Grupo TMM Reports Third-Quarter 2011 Financial Results
Free Cash Flow Positive Throughout 2011
(firmenpresse) - MEXICO CITY -- (Marketwire) -- 10/26/11 -- (NYSE: TMM) (BMV: TMM A) a Mexican intermodal transportation and logistics Company, reported today its financial results for the third quarter and first nine months of 2011.
José F. Serrano, chairman and chief executive officer of Grupo TMM, said, "Third-quarter consolidated operational results continued to be affected by a challenging economic marketplace. At Maritime, third-quarter results were negatively impacted by the global reduction of tariffs for offshore vessels and product tankers compared to the third quarter of 2010. However, Maritime's revenue and fleet utilization sequentially improved from the first and second quarters of this year. In the third quarter of 2011, our offshore fleet utilization was at 88 percent and our product tanker utilization was at 99 percent, both well above the industry average."
Serrano continued, "Our strategy to renew our maritime fleet through a 20-year, peso denominated financing with no recourse to the Company benefitted us in the third quarter, as the peso depreciated 14.3 percent versus the dollar, reducing the book value of our peso denominated debt, which represents over 90 percent of our total debt."
Serrano concluded, "During the third quarter, we continued to work very closely with selected, interested parties for the financial implementation of the development of a container and liquids terminal at the Port of Tuxpan and the addition of specialized offshore vessels to TMM's fleet. These projects will be funded with a combination of equity and debt. We have satisfied all preliminary requirements, so once the funding is in place, we will be ready to carry out these projects, which will significantly improve our revenue base, profits and capital structure."
Compared to the same periods of last year, third-quarter and first nine-month 2011 revenue decreased 8.0 percent and 11.7 percent, respectively, mainly due to revenue reductions at Maritime.
Third-quarter and first nine-month 2011 consolidated operating profit decreased 28.6 percent and 17.5 percent, respectively, compared to the same periods of 2010. Consolidated operating profit included other income net of $1.5 million in the 2011 third quarter and of $8.6 million in the 2011 first nine months, mainly attributable to the recovery of certain tax incentives.
Compared to the same periods of last year, consolidated EBITDA decreased 15.8 percent to $18.7 million in the third quarter of 2011 and decreased 8.7 percent to $61.5 million in the first nine months of 2011.
Interest expense in the 2011 third quarter and in the 2011 first nine months was $16.6 million and $51.2 million, respectively. EBITDA minus interest expense resulted in free cash flow of $2.2 million in the 2011 third quarter and of $10.3 million in the 2011 first nine months.
Net financial cost benefitted by net exchange gains of $109.0 million and $67.3 million in the 2011 third quarter and in the 2011 first nine months, respectively, as a result of the depreciation of the peso versus the dollar. The peso depreciated 14.3 percent in the 2011 third quarter and 8.7 percent in the 2011 first nine months.
Maritime revenue in the third quarter and first nine months of 2011 decreased 12.9 percent and 16.7 percent, respectively, compared to the same periods of last year. Third-quarter and first nine-month 2011 operating profit was down 29.5 percent and 31.4 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 and to higher revenue per call.
Year over year, in the 2011 first nine months, offshore revenue decreased 20.4 percent to $76.1 million, negatively impacted by lower average daily tariffs, lower utilization and three less vessels in operation. Product tanker revenue decreased 10.7 percent to $27.4 million attributable to lower average daily tariffs and to lower utilization. Chemical tanker revenue decreased 24.7 percent to $14.0 million as a result of having one less vessel in operation in the second and third quarters and to lower freight volumes. However, the chemical tanker segment returned to profitability in the 2011 third quarter generating $0.6 million of gross profit.
Compared to the same periods of last year, Ports and Terminals third-quarter and first nine-month 2011 revenue increased 25.4 percent and 20.1 percent, respectively. This revenue increase was partially offset by lower revenue in the cruise ship segment at Acapulco and in shipping agencies in both 2011 periods, as some cruise lines changed routes from the Pacific to other destinations. Year over year, operating profit in the 2011 third quarter remained unchanged at $1.0 million and in the 2011 nine months increased 2.3 percent.
Compared to the same period of last year, first nine-month 2011 revenue increased 57.9 percent at the automotive segment to $6.0 million, and gross profit improved 83.3 percent, due to higher volumes, from 457,775 automobiles to 592,975 automobiles. Third-quarter 2011 car handling revenue at Acapulco nearly doubled, increasing 96.1 percent to $1.2 million, compared to the same period last year, contributing to this division's first nine-month 2011 revenue improvement. Maintenance and repair revenue increased 13.2 percent to $6.0 million in the first nine-month comparison due mainly to higher volumes at the Manzanillo depot and to the addition of a new client at Altamira in the second quarter.
Compared to the third quarter of 2010, Logistics revenue decreased 4.4 percent in the 2011 period. Excluding $6.7 million of revenue from the sale of assets in April 2010, Logistics revenue increased 3.5 percent in the first nine months of 2011 compared to the same period of 2010. The increase in the first nine months of 2011 was mainly attributable to higher revenue at the auto hauling segment, which improved 32.8 percent compared to the same period of last year, as a result of higher volumes.
As of September 30, 2011, TMM's total debt was $761.5 million. The Company's Trust Certificates debt was reduced by $66.8 million from the depreciation of the peso versus the dollar in the 2011 first nine months, as a result of the strengthening of the dollar versus the peso in August and September. Also, in the 2011 first nine months, the Company reduced its net debt by $30.8 million.
(1) 20-year term and non recourse to the Company
(2) Of total debt, only $11.0 million, or 1.4 percent, is short- term
Exchange Rate: 12.38 pesos/dollar at December 31, 2010, and 13.46 pesos/dollar at September 30, 2011
TMM's management will host a conference call and Webcast to review financial and operational highlights on Thursday, October 27 at 11:00 a.m. Eastern time.
To participate in the conference call, please dial (domestic) or (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:
.
A replay of the conference call will be available through November 26 at 11:59 p.m. Eastern time, by dialing or , and entering passcode . On the Internet a replay will be available for 30 days at: .
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 . 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 10-K and 20-F on file with the United States Securities and Exchange Commission.
Financial tables follow...
*Prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board.
*Prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board.
*Prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board.
Jacinto Marina
Deputy CEO
011-525-55-629-8718
Monica Azar
Investor Relations
011-525-55-629-8703
Kristine Walczak (investors, analysts, media)
312-726-3600
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Datum: 26.10.2011 - 14:05 Uhr
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