Grupo TMM Reports 2020 Fourth-Quarter and Full Year Financial Results
Grupo TMM, S.A.B. (OTC: GTMAY), a Mexican maritime and logistics company, reported its 2020 financial results. Consolidated revenue for Q4 2020 was $296.5 million, down from $366.1 million YoY; full-year revenue fell to $1,203.1 million from $1,475.7 million. The company experienced a consolidated operating loss of $316.3 million for the year. Despite challenges from the pandemic and economic slowdown, TMM reduced corporate expenses by 44%. Net debt stood at $39.7 million as of year-end 2020, with stockholders' equity at $2,095.1 million.
- Reduced corporate expenses by 44% year-over-year
- Maintained a positive cash position of $143.0 million
- Ability to diversify clients helped mitigate COVID-19 impact
- Consolidated operating loss of $316.3 million in 2020
- Q4 revenue decline to $296.5 million from $366.1 million in 2019
- Ports and Terminals reported an operating loss of $9.5 million in Q4 2020
(In Millions of Mexican Pesos)
2020 Fourth-Quarter Results and Full-Year Include:
- Stockholders’ Equity of
$2,095.1 million . - Financial Debt of 12.6 percent from Stockholders’ Equity.
- Corporative expenses-decrease of 44 percent year to year.
MEXICO CITY, March 01, 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 fourth quarter and full year 2020.
José F. Serrano, Chairman of Grupo TMM, said, “Although 2020 was a very complicated year for Mexico, and in particular for the maritime and logistics transportation and energy industries due to the slowdown in the economy and the drop in oil prices since 2019, as well as the ongoing adverse effects of the coronavirus pandemic, Grupo TMM has shown that thanks to its proven experience and adaptability through its strategies of technological transformation, cost optimization and clients diversification, it has the ability to reinvent itself by making the most of all its resources, strengths and financial position to reinforce the trust of its clients and its participation in the market.”
“Grupo TMM is now a more dynamic and modern organization, ready to capitalize on opportunities and challenges, and participate in profitable projects and alliances with world-renowned companies. By providing integrated transport, logistics, storage and distribution services, the Company is always seeking sustainable growth and development.”
FOURTH-QUARTER AND FULL-YEAR 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 January 1, 2019. All monetary amounts are in millions of Mexican Pesos.
Consolidated revenue for the fourth quarter of 2020 was
Consolidated operating results during the full-year 2020 reported a loss of
Maritime revenue in the fourth quarter of 2020 was
Maritime operating income in the fourth quarter of 2020 was
Maritime EBITDA in the fourth quarter of 2020 was
Ports and Terminals revenue in the fourth quarter of 2020 was
Ports and Terminals operating results in the fourth quarter of 2020 reported a loss of
Ports and Terminals EBITDA in the fourth quarter was
Warehousing Services revenue in fourth quarter 2020 were
DEBT
As of December 31, 2020, Grupo TMM net debt was
Total Debt*
– Millions of Mexican Pesos –
| As of 12/31/20 | As of 12/31/19 | |||
| Short-Term Debt | ||||
| Long-Term Debt | 53.6 | 118.7 | ||
| Total Debt | $182.7 | $257.9 | ||
| Cash | 143.0 | 512.8 | ||
| Net Debt | $39.7 | $0.00 | ||
| Short-Term Leases | ||||
| Long-Term Leases | 131.5 | 526.8 | ||
| Leases IFRS 16 | $160.8 | $587.4 | ||
| Stockholders’ Equity | $2,247.6 | $2,422.8 | ||
| Book value per share | $22.0 | $23.71 | ||
*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 -
| December 31, | December 31, | |||||||
| 2020 | 2019 | |||||||
| Current assets: | ||||||||
| Cash and cash equivalents | ||||||||
| Cash in cash and banks | 50.1 | 127.9 | ||||||
| Cash and temporary investments | 53.1 | 342.7 | ||||||
| Restricted cash | 39.7 | 42.2 | ||||||
| Total cash and cash equivalents | 143.0 | 512.8 | ||||||
| Accounts receivable | ||||||||
| Accounts receivable – Net | 228.4 | 507.4 | ||||||
| Other accounts receivable | 60.7 | 115.8 | ||||||
| Taxes to be recovered | 200.5 | 306.0 | ||||||
| Prepaid expenses and others current assets | 86.4 | 83.7 | ||||||
| Total current assets | 718.9 | 1,525.6 | ||||||
| Taxes to be recovered long term | 238.0 | - | ||||||
| Property, machinery and equipment | 2,894.8 | 2,629.3 | ||||||
| Cumulative Depreciation | (366.1 | ) | (345.8 | ) | ||||
| Property, machinery and equipment – Net | 2,528.7 | 2,283.5 | ||||||
| Rights of use | 161.7 | 560.1 | ||||||
| Other assets | 187.5 | 194.6 | ||||||
| Total assets | 3,834.8 | 4,563.8 | ||||||
| Current liabilities: | ||||||||
| Bank loans and current maturities of long-term liabilities | 129.1 | 139.2 | ||||||
| Leases short-term | 29.3 | 60.6 | ||||||
| Suppliers | 229.1 | 262.2 | ||||||
| Other accounts payable and accrued expenses | 526.1 | 587.1 | ||||||
| Total current liabilities | 913.5 | 1,049.0 | ||||||
| Long-term liabilities: | ||||||||
| Bank loans | 53.6 | 118.7 | ||||||
| Leases long-term | 131.5 | 526.8 | ||||||
| Deferred taxes | 311.5 | 248.2 | ||||||
| Other long-term liabilities | 177.0 | 198.2 | ||||||
| Total long-term liabilities | 673.7 | 1,092.0 | ||||||
| Total liabilities | 1,587.2 | 2,141.0 | ||||||
| Total stockholders´ equity | 2,247.6 | 2,422.8 | ||||||
| Total liabilities and stockholders´ equity | 3,834.8 | 4,563.8 | ||||||
*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 | Year ended | ||||||||||||||||||
| December 31, | December 31, | ||||||||||||||||||
| 2020 | 2019 | 2020 | 2019 | ||||||||||||||||
| Maritime | 197.5 | 213.0 | 751.2 | 868.5 | |||||||||||||||
| Ports and Terminals | 67.6 | 113.7 | 313.0 | 435.3 | |||||||||||||||
| Warehousing Services | 31.3 | 39.4 | 138.8 | 171.9 | |||||||||||||||
| Revenue from freight and services | 296.5 | 366.1 | 1,203.1 | 1,475.7 | |||||||||||||||
| Maritime | (151.1 | ) | (133.2 | ) | (634.9 | ) | (652.2 | ) | |||||||||||
| Ports and Terminals | (67.2 | ) | (78.0 | ) | (292.4 | ) | (355.3 | ) | |||||||||||
| Warehousing Services | (33.1 | ) | (0.8 | ) | (124.5 | ) | (132.8 | ) | |||||||||||
| Cost of freight and services | (251.3 | ) | (212.1 | ) | (1,051.9 | ) | (1,140.2 | ) | |||||||||||
| Maritime | (9.8 | ) | (21.7 | ) | (41.8 | ) | (66.3 | ) | |||||||||||
| Ports and Terminals | (9.9 | ) | (18.9 | ) | (38.0 | ) | (34.7 | ) | |||||||||||
| Warehousing Services | (2.9 | ) | (40.7 | ) | (34.1 | ) | (41.5 | ) | |||||||||||
| Depreciation and amortization | (22.5 | ) | (81.4 | ) | (113.8 | ) | (142.5 | ) | |||||||||||
| Maritime | 36.7 | 58.1 | 74.5 | 150.0 | |||||||||||||||
| Ports and Terminals | (9.5 | ) | 16.7 | (17.4 | ) | 45.4 | |||||||||||||
| Warehousing Services | (4.6 | ) | (2.1 | ) | (19.8 | ) | (2.4 | ) | |||||||||||
| Results by business | 22.6 | 72.7 | 37.3 | 193.0 | |||||||||||||||
| Corporate expenses | (16.7 | ) | (43.8 | ) | (96.3 | ) | (173.7 | ) | |||||||||||
| Corporate depreciation and amortization | (1.9 | ) | (10.1 | ) | (16.0 | ) | (40.4 | ) | |||||||||||
| Non-recurring (expenses) income | (59.9 | ) | 198.8 | (241.4 | ) | 233.9 | |||||||||||||
| Operating (loss) gain | (55.9 | ) | 217.5 | (316.3 | ) | 212.8 | |||||||||||||
| Financial (expenses) income - Net | (8.1 | ) | (15.0 | ) | (35.0 | ) | (71.6 | ) | |||||||||||
| Leases financial expenses | (4.6 | ) | (28.9 | ) | (26.6 | ) | (70.2 | ) | |||||||||||
| Exchange gain (loss) - Net | 29.2 | 18.1 | (25.1 | ) | 24.9 | ||||||||||||||
| Net financial cost | 16.5 | (25.7 | ) | (86.6 | ) | (116.9 | ) | ||||||||||||
| (loss) gain before taxes | (39.4 | ) | 191.8 | (403.0 | ) | 95.9 | |||||||||||||
| Provision for taxes | (35.9 | ) | (62.5 | ) | - | (64.6 | ) | ||||||||||||
| Net (loss) gain for the period | (75.3 | ) | 129.3 | (403.0 | ) | 31.3 | |||||||||||||
| Attributable to: | |||||||||||||||||||
| Minority interest | (0.1 | ) | 0.9 | (5.0 | ) | (0.8 | ) | ||||||||||||
| Equity holders of GTMM, S.A.B. | (75.2 | ) | 128.4 | (398.0 | ) | 32.1 | |||||||||||||
| Weighted average outstanding shares (millions) | 102.183 | 102.183 | 102.183 | 102.183 | |||||||||||||||
| Income (loss) earnings per share (pesos/share) | (0.7 | ) | 1.3 | (3.9 | ) | 0.3 | |||||||||||||
| Outstanding shares at end of period (millions) | 102.183 | 102.183 | 102.183 | 102.183 | |||||||||||||||
| Income (loss) earnings per share (pesos/share) | (0.7 | ) | 1.3 | (3.9 | ) | 0.3 | |||||||||||||
*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 | Year ended | ||||||||
| December 31, | December 31, | ||||||||
| 2020 | 2019 | 2020 | 2019 | ||||||
| Cash flow from operation activities: | |||||||||
| Net (loss) gain for the period | (75.3 | ) | 129.3 | (403.0 | ) | 31.3 | |||
| Charges (credits) to income not affecting resources: | |||||||||
| Depreciation & amortization | 24.7 | 91.5 | 131.1 | 182.9 | |||||
| Deferred taxes | 33.5 | (35.1 | ) | (31.1 | ) | (35.1 | ) | ||
| Other non-cash items | 34.2 | (214.9 | ) | 195.9 | (200.8 | ) | |||
| Total non-cash items | 92.4 | (158.5 | ) | 296.0 | (53.0 | ) | |||
| Changes in assets & liabilities | 39.0 | (28.5 | ) | (82.5 | ) | (18.3 | ) | ||
| Total adjustments | 131.4 | (187.0 | ) | 213.5 | (71.3 | ) | |||
| Net cash provided by (used in) operating activities | 56.1 | (57.7 | ) | (189.5 | ) | (40.0 | ) | ||
| Cash flow from investing activities: | |||||||||
| Proceeds from sales of assets | 0.8 | 546.5 | 7.7 | 672.7 | |||||
| Payments for purchases of assets | (3.6 | ) | (29.5 | ) | (24.9 | ) | (98.7 | ) | |
| Net cash (used in) provided by investment activities | (2.9 | ) | 517.0 | (17.2 | ) | 573.9 | |||
| Cash flow provided by financing activities: | |||||||||
| Short-term borrowings (net) | (6.0 | ) | (63.0 | ) | (35.2 | ) | (107.3 | ) | |
| Repayment of leases | (12.7 | ) | (87.7 | ) | (83.0 | ) | (134.2 | ) | |
| Proceeds from (repayment of) long-term debt | (65.2 | ) | (61.9 | ) | (79.8 | ) | (88.4 | ) | |
| Net cash used in financing activities | (83.9 | ) | (212.6 | ) | (198.0 | ) | (329.9 | ) | |
| Exchange effect on cash | (14.8 | ) | (8.6 | ) | 34.9 | (9.4 | ) | ||
| Net decrease in cash | (45.5 | ) | 238.0 | (369.8 | ) | 194.6 | |||
| Cash at beginning of period | 188.5 | 274.8 | 512.8 | 318.2 | |||||
| Cash at end of period | 143.0 | 512.8 | 143.0 | 512.8 | |||||
*Prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board.
| TMM COMPANY CONTACT: | AT DRESNER CORPORATE SERVICES: |
| Luis Rodolfo Capitanachi Dagdug, CFO | Nathan Abler (investors, analysts, media) |
| 011-52-55-5629-8866 | 714-742-4180 |
| Luis.Capitanachi@tmm.com.mx | nabler@dresnerco.com |
| Mauricio Monterrubio, Investor Relations | |
| 011-52-55-5629-8866 | |
| mauricio.monterrubio@tmm.com.mx |
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