Grupo Tmm Sab Class A · BMV:TMM/A
Grupo Tmm Sab Class A — Q4 2009 Earnings Presentation
22 slides from Grupo Tmm Sab Class A's earnings presentation, Mar 4, 2010
Slide 1: Balance Sheet
Grupo TMM, S.A.B. and subsidiaries Balance Sheet* - millions of dollars – December 31, December 31, 2009 2008 Current assets: Cash and cash equivalents 84.241 168.447 Accounts receivable Accounts receivable - Net 47.580 56.548 Other accounts receivable 32.799 23.750 Prepaid expenses and others curre
Slide 2: Statement of Income
Grupo TMM, S.A.B. and subsidiaries Statement of Income* - millions of dollars - Three months ended Year ended December 31, December 31, 2009 2008 2009 2008 Ports and Terminals 13.547 11.843 37.901 51.665 Maritime 48.338 55.131 199.646 206.818 Logistics 17.362 22.273 71.106 104.893 Eliminations (0.11
Slide 3: Statement of Cash Flows
Grupo TMM, S.A.B. and subsidiaries Statement of Cash Flows* - millions of dollars – Three months ended Year ended December 31, December 31, 2009 2008 2009 2008 Cash flow from operation activities: Net (loss) Income before discontinuing operations (32.300) 86.092 (93.401) 75.440 Charges (credits) to
Slide 4: Fourth-Quarter & Full-Year 2009 Financial and Operational Review
Fourth-Quarter & Full-Year 2009 Financial and Operational Review February 26, 2010
Slide 5: Forward-Looking Statements
Forward-Looking Statements Included in this presentation are certain forward-looking statements 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 speak only as of the date t
Slide 6: On Today's Call...
On Today’s Call... Jose Serrano, Chairman and CEO Jacinto Marina, Deputy CEO Carlos Aguilar, Administrative and Finance Luis Ocejo, Maritime Roberto Martinez, Ports and Terminals 3
Slide 7: 4Q09 Accomplishments
4Q09 Accomplishments Improved operating profit and EBITDA Restructuring of Deutsche Bank Facility • Reduced debt • Increased capital • Reduced cash requirements to service debt • Free cash flow positive (operating cash flow after interest expense) 4
Slide 8: Restructuring of Deutsche Bank Facility
4Q09 Accomplishments Restructuring of Deutsche Bank Facility (“DB”) The facility was backed by: • Receivables from chemical tanker and harbor towage businesses, and from Logistics division • Shares of Logistics and Maritime Divisions Outstanding balance at December 22, 2009 of $104.7M VEX purc
Slide 9: Restructuring of DB Payments of Principal per Year
Restructuring of DB Payments of Principal per Year* As a result of the restructuring of the Deutsche Bank Facility, TMM reduced its contractual payments for next 3 years by $85.9M 70.0 59.3 W/O RESTRUCTURE 60.0 W/ RESTRUCTURE 50.0 42.7 37.3 40.0 - 39.3 30.0 - 21.8 22.2 18.0 20.0 - 24.8 14.2 20.0 2
Slide 10: TMM's Maritime Fleet Added Offshore and Tankers in 2009
TMM’s Maritime Fleet Added 10 Offshore and 3 Tankers in Y2009 Chemical Tankers Gulf of Mexico inter-coastal services Fleet: 2 owned and 2 time-charters Offshore Services Campeche Sound Fleet: 31 owned & 1 time -charter Harbor Towage Services at Manzanillo Fleet: 5 owned Product Tankers Mainly servin
Slide 11: Outstanding Utilization Given Weak International Markets
Outstanding Utilization Given Weak International Markets No stacked product tankers or offshore vessels, unlike some of our competitors Product Tanker Fleet Offshore Fleet 6.0 100% 35.0 100% 90% 90% 30.0 5.0 80% 80% 25.0 70% 70% 4.0 60% 60% 20.0 50% 3.0 50% 15.0 40% 40% 2.0 10.0 30% 30% 20% 20% 5.
Slide 12: Consolidated Operating & Financial Results
Consolidated Operating & Financial Results Revenue* Operating Profit* 33.7% $30 $400 -15.1% $26.6 $20 32.6% $300 $362.9 $19.9 $200 $308.2 $10 -11.2% $8.9 $11.8 $100 $89.1 $79.1 $0 $0 4Q 08 4Q 09 Y2008 Y2009 4Q 08 4Q 09 Y2008 Y2009 Operating Margin 20% 4.9 percentage points 15% 3.1 percentage points
Slide 13: Consolidated Operating & Financial Results
Consolidated Operating & Financial Results Corporate Expenses* $25 $20 -23.6% $19.5 $15 $14.9 $10 $5 -24.5% $4.9 $3.7 $0 4Q 08 4Q 09 Y2008 Y2009 The ratio of corporate expenses to total revenue fell to 4.7% in 4Q09 and to 4.8% for full year of 2009 *All numbers in US$ Millions 10
Slide 14: Compounded Yearly Growth Rate of 31% EBITDA
Compounded Yearly Growth Rate of 31% EBITDA* 124.3% $80 $70 $71.1 $60 $50 $53.7 $40 $44.6 $30 22.2% $31.7 $20 $10 $22.6 $18.5 $0 4Q 08 4Q 09 Y2006 Y2007 Y2008 Y2009 *All numbers in US$ Millions 11
Slide 15: Maritime
Maritime Revenue* Operating Profit* $250 -3.5% $60 34.0% $200 $150 $206.8 $199.6 $40 $53.6 $100 74.7% $40.0 -12.3% $50 $20 $55.1 $48.3 $14.5 $0 $0 $8.3 4Q 08 4Q 09 Y2008 Y2009 4Q 08 4Q 09 Y2008 Y2009 Operating Margin 40% 14.9 percentage points 30% 7.5 percentage points 20% 30.0% 26.8% 10% 19.3% 15.1
Slide 16: Maritime Revenue
Maritime Revenue 4Q09 Harbor Revenue Offshore Chemical Towage Y2009 Tankers Chemical $9.6 Offshore Vessels $8.0 Tankers $31.4 Vessels $27.4 $102.7 $2.5 $10.4 Harbor $55.9 Towage Product Tankers Product Tankers Q409 revenue and gross profit up at • Offshore vessels: +4 average vessels in operation
Slide 17: Maritime EBITDA
Maritime EBITDA Maritime EBITDA* Maritime EBITDA* 43.8% 34.8% $30 $100 $20 $24.3 $75 $89.9 $10 $16.9 $50 $66.7 $0 $25 $0 4Q 08 4Q 09 Y2008 Y2009 Run Rate EBITDA* 43.8% $100 $75 $97.2 $50 $67.6 $25 $0 4Q 08 4Q 09 *All numbers in US$ Millions 14
Slide 18: Successful Business Strategy
Successful Business Strategy OWNED FLEET REVENUE SUPPLY VESSELS PRODUCT TANKERS +53.9% $13.0 $12.5 $8.5 $8.0 $10.5 $7.1 $4.9 $4.9 $22.0 $21.5 $23.1 $24.7 $23.2 $17.0 $16.3 $19.6 2008 1Q 2Q 3Q 4Q 2009 1Q 2Q 3Q 4Q *All numbers ins US$ Millions OWNED FLEET EBITDA SUPPLY VESSELS PRODUCT TANKERS +58.4% $
Slide 19: Ports and Terminals
Ports and Terminals 4Q09-Revenue and operating profit up 14.4% and 38.9% respectively • Increased revenues at cruise ship segment and shipping agencies Y2009-Revenue and operating profit down 26.7% and 2.2% respectively • Decreased automobile exports • Cancelled cruise ships call- swine flu • Pa
Slide 20: Total Debt
Total Debt* As of As of December 31, 2008* December 31, 2009* Mexican Trust Certificates** $626.1 $679.3 Securitization Facility 116.0 19.9 Other Corporate Debt 75.4 85.2 Total Debt $817.5 $784.4 Of TMM’s total debt, only 2.9%, or $22.7M, is short-term debt *Exchange Rate: 13.77 pesos/dollar at De
Slide 21: 2010 Guidelines
2010 Guidelines % Increase over 2009 Revenues: Ports and Terminals 5% Maritime 16% Operating Profit Ports and Terminals 15% Maritime 20% Corporate Expenses as % of sales > 4.5% EBIDTA > $90* *In US$ Million ** Does not include new projects nor Logistics 18
Slide 22: Fourth-Quarter & Full-Year 2009 Financial and Operational Review
Fourth-Quarter & Full-Year 2009 Financial and Operational Review February 26, 2009