Grupo TMM, S.A.B. (NYSE: TMM) (BMV: TMM A)
("TMM" or the "Company"), a Mexican
intermodal transportation and logistics Company, reported today its
financial results for the second quarter and first six months of
2011.
MANAGEMENT OVERVIEW José F. Serrano,
chairman and chief executive officer of Grupo TMM, said,
"Second-quarter results continued to be affected by a challenging
shipping marketplace, including the global reduction of tariffs for
offshore vessels and product tankers, which impacted revenue and
profit at Maritime compared to the second quarter of 2010.
Notwithstanding, Maritime's operational results and fleet
utilization improved from the first quarter of this year."
Serrano continued, "Prospects for a rebound in the shipping
market look promising as tariffs appear to have hit bottom, which
should translate in operational improvements at Maritime in
upcoming quarters. Additionally, we are working diligently to add
medium and long-term contracts to our fleet."
Serrano concluded, "We continue to work on the implementation of
our five-year growth plan, which includes the development of a
container and liquids terminal at the Port of Tuxpan, Veracruz, and
the addition of specialized offshore vessels to TMM's fleet to meet
the increasing demand for deep water exploration in Mexico. We are
actively pursuing the financial implementation of these projects,
which will allow TMM to grow and improve its capital
structure."
SECOND-QUARTER AND FIRST SIX-MONTHS 2011
FINANCIAL AND OPERATING RESULTS Compared to the same periods
of last year, consolidated revenue in the second quarter and first
six months of 2011, decreased 7.7 percent and 13.4 percent,
respectively, mainly due to reduced revenue at Maritime.
Consolidated operating profit increased 35.4 percent in the
second quarter of 2011, but decreased 12.5 percent in the first
half of 2011 compared to the same periods of 2010. Consolidated
operating profit in the second quarter of 2011 included other
income net of $6.4 million, mainly attributable to the recovery of
certain tax incentives.
Compared to the same periods of last year, consolidated EBITDA
in the second quarter of 2011 increased 10.0 percent to $24.3
million, and in the first half of 2011 decreased 5.1 percent to
$42.8 million.
Interest expense in the second quarter of 2011 and first six
months of 2011 was $17.4 million and $8.6 million, respectively.
EBITDA minus interest expense resulted in free cash flow of $6.9
million in the second quarter of 2011 and of $8.2 million in the
first half of 2011.
Compared to the same periods of last year, Maritime revenue in
the second quarter and first six months of 2011 decreased 15.7
percent and 18.7 percent, respectively, compared to the same
periods of last year. Second-quarter 2011 and first six-months 2011
operating profit was down 33.7 percent and 32.4 percent,
respectively, compared to the same periods of last year. These
reductions were partially offset by revenue and profit increases at
harbor tugs due to increased vessel calls at Manzanillo.
Year over year, in the first six months of 2011, offshore
revenue decreased 21.1 percent to $50.1 million, negatively
impacted by lower average daily tariffs, lower utilization and
three less vessels in operation, compared to the same period of
2010. Also in the first half of 2011, product tanker revenue
decreased 17.7 percent to $16.7 million attributable to lower
average daily tariffs and to lower utilization compared to the same
period of last year. Six-month chemical tanker revenue decreased
25.2 percent to $9.8 million compared to the same period of 2011 as
a result of having one less vessel in operation in the second
quarter and to lower freight volumes in the first half of 2011
compared to last year.
Compared to the same periods of last year, Ports and Terminals'
second-quarter and first six-month 2011 revenue increased 21.0
percent and 18.5 percent, respectively. Year over year,
second-quarter and six-month 2011 operating profit remained
unchanged at $1.4 million and $3.4 million, respectively.
Compared to the same period of last year, first six-month 2011
revenue increased at the automotive segment by 66.7 percent to $4.0
million due to higher volumes, from 298,665 automobiles to 363,599
automobiles. Maintenance and repair segment revenue increased 14.3
percent to $4.0 million in the first half comparison due mainly to
higher volumes at the Manzanillo depot and to the addition of a new
client at Altamira in the second quarter. At Acapulco, first
six-month 2011 revenue decreased 2.6 percent to $3.8 million, as
two cruise ship lines changed routes in the first quarter of 2011,
partially offset by a 52.8 percent revenue increase in the car
handling segment due to higher export volumes.
Compared to second-quarter 2010, Logistics revenue increased 6.7
percent in second-quarter 2011. Excluding $6.7 million of revenue
from the sale of assets in April 2010, Logistics revenue increased
7.6 percent in the first half of 2011 compared to the same period
of 2010. These increases were mainly attributable to higher revenue
at the auto hauling segment, which increased 43.2 percent in
second-quarter 2011 and 46.6 percent in first-half 2011, compared
to the same periods of last year as a result of higher volumes.
DEBT As of June 30, 2011, TMM's total debt
was $892.0 million. The Company's Trust Certificates debt was
negatively impacted by $43.3 million from the appreciation of the
peso versus the dollar in the 2011 first half. On February 15,
2011, the Company paid approximately $44.5 million of its Trust
Certificates debt, including a capital prepayment of $8.4 million,
and on May 13, 2011, prepaid the remaining balance of its
securitization facility with Deutsche Bank of approximately $9.1
million.
Total Debt
Million of U.S. Dollars
------------------------------------------------------------
As of 12/31/10 As of 06/30/11
------------------------------
Mexican Trust Certificates (1) $ 786.4 $ 822.6
Securitization Facility 11.8 0.0
Other Corporate Debt 73.9 69.4
------------------------------
Total Debt (2) $ 872.1 $ 892.0
------------------------------------------------------------
(1) 20-year term and non recourse to the Company (2) Of total
debt, only $22.0 million, or 2.5 percent, is short- term Exchange
Rate: 12.38 pesos/dollar at December 31, 2010 and 11.77
pesos/dollar at June 30, 2011
CONFERENCE CALL TMM's management will host
a conference call and Webcast to review financial and operational
highlights on Friday, July 29 at 11:00 a.m. Eastern time.
To participate in the conference call, please dial (888) 349-9585 (domestic) or (719)
325-2262 (international) at least five minutes prior to the
start of the event. Accompanying visuals and a simultaneous Webcast
of the meeting will be available at: http://www.visualwebcaster.com/event.asp?id=81287.
A replay of the conference call will be available through August
28 at 11:59 p.m. Eastern time, by dialing (888)
203-1112 or (719) 457-0820, and entering
passcode 1429969. On the Internet a replay will be available for 30
days at: http://www.visualwebcaster.com/event.asp?id=81287.
Headquartered in Mexico City, TMM is a Mexican intermodal
transportation and logistics Company. Through its branch offices
and network of subsidiary companies, TMM provides a dynamic
combination of ocean and land transportation services. Visit TMM's
Web site at www.grupotmm.com. The site offers Spanish/English
language options.
Included in this press release are certain forward-looking
statements within the meaning of Section27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended. Such forward-looking statements speak only as
of the date they are made and are based on the beliefs of the
Company's management as well as on assumptions made. Actual results
could differ materially from those included in such forward-looking
statements. Readers are cautioned that all forward-looking
statements involve risks and uncertainty. The following factors
could cause actual results to differ materially from such
forward-looking statements: global, US and Mexican economic and
social conditions; the effect of the North American Free Trade
Agreement on the level of US-Mexico trade; the condition of the
world shipping market; the success of the Company's investment in
new businesses; risks associated with the Company's reorganization
and restructuring; the ability of the Company to reduce corporate
overhead costs; the ability of management to manage growth and
successfully compete in new businesses; and the ability of the
Company to restructure or refinance its indebtedness. These risk
factors and additional information are included in the Company's
reports on Form 6-K and 20-F on file with the United States
Securities and Exchange Commission.
Grupo TMM, S.A.B. and subsidiaries
Balance Sheet*
- millions of dollars -
June 30, December 31,
2011 2010
----------------------------------------------------------------------------
Current assets:
----------------------------------------------------------------------------
Cash and cash equivalents 91.136 142.319
----------------------------------------------------------------------------
Accounts receivable
Accounts receivable - Net 51.374 37.594
----------------------------------------------------------------------------
Other accounts receivable 23.082 20.870
----------------------------------------------------------------------------
Prepaid expenses and others current assets 12.738 11.116
----------------------------------------------------------------------------
Non-current assets held for sale 0.717
----------------------------------------------------------------------------
Total current assets 178.330 212.616
============================================================================
Property, machinery and equipment 935.123 924.188
----------------------------------------------------------------------------
Cumulative Depreciation (190.369) (173.682)
----------------------------------------------------------------------------
Property, machinery and equipment - Net 744.754 750.506
============================================================================
Other assets 43.570 45.248
----------------------------------------------------------------------------
Deferred taxes 67.492 67.492
----------------------------------------------------------------------------
Total assets 1,034.146 1,075.862
----------------------------------------------------------------------------
Current liabilities:
----------------------------------------------------------------------------
Bank loans and current maturities of long-term
liabilities 22.027 23.672
----------------------------------------------------------------------------
Sale of accounts receivable 0.216 11.223
----------------------------------------------------------------------------
Suppliers 23.056 23.181
----------------------------------------------------------------------------
Other accounts payable and accrued expenses 52.201 46.988
----------------------------------------------------------------------------
Total current liabilities 97.500 105.064
============================================================================
Long-term liabilities:
----------------------------------------------------------------------------
Bank loans 52.756 61.072
----------------------------------------------------------------------------
Trust certificates debt 812.903 775.536
----------------------------------------------------------------------------
Sale of accounts receivable 4.133 0.550
----------------------------------------------------------------------------
Other long-term liabilities 15.410 28.770
----------------------------------------------------------------------------
Total long-term liabilities 885.202 865.928
============================================================================
Total liabilities 982.702 970.992
----------------------------------------------------------------------------
Stockholders' equity
----------------------------------------------------------------------------
Common stock 155.177 155.177
----------------------------------------------------------------------------
Retained earnings (159.866) (97.033)
----------------------------------------------------------------------------
Revaluation surplus 64.097 64.097
----------------------------------------------------------------------------
Initial accumulated translation loss (17.757) (17.757)
----------------------------------------------------------------------------
Cumulative translation adjusted 0.058 (8.522)
----------------------------------------------------------------------------
41.709 95.962
----------------------------------------------------------------------------
Minority interest 9.735 8.908
----------------------------------------------------------------------------
Total stockholders' equity 51.444 104.870
----------------------------------------------------------------------------
Total liabilities and stockholders' equity 1,034.146 1,075.862
----------------------------------------------------------------------------
*Prepared in accordance with International Financial Reporting
Standards as issued by the International Accounting Standards
Board.
Grupo TMM, S.A.B. and subsidiaries
Statement of Income*
- millions of dollars -
Three months ended Six months ended
June 30, June 30,
---------------------------------------
2011 2010 2011 2010
----------------------------------------------------------------------------
Ports and Terminals 6.898 5.722 14.078 11.885
Maritime 43.568 51.676 83.225 102.388
Logistics 19.171 18.025 38.260 42.300
----------------------------------------------------------------------------
Revenue from freight and services 69.637 75.423 135.563 156.573
----------------------------------------------------------------------------
Ports and Terminals (5.178) (3.995) (10.008) (7.762)
Maritime (22.529) (24.821) (43.205) (52.298)
Logistics (19.600) (18.903) (38.268) (42.511)
----------------------------------------------------------------------------
Cost of freight and services (47.307) (47.719) (91.481) (102.571)
----------------------------------------------------------------------------
Ports and Terminals (0.303) (0.361) (0.616) (0.725)
Maritime (10.424) (10.855) (20.443) (21.058)
Logistics (2.699) (2.737) (5.257) (4.590)
Corporate and others (0.211) (0.296) (0.396) (0.377)
----------------------------------------------------------------------------
Depreciation and amortization (13.637) (14.249) (26.712) (26.750)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Corporate expenses (4.348) (3.666) (8.477) (7.167)
Ports and Terminals 1.417 1.366 3.454 3.398
Maritime 10.615 16.000 19.577 29.032
Logistics (3.128) (3.615) (5.265) (4.801)
Corporate and others (0.211) (0.296) (0.396) (0.377)
Other (expenses) income - Net 6.385 (1.905) 7.170 (1.657)
----------------------------------------------------------------------------
Operating Income 10.730 7.884 16.063 18.428
============================================================================
Financial (expenses) income - Net (27.797) (15.301) (43.196) (32.202)
Exchange gain (loss) - Net (10.313) 23.307 (41.674) (10.960)
----------------------------------------------------------------------------
Net financial cost (38.110) 8.006 (84.870) (43.162)
----------------------------------------------------------------------------
(Loss) gain before taxes (27.380) 15.890 (68.807) (24.734)
============================================================================
Provision for taxes (2.382) (1.024) (2.821) (1.528)
----------------------------------------------------------------------------
Net (loss) gain for the period (29.762) 14.866 (71.628) (26.262)
----------------------------------------------------------------------------
Attributable to:
Minority interest 0.365 0.395 0.827 0.937
----------------------------------------------------------------------------
Equity holders of GTMM, S.A.B. (30.127) 14.471 (72.455) (27.199)
----------------------------------------------------------------------------
Weighted average outstanding shares
(millions) 101.995 102.014 101.995 102.019
Income (loss) earnings per share
(dollars / share) (0.30) 0.14 (0.71) (0.27)
Outstanding shares at end of period
(millions) 101.995 101.995 101.995 101.995
Income (loss) earnings per share
(dollars / share) (0.30) 0.14 (0.71) (0.27)
----------------------------------------------------------------------------
*Prepared in accordance with International Financial Reporting
Standards as issued by the International Accounting Standards
Board.
Grupo TMM, S.A.B. and subsidiaries
Statement of Cash Flows*
- millions of dollars -
----------------------------------------------------------------------------
Three months ended Six months ended
June 30, June 30,
------------------ -------------------
2011 2010 2011 2010
----------------------------------------------------------------------------
Cash flow from operation activities:
-------------------------------------
Net (loss) gain for the period (29.762) 14.866 (71.628) (26.262)
----------------------------------------------------------------------------
Charges (credits) to income not
affecting resources:
-------------------------------------
Depreciation & amortization 16.030 15.884 32.043 30.196
----------------------------------------------------------------------------
Other non-cash items 29.336 (8.166) 77.050 42.632
----------------------------------------------------------------------------
Total non-cash items 45.366 7.718 109.093 72.828
----------------------------------------------------------------------------
Changes in assets & liabilities (0.968) (5.243) (20.401) (18.206)
----------------------------------------------------------------------------
Total adjustments 44.398 2.475 88.692 54.622
----------------------------------------------------------------------------
Net cash provided by operating
activities 14.636 17.341 17.064 28.360
============================================================================
Cash flow from investing activities:
-------------------------------------
Proceeds from sales of assets 0.462 0.418 2.808 4.585
----------------------------------------------------------------------------
Payments for purchases of assets (3.018) (8.147) (5.525) (10.855)
----------------------------------------------------------------------------
Sale of share of subsidiaries 4.062 4.062
----------------------------------------------------------------------------
Net cash used in investment
activities (2.556) (3.667) (2.717) (2.208)
============================================================================
Cash flow provided by financing
activities:
-------------------------------------
Short-term borrowings (net) 2.219 7.203
----------------------------------------------------------------------------
Sale (repurchase) of accounts
receivable (net) (9.119) (2.608) (11.559) (4.450)
----------------------------------------------------------------------------
Repayment of long-term debt (12.039) (17.368) (62.560) (30.930)
----------------------------------------------------------------------------
Proceeds from issuance of long-
term debt 4.600 1.560 4.600 1.560
----------------------------------------------------------------------------
Acquisition of treasury shares,
net (0.013) (0.013)
----------------------------------------------------------------------------
Net cash used in financing
activities (16.558) (16.210) (69.519) (26.630)
============================================================================
Exchange losses on cash 0.712 (0.370) 3.989 1.281
============================================================================
Net (decrease) increase in cash (3.766) (2.906) (51.183) 0.803
----------------------------------------------------------------------------
Cash at beginning of period 94.902 87.953 142.319 84.244
----------------------------------------------------------------------------
Cash at end of period 91.136 85.047 91.136 85.047
----------------------------------------------------------------------------
*Prepared in accordance with International Financial Reporting
Standards as issued by the International Accounting Standards
Board.
TMM COMPANY CONTACT: Jacinto Marina Deputy CEO
011-525-55-629-8718 Email Contact Monica Azar Investor Relations
011-525-55-629-8703 Email Contact AT DRESNER CORPORATE
SERVICES: Kristine Walczak (investors, analysts, media)
312-726-3600 Email Contact
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