(In Millions of Mexican Pesos)
2019 Fourth-Quarter Results and Full-Year Include:
- Full-Year Consolidated income of
$1,475.7 million . - Free Cash Flow of
$514.5 million . - Does not show Net Debt, its Total Debt is lower than the Free Cash Flow.
- Stockholders’ Equity of
$2,404.5 million . - Financial Debt of 10.8 percent from Stockholders’ Equity.
- Full-Year EBITDA of
$321.3 million .
MANAGEMENT OVERVIEW
“While the downturn of the Mexican and global economy in 2019 affected transportation and logistics,
“As a result of its significant efforts to establish a healthy financial structure,
“We also implemented a digital transformation process which will enable
FOURTH-QUARTER AND FULL-YEAR 2019 OPERATING AND FINANCIAL RESULTS
The following information with respect to 2019 includes the new accounting standard for leases under the International Financial Reporting Standards (IFRS-16) effective as of
Consolidated revenues for the fourth quarter of 2019 were
Consolidated operating results for the fourth quarter of 2019 resulted in a profit of
Non-recurrent operations in the fourth quarter resulted in an income of
Consolidated EBITDA in the fourth quarter of 2019 was
Maritime revenues in the fourth quarter of 2019 increased 1.4 percent to
Fourth-quarter 2019 Maritime operating profit increased
Fourth-quarter 2019 Maritime EBITDA was
Ports and Terminals revenue was
Fourth-quarter 2019 Ports and Terminals operating income was
Ports and Terminals EBITDA was
Warehousing Services revenue during the fourth quarter of 2019 was
DEBT
As of
Total Debt* | ||||
– Millions of Mexican Pesos – | ||||
As of | As of | |||
Short-Term Debt | ||||
Long-Term Debt | 118.7 | 392.1 | ||
Total Debt | $258.7 | $615.5 | ||
Cash | 514.5 | 318.2 | ||
Net Debt | $0.00 | $297.3 | ||
Short-Term Leases | ||||
Long-Term Leases | 471.4 | 0.0 | ||
Leases IFRS 16 | $485.8 | $0.0 | ||
Stockholders’ Equity | $2,404.5 | $2,124.3 | ||
Book value per share | $23.52 | $20.78 |
*Book Value
Headquartered in
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 |
Financial tables follow…
Balance Sheet*
- Millions of Pesos -
2019 | 2018 | ||||||
Current assets: | |||||||
Cash and cash equivalents | 514.5 | 318.2 | |||||
Accounts receivable | |||||||
Accounts receivable – Net | 507.4 | 397.0 | |||||
Other accounts receivable | 421.6 | 469.5 | |||||
Prepaid expenses and others current assets | 83.7 | 81.5 | |||||
Total current assets | 1,527.1 | 1,266.2 | |||||
Property, machinery and equipment | 2,629.3 | 2,725.6 | |||||
Cumulative Depreciation | (345.8 | ) | (409.2 | ) | |||
Property, machinery and equipment – Net | 2,283.5 | 2,316.4 | |||||
Rights of use | 464.0 | - | |||||
Other assets | 194.6 | 198.4 | |||||
Total assets | 4,469.2 | 3,781.1 | |||||
Current liabilities: | |||||||
Bank loans and current maturities of long-term liabilities | 140.0 | 223.4 | |||||
Leases short-term | 14.4 | - | |||||
Suppliers | 262.0 | 262.1 | |||||
Other accounts payable and accrued expenses | 634.4 | 375.9 | |||||
Total current liabilities | 1,050.8 | 861.4 | |||||
Long-term liabilities: | |||||||
Bank loans | 118.7 | 392.1 | |||||
Leases long-term | 471.4 | - | |||||
Deferred taxes | 272.2 | 226.8 | |||||
Other long-term liabilities | 151.5 | 176.6 | |||||
Total long-term liabilities | 1,013.9 | 795.5 | |||||
Total liabilities | 2,064.7 | 1,656.8 | |||||
Total stockholders´ equity | 2,404.5 | 2,124.3 | |||||
Total liabilities and stockholders´ equity | 4,469.2 | 3,781.1 |
*Prepared in accordance with International Financial Reporting Standards as issued by the
*Statement of Income
- Millions of Pesos -
Three months ended | Year ended | ||||||||
December 31, | |||||||||
2019 | 2018 | 2019 | 2018 | ||||||
Maritime | 213.0 | 210.1 | 868.5 | 909.5 | |||||
Ports and Terminals | 113.7 | 106.5 | 435.3 | 452.6 | |||||
Warehousing Services | 39.4 | 40.2 | 171.9 | 161.0 | |||||
Revenue from freight and services | 366.1 | 356.9 | 1,475.7 | 1,523.1 | |||||
Maritime | (178.4 | ) | (184.3 | ) | (697.3 | ) | (727.5 | ) | |
Ports and Terminals | (94.1 | ) | (91.3 | ) | (371.3 | ) | (355.4 | ) | |
Warehousing Services | (46.6 | ) | (38.8 | ) | (178.5 | ) | (165.4 | ) | |
Corporate and others | (0.2 | ) | (0.1 | ) | (0.6 | ) | (0.5 | ) | |
Cost of freight and services | (319.2 | ) | (314.4 | ) | (1,247.8 | ) | (1,248.8 | ) | |
Maritime | (13.1 | ) | (16.2 | ) | (57.6 | ) | (59.5 | ) | |
Ports and Terminals | (6.0 | ) | (3.3 | ) | (21.7 | ) | (12.4 | ) | |
Warehousing Services | (0.5 | ) | (0.3 | ) | (1.3 | ) | (1.3 | ) | |
Corporate and others | (10.1 | ) | (1.8 | ) | (40.4 | ) | (7.1 | ) | |
Depreciation and amortization | (29.6 | ) | (21.7 | ) | (121.0 | ) | (80.3 | ) | |
Corporate expenses | (43.6 | ) | (58.6 | ) | (173.0 | ) | (198.4 | ) | |
Maritime | 21.6 | 9.6 | 113.6 | 122.5 | |||||
Ports and Terminals | 13.6 | 11.9 | 42.3 | 84.9 | |||||
Warehousing Services | (7.7 | ) | 1.1 | (8.0 | ) | (5.7 | ) | ||
Corporate and others | (10.3 | ) | (1.9 | ) | (41.0 | ) | (7.6 | ) | |
Other (expenses) income - Net | 231.3 | 85.6 | 266.4 | 102.6 | |||||
Operating income | 205.0 | 47.8 | 200.3 | 98.3 | |||||
Financial (expenses) income - Net | (61.9 | ) | (23.1 | ) | (118.5 | ) | (75.8 | ) | |
Leases financial expenses | (13.9 | ) | - | (55.2 | ) | - | |||
Exchange gain (loss) - Net | 17.9 | (7.8 | ) | 24.7 | 5.8 | ||||
Net financial cost | (57.8 | ) | (30.9 | ) | (149.0 | ) | (69.9 | ) | |
Income before taxes | 147.2 | 16.9 | 51.3 | 28.3 | |||||
Provision for taxes | (36.2 | ) | (3.0 | ) | (38.3 | ) | (4.8 | ) | |
Net income for the period | 111.0 | 13.8 | 13.0 | 23.5 | |||||
Attributable to: | |||||||||
Minority interest | 0.9 | 2.2 | (0.8 | ) | 4.5 | ||||
Equity holders of GTMM, S.A.B. | 110.1 | 11.6 | 13.8 | 19.0 | |||||
Weighted average outstanding shares (millions) | 102.183 | 102.183 | 102.183 | 102.183 | |||||
Income (loss) earnings per share (pesos/share) | 1.1 | 0.1 | 0.1 | 0.2 | |||||
Outstanding shares at end of period (millions) | 102.183 | 102.183 | 102.183 | 102.183 | |||||
Income (loss) earnings per share (pesos/share) | 1.1 | 0.1 | 0.1 | 0.2 |
*Prepared in accordance with International Financial Reporting Standards as issued by the
*Statement of Cash Flow
- Millions of Pesos -
Three months ended | Year ended | ||||||||
2019 | 2018 | 2019 | 2018 | ||||||
Cash flow from operation activities: | |||||||||
Net income for the period | 111.0 | 13.8 | 13.0 | 23.5 | |||||
Charges (credits) to income not affecting resources: | |||||||||
Depreciation & amortization | 29.6 | 21.7 | 121.0 | 81.6 | |||||
Deferred taxes | (11.1 | ) | - | (11.1 | ) | - | |||
Other non-cash items | (247.8 | ) | (72.7 | ) | (233.7 | ) | (31.6 | ) | |
Total non-cash items | (229.3 | ) | (51.0 | ) | (123.8 | ) | 50.0 | ||
Changes in assets & liabilities | (32.8 | ) | 75.0 | (22.6 | ) | (18.6 | ) | ||
Total adjustments | (262.1 | ) | 24.0 | (146.4 | ) | 31.4 | |||
Net cash (used in) provided by operating activities | (151.1 | ) | 37.8 | (133.4 | ) | 55.0 | |||
Cash flow from investing activities: | |||||||||
Proceeds from sales of assets | 548.5 | 8.5 | 674.7 | 229.1 | |||||
Payments for purchases of assets | (8.5 | ) | (41.1 | ) | (77.7 | ) | (86.3 | ) | |
Paid to minority partners | - | (26.2 | ) | - | (26.2 | ) | |||
Net cash provided by (used in) investment activities | 540.0 | (58.8 | ) | 597.0 | 116.6 | ||||
Cash flow provided by financing activities: | |||||||||
Repayment of long-term debt | (143.9 | ) | (42.3 | ) | (287.5 | ) | (438.3 | ) | |
Proceeds from issuance of long-term debt | 3.4 | 20.3 | 29.6 | 124.0 | |||||
Net cash used in financing activities | (140.5 | ) | (22.0 | ) | (257.9 | ) | (314.2 | ) | |
Exchange effect on cash | (8.6 | ) | 12.2 | (9.4 | ) | (0.8 | ) | ||
Net increase (decrease) in cash | 239.7 | (30.8 | ) | 196.3 | (143.4 | ) | |||
Cash at beginning of period | 274.8 | 348.9 | 318.2 | 461.6 | |||||
Cash at end of period | 514.5 | 318.2 | 514.5 | 318.2 |
*Prepared in accordance with International Financial Reporting Standards as issued by the
TMM COMPANY CONTACT: | AT |
011-52-55-5629-8729 | 714-742-4180 |
carlos.aguilarm@tmm.com.mx | nabler@dresnerco.com |
011-52-55-5629-8712 | |
mauricio.monterrubio@tmm.com.mx |
Source:
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