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 first quarter of 2012.
MANAGEMENT OVERVIEW José F. Serrano,
chairman and chief executive officer of Grupo TMM, said, "In the
2012 first quarter, the continued economic downturn negatively
impacted TMM's revenue and operating profit. Additionally, the
appreciation of the peso against the dollar in the 2012 first
quarter resulted in a significant net exchange loss, which
negatively impacted net income, and in turn reduced the value of
TMM's stockholders' equity in the quarter."
Serrano continued, "At Maritime, 2012 first-quarter operating
profit was impacted by increased offhire days at product tankers
compared to the same period last year. However, all of our product
tanker vessels are currently employed. Additionally, we continue to
strategically manage our fleet in favor of medium and long-term
contracts. At offshore, 2012 first-quarter utilization was at 92.4
percent, and so far this year, we have renewed three offshore
contracts for three-year terms each. To date, the Maritime
division's backlog is $192.6 million.
"As recently announced, TMM acquired a shipyard at the Port of
Tampico, which is working at full capacity and contributing to
Maritime's revenue and profit. In the short term, the Company
expects to have the necessary capabilities to build vessels at this
facility, which is in line with PEMEX's intention to add 32
offshore vessels to its fleet, of which 21 are required to be
Mexican built vessels."
Serrano concluded, "We remain optimistic of market improvements
over the long term. We continue to work on the development of the
container and liquids terminal at the Port of Tuxpan, which will
strategically position TMM in this lucrative sector, and also in
the addition of specialized offshore vessels to TMM's fleet, which
will expand our already well positioned maritime business."
FIRST-QUARTER 2012 OPERATING AND FINANCIAL
RESULTS TMM's revenues in the first quarter of 2012 totaled
$63.2 million compared to $65.9 million in the same period of last
year. This decrease was partially offset by a 4.0 percent revenue
increase at the Maritime division. First-quarter 2012 consolidated
operating profit declined 17.0 percent over the same period of last
year, largely due to profit reductions at Ports and Terminals,
mainly attributable to decreased ship calls at Acapulco, and to
operating losses at the Logistics division.
In the 2012 first quarter, consolidated EBITDA decreased 6.0
percent, or $0.9 million, to $17.3 million compared to $18.4
million in the 2011 first quarter. Interest expense in the 2012
first quarter was $15.9 million versus $17.2 million in the same
period of 2011. Notwithstanding profit reductions in the 2012 first
quarter, EBITDA minus interest expense resulted in free cash flow
of $1.3 million compared to $1.2 million in the 2011
first-quarter.
Maritime revenue in the first quarter of 2012 increased 4.0
percent compared to the same period of last year. This increase was
due to revenue improvements at offshore and at harbor tugs, and to
the revenue contribution of the Company's recently acquired
shipyard.
Operating profit at Maritime decreased 4.4 percent, or $0.4
million, due mainly to an operating loss at product tankers as a
result of two vessels that for the larger part of the quarter were
unemployed, increasing operating costs.
Comparing the 2012 first-quarter to the 2011 first quarter,
offshore revenue increased 4.4 percent to $26.4 million due mainly
to more revenue days and to operating one vessel in the spot market
at a high daily tariff during the reported quarter. Product tanker
revenue decreased 2.9 percent to $6.8 million mainly attributable
to increased offhire days. Chemical tanker revenue decreased 9.1
percent to $4.0 million as a result of lower volumes, but operating
profit improved to $0.3 million from a $0.4 million loss in the
same period of last year. Harbor tugs revenue increased 16.7
percent mainly due to higher tariffs per ship call. Additionally,
in March the division began providing tug services to a new
Liquefied Natural Gas or LNG, terminal at Manzanillo. The Company
anticipates these services to continue contributing to revenue and
profit going forward.
Maritime's EBITDA for the 2012 first quarter fell 2.1 percent,
or $0.4 million, to $18.6 million compared to $19.0 million in the
2011 first quarter. EBITDA margin remained fairly stable at 44.7
percent in the 2012 period in contrast to 47.8 percent in the 2011
period.
In the 2012 first quarter, Ports and Terminals revenue decreased
15.5 percent, and operating profit decreased 65.0 percent, both
compared to the 2011 first quarter. Lower revenue and profit was
mainly attributable to decreased ship calls at Acapulco, lower
volumes at shipping agencies and to low volumes at the automotive
segment in Puebla early in the quarter, which began to improve in
mid-February. The maintenance and repair segment contributed $0.7
million of gross profit, remaining similar to the 2011 period.
At Logistics, operating income decreased 23.8 percent, or $0.5
million, on lower revenues of 17.3 percent when compared with the
first quarter of 2011.
DEBT As of March 31, 2012, TMM's total
debt was $806.5 million. The book value of the Company's Trust
Certificates debt increased $68.0 million from December 31, 2011,
as a result of an 8.2 percent appreciation of the peso against the
dollar in the first quarter of 2012. On February 15, 2012, the
Company paid approximately $30.4 million of its Trust Certificates
debt, including a capital prepayment of $1.2 million.
Total Debt*
Million of U.S. Dollars
As of 12/31/11 As of 3/31/12
-------------- -------------
Mexican Trust Certificates (1) $ 684.3 $ 737.0
-------------- -------------
Other Corporate Debt 68.2 69.5
============== =============
Total Debt (2) $ 752.5 $ 806.5
============== =============
Cash 77.1 58.0
============== =============
Net Debt $ 675.4 $ 748.5
-------------- -------------
*Book Value (1) 20-year term and non recourse to the Company (2)
Of total debt, only $14.0 million, or 1.7 percent, is short term
Exchange Rate: 13.95 pesos/dollar at December 31, 2011, and 12.81
pesos/dollar at March 31, 2012
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 10-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 -
March 31, December 31,
2012 2011
------------ ------------
Current assets:
Cash and cash equivalents 57.977 77.123
------------ ------------
Accounts receivable
Accounts receivable - Net 42.785 38.963
------------ ------------
Other accounts receivable 21.032 17.556
------------ ------------
Prepaid expenses and others current assets 13.043 11.568
------------ ------------
Total current assets 134.837 145.210
============ ============
Property, machinery and equipment 932.496 914.809
------------ ------------
Cumulative Depreciation (213.582) (203.985)
------------ ------------
Property, machinery and equipment - Net 718.914 710.824
============ ============
Other assets 27.927 28.447
------------ ------------
Deferred taxes 67.705 67.583
------------ ------------
Total assets 949.383 952.064
------------ ------------
Current liabilities:
Bank loans and current maturities of long-term
liabilities 13.956 17.190
------------ ------------
Suppliers 23.146 21.475
------------ ------------
Other accounts payable and accrued expenses 62.354 53.848
------------ ------------
Total current liabilities 99.456 92.513
============ ============
Long-term liabilities:
Bank loans 58.454 59.378
------------ ------------
Trust certificates debt 734.088 675.933
------------ ------------
Other long-term liabilities 19.361 15.828
------------ ------------
Total long-term liabilities 811.903 751.139
============ ============
Total liabilities 911.359 843.652
------------ ------------
Stockholders´ equity
Common stock 155.577 155.577
------------ ------------
Retained earnings (155.922) (75.096)
------------ ------------
Revaluation surplus 63.907 63.907
------------ ------------
Initial accumulated translation loss (17.757) (17.757)
------------ ------------
Cumulative translation adjusted (11.845) (22.111)
------------ ------------
33.960 104.520
------------ ------------
Minority interest 4.064 3.892
------------ ------------
Total stockholders´ equity 38.024 108.412
------------ ------------
Total liabilities and stockholders´ equity 949.383 952.064
------------ ------------
*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
March 31,
----------------------
2012 2011
---------- ----------
Ports and Terminals 5.995 7.114
Maritime 41.350 39.657
Logistics 15.816 19.155
---------- ----------
Revenue from freight and services 63.161 65.926
---------- ----------
Ports and Terminals (4.977) (4.829)
Maritime (22.757) (20.610)
Logistics (15.989) (18.735)
---------- ----------
Cost of freight and services (43.723) (44.174)
---------- ----------
Ports and Terminals (0.265) (0.313)
Maritime (9.956) (10.019)
Logistics (2.410) (2.558)
Corporate and others (0.225) (0.185)
---------- ----------
Depreciation and amortization (12.856) (13.075)
---------- ----------
Corporate expenses (3.867) (4.129)
Ports and Terminals 0.753 1.972
Maritime 8.637 9.028
Logistics (2.583) (2.138)
Corporate and others (0.225) (0.185)
Other (expenses) income - Net 1.644 0.785
---------- ----------
Operating (loss) income 4.359 5.333
========== ==========
Financial (expenses) income - Net (18.464) (15.399)
Exchange gain (loss) - Net (66.394) (31.361)
---------- ----------
Net financial cost (84.858) (46.760)
---------- ----------
(Loss) gain before taxes (80.499) (41.427)
========== ==========
Provision for taxes (0.154) (0.439)
---------- ----------
Net (loss) gain for the period (80.653) (41.866)
---------- ----------
Attributable to:
Minority interest 0.173 0.462
---------- ----------
Equity holders of GTMM, S.A.B. (80.826) (42.328)
---------- ----------
Weighted average outstanding shares (millions) 102.183 101.995
Income (loss) earnings per share (dollars / share) (0.79) (0.42)
Outstanding shares at end of period (millions) 102.183 101.995
Income (loss) earnings per share (dollars / share) (0.79) (0.42)
---------- ----------
*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
March 31,
----------------------
2012 2011
---------- ----------
Cash flow from operation activities:
Net (loss) gain for the period (80.653) (41.866)
---------- ----------
Charges (credits) to income not affecting resources:
Depreciation & amortization 14.362 16.013
---------- ----------
Other non-cash items 81.240 47.714
---------- ----------
Total non-cash items 95.602 63.727
---------- ----------
Changes in assets & liabilities 0.215 (19.433)
---------- ----------
Total adjustments 95.817 44.294
---------- ----------
Net cash provided by operating activities 15.164 2.428
========== ==========
Cash flow from investing activities:
Proceeds from sales of assets 0.134 2.346
---------- ----------
Payments for purchases of assets (1.016) (2.507)
---------- ----------
Acquisition of shares of subsidiaries (4.367)
---------- ----------
Net cash used in investment activities (5.249) (0.161)
========== ==========
Cash flow provided by financing activities:
Short-term borrowings (net) 0.858
---------- ----------
Sale (repurchase) of accounts receivable (net) (2.440)
---------- ----------
Repayment of long-term debt (36.034) (50.521)
---------- ----------
Proceeds from issuance of long-term debt 0.450
---------- ----------
Net cash used in financing activities (34.726) (52.961)
========== ==========
Exchange losses on cash 5.665 3.277
========== ==========
Net decrease in cash (19.146) (47.417)
---------- ----------
Cash at beginning of period 77.123 142.319
---------- ----------
Cash at end of period 57.977 94.902
---------- ----------
*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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