6-K 1 b325716_6k.txt REPORT OF FOREIGN PRIVTE ISSUER 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 June, 2003 Commission File Number 000-32953 Copamex, S.A. de C.V. (Translation of Registrant's name into English) Montes Apalaches 101 Residencial San Augustin, C.P. 66260 San Pedro Garza Garcia, N.L. Mexico (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 X 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 X If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82- NET SALES INCREASED 6.4 % AND TOTAL DEBT DECLINED BY US$38.0 MILLION DURING THE FIRST QUARTER OF 2003 Monterrey, Mexico - April 30, 2003 - COPAMEX, S.A. de C.V. ("COPAMEX") one of the leading producers of paper-based consumer products and value-added industrial paper products in Mexico, today reported its definitive results for the three months ended as of March 31, 2003 compared with its results for the three months ended as of March 31, 2002, stated in millions of Mexican constant pesos as of March 31, 2003 ("Ps."), prepared in accordance with Mexican GAAP. ================================================================================ COPAMEX reported that consolidated net sales for 1Q'03 as compared to 1Q'02 grew 6.4 percent from Ps.1,873 to Ps.1,992 and EBITDA increased 3.7 percent from Ps.296.4 to Ps.307.6 mostly as a result of added production capacity of tissue paper and an improvement in sales of baby diapers and adult incontinence products. Its corrugated containers division showed better results with a 16.0 percent increase in sales volume over the same period last year. For the first three months of 2003, net sales of consumer products represented 47.0 percent of consolidated net sales. COPAMEX reduced its total debt by US$38.0 million from US$508.2 million in 4Q'02 to US$470.2 million in 1Q'03. US$10.0 million of this came from free cash flows and US$28.0 came from the proceeds of a factoring-facility. As a result, COPAMEX's Debt-to-EBITDA ratio decreased to 4.18 in 1Q'03 compared with 4.46 in 4Q'02 while its EBITDA-to-interest expense ratio was 2.5, similar to the previous-quarter's figure. COPAMEX is working on two major transactions to improve its capital structure. The first is a "Sales & Lease Back" of certain properties for an amount of up to US$42.0 million. The second is a financing with the IFC (International Finance Corporation) for US$182.0 million. Contacts: Francisco Elosua Ricardo Garza Califa 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 -------------------- -------------------- As used in this document EBITDA is operating income (loss) before interest expense, depreciation and amortization. Amortization is not deducted from operating income, but instead is recorded in other income (loss). EBITDA is not (a) a measure determined under U.S. or Mexican GAAP,(b) an alternative to U.S. or Mexican GAAP operating income (loss) or net income (loss) or (c) a measure of liquidity or cash flows as determined under U.S. or Mexican GAAP. EBITDA does not represent discretionary funds. EBITDA, as calculated by COPAMEX, may not be comparable to similarly titled measures reported by other companies. EBITDA is presented because COPAMEX believes that EBITDA provides useful information regarding its debt service ability. EBITDA should not be considered in isolation or as a substitute for the consolidated income statements or the consolidated statements of changes in financial position prepared in accordance with Mexican GAAP or as a measure of profitability or liquidity. 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 March 31, 2003 and 2002 (Thousands of constant Mexican pesos as of March 31, 2003)

Copamex, S.A. de C.V. and Subsidiaries Consolidated Statements of Income for the periods ended March 31, 2003 and 2002 (Thousands of constant Mexican pesos as of March 31, 2003)

Copamex, S.A. de C.V. and Subsidiaries Consolidated Statements of Changes in Financial Position for the periods ended March 31, 2003 and 2002 (Thousands of constant Mexican pesos as of March 31, 2003)

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 Diaz Saenz ------------------------------------ Carlos Luis Diaz Saenz General Counsel Date: June 27, 2003

COPAMEX SA DE CV/ 6-K