Grupo Tmm Sab Class A · BMV:TMM/A
Grupo Tmm Sab Class A — Q2 2009 Earnings Presentation
20 slides from Grupo Tmm Sab Class A's earnings presentation, Jul 30, 2009
Slide 1: Balance Sheet
Grupo TMM, S.A.B. and subsidiaries Balance Sheet* - millions of dollars – June 30, December 31, 2009 2008 Current assets: Cash and cash equivalents 108.155 168.447 Accounts receivable Accounts receivable - Net 55.909 56.548 Other accounts receivable 36.018 23.750 Prepaid expenses and others current
Slide 2: Statement of Operations
Grupo TMM, S.A.B. and subsidiaries Statement of Operations* - millions of dollars - Three Months Ended Six Months Ended June 30, June 30, 2009 2008 2009 2008 Ports 0.961 1.804 2.848 4.235 Maritime 47.687 50.132 102.137 99.085 Logistics 23.836 36.704 45.717 69.371 Corporate and others 2.146 4.025 4.0
Slide 3: Statement of Cash Flows
Grupo TMM, S.A.B. and subsidiaries Statement of Cash Flows* - millions of dollars – Three Months Ended Six Months Ended June 30, June 30, 2009 2008 2009 2008 Cash flow from operation activities: Net Income (loss) before discontinuing operations (66.426) (14.714) (61.591) (24.621) Charges (credits) t
Slide 4: Second-Quarter 2009 Financial and Operational Review
Second-Quarter 2009 Second- Financial and Operational Review July 29, 2009
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 Fernando Sanchez, President Jacinto Marina, Chief Financial Officer Luis Ocejo, Maritime and Ports 3
Slide 7: Central Message
Central Message TMM’s long-term strength is the Maritime division • Resilience of assets • Renewed existing contracts and entered into new ones for 2009 and beyond Well positioned to withstand decline in maritime transportation market • First-class offshore and product tanker fleet • Mexican Nav
Slide 8: New Vessels and Contracts
New Vessels and Contracts Offshore vessels • 1 time charter began operating w/medium w/medium-term term contract in June • 3 new vessels begin 5-year contracts in August & September Product tankers • 1 vessel will begin a 5-year contract in early August 5
Slide 9: Offshore and Product Tanker Fleet Data Snapshot
Offshore and Product Tanker Fleet Data Snapshot Offshore Fleet Data Snapshot * Q208 Q209 Revenue Available Days 1,842 2,299 Average Vessels 23 27 Utilization 86.2% 92.1% Product Tanker Fleet Data Snapshot Q208 Q209 Revenue Available Days 822 560 Average Vessels 9 7 Utilization 96.7% 84.6% * Offshore
Slide 10: Economic Recession in Mexico
Economic Recession in Mexico* Mexico’s Economic Indexes Unemployment hit high of 6.8% in May June annualized inflation of 5 5.7% 7% Total production of automobiles down 42.9% in 1H 2009 Total trade decreased $$92.6 billion in 1H 2009 vs. 1H 2008 Federal fiscal revenues down 26.4% in May
Slide 11: Second Quarter Results
Second Quarter Results Revenue down 19.5% and 13.4% in Q2 and H1 2009, respectively • Logistics impacted by ° Depreciation of peso versus dollar ° Slowdown of automotive industry ° Lower demand for consumer goods, retail and auto parts • Ports revenues impacted by decreased activity at Acapulco •
Slide 12: Second Quarter Results: Costs and Operating Expenses
Second Quarter Results* $200 -20.1% $150 -29 29.8% 8% Costs and $100 $148.0 $118.3 $50 $79.2 Operating $0 $55.6 Expenses Q Q2 Q Q2 H1 H1 2008 2009 2008 2009 $10 -15.1% $8 -5.0% Corporate $6 $8.6 $7.3 Expenses $4 $2 $4.0 $3.8 $0 Q2 Q2 H1 H1 2008 2009 2008 2009 *All numbers in US$ Millions 9
Slide 13: Second Quarter Results: EBITDA
Second Quarter Results* $40 +20.9% $30 +31.6% 31 6% $35.3 $20 $29.2 EBITDA $18.3 $10 $13.9 $0 Q2 Q2 H1 H1 2008 2009 2008 2009 *All numbers in US$ Millions 10
Slide 14: Long-Term Financing in Pesos
Long-Term Financing in Pesos Reduction of Interest Rates 28-Day TIIE Rate 10 8 8.69 -154 bps 7.15 -207 bps 6 5.08 4 December March June 2008 2009 2009 Mexican Trust Certificates interest schedule for 2H 2009 • Sept. p 15 - 2nd tranche at 9.98% ° Spread to TIIE of 195 bps • Dec. 15 - 1st and 3rd tr
Slide 15: Volatility of Peso vs. Dollar
Volatility of Peso vs. Dollar 16 Last business day 15 $14.39 14 $13.77 $13.23 13 $13.18 12 11 $10.94 $10.03 10 9 July September December March June July 23, 2008 2008 2008 2009 2009 2009 *Source: Central Bank of Mexico 12
Slide 16: Comparative Value of Trust Certificates Debt
Comparative Value of Trust Certificates Debt Weighted Average Interest Rate 0.1 0.1 Total Debt Debt* 301 bps 0.1 0.1 860.0 10.47% 810.0 760.0 $191.6 0.0 7.46% 710.0 0.0 660.0 610 0 610.0 0.0 560.0 510.0 460.0 July 2008 June 2009 410.0 $857.8 360.0 310.0 $666.2 Annualized Interests 260.0 210.0 160.0
Slide 17: Restructuring of Corporate Debt
Restructuring of Corporate Debt Debt associated with account receivables from TMM Logistics and parcel tankers Poor performance of these businesses Diligently focused on restructuring corporate debt 14
Slide 18: Total Net Debt
Total Net Debt As of As of March ac 3 31,, June Ju e 30, 2009 * 2009 * Mexican Trust Certificates $ 610 610.7 7 $666 2 $666.2 Securitization Facility 112.9 109.6 Other Corporate Debt 72.4 71.8 T t l Debt Total D bt $796 0 $796.0 $847 6 $847.6 Cash and reserves 142.1 108.2 (1) Total Net Debt $653.9 $
Slide 19: Closing Remarks
Closing Remarks Fundamentals of business remain solid Restructuring of corporate debt and sale of non non-strategic strategic and non-productive assets Searching for opportunities to selectively grow revenue and profit Focused on cost control and strong operational performance Continue to
Slide 20: Second-Quarter 2009 Financial and Operational Review
Second-Quarter 2009 Second- Financial and Operational Review July 29, 2009