FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Report of Foreign Private Issuer
Pursuant To Rule 13a-16 or 15d-16
of the Securities Exchange Act of 1934
For the month of May, 2004
Commission File Number 000-32953
Copamex, S.A. de C.V.
(Translation of Registrant’s name into English)
Montes Apalaches 101
Residencial San Augustín, C.P. 66260
San Pedro Garza García, N.L. México
(Address of principal office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F 
Form 40-F 
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):
Indicated by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):
Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes No
If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82- ______
This document may contain forward-looking statements concerning COPAMEX’s future performance and/or results of operations and should be considered as good faith estimates of COPAMEX. These forward-looking statements reflect management’s expectations and are based upon currently available data. Actual results are subject to future events and uncertainties that could materially impact COPAMEX’s actual performance or results of operations.
Copamex, S.A. de C.V. and Subsidiaries
Consolidated Balance Sheets as of December 31, 2003 and 2002
(Thousands of constant Mexican pesos as of December 31, 2003)
| December ’03 | December ’02 | December ’03 | December ’02 | ||||||||
| Assets: | Liabilities: | ||||||||||
| Current assets | |||||||||||
| Cash and cash equivalents | 108,045 | 91,778 | Short-term debt | 2,063,295 | 801,659 | ||||||
| Accounts receivable | 1,280,720 | 1,520,158 | Current portion of long-term debt | 2,291,408 | 529,899 | ||||||
| Inventories | 1,061,207 | 1,067,178 | Suppliers | 1,436,206 | 1,210,784 | ||||||
| Other accounts receivable | 481,488 | 557,715 | Income tax and employee profit sharing | 32,259 | 32,123 | ||||||
| Prepaid expenses | 188,403 | 280,113 | Other accounts payable | 1,180,879 | 930,201 | ||||||
| Total current assets | 3,119,863 | 3,516,942 | Total current liabilities | 7,004,047 | 3,504,666 | ||||||
| Long-term debt | 805,745 | 4,184,793 | |||||||||
| Investment in shares | 0 | 47,801 | Labor obligations | 142,529 | 114,084 | ||||||
| Property, plant and equipment, net | 9,229,133 | 9,335,895 | Total long-term liabilities | 948,274 | 4,298,877 | ||||||
| Other assets | 693,198 | 676,114 | Deferred income taxes | 1,445,780 | 1,736,444 | ||||||
| Goodwill | 67,718 | 138,492 | Total liabilities | 9,398,101 | 9,539,987 | ||||||
| Stockholders’ Equity: | |||||||||||
| Minority interest | 189,650 | 218,146 | |||||||||
| Capital stock | 5,302,472 | 5,302,178 | |||||||||
| Additional paid-in capital | 6,963 | 6,963 | |||||||||
| Retained earnings | 1,272,378 | 1,643,667 | |||||||||
| Net income (loss) | (390,634 | ) | (371,360 | ) | |||||||
| Insufficiency from restatement of | |||||||||||
| stockholders’ equity | (725,225 | ) | (680,731 | ) | |||||||
| Cumulative effect of deferred income taxes | (1,943,793 | ) | (1,943,606 | ) | |||||||
| Total majority stockholders’ equity | 3,522,161 | 3,957,111 | |||||||||
| Total stockholders’ equity | 3,711,811 | 4,175,257 | |||||||||
| Total assets | 13,109,912 | 13,715,244 | Total liabilities and stockholders’ equity | 13,109,912 | 13,715,244 | ||||||
Copamex, S.A. de C.V. and Subsidiaries
Consolidated Statements of Income
for the periods ended December 31, 2003 and 2002
(Thousands of constant Mexican pesos as of December 31, 2003)
| Jan - December ’03 | Jan - December ’02 | CHANGE | |||||||||||
| Ps. $ | % | ||||||||||||
| Net sales | 8,226,532 | 100.0 | % | 8,179,729 | 100.0 | % | 46,803 | 0.6 | % | ||||
| Cost of goods sold | (5,629,466 | ) | -68.4 | % | (5,311,463 | ) | -64.9 | % | (318,003 | ) | -6.0 | % | |
| Gross profit | 2,597,066 | 31.6 | % | 2,868,266 | 35.1 | % | (271,200 | ) | -9.5 | % | |||
| Selling, general and administrative expenses | (2,004,024 | ) | -24.4 | % | (2,038,595 | ) | -24.9 | % | 34,571 | 1.7 | % | ||
| Operating profit | 593,042 | 7.2 | % | 829,671 | 10.1 | % | (236,629 | ) | -28.5 | % | |||
| Comprehensive cost of financing: | |||||||||||||
| Interest income | 21,115 | 0.3 | % | 40,646 | 0.5 | % | (19,531 | ) | 48.1 | % | |||
| Interest expense | (520,418 | ) | -6.3 | % | (534,695 | ) | -6.5 | % | 14,277 | 2.7 | % | ||
| Exchange gain (loss), net | (394,563 | ) | -4.8 | % | (701,992 | ) | -8.6 | % | 307,429 | 43.8 | % | ||
| Result from monetary position | 187,912 | 2.3 | % | 246,247 | 3.0 | % | (58,335 | ) | -23.7 | % | |||
| Other financing cost | (68,396 | ) | -0.8 | % | (37,879 | ) | -0.5 | % | (30,517 | ) | 80.6 | % | |
| Total comprehensive cost of financing | (774,350 | ) | -9.4 | % | (987,673 | ) | -12.1 | % | 213,323 | -21.6 | % | ||
| Loss after comprehensive cost of financing | (181,308 | ) | -2.2 | % | (158,002 | ) | -1.9 | % | (23,306 | ) | 14.8 | % | |
| Other expenses, net | (474,513 | ) | -5.8 | % | (122,180 | ) | -1.5 | % | (352,333 | ) | 288.4 | % | |
| Asset write down | 0 | 0.0 | % | (202,257 | ) | -2.5 | % | 202,257 | -100.0 | % | |||
| Loss before taxes and employee profit sharing | (655,821 | ) | -8.0 | % | (482,439 | ) | -5.9 | % | (173,382 | ) | 35.9 | % | |
| Income tax | (18,555 | ) | -0.2 | % | (48,625 | ) | -0.6 | % | 30,070 | 61.8 | % | ||
| Deferred income tax | 290,830 | 3.5 | % | 261,295 | 3.2 | % | 29,535 | -11.3 | % | ||||
| Employee profit sharing | (7,954 | ) | -0.1 | % | (9,010 | ) | -0.1 | % | 1,056 | 11.7 | % | ||
| Loss before minority interest | (391,500 | ) | -4.8 | % | (278,779 | ) | -3.4 | % | (112,721 | ) | 40.4 | % | |
| Minority interest | 866 | 0.0 | % | (92,581 | ) | -1.1 | % | 93,447 | 100.9 | % | |||
| �� | |||||||||||||
| Net Loss | (390,634 | ) | -4.7 | % | (371,360 | ) | -4.5 | % | (19,274 | ) | 5.2 | % | |
Copamex, S.A. de C.V. and Subsidiaries
Consolidated Statements of Changes in Financial Position
for the periods ended December 31, 2003 and 2002
(Thousands of constant Mexican pesos as of December 31, 2003)
| December ’03 | December ’02 | ||||
| Net loss | (391,500 | ) | (278,779 | ) | |
| Items not requiring the use of resources : | |||||
| Depreciation and amortization | 629,108 | 480,085 | |||
| Provision for labor obligations | 17,419 | 15,149 | |||
| Deferred taxes | (290,830 | ) | (261,295 | ) | |
| Others | 61,642 | 211,595 | |||
| Total | 25,839 | 166,755 | |||
| Changes in working capital : | |||||
| Accounts receivable | 239,585 | 71,816 | |||
| Inventories | 5,575 | (138,815 | ) | ||
| Suppliers | 225,306 | 176,825 | |||
| Other accounts payable and accountable | 92,431 | 74,505 | |||
| Resources provided by operating activities | 588,736 | 351,086 | |||
| Financing activities: | |||||
| Bank loans | (355,901 | ) | 242,370 | ||
| Others | 309,726 | (86,702 | ) | ||
| Resources (used) provided by financing activities | (46,175 | ) | 155,668 | ||
| Investing activities: | |||||
| Property, plant and equipment, net | (382,126 | ) | (556,417 | ) | |
| Other investments | (144,167 | ) | (97,581 | ) | |
| Resources used in investing activities | (526,293 | ) | (653,998 | ) | |
| Increase (decrease) in cash and cash equivalents | 16,267 | (147,244 | ) | ||
| Cash and cash equivalents at the beginning of period | 91,778 | 239,022 | |||
| Cash and cash equivalents at the end of the period | 108,045 | 91,778 | |||
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Copamex, S.A. de C.V.
(Registrant)
By: /s/ Carlos Luis Díaz Sáenz
Carlos Luis Díaz Sáenz
General Counsel
Date: May 5, 2004