Grupo TMM Reports First-Quarter 2015 Financial Results (in Millions of Mexican Pesos)
(firmenpresse) - MEXICO CITY, MEXICO -- (Marketwired) -- 04/30/15 -- Grupo TMM, S.A.B. (OTC PINK: GTMAY) (BMV: TMM A)
2015 First-Quarter Results Include:
Income of $713.7 million
Free cash flow increase to $83.4 million
Shipyard revenues improve 74.9 percent over Q1 2014
Maritime fleet utilization of 92.0 percent
(OTC PINK: GTMAY) (BMV: TMM A) , a Mexican maritime transportation and logistics Company, reported today its financial results for the first quarter of 2015.
José F. Serrano, chairman and chief executive officer of Grupo TMM, said, "TMM remains focused on maintaining its leadership in our industry by taking advantage of opportunities brought about by changes in the market. In particular, Mexican Energy Reform has provided important opportunities for a number of domestic and foreign companies to participate in the oil exploration and production industry in Mexico. We are extremely well positioned to partner with these companies, as well as Pemex, to provide offshore shipping services to the Mexican oil industry."
Serrano concluded, "We continue our efforts to strengthen the Company''s balance sheet, reduce debt and improve profitability through capitalization and cost optimization of all our businesses."
Compared to the same period last year, consolidated revenues in the 2015 first quarter increased $26.7 million, mainly due to higher revenues at the Maritime segment.
First-quarter 2015 consolidated operating profit was $99.9 million, a decrease of 19.2 percent, compared to $123.6 million in the same period last year, primarily due to higher costs in the Maritime segment as a result of the change to low-sulfur fuels to comply with new regulations, as well as higher depreciation costs due to the new accounting policy for valuation of vessels.
In the 2015 first quarter, other income net was $16.1 million, mainly attributable to the proceeds from the sale of assets, compared to 2014 first-quarter other income net of $23.9 million.
First-quarter 2015 consolidated EBITDA was $257.2 million compared to $271.6 million for the same period last year.
Compared to the same period last year, Maritime revenues grew $28.4 million to $628.3 million in the 2015 first quarter due mainly to higher revenues in the offshore segment of $40.9 million as a result of one additional vessel in operation, and in shipyard of $11.2 million, or 74.9 percent, partially impacted by a decrease in revenues in harbor tugs due to a lower calls in the LNG terminal and in product tankers attributable to lower utilization.
Comparing the 2015 first quarter with the same period of 2014, Maritime operating profit decreased 9.5 percent from $141.2 million to $127.8 million, mainly attributable to lower revenues in harbor tugs in the LNG terminal, as well as the change to low-sulfur fuel, which carries a higher price. Maritime operating profit was also negatively impacted by increased costs in chemical tankers due to adverse weather conditions.
First-quarter 2015 Maritime EBITDA decreased 1.5 percent to $279.5 million compared to $283.9 million in the same period of 2014. First-quarter EBITDA margin was 44.5 percent in the 2015 period compared to 47.3 percent in the 2014 same period.
Ports and Terminals revenues decreased 10.0 percent in the 2015 first quarter compared to the same period of 2014 to $66.8 million, primarily attributable to lower revenues in the automotive segment, as well as at the Tuxpan and Tampico operations, partially offset by higher revenues in agencies and the intermodal terminal.
Ports and Terminals operating profit increased 10.9 percent to $11.8 million in the 2015 first quarter compared to the same period of 2014 mainly attributable to higher revenues in agencies and in the intermodal terminal, as well as lower operating costs in the Tuxpan, Tampico and automotive segment operations.
Ports and Terminals EBITDA for the 2015 first quarter increased 10.7 percent to $15.6 million compared to $14.1 million in same period of 2014. First-quarter EBITDA margin was 23.3 percent in the 2015 period compared to 19.0 percent in the 2014 same period.
As of March 31, 2015, TMM''s total net debt was $10,272.9 million. The Company paid approximately $234.3 million interest of its Trust Certificates debt. Of TMM''s total debt, $759.3 million or 7.0 percent, is short term.
*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 . 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.
*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
Carlos Aguilar
CFO
011-525-55-629-8729
Mauricio Monterrubio
Investor Relations
011-525-55-629-8712
Kristine Walczak
(investors, analysts, media)
312-726-3600
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Datum: 30.04.2015 - 15:05 Uhr
Sprache: Deutsch
News-ID 1355617
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