|1st Quarter 2013||PRESS RELEASE|
(In Millions of Mexican Pesos)
(Mexico City, May 16, 2013) – Grupo TMM, S.A.B. (OTC: GTMAY and BMV: TMM A; "TMM" or the "Company"), a Mexican intermodal transportation and logistics Company, reported today its financial results for the first quarter of 2013.
José F. Serrano, chairman and chief executive officer of Grupo TMM, said, "In the 2013 first quarter, the Company´s offshore business continued to excel with 95.7 percent utilization, which produced increased revenue and operating profit in the 2013 first quarter compared to the 2012 first quarter. Likewise, Ports and Terminals revenue and operating profit improved in the current period compared to last year, mainly due increased auto exports at Acapulco, particularly South America bound, and to higher volumes at maintenance and repair."
Serrano concluded, "We continue to work on several projects to grow TMM. Although this has taken longer than we originally anticipated, we estimate providing an update to our shareholders in the second half of 2013."
FIRST-QUARTER 2013 FINANCIAL AND OPERATING RESULTS
Compared to the same period of last year, consolidated revenue in the 2013 first quarter increased 3.5 percent due to higher revenue at Maritime and Ports. First-quarter 2013 consolidated operating profit was $46.4 million pesos, declining 21.5 percent from $59.1 million pesos recorded in the first quarter of 2012.
Other income net was $10.5 million pesos in the 2013 first quarter and mainly included $5.9 million pesos in cash dividends from affiliates and $1.6 million pesos in net tax recoveries. In the 2012 first quarter, other income net of $27.5 million pesos included $28.7 million pesos in cash dividends from affiliates, offset by a $1.3 million peso reserve for expenses associated with an arbitrage at the Maritime division.
Excluding other income net in both reported periods, consolidated operating profit in the 2013 first quarter was $35.9 million pesos, improving 13.6 percent from $31.6 million pesos in the 2012 first quarter.
Consolidated EBITDA in the 2013 first quarter was $203.7 million pesos compared to $213.6 million pesos in the 2012 first quarter.
Maritime revenue improved 4.8 percent in the 2013 first quarter compared to the same period last year, mainly due to a 7.9 percent revenue increase at offshore, due to higher average daily tariffs, to having two additional vessels in the fleet and to improved utilization, which grew from 92.4 percent in the 2012 first quarter to 95.7 percent in the 2013 reported quarter. Additionally, parcel tanker revenue improved 26.1 percent due to higher volumes, and harbor towage revenue grew 9.3 percent due to an improved revenue mix attributable to the Liquefied Natural Gas, or LNG, services.
This revenue improvement was partially offset by a 20.7 percent revenue decrease at product tankers, mainly attributable to having one unemployed vessel in the 2013 first quarter and to certain offhire days in between short-term contracts of another tanker. Also, in the 2013 first quarter, shipyard revenue declined 5.2 percent due to previously scheduled services that were deferred to the second quarter.
Maritime operating profit improved 16.8 percent in the 2013 first quarter compared to the same period of last year mainly due to revenue increases at offshore and harbor tugs. Likewise, in the 2013 first quarter, operating margin increased to 20.8 percent from 18.6 percent in the 2012 first quarter.
Maritime´s EBITDA for the 2013 first quarter grew 9.2 percent to $257.4 million pesos compared to $235.8 million pesos in the 2012 first quarter. EBITDA margin at Maritime also improved in the 2013 first quarter to 46.4 percent compared to 44.6 percent in the 2012 first quarter.
Ports and Terminals revenue grew 27.2 percent in the 2013 first quarter compared to the same period of 2012. This increase was mainly due to revenue improvements at the automotive segment, at the auto handling segment in Acapulco and at maintenance and repair, as a result of higher volumes comparing the 2013 first quarter with the 2012 first quarter.
Ports and Terminals operating profit increased 37.9 percent in the 2013 first quarter compared to the 2012 first quarter, largely due to profit improvements at Acapulco and at maintenance and repair, specifically at the Veracruz, Manzanillo and Altamira facilities.
Logistics revenue fell 9.1 percent and operating losses increased mainly at the trucking and warehousing business in the 2013 first quarter compared to the 2012 first quarter.
As of March 31, 2013, TMM´s total net debt was $9,891.7 million pesos. In the 2013 first quarter, the Company paid approximately $395.0 million pesos of its Trust Certificates debt, including a capital prepayment of $5.0 million pesos. Of TMM´s total debt, only $239.1 million pesos, or 2.4 percent, is short term.
Million of pesos
|As of 12/31/12||As of 3/31/13|
|Mexican Trust Certificates (1)||$9,839.8||$9,655.2|
|Other Corporate Debt||984.0||926.2|
(1) 20-year term, non- recourse to the Company and rated "AA" by HR Ratings de Mexico