(In Millions of Mexican Pesos)
2020 Second-Quarter Financial Results Include:
- Consolidated Accumulated Income of
$635.3 million . - Free Cash Flow of
$324.3 million . - No Net Debt; Total Debt is lower than Free Cash Flow.
- Stockholders’ Equity of
$2,388.5 million . - Financial Debt of 10.4 percent from Stockholders’ Equity.
MANAGEMENT OVERVIEW
“The Company has focused on maintaining the health and well-being of its collaborators, on-board personnel, local operating personnel, administrative and executive officers with strict measures to prevent the spread of infection. We have also implemented measures to maintain the operational and financial sustainability of the company. With these strategies, TMM is preparing for the new normal and ways of operating in the industry, as the pandemic recedes.”
“Taking advantage of more than 60 years in the industry, an excellent debt-to-cash ratio and the implementation of its technological transformation, as well as its strategic assets, the Company is well positioned to form alliances and make new investment projects with world-renowned companies, which will generate new income and high profitability in the short and medium-term.”
“Grupo TMM reaffirms its strategic focus of investing in profitable projects in
SECOND-QUARTER 2020 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 second quarter of 2020 were
Consolidated operating results reported a loss of
Non-recurrent operations in the second quarter of 2020 resulted in
Consolidated EBITDA in the first six-months of 2020 was
Maritime revenues in the second quarter of 2020 were
Maritime operating income for the second quarter of 2020 was
Maritime EBITDA in the second quarter of 2020 was
Ports and Terminals revenues were
Ports and Terminals operating results in the second quarter of 2020 were
Ports and Terminals EBITDA was
Warehousing Services revenues in second quarter 2020 were
DEBT
As of
Total Debt*
– Millions of Mexican Pesos –
As of | As of | |
Short-Term Debt | ||
Long-Term Debt | 109.3 | 118.7 |
Total Debt | $248.4 | $257.9 |
Cash | 324.3 | 512.8 |
Net Debt | $0.00 | $0.00 |
Short-Term Leases | ||
Long-Term Leases | 65.4 | 526.8 |
Leases IFRS 16 | $102.3 | $587.4 |
Stockholders’ Equity | $2,388.5 | $2,422.8 |
Book value per share | $23.38 | $23.71 |
*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 -
2020 | 2019 | ||
Current assets: | |||
Cash and cash equivalents | 324.3 | 512.8 | |
Accounts receivable | |||
Accounts receivable – Net | 414.7 | 507.4 | |
Other accounts receivable | 503.4 | 421.8 | |
Prepaid expenses and others current assets | 90.0 | 83.7 | |
Total current assets | 1,332.3 | 1,525.6 | |
Property, machinery and equipment | 2,612.1 | 2,629.3 | |
Cumulative Depreciation | (345.0) | (345.8) | |
Property, machinery and equipment – Net | 2,267.0 | 2,283.5 | |
Rights of use | 95.1 | 560.1 | |
Other assets | 196.4 | 194.6 | |
Total assets | 3,890.8 | 4,563.8 | |
Current liabilities: | |||
Bank loans and current maturities of long-term liabilities | 139.1 | 139.2 | |
Leases short-term | 36.9 | 60.6 | |
Suppliers | 206.5 | 262.2 | |
Other accounts payable and accrued expenses | 586.3 | 587.1 | |
Total current liabilities | 968.7 | 1,049.0 | |
Long-term liabilities: | |||
Bank loans | 109.3 | 118.7 | |
Leases long-term | 65.4 | 526.8 | |
Deferred taxes | 168.2 | 248.2 | |
Other long-term liabilities | 190.7 | 198.2 | |
Total long-term liabilities | 533.6 | 1,092.0 | |
Total liabilities | 1,502.2 | 2,141.0 | |
Total stockholders´ equity | 2,388.5 | 2,422.8 | |
Total liabilities and stockholders´ equity | 3,890.8 | 4,563.8 |
*Prepared in accordance with International Financial Reporting Standards as issued by the
*Statement of Income
- Millions of Pesos -
Three months ended | Six months ended | ||||||||
2020 | 2019 | 2020 | 2019 | ||||||
Maritime | 176.7 | 222.8 | 382.3 | 429.8 | |||||
Ports and Terminals | 63.7 | 96.3 | 176.4 | 210.0 | |||||
Warehousing Services | 36.0 | 47.4 | 76.6 | 89.4 | |||||
Revenue from freight and services | 276.4 | 366.5 | 635.3 | 729.2 | |||||
Maritime | (150.9 | ) | (155.1 | ) | (337.4 | ) | (332.5 | ) | |
Ports and Terminals | (66.7 | ) | (90.5 | ) | (150.4 | ) | (180.7 | ) | |
Warehousing Services | (28.7 | ) | (41.9 | ) | (59.5 | ) | (83.9 | ) | |
Corporate and others | (0.1 | ) | (0.1 | ) | (0.2 | ) | (0.3 | ) | |
Cost of freight and services | (246.4 | ) | (287.6 | ) | (547.5 | ) | (597.4 | ) | |
Maritime | (10.0 | ) | (15.2 | ) | (22.3 | ) | (29.9 | ) | |
Ports and Terminals | (9.0 | ) | (5.1 | ) | (19.4 | ) | (10.0 | ) | |
Warehousing Services | (10.3 | ) | (0.2 | ) | (20.7 | ) | (0.4 | ) | |
Corporate and others | (1.8 | ) | (10.1 | ) | (12.0 | ) | (20.2 | ) | |
Depreciation and amortization | (31.1 | ) | (30.5 | ) | (74.4 | ) | (60.4 | ) | |
Corporate expenses | (8.7 | ) | (44.7 | ) | (50.8 | ) | (85.8 | ) | |
Maritime | 15.8 | 52.6 | 22.6 | 67.4 | |||||
Ports and Terminals | (11.9 | ) | 0.7 | 6.5 | 19.4 | ||||
Warehousing Services | (3.0 | ) | 5.3 | (3.5 | ) | 5.0 | |||
Corporate and others | (2.0 | ) | (10.2 | ) | (12.3 | ) | (20.4 | ) | |
Other (expenses) income - Net | (17.5 | ) | 68.0 | 25.8 | 57.4 | ||||
Operating (loss) income | (27.2 | ) | 71.7 | (11.6 | ) | 42.9 | |||
Financial (expenses) income - Net | (7.7 | ) | (22.8 | ) | (16.9 | ) | (40.8 | ) | |
Leases financial expenses | (4.5 | ) | (13.8 | ) | (19.3 | ) | (27.6 | ) | |
Exchange gain (loss) - Net | (7.9 | ) | 6.4 | (50.4 | ) | 18.5 | |||
Net financial cost | (20.0 | ) | (30.2 | ) | (86.6 | ) | (49.8 | ) | |
(Loss) income before taxes | (47.3 | ) | 41.5 | (98.2 | ) | (6.9 | ) | ||
Provision for taxes | - | (1.0 | ) | 64.0 | (1.5 | ) | |||
Net (loss) income for the period | (47.3 | ) | 40.6 | (34.3 | ) | (8.4 | ) | ||
Attributable to: | |||||||||
Minority interest | (2.9 | ) | (0.7 | ) | (3.6 | ) | 0.6 | ||
Equity holders of GTMM, S.A.B. | (44.4 | ) | 41.2 | (30.7 | ) | (9.1 | ) | ||
Weighted average outstanding shares (millions) | 102.183 | 102.183 | 102.183 | 102.183 | |||||
Income (loss) earnings per share (pesos/share) | (0.4 | ) | 0.4 | (0.3 | ) | (0.1 | ) | ||
Outstanding shares at end of period (millions) | 102.183 | 102.183 | 102.183 | 102.183 | |||||
Income (loss) earnings per share (pesos/share) | (0.4 | ) | 0.4 | (0.3 | ) | (0.1 | ) |
*Prepared in accordance with International Financial Reporting Standards as issued by the
*Statement of Cash Flow
- Millions of Pesos -
Three months ended | Six months ended | ||||||||
2020 | 2019 | 2020 | 2019 | ||||||
Cash flow from operation activities: | |||||||||
Net (loss) income for the period | (47.3 | ) | 40.6 | (34.3 | ) | (8.4 | ) | ||
Charges (credits) to income not affecting resources: | |||||||||
Depreciation & amortization | 31.6 | 30.5 | 75.0 | 60.4 | |||||
Deferred taxes | (3.7 | ) | - | (80.0 | ) | - | |||
Other non-cash items | (32.2 | ) | (57.5 | ) | (1.2 | ) | (33.1 | ) | |
Total non-cash items | (4.2 | ) | (27.0 | ) | (6.2 | ) | 27.3 | ||
Changes in assets & liabilities | (32.9 | ) | (40.0 | ) | (86.9 | ) | (24.0 | ) | |
Total adjustments | (37.2 | ) | (67.0 | ) | (93.1 | ) | 3.3 | ||
Net cash used in operating activities | (84.4 | ) | (26.4 | ) | (127.4 | ) | (5.1 | ) | |
Cash flow from investing activities: | |||||||||
Proceeds from sales of assets | 1.8 | 17.8 | 5.8 | 95.6 | |||||
Payments for purchases of assets | (8.9 | ) | (40.7 | ) | (15.1 | ) | (48.5 | ) | |
Net cash (used in) provided by investment activities | (7.2 | ) | (22.9 | ) | (9.3 | ) | 47.1 | ||
Cash flow provided by financing activities: | |||||||||
Short-term borrowings (net) | (6.9 | ) | (18.8 | ) | (35.0 | ) | (38.7 | ) | |
Repayment of leases | (18.4 | ) | (15.6 | ) | (52.0 | ) | (30.3 | ) | |
Repayment of long-term debt | (10.4 | ) | (19.8 | ) | (25.8 | ) | (36.3 | ) | |
Net cash used in financing activities | (35.7 | ) | (54.1 | ) | (112.8 | ) | (105.3 | ) | |
Exchange effect on cash | (15.5 | ) | (2.6 | ) | 60.9 | (6.1 | ) | ||
Net decrease in cash | (142.8 | ) | (106.0 | ) | (188.5 | ) | (69.4 | ) | |
Cash at beginning of period | 467.0 | 354.8 | 512.8 | 318.2 | |||||
Cash at end of period | 324.3 | 248.8 | 324.3 | 248.8 |
*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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