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 fourth quarter and full year of 2010.
MANAGEMENT OVERVIEW José F. Serrano,
chairman and chief executive officer of Grupo TMM, said, "TMM's
results in 2010 demonstrated continued operational efficiency and a
successful business strategy. Consolidated EBITDA for the year of
$89.4 million was in line with our guidance, improving 24.3 percent
over 2009. Moreover, EBITDA has grown 182.0 percent over the last
five years at a compounded rate of 29.6 percent.
"One of our major accomplishments in 2010 was TMM's improved
debt profile, which we achieved through a debt restructuring and
through the consolidation of the three tranches of our 20-year, non
recourse, Mexican Trust Certificates Program into one issuance.
With the additional proceeds of the new issuance, we paid certain
dollar denominated debt and reduced the cash requirements to
service our debt going forward. Additionally, the Program's credit
rating improved to AA in the domestic scale.
"Throughout 2010, we maintained cost-efficient operations,
preserving the profitability of the Company as we continue to
operate in a relatively flat environment. For each quarter of 2010,
TMM was free cash flow positive, closing 2010 with $19.4 million of
free cash flow compared to $15.7 million of negative cash flow in
2009, an improvement of $35.1 million."
Serrano concluded, "In 2011, we will remain focused on
profitable operations and appropriately deploying our capital. As
part of our five-year growth strategy, we will pursue our goal to
grow the Company's long-term earnings generating capacity. We
believe we are well positioned to strengthen our industry-leading
franchise by taking advantage of strategic opportunities to add new
vessels to our fleet and increase our penetration in Mexican ports,
such as the development of a container cargo terminal and a liquid
terminal at the port of Tuxpan."
FOURTH-QUARTER AND FULL-YEAR 2010 FINANCIAL AND
OPERATING RESULTS Compared to the same periods of last year,
consolidated revenue decreased 6.7 percent in the 2010 fourth
quarter and 1.0 percent in the 2010 full year. Revenue in the 2010
periods was negatively impacted by reduced revenue in the fourth
quarter at product and chemical tankers in the Maritime segment,
and in the fourth quarter and full year at Logistics.
Consolidated operating profit decreased 64.0 percent in the 2010
fourth quarter over the same period of last year, due mainly to a
4.8 percent profit decrease at Maritime and to increased losses at
Logistics. Consolidated operating profit in the 2010 full year grew
26.0 percent compared to the 2009 full year, mainly attributable to
increases at Maritime and Ports.
In the 2010 fourth quarter, consolidated EBITDA decreased 6.0
percent to $22.1 million compared to $23.5 million in the same
period of last year. In the full year of 2010, EBITDA increased
24.3 percent to $89.4 million compared to $71.9 million in 2009.
However, full-year 2009 consolidated EBITDA included a $4.4 million
gain from the sale of two offshore vessels in the second quarter of
2009. Without this one-time gain, EBITDA increased 32.4 percent, or
$21.9 million, in the 2010 full year, compared to the same period
last year.
At Maritime, fourth-quarter 2010 revenue and operating profit
decreased 2.5 percent and 4.8 percent, respectively, compared to
the 2009 fourth quarter. Revenue reductions were mainly
attributable to product tankers, impacted by two bare boat
contracts which were extended at lower rates, and to chemical
tankers, due to one less vessel in operation. Gross profit
decreased due to lower rates at product tankers and offshore
vessels in the fourth quarter of 2010.
In the full year of 2010 Maritime revenue increased 0.5 percent
as a result of improved results at offshore, due to operating one
new process vessel beginning in the first quarter, and at harbor
tugs, due to increased ship calls at Manzanillo. In the full year
of 2010, Maritime's operating profit grew 7.6 percent compared to
2009, due mainly to improved profit at product tankers, as all
vessels worked with contracts, and at harbor tugs attributable to
higher volumes.
In the 2010 fourth-quarter and full-year periods, Ports and
Terminals' revenue increased 14.3 percent and 33.3 percent,
respectively, both compared to the same periods last year.
Additionally, operating profit for this division increased 6.7
percent in the 2010 fourth quarter and 177.3 percent in the 2010
full year compared to the same periods of 2009. Year over year,
improved results at the Ports and Terminals division were primarily
attributable to revenue and profit improvement at Acapulco as a
result of higher cruise ship calls and auto handling volumes; at
shipping agencies due to higher volumes, benefitted by one new
cruise line route among Mexican major ports in the third quarter;
and at maintenance and repair as a result of continued improvement
in the revenue mix and higher container volumes, specifically at
the Manzanillo depot.
Compared to the same periods of last year, Logistics revenue
decreased 20.2 percent and 11.2 percent in the 2010 fourth quarter
and full year, respectively. This division's revenue was impacted
by $12.7 million of reduced revenue in 2010 as a result of the sale
of the minority stake in the Company's automotive inbound logistics
business in April, partially offset by higher revenue at
warehousing and auto hauling.
DEBT As of December 31, 2010, TMM's total
net debt was $729.8 million. TMM's Trust Certificates debt was
negatively impacted by $40.2 million from the appreciation of the
peso versus the dollar in the 2010 full year. On February 15, 2011,
the Company paid approximately $44.5 million of our Trust
Certificates debt, including a capital prepayment of $8.4
million.
Total Net Debt as of December 31, 2009 and 2010
Million of U.S. Dollars
----------------------------------------------------------------------------
As of 12/31/09 As of 12/31/10
------------------------------
Mexican Trust Certificates (1) $679.3 $786.4
Securitization Facility 19.9 11.8
Other Corporate Debt 85.2 73.9
Total Debt (2) 784.4 872.1
==============================
Cash 84.2 142.3
==============================
Total Net Debt $700.2 $729.8
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(1) 20-year term and non recourse to the Company (2) Of total
debt, only $23.7 million or 2.7%, is short- term Exchange Rate:
13.04 pesos/dollar at December 31, 2009, and 12.38 pesos/dollar at
December 31, 2010
REVALUATION SURPLUS In the fourth quarter
of 2010, according to International Accounting Standards (IAS), IAS
8 and IAS 16, the Company adopted an accounting policy for the
valuation of fixed assets, specifically of its land and buildings,
to estimate the variation between the accounting value and the
commercial value of such assets. The result was an increase in its
book value and was recognized in the stockholders equity as
"revaluation surplus." At December 31, 2010, the Company recorded a
revaluation surplus of $40.4 million.
CONFERENCE CALL TMM's management will host
a conference call and Webcast to review financial and operational
highlights on Tuesday, March 1 at 11:00 a.m. Eastern time.
To participate in the conference call, please dial (800) 817-8873 (domestic) or (719)
457-2664 (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=76598.
A replay of the conference call will be available through March
15 at 11:59 p.m. Eastern time, by dialing (888)
203-1112 or (719) 457-0820, and entering
passcode 5830763. On the Internet a replay
will be available for 30 days at: http://www.visualwebcaster.com/event.asp?id=76598.
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 Section 27A 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.
Financial tables follow...
Grupo TMM, S.A.B. and subsidiaries
Balance Sheet*
- millions of dollars -
December 31, December 31,
2010 2009
-------------------------------------------------------------------------------
Current assets:
Cash and cash equivalents 142.319 84.244
-------------------------------------------------------------------------------
Accounts receivable
Accounts receivable - Net 37.594 47.553
-------------------------------------------------------------------------------
Other accounts receivable 24.108 31.885
-------------------------------------------------------------------------------
Prepaid expenses and others current assets 11.116 9.934
-------------------------------------------------------------------------------
Total current assets 215.137 173.616
===============================================================================
Property, machinery and equipment 894.560 823.831
-------------------------------------------------------------------------------
Cumulative Depreciation (176.317) (145.433)
-------------------------------------------------------------------------------
Property, machinery and equipment - Net 718.243 678.398
===============================================================================
Other assets 45.248 53.250
-------------------------------------------------------------------------------
Deferred taxes 77.632 97.274
-------------------------------------------------------------------------------
Total assets 1,056.260 1,002.538
-------------------------------------------------------------------------------
Current liabilities:
Bank loans and current maturities of long-
term liabilities 23.672 16.043
-------------------------------------------------------------------------------
Sale of accounts receivable 11.223 7.869
-------------------------------------------------------------------------------
Suppliers 24.974 27.957
-------------------------------------------------------------------------------
Other accounts payable and accrued expenses 49.270 44.186
-------------------------------------------------------------------------------
Total current liabilities 109.139 96.055
===============================================================================
Long-term liabilities:
Bank loans 61.072 70.974
-------------------------------------------------------------------------------
Trust certificates debt 775.536 677.520
-------------------------------------------------------------------------------
Sale of accounts receivable 0.550 12.047
-------------------------------------------------------------------------------
Other long-term liabilities 29.036 26.134
-------------------------------------------------------------------------------
Total long-term liabilities 866.194 786.675
===============================================================================
Total liabilities 975.333 882.730
-------------------------------------------------------------------------------
Stockholders´ equity
Common stock 155.177 155.240
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Retained earnings (97.310) (14.446)
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Revaluation surplus 40.436
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Initial accumulated translation loss (17.757) (17.757)
-------------------------------------------------------------------------------
Cumulative translation adjusted (8.522) (10.490)
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72.024 112.547
-------------------------------------------------------------------------------
Minority interest 8.903 7.261
-------------------------------------------------------------------------------
Total stockholders´ equity 80.927 119.808
-------------------------------------------------------------------------------
Total liabilities and stockholders´ equity 1,056.260 1,002.538
-------------------------------------------------------------------------------
*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 Year ended
December 31 December 31
---------------------------------------
2010 2009 2010 2009
----------------------------------------------------------------------------
Ports and Terminals 7.187 6.259 24.574 18.476
Maritime 47.122 48.338 200.570 199.646
Logistics 19.723 24.689 80.254 90.272
----------------------------------------------------------------------------
Revenue from freight and services 74.032 79.286 305.398 308.394
----------------------------------------------------------------------------
Ports and Terminals (5.298) (4.322) (17.175) (14.738)
Maritime (22.675) (24.053) (100.181) (109.757)
Logistics (19.863) (23.903) (81.439) (97.052)
----------------------------------------------------------------------------
Cost of freight and services (47.836) (52.278) (198.795) (221.547)
----------------------------------------------------------------------------
Ports and Terminals (0.239) (0.411) (1.324) (1.565)
Maritime (10.650) (9.736) (42.638) (36.282)
Logistics (7.784) (4.356) (14.682) (10.006)
Corporate and others (0.217) (0.091) (0.810) (0.248)
----------------------------------------------------------------------------
Depreciation and amortization (18.890) (14.594) (59.454) (48.101)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Corporate expenses (3.382) (3.570) (14.036) (14.775)
Ports and Terminals 1.650 1.526 6.075 2.173
Maritime 13.797 14.549 57.751 53.607
Logistics (7.924) (3.570) (15.867) (16.786)
Corporate and others (0.217) (0.091) (0.810) (0.248)
Other (expenses) income - Net (0.735) 0.089 (3.086) (0.200)
----------------------------------------------------------------------------
Operating Income 3.189 8.933 30.027 23.771
============================================================================
Financial (expenses) income - Net (16.730) (19.783) (70.016) (87.641)
Exchange gain (loss) - Net (14.341) (23.279) (38.180) (30.713)
----------------------------------------------------------------------------
Net financial cost (31.071) (43.062) (108.196) (118.354)
----------------------------------------------------------------------------
Loss before taxes (27.882) (34.129) (78.169) (94.583)
============================================================================
Provision for taxes 2.102 (0.440) (1.029) (1.087)
----------------------------------------------------------------------------
Net loss for the period (25.780) (34.569) (79.198) (95.670)
----------------------------------------------------------------------------
Attributable to:
Minority interest 0.625 0.799 1.644 1.380
----------------------------------------------------------------------------
Equity holders of GTMM, S.A.B. (26.405) (35.368) (80.842) (97.050)
----------------------------------------------------------------------------
Weighted average outstanding shares
(millions) 101.995 61.840 102.007 56.894
Income (loss) earnings per share
(dollars / share) (0.26) (0.57) (0.79) (1.71)
Outstanding shares at end of period
(millions) 101.995 102.024 101.995 102.024
Income (loss) earnings per share
(dollars / share) (0.26) (0.35) (0.79) (0.95)
----------------------------------------------------------------------------
*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 Year ended
December 31 December 31
-------------------------------------
2010 2009 2010 2009
----------------------------------------------------------------------------
Cash flow from operation activities:
Net income (loss) for the period (25.780) (34.569) (79.198) (95.670)
----------------------------------------------------------------------------
Charges (credits) to income not
affecting resources:
Depreciation & amortization 17.238 17.429 63.207 54.974
----------------------------------------------------------------------------
Other non-cash items 36.082 37.428 109.365 108.464
----------------------------------------------------------------------------
Total non-cash items 53.320 54.857 172.572 163.438
----------------------------------------------------------------------------
Changes in assets & liabilities 10.074 1.735 (19.082) (20.335)
----------------------------------------------------------------------------
Total adjustments 63.394 56.592 153.490 143.103
----------------------------------------------------------------------------
Net cash provided by operating
activities 37.614 22.023 74.292 47.433
============================================================================
Cash flow from investing activities:
Proceeds from sales of assets 0.496 3.949 5.313 15.784
----------------------------------------------------------------------------
Payments for purchases of assets (7.306) (7.404) (22.190) (60.941)
----------------------------------------------------------------------------
Sale of share of subsidiaries 4.062
----------------------------------------------------------------------------
Common stock decrease of
subsidiaries (0.202)
----------------------------------------------------------------------------
Dividends from non-consolidated
subsidiaries 0.643
----------------------------------------------------------------------------
Net cash used in investment activities (6.810) (3.455) (12.815) (44.716)
============================================================================
Cash flow provided by financing
activities:
Short-term borrowings (net) (0.081) 1.321 0.455 0.382
----------------------------------------------------------------------------
Sale (repurchase) of accounts
receivable (net) (1.734) (34.721) (8.787) (56.388)
----------------------------------------------------------------------------
Repayment of long-term debt (5.350) (15.229) (60.071) (55.719)
----------------------------------------------------------------------------
Proceeds from issuance of long-
term debt 10.007 10.920 60.598 19.752
----------------------------------------------------------------------------
Acquisition of treasury shares,
net (0.013)
----------------------------------------------------------------------------
Net cash provided by (used in)
financing activities 2.842 (37.709) (7.818) (91.973)
============================================================================
Exchange losses on cash 1.365 3.615 4.416 5.053
============================================================================
Net (decrease) increase in cash 35.011 (15.526) 58.075 (84.203)
----------------------------------------------------------------------------
Cash at beginning of period 107.308 99.770 84.244 168.447
----------------------------------------------------------------------------
Cash at end of period 142.319 84.244 142.319 84.244
----------------------------------------------------------------------------
*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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