Grupo TMM Reports First-Quarter 2014 Financial Results (in Millions
of Mexican Pesos)
MEXICO CITY, MEXICO--(Marketwired - Apr 30, 2014) - Grupo TMM,
S.A.B. (OTC: GTMAY) (BMV: TMM A)
First-Quarter Results Include:
- Consolidated operating profit improvement of 69.9
percent
- Free cash flow increase of $63.8 million pesos
- Product tankers fleet utilization growth of 8.0
percent
- Substantial improvement in shipyard operating
profit
Grupo TMM, S.A.B. (OTC: GTMAY) (BMV: TMM A) ("TMM" or the
"Company"), a Mexican intermodal transportation and logistics
Company, reported today its financial results for the first quarter
of 2014.
MANAGEMENT OVERVIEW José F. Serrano, chairman and chief
executive officer of Grupo TMM, said, "The Maritime division
continues to report improved results over previous quarters, with
growth in revenue, operating profit and EBITDA over the last year.
In the first quarter, the Maritime division's tanker fleet
increased vessel utilization by 8 percent, while its offshore
division maintained utilization above 90 percent and its shipyard's
operating income improved $3.8 million. Additionally, we are
pleased to announce a new container shipping cabotage trade in the
Pacific coast of Mexico began March 14."
Mr. Serrano concluded, "These improvements in Maritime's
financial results largely contributed to the significant increase
in consolidated free cash flow and consolidated operating income.
We continue to explore financial strategies that allow us to reduce
debt and take advantage of growth opportunities provided in
Mexico's Energy Reform."
FIRST-QUARTER 2014 OPERATING AND FINANCIAL RESULTS Compared to
the same period of last year, consolidated revenues in the 2014
first quarter increased 3.8 percent due to higher revenues at
Maritime. First-quarter 2014 consolidated operating profit was
$121.7 million pesos, improving 69.9 percent from $71.6 million
pesos recorded in the first quarter of 2013.
Other income net was $23.9 million pesos in the 2014 first
quarter, mainly attributable to $14.4 million pesos for the
cancellation of provisions and $8.5 million pesos related to an
adjustment in the sale price of assets in 2013. In the 2013 first
quarter, other income net of $10.5 million pesos included $5.2
million pesos in cash dividends from affiliates and $1.6 million
pesos tax recovery.
Excluding other income net in the reported period, consolidated
operating profit in the 2014 first quarter was $97.8 million pesos,
improving 59.9 percent compared to $61.2 million pesos in the 2013
first quarter.
Consolidated EBITDA in the 2014 first quarter was $269.7 million
pesos compared to $219.9 million pesos for the same period last
year.
Maritime revenues improved 8.8 percent in the 2014 first quarter
compared to the same period last year, mainly due to revenue growth
of $36.9 million pesos at product tankers, 8.0 percent higher
vessel utilization, and an increase in the average daily rate of
two ships. Additionally, tug revenues grew $14.1 million pesos, or
28.8 percent, due to increased Liquefied Natural Gas, or LNG,
services of 85.7 percent over the same period last year. Finally,
shipyard revenues improved significantly by $8.1 million pesos, or
117.1 percent, due to higher average revenue contracts compared to
the 2013 first quarter, as well as 90.0 percent capacity
utilization.
This revenue improvement was partially offset by 16.2 percent
lower revenues at chemical tankers, mainly attributable to a
decrease in volumes in the 2014 first quarter compared to the same
period of 2013.
Maritime operating profit improved 21.0 percent in the 2014
first quarter compared to the same period of last year, mainly due
to increased revenues at product tankers, harbor tugs and the
shipyard, as well as improved margins within the chemical tanker
division. Likewise, in the 2014 first quarter, operating margin
increased to 23.1 percent compared with 20.8 percent in the first
quarter of 2013.
Maritime's EBITDA for the 2014 first quarter grew 9.6 percent to
$282.0 million pesos compared to $257.4 million pesos in the 2013
first quarter. EBITDA margin at Maritime also improved in the 2014
first quarter to 46.7 percent compared to 46.4 percent in the 2013
first quarter.
Ports and Terminals revenues decreased 24.0 percent in the 2014
first quarter compared to the same period of 2013. This decline was
primarily attributable to lower revenues from the automotive
segment due to the termination of a contract, as well as reduced
revenues at Acapulco caused by lower automobile export volume
compared to the same period of 2013. This decrease was partially
offset by increased revenues in agencies due to a rise in cruise
calls, as well as an 89.6 improvement in volumes at the Tuxpan
facilities compared to the first quarter of 2013.
Ports and Terminals operating profit decreased 18.8 percent in
the 2014 first quarter compared to the 2013 first quarter,
primarily attributable to the aforementioned lower revenues.
Ports and Terminals EBITDA for the 2014 first quarter decreased
15.9 percent to $14.1 million pesos compared to $16.8 million pesos
in the 2013 first quarter. Nevertheless EBITDA margin at Ports and
Terminals improved in the 2014 first quarter to 19.1 percent
compared to 17.2 percent in the 2013 first quarter, primarily due
to a decrease in administrative expenses.
DEBT As of March 31, 2014, TMM's total net debt was $9,907.9
million pesos. In the 2014 first quarter, the Company paid
approximately $369.2 million pesos of its Trust Certificates debt,
including capital and interest. Of TMM's total debt, $556.3 million
pesos, or 5.2 percent, is short term.
Total Debt* |
- millions of pesos - |
|
|
As of 12/31/13 |
|
As of 12/03/14 |
Mexican Trust Certificates (1) |
|
$ |
9,880.2 |
|
$ |
9,699.5 |
Other Corporate Debt |
|
|
1,010.4 |
|
|
985.3 |
Total Debt |
|
$ |
10,890.6 |
|
$ |
10,684.8 |
Cash |
|
|
895.0 |
|
|
776.9 |
Net Debt |
|
$ |
9,995.6 |
|
$ |
9,907.9 |
*Book Value (1) 20-year term, non- recourse to the Company
and rated "AA" with Stable Outlook by HR Ratings de
México.
Headquartered in Mexico City, Grupo TMM is a Latin American
maritime transportation company. Through its branch offices and
network of subsidiary companies, Grupo TMM provides a dynamic
combination of maritime services port management and logistics.
Visit Grupo 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 (Under Discontinuing Operations) |
- Millions of Pesos - |
|
|
|
March 31, |
|
|
December 31, |
|
|
|
2014 |
|
|
2013 |
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
Cash and cash equivalents |
|
776.9 |
|
|
895.0 |
|
Accounts receivable |
|
|
|
|
|
|
|
Accounts receivable - Net |
|
555.7 |
|
|
563.3 |
|
|
Other accounts receivable |
|
187.8 |
|
|
170.5 |
|
|
Prepaid expenses and others current assets |
|
183.2 |
|
|
138.8 |
|
|
Non-current assets held for sale |
|
171.3 |
|
|
186.6 |
|
Total current assets |
|
1,875.0 |
|
|
1,954.3 |
|
Property, machinery and equipment |
|
12,163.4 |
|
|
12,232.2 |
|
Cumulative Depreciation |
|
(3,378.6 |
) |
|
(3,269.6 |
) |
Property, machinery and equipment - Net |
|
8,784.8 |
|
|
8,962.5 |
|
Other assets |
|
327.8 |
|
|
314.1 |
|
Deferred taxes |
|
948.4 |
|
|
948.4 |
|
Total assets |
|
11,935.9 |
|
|
12,179.3 |
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
Bank loans and current maturities of long-term liabilities |
|
556.3 |
|
|
636.6 |
|
|
Suppliers |
|
278.2 |
|
|
241.9 |
|
|
Other accounts payable and accrued expenses |
|
578.0 |
|
|
524.6 |
|
|
Liabilities directly associated with non-current assets held for
sale |
|
109.8 |
|
|
122.6 |
|
Total current liabilities |
|
1,522.3 |
|
|
1,525.7 |
|
Long-term liabilities: |
|
|
|
|
|
|
|
Bank loans |
|
469.6 |
|
|
511.9 |
|
|
Trust certificates debt |
|
9,658.9 |
|
|
9,742.1 |
|
|
Other long-term liabilities |
|
198.9 |
|
|
198.6 |
|
|
|
|
|
|
|
|
Total long-term liabilities |
|
10,327.5 |
|
|
10,452.6 |
|
Total liabilities |
|
11,849.7 |
|
|
11,978.4 |
|
|
|
|
|
|
|
|
Stockholders' equity |
|
|
|
|
|
|
|
Common stock |
|
2,169.9 |
|
|
2,169.9 |
|
|
Retained earnings |
|
(2,797.7 |
) |
|
(2,684.5 |
) |
|
Revaluation surplus |
|
941.6 |
|
|
941.6 |
|
|
Initial accumulated translation loss |
|
(247.7 |
) |
|
(247.7 |
) |
|
Cumulative translation adjusted |
|
(43.0 |
) |
|
(43.0 |
) |
|
|
23.2 |
|
|
136.4 |
|
|
Minority interest |
|
63.1 |
|
|
64.6 |
|
Total stockholders' equity |
|
86.2 |
|
|
201.0 |
|
|
|
|
|
|
|
|
Total liabilities and stockholders' equity |
|
11,935.9 |
|
|
12,179.3 |
|
*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 (Under Discontinuing
Operations) |
- Millions of Pesos - |
|
|
Three months ended |
|
|
March 31, |
|
|
2014 |
|
|
2013 |
|
|
|
|
|
|
|
|
Ports
and Terminals |
74.3 |
|
|
97.7 |
|
|
Maritime |
603.4 |
|
|
554.5 |
|
|
Corporate and others |
12.7 |
|
|
12.6 |
|
Revenue from freight and services |
690.4 |
|
|
664.9 |
|
|
|
|
|
|
|
|
Ports
and Terminals |
(60.2 |
) |
|
(81.0 |
) |
|
Maritime |
(321.3 |
) |
|
(297.2 |
) |
|
Corporate and others |
(13.0 |
) |
|
(12.3 |
) |
Cost of freight and services |
(394.6 |
) |
|
(390.5 |
) |
|
|
|
|
|
|
|
Ports
and Terminals |
(3.5 |
) |
|
(3.7 |
) |
|
Maritime |
(142.6 |
) |
|
(142.2 |
) |
|
Corporate and others |
(1.9 |
) |
|
(2.4 |
) |
Depreciation and amortization |
(148.0 |
) |
|
(148.3 |
) |
|
|
|
|
|
|
|
Corporate expenses |
(50.0 |
) |
|
(64.9 |
) |
|
Ports
and Terminals |
10.6 |
|
|
13.1 |
|
|
Maritime |
139.4 |
|
|
115.2 |
|
|
Corporate and others |
(2.2 |
) |
|
(2.2 |
) |
|
Other (expenses) income - Net |
23.9 |
|
|
10.5 |
|
Operating Income |
121.7 |
|
|
71.7 |
|
Financial (expenses) income - Net |
(216.4 |
) |
|
(230.2 |
) |
Exchange gain (loss) - Net |
(3.1 |
) |
|
25.2 |
|
Net financial cost |
(219.5 |
) |
|
(205.0 |
) |
Loss before taxes |
(97.8 |
) |
|
(133.3 |
) |
Provision for taxes |
(2.2 |
) |
|
(7.1 |
) |
|
|
|
|
|
|
Net Loss before discontinuing operations |
(100.0 |
) |
|
(140.4 |
) |
Loss from discontinuing operations |
(14.7 |
) |
|
(25.3 |
) |
Net Loss for the period |
(114.8 |
) |
|
(165.6 |
) |
Attributable to: |
|
|
|
|
|
|
Minority interest |
(1.5 |
) |
|
2.4 |
|
Equity holders of GTMM, S.A.B. |
(113.2 |
) |
|
(168.0 |
) |
|
|
|
|
|
|
Weighted average outstanding shares (millions) |
102.183 |
|
|
102.183 |
|
Income (loss) earnings per share (dollars / share) |
(1.1 |
) |
|
(1.6 |
) |
|
|
|
|
|
|
Outstanding shares at end of period (millions) |
102.183 |
|
|
102.183 |
|
Income (loss) earnings per share (dollars / share) |
(1.1 |
) |
|
(1.6 |
) |
*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 (Under Discontinuing
Operations) |
- Millions of Pesos - |
|
|
Three months ended |
|
|
March 31, |
|
|
2014 |
|
|
2013 |
|
|
|
|
|
|
|
Cash flow from operation activities: |
|
|
|
|
|
Loss before discontinuing operations |
(100.0 |
) |
|
(140.4 |
) |
Charges (credits) to income not affecting
resources: |
|
|
|
|
|
|
Depreciation & amortization |
167.8 |
|
|
169.7 |
|
|
Other non-cash items |
206.2 |
|
|
189.5 |
|
Total non-cash items |
374.0 |
|
|
359.2 |
|
|
Changes in assets & liabilities |
(23.6 |
) |
|
(157.6 |
) |
Total adjustments |
350.4 |
|
|
201.7 |
|
Net cash provided by operating activities |
250.4 |
|
|
61.3 |
|
|
|
|
|
|
|
Cash flow from investing activities: |
|
|
|
|
|
|
Proceeds from sales of assets |
55.7 |
|
|
11.7 |
|
|
Payments for purchases of assets |
(3.9 |
) |
|
(7.6 |
) |
Net cash provided by investment activities |
51.8 |
|
|
4.1 |
|
|
|
|
|
|
|
Cash flow provided by financing activities: |
|
|
|
|
|
|
Short-term borrowings (net) |
9.4 |
|
|
(9.8 |
) |
|
Repayment of long-term debt |
(429.7 |
) |
|
(450.2 |
) |
|
Proceeds from issuance of long-term debt |
|
|
|
3.4 |
|
Net cash used in financing activities |
(420.2 |
) |
|
(456.6 |
) |
Exchange losses on cash |
(0.1 |
) |
|
(5.1 |
) |
|
Net decrease in cash |
(118.1 |
) |
|
(396.2 |
) |
|
Cash at beginning of period |
895.0 |
|
|
1,083.1 |
|
|
Cash at end of period |
776.9 |
|
|
686.9 |
|
*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 Guillermo Vilchis Finance
Director 011-525-55-629-8704 Email Contact Mauricio Monterrubio
Investor Relations 011-525-55-629-8712 Email Contact AT DRESNER
CORPORATE SERVICES: Kristine Walczak (investors, analysts, media)
312-726-3600 Email Contact
Grafico Azioni Grupo TMM (QB) (USOTC:GTMAY)
Storico
Da Giu 2024 a Lug 2024
Grafico Azioni Grupo TMM (QB) (USOTC:GTMAY)
Storico
Da Lug 2023 a Lug 2024