Grupo TMM Reports Fourth-Quarter and Full-Year 2013 Financial
Results (in Millions of Mexican Pesos)
MEXICO CITY, MEXICO--(Marketwired - Feb 28, 2014) - Grupo
TMM, S.A.B. (OTC: GTMAY) (BMV: TMM A)
Full-Year Results Include:
- Free Cash Flow Positive
- Offshore Fleet Utilization At 94.4%
- 22.8% Higher Harbor Tugs Vessel Call Income
- 11.3% Growth in Chemical Tankers Transportation
Volume
- Shipyard at 90% Utilization at Year End
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 fourth
quarter and full year of 2013.
MANAGEMENT OVERVIEW José F. Serrano, chairman and chief
executive officer of Grupo TMM, said, "Maritime performed solidly
in the fourth quarter and full year of 2013, recording improved
revenue, operating profit and EBITDA compared to the same periods
last year. Additionally, our Offshore fleet reached 94.4 percent
utilization, maintaining utilization of over 90 percent thus far in
2014. Moreover, our Chemical Tanker fleet increased its
transportation volume 11.3 percent throughout 2013, and Harbor Tugs
improved vessel call income by 22.8 percent."
Serrano concluded, "Our Shipyard segment improved its
utilization throughout the year, reaching 90 percent by year end,
improving this segment's income in 2013. We will continue to work
on alternatives to improve the Company's balance sheet, while
targeting new business opportunities at our Maritime and Port
divisions."
FOURTH-QUARTER AND FULL-YEAR 2013 OPERATING AND FINANCIAL
RESULTS Compared to the same periods of last year, consolidated
revenue in the 2013 fourth quarter and full year increased 11.5
percent and 9.5 percent, respectively, mainly due to improvements
at the Maritime division.
Fourth-quarter 2013 consolidated operating profit was $112.3
million pesos, improving from an operating loss of $36.3 million
pesos in the 2012 fourth quarter. Fourth-quarter 2013 consolidated
operating profit included $14.1 million pesos for properties
received as payment above its market price and $13.4 million pesos
of net tax recoveries.
Full-year 2013 consolidated operating profit increased to $405.5
million pesos compared to $279.8 million pesos in the 2012 full
year. Consolidated operating profit in 2013 included other
net-income of $64.0 million pesos, mainly due to a tax benefit of
$41.9 million pesos and $14.1 million pesos for properties received
as payment above its market price. Consolidated operating profit in
the 2012 full year includes other net expenses of $9.8 million
pesos, mainly associated with a provision of fiscal resolution
cost, partially offset by $74.2 million pesos from a subsidiary
acquisition and $23.4 million pesos of cash dividends from
affiliated companies.
Excluding the above, non-recurrent events, consolidated
operating profit in the fourth quarter of 2013 improved to $80.7
million pesos compared to $69.5 million pesos in the same period of
2012, and consolidated operating profit in the 2013 full year
improved to $341.5 million pesos compared to $289.6 million in the
2012 full year. Higher year-over-year consolidated operating profit
in the 2013 full-year and fourth-quarter periods was mainly
attributable to improved operating profit at the Maritime
division.
Consolidated EBITDA in the 2013 fourth quarter improved 118.5
percent to $257.6 million pesos compared to $117.9 million pesos in
the same period of last year. Consolidated EBITDA in the 2013 full
year improved 14.0 percent to $991.1 million pesos compared to
$869.6 million pesos in the 2012 period.
Net interest expenses in the 2013 fourth quarter and full year
were $196.7 million pesos and $821.7 million pesos, respectively.
EBITDA minus interest expenses in the 2013 fourth quarter resulted
in free cash flow of $60.9 million pesos compared to a deficit of
$92.7 million pesos in the 2012 fourth quarter. For the full year,
free cash flow was $169.4 million pesos in 2013 compared to $30.4
million pesos in 2012.
Maritime revenue in the 2013 fourth quarter increased 21.1
percent compared to the same period last year, mainly due to the
income improvements in all business segments, except at Chemical
Tankers, which reported 15.5 percent lower revenue due to reduced
volumes.
In the 2013 full year, Maritime revenue improved 12.2 percent
due mainly to: a 10.7 percent revenue increase at Offshore due to
higher utilization; a 12.6 percent revenue improvement at Chemical
Tankers as a result of operating one additional leased vessel
during the first quarter and half of the second quarter of 2013;
20.3 percent revenue growth at Harbor Tugs due to an improved
revenue mix; and a 14.0 percent revenue increase at Product Tankers
due to a higher utilization of the vessels. Additionally, the
Shipyard business reported 4.9 percent higher revenue in 2013
compared to 2012, as revenue improved sequentially throughout 2013,
from $6.9 million pesos in the first quarter, to $9.8 million pesos
in the second quarter, $18.4 million pesos in the third quarter and
$17.8 million pesos in the fourth quarter.
Maritime operating profit increased 78.0 percent in the 2013
fourth quarter compared to the same period of last year, with
improvements in all segments except Product Tankers and Harbor
Tugs, which experienced lower revenue due to decreased volumes.
Maritime operating profit increased 25.4 percent in the 2013
full year compared to the 2012 full year, as a result of the
improvements discussed above.
Maritime's EBITDA for the 2013 fourth quarter improved 21.9
percent to $265.9 million pesos compared with $218.2 million pesos
in the 2012 period. Maritime's EBITDA in the 2013 full year
increased 10.9 percent to $1,089.2 million pesos compared to $981.9
million pesos last year.
Ports and Terminals revenue decreased 34.7 percent and 5.2
percent in the 2013 fourth quarter and 2013 full year,
respectively, compared to the same periods of 2012. In both periods
the decrease was mainly attributable to a revenue loss at the
Automotive segment due to the loss of a client, and to a revenue
decline at Acapulco due to lower automobile export volumes compared
to the same periods last year. These declines were partially offset
by higher revenue at the Maintenance and Repair segment mainly due
to a 6.6 percent volume increase at the Veracruz facility compared
to the 2012 fourth quarter and full year.
Ports and Terminals operating profit decreased 29.3 percent and
25.4 percent in the 2013 fourth quarter and full year,
respectively, compared to the same periods of 2012, mainly
attributable to reduced revenue as previously mentioned.
DEBT As of December 31, 2013, TMM's total net debt was $9,995.6
million pesos. In 2013, the Company paid $789.9 million pesos of
its Trust Certificates debt, including a capital prepayment of $5.0
million pesos. Likewise, on February 17, 2014, TMM paid
approximately $369.2 million pesos of its Trust Certificates debt,
including a capital prepayment of $1.0 million pesos. Finally, of
TMM's total debt, only $349.1 million pesos, or 3.2 percent, is
short term.
| |
| Total
Debt* |
| -
millions of pesos - |
| |
|
|
|
|
|
|
|
As of 12/31/12 |
|
As of 12/31/13 |
|
Mexican Trust Certificates (1) |
|
$ |
9,839.8 |
|
$ |
9,880.2 |
|
Other Corporate Debt |
|
|
984.0 |
|
|
1,010.4 |
|
Total Debt |
|
$ |
10,823.8 |
|
$ |
10,890.6 |
|
Cash |
|
|
1,083.1 |
|
|
895.0 |
|
Net Debt |
|
$ |
9,740.7 |
|
$ |
9,995.6 |
| |
|
|
|
|
|
|
*Book Value (1) 20-year term, non- recourse to the Company
and rated "AA" 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 - |
| |
| |
|
December 31, |
|
|
December 31, |
|
| |
|
2013 |
|
|
2012 |
|
| |
|
|
|
|
|
|
| Current
assets: |
|
|
|
|
|
|
| Cash and cash equivalents |
|
895.0 |
|
|
1,083.1 |
|
| Accounts receivable |
|
|
|
|
|
|
| |
Accounts receivable - Net |
|
563.3 |
|
|
386.7 |
|
| |
Other accounts receivable |
|
170.5 |
|
|
201.9 |
|
| |
Prepaid expenses and others current assets |
|
138.8 |
|
|
136.1 |
|
| |
Non-current assets held for sale |
|
178.7 |
|
|
704.3 |
|
| Total current assets |
|
1,946.3 |
|
|
2,512.1 |
|
| Property, machinery and equipment |
|
12,232.2 |
|
|
11,957.8 |
|
| Cumulative Depreciation |
|
(3,269.6 |
) |
|
(2,821.2 |
) |
| Property, machinery and equipment - Net |
|
8,962.5 |
|
|
9,136.7 |
|
| Other assets |
|
314.1 |
|
|
347.8 |
|
| Deferred taxes |
|
948.4 |
|
|
948.6 |
|
| Total assets |
|
12,171.4 |
|
|
12,945.3 |
|
| |
|
|
|
|
|
|
| Current
liabilities: |
|
|
|
|
|
|
| |
Bank loans and current maturities of long-term liabilities |
|
349.1 |
|
|
332.6 |
|
| |
Suppliers |
|
241.9 |
|
|
235.8 |
|
| |
Other accounts payable and accrued expenses |
|
524.6 |
|
|
555.5 |
|
| |
Liabilities directly associated with non-current assets held for
sale |
|
111.0 |
|
|
469.1 |
|
| Total current liabilities |
|
1,226.7 |
|
|
1,593.0 |
|
| Long-term liabilities: |
|
|
|
|
|
|
| |
Bank loans |
|
799.4 |
|
|
799.5 |
|
| |
Trust certificates debt |
|
9,742.1 |
|
|
9,691.7 |
|
| |
Other long-term liabilities |
|
198.6 |
|
|
202.3 |
|
| |
|
|
|
|
|
|
| Total long-term liabilities |
|
10,740.1 |
|
|
10,693.5 |
|
| Total liabilities |
|
11,966.8 |
|
|
12,286.5 |
|
| |
|
|
|
|
|
|
| Stockholders'
equity |
|
|
|
|
|
|
| |
Common stock |
|
2,169.9 |
|
|
2,169.9 |
|
| |
Retained earnings |
|
(2,684.5 |
) |
|
(2,126.9 |
) |
| |
Revaluation surplus |
|
945.2 |
|
|
846.8 |
|
| |
Initial accumulated translation loss |
|
(247.7 |
) |
|
(247.7 |
) |
| |
Cumulative translation adjusted |
|
(43.0 |
) |
|
(43.0 |
) |
| |
|
140.1 |
|
|
599.2 |
|
| |
Minority interest |
|
64.6 |
|
|
59.6 |
|
| Total stockholders´ equity |
|
204.7 |
|
|
658.8 |
|
| |
|
|
|
|
|
|
| Total liabilities and stockholders´ equity |
|
12,171.4 |
|
|
12,945.3 |
|
| |
|
|
|
|
|
|
*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 |
|
|
Year ended |
|
| |
|
December 31, |
|
|
December 31, |
|
| |
|
2013 |
|
|
2012 |
|
|
2013 |
|
|
2012 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Ports
and Terminals |
|
66.2 |
|
|
101.4 |
|
|
332.7 |
|
|
350.9 |
|
| |
Maritime |
|
639.9 |
|
|
528.5 |
|
|
2,455.3 |
|
|
2,188.8 |
|
| |
Corporate and others |
|
12.7 |
|
|
14.7 |
|
|
50.6 |
|
|
52.5 |
|
| Revenue from freight and services |
|
718.8 |
|
|
644.6 |
|
|
2,838.5 |
|
|
2,592.2 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Ports
and Terminals |
|
(50.5 |
) |
|
(80.5 |
) |
|
(277.2 |
) |
|
(280.8 |
) |
| |
Maritime |
|
(381.7 |
) |
|
(310.4 |
) |
|
(1,373.8 |
) |
|
(1,206.9 |
) |
| |
Corporate and others |
|
(12.0 |
) |
|
(14.7 |
) |
|
(50.4 |
) |
|
(53.2 |
) |
| Cost of freight and services |
|
(444.2 |
) |
|
(405.5 |
) |
|
(1,701.3 |
) |
|
(1,540.9 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Ports
and Terminals |
|
(3.6 |
) |
|
(3.7 |
) |
|
(14.6 |
) |
|
(15.3 |
) |
| |
Maritime |
|
(139.7 |
) |
|
(147.3 |
) |
|
(562.3 |
) |
|
(561.9 |
) |
| |
Corporate and others |
|
(2.1 |
) |
|
(3.2 |
) |
|
(8.7 |
) |
|
(12.5 |
) |
| Depreciation and amortization |
|
(145.3 |
) |
|
(154.1 |
) |
|
(585.6 |
) |
|
(589.7 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Corporate expenses |
|
(48.6 |
) |
|
(15.4 |
) |
|
(210.1 |
) |
|
(172.0 |
) |
| |
Ports
and Terminals |
|
12.1 |
|
|
17.2 |
|
|
40.9 |
|
|
54.8 |
|
| |
Maritime |
|
118.5 |
|
|
70.9 |
|
|
519.2 |
|
|
420.1 |
|
| |
Corporate and others |
|
(1.4 |
) |
|
(3.2 |
) |
|
(8.5 |
) |
|
(13.2 |
) |
| |
Other (expenses) income - Net |
|
31.6 |
|
|
(105.8 |
) |
|
64.0 |
|
|
(9.8 |
) |
| Operating Income (loss) |
|
112.3 |
|
|
(36.3 |
) |
|
405.5 |
|
|
279.8 |
|
| Financial (expenses) income - Net |
|
(216.6 |
) |
|
(239.3 |
) |
|
(904.9 |
) |
|
(931.8 |
) |
| Exchange gain (loss) - Net |
|
2.8 |
|
|
(2.8 |
) |
|
4.4 |
|
|
44.9 |
|
| Net financial cost |
|
(213.8 |
) |
|
(242.1 |
) |
|
(900.5 |
) |
|
(886.9 |
) |
| Loss before taxes |
|
(101.5 |
) |
|
(278.3 |
) |
|
(495.1 |
) |
|
(607.1 |
) |
| Provision for taxes |
|
(0.8 |
) |
|
(0.9 |
) |
|
(4.7 |
) |
|
(8.8 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Loss before discontinuing operations |
|
(102.3 |
) |
|
(279.2 |
) |
|
(499.8 |
) |
|
(615.8 |
) |
| Loss from discontinuing operations |
|
14.3 |
|
|
(46.9 |
) |
|
(63.5 |
) |
|
(165.3 |
) |
| Net loss for the period |
|
(88.0 |
) |
|
(326.1 |
) |
|
(563.2 |
) |
|
(781.1 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Attributable to: |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Minority interest |
|
2.0 |
|
|
4.4 |
|
|
5.0 |
|
|
5.3 |
|
| Equity holders of GTMM, S.A.B. |
|
(90.0 |
) |
|
(330.4 |
) |
|
(568.2 |
) |
|
(786.5 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Weighted average outstanding shares (millions) |
|
102.183 |
|
|
102.183 |
|
|
102.183 |
|
|
102.183 |
|
| Income (loss) earnings per share (dollars / share) |
|
(0.9 |
) |
|
(3.2 |
) |
|
(5.6 |
) |
|
(7.7 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Outstanding shares at end of period (millions) |
|
102.183 |
|
|
102.183 |
|
|
102.183 |
|
|
102.183 |
|
| Income (loss) earnings per share (dollars / share) |
|
(0.9 |
) |
|
(3.2 |
) |
|
(5.6 |
) |
|
(7.7 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
*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 |
|
|
Year ended |
|
| |
|
December 31, |
|
|
December 31, |
|
| |
|
2013 |
|
|
2012 |
|
|
2013 |
|
|
2012 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Cash flow from
operation activities: |
|
|
|
|
|
|
|
|
|
|
|
|
| Loss before discontinuing operations |
|
(102.3 |
) |
|
(279.2 |
) |
|
(499.8 |
) |
|
(615.8 |
) |
| Charges
(credits) to income not affecting resources: |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Depreciation & amortization |
|
163.7 |
|
|
176.6 |
|
|
667.0 |
|
|
675.4 |
|
| |
Other non-cash items |
|
188.2 |
|
|
198.8 |
|
|
838.6 |
|
|
767.6 |
|
| Total non-cash items |
|
351.9 |
|
|
375.3 |
|
|
1,505.6 |
|
|
1,443.0 |
|
| |
Changes in assets & liabilities |
|
(78.3 |
) |
|
125.9 |
|
|
(141.4 |
) |
|
72.7 |
|
| Total adjustments |
|
273.6 |
|
|
501.3 |
|
|
1,364.2 |
|
|
1,515.7 |
|
| Net cash provided by operating activities |
|
171.3 |
|
|
222.1 |
|
|
864.4 |
|
|
899.9 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Cash flow from
investing activities: |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Proceeds from sales of assets |
|
20.4 |
|
|
15.1 |
|
|
32.2 |
|
|
15.2 |
|
| |
Payments for purchases of assets |
|
(188.2 |
) |
|
(44.7 |
) |
|
(209.4 |
) |
|
(285.4 |
) |
| Net cash used in investment activities |
|
(167.8 |
) |
|
(29.6 |
) |
|
(177.3 |
) |
|
(270.3 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Cash flow
provided by financing activities: |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Short-term borrowings (net) |
|
(12.2 |
) |
|
(5.9 |
) |
|
(12.5 |
) |
|
(3.1 |
) |
| |
Repayment of long-term debt |
|
(51.0 |
) |
|
(55.3 |
) |
|
(1,028.3 |
) |
|
(787.5 |
) |
| |
Proceeds from issuance of long-term debt |
|
161.7 |
|
|
15.9 |
|
|
165.1 |
|
|
220.7 |
|
| Net cash provided by (used in) financing
activities |
|
98.5 |
|
|
(45.2 |
) |
|
(875.7 |
) |
|
(570.0 |
) |
| Exchange losses on cash |
|
(0.3 |
) |
|
0.9 |
|
|
0.4 |
|
|
(12.7 |
) |
| |
Net increase (decrease) in cash |
|
101.7 |
|
|
148.2 |
|
|
(188.1 |
) |
|
46.9 |
|
| |
Cash at beginning of period |
|
793.3 |
|
|
934.9 |
|
|
1,083.1 |
|
|
1,036.2 |
|
|
|
Cash at end of period |
|
895.0 |
|
|
1,083.1 |
|
|
895.0 |
|
|
1,083.1 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
*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
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