FINANCIAL HIGHLIGHTS (1Q12 vs. 1Q11): RESULTS BY SEGMENT (1Q12 vs. 1Q11):

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1 GRUPO SENDA AUTOTRANSPORTE, S.A. DE C.V. ANNOUNCES FIRST QUARTER 2012 RESULTS M onterrey, Nuevo Leon, Mexico May 9, 2012 Grupo Senda Autotransporte, S.A. de C.V. ( the Company or Grupo Senda ) today announced its results for the first quarter (1Q12) period ended March 31, All figures herein are denominated in nominal Pesos (Ps). 1Q Var Revenue 873, , % Operating Expenses 779, , % EBIT 94,506 66, % EBITDA 171, , % EBITDA mgn 19.7% 17.3% Net income 155,564 4, % Net income mgn 17.8% 0.6% CAPEX 2,570 19,420 (Figures in thousands of pesos) FINANCIAL HIGHLIGHTS (1Q12 vs. 1Q11): Revenues increased 4.1% to Ps million Operating expenses remained unchanged at Ps million Operating income increased 42.5% to Ps million EBITDA increased 18.6% to Ps million for a margin of 19.7% Net income grew from Ps. 4.8 million in 1Q11 to Ps million in 1Q12 RESULTS BY SEGMENT (1Q12 vs. 1Q11): Passenger Transport Service revenue increased 1.9% to Ps million despite less travel demand stemming from the negative effects of the weak security perception of bus travel in the region. The Company intensified its route rationalization strategy to offset the lower demand, resulting in a 15% decline in operating volume compared to same period last year. EBIT increased 97.9% from Ps million in 1Q11 to Ps million in 1Q12 as a result of operating efficiencies which lowered transportation and maintenance costs, as well as an optimization in the sales and administrative structure. Investor Relations Contact: Horacio Alcocer, IRO Grupo Senda Autotransporte, S.A. de C.V. Bernardo Reyes 3810 Nte. Col Popular, Monterrey, N.L. Tel: Horacio.Alcocer@gruposenda.com Personnel Transport Service continued its growth trend with revenue increasing 11.8% to Ps million, mainly driven by a 7.0% increase in revenue per kilometer and a 4.5% increase in operating volume when compared to the same period last year. Operating income, or EBIT, decreased 9.8% to Ps million due to higher operating costs

2 Comments from the Vice-Chairman of the Board resulting from maintenance of a larger fleet, a bus enhancement campaign and the strengthening of the Logistics and Commercial departments. Grupo Senda s results reflect, for another consecutive quarter, our Company s ability to mitigate external challenges with prudent measures that preserve margins and profitability. We continue working on lowering our operating costs and finding efficiencies in our value chain. Our efforts are aimed to fulfill our customers needs to continue our successful track record. I am proud to say that Grupo Senda remains the market leader and the company of choice for those continuing to travel by bus. David Rodríguez Vice-Chairman of the Board OPERATING RESULTS Total Revenues I n first quarter 2012, revenues increased 4.1% to Ps million from Ps million in 1Q11. This result was driven by an 11.8% increase in Personnel segment revenue triggered by a stronger economic recovery. Passenger revenues increased 1.9% despite lower travel demand stemming from the negative effects of the weak security perception of bus travel in the region. During the quarter, 76.1% of total revenues came from the Passenger segment out of which 14.0% comes from international services and 9.2% comes from the package delivery service business. Personnel transportation services represent 23.9% of total revenues. Operating Expenses Total operating expenses remained almost flat (0.8% increase) from Ps million in 1Q11 to Ps million in 1Q12. Despite inflation, higher diesel prices and higher operating volumes in the personnel segment, the Company s cost reduction efforts have demonstrated flexibility to counter challenges and offset their effects to yield the strongest results possible. Following are some of the Company s key operating costs: Transportation costs include driver wages and compensation, maintenance of equipment, bus parts, toll fees, driver travel expenses and insurance, among others. For the three months ended March 31, 2012 transportation costs increased 1.6% from Ps million in 1Q11 to Ps million. This rise is mainly driven by a 4.5% increase in operating volume in the Personnel segment, in addition to a 4.5% annual increase in wages, an 8% increase in toll fees year-over-year and a 3.1% increase in maintenance costs overall; offset by a 15% decline in operating volume in our Passenger segment. 2

3 Fuel costs decreased 1.8% from Ps million in 1Q11 to Ps million in 1Q12. This decline was driven by the 15.1% reduction in kilometers from the Passenger segment, and partially offset by an 11% average price increase year-over-year (March 2011 vs March 2012), as well as the increase of operations in the Personnel segment. Selling, general and administrative expenses grew 2.2%, from Ps million in 1Q11 to Ps million in the first quarter of This increase mainly stemmed from the Company s annual wage increase and from additional headcount in the Personnel segment aimed to strengthen the Logistics and Commercial Departments. This was partially offset by the cost reduction efforts and organizational restructure in the Passenger segment. These costs represented 23% of total revenue which was below the figure reported in 1Q11. Depreciation and amortization expenses decreased 1.6%, from Ps million in 2011 to Ps million in 1Q12 due to a lower asset base as a result of the Company s route rationalization strategy which began in 2010, which was offset by the 23.1% increase in depreciation in the Personnel segment due to last year s fleet expansion. Due to the route rationalization in the Passenger segment, approximately 200 buses will be written-off during Operating Income Operating income increased 42.5% from Ps million in 1Q11 to Ps million in 1Q12. This result was driven by a 97.9% increase in Passenger segment EBIT partially offset by a 9.8% reduction in EBIT in the Personnel segment, compared to the same period of The Company achieved efficiencies in the Passenger segment resulting from the route rationalization strategy and an optimized operating structure, while the Personnel segment reported higher maintenance and operating costs. EBITDA Earnings before interest, taxes, depreciation and amortization (EBITDA) increased 18.6% from Ps million in 1Q11 to Ps million during first quarter This increase resulted from higher revenues for both segments (2% in Passenger and 12% in Personnel, versus the same period last year) as well as an improved operating margin in the Passenger segment. During this quarter, the Passenger segment contributed 70.0% of total EBITDA while the Personnel segment contributed the remaining 30.0%. The EBITDA margin between these two periods improved from 17.3% during 1Q11 to 19.7% in 1Q12. Integral Financing Cost ( IFC ) The Company reported an Intergral Financing Result of Ps million during 1Q12 compared to an Integral Financing Cost of Ps million in 1Q11. The Ps million difference between these two periods resulted from a foreign exchange gain and a lower interest expense during 1Q12. The foreign exchange gain resulted from the appreciation of the peso during March 2012 (Ps /US$1) compared to December 2011 (Ps /US$1). Interest expense decreased 13% from Ps million in 1Q11 to Ps 91.6 million in 1Q12 as a result of better credit conditions and lower costs achieved from the refinancing process. 3

4 Other Expenses, Net Other expenses net increased 61% from Ps. 5.7 million in March 2011 to Ps. 9.3 million as of March Income Taxes Grupo Senda reported income taxes of Ps. 9.1 million as of March 31, 2012 compared to Ps million as of March 31, Consolidated Net Income Consolidated Net Income increased from Ps. 4.8 million as of March 31, 2011 to Ps million as of March 31, 2012 mainly due to the higher operating result and a foreign exchange gain during the period. RESULTS BY SEGMENT Passenger Transport Service T he Passenger Transportation segment includes passenger transportation services via ticketed, inter-city, and scheduled bus transportation services and also includes our package delivery service which utilizes our spare storage capacity on our passenger bus routes. Revenues from passenger transportation services increased 1.9% from Ps million as of March 31, 2011 to Ps million as of March 31, These results are despite the 7.0% drop in passenger tickets due to the negative effects of the weak security perception of bus travel in the region which was offset by price increases during June and December Furthermore, in response to this effect, the Company intensified its route rationalization strategy to offset the lower demand, resulting in a 15% decline in operating volume compared to the same period last year in which the weaker security perception was not a factor. Operating income from passenger transportation services grew 97.9%, from Ps million as of March 31, 2011 to Ps million as of March 31, 2012 mainly as a result of operating efficiencies resulting in lower transportation and maintenance costs, as well as an optimization of the sales and administrative structure. Revenues increased 1.9% while costs dropped 3.1% in the same period. Passenger Transport Service Operating Data As of March 31, Var Total bus Km (thousands) 38,771 45, % Total vehicle fleet 1,200 * 1, % Km per bus (thousands) % Revenue per Km % Cost per Km % Revenue per vehicle (thousands) % * The Company expects to write-off approximately 200 buses during

5 Personnel Transportation Service P ersonnel transportation services consist of contracted intra-city services to transport personnel and students to industrial and educational facilities. It also includes the Expreso Escolar, our door-to-door school service which began operations mid Revenues increased 11.8% from Ps million as of March 31, 2011 to Ps million as of March 31, The growth in volume (4.5%) comes as a result of a larger fleet, improved economic conditions which have led companies and industries to increase production, and higher operating volume from Expreso Escolar. The Company is prepared to respond to new service demand to work at full capacity through the new investments made last year in anticipation of this development. On the other hand, RPKs (Revenues Per Kilometer) increased 7.0%, from Ps. 9.6 during 1Q11 to Ps in 1Q12, which was mainly due to the price increase (approximately 5%). Operating income from Personnel transportation services decreased 9.8% from Ps million as of March 31, 2011 to Ps million as of March 31, 2012 as a result of the 16.7% increase in costs. Maintenance for a larger fleet, an image enhancement campaign, the strengthening of the logistics department with new talent, and additional headcount in the commercial area to further Expreso Escolar s growth were the reasons behind the rising costs in the segment. Personnel Transport Service Operating Data As of March 31, Var Total bus Km (thousands) 20,285 19, % Total vehicle fleet 1,522 1, % Km per bus (thousands) % Revenue per Km % Cost per Km % Revenue per vehicle (thousands) % 5

6 NON-OPERATING RESULTS As of March 31, Var Cash & cash equivalents 172, , % Current assets 603, , % Total assets 4,149,136 4,131, % Debt 2,880,087 2,695, % Other liabilities 729, , % Equity 539, , % EBITDA (LTM) 839, , % Interest expenses (LTM) 373, , % Debt / EBITDA 3.4x 3.6x Net debt / EBITDA 3.2x 3.3x EBITDA / Interest expenses 2.2x 1.9x Debt Profile As of March 31, 2012, Grupo Senda s long-term debt totaled Ps. 2,880 million, with an aggregate maturity schedule of approximately 3.2 years. During the first quarter of 2012, Ps. 45 million in working capital facilities was refinanced; Ps. 30 million is now a 24-month amortizing loan and the remaining Ps. 15 million has a 12-month term. These two transactions resulted in an improved short-term debt profile. The following chart does not include working capital and revolving credit facilities: Leases Banks 2,039 1, ST

7 2012 Capital Expenditure Program Grupo Senda reported CapEx of Ps. 2.6 million in the first quarter of 2012, which was allocated towards software and technology. The Company has revised its CapEx budget for full year 2012 from Ps. 350 million to Ps. 250 million. This adjustment was based on a thorough review of fleet size and the greater efficiencies achieved from the route rationalization strategy. An order for 100 buses for the Personnel segment was recently placed and will be delivered during the second and third quarters of Liquidity Position The Company s liquidity improved due to a stronger operating performance. In the first quarter of 2012, no funds were drawn from working capital facilities given that the operating cash flow generation was adequate to finance our operations, financial commitments and investments. Grupo Senda continues its de-leveraging strategy since The Company has reduced its debt levels by utilizing cash flow generation resulting from cost reduction efforts and higher operating margins. As of March 31, 2012 Grupo Senda reported a 3.2x Net Debt / EBITDA and a 2.2x Coverage Ratio, the strongest performance in the last 4 years. The Company will continue with this strategy throughout the year and expects to remain free cash flow positive. Free Cash Flow (Ps millions) 1Q12 EBITDA NWC Taxes -1.4 Other Expenses -3.2 Operating Cash Flow Financial Expense Capex (Replacement) -2.6 Free Cash Flow 98.8 # # # # 7

8 About the Company Grupo Senda is a leading provider of bus transportation services in Mexico, mainly serving the northeastern and central regions of Mexico as well as the state of Texas in the United States. The Company offers scheduled bus passenger service to more than 250 main routes, serving more than 1,000 destinations; throughout 10 states in Mexico and 25 destinations in the United States, with a monthly average of 2,000 daily departures and a fleet of over 1,200 buses. It also offers contracted intra-city service to transport personnel and students to industrial and educational facilities with a fleet of over 1,500 buses. The Company maximizes the use of its fleet by offering packaging delivery services through using excess storage capacity on its passenger bus routes, terminals and sales infrastructure and, at the same time, by offering charter services, in which people may contract buses for special occasions, trips and/or corporate events. Forward-Looking Statements This release contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the United States Securities Exchange Act of 1934, as amended (the Exchange Act ). These forward-looking statements include, but are not limited to, statements about our future financial position and results of operations, our strategy, plans, objectives, goals and targets, future developments in the markets where we participate or are seeking to participate and other statements contained in this offering circular that are not historical facts. In some cases, you can identify forwardlooking statements by terminology such as anticipate, believe, continue, could, estimate, expect, forecast, intend, may, plan, potential, predict, should, or will or the negative of such terms or comparable terminology. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, some of which are beyond our control, which may cause our actual results, performance or achievements expressed or implied by such forwardlooking statements to differ materially from historical results or those anticipated. These forward-looking statements are based on numerous assumptions regarding our present and future business strategies and the environment in which we will operate in the future. These risks, some of which are discussed in Risk Factors, include economic and political conditions and government policies in Mexico or elsewhere, fuel prices, regulatory developments, customer demand, seasonality and competition. (FINANCIAL TABLES FOLLOW) 8

9 Grupo Senda Autotransporte, S.A. de C.V. and Susidiaries Consolidated Income Statement For the Three-Month Period ended March 31, 2012 and 2011 For the three month period ended March 31, Var (in thousand of nominal pesos) Operating revenues: Passenger transport services 664, % 652, % 1.9% Personnel transport services 209, % 186, % 11.8% Total operating revenues 873, % 839, % 4.1% Operating expenses: Transportation costs 355, , % Fuel costs 143, , % Selling, general and administrative expenses 203, , % Depreciation and amortization 77,263 78, % Total operating expenses 779, % 773, % 0.8% Operating result: Passenger transport services 63,738 32, % Personnel transport services 30,769 34, % Total operating result 94, % 66, % 42.5% Other expenses, net -9,265-5, % Integral financing cost: Interest expense 91, , % Foreign exchange loss (gain), net -171,000-63, % -79,382 42, % Equity in earnings (losses) of associated companies % Income and asset tax expense 9,059 13, % Consolidated net income 155,564 4, % 9

10 Grupo Senda Autotransporte, S.A. de C.V.and Subsidiaries Consolidated Statement of Changes in Financial Position As of March 31, 2012 and 2011 As of March 31, Operating Activities: Consolidated net income before taxes 170,645 18,112 Items Related to Investment Activities Depreciation and amortization 77,263 78,509 Equity in earnings (losses) of associated companies Age premium Losses on stock sale Acquisition of an associated company with payment in stocks Items Related to Financing Activities: Interest expense 91, ,521 Interest income 0-51 Monetary effect on debt -171,000-63, , ,091 Trade accounts receivable -40,094-43,108 Inventories -6,239 1,535 Other accounts payable and receivable 5,177 51,446 Trade accounts payable 14,848 20,421 Net Cash Provided by Operating Activities 142, ,385 Investing Activities -2,570-19,420 Financing Activities: Proceeds from notes payable 0 63,000 Payments of notes payable -10,500-34,177 Payments derived from financial leases -84,527-56,921 Interest paid, net -40,956-48,081 Gains from financial derivatives Net Cash Provided from Financial Activities -135,983-76,179 Cash and Cash Equivalents: Net increase (decrease) 3,666 73,786 Balance at the beginning of the period 168, ,826 Balance at the End of the Period 172, ,612 10

11 Grupo Senda Autotransporte, S.A. de C.V. and Subsidiaries Consolidated Balance Sheet As of March 31, 2011 and 2010 As of March 31, Assets Current Assets: Cash and cash equivalents 172, ,612 Accounts receivable 371, ,653 Inventories 59,880 58,157 Current Assets 603, ,422 Land and buildings net 162, ,034 Transportation and other equipment net 1,665,205 1,598,297 Deferred tax 23,741 18,359 Unrealized gain (loss) on derivative financial instruments 2,285 Other assets 52, ,233 Investments in shares 162, ,792 Goodwill and intangible assets 1,477,009 1,477,009 Total Assets 4,149,136 4,131,146 Liabilities and Stockholders Equity Current Liabilities: Bank loans 132, ,000 Current portion of long-term debt 304, ,594 Accounts payable 131, ,491 Acumulated expenses 491, ,736 Unrealized gain (loss) on derivative financial instruments 8,629 Current Liabilities 1,059,554 1,093,450 Long-term Liabilities: Long-term debt 2,443,527 2,252,861 Employee retirement obligations 106,479 92,790 Long-term Liabilities 2,550,006 2,345,651 Total Liabilities 3,609,560 3,439,101 Stockholders Equity: Capital stock 90,873 90,873 Premium on issuance of shares 95,849 95,849 Other accounts 96,393 96,393 Retained earnings 154, ,090 Unrealized gain (loss) on derivative financial instruments 79, ,169 Majority Stockholders Equity 516, ,374 Minority Stockholders Equity 22,888 23,671 Total Stockholders Equity 539, ,045 Total 4,149,136 4,131,146 11