UPDATE – Grupo TMM Reports 2020 Fourth-Quarter and Full Year Financial Results

(In Millions of Mexican Pesos)

2020 Fourth-Quarter Results and Full-Year Include:

• Stockholders’ Equity of $2,247.6 million.
• Financial Debt of 8.12 percent from Stockholders’ Equity.
• Corporative expenses-decrease of 44.6 percent year to year.
  

MEXICO CITY, March 02, 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 $296.5 million, compared to $366.1 million in the same period of 2019. Consolidated revenue during full-year 2020 was $1,203.1 million compared to $1,475.7 million in the same period of 2019. Due to its client diversification strategy the Company significantly reduced the impact of the prolonged health contingency by COVID-19, as well as the slow recovery of the economy and the energy industry.

Consolidated operating results during the full-year 2020 reported a loss of $316.3, of which $241.4 million was non-recurrent operations, representing 76 percent.

Maritime revenue in the fourth quarter of 2020 was $197.5 million. Maritime revenue for the full-year 2020 was $751.2 million, mainly due to the disincorporation of the Tugboats business, the decrease in the number of calls in Bulk Carriers, and deferred works in the Shipyard segment; partially offset by an increase of operation in the Offshore segment and larger volume transported by Parcel Tankers.

Maritime operating income in the fourth quarter of 2020 was $36.7 million. Full-year 2020 Maritime operating profit was $74.5 million, mainly due to the disincorporation of the Tugboats segment, as well as the performance in the Offshore segment and Shipyard, partially offset by a better margin in Parcel Tankers and Bulk Carriers

Maritime EBITDA in the fourth quarter of 2020 was $46.5 million. For the full-year 2020, Maritime EBITDA was $116.3 million. Maritime accumulated EBITDA margin in 2020 was 15.5 percent.

Ports and Terminals revenue in the fourth quarter of 2020 was $67.6 million. Ports and Terminals revenue for the full-year 2020 was $313.0 million, mainly due to the sharp drop of calls off cruise ships since mid-March because of the mobility restriction and border closure caused by the COVID-19 pandemic, as well as the interruption of gravel maneuvered in the Port of Tuxpan, partially offset by a gradual reopening of automotive plans.

Ports and Terminals operating results in the fourth quarter of 2020 reported a loss of $9.5 million. During the full-year 2020, Ports and Terminals operating results reported a loss of $17.4 million, mainly due to the decrease of operation in API Acapulco, passenger’s mobility restrictions caused by the COVID-19 pandemic, and the drop in the export activity, as well as the performance in the Shipping Agencies segment due to the cancellation of calls of cruise, partially offset for a larger number of maneuvers in Intermodal Terminal and Automotive due to the gradual recovery in this sector.

Ports and Terminals EBITDA in the fourth quarter was $0.4 million. During the full-year 2020, Ports and Terminals EBITDA was $20.6 million; accumulated EBITDA margin was 6.6 percent.

Warehousing Services revenue in fourth quarter 2020 were $31.3 million. Full-year 2020 revenue for Warehousing Services was $138.8 million.

DEBT
As of December 31, 2020, Grupo TMM net debt was $39.7 million. It should be noted that at the end of the fourth quarter of 2020, Short-Term Debt was $129.1 million and cash position was $143.0 million.

Total Debt*
– Millions of Mexican Pesos –

^{*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.

Financial tables follow

Grupo TMM, S.A.B. and Subsidiaries
Balance Sheet*
- Millions of Pesos -

^{*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 -

^{*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 -

^{*Prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board.}