours following the end of the call and until August 9, 2016.
Afterwards, a transcription of the call shall be made available via Grupo Mexico’s website.
(888) 843-7419 (participants from the US)
(630) 652-3042 (participants outside the US)
Confirmation code:
43057808#
2Q16
www.gmexico.com
Page 12
2Q16 RESULTS
GRUPO MÉXICO
GRUPO MEXICO, S.A.B. DE C.V. (GM)
CONSOLIDATED FINANCIAL STATEMENTS (US GAAP)
(Thousands of US Dollars)
STATEMENT OF EARNINGS
Net sales
Cost of sales
Exploration
Gross profit
Gross margin
Administrative expenses
Environmental remediation
EBITDA
Depreciation, amortization and depletion
Operating income
Operating margin
Interest expense
Interest income
(Gain) loss in investments
Other (income) expense, net
Earnings before Tax
Taxes
Participation in subsidiary not consolidated and
associated
Net Earnings
Net income attributable to the non-controlling
interest
Net income attributable to GM
BALANCE SHEET
Cash and cash equivalents
Restricted cash
Notes and accounts receivable
Inventories
Prepaid and others current assets
Total Current Assets
Property, plant and equipment, Net
Leachable material, net
Other long term assets
Total Assets
Liabilities and Stockholders' Equity
Current - term debt
Accumulated liabilities
Current Liabilities
Long-term debt
Other non-current liabilities
Total Liabilities
Stockholders equity
Other equity accounts
Retaining earnings
Total Stockholders' equity
Non-controlling interest.
Total Liabilities and Equity
CASH FLOW
Net earnings
Depreciation, amortization and depletion
Deferred income taxes
Participation in subsidiary not consolidated and
associated
Other Net
Changes in assets and liabilities
Cash generated by operating activities
Capital expenditures
Restricted cash
Other - Net
Cash used in investing activities
Debt incurred
Debt repaid
Dividends paid
SCC common shares buyback
Cash used in financing activities
Effect of exchance rate changes on cash and cash
equivalents
Net increase (decrease) cash & cash equivalents
Cash and cash equivalents - Beginning of year
Cash and cash equivalents - End of year
2Q16
Quarters
Accumulated
Q2-16
2,089,262
1,153,000
10,286
925,977
44%
54,357
883,441
260,043
611,577
29%
96,980
(4,295)
(117,945)
(11,627)
648,464
216,105
Q2-15
2,195,078
1,177,023
12,158
1,005,898
46%
58,208
10,532
917,387
217,479
719,679
33%
72,824
(12,198)
(34,689)
32,853
660,889
212,748
Variance
(105,816)
(24,023)
(1,872)
(79,921)
2015
4,278,418
2,341,235
22,633
1,914,549
45%
116,366
16,460
1,742,599
425,799
1,355,925
32%
117,103
(16,846)
(70,473)
59,169
1,266,971
406,513
Variance
(268,577)
(105,938)
(1,831)
(160,808)
24,156
7,903
(83,256)
(44,480)
(12,425)
3,357
2016
4,009,841
2,235,297
20,802
1,753,741
44%
111,499
1,611,711
489,205
1,153,038
29%
195,558
(8,135)
(406,536)
30,812
1,341,338
444,603
(5,192)
437,551
(5,271)
453,412
79
(15,861)
(11,110)
907,845
(9,065)
869,523
(2,045)
38,322
87,264
350,288
87,516
365,896
(252)
(15,609)
150,662
757,183
167,111
702,412
(16,449)
54,771
1,326,169
94,169
777,125
1,028,396
872,864
4,098,723
13,547,006
822,649
3,320,094
21,788,473
2,982,618
154,680
841,678
962,523
744,115
5,685,613
12,982,205
682,734
2,742,617
22,093,168
(1,656,449)
(60,511)
(64,552)
65,874
128,749
(1,586,890)
564,801
139,916
577,477
(304,696)
1,326,169
94,169
777,125
1,028,396
872,864
4,098,723
13,547,006
822,649
3,320,094
21,788,473
2,982,618
154,680
841,678
962,523
744,115
5,685,613
12,982,205
682,734
2,742,617
22,093,168
(1,656,449)
(60,511)
(64,552)
65,874
128,749
(1,586,890)
564,801
139,916
577,477
(304,696)
127,881
372,293
1,128,477
1,142,768
1,256,358
1,515,061
7,307,074
7,467,287
1,553,015
1,414,282
10,116,447 10,396,631
2,003,496
2,003,496
(2,652,672) (2,110,006)
10,766,569 10,095,430
10,117,392
9,988,920
1,554,633
1,707,618
21,788,473
22,093,168
437,551
260,043
23,305
(5,192)
(147,841)
8,565
576,431
(453,464)
18,434
85,839
(349,191)
5,000
(81,795)
(95,359)
(172,154)
(57,236)
(2,149)
1,328,318
1,326,169
453,412
217,479
(29,778)
(3,851)
(10,532)
(33,946)
42,564
(108,102)
(244,413)
(14,291)
(258,703)
(160,214)
138,733
(280,184)
(0)
(542,667)
671,139
128,472
(152,984)
(304,696)
(15,861)
42,564
53,083
(5,271)
79
(51,901)
(95,940)
(68,985)
77,551
514,956
61,476
(462,759)
9,295
(27,466)
45,901
55,857
29,982
(434,368)
85,178
2,030,790 (2,025,790)
(106,059)
24,264
(169,327)
73,968
(44,461)
44,461
1,710,943 (1,883,097)
27,479
1,819,009
1,163,609
2,982,618
www.gmexico.com
(84,715)
(1,821,158)
164,710
(1,656,448)
127,881
372,293
1,128,477
1,142,768
1,256,358
1,515,061
7,307,074
7,467,287
1,553,015
1,414,282
10,116,447 10,396,631
2,003,496
2,003,496
(2,652,672) (2,110,006)
10,766,569 10,095,430
10,117,392
9,988,920
1,554,633
1,707,618
21,788,473
22,093,168
907,845
489,205
96,368
(11,110)
(404,674)
(246,192)
831,442
(714,272)
(9,111)
(29,371)
(752,754)
5,000
(117,233)
(138,578)
(53,746)
(304,557)
(50,439)
(276,308)
1,602,477
1,326,169
869,523
425,799
(47,139)
(4,867)
(16,460)
(130,888)
63,406
(202,888)
78,455
8,711
(336,063)
(28,358)
74,367
38,089
(244,413)
(14,291)
(258,703)
(160,214)
138,733
(280,184)
(0)
(542,667)
671,139
128,472
(152,984)
(304,696)
38,322
63,406
143,507
(9,065)
(2,045)
(77,174)
(327,500)
(215,438)
(30,754)
946,506
(115,064)
(796,611)
82,339
(62,935)
53,824
3,555
(32,926)
(855,991)
103,237
2,094,291 (2,089,291)
(130,320)
13,087
(317,145)
178,566
(414,565)
360,819
1,232,261 (1,536,819)
19,471
1,342,248
1,640,370
2,982,618
(69,910)
(1,618,556)
(37,893)
(1,656,448)
Page 13
2Q16 RESULTS
GRUPO MÉXICO
AMERICAS MINNING CORPORATION (AMC)
CONSOLIDATED FINANCIAL STATEMENTS (US GAAP)
(Thousands of US Dollars)
STATEMENT OF EARNINGS
Net sales
Cost of sales
Exploration
Gross profit
Gross margin
Administrative expenses
Environmental remediation
EBITDA
Depreciation, amortization and depletion
Operating income
Operating margin
Interest expense
Interest income
(Gain) loss in investments
Other (income) expense, net
Earnings before Tax
Taxes
Participation in subsidiary not consolidated and
associated
Net Earnings
Net income attributable to the non-controlling
interest
Net income attributable to AMC
Accumulated
2015
3,163,029
1,804,144
22,633
1,336,252
42%
61,003
16,460
1,270,131
300,473
958,316
30%
86,519
(5,770)
8,702
868,865
279,599
Variance
(173,037)
23,330
(1,831)
(194,536)
18,608
794
(45,310)
(11,302)
(93,374)
(18,171)
2016
2,989,992
1,827,474
20,802
1,141,716
38%
61,997
1,086,046
358,326
721,394
24%
154,619
(4,204)
(335,794)
(6,046)
912,819
314,153
(2,655)
307,589
(903)
(74,300)
(8,670)
607,335
(5,415)
594,681
(3,255)
12,654
25,393
207,896
41,550
266,039
(16,157)
(58,143)
46,716
560,619
82,652
512,029
(35,936)
48,590
BALANCE SHEET
Cash and cash equivalents
Restricted cash
Notes and accounts receivable
Inventories
Prepaid and others current assets
Total Current Assets
Property, plant and equipment, Net
Leachable material, net
Other long term assets
Total Assets
751,345
8,369
557,309
939,008
756,792
3,012,823
10,057,759
822,649
1,979,332
15,872,563
2,352,789
48,010
575,547
882,815
636,195
4,495,357
9,322,994
682,734
1,494,763
15,995,847
(1,601,444)
(39,641)
(18,238)
56,193
120,597
(1,482,533)
734,765
139,916
484,569
(123,284)
751,345
8,369
557,309
939,008
756,792
3,012,823
10,057,759
822,649
1,979,332
15,872,563
2,352,789
48,010
575,547
882,815
636,195
4,495,357
9,322,994
682,734
1,494,763
15,995,847
(1,601,444)
(39,641)
(18,238)
56,193
120,597
(1,482,533)
734,765
139,916
484,569
(123,284)
Liabilities and Stockholders' Equity
Long-term debt
Other non-current liabilities
Current Liabilities
Long term debt
Other long term liabilities
Total Liabilities
Stockholders equity
Other equity accounts
Retained earnings
Total Stockholders' equity
Non-controlling interest.
Total Liabilities and Equity
24,249
224,332
1,462,597
1,398,777
1,486,847
1,623,110
6,007,306
6,031,299
1,126,810
1,063,919
8,620,962
8,718,328
1,056,021
1,056,021
(2,470,154) (1,932,719)
7,998,916
7,307,887
6,584,783
6,431,189
666,817
846,330
15,872,563
15,995,847
-
CASH FLOW
Net earnings
Depreciation, amortization and depletion
Deferred income taxes
Participation in subsidiary not consolidated and
associated
Others Net
Changes in assets and liabilities
Cash generated by operating activities
Capital expenditures
Silverbell LLC's Acquisition
Restricted cash
Capital reimbursement
Cash used in investing activities
Debt incurred
Debt repaid
Dividends paid
SCC common shares buyback
Cash used in financing activities
Effect of exchance rate changes on cash and cash
equivalents
Net increase (decrease) cash & cash equivalents
Cash and cash equivalents - Beginning of year
Cash and cash equivalents - End of year
2Q16
Quarters
Q2-16
1,552,759
935,487
10,286
606,986
39%
29,223
583,558
193,637
384,127
25%
75,809
(1,973)
(45,310)
(5,602)
361,202
131,472
Q2-15
1,615,584
893,241
12,158
710,185
44%
30,853
10,532
676,182
154,089
514,711
32%
57,201
(2,767)
5,700
454,577
149,643
Variance
(62,824)
42,246
(1,872)
(103,198)
(3,558)
233,289
233,289
193,637
(2,914)
(3,558)
(50,075)
(310,913)
59,466
(364,682)
535
288,583
(75,564)
(6,083)
(4,321)
(10,404)
(29,410)
(55,912)
807,257
751,345
307,589
154,089
(32,502)
(1,630)
(10,532)
(92,624)
39,548
(130,585)
(200,083)
63,820
(136,263)
(23,993)
62,891
(97,365)
(537,435)
691,029
153,595
(179,513)
(123,284)
(74,300)
39,548
29,589
(2,655)
(903)
(19,704)
(30,371)
(60,138)
(250,775)
346,679
(287,213)
(310,087)
(54,595)
8,800
(8,265)
6,355
282,228
(294,932)
219,367
1,995,790 (1,995,790)
(72,083)
66,000
(11,294)
6,973
(44,461)
44,461
1,867,952 (1,878,356)
21,069
1,940,768
412,021
2,352,789
www.gmexico.com
(50,479)
(1,996,680)
395,236
(1,601,444)
24,249
224,332
1,462,597
1,398,777
1,486,847
1,623,110
6,007,306
6,031,299
1,126,810
1,063,919
8,620,962
8,718,328
1,056,021
1,056,021
(2,470,154) (1,932,719)
7,998,916
7,307,887
6,584,783
6,431,189
666,817
846,330
15,872,563
15,995,847
607,335
358,326
65,475
(8,670)
(324,786)
(182,937)
514,743
(601,018)
29,720
(161,704)
(733,002)
(12,166)
(6,941)
(53,746)
(72,853)
(13,444)
(304,556)
1,055,901
751,345
594,681
300,473
(56,437)
994
(16,460)
(184,086)
57,853
(236,923)
68,100
1,567
(335,794)
(14,748)
43,953
34,554
(200,083)
63,820
(136,263)
(23,993)
62,891
(97,365)
(537,435)
691,029
153,595
(179,513)
(123,284)
12,654
57,853
121,912
(5,415)
(3,255)
(18,326)
(306,460)
(207,481)
24,543
607,495
(92,753)
(576,678)
(24,340)
(139)
169
29,551
15,421
(177,125)
(561,088)
(172,053)
2,045,790 (2,045,790)
(78,166)
66,000
(23,247)
16,306
(414,565)
360,819
1,529,812 (1,602,665)
19,617
1,595,837
756,952
2,352,789
(33,061)
(1,900,393)
298,949
(1,601,444)
Page 14
2Q16 RESULTS
GRUPO MÉXICO
GMÉXICO TRANSPORTES, S. A. DE C.V. (GMXT)
CONSOLIDATED FINANCIAL STATEMENTS (US GAAP)
(Thousands of US Dollars)
STATEMENT OF EARNINGS
Net sales
Cost of sales
Gross profit
Gross margin
Administrative expenses
EBITDA
Depreciation, amortization and depletion
Operating Income
Operating margin
Interest expense
Interest income
Other (income) expense - Net
Earnings before Tax
Taxes
Participation in subsidiary not consolidated and
associated
Net Earnings
Net income attributable to the non-controlling
interest
Net income attributable to ITM
BALANCE SHEET
Cash and cash equivalents
Notes and accounts receivable
Inventories
Prepaid and others current assets
Total Current Assets
Property, plant and equipment - Net
Other long term assets
Total Assets
Liabilities and Stockholders' Equity
Current portion of long-term debt
Accumulated liabilities
Current Liabilities
Long-term debt
Other non-current liabilities
Other liabilities
Total Liabilities
Stockholders equity
Other equity accounts
Retaining earnings
Total Stockholders' equity
Non-controlling interest.
Total Liabilities and Equity
CASH FLOW
Net earnings
Depreciation, amortization and depletion
Deferred income taxes
Participation in subsidiary not consolidated and
associated
Other Net
Changes in assets and liabilities
Cash generated by operating activities
Capital expenditures
Dividends received
Cash used in investing activities
Debt repaid
Dividends received (paid) - Net
Cash used in financing activities
Effect of exchance rate changes on cash and cash
equivalents
Net increase (decrease) cash & cash equivalents
Cash and cash equivalents - Beginning of year
Cash and cash equivalents - End of year
2Q16
Quarters
Accumulated
Q2-16
479,099
264,016
215,083
45%
16,243
200,402
38,513
160,327
33%
6,069
(2,633)
(7,123)
164,014
41,146
Q2-15
Variance
504,112
(25,013)
294,001
(29,985)
210,111
4,972
42%
19,135
(2,892)
188,484
11,918
41,459
(2,946)
149,517
10,810
30%
6,885
(816)
(1,394)
(1,239)
2,181
(9,304)
141,845
22,169
36,220
4,926
2016
914,553
511,163
403,390
44%
31,340
374,550
75,826
296,224
32%
11,598
(4,703)
(4,677)
294,006
70,382
2015
Variance
954,810
(40,257)
563,717
(52,554)
391,093
12,297
41%
37,656
(6,316)
359,565
14,985
82,701
(6,875)
270,736
25,488
28%
14,330
(2,732)
(2,904)
(1,799)
(6,817)
2,140
266,127
27,879
71,458
(1,076)
(1,634)
124,502
(2,616)
108,241
982
16,261
(2,440)
226,064
(3,650)
198,319
1,210
27,745
26,839
97,663
-
20,991
87,250
-
5,848
10,413
-
48,747
177,317
-
38,366
159,953
-
10,381
17,364
-
425,361
173,631
34,046
78,737
711,775
1,666,714
232,129
2,610,618
279,167
209,518
42,337
63,929
594,951
1,791,723
286,565
2,673,239
425,361
173,631
34,046
78,737
711,775
1,666,714
232,129
2,610,618
279,167
209,518
42,337
63,929
594,951
1,791,723
286,565
2,673,239
146,194
(35,887)
(8,291)
14,808
116,824
(125,009)
(54,436)
(62,621)
146,194
(35,887)
(8,291)
14,808
116,824
(125,009)
(54,436)
(62,621)
9,077
22,768
(13,691)
188,933
216,071
(27,138)
198,010
238,839
(40,829)
285,790
353,210
(67,420)
106,806
64,093
42,713
7,412
9,378
(1,966)
598,018
665,520
(67,502)
5
5
(723,090) (416,420) (306,670)
2,374,427 2,053,108
321,319
1,651,342 1,636,693
14,649
361,258
371,026
(9,768)
2,610,618 2,673,239
(62,621)
9,077
22,768
(13,691)
188,933
216,071
(27,138)
198,010
238,839
(40,829)
285,790
353,210
(67,420)
106,806
64,093
42,713
7,412
9,378
(1,966)
598,018
665,520
(67,502)
5
5
(723,090) (416,420) (306,670)
2,374,427 2,053,108
321,319
1,651,342 1,636,693
14,649
361,258
371,026
(9,768)
2,610,618 2,673,239
(62,621)
124,502
38,513
11,034
108,241
41,459
(7,230)
16,261
(2,946)
18,264
226,064
75,826
12,596
198,319
82,701
(12,612)
27,745
(6,875)
25,208
(1,634)
(5,076)
(39,181)
128,158
(86,214)
60
(86,154)
(5,019)
(26,000)
(31,019)
(2,616)
(267)
20,369
159,956
(114,299)
1,897
(112,402)
(7,515)
(26,000)
(33,515)
982
(4,809)
(59,550)
(31,798)
28,085
(1,837)
26,248
2,496
2,496
(2,440)
3,195
(46,980)
268,261
(107,032)
103
(106,929)
(10,056)
(26,000)
(36,056)
(3,650)
(678)
(52,935)
211,145
(168,474)
1,897
(166,577)
(15,076)
(26,000)
(41,076)
1,210
3,873
5,955
57,116
61,442
(1,794)
59,648
5,020
5,020
(25,988)
(15,003)
440,364
425,361
(3,243)
10,796
268,371
279,167
(22,745)
(25,799)
171,993
146,194
(34,938)
90,338
335,023
425,361
(9,769)
(6,277)
285,444
279,167
(25,169)
96,615
49,579
146,194
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Page 15
2Q16 RESULTS
GRUPO MÉXICO
MÉXICO PROYECTOS Y DESARROLLOS, S.A. DE C.V. (MPD)
CONSOLIDATED FINANCIAL STATEMENTS (US GAAP)
(Thousands of US Dollars)
STATEMENT OF EARNINGS
Net sales
Cost of sales
Gross profit
Gross margin
Administrative expenses
EBITDA
Depreciation, amortization and depletion
Operating income
Operating margin
Interest expense
Interest income
Other (income) expense, net
Earnings before Tax
Taxes
Net Earnings
Net income attributable to the non-controlling
interest
Net income attributable to MPD
Quarters
Q2-16
156,190
70,851
85,339
55%
4,654
81,526
26,988
53,697
34%
20,665
(827)
(841)
34,700
(10,384)
45,084
4
Accumulated
Q2-15
137,634
68,791
68,843
50%
4,898
59,242
20,987
42,957
31%
14,263
(732)
4,703
24,724
2,631
22,093
Variance
18,557
2,060
16,497
(2)
6
2
22,985
61,756
54,086
(244)
22,284
6,000
10,740
6,403
(95)
(5,544)
9,976
(13,015)
22,991
2016
307,577
148,475
159,102
52%
9,692
149,296
53,241
96,169
31%
40,548
(1,542)
114
57,049
(4,709)
61,758
2015
288,256
139,983
148,273
51%
9,508
132,559
40,740
98,025
34%
27,003
(1,573)
6,207
66,388
12,307
54,081
Variance
19,320
8,492
10,829
(5)
7
184
16,737
12,501
(1,856)
13,544
31
(6,092)
(9,340)
(17,017)
7,677
45,080
22,095
94,454
85,800
46,185
55,339
134,907
416,684
1,777,500
371,838
2,566,022
84,927
106,670
56,612
37,370
150,935
436,515
1,820,034
392,608
2,649,157
9,526
(20,870)
(10,428)
17,969
(16,029)
(19,831)
(42,535)
(20,770)
(83,135)
94,454
85,800
46,185
55,339
134,907
416,684
1,777,500
371,838
2,566,022
84,927
106,670
56,612
37,370
150,935
436,515
1,820,034
392,608
2,649,157
9,526
(20,870)
(10,428)
17,969
(16,029)
(19,831)
(42,535)
(20,770)
(83,135)
94,554
174,662
269,217
1,013,977
129,747
1,412,941
901,552
(66,608)
317,493
1,152,438
643
2,566,022
-
125,193
206,663
331,855
1,082,778
276,509
1,691,143
901,552
(139,402)
195,407
957,556
458
2,649,157
-
(30,638)
(32,001)
(62,639)
(68,801)
(146,762)
(278,202)
0
72,795
122,087
194,882
185
(83,135)
-
94,554
174,662
269,217
1,013,977
129,747
1,412,941
901,552
(66,608)
317,493
1,152,438
643
2,566,022
-
125,193
206,663
331,855
1,082,778
276,509
1,691,143
901,552
(139,402)
195,407
957,556
458
2,649,157
-
(30,638)
(32,001)
(62,639)
(68,801)
(146,762)
(278,202)
0
72,795
122,087
194,882
185
(83,135)
-
CASH FLOW
Net earnings
Depreciation, amortization and depletion
Deferred income taxes
Other Net
Changes in assets and liabilities
Cash generated by operating activities
Capital expenditures
Restricted cash
Other - Net
Cash used in investing activities
Debt incurred
Debt repaid
Cash used in financing activities
Net increase (decrease) cash & cash equivalents
Cash and cash equivalents - Beginning of year
Cash and cash equivalents - End of year
45,084
26,988
(11,837)
(7,264)
21,663
74,634
(2,467)
17,900
18,023
33,456
5,000
(70,693)
(65,693)
42,396
52,057
94,455
22,093
20,988
(647)
(461)
(8,022)
33,951
(38,373)
(36,266)
12,183
(62,457)
35,000
(26,461)
8,539
(19,966)
104,893
84,928
22,991
6,000
(11,190)
(6,803)
29,684
40,682
35,906
54,166
5,840
95,912
(30,000)
(44,232)
(74,232)
62,363
(52,836)
9,526
61,758
53,241
(7,864)
(6,848)
26,505
126,792
(6,123)
(38,831)
23,631
(21,323)
5,000
(95,011)
(90,011)
15,458
78,996
94,455
54,081
40,740
837
202
60,575
156,435
(51,459)
(57,139)
(22,285)
(130,883)
48,501
(37,078)
11,423
36,975
47,952
84,928
7,677
12,501
(8,701)
(7,050)
(34,070)
(29,643)
45,336
18,309
45,915
109,560
(43,501)
(57,933)
(101,434)
(21,517)
31,044
9,526
2Q16
www.gmexico.com
BALANCE SHEET
Cash and cash equivalents
Restricted cash
Notes and accounts receivable
Inventories
Prepaid and others current assets
Total Current Assets
Property, plant and equipment, Net
Other long term assets
Total Assets
Liabilities and Stockholders' Equity
Current portion of long-term debt
Accumulated liabilities
Current Liabilities
Long-term debt
Other non-current liabilities
Total Liabilities
Stockholders equity
Other equity accounts
Retaining earnings
Total Stockholders' equity
Non-controlling interest.
Total Liabilities and Equity
7,670
Page 16