SOURCE: Grupo TMM

October 25, 2007 17:00 ET

Grupo TMM Reports Third-Quarter and Nine-Months 2007 Financial Results

Consistent Quarter-Over-Quarter Improvement; Reduction of High Interest Debt Accomplished

MEXICO CITY--(Marketwire - October 25, 2007) - Grupo TMM, S.A.B. (NYSE: TMM) (BMV: TMM A) ("TMM" or the "Company"), a Mexican multi-modal transportation and logistics company, reported today its financial results for the third quarter and nine months of 2007.

MANAGEMENT OVERVIEW

Javier Segovia, president of Grupo TMM, said, "During the past three quarters TMM has consistently improved its operating profit performance and substantially exceeded year-to-year comparisons in revenues and transportation income. With a reduction in high interest debt described later in this report, and with continued expansion in revenues and profit in the fourth quarter, the Company will demonstrate that it will move to a sustainable net income position throughout 2008. The future of the Company is now certain, and throughout 2008 improvements in its balance sheet and cash flow will be clear."

Segovia continued, "We are pleased that Pemex is moving forward with its decision to renew its product tanker fleet and will announce in the next 30 days the final terms of the first five product tankers they intend to acquire through a financial lease, and by year end will announce the terms for five product tankers under bare boat and ship management contracts. These five bare boat contracts will be awarded during the first half of 2008. We have arranged for the financing of those acquisitions if bids are awarded to us, and we believe our Maritime division is well positioned for these opportunities that will prove highly accretive to shareholder value.

"On the offshore side, we successfully renewed two supply vessel contracts for a three-year period that started in October. The improved offshore vessel mix of our fleet is producing a higher than average yield. We anticipate the offshore side of our business will continue to grow, as Pemex has announced an expansion of approximately 69 additional vessels through 2011. This initiative will follow the Mexican Navigation Law as a way to first award contracts to companies that are Mexican owned and flagged. This expansion process will provide even more momentum to all service providers in cabotage including our own Maritime business.

"As we said in our last conference call, we continue to target single digit consolidated SG&A as a percent of the total revenues of the Company. Our cash position as of the end of September was $97 million, which allows the Company to not only provide for the down payment of vessels as bids are awarded but to also support Logistics with highly accretive programs and working capital as this division's turn around continues.

"With the settlement of the arbitration with Kansas City Southern, TMM received $54.1 million in cash and with these funds we were able to pay down $50 million of our securitization facility program, which will reduce our interest expenses by $6.25 million annually going forward. As capital and cash have now become available we have been able to fix the Logistics division and to support the plan we presented in 2006. In the fourth quarter the EBITDA run rate for Logistics as we enter 2008 will exceed $17 million as we have discussed in the past. "

Segovia added, "I would like to stress that the Company continues to actively pursue alternatives to extend the maturity and reduce the costs of the Company's corporate debt as we are committed to generate EBIT in excess of our financial costs. We believe that every quarter we are closer to that goal. "

Segovia continued, "After 12 years with TMM, Brad Skinner is pursuing a new venture in the United States. Our best wishes to Brad in this new endeavor. I would like to reaffirm that the plan and program which Brad designed and managed for TMM Logistics is in full implementation mode. Jose Jorge Masvidal will be leading our Logistics division going forward. Jose Jorge joined Grupo TMM in 2005 as the corporate IT director, and since August 2007 has served as a transitional director of the Logistics division in a joint effort with Brad Skinner. Prior to joining TMM, Jose Jorge served as chief information officer for TFM, now Kansas City Southern de Mexico. He has broad experience in technology infrastructure, IT platform development, logistics, strategic planning, organization and operations."

Segovia concluded, "Throughout the fourth quarter, incremental profit opportunities will occur as we anticipate an improvement of at least $5 million of transportation income. We should achieve this with the addition of two new product tankers under time charter contracts, an increase in the revenues and fleet mix of our offshore fleet, a ramp up to full capacity of our auto hauling truck fleet, the full impact of the high Port season, and the impact of high freight season in our warehousing and general freight trucking division. TMM's fourth quarter results will set the stage for a very profitable 2008 performance."

FINANCIAL RESULTS

Comparing the third quarter of 2007 with the third quarter of 2006, TMM reported the following results:

--  Revenues of $76.9 million, up 30.3 percent from $59.0 million
--  Transportation income of $5.2 million, up 48.6 percent from $3.5
    million
--  Operating margin of 6.8 percent, up 0.8 percentage points
--  EBITDA of $12.0 million, up 39.5 percent from $8.6 million
--  Net loss of $45.6 million compared to a net loss of $8.0 million
    

Comparing the nine months of 2007 with the nine months of 2006, TMM reported the following results:

--  Revenue of $218.8 million, up 19.8 percent from $182.7 million
--  Transportation income of $18.2 million, up 2.2 times from $8.4 million
--  Operating margin of 8.3 percent, up 3.7 percentage points
--  EBITDA of $38.3 million, up 55.1 percent from $24.7 million
--  Net loss of $51.3 million compared to net income of $63.5 million
    

Net loss in the 2007 period was impacted by a one time write-off of $38.6 million in the third quarter of 2007 resulting from the settlement of two accounts receivable from Kansas City Southern.

Increased consolidated transportation income is mainly due to improved transportation income in the Maritime division of $2.8 million in the third quarter of 2007 and $10.9 million in the nine months of 2007 compared to the same periods last year.

SG&A of $10.7 million in the third quarter increased 40.8 percent, or $3.1 million compared to the same period last year. SG&A in the first nine months of 2007 increased 16.9 percent, or $4.2 million, over the same period of 2006. The increase in the nine-month period of 2007 was attributable to one-time expenses incurred in the third quarter, which included $0.2 million of severance payments at the Logistics division and $0.2 million of start-up costs in the Company's new auto hauling business; increased costs of $0.9 million resulting from annual cost of living adjustments to employee's salaries and $0.6 million attributable to the Company's new warehouse business. Additionally, in the 2006 period the Company recognized a benefit of approximately $2.0 million from the disposition of non-operating assets.

Net financial cost in the third quarter of 2007 was $11.8 million, which included an exchange gain of $2.0 million, increasing $0.4 million from a net financial cost incurred in the same period of 2006 of $11.4 million, which included an exchange gain of $1.5 million. This increase was mainly attributable to $6.2 million of financial expenses associated with the Company's securitization program, to $5.7 million of interests associated with the Company's trust certificates program, and to $1.1 million of interests related to the acquisition of two chemical tankers. This increase was partially decreased by costs incurred in the 2006 period, by $9.4 million of financial expenses related to the Company's 2007 Notes and by $1.9 million in prepayments of maritime assets and other debt.

Net financial cost in the first nine months of 2007 was $32.8 million which included an exchange gain of $1.5 million decreasing $12.9 million from a net financial cost incurred in the same period of 2006 of $45.7 million, which included an exchange loss of $0.8 million. The decrease in the 2007 period resulted mainly from costs incurred in the 2006 period of $37.6 million attributable to financial expenses related to the Company's 2007 Notes and to $3.4 million in prepayments of maritime assets and other debt. Additionally, in the first nine months of 2007, TMM incurred $20.0 million of financial expenses associated with the Company's securitization program, $5.7 million of interests associated with the Company's trust certificates program, $1.5 million of interests related to the acquisition of two chemical tankers, and prepaid $1.0 million of maritime assets.

BALANCE SHEET

As of September 30, 2007, TMM's total book value of debt was $505.0 million*. This debt is supported by approximately $374.0 million of long-term contracted revenues. The total market value of the Company's maritime assets is estimated to exceed their book value by $56 million.

         **Proforma Total Net Debt as of September 30, 2007
                   (Millions of dollars)

Trust Certificates (1)               $        265.5
Securitization Facility (2)          $        130.4
Two Chemical Tankers                 $         49.5
Other debt                           $         11.6
Proforma Total Debt                  $        457.0
Cash on hand                         $         97.6
Proforma Total Net Debt              $        359.4

*    Includes $7.5 million of accrued unpaid interest and is
     reduced by $24.4 million of related expenses to be amortized
     over time
**   Book value of debt
(1). 20-year term peso denominated debt
(2). Outstanding balance of securitization facility after paying
     down $50.0 million on October 15th

INVESTMENT IN FIXED ASSETS

As of September 30, 2007, the Company invested $95.5 million in fixed assets, which included: $41.1 million in the acquisition of two chemical tankers, $37.1 million in the acquisition of auto hauling equipment and $17.3 million in the acquisition of trucks, trailers, operating equipment and other assets.

DIVISIONAL RESULTS (All numbers in thousands)

Third Quarter 2007
                                                      Corporate
                                                         and
                     Maritime   Logistics    Ports      Others     Total
                     ---------  ---------  ---------  ---------  ---------
Revenues                44,671     31,150      1,174        (73)    76,922
                     ---------  ---------  ---------  ---------  ---------
Costs                   31,483     28,516      1,080        (76)    61,003
                     ---------  ---------  ---------  ---------  ---------
Gross Result            13,188      2,634         94          3     15,919
                     ---------  ---------  ---------  ---------  ---------
Gross Margin              29.5%       8.5%       8.0%       n/a       20.7%
                     ---------  ---------  ---------  ---------  ---------
SG & A                   1,278      1,959        426      7,006     10,669
                     ---------  ---------  ---------  ---------  ---------
Transportation
 Income                 11,910        675       (332)    (7,003)     5,250
                     ---------  ---------  ---------  ---------  ---------
Operating Margin          26.7%       2.2%    (28.3%)       n/a        6.8%
                     ---------  ---------  ---------  ---------  ---------


Third Quarter 2006
                                                      Corporate
                                                         and
                     Maritime   Logistics    Ports      Others     Total
                     ---------  ---------  ---------  ---------  ---------
Revenues                38,158     20,026      1,017       (147)    59,054
                     ---------  ---------  ---------  ---------  ---------
Costs                   27,763     19,200      1,168       (209)    47,922
                     ---------  ---------  ---------  ---------  ---------
Gross Result            10,395        826       (151)        62     11,132
                     ---------  ---------  ---------  ---------  ---------
Gross Margin              27.2%       4.1%    (14.8%)       n/a       18.9%
                     ---------  ---------  ---------  ---------  ---------
SG & A                   1,293        622        455      5,246      7,616
                     ---------  ---------  ---------  ---------  ---------
Transportation
 Income                  9,102        204       (606)    (5,184)     3,516
                     ---------  ---------  ---------  ---------  ---------
Operating Margin          23.9%       1.0%    (59.6%)       n/a        6.0%
                     ---------  ---------  ---------  ---------  ---------


Nine Months 2007
                                                      Corporate
                                                         and
                     Maritime   Logistics    Ports      Others     Total
                     ---------  ---------  ---------  ---------  ---------
Revenues               132,049     81,167      5,852       (223)   218,845
                     ---------  ---------  ---------  ---------  ---------
Costs                   95,008     73,352      3,408       (228)   171,540
                     ---------  ---------  ---------  ---------  ---------
Gross Result            37,041      7,815      2,444          5     47,305
                     ---------  ---------  ---------  ---------  ---------
Gross Margin              28.1%       9.6%      41.8%       n/a       21.6%
                     ---------  ---------  ---------  ---------  ---------
SG & A                   3,591      5,728      1,251     18,563     29,133
                     ---------  ---------  ---------  ---------  ---------
Transportation
 Income                 33,450      2,087      1,193    (18,558)    18,172
                     ---------  ---------  ---------  ---------  ---------
Operating Margin          25.3%       2.6%      20.4%       n/a        8.3%
                     ---------  ---------  ---------  ---------  ---------


Nine Months 2006
                                                      Corporate
                                                         and
                     Maritime   Logistics    Ports      Others     Total
                     ---------  ---------  ---------  ---------  ---------
Revenues               106,292     71,792      4,850       (223)   182,711
                     ---------  ---------  ---------  ---------  ---------
Costs                   79,860     66,273      3,538       (320)   149,351
                     ---------  ---------  ---------  ---------  ---------
Gross Result            26,432      5,519      1,312         97     33,360
                     ---------  ---------  ---------  ---------  ---------
Gross Margin              24.9%       7.7%      27.1%       n/a       18.3%
                     ---------  ---------  ---------  ---------  ---------
SG & A                   3,887      4,055      1,237     15,764     24,943
                     ---------  ---------  ---------  ---------  ---------
Transportation
 Income                 22,545      1,464         75    (15,667)     8,417
                     ---------  ---------  ---------  ---------  ---------
Operating Margin          21.2%       2.0%       1.5%       n/a        4.6%
                     ---------  ---------  ---------  ---------  ---------

SEGMENT RESULTS

Maritime

Comparing the third quarter of 2007 with the third quarter of 2006:

--  Offshore revenues increased 25.4 percent to $15.2 million due mainly
    to an improved revenue mix
--  Product tanker revenues increased 10.0 percent to $17.3 million due
    mainly to one additional vessel in operation. Increased revenues in this
    segment were partially offset by revenue losses from one vessel operating
    in the spot market during this period, as tariffs were volatile during the
    third quarter
--  Chemical tanker revenues improved 17.0 percent to $9.2 million due
    mainly to higher tariffs and to $0.6 million of incremental revenues from
    customer related demurrages
--  Consolidated gross profit improved 26.6 percent. Gross profit in the
    offshore segment improved 47.2 percent to $7.1 million, and in the chemical
    tanker segment improved 308.9 percent to $1.9 million due mainly to the
    purchase of two vessels that were previously leased, which impacted gross
    profit in the quarter by $0.7 million
    

Comparing the nine months of 2007 with the nine months of 2006:

--  Offshore revenues improved 28.6 percent to $48.5 million due mainly to
    an 18.5 percent tariff increase, to one additional vessel in operation and
    to a 42.0 percent decrease in dry docking days
--  Product tanker revenues increased 31.3 percent to $50.1 million due
    mainly to two more vessels in operation and to improved utilization, from
    90 percent to 100 percent
--  Chemical tanker revenues improved 13.0 percent to $25.1 million due
    mainly to higher volumes and higher tariffs
--  Harbor towing revenue decreased 1.7 percent to $8.0 million due mainly
    to a change in routes of container and refrigerated cargo
--  Consolidated gross profit improved 40.0 percent. Gross profit in the
    offshore segment increased 79.1 percent to $20.0 million, and in the
    chemical tanker segment improved 165.7 percent to $3.3 million due mainly
    to the purchase of two vessels that were previously leased
    

Logistics

Comparing the third quarter of 2007 with the third quarter of 2006:

--  Trucking revenues increased 30.6 percent to $11.1 million due to
    improved freight volumes as a result of new tractors and trailers in
    operation
--  Warehousing operations contributed $4.6 million of revenues and $1.3
    million of gross profit reflective of the start of the peak season
--  Auto hauling contributed $2.9 million of revenues; however planned
    start-up costs impacted the division's results
--  Maintenance and repair revenues increased 112.6 percent to $2.0
    million due to the rehabilitation and expansion of maintenance facilities
--  Inbound logistics revenues improved 13.0 percent to $5.8 million due
    to increased volumes from a new client; however revenues were offset by
    $0.5 million from a disruption of natural gas supply
--  Automotive revenues decreased $0.2 million to $2.6 million; however
    gross profit improved 5.8 times to $0.4 million due to cost reductions
--  Consolidated gross profit improved 3.2 times to $2.6 million mainly
    due to a gross profit increase in the maintenance and repair segment
    

Comparing the nine months of 2007 with the nine months of 2006:

--  Trucking revenues increased 20.0 percent to $31.0 million due to
    expanded tractor and trailer fleets and growing customer contracts and
    volumes
--  Warehousing operations contributed $12.2 million of revenues and $3.4
    million of gross profit
--  Maintenance and repair revenues improved 78.1 percent to $5.4 million
    due mainly to refurbished facilities and new international accounts at port
    facilities
--  Inbound logistics revenues remained unchanged at $15.7 million due
    mainly to a decrease in production in the automobile industry export output
    in the first and second quarters of 2007
--  Consolidated gross profit improved 41.7 percent, mainly attributable
    to a gross profit increase of 152.2 percent in the maintenance and repair
    segment, from $0.9 million to $2.3 million and to a 58.6 percent cost
    reduction in the automotive segment
    

Ports and Terminals

Comparing the third quarter of 2007 with the third quarter of 2006:

--  Consolidated revenues improved 15.4 percent, and consolidated
    transportation income improved from a loss of $0.6 million to a loss of
    $0.3 million
--  Revenues at Acapulco increased 19.0 percent to $0.7 million due mainly
    to a 26.7 percent increase in auto handling revenues
    

Comparing the nine months of 2007 with the nine months of 2006:

--  Consolidated revenues improved 20.7 percent, and consolidated
    transportation income increased from $75,000 to $1.2 million mainly due to
    increased activity at the Port of Acapulco
--  Revenues at Acapulco increased 30.7 percent to $4.3 million due mainly
    to a 53.3 percent revenue increase in the cruise ship business segment, as
    two major liners that had changed routes last year re-scheduled calls at
    this Port
--  Auto handling revenues at Acapulco increased 5.5 percent to $1.3
    million, as export volumes to Japan and South America improved from 28,234
    automobiles to 29,244
    

CONFERENCE CALL

TMM's management will host a conference call and Webcast to review financial and operational highlights on Friday, October 26 at 11:00 a.m. Eastern Time.

To participate in the conference call, please dial 866-542-4238 (domestic) or 416-641-6127 (international) and provide conference ID 3238423 at least five minutes prior to the start of the event. Accompanying visuals and a simultaneous Webcast of the meeting will be available at http://www.visualwebcaster.com/event.asp?id=42831.

A replay of the conference call will be available through Friday, November 2, at 11:59 p.m. Eastern Time, by dialing 800-408-3053 or 416-695-5800 and entering conference ID 3238423. On the Internet, a replay will be available for 30 days at http://www.visualwebcaster.com/event.asp?id=42831.

Headquartered in Mexico City, TMM is a Latin American multimodal transportation company. Through its branch offices and network of subsidiary companies, TMM provides a dynamic combination of ocean and land transportation services. Visit TMM's web site at www.grupotmm.com. The site offers Spanish/English language options.

Included in this press release 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 they are made and 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 on the level of US-Mexico trade; the condition of the world shipping market; the success of the Company's investment in new businesses; risks associated with the Company's reorganization and restructuring; the ability of the Company to reduce corporate overhead costs; the ability of management to manage growth and successfully compete in new businesses; and the ability of the Company to restructure or refinance 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 United States Securities and Exchange Commission.

             Grupo TMM, S.A.B. and subsidiaries
        * Balance Sheet (under discontinuing operations)
                  - millions of dollars -

                                              September 30,  December 31,
                                                  2007           2006
                                              -------------  -------------
Current assets:
Cash and cash equivalents                            97.584         38.666
                                              -------------  -------------
Accounts receivable
   Accounts receivable - Net                         45.148         40.599
                                              -------------  -------------
   Other accounts receivable                         33.201         28.426
                                              -------------  -------------
   Prepaid expenses and others current assets        13.027          9.882
                                              -------------  -------------
   Account receivable to KCS                         54.137         51.113
                                              -------------  -------------
Total current assets                                243.097        168.686
                                              =============  =============

Long-term account receivable to KCS                                 40.000
                                              =============  =============
Property, machinery and equipment - Net             349.313        279.335
                                              =============  =============
Other assets                                         35.883         34.602
                                              =============  =============
Deferred taxes                                      112.833        112.833
                                              =============  =============
Total assets                                        741.126        635.456
                                              =============  =============
Current liabilities:
Bank loans and current maturities of long
 term liabilities                                    28.759         27.555
                                              -------------  -------------
Sale of accounts receivable                          17.982         16.727
                                              -------------  -------------
Suppliers                                            24.499         20.422
                                              -------------  -------------
Other accounts payable and accrued expenses          46.609         37.839
      Total current liabilities                     117.849        102.543
                                              =============  =============
Long-term liabilities:
   Bank loans and other obligations                 297.871        141.401
                                              -------------  -------------
   Sale of accounts receivable                      160.402        172.617
                                              -------------  -------------
   Other long-term liabilities                       27.752         27.551
                                              -------------  -------------
Total long-term liabilities                         486.025        341.569
                                              =============  =============

Total liabilities                                   603.874        444.112
                                              =============  =============

Stockholders' equity
   Common stock                                     121.158        121.158
                                              -------------  -------------
   Retained earnings                                 29.149         80.440
                                              -------------  -------------
   Initial accumulated translation loss             (17.757)       (17.757)
     Cumulative translation adjusted                 (1.603)        (1.173)
                                              =============  =============
                                                    130.947        182.668
                                              -------------  -------------
     Minority interest                                6.305          8.676
                                              -------------  -------------
Total stockholders' equity                          137.252        191.344
                                              =============  =============

Total liabilities and stockholders' equity          741.126        635.456
                                              =============  =============

* Prepared in accordance with International Financial Reporting Standards.




                   Grupo TMM, S.A.B. and subsidiaries
        * Statement of Income (under discontinuing operations)
                      - millions of dollars -


                                    Three months ended      Year ended
                                      September 30,       September 30,
                                      2007      2006      2007      2006
                                    --------  --------  --------  --------

Revenue from freight and services     76.922    59.054   218.845   182.711
                                    --------  --------  --------  --------

Cost of freight and services         (56.473)  (44.354) (158.808) (139.436)
                                    --------  --------  --------  --------
Depreciation of vessels and
 operating equipment                  (4.530)   (3.568)  (12.732)   (9.915)
                                    --------  --------  --------  --------

                                      15.919    11.132    47.305    33.360
                                    --------  --------  --------  --------

Administrative expenses              (10.669)   (7.616)  (29.133)  (24.943)
                                    --------  --------  --------  --------

Transportation Income                  5.250     3.516    18.172     8.417
                                    ========  ========  ========  ========

Other (expenses) income - Net         (0.660)    0.091     2.503    (0.370)
                                    --------  --------  --------  --------
Operating Income                       4.590     3.607    20.675     8.047
                                    ========  ========  ========  ========
Financial (expenses) income - Net    (13.794)  (12.889)  (34.289)  (44.845)
                                    --------  --------  --------  --------
Exchange gain (loss) - Net             1.966     1.513     1.534    (0.843)
                                    --------  --------  --------  --------

Net financial cost                   (11.828)  (11.376)  (32.755)  (45.688)
                                    --------  --------  --------  --------

Loss before taxes                     (7.238)   (7.769)  (12.080)  (37.641)
                                    ========  ========  ========  ========

Benefit (provision) for taxes          0.223     0.847    (0.576)    3.646
                                    --------  --------  --------  --------

Net loss before discontinuing
 operations                           (7.015)   (6.922)  (12.656)  (33.995)
                                    ========  ========  ========  ========

Income from disposal discontinuing
 business                            (38.563)   (0.781)  (38.563)   98.610
                                    --------  --------  --------  --------

Net (loss) income for the period     (45.578)   (7.703)  (51.219)   64.615
                                    ========  ========  ========  ========

Attributable to:
   Minority interest                   0.007     0.295     0.073     1.068
                                    --------  --------  --------  --------
Equity holders of GTMM, S.A.B.       (45.585)   (7.998)  (51.292)   63.547
                                    ========  ========  ========  ========

Weighted average outstanding shares
 (millions)                           56.963    56.963    56.963    56.963
(Loss) income earnings per share
 (dollars / share)                     (0.80)    (0.14)    (0.90)     1.12

Outstanding shares at end of period
 (millions)                           56.963    56.963    56.963    56.963
(Loss) income earnings per share
 (dollars / share)                     (0.80)    (0.14)    (0.90)     1.12
                                    ========  ========  ========  ========

* Prepared in accordance with International Financial Reporting Standards.





                  Grupo TMM, S.A.B. and subsidiaries
       * Statement of Cash Flow (under discontinuing operations)
                 -    millions of dollars -


                                    Three months ended      Year ended
                                      September 30,       September 30,
                                      2007      2006      2007      2006
                                    --------  --------  --------  --------

Cash flow from operation
 activities:
Net loss before discontinuing
 operations                           (7.015)   (6.922)  (12.656)  (33.995)
                                    --------  --------  --------  --------

Charges (credits) to income not
 affecting resources:
      Depreciation & amortization      6.757     5.097    20.094    16.274
                                    --------  --------  --------  --------
      Deferred income taxes                     (1.770)             (5.171)
                                    --------  --------  --------  --------
      Other non-cash items             5.240    (0.726)    3.642    16.441
                                    --------  --------  --------  --------
   Total non-cash items               11.997     2.601    23.736    27.544
                                    --------  --------  --------  --------
      Changes in assets &
       liabilities                    (3.338)   13.900    26.800     5.286
                                    --------  --------  --------  --------
   Total adjustments                   8.659    16.501    50.536    32.830
                                    --------  --------  --------  --------

   Net cash provided (used in) by
    operating activities               1.644     9.579    37.880    (1.165)
                                    ========  ========  ========  ========

Cash flow from investing
 activities:
   Proceeds from sales of assets
    (net)                              0.163     0.188     6.997     9.089
                                    --------  --------  --------  --------
   Payments for purchases of assets  (30.242)  (38.543)  (78.591) (135.298)
                                    --------  --------  --------  --------
   Acquisition of shares of
    subsidiaries                                (0.392)   (3.771)  (19.462)
                                    --------  --------  --------  --------
   Paid to minority partners                              (2.450)   (1.680)
                                    --------  --------  --------  --------
   Dividends from non-consolidated
    subsidiaries                       0.195               0.195
                                    --------  --------  --------  --------

   Net cash used in investment
    activities                       (29.884)  (38.747)  (77.620) (147.351)
                                    ========  ========  ========  ========

   Proceeds from discontinued
    business and Sale of share of
    subsidiaries  (net)                          3.139              71.854
                                    --------  --------  --------  --------

Cash flow provided by financing
 activities:
   Short-term borrowings (net)        (1.883)              0.434    (0.150)
                                    --------  --------  --------  --------
   Sale (repurchase) of accounts
    receivable (net)                 (10.001)  191.624   (30.139)  191.624
                                    --------  --------  --------  --------
   Repayment of long-term debt      (158.987) (179.985) (179.514) (550.071)
                                    --------  --------  --------  --------
   Proceeds from issuance of
    long-term debt                   255.377    30.340   307.877   121.803
                                    --------  --------  --------  --------

   Net cash provided (used in) by
    financing activities              84.506    41.979    98.658  (236.794)
                                    ========  ========  ========  ========

   Net increase (decrease) in cash    56.266    15.950    58.918  (313.456)
                                    --------  --------  --------  --------
   Cash at beginning of period        41.318    71.403    38.666   400.809
                                    --------  --------  --------  --------
   Cash at end of period              97.584    87.353    97.584    87.353
                                    ========  ========  ========  ========

* Prepared in accordance with International Financial Reporting Standards.

Contact Information

  • TMM COMPANY CONTACT:
    Juan Fernandez
    Chief Financial Officer
    011-525-55-629-8778
    Email Contact

    Brad Skinner
    Investor Relations
    011-525-55-638-8725
    203-247-2420
    Email Contact

    Monica Azar
    Investor Relations
    917-597-5361 or
    011-525-55-629-8866 ext. 3421
    Email Contact

    AT DRESNER CORPORATE SERVICES:
    Kristine Walczak (investors, analysts, media)
    312-726-3600
    Email Contact