![](/cdn/assets/images/search/clock.png)
We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Grupo Tmm S.A. American Depositary Shares | NYSE:TMM | NYSE | Ordinary Share |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 1.37 | 0.00 | 01:00:00 |
MANAGEMENT OVERVIEW José F. Serrano, chairman and chief executive officer of Grupo TMM, said, "Year over year, TMM's second-quarter 2010 consolidated revenues, operating profit and EBITDA improved, demonstrating the power of the Company's market position, continued operational efficiency and successful business strategy. More importantly, consolidated EBITDA in the second quarter of this year exceeded our financial expenses, resulting in the third consecutive quarter of positive free cash flow.
"Building on our core strengths of excellent customer service and high performance records developed over 30 years of cabotage operation, we will continue to utilize our strengths to expand our operations. In the Maritime division, this means taking advantage of the Mexican Maritime Law and increased demand. As part of our five-year growth strategy, we intend to take advantage of strategic opportunities to add around 25 vessels, build TMM's asset base and enhance our growth profile. Additionally, at our Port and Terminals division, we are pursuing an opportunity to increase our penetration in the Mexican ports through the construction of a container and liquid terminal for oil products at Tuxpan. Finally, in the second half of the year, we will begin providing stevedoring services for general cargo in Tampico, a port located north of Tuxpan."
Serrano added, "Additionally, we reopened our 20-year, non recourse, Mexican Trust Certificates Program to consolidate all tranches into one in an effort to improve the Program's credit rating. On July 13, HR Ratings de México rated the new issuance of Trust Certificates AA in the domestic scale. This transaction will also allow us to redeploy our fleet, prepay our dollar-denominated debt and extend its term, and obtain additional funds for new projects. We will complete this transaction in the next few days."
Serrano concluded, "TMM's owned strategic assets and participation in high return and profitable niche markets are complimented by predictable revenues and cash flows through medium and long-term contracts at our Maritime division. We firmly believe TMM is well positioned for sustainable long-term growth."
SECOND-QUARTER AND FIRST-HALF 2010 FINANCIAL AND OPERATING RESULTS Compared to the same periods of last year, consolidated revenues increased 1.2 percent in the 2010 second quarter and 1.4 percent in the 2010 first half.
Operating profit increased 33.9 percent and 67.3 percent in the 2010 second quarter and 2010 first half, respectively. Higher operating profit in the 2010 periods was mainly due to improvements at the Maritime and Ports divisions. Additionally, consolidated operating margin grew to 11.7 percent in the 2010 first half compared to 7.1 percent in the 2009 first half.
In the 2010 second quarter, EBITDA increased 30.8 percent to $22.1 million compared to $16.9 million in the same period of last year. In the first half of 2010, EBITDA increased 39.6 percent to $45.1 million compared to $32.3 million in the same period of 2009. Second-quarter 2009 EBITDA includes a $4.4 million profit from the sale of two vessels. Without this one-time profit, EBITDA increased 76.8 percent, or $9.6 million, in the 2010 second quarter, and 61.6 percent, or $17.2 million, in the 2010 first half, compared to the same periods last year.
At Maritime, second-quarter 2010 revenues grew 8.4 percent compared to the 2009 second quarter, mainly due to increased revenues at offshore vessels attributable to higher average tariffs per day and more vessels in operation. This division's operating profit grew 14.3 percent in the 2010 second quarter compared to the previous year's second quarter, mainly as a result of a significant profit increase at product tankers due primarily to higher average daily rates and to having all seven vessels working with time-charter contracts.
First-half 2010 revenues at Maritime remained at $102 million, and operating profit grew 15.5 percent compared to the previous year's first half. This profit increase was mainly attributable to improvements at every segment except for chemical tankers, which operated two less vessels in the 2010 second quarter due to decreased demand for these services compared to the 2009 second quarter.
Financial expenses in the 2010 second quarter were 37.0 percent lower than in the same period last year and included a net exchange gain of $23.3 million. In the 2010 first half, financial expenses decreased 31.2 percent compared to the same period last year and included a net exchange loss of $11.0 million.
In the 2010 second quarter and 2010 first half, the Ports and Terminals division's revenue increased 46.1 percent and 43.4 percent, respectively, both compared to the same periods last year. Additionally, operating profit for this division increased from $9,000 dollars in the 2009 second quarter to $1.4 million in the 2010 second quarter and from $0.5 million in the 2009 first half to $3.4 million in the 2010 first half.
Improved results at the Ports and Terminals division was attributable mainly to increased cruise ship calls and automobiles handled at Acapulco, as well as increased revenue and higher container volumes at the maintenance and repair segment. In the 2010 first half, revenues at Acapulco increased 105.3 percent to $3.9 million compared to the same period last year. At the maintenance and repair segment, revenues increased 52.2 percent to $3.5 million in the 2010 first half compared to the same period last year.
Compared to the same periods of last year, Logistics revenues decreased 21.3 percent and 3.8 percent in the 2010 second quarter and 2010 first half, respectively. These decreases were mainly attributable to lower trucking revenue and to reduced revenue of $3.8 million as a result of the sale of the minority stake in the Company's automotive inbound logistics business in April. These decreases were partially offset by higher revenue at the warehousing and auto hauling segments.
Logistics operating losses in the 2010 second quarter and 2010 first half were reduced compared to the same periods of 2009 and included certain book losses.
CONFERENCE CALL TMM's management will host a conference call and Webcast to review financial and operational highlights on Thursday, July 29 at 11:00 a.m. Eastern time.
To participate in the conference call, please dial (888) 857-6932 (domestic) or (719) 457-2665 (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: http://www.visualwebcaster.com/event.asp?id=70471.
A replay of the conference call will be available through August 29 at 11:59 p.m. Eastern time, by dialing (888) 203-1112 or (719) 457-0820, and entering passcode 1156408. On the Internet a replay will be available for 30 days at: http://www.visualwebcaster.com/event.asp?id=70471.
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 www.grupotmm.com. The site offers Spanish/English language options.
Included in this press release are certain forward-looking statements within the meaning of Section 27A 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* - millions of dollars - June 30, December 31, 2010 2009 ------------ ------------- Current assets: Cash and cash equivalents 85.047 84.244 ------------ ------------- Accounts receivable Accounts receivable - Net 54.552 47.553 ------------ ------------- Other accounts receivable 34.260 31.885 ------------ ------------- Prepaid expenses and others current assets 10.979 9.934 ------------ ------------- Total current assets 184.84 173.62 ============ ============= Property, machinery and equipment 830.684 823.831 ------------ ------------- Cumulative Depreciation (160.743) (145.433) ------------ ------------- Property, machinery and equipment - Net 669.941 678.398 ============ ============= Other assets 46.542 53.250 ------------ ------------- Deferred taxes 96.803 97.274 ------------ ------------- Total assets 998.124 1,002.538 ------------ ------------- Current liabilities: Bank loans and current maturities of long- term liabilities 21.157 16.043 ------------ ------------- Sale of accounts receivable 9.460 7.869 ------------ ------------- Suppliers 32.900 27.957 ------------ ------------- Other accounts payable and accrued expenses 54.841 44.186 ------------ ------------- Total current liabilities 118.358 96.055 ============ ============= Long-term liabilities: Bank loans 63.078 70.974 ------------ ------------- Trust certificates debt 689.596 677.520 ------------ ------------- Sale of accounts receivable 6.556 12.047 ------------ ------------- Other long-term liabilities 27.486 26.134 ------------ ------------- Total long-term liabilities 786.716 786.675 ============ ============= Total liabilities 905.074 882.730 ------------ ------------- Stockholders´ equity Common stock 155.177 155.240 ------------ ------------- Retained earnings (41.595) (14.446) ------------ ------------- Initial accumulated translation loss (17.757) (17.757) ------------ ------------- Cumulative translation adjusted (10.971) (10.490) ------------ ------------- 84.854 112.547 ------------ ------------- Minority interest 8.196 7.261 ------------ ------------- Total stockholders´ equity 93.050 119.808 ------------ ------------- Total liabilities and stockholders´ equity 998.124 1,002.538 ------------ ------------- *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* - millions of dollars - Three months ended Six months ended June 30, June 30, ------------------ -------------------- 2010 2009 2010 2009 -------- -------- ---------- --------- Ports and Terminals 5.722 3.955 11.885 8.341 Maritime 51.676 47.687 102.388 102.137 Logistics 18.093 22.984 42.483 44.222 Corporate and others 0.002 0.004 0.006 0.011 Eliminations (0.070) (0.084) (0.189) (0.200) -------- -------- ---------- --------- Revenue from freight and services 75.423 74.546 156.573 154.511 -------- -------- ---------- --------- Ports and Terminals (3.995) (3.565) (7.762) (7.089) Maritime (24.821) (25.042) (52.298) (59.751) Logistics (18.956) (25.306) (42.675) (48.088) Corporate and others (0.017) 0.046 (0.025) (0.022) Eliminations 0.070 0.084 0.189 0.200 -------- -------- ---------- --------- Cost of freight and services (47.719) (53.783) (102.571) (114.750) -------- -------- ---------- --------- Ports and Terminals (0.361) (0.399) (0.725) (0.780) Maritime (10.855) (8.648) (21.058) (17.318) Logistics (2.737) (1.927) (4.590) (3.089) Corporate and others (0.296) (0.057) (0.377) (0.098) -------- -------- ---------- --------- Depreciation of vessels and equipment (14.249) (11.031) (26.750) (21.285) -------- -------- ---------- --------- -------- -------- ---------- --------- Corporate expenses (3.666) (3.732) (7.167) (7.229) Ports and Terminals 1.366 (0.009) 3.398 0.472 Maritime 16.000 13.997 29.032 25.068 Logistics (3.600) (4.249) (4.782) (6.955) Corporate and others (0.311) (0.007) (0.396) (0.109) Other (expenses) income - Net (1.905) (0.137) (1.657) (0.205) -------- -------- ---------- --------- Operating Income 7.884 5.863 18.428 11.042 ======== ======== ========== ========= Financial (expenses) income - Net (15.301) (24.266) (32.202) (46.830) Exchange gain (loss) - Net 23.307 (47.466) (10.960) (25.401) -------- -------- ---------- --------- Net financial cost 8.006 (71.732) (43.162) (72.231) -------- -------- ---------- --------- Gain (loss) before taxes 15.890 (65.869) (24.734) (61.189) ======== ======== ========== ========= Provision for taxes (1.024) (0.557) (1.528) (0.402) -------- -------- ---------- --------- Net income (loss) for the period 14.866 (66.426) (26.262) (61.591) -------- -------- ---------- --------- Attributable to: Minority interest 0.395 (0.080) 0.937 0.022 -------- -------- ---------- --------- Equity holders of GTMM, S.A.B. 14.471 (66.346) (27.199) (61.613) -------- -------- ---------- --------- Weighted average outstanding shares (millions) 102.014 55.227 102.019 55.227 Income (loss) earnings per share (dollars / share) 0.14 (1.20) (0.27) (1.12) Outstanding shares at end of period (millions) 101.995 55.227 101.995 55.227 Income (loss) earnings per share (dollars / share) 0.14 (1.20) (0.27) (1.12) -------- -------- ---------- --------- *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* - millions of dollars - ------------------ ----------------- Three months ended Six months ended June 30, June 30, ------------------ ---------------- 2010 2009 2010 2009 ------- --------- -------- ------- Cash flow from operation activities: Net income (loss) for the period 14.866 (66.426) (26.262) (61.591) ------- --------- -------- ------- Charges (credits) to income not affecting resources: Depreciation & amortization 15.884 12.427 30.196 24.262 ------- --------- -------- ------- Other non-cash items (8.166) 63.397 42.632 65.135 ------- --------- -------- ------- Total non-cash items 7.718 75.824 72.828 89.397 ------- --------- -------- ------- Changes in assets & liabilities (5.243) (15.681) (18.206) (12.923) ------- --------- -------- ------- Total adjustments 2.475 60.143 54.622 76.474 ------- --------- -------- ------- Net cash provided by (used in) operating activities 17.341 (6.283) 28.360 14.883 ======= ========= ======== ======= Cash flow from investing activities: Proceeds from sales of assets 0.418 6.141 4.585 7.452 ------- --------- -------- ------- Payments for purchases of assets (8.147) (11.719) (10.855) (38.743) ------- --------- -------- ------- Sale of share of subsidiaries 4.062 4.062 ------- --------- -------- ------- Dividends from non-consolidated subsidiaries 0.643 0.643 ------- --------- -------- ------- Net cash used in investment activities (3.667) (4.935) (2.208) (30.648) ======= ========= ======== ======= Cash flow provided by financing activities: Short-term borrowings (net) 2.219 (0.512) 7.203 (0.939) ------- --------- -------- ------- Sale (repurchase) of accounts receivable (net) (2.608) (7.221) (4.450) (14.445) ------- --------- -------- ------- Repayment of long-term debt (17.368) (24.564) (30.930) (33.190) ------- --------- -------- ------- Proceeds from issuance of long-term debt 1.560 1.560 ------- --------- -------- ------- Acquisition of treasury shares, net (0.013) (0.013) ------- --------- -------- ------- Net cash used in financing activities (16.210) (32.297) (26.630) (48.574) ======= ========= ======== ======= Exchange losses on cash (0.370) 9.553 1.281 4.047 ======= ========= ======== ======= Net (decrease) increase in cash (2.906) (33.962) 0.803 (60.292) ------- --------- -------- ------- Cash at beginning of period 87.953 142.117 84.244 168.447 ------- --------- -------- ------- Cash at end of period 85.047 108.155 85.047 108.155 ------- --------- -------- ------- *Prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board.
TMM COMPANY CONTACT: Jacinto Marina Deputy CEO 011-525-55-629-8866 ext. 2901 Email Contact Monica Azar Investor Relations 917-597-5361 or 011-525-55-629-8866 ext. 3421 Email Contact AT DRESNER CORPORATE SERVICES: Kristine Walczak (investors, analysts, media) 312-726-3600 Email Contact
1 Year Grupo Tmm A Chart |
1 Month Grupo Tmm A Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions