(In Millions of Mexican Pesos)
2021 First Quarter Results Include:
- Stockholders’ Equity of $2,164.8 million.
- Financial Debt of 9.6 percent from Stockholders’ Equity.
- Financial expenses decreased 37.7 percent.
MEXICO CITY, May 27, 2021 (GLOBE NEWSWIRE) -- Grupo TMM, S.A.B. (OTC: GTMAY and BMV: TMM A; “TMM” or the “Company”), a Mexican Maritime-management transportation and logistics Company, reported today its financial results for the first quarter of 2021.
José F. Serrano, Chairman of Grupo TMM, said, “Thanks to our proven experience, the determination of our General Management to reinvent the Company, and the work of our collaborators, Grupo TMM remains the best option for maritime transport, logistics, warehousing and distribution, offering clients quality integrated services.
“The Company believes that the gradual post-pandemic economic recovery and opening of the markets will continue and allow us to achieve significant growth in our operations, develop profitable projects through strategic alliances, and capitalize on opportunities in the industry that leverage the strengths of the Company.”
FIRST-QUARTER 2021 OPERATING AND FINANCIAL RESULTS
Consolidated revenue for the first quarter of 2021 was $268.2 million, compared to $358.9 million in the same period of 2020. The Company continues with its diversification and customer service strategy, which has allowed it to reduce the impact of COVID-19 for more than a year, and economic and energy industry recoveries have been modest.
Consolidated operating results first quarter reported a loss of $99.9 million, of which $49.2 million was non-recurrent operations, representing 49.3 percent, basically due to a parcel tanker vessel sale.
Maritime revenue in the first quarter of 2021 was $175.9 million, mainly due to bad weather at the port of Houston, Texas lowering the volume transported by Parcel Tankers; and partially offset by an increase in the number of projects in the Shipyard segment due to the gradual industry recovery.
Maritime operating income in the first quarter of 2021 was $2.8 million.
Maritime EBITDA in the first quarter of 2021 was $7.6 million; EBITDA margin was 4.3 percent.
Ports and Terminals revenue in the first quarter of 2021 was $63.2 million, mainly due to the prolonged restriction on mobility and the closure of borders because of the COVID-19 pandemic, which caused the total stoppage of cruise ships since March of 2020, as well as the interruption of gravel maneuvers in Tuxpan.
Ports and Terminals operating results in the first quarter of 2021 reported a loss of $6.8 million.
Ports and Terminals EBITDA in the first quarter was $2.9 million; EBITDA margin was 4.5 percent.
Warehousing Services revenue in first quarter 2021 were $29.1 million.
DEBT
As of March 31, 2021, Grupo TMM’s net debt was $91.6 million, and our cash position was $115.5 million.
Total Debt*
– Millions of Mexican Pesos –
| As of 03/31/21 | As of 12/31/20 | |||
| Short-Term Debt | $134.4 | $129.1 | ||
| Long-Term Debt | 72.7 | 53.6 | ||
| Total Debt | $207.1 | $182.7 | ||
| Cash | 115.5 | 143.0 | ||
| Net Debt | $91.6 | $39.7 | ||
| Short-Term Leases | $57.7 | $58.2 | ||
| Long-Term Leases | 284.9 | 297.3 | ||
| Leases IFRS 16 | $342.6 | $355.5 | ||
| Stockholders’ Equity | $2,164.8 | $2,247.4 | ||
| Book value per share | 21.2 | $22.0 | ||
*Book Value
Headquartered in Mexico City, Grupo TMM is a Mexican Maritime-management transportation and logistics Company. Through its branch offices and network of subsidiary companies, Grupo TMM provides a dynamic combination of Maritime services port management and logistics. For more information on Grupo TMM, please visit the company’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 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.
Financial tables follow
Grupo TMM, S.A.B. and Subsidiaries
Balance Sheet*
- Millions of Pesos -
| March 31, | December 31, | ||||
| 2021 | 2020 | ||||
| Current assets: | |||||
| Cash and cash equivalents | |||||
| Cash in cash and banks | 28.8 | 50.1 | |||
| Cash and temporary investments | 44.6 | 53.1 | |||
| Restricted cash | 42.1 | 39.7 | |||
| Total cash and cash equivalents | 115.5 | 143.0 | |||
| Accounts receivable | |||||
| Accounts receivable – Net | 241.9 | 228.6 | |||
| Other accounts receivable | 100.2 | 60.8 | |||
| Taxes to be recovered | 235.0 | 203.5 | |||
| Prepaid expenses and others current assets | 81.9 | 86.3 | |||
| Total current assets | 774.4 | 722.2 | |||
| Taxes to be recovered long term | 238.0 | 238.0 | |||
| Property, machinery and equipment | 2,711.3 | 2,894.8 | |||
| Cumulative Depreciation | (310.0 | ) | (366.1 | ) | |
| Property, machinery and equipment – Net | 2,401.3 | 2,528.7 | |||
| Rights of use | 333.9 | 354.2 | |||
| Other assets | 212.5 | 187.5 | |||
| Total assets | 3,960.2 | 4,030.5 | |||
| Current liabilities: | |||||
| Bank loans and current maturities of long-term liabilities | 134.4 | 129.1 | |||
| Leases short-term | 57.7 | 58.2 | |||
| Suppliers | 278.9 | 229.0 | |||
| Other accounts payable and accrued expenses | 506.5 | 526.6 | |||
| Total current liabilities | 977.6 | 942.9 | |||
| Long-term liabilities: | |||||
| Bank loans | 72.7 | 53.6 | |||
| Leases long-term | 284.9 | 297.3 | |||
| Deferred taxes | 287.4 | 312.3 | |||
| Other long-term liabilities | 172.9 | 177.0 | |||
| Total long-term liabilities | 817.9 | 840.3 | |||
| Total liabilities | 1,795.5 | 1,783.1 | |||
| Total stockholders´ equity | 2,164.8 | 2,247.4 | |||
| Total liabilities and stockholders´ equity | 3,960.2 | 4,030.5 | |||
*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 Pesos -
| Three months ended | |||||
| March 31, | |||||
| 2021 | 2020 | ||||
| Maritime | 175.9 | 205.6 | |||
| Ports and Terminals | 63.2 | 112.6 | |||
| Warehousing Services | 29.1 | 40.6 | |||
| Revenue from freight and services | 268.2 | 358.9 | |||
| Maritime | (168.3 | ) | (186.4 | ) | |
| Ports and Terminals | (60.3 | ) | (83.7 | ) | |
| Warehousing Services | (21.7 | ) | (30.8 | ) | |
| Cost of freight and services | (250.4 | ) | (301.0 | ) | |
| Maritime | (4.7 | ) | (12.3 | ) | |
| Ports and Terminals | (9.7 | ) | (10.4 | ) | |
| Warehousing Services | (12.6 | ) | (10.3 | ) | |
| Depreciation and amortization | (27.0 | ) | (33.1 | ) | |
| Maritime | 2.8 | 6.8 | |||
| Ports and Terminals | (6.8 | ) | 18.4 | ||
| Warehousing Services | (5.2 | ) | (0.5 | ) | |
| Results by business | (9.2 | ) | 24.7 | ||
| Corporate expenses | (40.4 | ) | (42.2 | ) | |
| Corporate depreciation and amortization | (1.1 | ) | (10.2 | ) | |
| Non-recurring (expenses) income | (49.2 | ) | 43.4 | ||
| Operating (loss) gain | (99.9 | ) | 15.7 | ||
| Financial (expenses) income - Net | (4.9 | ) | (9.2 | ) | |
| Leases financial expenses | (10.1 | ) | (14.9 | ) | |
| Exchange gain (loss) - Net | 8.2 | (42.5 | ) | ||
| Net financial cost | (6.8 | ) | (66.6 | ) | |
| (loss) gain before taxes | (106.7 | ) | (51.0 | ) | |
| Provision for taxes | 24.0 | (64.0 | ) | ||
| Net (loss) gain for the period | (82.6 | ) | 13.0 | ||
| Attributable to: | |||||
| Minority interest | (3.7 | ) | (0.7 | ) | |
| Equity holders of GTMM, S.A.B. | (78.9 | ) | 13.7 | ||
| Weighted average outstanding shares (millions) | 102.183 | 102.183 | |||
| Income (loss) earnings per share (pesos/share) | (0.8 | ) | 0.1 | ||
| Outstanding shares at end of period (millions) | 102.183 | 102.183 | |||
| Income (loss) earnings per share (pesos/share) | (0.8 | ) | 0.1 | ||
*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 Flow
- Millions of Pesos -
| Three months ended | |||||||
| March 31, | |||||||
| 2021 | 2020 | ||||||
| Cash flow from operation activities: | |||||||
| Net (loss) gain for the period | (82.6 | ) | 13.0 | ||||
| Charges (credits) to income not affecting resources: | |||||||
| Depreciation & amortization | 28.1 | 43.4 | |||||
| Deferred taxes | (25.0 | ) | (76.3 | ) | |||
| Other non-cash items | 59.0 | 30.9 | |||||
| Total non-cash items | 62.1 | (2.0 | ) | ||||
| Changes in assets & liabilities | (84.2 | ) | (54.0 | ) | |||
| Total adjustments | (22.1 | ) | (56.0 | ) | |||
| Net cash used in operating activities | (104.7 | ) | (43.0 | ) | |||
| Cash flow from investing activities: | |||||||
| Proceeds from sales of assets | 83.7 | 4.1 | |||||
| Payments for purchases of assets | (3.1 | ) | (6.2 | ) | |||
| Net cash provided by (used in) investment activities | 80.6 | (2.1 | ) | ||||
| Cash flow provided by financing activities: | |||||||
| Short-term borrowings (net) | (7.1 | ) | (28.1 | ) | |||
| Repayment of leases | (26.2 | ) | (33.6 | ) | |||
| Proceeds from (repayment of) long-term debt | 24.7 | (15.4 | ) | ||||
| Net cash used in financing activities | (8.6 | ) | (77.1 | ) | |||
| Exchange effect on cash | 5.2 | 76.4 | |||||
| Net decrease in cash | (27.5 | ) | (45.8 | ) | |||
| Cash at beginning of period | 143.0 | 512.8 | |||||
| Cash at end of period | 115.5 | 467.0 | |||||
*Prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board.
| TMM COMPANY CONTACT: Luis Rodolfo Capitanachi Dagdug, CFO 011-52-55-5629-8866 Luis.Capitanachi@tmm.com.mx | AT DRESNER CORPORATE SERVICES: Nathan Abler (investors, analysts, media) 714-742-4180 nabler@dresnerco.com | |
| Mauricio Monterrubio, Investor Relations 011-52-55-5629-8866 mauricio.monterrubio@tmm.com.mx |