Obligation Grupo Sendas 10.5% ( USP68166AA81 ) en USD

Grupo Sendas

100 % ⇌

Mexique

USP68166AA81 ( en USD )

10.5% par an ( paiement semestriel )

Obligation remboursée le 03/10/2015 - Obligation échue

Prospectus brochure de l'obligation Grupo Senda Autotransporte USP68166AA81 en USD 10.5%, échue

2 000 USD

150 000 000 USD

P68166AA8

Obligation remboursée le 03/10/2015

Grupo Senda est une entreprise mexicaine de transport routier de passagers, opérant un vaste réseau d'autobus à travers le Mexique et les États-Unis, offrant divers services, allant des trajets locaux aux voyages longue distance.

L'Obligation émise par Grupo Sendas ( Mexique ) , en USD, avec le code ISIN USP68166AA81, paye un coupon de 10.5% par an.
Le paiement des coupons est semestriel et la maturité de l'Obligation est le Obligation remboursée le 03/10/2015

L'Obligation émise par Grupo Sendas ( Mexique ) , en USD, avec le code ISIN USP68166AA81, a été notée NR par l'agence de notation Moody's.

L'Obligation émise par Grupo Sendas ( Mexique ) , en USD, avec le code ISIN USP68166AA81, a été notée NR par l'agence de notation Standard & Poor's ( S&P ).

OFFERING CIRCULAR
http://www.oblible.comU.S.$150,000,000
Grupo Senda Autotransporte, S.A. de C.V.
10.50% Senior Secured Guaranteed Notes Due 2015
Interest on the notes is payable on April 3 and October 3 of each year, beginning on April 3, 2008. The notes will mature on
October 3, 2015. We may redeem some or all of the notes at any time on or after October 3, 2011 at the redemption prices described in this
offering circular. Prior to October 3, 2011, we may redeem, in whole or in part, the notes, by paying the greater of the principal amount of the
notes and the Make-Whole Amount, plus accrued and unpaid interest. Prior to October 3, 2010 we may redeem up to 35% of the notes from
the proceeds of certain equity offerings. In addition, in the event of certain changes in the Mexican withholding tax treatment relating to
payments on the notes, we may redeem all (but not less than all) of the notes at 100% of their principal amount, plus accrued and unpaid
interest. The redemption prices are discussed under the caption "Description of Notes--Optional Redemption." There is no sinking fund for
the notes.
The notes will be our secured senior obligations and will be unconditionally guaranteed on a secured senior basis by certain of our
subsidiaries and certain future subsidiaries. The notes will be secured on a first-priority basis (subject to certain permitted liens) by liens (i) on
all capital stock held or beneficially owned by us of the subsidiary guarantors and Autobuses Coahuilenses, S.A. de C.V.; (ii) all of our and the
subsidiary guarantors' inventories and transportation and other equipment; and (iii) all of our and the subsidiary guarantors' real property,
including land and buildings. On the date of issuance, perfected liens will be created on all capital stock held or beneficially owned by us of
the subsidiary guarantors (except for Coach Investments, LLC and Turimex, LLC) and Autobuses Coahuilenses, S.A. de C.V. Liens will be
created and perfected on the capital stock held or beneficially owned by us of Coach Investments, LLC and Turimex, LLC within 120 days of
the date of issuance. Liens will be created and perfected on all of our and the subsidiary guarantors' inventories and transportation and other
equipment within 120 days of the date of issuance. Liens will be created on all of our and the subsidiary guarantors' real property within 120
days of the date of issuance, and we and the subsidiary guarantors will use our reasonable best efforts to perfect such liens within 120 days of
the date of issuance. If we and the subsidiary guarantors do not create the required liens within the applicable time limits, the interest payable
on the notes will increase by 0.50% until such liens are created and perfected. This increase in interest payable is in addition to a potential
event of default. In addition, we will take all steps necessary to cause any future subsidiary guarantors, as soon as practicable and to the
extent permitted by applicable law, to grant a first-priority lien (subject to certain permitted liens) over all of its existing and future inventories,
transportation and other equipment, real property and capital stock. Certain other creditors will be entitled to share in the collateral on an
equal basis with the notes. See "Description of Notes--Security."
The notes and guarantees will rank equally with all of our and the subsidiary guarantors' existing and future senior secured
indebtedness and senior to all of our and the subsidiary guarantors' existing and future subordinated indebtedness subject to certain statutory
preferences under Mexican law. The notes and guarantees will be structurally subordinated to the indebtedness and trade payables of our
current and future non-guarantor subsidiaries.
The notes are expected to be eligible for trading in the Private Offerings, Resales and Trading through Automated Linkages Market,
commonly referred to as the PORTAL Market. We have applied to list the notes on the Official List of the Luxembourg Stock Exchange and to
trade on the Euro MTF market of the Luxembourg Stock Exchange. The offering circular constitutes a prospectus for the purpose of the
Luxembourg Law dated July 10, 2005 on Prospectuses for Securities.
________________________________________________
Investing in the notes involves risks. See "Risk Factors" beginning on page 18.
Price: 100.00%
plus accrued interest, if any, from October 3, 2007.
Delivery of the notes in book-entry form will be made on or about October 3, 2007.
THE NOTES HAVE NOT BEEN AND WILL NOT BE REGISTERED WITH THE NATIONAL SECURITIES REGISTRY (REGISTRO
NACIONAL DE VALORES) MAINTAINED BY THE NATIONAL BANKING AND SECURITIES COMMISSION (COMISIÓN NACIONAL
BANCARIA Y DE VALORES, OR CNBV), AND MAY NOT BE OFFERED OR SOLD PUBLICLY, OR OTHERWISE BE THE SUBJECT OF
BROKERAGE ACTIVITIES, IN MEXICO, EXCEPT PURSUANT TO A PRIVATE PLACEMENT EXEMPTION SET FORTH UNDER ARTICLE
8 OF THE MEXICAN SECURITIES MARKET LAW (LEY DEL MERCADO DE VALORES). AS REQUIRED UNDER THE MEXICAN
SECURITIES MARKET LAW, WE WILL NOTIFY THE CNBV OF THE OFFERING OF THE NOTES OUTSIDE OF MEXICO. SUCH NOTICE
WILL BE DELIVERED TO THE CNBV TO COMPLY WITH A LEGAL REQUIREMENT AND FOR INFORMATION PURPOSES ONLY, AND
THE DELIVERY TO AND THE RECEIPT BY THE CNBV OF SUCH NOTICE DOES NOT IMPLY ANY CERTIFICATION AS TO THE
INVESTMENT QUALITY OF THE NOTES OR OUR SOLVENCY, LIQUIDITY OR CREDIT QUALITY. THE INFORMATION CONTAINED IN
THIS OFFERING CIRCULAR OF THE NOTES IS EXCLUSIVELY THE RESPONSIBILITY OF THE COMPANY AND HAS NOT BEEN
REVIEWED OR AUTHORIZED BY THE CNBV.
The notes have not been registered under the United States Securities Act of 1933, as amended, or the Securities Act, or any state
securities law. Accordingly, the notes are being offered and sold only to qualified institutional buyers in accordance with Rule 144A under the
Securities Act and outside the United States of America in accordance with Regulation S under the Securities Act. Prospective purchasers
that are qualified institutional buyers are hereby notified that the seller of the notes may be relying on the exemption from the provisions of
Section 5 of the Securities Act provided by Rule 144A. For a description of certain restrictions on transfers of the notes, see "Plan of
Distribution" and "Notice to Investors."
Credit Suisse
The date of this offering circular is September 26, 2007.

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TABLE OF CONTENTS
Page
Page
SERVICE OF PROCESS AND ENFORCEMENT OF
MANAGEMENT ...................................................80
CIVIL LIABILITIES............................................ iii
PRINCIPAL SHAREHOLDERS ...............................85
FORWARD-LOOKING STATEMENTS..................... v
RELATED PARTY TRANSACTIONS......................86
PRESENTATION OF FINANCIAL AND OTHER
DESCRIPTION OF NOTES.....................................88
INFORMATION.................................................. vi
TAXATION........................................................159
SUMMARY ........................................................... 1
PLAN OF DISTRIBUTION ...................................165
SUMMARY OF THE OFFERING.............................. 4
NOTICE TO CANADIAN RESIDENTS ..................169
SUMMARY CONSOLIDATED FINANCIAL AND
NOTICE TO INVESTORS ....................................171
OPERATING INFORMATION ............................. 12
LEGAL MATTERS .............................................174
RISK FACTORS................................................... 18
INDEPENDENT AUDITORS ................................174
USE OF PROCEEDS............................................. 33
AVAILABLE INFORMATION ..............................174
CAPITALIZATION ............................................... 34
GENERAL LISTING INFORMATION....................175
EXCHANGE RATES ............................................ 35
DIFFERENCES BETWEEN MEXICAN
SELECTED CONSOLIDATED FINANCIAL DATA .. 36
FINANCIAL REPORTING STANDARDS AND
MANAGEMENT'S DISCUSSION AND
U.S. GAAP....................................................177
ANALYSIS OF FINANCIAL CONDITION AND
INDEX TO FINANCIAL STATEMENTS ................ F-1
RESULTS OF OPERATIONS............................... 39
EXHIBIT I UNAUDITED RESULTS AS OF
THE MEXICAN PASSENGER
AND FOR THE SIX-MONTH PERIODS ENDED
TRANSPORTATION INDUSTRY......................... 53
JUNE 30, 2006 AND 2007................................ I-1
OUR BUSINESS .................................................. 56

----------------------
You should rely only on the information contained in this offering circular. We have not
authorized anyone to provide you with different information. We are not, and the initial
purchasers are not, making an offer of these securities in any state where the offer is not permitted.
You should not assume that the information contained in this offering circular is accurate as of any
date other than the date on the front of this offering circular.

This offering circular has been prepared by us solely for use in connection with the proposed
offering of the securities described in this offering circular. This offering circular is personal to each
offeree and does not constitute an offer to any other person or to the public generally to subscribe for or
otherwise acquire securities. Distribution of this offering circular to any person other than the prospective
investor and any person retained to advise such prospective investor with respect to its purchase is
unauthorized, and any disclosure of any of its contents, without prior written consent, is prohibited.
The initial purchasers make no representation or warranty, express or implied, as to the accuracy
or completeness of the information contained in this offering circular. Nothing contained in this offering
circular is, or shall be relied upon as, a promise or representation by the initial purchasers as to the past or
future. We have furnished the information contained in this offering circular. The initial purchasers
make no representation as to any of the information contained herein (financial, legal or otherwise) and
assumes no responsibility for the accuracy or completeness of any such information.
Neither the SEC, any state securities commission nor any other regulatory authority, has
approved or disapproved the securities nor have any of the foregoing authorities passed upon or endorsed
the merits of this offering or the accuracy or adequacy of this offering circular. Any representation to the
contrary is a criminal offense.

The notes are subject to restrictions on transferability and resale and may not be transferred or
resold except as permitted under the Securities Act and the applicable state securities laws pursuant to
registration or exemption therefrom. As a prospective purchaser, you should be aware that you may be
required to bear the financial risks of this investment for an indefinite period of time. Please refer to the
sections in this offering circular entitled "Plan of Distribution" and "Notice to Investors."
In making an investment decision, prospective investors must rely on their own examination of
the issuer and the terms of the offering, including the merits and risks involved. Prospective investors
should not construe anything in this offering circular as legal, business or tax advice. Each prospective
investor should consult its own advisors as needed to make its investment decision and to determine
whether it is legally permitted to purchase the securities under applicable investment or similar laws or
regulations.
We confirm that, after having made all reasonable inquiries, to the best of our knowledge, this
offering circular contains all information with regard to us and the notes which is material to the offering
and sale of the notes, that the information contained in this offering circular is true and accurate in all
material respects and is not misleading in any material respect and that there are no omissions of any
other facts from this offering circular which, by their absence herefrom, make this offering circular
misleading in any material respect. We accept responsibility for the information contained in this offering
circular regarding Grupo Senda Autotransporte, S.A. de C.V. and its subsidiaries, the notes and the
applicable transaction documents.
This offering circular contains summaries believed to be accurate with respect to certain
documents, but reference is made to the actual documents for complete information. All such summaries
are qualified in their entirety by such reference. Copies of documents referred to herein are available free
of charge at the office of the Luxembourg paying agent and will be made available to prospective
investors upon request to us or the initial purchasers.
NOTICE TO NEW HAMPSHIRE RESIDENTS ONLY
NEITHER THE FACT THAT A REGISTRATION STATEMENT OR AN APPLICATION
FOR A LICENSE HAS BEEN FILED UNDER CHAPTER 421-B OF THE NEW HAMPSHIRE
REVISED STATUTES WITH THE STATE OF NEW HAMPSHIRE NOR THE FACT THAT A
SECURITY IS EFFECTIVELY REGISTERED OR A PERSON IS LICENSED IN THE STATE
OF NEW HAMPSHIRE CONSTITUTES A FINDING BY THE SECRETARY OF STATE THAT
ANY DOCUMENT FILED UNDER RSA 421-B IS TRUE, COMPLETE AND NOT
MISLEADING. NEITHER ANY SUCH FACT NOR THE FACT THAT AN EXEMPTION OR
EXCEPTION IS AVAILABLE FOR A SECURITY OR A TRANSACTION MEANS THAT THE
SECRETARY OF STATE HAS PASSED IN ANY WAY UPON THE MERITS OR
QUALIFICATIONS OF, OR RECOMMENDED OR GIVEN APPROVAL TO, ANY PERSON,
SECURITY, OR TRANSACTION. IT IS UNLAWFUL TO MAKE, OR CAUSE TO BE MADE,
TO ANY PROSPECTIVE PURCHASER, CUSTOMER, OR CLIENT ANY REPRESENTATION
INCONSISTENT WITH THE PROVISIONS OF THIS PARAGRAPH.
NOTICE TO PROSPECTIVE INVESTORS IN THE UNITED KINGDOM
This communication is only being distributed to and is only directed at (i) persons who are
outside the United Kingdom or (ii) to investment professionals falling within Article 19(5) of the
Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, (the "Order"), or (iii) high
net worth companies, and other persons to whom it may lawfully be communicated, falling within Article

ii

49(2)(a) to (d) of the Order (all such persons together being referred to as relevant persons). The notes
are only available to, and any invitation, offer or agreement to subscribe, purchase or otherwise acquire
such notes will be engaged in only with relevant persons. Any person who is not a relevant person should
not act or rely on this document or any of its contents.
NOTICE TO PROSPECTIVE INVESTORS IN THE EEA
In any EEA Member State that has implemented Directive 2003/71/EC (together with any
applicable implementing measures in any Member State, the "Prospectus Directive"), this communication
is only addressed to and is only directed at qualified investors in that Member State within the meaning of
the Prospectus Directive.
This offering circular has been prepared on the basis that all offers of the notes will be made
pursuant to an exemption under the Prospectus Directive, as implemented in member states of the
European Economic Area ("EEA"), from the requirement to produce a prospectus for offers of the notes.
Accordingly, any person making or intending to make any offer within the EEA of notes which are the
subject of the placement contemplated in this offering circular should only do so in circumstances in
which no obligation arises for us or the initial purchasers to produce a prospectus for such offer.
PURCHASER'S REPRESENTATION
Each person in a Member State of the European Economic Area which has implemented the
Prospectus Directive (each, a "Relevant Member State") who receives any communication in respect of,
or who acquires any of the notes under, the offers contemplated in this offering circular will be deemed to
have represented, warranted and agreed to and with us and each initial purchaser that it is a qualified
investor within the meaning of the law in that Relevant Member State implementing Article 2(1)(e) of the
Prospectus Directive.
We have not authorized and do not authorize the making of any offer of the notes through any
financial intermediary, as that term is used in Article 3(2) of the Prospectus Directive, on their behalf,
other than offers made by the initial purchasers with a view to the final placement of the notes as
contemplated in this offering circular. Accordingly, no purchaser of the notes, other than the initial
purchasers, is authorized to make any further offer of the notes on behalf of the initial purchasers.
For the purposes of this representation, the expression an "offer" in relation to any notes in any
Relevant Member State means the communication in any form and by any means of sufficient
information on the terms of the offer and any notes to be offered so as to enable an investor to decide to
purchase or subscribe for the notes, as the same may be varied in that Relevant Member State by any
measure implementing the Prospectus Directive in that Relevant Member State.
SERVICE OF PROCESS AND ENFORCEMENT OF CIVIL LIABILITIES
We are a variable capital corporation (sociedad anónima de capital variable) organized under the
laws of Mexico. Substantially all of our directors and officers reside outside the United States.
Substantially all of the assets of such persons are located in Mexico. Furthermore, substantially all of our
assets are located in Mexico. As a result, it may not be possible for investors to effect service of process
within the United States of America or in any other jurisdiction outside of Mexico upon our directors or
officers, or to enforce against us or any of them in any jurisdiction outside of Mexico judgments
predicated upon the laws of any such jurisdiction, including any judgment predicated upon the federal and
state securities laws of the United States. We have been advised by our special Mexican counsel, Ritch
Mueller, S.C., that there is uncertainty as to the enforceability in Mexican courts, in original actions or in

iii

actions for enforcement of judgments obtained in courts of jurisdictions outside of Mexico, of civil
liabilities under the laws of any jurisdiction outside of Mexico, including any judgment predicated solely
upon the federal and state securities laws of the United States.

iv

FORWARD-LOOKING STATEMENTS
This offering circular 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 forward-
looking 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 forward-looking 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.
These forward-looking statements speak only as of the date of this offering circular and we
undertake no obligation to update our forward-looking statements or risk factors to reflect new
information, future events or otherwise. Additional factors affecting our business emerge from time to
time and it is not possible for us to predict all of these factors, nor can we assess the impact of all such
factors on our business or the extent to which any factor, or combination of factors, may cause actual
results to differ materially from those contained in any forward-looking statement. Although we believe
that the plans, intentions and expectations reflected in or suggested by such forward-looking statements
are reasonable, we cannot assure you that those plans, intentions or expectations will be achieved. In
addition, you should not interpret statements regarding past trends or activities as assurances that those
trends or activities will continue in the future. All written, oral and electronic forward-looking statements
attributable to us or persons acting on our behalf are expressly qualified in their entirety by this cautionary
statement.

v

PRESENTATION OF FINANCIAL AND OTHER INFORMATION
Financial Information
This offering circular includes our audited consolidated financial statements as of December 31,
2006 and 2005 and for each of the three years in the period ended December 31, 2006 (the "Financial
Statements"). This offering circular also includes our unaudited condensed consolidated financial
statements as of June 30, 2007 and for the six-month periods ended June 30, 2007 and 2006. See Exhibit
I. You should read the unaudited condensed consolidated financial statements for the six-month periods
ended June 30, 2007 and 2006 in conjunction with our audited Financial Statements.
The financial information in this offering circular has been prepared in accordance with Mexican
Financial Reporting Standards (Normas de Información Financiera), which differ in certain significant
respects from generally accepted accounting principles in the United States of America ("U.S. GAAP").
See "Differences Between Mexican Financial Reporting Standards and U.S. GAAP" for a description of
certain principal differences between Mexican Financial Reporting Standards and U.S. GAAP as they
relate to us. We are not providing any reconciliation to U.S. GAAP of our financial statements or
other financial information included in this offering circular. We cannot assure you that a
reconciliation would not identify material quantitative differences between figures included in our
financial statements or other financial information as prepared on the basis of Mexican Financial
Reporting Standards if such information were to be prepared on the basis of U.S. GAAP.
The Mexican Institute of Public Accountants has issued Bulletin B-10, "Recognition of the
Effects of Inflation on Financial Information," and Bulletin B-12, "Statements of Changes in Financial
Position." These bulletins outline the inflation accounting methodology mandatory for all Mexican
companies reporting under Mexican Financial Reporting Standards. Bulletin B-10 requires a restatement
of all comparative financial statements to constant pesos as of the date of the most recent balance sheet
presented.
Pursuant to Mexican Financial Reporting Standards, except for information as of and for the six-
month periods ended June 30, 2007 and 2006 or as otherwise indicated, financial data for all periods
included in this offering circular have been restated in constant pesos (having the same purchasing power
for each period indicated taking into account inflation) as of December 31, 2006. Financial data for the
six-month periods ended June 30, 2007 and 2006 herein are restated in constant pesos as of June 30,
2007, and therefore are not comparable to financial information restated in constant pesos as of December
31, 2006. According to the Central Bank of Mexico ("Banco de México"), the difference in the
purchasing power of the peso at December 31, 2006 as compared to the purchasing power of the peso at
June 30, 2007 was 0.58%, which we do not consider to be material or to materially affect financial results
as presented herein.
We acquired Transportes del Norte MéxicoLaredo y Anexas, Servicio Internacional, S.A. de
C.V. ("Transportes del Norte") in October 2004. Transportes del Norte is included in our audited
consolidated financial statements as of October 2004 as a consolidated entity but it is not included prior to
that date. As a result, our consolidated financial information for the three years ended December 31, 2006
is not directly comparable with prior periods.
Currency Information
Unless stated otherwise, references herein to "pesos" or "Ps." are to pesos, the legal currency of
Mexico; references to "U.S. dollars," "dollars," "U.S.$" or "$" are to United States dollars, the legal
currency of the United States.

vi

This offering circular contains translations of certain peso amounts to U.S. dollars at specified
rates solely for the convenience of the reader. These translations should not be construed as
representations that the peso amounts represent such dollar amounts or could be converted into U.S.
dollars at the rate indicated. Except for U.S. dollars as of and for the six-month periods ended June 30,
2007 and 2006 or as otherwise indicated, U.S. dollar amounts in this offering circular have been
translated from pesos at an exchange rate of Ps.10.7995 to U.S.$1.00 which is the noon buying rate for
Mexican pesos as published by the Federal Reserve Bank of New York on December 29, 2006. The U.S.
dollar amounts translated from pesos for June 30, 2007 are based on the noon buying rate published by
the Federal Reserve Bank of New York on June 29, 2007 of Ps.10.7901 to U.S.$1.00. On August 31,
2007, the noon buying rate published by the Federal Reserve Bank of New York was Ps. 11.032 to
U.S.$1.00. See "Exchange Rates" for information regarding the rates of exchange between the peso and
the dollar for the periods specified therein.
Industry, Market and Certain Operating Data
Some statistical information in this offering circular is based on government publications or other
independent sources. We accept responsibility for the correct extraction and reproduction of this statistical
information. Some data are also based on our estimates, which are derived from our review of internal
surveys. Although we believe these sources are reliable, we have not independently verified the
information and cannot guarantee its accuracy or completeness.
We measure our operating volume by total kilometers traveled. Our passenger transportation
kilometer totals are recorded by our payroll department after each bus run and centralized in an enterprise
management system. Our personnel transportation kilometer totals are recorded by our maintenance staff
at each refueling of our personnel transportation vehicles and centralized in the same enterprise
management system. We believe this system provides us with accurate operating volume totals and
breakdowns for each of our segments.
Other Information Presented
The standard measure of distance in the ground transportation business in Mexico is the kilometer
(km), while in the United States the standard measure is the mile. Unless otherwise specified, all units of
distance shown in this offering circular are expressed in terms of kilometers. One kilometer is equal to
approximately 0.621 mile.

vii

SUMMARY
This summary highlights selected information from this offering circular and is qualified in its
entirety by, and is subject to, the more detailed information and financial statements appearing elsewhere
in this offering circular. You should read this entire offering circular carefully, including the risk factors
and financial statements contained herein, before making an investment decision.
Our Company
We are a leading provider of bus transportation services in Mexico, principally serving the
northeastern and central regions of Mexico. We offer scheduled bus passenger service to more than 125
destinations in 15 states in Mexico and 12 destinations in the United States, with a monthly average of
2,400 daily departures and a fleet of over 1,200 buses. Our principal routes cover substantially all of the
major metropolitan areas in northeast and central Mexico and serve most of the small cities between such
metropolitan areas. In addition, we operate a personnel transportation business that offers bus
transportation services to businesses and educational institutions, using a fleet of over 1,060 buses. We
also operate a package delivery business using excess capacity in our buses and other dedicated vehicles.
For the year ended December 31, 2006, we had operating revenues of Ps.2,793.2 million, reflecting an
11.0% increase in our operating revenues compared to 2005. For the six-month period ended June 30,
2007, we had operating revenues of Ps.1,364.9 million, reflecting an approximately 2.7% increase in our
operating revenues compared to the same period in 2006.
Of our operating revenues in 2006, 81.2% was attributable to our Mexican passenger
transportation services business, including 4.7% attributable to our package delivery services business,
and 18.8% was attributable to our personnel transportation services business.
The Mexican Transportation Industry
In 2005 the bus transportation industry accounted for 98%, or approximately 2,950 million
passenger tickets purchased, of the total of 3,004 million passenger tickets purchased in Mexico for
intercity travel.
The Mexican bus transportation industry is highly fragmented. In 2005 there were 47,092
registered buses operating intercity services in Mexico and 3,038 authorized bus service providers,
resulting in an average of 15.5 buses per service provider. Only a limited number of bus companies
operate more than 1,000 buses. We believe that the bus industry's current fragmentation and the
economies of scale achieved by larger bus transportation companies are likely to lead to greater
consolidation in the future.
The dominant business model in the Mexican bus transportation industry, as opposed to our
business model, is an "owner-operator" arrangement. The bus operators in this model independently own
one or more buses and generally control shares of the bus company in proportion to the number of buses
they own. As a result, the bus fleets and services provided by these companies are not always
standardized and the decision-making process is subject to multiple, sometimes conflicting, interests,
impacting route frequency and rate optimization. We believe that our corporate business model allows us
to adapt quickly to changing market conditions, establish routes and route frequencies that meet market
demand and profitability objectives and maintain uniform standards for our buses and services.

1