DIVISIONAL RESULTS (Under Continuing Operations) (All numbers in
thousands)
Second Quarter 2005
Ports Specialized Logistics Others Total
Maritime
Revenues 8,608 42,702 24,402 (40) 75,672
Costs 7,390 36,929 23,892 (62) 68,149
Gross Result 1,218 5,773 510 22 7,523
Gross Margin 14.1% 13.5% 2.1% 55.0% 9.9%
SG & A (Estimate) 1,076 1,058 1,240 4,078 7,452
Operating Results 142 4,715 (730) (4,056) 71
Operating Margin 1.6% 11.0% (3.0%) n.a. 0.1%
(a)Second Quarter 2004
Ports Specialized Logistics Others Total
Maritime
Revenues 6,025 34,347 22,021 (282) 62,111
Costs 5,158 29,089 18,793 (257) 52,783
Gross Result 867 5,258 3,228 (25) 9,328
Gross Margin 14.4% 15.3% 14.7% (8.9%) 15.0%
SG & A (Estimate) 828 980 1,411 3,597 6,816
Operating Results 39 4,278 1,817 (3,622) 2,512
Operating Margin 0.6% 12.5% 8.3% n.a. 4.0%
First Six Months 2005
Ports Specialized Logistics Others Total
Maritime
Revenues 17,496 72,632 50,162 (73) 140,217
Costs 14,378 62,833 47,088 (89) 124,210
Gross Result 3,118 9,799 3,074 16 16,007
Gross Margin 17.8% 13.5% 6.1% 21.9% 11.4%
SG & A (Estimate) 2,112 2,001 2,486 8,170 14,769
Operating Results 1,006 7,798 588 (8,154) 1,238
Operating Margin 5.7% 10.7% 1.2% n.a. 0.9%
(a)First Six Months 2004
Ports Specialized Logistics Others Total
Maritime
Revenues 11,392 62,819 44,107 (567) 117,751
Costs 9,671 53,348 38,387 (522) 100,884
Gross Result 1,721 9,471 5,720 (45) 16,867
Gross Margin 15.1% 15.1% 13.0% (7.9%) 14.3%
SG & A (Estimate) 1,693 2,070 2,591 8,057 14,411
Operating Results 28 7,401 3,129 (8,102) 2,456
Operating Margin 0.2% 11.8% 7.1% n.a. 2.1%
(a)Discontinued and restated operations
Grupo TMM, S.A. and subsidiaries
(a)Statement of Income (discontinuing of railroad
operations)
- millions of dollars -
Three months ended Six months ended
June 30, June 30,
2005 2004 2005 2004
Revenue from freight and
services 75.672 62.111 140.217 117.751
Cost of freight and
services (66.831) (51.293) (121.527) (97.868)
Depreciation of vessels and
operating equipment (1.318) (1.490) (2.683) (3.016)
7.523 9.328 16.007 16.867
Administrative expenses (7.140) (6.816) (14.093) (13.867)
Corporate restructuring
expenses (0.312) (0.676) (0.544)
Operating Income 0.071 2.512 1.238 2.456
Other (expenses) income
- Net (0.683) 3.701 (0.626) 3.597
Financial (expenses)
income
- Net (13.040) (14.736) (36.366) (29.171)
Exchange gain (loss)
- Net 0.468 (0.296) 0.295 (0.060)
Net financial cost (12.572) (15.032) (36.071) (29.231)
Loss before taxes and
profit sharing (13.184) (8.819) (35.459) (23.178)
Benefit (provision) for
taxes and profit sharing 2.205 (5.636) 3.334 2.331
Loss before minority
interest (10.979) (14.455) (32.125) (20.847)
Minority interest (0.768) (0.462) (1.606) (1.596)
Net loss before
discontinuing operations (11.747) (14.917) (33.731) (22.443)
Income (loss) from
discontinuing operations 0.252 1.364 (1.362)
Income from disposal
discontinuing business,
net of income taxes 176.412
Net (loss) income for the
period (11.747) (14.665) 144.045 (23.805)
Weighted average
outstanding shares
(millions) 56.963 56.963 56.963 56.963
(Loss) income earnings
per share
(dollars / share) (0.21) (0.26) 2.53 (0.42)
Outstanding shares
at end of period
(millions) 56.963 56.963 56.963 56.963
(Loss) income earnings
per share
(dollars / share) (0.21) (0.26) 2.53 (0.42)
(a) Prepared in accordance with International Financial Reporting
Standards.
Note: In accordance with International Financial Reporting Standard # 5 (IFRS 5) "Non-current assets held for sale and discontinued operations" Grupo TMM, S. A. shows the effect of the applications of the Financial Statements.
Grupo TMM, S.A. and subsidiaries
(a)Balance Sheet (discontinuing of railroad operations)
- millions of dollars -
June 30, December 31,
2005 2004
Current assets:
Cash and cash equivalents 50.949 53.148
Accounts receivable
Accounts receivable - Net 47.669 37.396
Other accounts receivable 104.718 62.539
Prepaid expenses and
other current assets 10.076 8.095
Non current assets
classified as held for sale 2,080.529
Total current assets 213.412 2,241.707
Property, machinery and equipment
- Net 80.063 79.218
Other assets 383.304 30.183
Deferred taxes 43.980 23.900
Total assets 720.759 2,375.008
Current liabilities:
Bank loans and
current maturities
of long term liabilities 26.320 26.545
Suppliers 28.221 24.495
Other accounts payable
and accrued expenses 84.767 89.710
Liabilities directly associated
with non-current assets
classified as held for sale 1,054.556
Total current liabilities 139.308 1,195.306
Long-term liabilities:
Bank loans and other obligations 439.785 469.449
Other long-term liabilities 24.411 73.586
Total long-term liabilities 464.196 543.035
Total liabilities 603.504 1,738.341
Minority interest 22.570 686.026
Stockholders' equity
Common stock 121.158 121.158
Retained earnings (8.716) (152.760)
Initial accumulated translation loss (17.757) (17.757)
Total stockholder's equity 94.685 (49.359)
Total liabilities and
stockholders' equity 720.759 2,375.008
(a) Prepared in accordance with International Financial Reporting
Standards.
Note: In accordance with International Financial Reporting Standard # 5 (IFRS 5) "Non-current assets held for sale and discontinued operations" Grupo TMM, S.A. shows the effect of the applications of the Financial Statements.
Grupo TMM, S.A. and subsidiaries
(a)Statement of Cash Flow (discontinuing of railroad
operations)
- millions of dollars -
Three months ended Six months ended
June 30, June 30,
2005 2004 2005 2004
Cash flow from
operation activities:
Net loss before
discontinuing
operations: (11.747) (14.917) (33.731) (22.443)
Charges (credits)
to income not
affecting resources:
Depreciation &
amortization 5.886 3.382 13.595 7.103
Minority interest (0.768) (0.462) (1.606) (1.596)
Deferred
income taxes 0.744 2.182 1.055 2.912
Other non-cash
items (24.039) 2.646 (18.177) (4.645)
Total non-cash
items (18.177) 7.748 (5.133) 3.774
Changes in assets &
liabilities 31.316 (2.851) 30.736 (5.077)
Total adjustments 13.139 4.897 25.603 (1.303)
----------------------------------------------------------------------
Net cash provided (used in)
by operating activities 1.392 (10.020) (8.128) (23.746)
======================================================================
Cash flow from investing
activities:
Proceeds from sales of
assets (net) 1.132 0.002 1.221 0.690
Payments for purchases of
assets (8.951) (3.775) (12.207) (6.398)
Acquisition of shares of
subsidiaries (34.059) (34.059)
Proceeds from discontinued
business (net) 183.712 191.804
Net cash provided (used in)
by investment activities 141.834 (3.773) 146.759 (5.708)
Cash flow provided by
financing activities:
Short-term borrowings
(net) (0.150) (0.150) (0.300) (0.300)
Principal payments under
capital lease obligations (0.023) (0.025) (0.045)
(Repurchase) sale of
accounts receivable (net) (69.974) 12.261 (74.972) 8.668
Repayment of long-term
debt (68.383) (0.248) (68.858) (0.495)
Proceeds from issuance of
long-term debt 1.589 3.325
Net cash (used in)
provided by financing
activities (136.918) 11.840 (140.830) 7.828
Net increase (decrease)
in cash 6.308 (1.953) (2.199) (21.626)
Cash at beginning of
period 44.641 51.357 53.148 71.030
Cash at end of period 50.949 49.404 50.949 49.404
(a) Prepared in accordance with International Financial Reporting
Standards.
Note: In accordance with International Financial Reporting Standard # 5 (IFRS 5) "Non-current assets held for sale and discontinued operations" Grupo TMM, S.A. shows the effect of the applications of the Financial Statements.