ebitda margin (%) -...

FIRST QUARTER RESULTS 2014 GRUPO MEXICO

1Q14 www.gmexico.com

Financial Highlights in Dollars1

Mexico City. April 29, 2014 - Grupo México, S.A.B. de C.V. (“Grupo

México” “GMéxico”-BMV: GMEXICOB)

The Mining Division increased copper production 5% to 204,743 tons in

1Q14, compared to 194,926 tons in 1Q13, reaching consolidated sales of

US$2.180 billion, despite a strong drop in metals prices compared to 1Q13:

Copper (-10%), Molybdenum (-12%), Silver (-32%), Sulfuric Acid (-30%),

and Gold (-21%). Total sales for the Transportation Division were a record

US$453 million, 5% above 1Q13 sales.

Cost of sales for 1Q14 was US$1.201 billion, 2% lower than 1Q13, despite strong inflationary

pressures on our principal inputs, compensated by increased productivity and savings, and also

operating efficiencies and cost controls.

EBITDA for 1Q14 was US$912 million, equivalent to 42% sales. EBITDA for the Mining

Division was US$735 million, with a margin of 43%. EBITDA for the Transportation Division was

US$155 million, 9% above that for 1Q13, with a margin of 34%. The Infrastructure Division

reported EBITDA of US$33 million, with a margin of 36%.

Net consolidated earnings for 1Q14 were US$376 million with a margin on sales of 17%.

Capital expenditures in 1Q14 were US$410 million, representing 109% of net earnings.

On May 9, the Board of Directors will meet to determine and approve a dividend payment.

1All figures are expressed in US dollars according to US GAAP, unless otherwise stated.

First Quarter

(Thousand US Dollars) 2013 2014 US$000 %

Sales 2,455,938 2,180,179 (275,760) (11.2)

Cost of Sales 1,223,997 1,201,635 (22,362) (1.8)

Operating Income 1,004,631 710,470 (294,160) (29.3)

EBITDA 1,207,075 912,168 (294,907) (24.4)

EBITDA Margin (%) 49.1% 41.8%

Net Income 577,759 376,539 (201,220) (34.8)

Profit Margin (%) 23.5% 17.3%

Investments / Capex 620,086 409,953 (210,133) (33.9)

Employees 29,466 29,887 421 1.4

Variance

RESULTS

First Quarter 2014

Investor Relations:

Juan Pablo Becerra (55) 1103-5320 [email protected] www.gmexico.com

http://www.gmexico.com/



Highlights Profepa certifies Grupo Mexico as a Sustainable Company.- As part of its National Environmental Auditing Program, the Mexican Environmental Protection Agency (Profepa) certified Grupo Mexico as a Sustainable Company for its outstanding commitment to sustainable development, investment, and job creation. GMexico Capital Expenditures.- Capital expenditures in 1Q14 totaled US$410 million. The Mining Division invested US$360 million, US$197 million in Buenavista, US$47 million in Peru and US$45 million in other projects and operations. The Transportation Division invested US$26 million; orders were placed this quarter and payments will be made in subsequent quarters to ensure the progress of the division’s projects and meeting the US$519 million investment program for this year. The Infrastructure Division invested US$24 million, which is in keeping with the payment schedule to meet the approved budget of US$380 million for this year.

Mining Division

SX/EW III Plant at Buenavista.- Construction of the SX/EW II Plant is practically complete and the

initial testing began in April 2014. The total budget for the project is US$444 million, of which US$407

million has been expended. The plant will have a copper cathode production capacity of 120,000 tons

annually and is expected to start operations in 2Q14.

Southern Copper submits the Environmental Impact Assessment (EIA) for the Toquepala project in Tacna, Peru.- On April 16, 2014, we successfully held the public hearing required as a pre-condition for approval of the project’s EIA. We expect to receive approval of the EIA in 3Q14 to start construction. This project will increase annual production by 100,000 tons of copper content.

Aggressive Growth Plan.- Our investment projects continue to progress favorably, aiming to produce

1,331,000 tons of copper annually by 2017. Since we announced our expansion plan in 3Q10, production

has increased 20%.

AMC confirms its position as a global low-cost leader.- Despite an environment of inflationary

pressures and lower metals prices, AMC continues to post one of the highest EBITDA margins in the

Mining Industry, thanks to its efforts in containing costs and improving operating efficiency.

Transportation Division Automotive Segment.- ITM signed a multiple-year contract with Mazda Motors, to transport 100% of the company’s rail traffic from the assembly plant in Salamanca, Gto., connecting to Mexican, US, and Canadian railroads. With this, ITM moves closer to becoming the largest transporter of vehicles in the country, making this segment the second in importance for ITM in terms of revenue.

Steel Products and Minerals Segment.- Affirming the confidence our Steel Product customers have in the railroad as their primary means of transport for inputs and finished products, negotiations were completed and multiple-year contracts were signed with all the major Mexican steel companies, including AcelorMittal, Ternium, and Deacero.

Industrial Segment.- ITM signed a multiple-year contract in this segment with Crown Imports to transport the company’s beer production under the Modelo brands for export to the US.



Advances in other Segments.- The track improvement project for the line between Mexico City and Cuautla, Morelos was started, which will provide rail service to industry in the eastern part of this state, following the signing of a collaboration agreement with the Morelos state government.

Infrastructure Division

Good operating performance.- The Infrastructure Division reported good operating performance, with

sales of US$91 million in 1Q14, representing a growth of 17% year over year. This increase is mainly due

to the startup of operations of the “Zacatecas” platform, the largest and most modern platform of its kind

currently serving Pemex, with a drilling depth capacity of 30,000 ft.

Mexico Generadora de Energía completes construction of the Second Combined Cycle Plant.-

Construction of the second 250 MW plant has been completed and initial testing began April 15 to start

commercial operations in 2Q14. The project was finished on time and within its US$540 million budget.

This project is part of Grupo Mexico’s strategy to supply all the electrical power for its mine operations in

Sonora, including the Buenavista expansion, at a lower cost than the CFE.

Arrival of the “Tabasco” platform.- Our fourth platform arrived at the port of Dos Bocas, Tabasco on

January 11 and started operations for Pemex in April on a 7-year contract. The “Tabasco” platform will

contribute US$40 million to the Infrastructure Division’s EBITDA annually.

Upcoming deliveries and startups.- Before the end of the year, we will have put another 400 ft

platform into operation, “Campeche”, received one of the modular units acquired in 2012, “Veracruz”,

started operations at the second 250 MW power plant, and the 74 MW Wind Farm, “El Retiro”, will have

started operations.



Financing

GMexico maintains a solid balance with a low leverage level, with a net debt to EBITDA ratio of 0.85x.

Of the debt contracted, 91% is denominated in dollars and 87% is at fixed rate.

Grupo México Debt Schedule At March 31, 2014

2013

Gross Gross Cash & Net

(US$000) Debt Debt Banks(1)

Debt

Grupo Mexico - - 312,257 (312,257)

Americas Mining Corporation - - 244 (244)

Southern Copper Corporation 4,214,121 4,205,188 1,746,111 2,459,077

Asarco - - 76,698 (76,698)

Infraestructura y Transportes Mexico (ITM) - - 154,346 (154,346)

GFM - Ferromex 398,608 349,070 64,481 284,589

Ferrosur 80,654 62,092 90,884 (28,792)

México Proyectos y Desarrollos 897,400 1,187,668 103,062 1,084,606

Grupo Mexico (Consolidated) 5,590,783 5,804,018 2,548,083 3,255,935

(1) include Short Term Investment

As of March 31 2014

986

1,092

1,179

348 294

66 51 51 52

498

151

450

40 43 45 50 55

110 57 59 62 65

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42

Mining Division Transportation Division Infrastructure Division



Mining Division

Americas Mining Corporation

Financial Highlights

Average Metals Prices

Copper.- Production through March 31, 2014 was 204,743 tons, a 5% increase over 1Q13, due to greater

production at Cuajone(+13%), Buenavista (+11%), and Toquepala (+8%) as a result of increased

movement of ore, and also improved grades and recovery.

Molybdenum.- production increased 17% through March 31, 2014, to 5,606 tons, compared to 4,810

tons in 1Q13. This increase is due to the start of operations of the Molybdenum plant at Buenavista and

the reopening of the new Molydbenum plant at Mission.

Zinc.- Production decreased (-11%) through March 31, 2014, to 20,818 tons, compared to 23,457 tons in

1Q13. This decrease is a result of the stoppage at Charcas following an accident that occurred on

February 12; this mine represents 80% of our zinc production.

Silver.- Production increased 8% to 3.791 million ounces in 1Q14, compared to 1Q13, due to increased

production at our Cuajone (+55%) and Buenavista mines (+13), as a result of improved recovery.

Gold.- Production increased 2% through March 31, 2014, to 9,290 ounces, compared to 1Q13, due to

increased production at Toquepala (+13%) as a result of improved grades and recovery.

First Quarter


Sales 1,960,762 1,700,521 (260,241) (13.3)

Cost of Sales 924,238 928,624 4,386 0.5

Operating Income 874,744 585,304 (289,440) (33.1)

EBITDA 1,000,692 734,902 (265,790) (26.6)


Net Income 478,278 293,369 (184,909) (38.7)



Variance

2Q 3Q 4Q Var.

2013 2013 2013 2014 2013 %

Copper ($cts/Pound) 325.19 323.25 328.01 323.77 360.01 (10.1)

Molybdenum ($dlls/Pound) 10.80 9.36 9.60 9.93 11.28 (12.0)

Zinc ($cts/Pound) 83.48 84.35 86.57 92.05 92.21 (0.2)

Silver ($dlls/Ounce) 23.10 21.39 20.77 20.46 30.03 (31.9)

Gold ($dlls/Ounce) 1,413.65 1,327.54 1,272.47 1,293.95 1,630.47 (20.6)

Lead ($cts/Pound) 93.17 95.41 95.78 95.49 104.33 (8.5)

Sulfuric Acid ($dlls/Ton) 88.37 90.12 92.56 69.56 99.79 (30.3)

Source: Copper & Silver - COMEX; Zinc & Gold - LME; Molybdenum - Metals Week Dealer Oxide

Sulfuric Acid - AMC

First Quarter



Mining Division Sales

Cash Cost

The operating cash cost per pound of copper, cash cost, excluding byproducts was US$2.00 in 1Q14,

practically in keeping with that for 1Q13. The operating cash cost per pound of copper, cash cost, net of

byproducts was US$1.32 in 1Q14, compared to US$1.17 in 1Q13. This increase is due mainly to drops in

the prices for our principal byproducts.

Sales Distribution

The following chart shows AMC’s cumulative sales share by metal in 2014:

Mining Division First Quarter Variance January - March

2013 2014 %

Copper (m.t.) Sales 196,616 195,917 (699) (0.4)

Molybdenum (m.t.) Sales 4,875 5,531 656 13.5

Zinc (m.t.) Sales 23,456 24,357 901 3.8

Silver (Koz) Sales 4,394 3,149 (1,246) (28.3)

Gold (Oz) Sales 15,627 8,899 (6,728) (43.1)

Sulfuric Acid (m.t.) Sales 441,590 474,041 32,451 7.3

Copper82.0%

Silver3.7%

Molybdenum7.0%

Sulfuric Acid1.9%

Zinc3.0%

Gold0.7%

Others0.9% Lead

0.8%



Projects

Buenavista Projects.- We continue the development of our US$3.4 billion investment program at this

unit which is expected to increase its copper production capacity by approximately 175% as well as our

molybdenum production.

The new Copper Molybdenum Concentrator has an annual production capacity of 188,000 tons of copper

and 2,600 tons of molybdenum. The project will additionally produce 2.3 million ounces of silver and

21,000 ounces of gold per year. The capital budget for the project is US$1.384 billion, reporting 72%

progress with an investment of US$654 million. The project is expected to be completed in the 1H15. Of

our major equipment 80 % is on site and 20% has been installed.

To date we have received the 61 trucks with a capacity of 400-tons, 7 shovels and 8 drills required for the

mine expansion; representing an investment of US$496 million.

Crushing, conveying and spreading system for leachable ore (Quebalix IV). This project will increase

production by improving SX/EW copper recovery and reducing processing time, in addition to reducing

hauling costs. The capital budget for the project is US$340 million. The project is expected to be

completed in the second half of 2015.

The remaining projects to complete the US$3.4 billion budgeted program include important investments

in infrastructure (power lines and substations, water supply, tailings dam, mine equipment shops, internal

roads, etc.).

Toquepala Projects.- Through March 31, 2014, we have invested a total US$295 million on the

Toquepala projects. These projects include the construction of a new crusher and conveyor belt system to

replace current haulage by rail.

Cuajone Projects.- Through March 31, 2014, we have invested US$35 million of the US$45 million

budgeted on the high pressure grinding rolls (HPGR) project. The project, which will produce a more

finely crushed material, is currently in the ramping up stage and we expect to reach full capacity during

2Q14. The project will generate cost savings improving copper recovery and reducing power

consumption in the crushing process.

The project to improve slope stability at the south area of the Cuajone mine, will remove

approximately 148 million tons of waste material to improve the mine design without reducing our

current production level. The mine equipment acquired includes one shovel, five trucks, one drill, and

auxiliary equipment. Besides preparing the mine for the future, this investment will avoid a reduction in

average ore grade between 2014 and 2018. Through March 31, 2014, we have expended US$61 million

of the total US$65 million budgeted. Tia Maria Project.- We are in the process of responding to comments received from the authorities and

stakeholders in February 2014 regarding the EIA. We are confident that working together we will meet

and respond to the comments received to the satisfaction of all parties involved to then move forward

with this important project.



Transportation Division

ITM


Cumulative sales through 1Q14 increased 5% due to growth in sales in the Energy (17%), Industrial

(15%), and Automotive (11%) segments.

A total 11.963 billion net tons-kilometer were transported in 1Q14. The segments that experienced the

greatest growth were: Automotive 20%, due to increased exports from Nissan through Cd. Juárez and the

start of operations of Nissan’s second plant; Energy 16%, due to a 68% increase in fuel oil volumes

transported for Pemex, and Industrial 11%, due to increased exports from Crown Imports 20% and

movements of empty new trains for Gunderson and Trinity.

The segments that experienced the strongest drops were: Cement 10%, due to the downturn in the

Mexican construction industry and decreased traffic on exports through Guaymas bound for South

America; Steel Products 9%, due to decreased traffic from Altos Hornos de México 10% and Deacero due

to lower exports to South America through Veracruz; and Minerals 8%, principally due to decreased iron

ore traffic from Ternium to Monterrey and to Puebla.

The contribution to sales by segment through March 31, 2013 is shown following:

Sales by Segment Tons –Kms

First Quarter


Load Volume (MillionTons/Km) 12,006 11,963 (43) (0.4)

Sales 433,386 453,417 20,031 4.6

Cost of Sales 271,900 282,013 10,113 3.7

Operating Income 109,884 111,859 1,975 1.8

EBITDA 142,222 155,168 12,946 9.1


Net Income 73,447 86,445 12,998 17.7



Variance



Operating costs for the quarter report an increase of 4% compared to 1Q13, due mainly to increased labor,

1%, and diesel costs, 3%, reflecting a 12% increase in fuel prices, which is compensated by a 4%

decrease in liter consumption.

The EBITDA for 1Q13 increased 9% to US$155 million, with a margin on sales of 34%.



Infrastructure Division

MPD


Through March 2014, consolidated sales were US$91 million, a 17% increase over 1Q13, due mainly to

the start of operations of the first 250 MW power plant that has been supplying Minera México since

December of last year. EBITDA for the Division increased 3% year over year to US$33 million.

Progress and Delivery of the 400ft platforms to serve Pemex.- GMexico has invested US$313

million of the US$493 million budgeted to acquire two new platforms for oil drilling. The first platform,

“Tabasco”, arrived in Mexico in January and started operations for Pemex in 2Q14. The second

platform, “Campeche”, will arrive in 3Q14 to start operations in 4Q14.

Progress in the construction of Modular Units to serve Pemex.- Through March 2014, US$93

million of the US$174 million budgeted has been invested in the two modular drilling units “Veracruz”

and “Tamaulipas”. There have been delays on the part of the builder and because of changes ordered by

Pemex. The first modular unit, “Veracruz”, is expected to arrive in 4Q14 and will start operations that

same quarter. The second modular unit, “Tamaulipas”, is scheduled to start operations in 1Q15.

Leon-Salamanca Highway.- Construction of the highway reports 50% completion. The highway is

scheduled to start operations in 1Q15. To date, US$195 million of the total US$400 million budgeted

has been expended.

Oaxaca Wind Farm.- The electromechanical works for the project have been completed and initial

testing began in April. We expect to start supplying power to the self-supply partners in May. This

project represents GMexico’s continued commitment to the environment. A total US$150 million will

be invested in the project, of which US$134 million has been expended to date.

* * * * *

First Quarter


Sales 77,198 90,535 13,337 17.3

Cost of Sales 43,195 55,156 11,961 27.7

Operating Income 22,879 22,539 (340) (1.5)

EBITDA 32,132 32,984 852 2.7


Net Income (Loss) 1,311 4,493 3,182 242.7



Variance



Company Profile

Grupo México “GMexico” is a holding company whose main activities are: (i) mining, being one of the world's largest

integrated copper producers; (ii) railroad service, with the most extensive network in Mexico, and (iii) engineering,

procurement, construction, and drilling services. These business lines are grouped under the following subsidiaries:

The Mining Division of GMexico is represented by its subsidiary Americas Mining Corporation (“AMC”), whose

principal subsidiaries are Southern Copper Corporation (“SCC”) in Mexico and Peru, and Asarco in the United States. The

sum of both companies holds the world's largest copper reserves. SCC trades on the New York and Lima stock exchanges.

SCC's stockholders, directly or through subsidiaries, are: GMexico (82.5%) and other stockholders (17.5%). AMC has

mines, metallurgic plants, and exploration projects in Peru, Mexico, the US, Chile, Argentina, and Ecuador. Asarco was

reincorporated into GMexico on December 9, 2009 and operates 3 mines and 1 smelting plant in Arizona and 1 refinery in

Texas.

The Transportation Division of GMexico is represented by its subsidiary Infraestructura y Transportes México, S.A. de

C.V. (“ITM”), whose principal 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 railroad company with the most extensive coverage in Mexico. Ferromex

operates a track network of 8,111 kilometers covering approximately 81% of Mexico, connecting to five border points

with the United States, four ports on the Pacific Coast, and two on the Gulf of Mexico. Ferromex is controlled by

GMexico, holding 55.5%, Union Pacific owns 26% and Grupo Carso-Sinca Inbursa 18.5%. Ferrosur operates a track

network of 1,549 kilometers coving the central and southeastern part of the country, serving principally the states of

Tlaxcala, Puebla, Veracruz, and Oaxaca, and has access to the ports of Veracruz and Coatzacoalcos on the Gulf of

Mexico. Ferrosur is controlled by GMexico, holding 74.99%, with Grupo Carso-Sinca Inbursa holding the remaining

25.01%.

The Infrastructure Division of GMexico is represented by its subsidiaries México Proyectos y Desarrollos, S.A. de C.V.

(“MPD”), 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 wholly owned by GMexico. MPD and MCC are active in

engineering, procurement, and infrastructure construction projects. Consutec engages in integral project engineering

activities. La México offers oil and water drilling services and related value added services such as cementation

engineering and directional or slanted drilling. MGE is active in the construction and service of the combined cycle power

plants.

___________________________ This report includes forward-looking statements. In addition to the risk and uncertainties noted in the report, there are certain factors that could cause results to differ materially from those anticipated by some of the statements made. Many of these risks and uncertainties are related to factors beyond the reasonable control of Grupo Mexico or that cannot be accurately estimated, such as future market conditions, metals prices, the behavior of other market stakeholders and the actions of government regulators, which are described in Grupo Mexico’s annual report. Grupo Mexico does not assume any obligation whatsoever regarding the updating of these projections to reflect events or circumstances occurring after the date of this report.



(Thousands of US Dollars)

STATEMENT OF EARNINGS Q1-14 Q1-13 Variance 2014 2013 Variance

Net sales 2,180,179 2,455,938 (275,760) 2,180,179 2,455,938 (275,760)

Cost of sales 1,201,635 1,223,998 (22,363) 1,201,635 1,225,368 (23,733)

Exploration 16,361 11,694 4,667 16,361 10,324 6,037

Gross profit 962,183 1,220,246 (258,063) 962,183 1,220,246 (258,063)

Gross margin 44% 50% 44% 50%

Administrative expenses 59,728 54,796 4,932 59,728 54,796 4,932

EBITDA 912,168 1,207,075 (294,907) 912,168 1,207,075 (294,907)

Depreciation and amortization 191,985 160,819 31,165 191,985 160,819 31,165

Operating income 710,470 1,004,631 (294,160) 710,470 1,004,631 (294,160)

Operating margin 33% 41% 33% 41%

Interest expense 55,139 66,947 (11,808) 55,139 66,947 (11,808)

Interest income (8,434) (14,345) 5,911 (8,434) (14,345) 5,911

(Gain) loss in investments (71,715) (21,464) (50,251) (71,715) (21,464) (50,251)

Other (income) expense, net (8,041) (42,058) 34,017 (8,041) (42,058) 34,017

Earnings before Tax 743,521 1,015,551 (272,029) 743,521 1,015,551 (272,029)

Taxes 274,270 314,028 (39,758) 274,270 314,028 (39,758)

Participation in subsidiary not consolidated and

associated (7,042) (8,927) 1,885 (7,042) (8,927) 1,885

Net Earnings 476,293 710,449 (234,156) 476,293 710,449 (234,156)

Net income attributable to the non-controlling

interest 99,754 132,690 (32,936) 99,754 132,690 (32,936)

Net income attributable to GM 376,539 577,759 (201,220) 376,539 577,759 (201,220)

BALANCE SHEET

Cash and cash equivalents 2,548,083 3,190,421 (642,338) 2,548,083 3,190,421 (642,338)

Restricted cash 101,437 135,297 (33,860) 101,437 135,297 (33,860)

Notes and accounts receivable 892,401 986,670 (94,269) 892,401 986,670 (94,269)

Inventories 981,159 1,021,551 (40,392) 981,159 1,021,551 (40,392)

Prepaid and others current assets 834,628 920,182 (85,554) 834,628 920,182 (85,554)

Total Current Assets 5,357,708 6,254,121 (896,414) 5,357,708 6,254,121 (896,414)

Property, plant and equipment, Net 11,676,495 9,859,042 1,817,453 11,676,495 9,859,042 1,817,453

Leachable material, net 490,544 324,808 165,736 490,544 324,808 165,736

Other long term assets 2,711,054 3,130,814 (419,760) 2,711,054 3,130,814 (419,760)

Total Assets 20,235,801 19,568,785 667,016 20,235,801 19,568,785 667,016

Liabilities and Stockholders' Equity

Current - term debt 364,981 103,323 261,658 364,981 103,323 261,658

Accumulated liabilities 1,268,567 1,432,651 (164,084) 1,268,567 1,432,651 (164,084)

Current Liabilities 1,633,548 1,535,975 97,574 1,633,548 1,535,975 97,574

Long-term debt 5,439,037 5,487,460 (48,423) 5,439,037 5,487,460 (48,423)

Other non-current liabilities 1,416,663 1,831,217 (414,554) 1,416,663 1,831,217 (414,554)

Total Liabilities 8,489,248 8,854,652 (365,403) 8,489,248 8,854,652 (365,403)

Stockholders equity 2,003,496 2,003,496 (1) 2,003,496 2,003,496 (1)

Other equity accounts (720,240) (900,366) 180,126 (720,240) (900,366) 180,126

Retaining earnings 8,432,268 7,702,409 729,859 8,432,268 7,702,409 729,859

Total Stockholders' equity 9,715,524 8,805,539 909,984 9,715,524 8,805,539 909,984

Non-controlling interest. 2,031,029 1,908,594 122,435 2,031,029 1,908,594 122,435

Total Liabilities and Equity 20,235,801 19,568,785 667,016 20,235,801 19,568,785 667,016 - - - - - -

CASH FLOW

Net earnings 476,293 710,449 (234,156) 476,293 710,449 (234,156)


Deferred income taxes (65,672) 28,647 (94,319) (65,672) 28,647 (94,319)


associated (7,042) (8,927) 1,885 (7,042) (8,927) 1,885

Other Net (210) (2,136) 1,926 (210) (2,136) 1,926

Changes in assets and liabilities (5,878) 113,834 (119,712) (5,878) 113,834 (119,712)

Cash generated by operating activities 589,476 1,002,686 (413,210) 589,476 1,002,686 (413,210)

Capital expenditures (409,953) (620,086) 210,133 (409,953) (620,086) 210,133

Restricted cash (45,908) (33,407) (12,501) (45,908) (33,407) (12,501)

Other - Net 50,817 (120,239) 171,056 50,817 (120,239) 171,056

Cash used in investing activities (405,044) (773,732) 368,688 (405,044) (773,732) 368,688

Debt incurred 14,419 15,200 (781) 14,419 15,200 (781)

Debt amortization (20,922) (28,451) 7,529 (20,922) (28,451) 7,529

Dividends paid (170,644) (226,018) 55,374 (170,644) (226,018) 55,374

SCC common shares buyback (52,479) - (52,479) (52,479) - (52,479)

Cash used in financing activities (229,626) (239,269) 9,643 (229,626) (239,269) 9,643

Effect of exchance rate changes on cash and cash

equivalents 4,215 8,169 (3,954) 4,215 8,169 (3,954)

Net increase (decrease) cash & cash equivalents (40,980) (2,147) (38,833) (40,980) (2,147) (38,833)

Cash & cash equivalents at begin yr. 2,589,063 3,192,567 (603,504) 2,589,063 3,192,567 (603,504)

Cash & cash equivalents at yr. end 2,548,083 3,190,421 (642,337) 2,548,083 3,190,421 (642,337)

GRUPO MEXICO, S.A.B. DE C.V. (GM)

CONSOLIDATED FINANCIAL STATEMENTS (US GAAP)

Quarters Accumulated





Net sales 1,700,521 1,960,762 (260,241) 1,700,521 1,960,762 (260,241)

Cost of sales 928,624 924,239 4,385 928,624 925,609 3,015

Exploration 16,361 11,694 4,667 16,361 10,324 6,037

Gross profit 755,536 1,024,829 (269,293) 755,536 1,024,829 (269,293)

Gross margin 44% 52% 44% 52%

Administrative expenses 30,289 32,845 (2,556) 30,289 32,845 (2,556)

EBITDA 734,902 1,000,692 (265,790) 734,902 1,000,692 (265,790)


Operating income 585,304 874,744 (289,440) 585,304 874,744 (289,440)


Interest expense 43,035 55,585 (12,550) 43,035 55,585 (12,550)

Interest income (4,604) (5,983) 1,379 (4,604) (5,983) 1,379

Other (income) expense, net (7,983) (9,141) 1,158 (7,983) (9,141) 1,158

Earnings before Tax 554,856 834,283 (279,427) 554,856 834,283 (279,427)

Taxes 205,842 264,944 (59,102) 205,842 264,944 (59,102)


associated (6,038) (8,163) 2,125 (6,038) (8,163) 2,125

Net Earnings 355,052 577,502 (222,450) 355,052 577,502 (222,450)


interest 61,682 99,224 (37,542) 61,682 99,224 (37,542)

Net income attributable to AMC 293,369 478,278 (184,909) 293,369 478,278 (184,909)

BALANCE SHEET

Cash and cash equivalents 1,823,053 2,681,667 (858,614) 1,823,053 2,681,667 (858,614)

Restricted cash 32,845 51,481 (18,637) 32,845 51,481 (18,637)


Inventories 905,506 945,994 (40,488) 905,506 945,994 (40,488)


Total Current Assets 4,097,736 5,137,288 (1,039,552) 4,097,736 5,137,288 (1,039,552)

Property, plant and equipment, Net 8,318,003 6,990,652 1,327,351 8,318,003 6,990,652 1,327,351

Leachable material, net 490,544 324,808 165,736 490,544 324,808 165,736

Other long term assets 1,106,385 1,232,387 (126,002) 1,106,385 1,232,387 (126,002)

Total Assets 14,012,667 13,685,134 327,533 14,012,667 13,685,134 327,533


Long-term debt - 10,000 (10,000) - 10,000 (10,000)

Other non-current liabilities 1,496,878 1,533,413 (36,535) 1,496,878 1,533,413 (36,535)

Current Liabilities 1,496,878 1,543,413 (46,535) 1,496,878 1,543,413 (46,535)

Long term debt 4,205,188 4,204,121 1,067 4,205,188 4,204,121 1,067

Other long term liabilities 1,074,194 1,511,286 (437,092) 1,074,194 1,511,286 (437,092)

Total Liabilities 6,776,260 7,258,819 (482,559) 6,776,260 7,258,819 (482,559)

Stockholders equity 1,056,021 1,056,021 - 1,056,021 1,056,021 -

Other equity accounts (920,314) (1,141,842) 221,528 (920,314) (1,141,842) 221,528

Retained earnings 5,989,462 5,459,863 529,599 5,989,462 5,459,863 529,599


Non-controlling interest. 1,111,237 1,052,272 58,965 1,111,237 1,052,272 58,965


Cash Flow

Net earnings 355,052 577,502 (222,450) 355,052 577,502 (222,450)


Deferred income taxes (84,162) 16,852 (101,014) (84,162) 16,852 (101,014)


associated (6,038) (8,163) 2,125 (6,038) (8,163) 2,125

Others Net 197 10,322 (10,125) 197 10,322 (10,125)

Changes in assets and liabilities (50,783) 2,839 (53,622) (50,783) 2,839 (53,622)

Cash generated by operating activities 354,209 716,592 (362,383) 354,209 716,592 (362,383)


Restricted cash 7,449 745 6,704 7,449 745 6,704

Capital reimbursement 66,476 (97,937) 164,413 66,476 (97,937) 164,413


Debt incurred 273 258 15 273 258 15

Dividends paid (130,255) (236,298) 106,043 (130,255) (236,298) 106,043

SCC common shares buyback (52,479) - (52,479) (52,479) - (52,479)



equivalents 6,354 (12,273) 18,627 6,354 (12,273) 18,627

Net increase (decrease) cash & cash equivalents (107,592) 5,266 (112,858) (107,592) 5,266 (112,858)

Cash & cash equivalents at begin yr. 1,930,646 2,676,401 (745,755) 1,930,646 2,676,401 (745,755)

Cash & cash equivalents at yr. end 1,823,054 2,681,667 (858,614) 1,823,054 2,681,667 (858,614)

AMERICAS MINNING CORPORATION (AMC)







Net sales 453,417 433,386 20,031 453,417 433,386 20,031

Cost of sales 282,013 271,900 10,113 282,013 271,900 10,113

Gross profit 171,404 161,486 9,918 171,404 161,486 9,918

Gross margin 38% 37% 38% 37%

Administrative expenses 17,989 15,814 2,175 17,989 15,814 2,175

EBITDA 155,168 142,222 12,946 155,168 142,222 12,946


Operating Income 111,859 109,884 1,975 111,859 109,884 1,975


Interest expense 6,759 7,732 (973) 6,759 7,732 (973)

Interest income (2,283) (4,135) 1,852 (2,283) (4,135) 1,852

(Gain) loss in investments (27,363) (13,426) (13,937) (27,363) (13,426) (13,937)

Other (income) expense - Net (1,458) 251 (1,709) (1,458) 251 (1,709)

Earnings before Tax 136,204 119,462 16,742 136,204 119,462 16,742

Taxes 34,307 31,685 2,622 34,307 31,685 2,622


associated (1,004) (764) (240) (1,004) (764) (240)

Net Earnings 102,901 88,541 14,360 102,901 88,541 14,360


interest 16,456 15,094 1,362 16,456 15,094 1,362

Net income attributable to ITM 86,445 73,447 12,998 86,445 73,447 12,998 - - - - - -

BALANCE SHEET

Cash and cash equivalents 309,711 403,747 (94,036) 309,711 403,747 (94,036)


Inventories 56,048 55,267 781 56,048 55,267 781

Prepaid and others current assets 94,183 73,295 20,888 94,183 73,295 20,888

Total Current Assets 665,673 749,156 (83,483) 665,673 749,156 (83,483)

Property, plant and equipment - Net 1,883,075 1,730,136 152,939 1,883,075 1,730,136 152,939

Other long term assets 674,892 707,338 (32,446) 674,892 707,338 (32,446)

Total Assets 3,223,640 3,186,630 37,010 3,223,640 3,186,630 37,010


Current portion of long-term debt 112,528 47,390 65,138 112,528 47,390 65,138

Accumulated liabilities 190,992 234,874 (43,882) 190,992 234,874 (43,882)

Current Liabilities 303,520 282,264 21,256 303,520 282,264 21,256

Long-term debt 298,634 431,872 (133,238) 298,634 431,872 (133,238)

Other non-current liabilities 127,854 98,136 29,718 127,854 98,136 29,718

Other liabilities 9,580 8,798 782 9,580 8,798 782

Total Liabilities 739,588 821,070 (81,482) 739,588 821,070 (81,482)

Stockholders equity 89,290 89,290 - 89,290 89,290 -

Other equity accounts 34,706 132,439 (97,733) 34,706 132,439 (97,733)

Retaining earnings 1,962,354 1,791,175 171,179 1,962,354 1,791,175 171,179


Non-controlling interest. 397,702 352,656 45,046 397,702 352,656 45,046

Total Liabilities and Equity 3,223,640 3,186,630 37,010 3,223,640 3,186,630 37,010

CASH FLOW

Net earnings 102,901 88,541 14,360 102,901 88,541 14,360


Deferred income taxes (2,170) (1,617) (553) (2,170) (1,617) (553)


associated (1,004) (764) (240) (1,004) (764) (240)

Other Net 901 (2,605) 3,506 901 (2,605) 3,506

Changes in assets and liabilities (49,887) (65,333) 15,446 (49,887) (65,333) 15,446

Cash generated by operating activities 92,297 54,010 38,287 92,297 54,010 38,287


Purchase shares (27,363) (13,426) (13,937) (27,363) (13,426) (13,937)

Dividends received - 141 (141) - 141 (141)

Cash used in investing activities (53,955) (49,710) (4,245) (53,955) (49,710) (4,245)


Dividends received (paid) - Net - (26,000) 26,000 - (26,000) 26,000



equivalents (2,139) 20,442 (22,581) (2,139) 20,442 (22,581)

Net increase (decrease) cash & cash equivalents 27,404 (16,415) 43,819 27,404 (16,415) 43,819

Cash & cash equivalents at begin yr. 282,307 420,162 (137,855) 282,307 420,162 (137,855)

Cash & cash equivalents at yr. end 309,711 403,747 (94,036) 309,711 403,747 (94,036)

INFRAESTRUCTURA Y TRANSPORTES MEXICO, S.A. DE C.V. (ITM)







Net sales 90,535 77,198 13,337 90,535 77,198 13,337

Cost of sales 55,156 43,195 11,961 55,156 43,195 11,961

Gross profit 35,380 34,003 1,377 35,380 34,003 1,377

Gross margin 39% 44% 39% 44%

Administrative expenses 3,293 3,913 (621) 3,293 3,913 (621)

EBITDA 32,984 32,132 852 32,984 32,132 852


Operating income 22,539 22,879 (340) 22,539 22,879 (340)


Interest expense 12,043 10,481 1,562 12,043 10,481 1,562

Interest income (1,568) (1,848) 280 (1,568) (1,848) 280

Other (income) expense, net (897) (2,042) 1,145 (897) (2,042) 1,145

Earnings before Tax 12,961 16,288 (3,328) 12,961 16,288 (3,328)

Taxes 13,948 14,977 (1,029) 13,948 14,977 (1,029)

Net Earnings (987) 1,311 (2,298) (987) 1,311 (2,298)

BALANCE SHEET

Cash and cash equivalents 103,062 52,206 50,857 103,062 52,206 50,857

Restricted cash 68,593 83,816 (15,223) 68,593 83,816 (15,223)


Inventories 19,607 20,290 (683) 19,607 20,290 (683)


Total Current Assets 388,101 368,482 19,619 388,101 368,482 19,619

Property, plant and equipment, Net 1,421,929 1,087,958 333,971 1,421,929 1,087,958 333,971

Other long term assets 508,546 461,984 46,562 508,546 461,984 46,562

Total Assets 2,318,576 1,918,424 400,152 2,318,576 1,918,424 400,152


Current portion of long-term debt 252,453 45,934 206,520 252,453 45,934 206,520

Accumulated liabilities 286,551 252,136 34,415 286,551 252,136 34,415

Current Liabilities 539,004 298,070 240,934 539,004 298,070 240,934

Long-term debt 935,215 851,467 83,747 935,215 851,467 83,747

Other non-current liabilities 306,528 322,528 (16,000) 306,528 322,528 (16,000)

Total Liabilities 1,780,747 1,472,065 308,681 1,780,747 1,472,065 308,681

Stockholders equity 667,497 491,410 176,087 667,497 491,410 176,087

Other equity accounts (189,444) (69,865) (119,579) (189,444) (69,865) (119,579)

Retaining earnings 59,738 24,813 34,925 59,738 24,813 34,925

Total Stockholders' equity 537,792 446,359 91,433 537,792 446,359 91,433

Non-controlling interest. 38 - 38 38 - 38


CASH FLOW

Net earnings (987) 1,311 (2,298) (987) 1,311 (2,298)


Deferred income taxes 6,547 5,567 980 6,547 5,567 980

Other Net (1,308) (9,853) 8,545 (1,308) (9,853) 8,545

Changes in assets and liabilities 22,149 152,356 (130,207) 22,149 152,356 (130,207)

Cash generated by operating activities 35,950 156,592 (120,642) 35,950 156,592 (120,642)


Restricted cash (53,357) (34,152) (19,205) (53,357) (34,152) (19,205)

Other - Net 56,156 40,370 15,786 56,156 40,370 15,786


Debt incurred 14,146 14,942 (796) 14,146 14,942 (796)


Other - Net 4,765 37,440 (32,675) 4,765 37,440 (32,675)

Cash used in financing activities 6,788 39,088 (32,300) 6,788 39,088 (32,300)

Net increase (decrease) cash & cash equivalents 21,796 (15,941) 37,737 21,796 (15,941) 37,737

Cash & cash equivalents at begin yr. 81,266 68,148 13,118 81,266 68,148 13,118

Cash & cash equivalents at yr. end 103,062 52,206 50,855 103,062 52,206 50,855

MÉXICO PROYECTOS Y DESARROLLOS, S.A. DE C.V. (MPD)



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