Grupo TMM Reports First Quarter Financial Results; Comments on steps taken to protect Grupo TMM's future.Business Editors MEXICO Mexico, city, Mexico Mexico or Mexico City, Span. Ciudad de México (Méjico), city (1990 pop. 8,236,960; 1991 met. area est. 20,899,000), central Mexico, capital and largest city of Mexico. CITY--(BUSINESS WIRE)--May 20, 2003 Grupo TMM TMM The ISO 4217 currency code for the Turkmenistan Manet. , S.A. (NYSE NYSE See: New York Stock Exchange :TMM), the largest Latin Lat·in n. 1. a. The Indo-European language of the ancient Latins and Romans and the most important cultural language of western Europe until the end of the 17th century. b. American American, river, 30 mi (48 km) long, rising in N central Calif. in the Sierra Nevada and flowing SW into the Sacramento River at Sacramento. The discovery of gold at Sutter's Mill (see Sutter, John Augustus) along the river in 1848 led to the California gold rush of multi-modal See multimodal. transportation and logistics logistics In military science, all the activities of armed-force units in support of combat units, including transport, supply, communications, and medical aid. The term, first used by Henri Jomini, Alfred Thayer Mahan, and others, was adopted by the U.S. company and owner of the controlling interest controlling interest The ownership of a quantity of outstanding corporate stock sufficient to control the actions of the firm. Controlling interest often involves ownership of significantly less than 51% of a firm's outstanding stock because many owners fail in Mexico's busiest railway, TFM TFM Traffic Flow Management TFM TeX Font Metrics TFM Transportacion Ferroviaria Mexicana TFM Trusted Facility Manual TFM Testicular Feminization TFM Total Facility Management TFM Tentative Final Monograph TFM Transaction Flow Manager TFM Thermally Fused Melamine , reported revenues from consolidated con·sol·i·date v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates v.tr. 1. To unite into one system or whole; combine: operations of $215.5 million for the first quarter of 2003, compared to revenues from consolidated operations of $224.4 million for the same period of 2002. Reduced revenue was reported across all divisions, except Ports, due to the 18.6 percent average depreciation of the peso and continued unfavorable economic conditions, further impacted by significantly reduced automobile automobile, self-propelled vehicle used for travel on land. The term is commonly applied to a four-wheeled vehicle designed to carry two to six passengers and a limited amount of cargo, as contrasted with a truck, which is designed primarily for the transportation of revenue from the railroad railroad or railway, form of transportation most commonly consisting of steel rails, called tracks, on which freight cars, passenger cars, and other rolling stock are drawn by one locomotive or more. . Consolidated EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) A metric used to show a company's profitability, but not its cash flow. EBITDA became popular in the 1980s to show the potential profitability of leveraged buyouts, but has become (Earnings Before Income, Taxes and Depreciation) was $49.4 million for the first quarter of 2003, compared to $62.4 million in the first quarter of 2002. To ensure consistency Consistency can refer to:
Relationship between two companies when one company owns substantial interest, but less than a majority of the voting stock of another company, or when two companies are both subsidiaries of a third company. See: Subsidiaries, parent company. of its current partner in the division, SSA (Serial Storage Architecture) A fault tolerant peripheral interface from IBM that transfers data at 80 and 160 Mbytes/sec. SSA uses SCSI commands, allowing existing software to drive SSA peripherals, which are typically disk drives. Mexico, are being reported as discontinued operations Discontinued operations Divisions of a business that have been sold or written off and that no longer are maintained by the business. . Included in the transaction were the operations performed by the division at the ports of Manzanillo Manzanillo, city, Cuba Manzanillo (mänsänē`yō), city (1994 est. pop. 98,000), Granma prov., SE Cuba, a port on the Guacanayabo Gulf of the Caribbean Sea. , Cozumel Cozumel (kōzə`mel), resort island, c.190 sq mi (490 sq km), Quintana Roo state, Mexico, in the Caribbean Sea off the E coast of the Yucatán peninsula. It is famed for its beaches and coral reef (declared a national park in 1996). , Veracruz Veracruz, city, Mexico Veracruz, city (1990 pop. 303,152), Veracruz state, E central Mexico, on the Gulf of Mexico. Rivaling Tampico as the country's main port, it is also the commercial and industrial center of an important oil region, as well as a major and Progreso Progreso or Progresso could refer to any of several things:
Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the include the ports of Acapulco Acapulco (äk'əp  l`kō), city (1990 pop. 515,374), Guerrero state, S Mexico. and Tuxpan This article is about Tuxpan, Veracruz. For other uses, see Tuxpan (disambiguation).Tuxpan (or Túxpam, fully Túxpam de Rodríguez Cano) is both a municipality and city located in the Mexican state of Veracruz. . Revenue from these ports increased 19.3 percent to $5.8 million, compared to $4.9 million from these same two ports during the first quarter of 2002. Grupo TMM's consolidated first quarter 2003 operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. decreased $9.6 million, from $36.3 million in 2002 to $26.7 million in 2003 and net income for the quarter decreased from $11.9 million in 2002 to a loss of $27.9 million in 2003, caused primarily by sluggish market conditions, higher fuel costs and the impact of peso devaluation devaluation, decreasing the value of one nation's currency relative to gold or the currencies of other nations. It is usually undertaken as a means of correcting a deficit in the balance of payments. , which in the second quarter appears to be reversing. ASSET SALES On May 14, 2003, the company announced that it completed the sale of its 51 percent interest in the TMM Ports and Terminals division to an affiliate of its current partner in the division, SSA Mexico. Included in the transaction were the operations currently performed by the division at the ports of Manzanillo, Cozumel, Veracruz and Progreso. Net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). from the transaction of approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $114 million will be used to repurchase re·pur·chase tr.v. re·pur·chased, re·pur·chas·ing, re·pur·chas·es To buy (something) again. n. The act of buying something that one previously sold or owned. Noun 1. receivables Receivables An asset designation applicable to all debts, unsettled transactions or other monetary obligations owed to a company by its debtors or customers. Receivables are recorded by a company's accountants and reported on the balance sheet, and they and include all debts owed sold to a trust under the company's existing Receivables Securitization Securitization The process of creating a financial instrument by combining other financial assets and then marketing them to investors. Notes: Mortgage backed securities are a perfect example of securitization. May also be spelled as "securitisation. Facility in an amount of $31.7 million, to repay other indebtedness INDEBTEDNESS. The state, of being in debt, without regard to the ability or inability of the party to pay the same. See 1 Story, Eq. 343; 2 Hill. Ab. 421. 2. and for working capital purposes. Also, the company reached an agreement with one of the holders of certificates under its Receivables Securitization Facility to extend approximately $49.7 million of the certificates until June June: see month. 30, 2003. On April 22, 2003, the company announced it had entered into definitive agreements to place its interest in Grupo TFM (TFM) under common control with Kansas City Kansas City, two adjacent cities of the same name, one (1990 pop. 149,767), seat of Wyandotte co., NE Kansas (inc. 1859), the other (1990 pop. 435,146), Clay, Jackson, and Platte counties, NW Mo. (inc. 1850). Southern (KCS KCS keratoconjunctivitis sicca. ) for $200 million in cash and 18 million shares of KCS common stock. Grupo TMM will receive an additional cash payment, not to exceed $180 million, upon the successful resolution of the VAT VAT See: Value-added tax VAT See value-added tax (VAT). lawsuit lawsuit: see procedure; tort. . As part of the transaction, KCS will assume the outstanding contingent Fortuitous; dependent upon the possible occurrence of a future event, the existence of which is not assured. The word contingent denotes that there is no present interest or right but only a conditional one which will become effective upon the happening of the obligations of Grupo TMM to purchase shares of TFM held by the government of Mexico upon exercise of a put valued at approximately $480 million as of December December: see month. 31, 2002. The combined companies of Grupo TFM and KCS will be renamed NAFTA NAFTA in full North American Free Trade Agreement Trade pact signed by Canada, the U.S., and Mexico in 1992, which took effect in 1994. Inspired by the success of the European Community in reducing trade barriers among its members, NAFTA created the world's Rail and will continue to trade on the NYSE. At the closing, Jose JOSE Jealous One's Still Envy (song) JOSE Joint Optics Structures Experiment Serrano ser·ra·no n. pl. ser·ra·nos A cultivar of the tropical pepper Capsicum annuum having small, blunt, highly pungent red or green fruit used in cooking. , Chairman of Grupo TMM will remain Chairman of TFM and become Vice Chairman of NAFTA Rail. Both Mr. Serrano and Javier Javier (also Xabier) may refer to:
Segovia, city (1990 pop. 55,188), capital of Segovia prov., central Spain, in Castile-León, on the Eresma River. It stands on a rocky hill (3,297 ft/1,005 m high) crowned by the cathedral and the turreted alcazar (fortified , president of Grupo TMM, will become members of the NAFTA Rail Board of Directors. Grupo TMM will become the largest stockholder of NAFTA Rail, which, on a combined basis after giving effect to the transaction, would have had fiscal year 2002 revenues and EBITDA of approximately $1.3 billion and $368 million, respectively. Once the transaction closes, the results of TFM will no longer be included in the Grupo TMM's consolidated financial statements Consolidated Financial Statements The combined financial statements of a parent company and its subsidiaries. Notes: Because consolidated financial statements present an aggregated look at the financial position of a parent and its subsidiaries, they enable you to gauge , including the approximately $993 million of TFM's outstanding debt (net of TFM's cash) as of December 31, 2002. The transaction requires approval by the stockholders of KCS and the stockholders and bondholders of Grupo TMM and certain governmental approvals, including approval of the Mexican Mexican named after or originating in Mexico. Mexican axolotl see ambystomamexicanum. Mexican beaded lizard (Heloderma horridum Competition Commission, the Mexican Foreign Investment Commission, and the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. Surface Transportation Board ("STB See set-top box. STB - set-top box ") approval for KCS's acquisition of the Tex-Mex Railway. KCS has already obtained $200 million in financing to close the transaction. This transaction, together with the sale of the Grupo TMM's interest in TMM ports and Terminals brings the total amount of expected cash proceeds from asset transactions under contract to approximately $270 million plus 18 million shares of NAFTA Rail, and up to a potential total number of $450 million upon the successful resolution of certain future contingencies Contingencies (ISSN 1048-9851) is the bimonthly magazine of the American Academy of Actuaries, providing a large and diverse readership with general interest and technical articles on a wide range of issues related to the actuarial profession. , which includes the VAT award. LIQUIDITY AND DEBT PROFILE The company was granted an injunction injunction, in law, order of a court directing a party to perform a certain act or to refrain from an act or acts. The injunction, which developed as the main remedy in equity, is used especially where money damages would not satisfy a plaintiff's claim, or to by a court of local jurisdiction in Mexico (the "Court"), which by its terms, prevents for all purposes in Mexico any of the company's current creditors from bringing any claims in Mexico for defaults on the company's existing debt obligations while the Order is in effect. The Order will stay in effect until the conclusion of the case on the merits on the merits adj. referring to a judgment, decision or ruling of a court based upon the facts presented in evidence and the law applied to that evidence. A judge decides a case "on the merits" when he/she bases the decision on the fundamental issues and considers of the claim. On May 15, 2003, the company announced it initiated a legal proceeding in Mexico and petitioned the court for an order which effectively prevents creditors of the company including all the holders of the notes from pursuing in Mexico the exercise of their remedies rem·e·dy n. pl. rem·e·dies 1. Something, such as medicine or therapy, that relieves pain, cures disease, or corrects a disorder. 2. Something that corrects an evil, fault, or error. 3. . The company initiated the proceedings to prevent the effects of an imminent Impending; menacingly close at hand; threatening. Imminent peril, for example, is danger that is certain, immediate, and impending, such as the type an individual might be in as a result of a serious illness or accident. default, and provided the company with the additional time to complete the re-structuring or re-financing of its debt obligations in an orderly orderly /or·der·ly/ (or´der-le) an attendant in a hospital who works under the direction of a nurse. or·der·ly n. An attendant in a hospital. fashion and to preserve the company's business. The company, in seeking this relief has acknowledged its legal obligation to make payments and cited, among other factors, the efforts that the company had made in good faith over an extended period of time to re-structure its obligations through the exchange offers. The company requested that the court allow at least one year of relief from the exercise of remedies by all such creditors. Management will work diligently dil·i·gent adj. Marked by persevering, painstaking effort. See Synonyms at busy. [Middle English, from Old French, from Latin d to resolve issues with all creditors in a manner that is in the interests of the company. In the interim the company will preserve cash as it continues to operate its business in a way that compliments com·pli·ment n. 1. An expression of praise, admiration, or congratulation. 2. A formal act of civility, courtesy, or respect. 3. its customers' needs and expectations. Javier Segovia, president of Grupo TMM, said, "Having amended a·mend v. a·mend·ed, a·mend·ing, a·mends v.tr. 1. To change for the better; improve: amended the earlier proposal so as to make it more comprehensive. 2. the bond exchange three times, extended it five times and made a personal appeal to bond holders on a conference call held on May 6, 2003, we were left with no other choice, but to seek an order that grants us relief from actions that could have been taken by our creditors. I must stress that we did this to protect the equity investors, employees and the company from being forced down a path that would focus on meeting the company's short-term Short-term Any investments with a maturity of one year or less. short-term 1. Of or relating to a gain or loss on the value of an asset that has been held less than a specified period of time. obligations, not on the future of TMM. We are exploring many alternatives, each with a focus on maximizing max·i·mize tr.v. max·i·mized, max·i·miz·ing, max·i·miz·es 1. To increase or make as great as possible: value for investors and treating the bondholders fairly." VAT LAWSUIT As previously disclosed dis·close tr.v. dis·closed, dis·clos·ing, dis·clos·es 1. To expose to view, as by removing a cover; uncover. 2. To make known (something heretofore kept secret). on December 9, 2002, the Federal Tribunal A general term for a court, or the seat of a judge. In Roman Law, the term applied to an elevated seat occupied by the chief judicial magistrate when he heard causes. tribunal n. of Fiscal and Administrative Justice (the "Tax Court") in Mexico issued a ruling denying TFM's right to receive a value added tax value added tax n (BRIT) → impuesto sobre el valor añadido or agregado (LAM) value added tax n (Brit (VAT) refund TO REFUND. To pay back by the party who has received it, to the party who has paid it, money which ought not to have been paid. 2. On a deficiency of assets, executors and administrators cum testamento annexo, are entitled to have refunded to them legacies from the Mexican Federal Government. The lower court's objection A formal attestation or declaration of disapproval concerning a specific point of law or procedure during the course of a trial; a statement indicating disagreement with a judge's ruling. stated that the law was violated vi·o·late tr.v. vi·o·lat·ed, vi·o·lat·ing, vi·o·lates 1. To break or disregard (a law or promise, for example). 2. To assault (a person) sexually. 3. by issuing a certificate in the name of a third party and not to TFM, but it also stated that TFM did not have a right to that certificate. Based on the advice of TFM's legal counsel, who has carefully reviewed the prior favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. decision of the appellate court A court having jurisdiction to review decisions of a trial-level or other lower court. An unsuccessful party in a lawsuit must file an appeal with an appellate court in order to have the decision reviewed. , Grupo TMM remains confident of TFM's right under Mexican law to receive the VAT refund. TFM has returned to the Mexican Magistrates Court (Federal Court) and requested that they enforce the original ruling as outlined in their decision of September September: see month. 25, 2002.
CONSOLIDATED GRUPO TMM (1)
-All numbers in thousands-
Grupo TMM - First Quarter 2003 vs. 2002
First Quarter 2003
Railroad Specialized
---------------(1)Ports Maritime Logistics Other Total
TFM Tex-Mex
----------------------------------------------------------------------
Revenue 154,900 13,625 5,785 27,365 17,788 (3,925) 215,538
----------------------------------------------------------------------
Costs 126,078 13,596 4,343 24,250 16,121 (3,947) 180,441
----------------------------------------------------------------------
Gross Result 29 1,442 3,115 1,667 22 n.a.
----------------------------------------------------------------------
Gross Margin 0.2% 24.9% 11.4% 9.4% 0.6% n.a.
----------------------------------------------------------------------
SG & A
(Estimate) 985 653 1,655 735 4,350 8,378
----------------------------------------------------------------------
Operating
Results 28,822 (956) 789 1,460 932 (4,328) 26,719
----------------------------------------------------------------------
Operating
Margin 18.6% (7.0%) 13.6% 5.3% 5.2%(110.3%) 12.4%
----------------------------------------------------------------------
First Quarter 2002
Railroad Specialized
---------------(1)Ports Maritime Logistics Other Total
TFM Tex-Mex
----------------------------------------------------------------------
Revenue 157,472 13,311 4,850 33,137 19,108 (3,464) 224,414
----------------------------------------------------------------------
Costs 121,737 11,946 4,230 27,019 16,766 (3,359) 178,339
----------------------------------------------------------------------
Gross Result 1,365 620 6,118 2,342 (105) n.a.
----------------------------------------------------------------------
Gross Margin 10.3% 12.8% 18.5% 12.3% (3.0%) n.a.
----------------------------------------------------------------------
SG & A
(Estimate) 1,173 622 2,268 1,272 4,449 9,784
----------------------------------------------------------------------
Operating
Results 35,735 192 (2) 3,850 1,070 (4,554) 36,291
----------------------------------------------------------------------
Operating
Margin 22.7% 1.4% 0.0% 11.6% 5.6%(131.5%) 16.2%
----------------------------------------------------------------------
(1) Reflects continuing operations for port division (Acapulco and
Tuxpan)
UNCONSOLIDATED RESULTS (Unconsolidated TMM includes its Specialized spe·cial·ize v. spe·cial·ized, spe·cial·iz·ing, spe·cial·iz·es v.intr. 1. To pursue a special activity, occupation, or field of study. 2. Maritime INTEREST, MARITIME. By maritime interest is understood the profit of money lent on bottomry or respondentia, which is allowed to be greater than simple interest because the capital of the lender is put in jeopardy. , Logistics and Port and Terminal operations The reception, processing, and staging of passengers; thereceipt, transit, storage, and marshalling of cargo; the loadingand unloading of modes of transport conveyances; and themanifesting and forwarding of cargo and passengers todestination. See also operation; terminal. .) Revenues from unconsolidated operations were $51.0 million for the first quarter of 2003, compared to revenues of $70.4 million for the same period of 2002. Unconsolidated EBITDA was $4.1 million for the first quarter of 2003, an EBITDA margin of 8.1 percent. Grupo TMM's unconsolidated first quarter 2003 operating loss operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. was $1.1 million compared to operating income of $0.6 million in 2002. In 2003, unconsolidated net income for the quarter was a loss of $27.9 million, compared to a gain of $11.9 million for the first quarter of 2002. Operating and net income in the first quarter of 2003 were impacted primarily by sluggish demand, higher financial costs associated with the convertible and securitization, and the impact of peso devaluation on both the exchange rate and value of the company's deferred tax credits. Grupo TMM will broadcast its first quarter 2003 conference call for investors over the Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the on Wednesday Wednesday: see week. , May 21, 2003, at 11:00 a.m. EDT EDT abbr. Eastern Daylight Time EDT Eastern Daylight Time EDT n abbr (US) (= Eastern Daylight Time) → hora de verano de Nueva York EDT . To listen to the live call, please go to http://www.visualwebcaster.com/event.asp?id=14731 to register, download To receive a file transmitted over a network. In any communications session, "download" means receive, and "upload" means send. The download/upload often implies a big/little scenario, in which data is being downloaded from the "big" server into the "little" user's computer. and install any necessary audio software, or dial 800-218-0713 (domestic) or 303-262-2141 (international). If you are unable to participate on the call, a replay will be available through May 28, 2003, 11:59 p.m. EST P.M. also p.m. or p.m. abbr. post meridiem Usage Note: By definition, 12 a.m. at this website or by dialing 800-405-2236 or 303-590-3000 and entering conference ID 538411. Headquartered in Mexico City Mexico City Spanish Ciudad de México City (pop., 2000: city, 8,605,239; 2003 metro. area est., 18,660,000), capital of Mexico. Located at an elevation of 7,350 ft (2,240 m), it is officially coterminous with the Federal District, which occupies 571 sq mi , Grupo TMM is Latin America's largest multimodal Two or more modes of operation. The term is used to refer to a myriad of functions and conditions in which two or more different methods, processes or forms of delivery are used. On the Web, it refers to asking for something one way and receiving the answer another; for example requesting transportation company. Through its branch offices and network of subsidiary companies, Grupo TMM provides a dynamic combination of ocean and land transportation services. Grupo TMM also has a significant interest in Transportacion Ferroviaria Mexicana (TFM), which operates Mexico's Northeast “Northeastern” redirects here. For the Boston college, see Northeastern University, Boston. Northeast or north east is the ordinal direction halfway between north and east. It is the opposite of southwest. See boxing the compass. railway and carries over 40 percent of the country's rail cargo. Visit Grupo TMM's web site at www.grupotmm.com and TFM's web site at www.tfm.com.mx. Both sites offer Spanish/English language options. Included in this press release are certain forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements 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 North American Free Trade Agreement (NAFTA), accord establishing a free-trade zone in North America; it was signed in 1992 by Canada, Mexico, and the United States and took effect on Jan. 1, 1994. on the level of US-Mexico trade; the condition of the world shipping market; the success of the company's investment in TFM and other new businesses; risks associated with the company's reorganization The process of carrying out, through agreements and legal proceedings, a business plan for winding up the affairs of, or foreclosing a mortgage upon, the property of a corporation that has become insolvent. and asset sale programs; the ability of the company to complete the sale of its interest in the ports division and its interest in Grupo TFM; the ability of the company to reduce corporate overhead costs overhead costs see fixed costs. ; the ability of management to manage growth and successfully compete in new businesses, and the ability of the company to repay or refinance Refinance 1. When a business or person revises their payment schedule for repaying debt. 2. Replacing an older loan with a new loan offering better terms. Notes: When a business refinances they typically extend the maturity date. 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 Securities and Exchange Commission. Financial tables to follow..........
Grupo TMM, S.A. and subsidiaries
(1) Consolidated Statement of Income (Restated)
- millions of dollars -
----------------------------------------------------------------------
Three months ended
March 31,
2003 2002
----------------------------------------------------------------------
Revenue from freight and services 215.538 224.414
----------------------------------------------------------------------
Cost & expenses of operation (157.501)(155.699)
----------------------------------------------------------------------
Depreciation & amortization of vessels and
operating equipment (22.940) (22.640)
----------------------------------------------------------------------
35.097 46.075
----------------------------------------------------------------------
Administrative expenses (8.378) (9.784)
----------------------------------------------------------------------
Operating income 26.719 36.291
======================================================================
Financial (expenses) income, net (43.524) (33.453)
----------------------------------------------------------------------
Exchange (loss) gain - Net (6.105) 0.955
----------------------------------------------------------------------
(49.629) (32.498)
----------------------------------------------------------------------
Other income (expense) - Net (5.748) 2.213
----------------------------------------------------------------------
(Loss) Income before taxes (28.658) 6.006
======================================================================
Provision for deferred taxes (10.397) 8.140
----------------------------------------------------------------------
Income (loss) before minority interest (39.055) 14.146
======================================================================
Minority interest 8.907 (11.574)
----------------------------------------------------------------------
(Loss) income before results from discontinuing
business (30.148) 2.572
======================================================================
Net income from discontinued business 2.251 9.373
----------------------------------------------------------------------
(loss) income Net (27.897) 11.945
----------------------------------------------------------------------
Weighted average outstanding shares (millions) 56.963 56.963
Earnings per share (dollars / share) (0.49) 0.21
Outstanding shares at end of period (millions) 56.963 56.963
Earnings per share (dollars / share) (0.49) 0.21
----------------------------------------------------------------------
(1) Prepared in accordance with International Accounting Standards.
Note: In accordance with International Accounting Standards # 35 (IAS
35) "Discontinuing Operations" Grupo TMM, S. A. will show the effect
of its application in our Financial Statements.
Grupo TMM, S.A. and subsidiaries
(1) Consolidated Balance Sheet (Restated)
- millions of dollars -
----------------------------------------------------------------------
March 31, December 31,
2003 2002
----------------------------------------------------------------------
Current assets:
---------------
Cash and cash equivalents 83.489 61.884
----------------------------------------------------------------------
Accounts receivable
Accounts receivable - Net 146.046 129.263
----------------------------------------------------------------------
Other accounts receivable 126.406 151.807
----------------------------------------------------------------------
Prepaid expenses and others current assets 40.697 38.877
----------------------------------------------------------------------
Total discontinued current assets 61.372 61.689
----------------------------------------------------------------------
Total current assets 458.010 443.520
======================================================================
Property, machinery and equipment - net 1,908.937 1,923.465
======================================================================
Other assets 123.332 125.694
======================================================================
Deferred taxes 196.511 207.831
======================================================================
Total discontinued non-current assets 72.551 75.214
======================================================================
Total assets 2,759.341 2,775.724
----------------------------------------------------------------------
Current liabilities:
--------------------
Bank loans and current maturities of
long term liabilities 245.195 224.885
----------------------------------------------------------------------
Suppliers 59.824 78.196
----------------------------------------------------------------------
Other accounts payable and accrued expenses 256.129 205.915
----------------------------------------------------------------------
Total discontinued current liabilities 4.623 6.303
----------------------------------------------------------------------
Total current liabilities 565.771 515.299
======================================================================
Deferred taxes 7.723 8.936
======================================================================
Discontinued deferred taxes 12.692 12.659
======================================================================
Long-term liabilities:
----------------------
Bank loans and other obligations 1,181.318 1,206.828
----------------------------------------------------------------------
Other long-term liabilities 117.297 122.240
----------------------------------------------------------------------
Total discontinued long-term liabilities 4.567 4.430
----------------------------------------------------------------------
Total long-term liabilities 1,303.182 1,333.498
======================================================================
Total Liabilities 1,889.368 1,870.392
----------------------------------------------------------------------
Minority interest 710.712 719.619
======================================================================
Discontinued minority interest 47.308 45.863
======================================================================
Stockholders' equity
Common stock 121.158 121.158
----------------------------------------------------------------------
Retained earnings 8.552 36.449
----------------------------------------------------------------------
Initial accumulated translation loss (17.757) (17.757)
----------------------------------------------------------------------
Total stockholder's equity 111.953 139.850
----------------------------------------------------------------------
Total liabilities and stockholders' equity 2,759.341 2,775.724
----------------------------------------------------------------------
(1) Prepared in accordance with International Accounting Standards
Note: In accordance with International Accounting Standards # 35 (IAS
35) "Discontinuing Operations" Grupo TMM, S. A. will show the effect
of its application in our Financial Statements.
Grupo TMM, S.A. and subsidiaries
(1) Consolidated Statement of Cash Flow (Restated)
- millions of dollars -
----------------------------------------------------------------------
Three months ended
March 31,
2003 2002
----------------------------------------------------------------------
Cash flow from operation activities:
------------------------------------
(Loss) Income from continuing operation (30.148) 2.572
----------------------------------------------------------------------
Charges (credits) to income not affecting resources:
Depreciation & amortization 27.187 26.392
----------------------------------------------------------------------
Minority interest (8.907) 11.574
----------------------------------------------------------------------
Deferred income taxes 10.107 12.521
----------------------------------------------------------------------
Other non-cash items 4.020 (5.417)
----------------------------------------------------------------------
Total non-cash items 32.407 45.070
----------------------------------------------------------------------
Changes in assets & liabilities 38.481 8.907
----------------------------------------------------------------------
Total adjustments 70.888 53.977
----------------------------------------------------------------------
Net cash provided (used in) by operating
activities 40.740 56.549
======================================================================
Cash flow from investing activities:
------------------------------------
Proceeds from sales of assets (net) 0.888 0.402
----------------------------------------------------------------------
Payments for purchases of assets (10.130)(53.322)
----------------------------------------------------------------------
Dividends paid to minority partners (0.673)
----------------------------------------------------------------------
Dividends from non-consolidates subsidiaries 1.173
----------------------------------------------------------------------
Net cash (used in) provided by investment
activities (9.242)(52.420)
======================================================================
Cash flow provided by financing activities:
-------------------------------------------
Short-term borrowings (net) 10.056 28.333
----------------------------------------------------------------------
Principal payments under capital lease
obligations (0.207) (0.372)
----------------------------------------------------------------------
(Repurchase) sale of accounts receivable (net) (2.893)
----------------------------------------------------------------------
Repayment of long-term debt (7.247) (0.247)
----------------------------------------------------------------------
New capital lease obligations 0.348
----------------------------------------------------------------------
(Paid) Proceeds from convertible notes (9.602)
----------------------------------------------------------------------
Net cash (used in) provided by financing
activities (9.893) 28.062
======================================================================
Net increase (decrease) in cash 21.605 32.191
----------------------------------------------------------------------
Cash and cash equivalents at beginning of the
period 61.884 83.262
----------------------------------------------------------------------
Cash and cash equivalents at end of the period 83.489 115.453
----------------------------------------------------------------------
(1) Prepared in accordance with International Accounting Standards
Note: In accordance with International Accounting Standards # 35 (IAS
35) "Discontinuing Operations" Grupo TMM, S. A. will show the effect
of its application in our Financial Statements.
Note: Cash flows from discontinued business were as follows:
Net cash provided (used in) by operating
activities (2.556) (1.105)
----------------------------------------------------------------------
Net cash (used in) provided by investment
activities (0.848) (1.036)
----------------------------------------------------------------------
Net cash (used in) provided by financing
activities 3.292
----------------------------------------------------------------------
Grupo TMM, S.A. and subsidiaries
Statement of Income (Restated without Railroad)
- millions of dollars -
----------------------------------------------------------------------
Three months ended
March 31,
2003 2002
----------------------------------------------------------------------
Revenue from freight and services 50.954 70.358
----------------------------------------------------------------------
Cost of freight and services (42.637)(57.267)
----------------------------------------------------------------------
Depreciation of vessels and operating equipment (2.069) (2.750)
----------------------------------------------------------------------
6.248 10.341
----------------------------------------------------------------------
Administrative expenses (7.394) (9.784)
----------------------------------------------------------------------
Operating (loss) income (1.146) 0.557
======================================================================
Financial (expenses) income,net (16.040)(13.464)
----------------------------------------------------------------------
Exchange (loss) gain - Net (1.041) 0.140
----------------------------------------------------------------------
(17.081)(13.324)
----------------------------------------------------------------------
Other (expenses) income - Net (1.691) 7.985
----------------------------------------------------------------------
(Loss) Income before taxes (19.918) (4.782)
======================================================================
Provision for deferred taxes (3.398) 5.076
----------------------------------------------------------------------
Income (loss) before minority interest (23.316) 0.294
======================================================================
Minority interest (0.437) (1.919)
----------------------------------------------------------------------
Net (loss) income before results for
investment in TFM (23.753) (1.625)
======================================================================
Interest in TFM (6.395) 4.196
----------------------------------------------------------------------
(Loss) income before results from
discontinuing business (30.148) 2.571
======================================================================
Net income from discontinued business 2.251 9.374
----------------------------------------------------------------------
(loss) income Net (27.897) 11.945
----------------------------------------------------------------------
Weighted average outstanding shares (millions) 56.963 56.963
Earnings per share (dollars / share) (0.49) 0.21
Outstanding shares at end of period (millions) 56.963 56.963
Earnings per share (dollars / share) (0.49) 0.21
----------------------------------------------------------------------
(1) Prepared in accordance with International Accounting Standards
Note: In accordance with International Accounting Standards # 35 (IAS
35) "Discontinuing Operations" Grupo TMM, S. A. will show the effect
of its application in our Financial Statements.
Grupo TMM, S.A. and subsidiaries
(1) Balance Sheet (Restated without Railroad)
- millions of dollars -
----------------------------------------------------------------------
March 31, December 31,
2003 2002
----------------------------------------------------------------------
Current assets:
---------------
Cash and cash equivalents 39.262 31.636
----------------------------------------------------------------------
Accounts receivable
Accounts receivable - Net 36.297 36.556
----------------------------------------------------------------------
Other accounts receivable 51.689 47.984
----------------------------------------------------------------------
Prepaid expenses and others current assets 6.953 6.413
----------------------------------------------------------------------
Total discontinued current assets 61.372 61.689
----------------------------------------------------------------------
Total current assets 195.573 184.278
======================================================================
Property, machinery and equipment - net 96.883 98.610
======================================================================
Investment in GTFM 379.594 386.165
======================================================================
Other assets 44.886 45.639
======================================================================
Deferred taxes 101.440 105.423
======================================================================
Total discontinued non-current assets 72.551 75.214
======================================================================
Total assets 890.927 895.329
----------------------------------------------------------------------
Current liabilities:
--------------------
Bank loans and current maturities of long term
liabilities 208.330 206.332
----------------------------------------------------------------------
Suppliers 16.457 15.480
----------------------------------------------------------------------
Other accounts payable and accrued expenses 171.185 147.476
----------------------------------------------------------------------
Total discontinued current liabilities 4.623 6.303
----------------------------------------------------------------------
Total current liabilities 400.595 375.591
======================================================================
Deferred taxes 6.626 7.500
======================================================================
Discontinued deferred taxes 12.692 12.659
======================================================================
Long-term liabilities:
----------------------
Bank loans and other obligations 202.025 202.276
----------------------------------------------------------------------
Other long-term liabilities 63.771 66.206
----------------------------------------------------------------------
Total discontinued long-term liabilities 4.567 4.430
----------------------------------------------------------------------
Total long-term liabilities 270.363 272.912
======================================================================
Total Liabilities 690.276 668.662
----------------------------------------------------------------------
Minority interest 41.390 40.954
======================================================================
Discontinued minority interest 47.308 45.863
======================================================================
Stockholders' equity
Common stock 121.158 121.158
----------------------------------------------------------------------
Retained earnings 8.552 36.449
----------------------------------------------------------------------
Initial accumulated translation loss (17.757) (17.757)
----------------------------------------------------------------------
Total stockholder's equity 111.953 139.850
----------------------------------------------------------------------
Total liabilities and stockholders' equity 890.927 895.329
----------------------------------------------------------------------
(1) Prepared in accordance with International Accounting Standards
Note: In accordance with International Accounting Standards # 35 (IAS
35) "Discontinuing Operations" Grupo TMM, S. A. will show the effect
of its application in our Financial Statements.
Grupo TMM, S.A. and subsidiaries
(1) Statement of Cash Flow (Restated without Railroad)
- millions of dollars -
----------------------------------------------------------------------
Three months
ended
March 31,
2003 2002
----------------------------------------------------------------------
Cash flow from operation activities:
------------------------------------
(Loss) Income from continuing operation (30.148) 2.571
----------------------------------------------------------------------
Charges (credits) to income not affecting resources:
Depreciation & amortization 5.246 5.328
----------------------------------------------------------------------
Interest in TFM 6.395 (4.196)
----------------------------------------------------------------------
Minority interest 0.437 1.919
----------------------------------------------------------------------
Deferred income taxes 3.108 (5.347)
----------------------------------------------------------------------
Other non-cash items 6.979 1.073
----------------------------------------------------------------------
Total non-cash items 22.165 (1.223)
----------------------------------------------------------------------
Changes in assets & liabilities 19.642 0.812
----------------------------------------------------------------------
Total adjustments 41.807 (0.411)
----------------------------------------------------------------------
Net cash provided (used in) by operating
activities 11.659 2.160
======================================================================
Cash flow from investing activities:
----------------------------------------------------
Proceeds from sales of assets (net) 0.275 0.310
----------------------------------------------------------------------
Payments for purchases of assets (1.415) (4.765)
----------------------------------------------------------------------
Sale of subsidiaries, net of cash sold 31.996
----------------------------------------------------------------------
Dividends paid to minority partners (0.673)
----------------------------------------------------------------------
Dividends from non-consolidates subsidiaries 1.173
----------------------------------------------------------------------
Refound Dividends and tax to Gtfm (20.000)
----------------------------------------------------------------------
Purchase & sale of marketable securities (net)
----------------------------------------------------------------------
Net cash (used in) provided by investment
activities (1.140) 8.041
======================================================================
Cash flow provided by financing activities:
-------------------------------------------
Short-term borrowings (net) 10.056 (1.612)
----------------------------------------------------------------------
Principal payments under capital lease
obligations (0.207) (0.018)
----------------------------------------------------------------------
(Repurchase) sale of accounts receivable (net) (2.893)
----------------------------------------------------------------------
Repayment of long-term debt (0.247) (0.247)
----------------------------------------------------------------------
(Paid) Proceeds from convertible notes (9.602)
----------------------------------------------------------------------
Net cash (used in) provided by financing
activities (2.893) (1.877)
======================================================================
Net increase (decrease) in cash 7.626 8.324
----------------------------------------------------------------------
Cash at beginning of period 31.636 30.477
----------------------------------------------------------------------
Cash at end of period 39.262 38.801
----------------------------------------------------------------------
(1) Prepared in accordance with International Accounting Standards
Note: In accordance with International Accounting Standards # 35 (IAS
35) "Discontinuing Operations" Grupo TMM, S. A. will show the effect
of its application in our Financial Statements.
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