Grupo TMM Reports First-Quarter 2016 Financial Results
(In Mexican Pesos)
(firmenpresse) - MEXICO CITY, MEXICO -- (Marketwired) -- 04/28/16 -- Grupo TMM, S.A.B. (OTC PINK: GTMAY) (BMV: TMM A)
2016 First-Quarter Results Include:
(OTC PINK: GTMAY) (BMV: TMM A); a Mexican maritime transportation and logistics Company, reported today its financial results for the first quarter of 2016.
José F. Serrano, chairman and chief executive officer of Grupo TMM, said, "Oil industry conditions and prices have necessitated Pemex to reduce its budget, affecting all industry participants in Mexico. However, Grupo TMM continues to focus on strategies to reduce costs, develop new projects that will diversify its investments, strengthen its balance sheet and implement mechanisms to mitigate liquidity risks amid the current market situation. We believe the oil industry will stabilize in the long term, enabling an improvement in the domestic market.
Compared to the same period last year, consolidated revenues in the 2016 first quarter increased 17.5 percent, mainly due to higher revenues at the Maritime segment.
Year over year, first-quarter 2016 consolidated operating profit increased $35.9 million, or 35.9 percent.
In the 2016 first quarter, other income net was $1.1 million compared to 2015 first-quarter other income net of $16.1 million, mainly attributable to proceeds from the sale of assets.
First-quarter 2016 consolidated EBITDA was $293.1 million compared to $257.2 million for the same period last year.
Free cash flow was $119.1 million in reported quarter compared to $83.4 million for the same period last year.
Compared to the same period last year, first-quarter 2016 Maritime revenues grew 18.2 percent, or $114.2 million, due mainly to higher revenues of 66.1 percent in product tankers attributable to 100 percent fleet utilization, 12.6 percent in chemical tankers mainly due to improved average freight rates, 13.3 percent in shipyard attributable to the amount and type of service, and 11.5 percent in offshore.
Comparing the 2016 first quarter with the same period of 2015, Maritime operating profit increased 44.0 percent from $127.8 million to $184.1 million, mainly attributable to higher revenues in all businesses, particularly in product tankers of $52.1 million due to better utilization, as well as in chemical tankers of $10.2 million from improved average freight rates, partially offset by higher costs in the offshore segment.
First-quarter 2016 Maritime EBITDA increased 20.4 percent to $336.5 million compared to $279.5 million in the same period of 2015. First-quarter 2016 EBITDA margin was 45.3 percent.
Ports and Terminals revenues increased 15.7 percent, or $77.3 million, in the 2016 first quarter over the same period of 2015, primarily attributable to higher revenues in Tampico due to an increase in steel volume, in agencies due to improved average rates, as well as at maintenance and repair operations due to higher volumes of containers.
Ports and Terminals operating profit increased 20.9 percent in the 2016 first quarter year over year, to $14.3 million from $11.8 million, principally attributed to improved results in Agencies due to higher average rates, as well as an increase in volume at the Tampico terminal.
Ports and Terminals EBITDA increased 11.4 percent to $17.4 million in the 2016 first quarter compared to the same period of 2015. First-quarter 2016 Ports and Terminals EBITDA margin was 22.5 percent.
As of March 31, 2016, TMM''s total net debt was $9,823.6 million. Of TMM''s total debt, $524.6 million, or 4.9 percent, is short term.
*Book Value
(1) 20-year term, non-recourse to the Company, rated "AA" by HR Ratings de México, rate of 5.79 percent (TIIE +2.45).
Grupo TMM, S.A.B. coverage analysis information:
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
Benjamin Ampudia
CFO
011-525-55-629-8704
Mauricio Monterrubio
Investor Relations
011-525-55-629-8712
Kristine Walczak
(investors, analysts, media)
312-726-3600
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Datum: 28.04.2016 - 16:56 Uhr
Sprache: Deutsch
News-ID 1431423
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