SOURCE: Grupo TMM

February 27, 2008 17:00 ET

Grupo TMM Reports Fourth-Quarter and Full-Year 2007 Financial Results

MEXICO CITY--(Marketwire - February 27, 2008) - Grupo TMM, S.A.B. (NYSE: TMM) and (BMV: TMM A) ("TMM" or the "Company"), a Mexican intermodal transportation and logistics company, reported today its financial results for the fourth quarter and 12 months of 2007.

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

--  Revenues of $84.4 million, up 29.0 percent from $65.4 million
--  Transportation income of $5.5 million, up 103.7 percent from $2.7
    million
--  Operating margin of 6.5 percent, up 2.4 percentage points
--  EBITDA of $14.2 million, up 105.8 percent from $6.9 million
--  Net loss of $15.6 million compared to net income of $6.4 million
    

Comparing the 12 months of 2007 with the 12 months of 2006, TMM reported the following results:

--  Revenues of $303.2 million, up 22.2 percent from $248.1 million
--  Transportation income of $23.7 million, up 113.5 percent from $11.1
    million
--  Operating margin of 7.8 percent, up 3.3 percentage points
--  EBITDA of $52.4 million, up 65.8 percent from $31.6 million
--  Loss from disposition of discontinued business of $38.6 million
--  Net loss of $66.9 million compared to net income of $69.9 million
    

MANAGEMENT TEAM

Grupo TMM also announced today that its board of directors has approved a corporate restructure and a new management structure designed to advance the Company's execution and efficiency, improve cost management and continue its business practice of providing maritime services, land transportation services, integrated logistics services, and ports and terminals management to international and domestic clients throughout Mexico.

José F. Serrano, chairman and chief executive officer of Grupo TMM, stated, "TMM has long been recognized as a pioneer and leader of logistics and transportation services in Mexico, and the time is now right for the Company to put a new management team in place, one that can take maximum advantages of the considerable opportunities we face. Over the recent years we have built a solid foundation for logistics and transportation services, which allows us to provide value-based solutions to our current and future customers. I am pleased about the opportunities that this management team presents for TMM, our customers, and our shareholders, and I am confident about the prospects of the Company under our leadership. I am convinced this team will deliver growth for the Company and help us to improve the quality and performance of our services, thereby creating value for our customers. Excellent experience combined with skilled business leadership is a powerful combination."

Leading the highly qualified senior management team is recently appointed President Fernando Sánchez Ugarte. He will lead a strategic, company-wide effort to continue delivery of integrated logistics and transportation services. Mr. Sánchez Ugarte recently resigned the post of undersecretary for Internal Revenue for the Mexican Finance Ministry, a position he held since December 2006. He has held several positions within the Mexican government including president of the Federal Competition Commission, undersecretary of Industry and Foreign Investment and general director of Income Policies. Additionally, he was a member of the North American Free Trade Agreement negotiating team and served as general consul for Mexico in Portland, Oregon. Mr. Sánchez Ugarte holds a PHD in Economics from the University of Chicago.

Jacinto Marina, who has served in various positions at TMM since 1991, is acting as chief financial officer of TMM. Mr. Marina holds a degree in Economics from the Instituto Tecnológico Autónomo de México.

Supporting the office of the president, the new management team further comprises Luis Ocejo as head of Maritime and Ports, Jaime Glenn as head of the Logistics commercial division and Jorge Septien as head of the Logistics operations. This team brings a balance of management and transportation experience as TMM prepares for the next phase of its growth.

As head of Maritime and Ports, Luis Ocejo will oversee the operations, management and marketing of these divisions. He joined TMM in 1982 as head of the new buildings division, and in 1997 was promoted to technical and management director of the division. Prior to joining TMM, Mr. Ocejo worked at Astilleros, Construcciones y Servicios Marítimos, a Mexican company that designs vessel buildings. He holds a degree in naval architecture and maritime engineering from the University of Veracruz in Mexico.

As head of the commercial division of TMM Logistics, Jaime Glenn leads the division's commercial efforts to bring TMM's integrated logistics solutions to the market place. Mr. Glenn joined the Company in 1996 as director of dedicated transportation services and has served as head of the commercial division of TMM Logistics since 2001. Prior to joining the Company, he was general director of TUM, one of the largest international trucking companies, and earlier served as corporate director for other import and distribution companies. He holds a degree in accounting from La Salle University in Mexico. Mr. Glenn is a frequent speaker at logistics conferences and seminars.

Jorge Septien continues to lead the operations at TMM Logistics. Mr. Septien joined Grupo TMM in 2001 as Customer Service and Equipment Control sub director, later serving as Intermodal and Maintenance operations director. Prior to joining TMM, Mr. Septien worked in the consumer product sector. He studied Business Administration in the Universidad Tecnológica de México.

Serrano added, "With the appointment of this outstanding team of logistics and transportation professionals, TMM embarks on an expanded mission to maximize growth and shareholder value."

MANAGEMENT OVERVIEW

José F. Serrano said, "In 2007, TMM consistently improved its operating profit performance and significantly exceeded year-to-year comparisons in revenues and transportation income. In the Logistics division revenues for the year improved 23 percent; however cost and operating expenses in our recently acquired auto hauling business impacted the division's bottom line. Through the addition of vessels and contracts, the Maritime division improved revenues and transportation income. The Company's consolidated EBITDA improved 65.8 percent to $52.4 million, compared with the full year 2006. In 2007, the Company incurred non-recurring restructuring costs of $6.3 million. This restructure will generate savings going forward, which will result in the payback period of the costs incurred in the restructuring to be approximately one year and a half."

Serrano continued, "We believe 2008 will be an important year for TMM. Pemex is moving forward with the replacement of its product tanker vessels and the expansion of its exploration vessels. As we stated in our third quarter conference call, Pemex has also announced bids for 69 oil exploration vessels between 2007 and 2011. TMM intends to actively participate in this opportunity. We have already been awarded one of such contracts, and acquired in January a vessel to service such contract, which starts in May. We also acquired two 2008-built tugboats to improve operations at the port of Manzanillo. The tugboats start operations in March.

"We anticipate to issue in March, the second tranche of the Company's 20-year Mexican Trust Certificates in the amount of $3.2 billion Mexican pesos, or approximately $297 million, which will be used to acquire or refinance vessels and will be non recourse to the Company.

"Also, we expect Pemex to announce the final terms of five long-term product tanker bareboat contracts in the first half of 2008. We intend to actively pursue this opportunity as bids are awarded.

"At Logistics, the Mexican postal service awarded us with a two-year contract for the distribution of all national mail to and from central postal offices throughout Mexico. This new service starts in May."

Serrano concluded, "With improving revenues and operating profit throughout 2008, we believe TMM can move to a sustainable net income position and improve its balance sheet and cash flow."

FINANCIAL RESULTS

In the full year 2007, revenues improved at all business segments mainly due to higher volumes.

Increased consolidated transportation income for the fourth quarter and full year of 2007 is mainly due to improved transportation income in the Maritime division of $2.7 million in the fourth quarter of 2007 and $13.5 million in the 12 months of 2007 compared to the same periods last year.

To better reflect TMM's corporate costs, the Company modified the presentation of its consolidated SG&A and is now presenting all business units' administrative costs in the costs and operating expenses line, separated from corporate expenses. Specifically, the Company assigned human resources and IT costs according to the specific use of each business unit and of corporate.

Costs and operating expenses of $68.0 million in the fourth quarter of 2007 increased 23.0 percent, from $55.3 million in the same period of last year. The increase in the fourth quarter of 2007 was mainly attributable to increased revenues, to $5.6 million of costs in vessel leases and to $9.0 million of costs related to the Company's warehousing and auto hauling businesses.

Costs and operating expenses of $243.1 million in the 12 months of 2007 increased 16.3 percent from $209.0 million, over the same period of 2006. The increase in the full-year period of 2007 was mainly attributable to increased revenues, to $17.2 million of costs in vessel leases and to $17.4 million from costs related to the warehousing and auto hauling businesses.

Corporate expenses in the fourth quarter of 2007 increased $1.7 million to $5.6 million compared to $3.9 million in the same period of 2006 mainly attributable to non recurrent expenses, including increases in salaries and retirement related payments.

Corporate expenses in the 12 months of 2007 increased $3.8 million to $18.4 million compared to $14.6 million in the same period of 2006. This increase was mainly due to non-recurring expenses, including the disposition of non operating assets, increases in salaries and retirement related payments.

The ratio of corporate expenses to total revenue was 6.6 percent in the fourth quarter of 2007 and 6.1 percent in the full-year of 2007.

Other expense, net was $2.8 million and $0.3 million in the fourth quarter and in the full year 2007, respectively, and included a non-recurring restructuring cost of $6.3 million. As stated above, with the expected savings going forward, the payback period of the costs incurred in the restructure will be approximately one year and a half.

Net financial cost in the fourth quarter of 2007 was $16.7 million, increasing $6.6 million compared to $10.1 million incurred in the same period of 2006. This increase was mainly attributable to $4.0 million resulting from a prepayment premium and the corresponding amortization of issuance expenses, both related to a prepayment of $50 million of the securitization facility, and to a higher average balance of debt incurred to finance the capital expenditures during 2007.

Net financial cost for the full year of 2007 was $49.5 million, decreasing $6.3 million from $55.8 million incurred in the full year of 2006. The decrease in the 2007 period mainly resulted from costs incurred in the 2006 period and not incurred in the 2007 period, including the amortization of financial expenses related to the prepayment of the Company's 2007 Notes.

The loss before results from discontinued operations in the full year 2007 was $28.2 million compared to $40.9 million in the full year 2006, decreasing $12.7 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 de México. Also, net loss in the 2007 period was impacted by $6.3 million of non-recurring restructuring costs incurred in the fourth quarter.

BALANCE SHEET

INVESTMENTS IN FIXED ASSETS

As of December 31, 2007, the Company invested $109.0 million in fixed assets, which included: $41.1 million in the acquisition of two chemical tankers, $37.8 million in the acquisition of auto hauling equipment, $12.9 million in the acquisition of trucks, trailers and related operating equipment, $9.0 million in other logistics related assets, $4.4 million in a down payment for the acquisition of two tugboats and in the rehabilitation of the Company's facilities at Ciudad del Carmen and $3.8 million in the acquisition of the minority interest of the Company's harbor towage subsidiary. The total market value of the Company's maritime assets is estimated to exceed their book value by $87 million.

DEBT

As of December 31, 2007, TMM's total book value of debt was $447.8 million. This debt is supported by approximately $386 million of long-term contracted revenues.

                   (1) Total Net Debt as of December 31, 2007
                             (Millions of dollars)

                    Trust Certificates (2)             $262.0
                    Securitization Facility            $126.8
                    Other Corporate Debt               $ 59.0
                    Total Debt (3)                     $447.8
                                                       ------
                    Cash on hand                       $ 52.2
                                                       ------
                    Total Net Debt                     $395.6

(1) Book value of debt
(2) 20-year term peso denominated debt. Non recourse to the Company
    and AA (mex) by Fitch Ratings
(3) Includes $3.0 million of accrued unpaid interest and is reduced by
    $22.1 million of issuance related expenses

SEGMENT RESULTS

Maritime

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

--  Revenues improved 17.7 percent to $47.2 million compared to $40.1
    million. Revenues increased in the offshore segment mainly attributable to
    an improved revenue mix. In the product tanker segment, revenues increased
    mainly attributable to two additional vessels in operation and in the
    harbor towage segment revenues improved due to increased vessel calls at
    the port of Manzanillo. Chemical tanker revenues decreased due to one
    vessel in dry dock during December.
--  Transportation income improved 30.3 percent to $11.6 million compared
    to $8.9 million due to profit improvements at all business segments.
    

Comparing the 12 months of 2007 with the 12 months of 2006:

--  Revenues improved 22.3 percent to $179.0 million compared to $146.4
    million. Offshore revenues increased due mainly to an improved revenue mix.
    Product tanker revenues increased due mainly to improved utilization, from
    93 percent to 100 percent and were partially offset by revenue losses from
    one vessel operating in the spot market in the third and fourth quarters as
    tariffs were volatile during these periods. Chemical tanker revenues also
    improved due to an increase in tariffs.
--  Transportation income improved 44.6 percent to $44.1 million compared
    to $30.5 million, mainly attributable to improvements in the offshore
    segment and in the chemical tanker segment. Profit significantly increased
    in the chemical tanker segment due to the purchase of two vessels in the
    second quarter which were previously leased, reducing operating costs.
    

Logistics

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

--  Revenues improved 57.0 percent to $34.7 million compared to $22.1
    million. Trucking revenues increased due to improved freight volumes as a
    result of new tractors and trailers in operation. Warehousing operations
    contributed $4.7 million of revenues reflective of the start of the peak
    season and auto hauling contributed $6.2 million of revenues. The
    maintenance and repair and the inbound logistics revenues increased mainly
    due to improved volumes.
--  Transportation loss of $1.0 million compared to a transportation loss
    of $3.6 million. Transportation loss in the fourth quarter 2007 was mainly
    due to costs and operating expenses at the auto hauling business segment,
    which mainly included fuel, maintenance of equipment and personnel costs.
    

Comparing the 12 months of 2007 with the 12 months of 2006:

--  Revenues improved 23.4 percent to $115.9 million compared to $93.9
    million. Trucking revenues increased due to improved freight volumes and to
    longer hauls. Warehousing and auto hauling operations contributed with
    $16.9 million and $9.1 million of revenues, respectively. Maintenance and
    repair revenues increased due to an improved mix of revenues and inbound
    logistics improved mainly to increased line feeding volumes. Revenue was
    impacted by a $9.3 million loss from the cancellation of a contract between
    Kansas City Southern de México and Ford Motor Company in which TMM
    Logistics was a subcontractor.
--  Transportation loss of $3.3 million compared to a transportation loss
    of $6.1 million. This improvement was mainly due to increased profit in the
    trucking and maintenance and repair segments and to the warehouse segment
    contribution, and was partially offset by the auto hauling segment as per
    increased costs and operating expenses in the fourth quarter, and also to a
    decrease in profit resulting from railroad related discontinued services in
    2006.
    

Ports and Terminals

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

--  Revenues decreased 21.2 percent to $2.6 million compared to $3.3
    million. This decrease was mainly due to a reduction of revenues in the
    cruise ship segment at Acapulco and to lower revenues at the shipping
    agencies segment. As a result of the above, transportation income decreased
    69.2 percent to $0.4 million from $1.3 million.
    

Comparing the 12 months of 2007 with the 12 months of 2006:

--  Revenues improved 4.9 percent to $8.5 million compared to $8.1 million
    mainly due to a revenue increase in the cruise ship segment at Acapulco.
    Also, auto handling revenues increased due to higher import and export
    volumes from and to South America and Japan.  Transportation income
    increased to $1.4 million from $1.2 million due mainly to lower costs in
    the shipping agencies segment.
    

CONFERENCE CALL

TMM's management will host a conference call and Webcast to review financial and operational highlights on Thursday, February 28 at 11:00 a.m. Eastern Time.

To participate in the conference call, please dial (866) 542-4238 (domestic) or (416) 641-6127 (international) 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=45131.

A replay of the conference call will be available through March 6 at 11:59 p.m. Eastern time, by dialing (800) 408-3053 or (416) 695-5800, and entering conference ID 3249128. On the Internet a replay will be available for 30 days at http://www.visualwebcaster.com/event.asp?id=45131.


Headquartered in Mexico City, TMM is a Latin American intermodal 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 –


                                                --------------------------
                                                December 31,  December 31,
                                                    2007          2006
                                                --------------------------
Current assets:
Cash and cash equivalents                             52.235        38.666
                                                ------------  ------------
Accounts receivable
   Accounts receivable - Net                          44.812        40.599
                                                ------------  ------------
   Other accounts receivable                          32.698        28.426
                                                ------------  ------------
   Prepaid expenses and other current assets          12.506         9.882
                                                ------------  ------------
   Account receivable to KCS                                        51.113
                                                ------------  ------------
Total current assets                                 142.251       168.686
                                                ============  ============

                                                ------------  ------------
Long-term account receivable to KCS                                 40.000
                                                ============  ============
Property, machinery and equipment                    464.479       376.827
                                                ------------  ------------
Cumulative Depreciation                             (108.830)      (97.492)
                                                ------------  ------------
Property, machinery and equipment - Net              355.649       279.335
Other assets                                          38.830        34.602
Deferred taxes                                       112.834       112.833
                                                ============  ============
Total assets                                         649.564       635.456
                                                ------------  ------------

Current liabilities:
Bank loans and current maturities of long term
 liabilities                                          17.787        27.555
                                                ------------  ------------
Sale of accounts receivable                           13.463        16.727
                                                ------------  ------------
Suppliers                                             28.660        20.422
                                                ------------  ------------
Other accounts payable and accrued expenses           38.463        37.839
                                                ------------  ------------
      Total current liabilities                       98.373       102.543
                                                ============  ============
Long-term liabilities:
   Bank loans and other obligations                  303.229       141.401
                                                ------------  ------------
   Sale of accounts receivable                       113.362       172.617
                                                ------------  ------------
   Other long-term liabilities                        26.684        27.551
                                                ------------  ------------
Total long-term liabilities                          443.275       341.569
                                                ============  ============

Total liabilities                                    541.648       444.112
                                                ------------  ------------

Stockholders´ equity
   Common stock                                      121.094       121.158
                                                ------------  ------------
   Retained earnings                                   0.939        80.440
                                                ------------  ------------
   Initial accumulated translation loss              (17.757)      (17.757)
                                                ------------  ------------
     Cumulative translation adjusted                  (2.263)       (1.173)
                                                ------------  ------------
                                                     102.013       182.668
                                                ------------  ------------
     Minority interest                                 5.903         8.676
                                                ------------  ------------
Total stockholders´ equity                           107.916       191.344
                                                ------------  ------------

Total liabilities and stockholders´ equity           649.564       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
                                       December 31,        December 31,
                                      2007      2006      2007      2006
                                    --------------------------------------

Ports                                  2.643     3.271     8.495     8.121
Maritime                              47.193    40.133   178.983   146.425
Logistics                             34.705    22.098   115.872    93.890
Corporate and others                  (0.132)   (0.065)   (0.095)   (0.288)
                                    --------  --------  --------  --------
Revenue from freight and services     84.409    65.437   303.255   248.148
                                    --------  --------  --------  --------

Ports                                 (2.039)   (1.771)   (6.353)   (6.155)
Maritime                             (31.877)  (27.655) (120.721) (104.086)
Logistics                            (34.332)  (25.940) (116.192)  (99.112)
Corporate and others                   0.204     0.048     0.172     0.381
                                    --------  --------  --------  --------
Cost and Operating expenses          (68.044)  (55.318) (243.094) (208.972)
                                    --------  --------  --------  --------

Ports                                 (0.189)   (0.170)   (0.760)   (0.768)
Maritime                              (3.681)   (3.571)  (14.202)  (11.800)
Logistics                             (1.406)    0.187    (3.034)   (0.888)
Corporate and others                  (0.004)    0.030    (0.015)    0.017
                                    --------  --------  --------  --------
Depreciation of vessels and
 equipment                            (5.280)   (3.524)  (18.011)  (13.439)
                                    --------  --------  --------  --------

Corporate expenses                    (5.562)   (3.878)  (18.452)  (14.603)
                                    --------  --------  --------  --------

Ports                                  0.415     1.330     1.382     1.198
Maritime                              11.635     8.907    44.060    30.539
Logistics                             (1.033)   (3.655)   (3.354)   (6.110)
Corporate and others                  (5.494)   (3.865)  (18.390)  (14.493)
                                    --------  --------  --------  --------
Transportation Income                  5.523     2.717    23.698    11.134
                                    --------  --------  --------  --------

Other expenses  - Net                 (2.779)  (23.696)   (0.276)  (24.066)
                                    --------  --------  --------  --------
Operating (loss) Income                2.744   (20.979)   23.422   (12.932)
                                    ========  ========  ========  ========

Financial (expenses) income - Net    (16.637)  (10.587)  (50.926)  (55.432)
                                    --------  --------  --------  --------
Exchange (loss) gain - Net            (0.109)    0.447     1.425    (0.396)
                                    --------  --------  --------  --------
Net financial cost                   (16.746)  (10.140)  (49.501)  (55.828)
                                    --------  --------  --------  --------

Loss before taxes                    (14.002)  (31.119)  (26.079)  (68.760)
                                    ========  ========  ========  ========

(Provision) benefit for taxes         (1.565)   24.169    (2.141)   27.815
                                    --------  --------  --------  --------

Net  loss before discontinuing
 operations                          (15.567)   (6.950)  (28.220)  (40.945)
                                    ========  ========  ========  ========

Income from disposal discontinuing
 business                                       12.752   (38.563)  111.362
                                    --------  --------  --------  --------

Net (loss) income for the period     (15.567)    5.802   (66.783)   70.417
                                    --------  --------  --------  --------
Attributable to:
     Minority interest                 0.087    (0.559)    0.160     0.509
                                    --------  --------  --------  --------
Equity holders of GTMM, S.A.B.       (15.654)    6.361   (66.943)   69.908
                                    --------  --------  --------  --------

Weighted average outstanding shares
 (millions)                           56.959    56.963    56.962    56.963
(Loss) income earnings per share
 (dollars/share)                      (0.275)    0.112    (1.175)    1.227
Outstanding shares at end of period
 (millions)                           56.933    56.963    56.933    56.963
(Loss) income earnings per share
 (dollars/share)                      (0.275)    0.112    (1.176)    1.227
                                    --------  --------  --------  --------
* 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
                                       December 31,        December 31,
                                      2007      2006      2007      2006
                                    --------------------------------------

Cash flow from operation
 activities:
Net loss before discontinuing
 operations                           (15.57)    (6.95)   (28.22)   (40.95)
                                    --------  --------  --------  --------

Charges (credits) to income not
 affecting resources:
      Depreciation & amortization       8.65      4.16     28.74     20.44
                                    --------  --------  --------  --------
      Deferred income taxes                     (24.12)             (29.29)
                                    --------  --------  --------  --------
      Other non-cash items             (0.41)    28.06     37.43     67.80
                                    --------  --------  --------  --------
   Total non-cash items                 8.24      8.10     66.18     58.95
                                    --------  --------  --------  --------
      Changes in assets &
       liabilities                     (6.54)    (3.26)   (13.94)   (21.28)
                                    --------  --------  --------  --------
   Total adjustments                    1.70      4.84     52.23     37.67
                                    --------  --------  --------  --------

   Net cash (used in) provided by
    operating activities              (13.87)    (2.11)    24.01     (3.27)
                                    ========  ========  ========  ========

Cash flow from investing
 activities:
   Proceeds from sales of assets
    (net)                               0.19      3.20      7.19     12.29
                                    --------  --------  --------  --------
   Payments for purchases of assets   (15.41)   (24.16)  (109.27)  (178.92)
                                    --------  --------  --------  --------
   Sale of share of subsidiaries        3.25                3.25
                                    --------  --------  --------  --------
   Paid to minority partners           (0.49)              (2.75)    (1.68)
                                    --------  --------  --------  --------

   Net cash used in investment
    activities                        (12.46)   (20.96)  (101.58)  (168.31)
                                    ========  ========  ========  ========

   Proceeds from discontinued
    business and Sale of share of
    subsidiaries (net)                 54.14     (0.49)    54.14     71.36
                                    --------  --------  --------  --------

Cash flow provided by financing
 activities:
   Short-term borrowings (net)         (0.91)              (0.47)    (0.15)
                                    --------  --------  --------  --------
   Sale (repurchase) of accounts
    receivable (net)                  (58.20)   (10.02)   (88.33)   181.60
                                    --------  --------  --------  --------
   Repayment of long-term debt        (13.99)   (15.11)  (193.50)  (565.18)
                                    --------  --------  --------  --------
   Proceeds from issuance of
    long-term debt                                        319.38    121.80
                                    --------  --------  --------  --------
   Sale (Acquisition) of treasury
    shares, net                        (0.07)              (0.07)
                                    --------  --------  --------  --------

   Net cash (used in) provided by
    financing activities              (73.16)   (25.13)    37.00   (261.93)
                                    ========  ========  ========  ========

   Net (decrease) increase in cash    (45.35)   (48.69)    13.57   (362.14)
                                    --------  --------  --------  --------
   Cash at beginning of period         97.58     87.35     38.67    400.81
                                    --------  --------  --------  --------
   Cash at end of period               52.24     38.67     52.24     38.67
                                    --------  --------  --------  --------
*Prepared in accordance with International Financial Reporting Standards.

Contact Information

  • TMM COMPANY CONTACT:
    Jacinto Marina
    Chief Financial Officer
    011-525-55-629-8866 ext. 2901
    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