6-K 1 a295360_6-k.txt REPORT OF FOREIGN PRIVATE ISSUER 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 June, 2002 Durango Corporation (f/k/a Grupo Industrial Durango, S.A. de C.V.) ----------------------------------------------- (Translation of registrant's name into English) Torre Corporativa Durango, Potasio 150, Cd. Industrial Durango, Durango, Mexico ---------------------------------------- (Address of principal executive offices) Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F. Form 20-F [X] Form 40-F [ ] Indicate by check mark whether the registrant by furnishing the information contained in this Form 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-_____________. SIGNATURES 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. CORPORACION DURANGO, S.A. DE C.V. Date: June 7, 2002 By /s/Mayela de la Paz Rincon Arredondo de Velasco --------------------------------------------------- Name: Mayela de la Paz Rincon Arredondo de Velasco Title: Chief Financial Officer -2-

Year 2001 2002 2003 2004 2005 2006 2007 2008 2009 TOTAL -US$- 15.2 *82.3 194.1 96.2 31.4 317.9 21.3 24.0 7.9 790.7 Million

CORPORACION DURANGO, S.A. DE C.V. AND SUBSIDIARIES CONSOLIDATED CONDENSED BALANCE SHEETS AS OF DECEMBER 31, 2000 AND SEPTEMBER 30, 2001 (UNAUDITED) EXPRESSED IN TERMS OF THE PURCHASING POWER OF MEXICAN PESOS AS OF SEPTEMBER 30, 2001 (Stated in thousands of Pesos and Dollars) US$ DLLS. December 31, September 30, September 30, 2000 2001 2001 (Audited) (Unaudited) (Unaudited) ASSETS CURRENT ASSETS: Cash and cash equivalents ...........................$ 749,654 $ 360,372 37,895 Accounts receivable, net ............................ 2,069,349 1,831,288 192,569 Affiliated companies ................................ 7,003 44,102 4,638 Taxes recoverable and other assets .................. 41,062 25,829 2,716 Inventories, net .................................... 2,271,197 1,655,585 174,093 Prepaids ............................................ 12,703 11,798 1,241 Total current assets ...................... 5,150,968 3,928,974 413,150 PROPERTY, PLANT AND EQUIPMENT, net .......................... 16,269,960 15,522,360 1,632,249 OTHER ASSETS, net ........................................... 513,686 624,540 65,673 Total assets .............................$ 21,934,614 $ 20,075,874 2,111,072 LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES: Bank loans and current portion of long-term debt .... 796,134 147,937 15,556 Interest payable .................................... 358,603 196,852 20,700 Trade accounts payable .............................. 1,549,711 1,091,214 114,746 Notes payable ....................................... 27,101 37,051 3,896 Affiliated companies ................................ 17 31 3 Accrued liabilities and other payables............... 607,204 435,731 45,819 Employee profit-sharing ............................. 7,488 4,047 426 Total current liabilities ................ 3,346,258 1,912,863 201,147 LONG-TERM DEBT .............................................. 7,066,903 7,371,829 775,182 NOTES PAYABLE ............................................... 45,407 98,874 10,397 OTHER LIABILITIES ........................................... 60,413 14,967 1,574 DEFERRED TAXES............................................... 3,100,101 3,156,373 331,907 LIABILITY FOR EMPLOYEE BENEFITS.............................. 225,610 234,480 24,657 DEFERRED CREDITS............................................. 508,932 108,680 11,428 Total long term liabilities ............... 11,007,366 10,985,203 1,155,146 Total liabilities ........................ 14,353,624 12,898,066 1,356,292 STOCKHOLDERS' EQUITY: Majority interest ................................... 6,143,163 5,893,397 619,718 Minority interest ................................... 1,437,827 1,284,411 135,062 Total stockholders' equity ................ 7,580,990 7,177,808 754,780 Total liabilities and stockholders' equity $ 21,934,614 $ 20,075,874 2,111,072 Exchange rate: $ 9.5098 per Dollar

"CORPORACION DURANGO, S.A. DE C.V. AND SUBSIDIARIES" CONSOLIDATED CONDENSED STATEMENT OF CHANGES IN FINANCIAL POSITION EXPRESSED IN TERMS OF THE PURCHASING POWER OF MEXICAN PESOS "AS OF SEPTEMBER 30, 2001" (Stated in thousands of Pesos and Dollars) * Full Year Acum.Sep Acum.Sep 2000 2001 US$ 2001 (Audited) (Unaudited) OPERATING ACTIVITIES: Net income (loss) .......................................... $ 1,647,120 $ 363,401 38,213 Add (deduct)- Charges (credits) to income which do not require (provide) cash- Depreciation and amortization ....................... 522,608 333,014 35,018 Provision for employee benefits ..................... 30,233 16,580 1,743 Amortization of negative goodwill ................... (1,357,273) (446,030) (46,902) Amortization of Financial Comissions ................ 24,563 47,161 4,959 Provision for deferred taxes ........................ 355,434 43,942 4,621 Other................................................ 36,740 28,986 3,048 Total items which do not require cash................ (387,695) 23,653 2,487 Net resources generated from income ................ 1,259,425 387,054 40,701 Changes in operating assets and liabilities: Decrease (Increase) in inventories ............... (62,530) 615,612 64,734 Decrease (Increase) in current assets ............ (12,290) (20,961) (2,204) Decrease (increase) in account receivables, net .. 171,385 218,544 22,981 (Decrease) increase in other accounts payable and accrued expenses ............................... (45,796) (785,198) (82,567) Resources generated by operating activities ........ 1,310,194 415,051 43,645 FINANCING ACTIVITIES: Bank loans .......................................... (267,951) (409,895) (43,102) Increase in capital ................................. 2,021,462 0 0 Additional paid in capital .......................... 0 0 0 Net resources generated from financing activities .. 1,753,511 (409,895) (43,102) INVESTMENT ACTIVITIES: Additions to property, plant and equipment........... (1,030,475) (210,933) (22,181) Acquisition of new subsidiaries ..................... (2,021,462) 0 0 Increase in deferred assets ......................... (116,012) (183,505) (19,296) Minority interest .................................... 0 0 0 Net resources applied to investing activities ....... (3,167,949) (394,438) (41,477) INCREASE IN CASH AND CASH EQUIVALENTS ....................... (104,244) (389,282) (40,935) CASH AND CASH EQUIVALENTS AT BEGINNING OF THE PERIOD......... 853,898 749,654 78,830 CASH & CASH EQUIVALENTS AT END OF THE PERIOD ................$ 749,654 $ 360,372 US$ 37,895 * The exchange rate of 9.5098 was used for translation purposes.

"CORPORACION DURANGO, S.A. DE C.V. AND SUBSIDIARIES" CONSOLIDATED CONDENSED STATEMENTS OF INCOME (UNAUDITED) EXPRESSED IN TERMS OF THE PURCHASING POWER OF MEXICAN PESOS "AS OF SEPTEMBER 30, 2001" Thousands of Pesos Thousands of Dollars 3Q 3Q 3Q 3Q 2000 2001 Var 2000 2001 Var (Audited) (Unaudited) (Audited) (Unaudited) NET SALES ................................................ $ 3,052,770 $ 2,276,251 -25% 308,029 239,358 -22% COST OF SALES ............................................ 2,478,819 1,857,246 -25% 250,431 195,299 -22% Gross profit......................................... 573,951 419,005 -27% 57,598 44,059 -24% Selling and Administrative expenses ................. 184,549 154,286 -16% 18,561 16,224 -13% Operating income .................................... 389,402 264,719 -32% 39,037 27,835 -29% FINANCIAL EXPENSE: Interest expense ......................................... 254,925 245,086 -4% 25,525 25,772 1% Interest income .......................................... (28,741) (12,820) -55% (2,881) (1,347) -53% Exchange (gain) loss, net ................................ (278,235) 317,789 N/A (27,754) 33,417 N/A Gain on monetary position ................................ (192,760) (77,152) -60% (19,331) (8,113) -58% Total financial expense .......................... (244,811) 472,903 N/A (24,441) 49,729 N/A OTHER INCOME (EXPENSES): Other income (expense), net .............................. 248,599 41,702 -83% 25,615 4,386 -83% Total other income (expense) ..................... 248,599 41,702 -83% 25,615 4,386 -83% Income (loss) before income and asset taxes ...... 882,812 (166,482) N/A 89,093 (17,508) N/A Provisions for income and asset taxes .................... 123,304 45,441 -63% 12,317 4,779 -61% Provision for deferred income taxes ...................... (51,373) (96,469) 88% (5,110) (10,144) 99% Net income after taxes ........................... 810,881 (115,454) N/A 81,886 (12,143) N/A Special items ............................................ 0 317,204 N/A 0 33,356 N/A NET INCOME................................................ $ 810,881 $ (432,658) N/A 81,886 (45,499) N/A MAJORITY................................................ 614,922 (321,413) N/A 62,207 (33,800) N/A MINORITY................................................ 195,959 (111,245) N/A 19,679 (11,699) N/A $ 810,881 $ (432,658) N/A 81,886 (45,499) N/A

"CORPORACION DURANGO, S.A. DE C.V. AND SUBSIDIARIES" CONSOLIDATED CONDENSED STATEMENTS OF INCOME (UNAUDITED) EXPRESSED IN TERMS OF THE PURCHASING POWER OF MEXICAN PESOS "AS OF SEPTEMBER 30, 2001" Thousands of Pesos Thousands of Dollars Ac Ac Ac Ac 2000 2001 Var 2000 2001 Var (Audited) (Unaudited) (Audited) (Unaudited) NET SALES ................................................ $ 8,979,009 $ 7,340,171 -18% 899,197 773,709 -14% COST OF SALES ............................................ 7,354,672 6,033,053 -18% 738,899 635,744 -14% Gross profit......................................... 1,624,337 1,307,118 -20% 160,298 137,965 -14% Selling and Administrative expenses ................. 545,678 479,806 -12% 54,253 50,590 -7% Operating income .................................... 1,078,659 827,312 -23% 106,045 87,375 -18% FINANCIAL EXPENSE: Interest expense ......................................... 754,065 767,375 2% 74,407 80,984 9% Interest income .......................................... (87,977) (54,709) -38% (8,751) (5,792) -34% Exchange (gain) loss, net ................................ (26,562) (55,220) 108% (4,637) (6,849) 48% Gain on monetary position ................................ (515,066) (233,948) -55% (50,631) (24,645) -51% Total financial expense .......................... 124,460 423,498 240% 10,388 43,698 321% OTHER INCOME (EXPENSES): Other income (expense), net .............................. 1,073,587 528,964 -51% 111,242 55,592 -50% Total other income (expense) ..................... 1,073,587 528,964 -51% 111,242 55,592 -50% Income (loss) before income and asset taxes ...... 2,027,786 932,778 -54% 206,899 99,269 -52% Provisions for income and asset taxes .................... 253,851 208,231 -18% 25,121 22,119 -12% Provision for deferred income taxes ...................... 378,282 43,942 -88% 35,745 5,407 85% Net income after taxes ........................... 1,395,653 680,605 -51% 146,033 71,743 51% Special items ............................................ 0 317,204 N/A 0 33,356 N/A NET INCOME................................................ $ 1,395,653 $ 363,401 -74% 146,033 38,387 -74% MAJORITY................................................. 1,234,671 288,238 -77% 130,508 30,118 -77% MINORITY................................................. 160,982 75,163 -53% 15,525 8,269 -47% $ 1,395,653 $ 363,401 -74% 146,033 38,387 -74%

"CORPORACION DURANGO, S.A. DE C.V. AND SUBSIDIARIES" BASES FOR CALCULATION FOR EBITDA AND COVERAGE EXPRESSED IN TERMS OF THE PURCHASING POWER OF MEXICAN PESOS "AS OF SEPTEMBER 30, 2001" (Stated in thousands of Dollars) Thousands of Dollars Thousands of Dollars 3Q 3Q Ac Ac 2000 2001 Var 2000 2001 Var (Audited) (Unaudited) (Audited) (Unaudited) Operating income ..........................................$ 39,037 $ 27,835 -29% $ 106,045 $ 87,375 -18% Depreciation, amortization and other virtuals ............. 13,012 12,937 -1% 40,921 38,915 -5% Interest income ........................................... 2,881 1,347 -53% 8,751 5,792 -34% Other income (expense), net ............................... 873 4,386 402% 1,695 5,961 252% EBITDA..................................................... 55,803 46,505 -17% 157,412 138,043 -12% Interest expense .......................................... 25,525 25,772 1% 74,407 80,984 9% Amortization of Financial Comissions ...................... 544 2,348 332% 1,588 4,959 212% Consolidated interest expense ............................. 24,981 23,424 -6% 72,819 76,025 4% Coverage (EBITDA/consolidated interest expense)............ 2.2 2.0 2.2 1.8

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