SOURCE: Grupo TMM, S.A.

July 27, 2006 18:09 ET

Grupo TMM Reports Second-Quarter and First-Half 2006 Financial Results

Gross Profit, Operating Profit and EBITDA Up Significantly

Revenue Down Due to Sale of Port Assets and Termination of KCSM-Ford Contract

Run Rate Guidance for EBITDA in 2007 Reaffirmed

Corporate SG&A Reductions Under Way in Third and Fourth Quarters

MEXICO CITY -- (MARKET WIRE) -- July 27, 2006 -- Grupo TMM, S.A. (NYSE: TMM) (MEX VALORIS: TMMA) ("TMM"), a Mexican multi-modal transportation and logistics Company, reported a loss of $0.13 per share for the second quarter of 2006 compared to a loss of $0.21 per share a year ago. The Company reported earnings of $1.26 per share for the first half of 2006 compared to earnings of $2.53 per share for the same period in 2005.

Revenues in the second quarter and first six months of 2006 compared to the same periods of 2005 were primarily impacted by the sale of TMM's port assets in Colombia, by $5.9 million in the second quarter of 2006 and by $10.8 million in the first six months of 2006. Revenues were also impacted by $3.7 million in the second quarter of 2006 due to the cancellation of a service agreement between Ford Motor Company and Kansas City Southern de Mexico ("KSCM") at the end of March, in which TMM was a subcontractor.

TMM reported the following results for the second quarter of 2006:

--  Revenue of $61.3 million, down 19.0 percent from $75.7 million the
    previous year
--  Operating income of $3.2 million, up $3.1 million from operating
    income of $0.07 million a year ago
--  Operating margin of 5.2 percent, up 5.1 percentage points from the
    previous year
--  Net loss of $7.4 million compared to a net loss of $11.7 million in
    the second quarter of 2005
    
TMM reported the following results for the first half of 2006:
--  Revenue of $123.7 million, down 11.8 percent from $140.2 million the
    previous year
--  Operating income of $4.9 million, up $3.7 million from operating
    income of $1.2 million a year ago
--  Operating margin of 4.0 percent, up 3.1 percentage points from the
    previous year
--  Net income of $71.5 million compared to net income of $144.0 million
    in the first half of 2005
    
Net interest expense of $6.6 million was recorded in the second quarter of 2006, compared to net interest expense of $22.4 million in the second quarter of 2005. Comprehensive financial expenses of $9.8 million, including $1.1 million attributable to the amortization of expenses associated with the Company's debt were recorded in the second quarter of 2006 compared to comprehensive financial expenses of $29.1 million incurred in the second quarter of 2005, which included $7.2 million attributable to the amortization of expenses associated with the Company's debt.

In the first half of 2006, TMM recorded net interest expense of $13.6 million compared to net interest expense of $42.3 million in the same period of 2005. Comprehensive financial expenses of $34.3 million, including $18.4 million attributable to the amortization of expenses associated with the debt were recorded in the first half of 2006 compared to comprehensive financial expenses of $52.6 million incurred in the first half of 2005, which included $10.6 million attributable to the amortization of expenses related to the Company's debt.

SG&A increased $1.5 million in the second quarter of 2006 to $9.0 million compared to the 2005 period. In the first half of 2006, SG&A increased $2.6 million to $17.3 million compared to the 2005 period. The increase in the first half of 2006 was mainly due to the peso appreciation, to a one-time payment of past due bonuses to TMM employees which had been delayed for three years, to the ceased recovery of expenses from discontinued operations and to higher costs related to the operation of the IT platform.

As we stated in our first quarter conference call, TMM has structured a program to reduce its current annual corporate expenses by a further 1.5 percent of annual revenue during the second half of 2006, which will provide approximately $5.0 million in additional free cash flow on an annualized basis. Cost reductions will include the simplification of procedures at all levels impacted by corporate activities, and are being carried out during the third and fourth quarters. These reductions include the consolidation of personnel in each of the operating units producing one consolidated back office for accounting and administrative functions, the renegotiation of insurance policies at Logistics and at the Maritime division, the funding of pensions, which reduce annual expenditures and the redesign of the corporate office building which reduces on-going maintenance and energy cost in a substantial way. The corporate list of reductions continues to grow in the third quarter and is joined with further human resource personnel reductions at Logistics.

Additionally, shareholder equity improved $57.8 million in the first half of 2006.

Javier Segovia, president of Grupo TMM, said, "In the first half of 2006, we have focused on strengthening the operating profit at each of our divisions in order to improve TMM's performance now and in 2007. We focused on operating profit as the key measure for our success and for improving our credibility with shareholders. We are focused upon profitable and sustainable growth. Throughout the year, we have overcome a number of hurdles that have made our tasks and goals more difficult to attain, and while second quarter results are still somewhat restrained, we remain committed to building a stronger company for all of our shareholders. As we approach 2007, we believe that our EBITDA run rate commitments described in earlier conference calls will be met. We are currently operating at a consolidated $35.1 million EBITDA run rate (after corporate expenses) compared to $29.2 million in the first quarter of 2006. With improvements that are currently under way in Logistics and at the Maritime division, and with corporate reductions, we remain confident in our guidance.

"In the first half of 2006, our results have been impacted with decisions and events from the past which distracted us from the true nature of improvements now occurring. Discontinued operations and special one-time charges continued to impact our results in period-over-period comparisons. At Logistics, the termination in late March and early April of a contract between Kansas City Southern de Mexico and Ford Motor Company, in which TMM Logistics participated as a subcontractor, continued to impact the division's results. The Kansas City Southern contract cancellation joined with other discontinued operations, including RoadRailer, pre-trip and terminal operations, cost TMM Logistics' operating profit $1.5 million during the first half of 2006. Without these one-time charges, which are now behind us, TMM Logistics would have produced $2.7 million of operating profit for the first half of this year."

Segovia continued, "Despite these hurdles, I believe we have taken significant steps in the first half of this year to build sustainable value in the future. In the offshore segment we are in the process of growing and modernizing our fleet. The additional anchor handler tug supply vessel announced in the first quarter was received and is currently working under a two-year contract with Pemex. We have recently purchased a newly built 150-ton bollard pull anchor handler, which we expect to receive in September of this year. Also, during the third quarter of 2006, we have converted from leased to owned an additional fast crew vessel currently operating under a short-term contract.

"We believe greater opportunities exist in deeper water exploration to accelerate oil and gas production in Mexico, and we continue discussions with our clients for additional chartering of tonnage through long-term charters of Mexican flag vessels. I would like to add that the current stand-alone EBITDA run rate for the Maritime division is $43.8 million, before events that will occur during the third and fourth quarter, including the two anchor handlers and the fast crew vessel mentioned above."

Segovia concluded, "Finally, I am very pleased to report that as of today, subject to final documentation, we are in the final stages of closing a financing facility with Deutsche Bank that will be used to redeem our outstanding 2007 Bonds and to fund capital projects."

SEGMENT RESULTS

Maritime

In the second quarter of 2006, the Maritime division reported:

--  Revenue of $36.9 million, down 13.6 percent from last year's $42.7
    million
--  Operating income of $8.0 million, up 70.2 percent from $4.7 million a
    year ago
--  Operating margin of 21.5 percent, up 10.5 percentage points from the
    previous year
    
In the first half of 2006, the Maritime division reported:
--  Revenue of $68.1 million, down 6.2 percent from last year's $72.6
    million
--  Operating income of $13.4 million, up 71.8 percent from $7.8 million a
    year ago
--  Operating margin of 19.7 percent, up 9.0 percentage points from the
    previous year
    
Comparing second quarter and first half of 2006 with the same periods of last year, revenues at the Maritime division decreased mainly due to an increase in off-hire activity due to cyclical maintenance, particularly in the offshore and product tanker segments and to operating less vessels. However, operating income and gross profit increased, improving margins as a result of the conversion of several vessels from leased to owned status as part of the acquisition of the 40 percent stake of Seacor in the offshore business segment earlier this year. Also, margins improved due to the switch from chartered product tanker vessels in the spot market to owned vessels under long-term contracts, which all together resulted in a cost decrease in the Maritime division of 31.7 percent in the second quarter and of 23.5 percent in the first half of 2006, compared to the same periods last year.

Ports and Terminals

In the second quarter of 2006, Ports and Terminals reported:

--  Revenue of $1.7 million, down 80.2 percent from last year's $8.6
    million
--  Operating income of $0.1 million, unchanged from $0.1 million a year
    ago
--  Operating margin of 7.8 percent, up 6.2 percentage points from the
    previous year
    
In the first half of 2006, Ports and Terminals reported:
--  Revenue of $3.8 million, down 78.3 percent from last year's $17.5
    million
--  Operating income of $0.7 million, down 30.0 percent from $1.0 million
    a year ago
--  Operating margin of 17.8 percent, up 12.1 percentage points from the
    previous year
    
In the second quarter and first six months of 2006, the revenue decrease in Ports and Terminals was attributable to the elimination of $5.9 million and $10.8 million of revenue, respectively, generated by the Company's port assets in Colombia, which were sold in the fourth quarter of 2005 and was also impacted by a reclassification of net revenue at the shipping agencies business segment.

At the port of Acapulco, revenues increased by 11.8 percent in the second quarter of 2006 compared to the same period last year mainly due to a $0.3 million revenue increase in the auto-handling segment. Comparing the first half of 2006 with the same period last year, revenues at Acapulco decreased by 15.0 percent impacted by a 33.4 percent revenue reduction in the cruise ship segment due to decreased calls during this period. However, the high season for this business segment begins in September and we expect 64 calls for the remainder of the year, which exceeds last years' calls for this period.

Logistics

In the second quarter of 2006, Logistics reported:

--  Revenue of $22.6 million, down 7.4 percent from last year's $24.4
    million
--  Operating income of $0.6 million, up from an operating loss of $0.7
    million a year ago
--  Operating margin of 2.6 percent, up 5.6 percentage points from the
    previous year
    
In the first half of 2006, Logistics reported:
--  Revenue of $51.8 million, up 3.2 percent from last year's $50.2
    million
--  Operating income of $1.3 million, up 116.7 percent from $0.6 million a
    year ago
--  Operating margin of 2.4 percent, up 1.2 percentage points from the
    previous year
    
In the second quarter of 2006, gross profit for this division increased from $0.5 million to $2.4 million and from $3.1 million to $4.7 million in the first six months of 2006, compared to the same periods last year. These improvements were mainly attributable to revenue increases in trucking and dedicated inbound logistics services as well as to improvements in prices and in process controls in the automotive segment, specifically in operations at Volkswagen.

In the first half of 2006, trucking has gradually improved its operating profit, from an operating income of $32,000 dollars in January to an operating income of $300,000 dollars in June, as 81 trucks and 60 trailers were added to the fleet in March and April. The division could have made an additional $1.0 million of operating profit during the first half of the year, but trucks and trailer orders were delayed but are now arriving in the July/August periods.

Going forward, by September we anticipate that the trucking division with new equipment in place will be able to produce a minimum of $600,000 dollars of operating profit per month which with other divisional operating profits from outbound and inbound automotive services and from maintenance and repair terminals joined with new governmental services, the Logistics division should be able to produce after SG&A between $0.8 million and $1.0 million of operating profit per month.

BALANCE SHEET IMPROVEMENTS AND DEBT BREAKDOWN

As of June 30, 2006, TMM's total nominal debt was $311.4 million of which $158.7 million is related to the Company's outstanding Notes and is supported by $161.3 million in a combination of cash on hand, marketable securities and receivables from KCS, and $152.7 million is supported with shipping assets and with long-term contracted revenues.

DIVISIONAL RESULTS (All numbers in thousands)

Second Quarter 2006

                                                      Corporate
                    Ports      Maritime   Logistics   and Others    Total
                  ----------  ----------  ----------  ----------  --------
Revenues               1,729      36,945      22,607         (16)   61,265
Costs                  1,199      27,712      20,168          35    49,114
Gross Result             530       9,233       2,439         (51)   12,151
Gross Margin            30.7%       25.0%       10.8%   (318.8%)      19.8%
SG & A (Estimate)        395       1,273       1,860       5,438     8,966
Operating Results        135       7,960         579      (5,489)    3,185
Operating Margin         7.8%       21.5%        2.6%       n.a.       5.2%


*Second Quarter 2005

                                                       Corporate
                     Ports      Maritime   Logistics   and Others   Total
                   ----------  ----------  ----------  ----------  -------
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%


First Six Months 2006

                                                      Corporate
                    Ports      Maritime   Logistics   and Others    Total
                  ----------  ----------  ----------  ----------  --------
Revenues               3,833      68,134      51,766         (76)  123,657
Costs                  2,370      52,097      47,073        (111)  101,429
Gross Result           1,463      16,037       4,693          35    22,228
Gross Margin            38.2%       23.5%        9.1%       46.1%     18.0%
SG & A (Estimate)        782       2,594       3,433      10,518    17,327
Operating Results        681      13,443       1,260     (10,483)    4,901
Operating Margin        17.8%       19.7%        2.4%       n.a.       4.0%


*First Six Months 2005

                                                       Corporate
                     Ports      Maritime   Logistics   and Others   Total
                   ----------  ----------  ----------  ----------  -------
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%
*Under Continuing Operations

CONFERENCE CALL

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

To participate in the conference call, please dial 800-219-6110 (domestic) or 303-262-2050 (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.actioncast.acttel.com, Event ID: 34465.

A replay of the conference call will be available through August 4, at 11:59 p.m. Eastern Time, by dialing 800-405-2236 or 303-590-3000, and entering conference ID 11065088. On the Internet a replay will be available for 30 days at http://www.actioncast.acttel.com, Event ID: 34465.

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. and subsidiaries
             * Balance Sheet (under discontinuing operations)
                          - millions of dollars -



                                                                 December
                                                      June 30,      31,
                                                        2006       2005
                                                      =========  =========

Current assets:
Cash and cash equivalents                                36.403    400.809
                                                      ---------  ---------
Marketable securities                                    35.000
                                                      ---------  ---------
                                                         71.403    400.809
                                                      ---------  ---------
Accounts receivable
   Accounts receivable - Net                             40.468     43.267
                                                      ---------  ---------
   Other accounts receivable                             18.501     19.615
                                                      ---------  ---------
   Prepaid expenses and others current assets             8.629      7.295
                                                      ---------  ---------
Total current assets                                    139.001    470.986
                                                      =========  =========

Long-term account receivable                             89.938     48.763
                                                      =========  =========
Property, machinery and equipment - Net                 238.028    166.661
                                                      =========  =========
Other assets                                             21.027     23.160
                                                      =========  =========
Deferred taxes                                           86.958     83.556
                                                      =========  =========

Total assets                                            574.952    793.126
                                                      =========  =========

Current liabilities:
Bank loans and current maturities of long term
 liabilities                                             35.349     35.546
                                                      ---------  ---------
Suppliers                                                12.786     22.755
                                                      ---------  ---------
Other accounts payable and accrued expenses              28.494     48.845
                                                      ---------  ---------
      Total current liabilities                          76.629    107.146
                                                      =========  =========
Long-term liabilities:
   Bank loans and other obligations                     279.803    524.763
                                                      ---------  ---------
   Other long-term liabilities                           23.984     24.471
                                                      ---------  ---------
Total long-term liabilities                             303.787    549.234
                                                      =========  =========

Total liabilities                                       380.416    656.380
                                                      =========  =========

Stockholders´ equity
   Common stock                                         121.158    121.158
                                                      ---------  ---------
   Retained earnings                                     85.998     14.454
                                                      ---------  ---------
   Initial accumulated translation loss                 (17.757)   (17.757)
                                                      ---------  ---------
   Cummulative translation adjusted                      (3.804)     1.422
                                                      =========  =========
                                                        185.595    119.277
                                                      ---------  ---------
   Minority interest                                      8.941     17.469
                                                      ---------  ---------
Total stockholder´s equity                              194.536    136.746
                                                      =========  =========

Total liabilities and stockholders´ equity              574.952    793.126
                                                      =========  =========

* Prepared in accordance with International Financial Reporting Standards.

Note: In accordance with International Financial Reporting Standards (IFRS)
number 5 "Non-current assets held for sale and discontinued operations" and
International Accounting Standards (IAS) number 21 (reviewed) "The effects
of changes in foreing exchange rates"; Grupo TMM, S. A. shows the effect of
the applications of its Financial Statements.




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


                                    Three months ended   Six months ended
                                         June 30,            June 30,
                                      2006      2005      2006      2005
                                    ========  ========  ========  ========

Revenue from freight and services     61.265    75.672   123.657   140.217
                                    --------  --------  --------  --------

Cost of freight and services         (45.463)  (66.831)  (95.082) (121.527)
                                    --------  --------  --------  --------
Depreciation of vessels and
 operating equipment                  (3.651)   (1.318)   (6.347)   (2.683)
                                    --------  --------  --------  --------

                                      12.151     7.523    22.228    16.007
                                    --------  --------  --------  --------

Administrative expenses               (8.966)   (7.452)  (17.327)  (14.769)
                                    --------  --------  --------  --------

Operating Income                       3.185     0.071     4.901     1.238
                                    ========  ========  ========  ========

Other expenses  - Net                 (0.615)   (0.683)   (0.461)   (0.626)
                                    --------  --------  --------  --------

                                    --------  --------  --------  --------
Financial (expenses) income - Net     (6.648)  (22.370)  (13.605)  (42.281)
                                    --------  --------  --------  --------
Amortization of expenses related to
 debt                                 (1.110)   (7.230)  (18.351)  (10.645)
                                    --------  --------  --------  --------
Exchange (loss) gain - Net            (2.065)    0.468    (2.356)    0.295
                                    --------  --------  --------  --------

Net financial cost                    (9.823)  (29.132)  (34.312)  (52.631)
                                    --------  --------  --------  --------

Loss before taxes and profit
 sharing                              (7.253)  (29.744)  (29.872)  (52.019)
                                    ========  ========  ========  ========

Benefit for taxes and profit
 sharing                               1.124     7.173     2.799     8.302
                                    --------  --------  --------  --------

Net  loss before discontinuing
 operations                           (6.129)  (22.571)  (27.073)  (43.717)
                                    ========  ========  ========  ========

Income from discontinuing
 operations                                                          1.364
                                    --------  --------  --------  --------
(Loss) income from disposal
 discontinuing business               (0.675)   11.592    99.391   188.004
                                    --------  --------  --------  --------

Net (loss) income for the period      (6.804)  (10.979)   72.318   145.651
                                    ========  ========  ========  ========

Attributable to:
Minority interest                      0.554     0.768     0.773     1.606
                                    --------  --------  --------  --------
 Equity holders of Grupo TMM, S.A.    (7.358)  (11.747)   71.545   144.045
                                    ========  ========  ========  ========

Weighted average outstanding shares
 (millions)                           56.963    56.963    56.963    56.963
Income (loss) earnings per share
 (dollars / share)                     (0.13)    (0.21)     1.26      2.53

Outstanding shares at end of period
 (millions)                           56.963    56.963    56.963    56.963
Income (loss) earnings per share
 (dollars / share)                     (0.13)    (0.21)     1.26      2.53
                                    ========  ========  ========  ========

* Prepared in accordance with International Financial Reporting Standards.

Note: In accordance with International Financial Reporting Standards (IFRS)
number 5 "Non-current assets held for sale and discontinued operations" and
International Accounting Standards (IAS) number 21 (reviewed) "The effects
of changes in foreing exchange rates"; Grupo TMM, S. A. shows the effect of
the applications of its Financial Statements.




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


                                     Three Months Ended  Six Months Ended
                                         June 30,            June 30,
                                      2006      2005     2006      2005
                                    ========  ========  ========  ========

Cash flow from operation
 activities:
Net  loss before discontinuing
 operations                           (6.129)  (22.571)  (27.073)  (43.717)
                                    --------  --------  --------  --------

Charges (credits) to income not
 affecting resources:
      Depreciation & amortization      5.590     5.886    11.177    13.595
                                    --------  --------  --------  --------
      Deferred income taxes           (1.260)   (8.194)   (3.401)   (9.647)
                                    --------  --------  --------  --------
      Income from discontinued
       operation                      (0.675)             68.715
                                    --------  --------  --------  --------
      Other non-cash items             2.978    (5.045)   17.167     0.905
                                    --------  --------  --------  --------
   Total non-cash items                6.633    (7.353)   93.658     4.853
                                    --------  --------  --------  --------
      Changes in assets &
       liabilities                    (0.089)   31.316   (38.268)   30.736
                                    --------  --------  --------  --------
   Total adjustments                   6.544    23.963    55.390    35.589
                                    --------  --------  --------  --------

   Net cash provided (used in) by
    operating activities               0.415     1.392    28.317    (8.128)
                                    ========  ========  ========  ========

Cash flow from investing
 activities:
   Proceeds from sales of assets
    (net)                              0.381     1.132     8.901     1.221
                                    --------  --------  --------  --------
   Payments for purchases of assets  (30.419)   (8.951)  (96.755)  (12.207)
                                    --------  --------  --------  --------
   Acquisition of shares of
    subsidiaries                     (19.070)  (34.059)  (19.070)  (34.059)
                                    --------  --------  --------  --------
   Sale of share of subsidiaries               183.712             191.804
                                    --------  --------  --------  --------
   Dividends paid to minority
    partners                          (1.680)             (1.680)
                                    --------  --------  --------  --------

   Net cash (used in) provided by
    investment activities            (50.788)  141.834  (108.604)  146.759
                                    ========  ========  ========  ========

Cash flow provided by financing
 activities:
   Short-term borrowings (net)        (0.150)   (0.150)   (0.150)   (0.300)
                                    --------  --------  --------  --------
   Principal payments under capital
    lease obligations                                               (0.025)
                                    --------  --------  --------  --------
   (Repurchase) sale of accounts
    receivable (net)                           (69.974)            (74.972)
                                    --------  --------  --------  --------
   Repayment of long-term debt        (6.486)  (68.383) (340.432)  (68.858)
                                    --------  --------  --------  --------
   Proceeds from issuance of
    long-term debt                    21.800     1.589    91.463     3.325
                                    --------  --------  --------  --------

   Net cash provided (used in) by
    financing activities              15.164  (136.918) (249.119) (140.830)
                                    ========  ========  ========  ========

   Net (decrease) increase in cash   (35.209)    6.308  (329.406)   (2.199)
                                    --------  --------  --------  --------
   Cash at beginning of period       106.612    44.641   400.809    53.148
                                    --------  --------  --------  --------
   Cash at end of period              71.403    50.949    71.403    50.949
                                    ========  ========  ========  ========
* Prepared in accordance with International Financial Reporting Standards
(IFRS).

Note: In accordance with International Financial Reporting Standards (IFRS)
number 5 "Non-current assets held for sale and discontinued operations" and
International Accounting Standards (IAS) number 21 (reviewed) "The effects
of changes in foreign exchange rates"; Grupo TMM, S. A. shows the effect of
the applications of its Financial Statements.

Contact Information

  • TMM COMPANY CONTACT:
    Juan Fernandez
    Chief Financial Officer
    011-52-55-5629-8778
    (Email Contact)

    Brad Skinner
    Senior VP, Investor Relations
    011-52-55-5629-8725
    203-247-2420
    (Email Contact)

    Monica Azar
    Manager, Investor Relations
    212-659-4975
    (Email Contact)

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

    AT PROA STRUCTURA:
    Marco Provencio
    011-52-55-5629-8708
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