UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 6-K

Report of Foreign Private Issuer
Pursuant To Rule 13a-16 or 15d-16
of the
Securities Exchange Act of 1934

For the month of ~~January~~May 2003

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 whether the registrant by furnishing the information contained in this Form is also thereby furnishing 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- .]

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: ~~January~~May 141, 2003

~~COPAMEX,~~Full ~~S.A.~~Year DE2002 ~~C.V.~~Results &(1) FOR ~~SUBSIDIARIES~~IMMEDIATE RELEASE

~~Press~~(Monterrey, ~~Release For~~N.L. ~~Immediate~~Mexico ~~Release~~– March 26, 2003) COPAMEX, S.A. de C.V. today announced its audited consolidated results, stated in Millions of Mexican constant pesos (Ps.), prepared in accordance with Mexican GAAP.

~~COPAMEX UNAUDITED PRELIMINARY RESULTS FOR 2002~~HIGHLIGHTS

~~Monterrey,~~SUMMARY ~~N.L.~~– ~~Mexico,~~FY’02 ~~January 9,~~COMPARED ~~2003~~WITH — Copamex, S.A. de C.V., one of the leading producers of paper-based consumer and industrial products in Mexico, announced today its unaudited preliminary results for the year ended 2002. The year 2002 has been one of the most complex in the last five years of our Company. During the past year, we experience both positive and negative situations affecting the overall performance of our Company. Among the negatives ones, (a) the Mexican Peso to US Dollar exchange rate increased from 9.17 to 10.44 Pesos per Dollar, which represented a 12% devaluation, impacting the costs of certain raw materials; (b) a recessive environment evidenced by the inability of the industry to have the market to absorb cost increments, and thus forcing price reductions in real terms for most of our products; (c) uncommonly low paper prices of kraft imports in our market, pushing margins downward in the packaging business; and (d) extraordinary cost increment of imported raw materials used in kraft paper production (OCC and DKL), temporarily doubling their prices in the US market, due to aggressive purchases from Chinese competitors; these last two situations represented a $15MM Dollars loss in our EBITDA. FY’01

OnNet ~~the other hand, last year’s positive situations of the company include: (i) good performance of our Consumer Products and Printing & Writing Products divisions, in terms of~~ sales ~~volume;~~decreased (ii) lower interest rates, favoring free cash flows for our CAPEX program; (iii) improved debt profile, achieved through refinancing of short term debt into long term debt and by increasing the peso mix of our debt in light of low interest rates in pesos; and (iv) completion of our CAPEX program providing us with sufficient production infrastructure until year 20052.3 percent

ItGross isprofit ~~our~~decreased utmost commitment to improve the financial structure of Copamex, refinancing and reducing the debt levels through different financial alternatives and using from our cash flow at least $25MM Dollars, in order to fully recover our financial flexibility4.1 We will continue to implement measures to lower overhead expenses and avoid the negative impacts of extraordinary increments in raw materials, by means of seeking higher collection and consumption of domestic secondary fibers.percent

The year 2002 preliminary results compared with the previous year were not totally disfavorable, considering the prevailing market conditions during 2002 and the less adverse conditions of year 2001. Comparing figures in constant Mexican Pesos, it shows that Net Sales were 2.3% below Y01, Gross Profit fell 3.5%, and Operating ~~Profit—affected~~income ~~by extraordinary and non-recurrent expenses—~~decreased 1618.~~3%.~~1 percent

EBITDA ~~reached~~decreased Ps12.$1,196 MM a 15.2% margin, while for Y01 EBITDA was Ps.$1,362 MM a 16.9% margin. Our EBITDA/net interest ratio improved by reaching 2.43x compared to 2.36x from the previous year and our Debt/EBITDA ratio reached 4~~.43x~~ ~~from 3.74x on Y01 due to the negative impacts above mentioned.~~ percent

Contacts:
	Francisco Elosua Garza	Ricardo Garza Kalifa
	Investor Relations Manager	Investor Relations
	Tel. + 52 (81) 8152-6125	Tel. +52 (81) 8152-6126
	Fax. + 52 (81) 8152-6129	Fax. + 52 (81) 8152-6129
	frelosua@copamex.com	rgarzaka@copamex.com


	EBITDA to net interest expense increased to 2.50 in 2002 (2.41 in 2001)


	Debt to EBITDA ratio resulted in 4.46 in 2002 (3.74 in 2001)


	Total debt in Mexican pesos increased by 4.6 percent (Ps. 233.1)


	Total debt in US Dollars decreased by 2.9 percent (US$ 15.1 Million)

PREVIEW – 1Q’03 ESTIMATED RESULTS COMPARED WITH 1Q’02

Net sales increased 6.0 percent


	EBITDA increased 3.1 percent

Net Sales

COPAMEX’s net sales of Ps. 7,867.4 for the year 2002 represent a decrease of 2.3 percent (Ps. 185.2) as compared with 2001. This decline was driven by a decrease of 6.3 percent in sales of printing & writing products and 4.1 percent decrease in sales of packaging products, compensated by a slight increase of 1.0 percent in sales of consumer products.

COPAMEX’s consumer products showed a slight increase in net sales of 1.0 percent during the year 2002 from Ps. 3,758.6 to Ps. 3,794.2 as a result of: (i) additional production capacity of tissue paper (22,000 metric tons), (ii) a significant increase in sales volume of feminine-care products as our brand “SABA” continued growing with the market (iii) additional production capacity of adult diapers that allowed our brand “TENA” to achieve the number-one position in the market (iv) an increase in sales volume of baby diapers supported by an aggressive marketing-campaign to promote our brand “DryKids” and (v) an increase in sales volume of away-from-home products.

Due to a weak economic environment during the year, prices of consumer products decreased in real terms, but were more than compensated with the growth in sales volume – explained above.

Net sales of COPAMEX’s packaging products decreased 4.1 percent during 2002 from Ps. 2,266.0 to Ps. 2,172.1 mainly due to a decrease in prices in real terms, partially offset by an increase in sales volume of corrugated containers and specialty papers.

Net sales of COPAMEX’s printing and writing products decreased 6.3 percent during 2002 from Ps. 2,027.9 to Ps. 1,901.1 During the year COPAMEX’s printing and writing products saw a declining trend in the price of its products in real terms, which was partially offset by declining prices of its raw materials.

(1)	All comparisons for the year ended December 31, 2002 in this report are made against the figures for the year ended December 31, 2001 unless otherwise stated.

Table 1
COPAMEX’s net sales by Division
(in Millions of constant Mexican pesos as of 12/31/2002)



(Ps. Millions)	Net Sales				Change

DIVISION	2002		2001		Ps.			Percent

Consumer products		3,794.2		3,758.6		35.6			1.0	%

Packaging		2,172.1		2,266.0		(93.9	)		(4.1	%)

Printing & writing		1,901.1		2,027.9		(126.8	)		(6.3	%)

Net sales		7,867.4		8,052.5		(185.1	)		(2.3	%)



Net sales (US$ Millions)		753.6		830.8		(77.2	)		(9.3	%)

Cost of goods sold

During the year 2002, cost of goods sold decreased slightly by 1.3 percent (Ps. 67.9), from Ps. 5,176.5 to Ps. 5,108.7 mainly due to a decline in pulp prices offset in part by an increase in the price of the secondary fibers (used for packaging products). The price of secondary fibers like Old Corrugated Containers (OCC) and Double Lined Kraft (DLK) increased significantly during the second and third quarters of 2002. This increase reached its peak in July 2002 after Chinese companies entered into the U.S. market to supply OCC and related secondary fibers.

In order to reduce our exposure to a possible negative effect on the price of secondary fibers, we have been concentrating our supply of such fibers from domestic sources. Currently 80% of the mix comes from domestic sources.

Gross profit

Gross profit decreased during the year 2002 by 4.1 percent (Ps. 117.3) from Ps. 2,876.0 to Ps. 2,758.7 primarily as a result of lower net sales.

Selling, general & administrative expenses

Selling, general & administrative expenses increased by 3.1 percent (Ps. 58.6) during 2002. This increase was associated mainly with: (i) an increase in freight costs related with higher sales volume (ii) the incorporation of new businesses and (iii) advertising expenses for new products launched like tissue paper “Lady Regio”, adult diapers “TENA” and baby diapers “DryKids”.

Operating income and operating margin

Operating income totaled Ps. 798.0 for the year 2002, decreased by 18.1 percent compared with the year 2001 and as a percentage of net sales decreased by 2.0 percentage points to 10.1 from 12.1 percent.

EBITDA and EBITDA margin

During the year 2002, EBITDA decreased by 12.4 percent (Ps. 168.9) to Ps. 1,188.4 and EBITDA margin declined by 1.8 percentage points to 15.1 from 16.9 percent.

(1)	All comparisons for the year ended December 31, 2002 in this report are made against the figures for the year ended December 31, 2001 unless otherwise stated.

Financial Outlook

COPAMEX recently started negotiations with the International Finance Corporation (IFC) to refinance part of its long-term debt. This proposed investment program, if successful, would permit COPAMEX to improve its financial structure significantly.

US$48.8 million of long-term debt will mature in 2003. COPAMEX expects to service this debt by applying US$25.0 million from its operating cash flows (resulting mainly from lower capital expenditures) and to refinance the remaining US$23.8 million with a new loan facility.

Capital Expenditures (CAPEX)

Capital expenditures during the year 2002 were US$39.7 million. COPAMEX estimates that the recently added production capacity will be sufficient to satisfy the volume growth requirements for both 2003 and 2004. COPAMEX estimates a total CAPEX for the year 2003 of US$10.0 million.

Table 2
Balance Sheet
(in Millions of constant Mexican pesos as of 12/31/2002)


Ps. (Millions)	Dec. 31, 2002		Dec. 31, 2001
Current assets		3,382.7		3,342.0

Fixed assets		8,979.4		9,012.3

Other assets		829.4		864.2

Total Assets		13,191.5		13,218.5

Short-term debt		771.1		1,321.8

Current portion of L-T debt		509.7		890.4

Other current liabilities		2,090.1		1,656.9

Long-term debt		4,025.0		2,860.4

Other long-term liabilities		109.7		107.1

Deferred taxes		1,670.1		1,939.9

Total Liabilities		9,175.7		8,776.5

Equity		4,015.8		4,442.0


(1)	All comparisons for the year ended December 31, 2002 in this report are made against the figures for the year ended December 31, 2001 unless otherwise stated.

Copamex, S.A. de C.V. and Subsidiaries
Consolidated Balance Sheets as of December 31, 2002 and 2001
(Thousands of constant Mexican pesos as of December 31, 2002)



	Dec ’ 02		Dec ’ 01			Dec ’ 02			Dec ’ 01

Assets:					Liabilities:

Current assets

Cash and cash equivalents		88,274		229,895	Short-term debt		771,048			1,321,814

Accounts receivable		1,462,112		1,540,167	Current portion of long-term debt		509,665			890,400

Inventories		1,026,429		945,649	Suppliers		1,164,551			994,477

Other accounts receivable		805,836		626,321	Income tax and employee profit sharing		30,896			39,416

					Other accounts payable		894,682			623,034



Total current assets		3,382,651		3,342,032	Total current liabilities		3,370,842			3,869,141


					Long-term debt		4,025,000			2,860,385

Investment in shares		45,976		82,027	Labor obligations		109,728			107,107


Property, plant and equipment, net		8,979,412		9,012,294	Total long-term liabilities		4,134,728			2,967,492


Other assets		650,297		659,716	Deferred income taxes		1,670,139			1,939,937



Goodwill		133,204		122,463	Total liabilities		9,175,709			8,776,570


					Stockholders’ Equity:

					Minority interest		209,816			249,627

					Capital stock		5,099,719			5,094,602

					Additional paid-in capital		6,697			6,697

					Retained earnings		1,580,905			1,641,618

					Net loss		(357,180	)		(60,713	)

					(Insufficiency) from restatement of
					stockholders’ equity		(654,735	)		(620,478	)

					Cumulative effect of deferred income taxes		(1,869,391	)		(1,869,391	)


					Total majority interest		3,806,015			4,192,335


					Total stockholders’ equity		4,015,831			4,441,962

Total assets		13,191,540		13,218,532	Total liabilities and stockholders’ equity		13,191,540			13,218,532


(1)	All comparisons for the year ended December 31, 2002 in this report are made against the figures for the year ended December 31, 2001 unless otherwise stated.

Copamex, S.A. de C.V. and Subsidiaries
Consolidated Statements of Income
for the periods ended December 31, 2002 and 2001
(Thousands of constant Mexican pesos as of December 31, 2002)


	Jan – Dec ’ 02					Jan – Dec ’ 01					CHANGE

											Ps. $			%

Net sales		7,867,393		100.0	%		8,052,571		100.0	%		(185,178	)		-2.3	%

Cost of goods sold		(5,108,650	)	-64.9	%		(5,176,530	)	-64.3	%		67,880			1.3	%

Gross profit		2,758,743		35.1	%		2,876,041		35.7	%		(117,298	)		-4.1	%


Selling, general and administrative expenses		(1,960,753	)	-24.9	%		(1,902,192	)	-23.6	%		(58,561	)		-3.1	%


Operating profit		797,990		10.1	%		973,849		12.1	%		(175,859	)		-18.1	%



Comprehensive cost of financing:


Interest income		39,094		0.5	%		40,859		0.5	%		(1,765	)		4.3	%

Interest expense		(514,278	)	-6.5	%		(603,062	)	-7.5	%		88,784			14.7	%

Exchange (loss) gain, net		(675,187	)	-8.6	%		275,936		3.4	%		(951,123	)		n.a.

Result from monetary position		236,844		3.0	%		189,939		2.4	%		46,905			24.7	%

Other financing cost		(36,433	)	-0.5	%		(11,955	)	-0.1	%		(24,478	)		n.a.


Total comprehensive cost of financing		(949,960	)	-12.1	%		(108,283	)	-1.3	%		(841,677	)		n.a.


(Loss) income after comprehensive cost of financing		(151,970	)	-1.9	%		865,566		10.7	%		(1,017,536	)		n.a.


Asset write down and other expenses, net		(312,049	)	-4.0	%		(745,231	)	-9.3	%		433,182			n.a.


(Loss) income before taxes and employee profit sharing		(464,019	)	-5.9	%		120,335		1.5	%		(584,354	)		n.a.


Income tax		(46,768	)	-0.6	%		(27,638	)	-0.3	%		(19,130	)		n.a.

Deferred income tax		251,318		3.2	%		(60,171	)	-0.7	%		311,489			n.a.

Employee profit sharing		(8,666	)	-0.1	%		(10,573	)	-0.1	%		1,907			18.0	%


(Loss) income before minority interest		(268,135	)	-3.4	%		21,953		0.3	%		(290,088	)		n.a.



Minority interest		(89,045	)	-1.1	%		(82,666	)	-1.0	%		(6,379	)		-7.7	%



Net loss		(357,180	)	-4.5	%		(60,713	)	-0.8	%		(296,467	)		n.a.


(1)	All comparisons for the year ended December 31, 2002 in this report are made against the figures for the year ended December 31, 2001 unless otherwise stated.

Copamex, S.A. de C.V. and Subsidiaries
Consolidated Statements of Changes in Financial Position
for the periods ended December 31, 2002 and 2001
(Thousands of constant Mexican pesos as of December 31, 2002)


	Jan – Dec ’ 02			Jan – Dec ’ 01

Net (loss) income before minority interest		(268,135	)		21,953

Items not requiring the use of resources :

Depreciation and amortization		461,753			431,136
Allowance for doubtful accounts		8,981			5,651
Provision for labor obligations		14,571			14,937
Deferred taxes		(251,318	)		60,171
Asset write down		194,534			535,899


Total		160,386			1,069,747


Changes in working capital :
Accounts receivable		69,074			306,907
Inventories		(133,514	)		(144,428	)
Suppliers		170,073			96,818
Other accounts receivable and payable, net		71,661			35,335


Resources provided by operating activities		337,680			1,364,380


Financing activities:
Bank loans		233,115			(648,886	)
Others		(83,390	)		(6,482	)


Resources used by financing activities		149,725			(655,368	)


Investing activities:
Property, plant and equipment, net		(484,168	)		(310,975	)
Deferred charges		(51,003	)		(45,029	)
Other investments		(93,855	)		(161,626	)

Resources used in investing activities		(629,026	)		(517,630	)



( Decrease) increase in cash and cash equivalents		(141,621	)		191,381

Cash and cash equivalents at the beginning of period		229,895			38,514

Cash and cash equivalents at the end of the period		88,274			229,895


(1)	All comparisons for the year ended December 31, 2002 in this report are made against the figures for the year ended December 31, 2001 unless otherwise stated.


Contacts:


	Francisco Elosua	Ricardo Garza Kalifa
	Investor Relations Manager	Investor Relations
	COPAMEX	COPAMEX
	Tel. +52 (81) 8152-6125	Tel. +52 (81) 8152-6126
	Fax: +52 (81) 8152-6129	Fax: +52 (81) 8152-6129
	frelosua@copamex.com	rgarzaka@copamex.com


(1)	All comparisons for the year ended December 31, 2002 in this report are made against the figures for the year ended December 31, 2001 unless otherwise stated.

Filing Compare · COPAMEX SA DE CV/