Grupo TMM Reports Third-Quarter 2012 Financial Results

MEXICO CITY--(Marketwire - Oct 25, 2012) - Grupo TMM, S.A.B. (OTC: GTMAY) (BMV: TMM A) ("TMM" or the "Company"), a Mexican intermodal transportation and logistics Company, reported today its financial results for the third quarter of 2012.

MANAGEMENT OVERVIEW
José F. Serrano, chairman and chief executive officer of Grupo TMM, said, "In the 2012 third quarter we secured three new vessel contracts, which are worth a total of $30 million in revenue. These new contracts demonstrate the resilient nature of the Company's Maritime division, despite the global downturn in this industry. To date, the Maritime division's backlog is $175.6 million."

"While 2012 third-quarter consolidated revenue decreased compared to the 2011 period, primarily as a result of lower tariffs and lower utilization at the product tanker segment and reduced operations at Acapulco, our Maritime division continues to generate important EBITDA margins."

Serrano concluded, "We believe the future holds profitable opportunities for Grupo TMM. Although it has taken longer than anticipated, we expect to reach an agreement for the financing of the development of a container terminal at Tuxpan before year end. Additionally, we are working on a potential joint venture with an international shipyard, which would provide the necessary capabilities to build vessels at our own shipyard. These additional capabilities would position TMM in a new niche market of building vessels, for the Company or for third parties. Both of these projects will significantly grow our revenue and profit base in the longer term."

THIRD-QUARTER AND FIRST-NINE MONTHS 2012 OPERATING AND FINANCIAL RESULTS
Compared to the same periods of last year, consolidated revenue in the 2012 third quarter and first nine months decreased 3.0 percent and 6.8 percent, respectively.

Third-quarter 2012 consolidated operating profit was $11.1 million, increasing 85.0 percent compared to $6.0 million recorded in the third quarter of 2011. First nine-month 2012 consolidated operating profit was $17.1 million, declining 22.6 percent from $22.1 million in the same period of 2011.

Consolidated EBITDA in the 2012 current quarter was $23.7 million, improving 26.1 percent compared to $18.8 million in the same period of last year. In the 2012 first nine months, consolidated EBITDA was $55.2 million, falling 10.2 percent compared to $61.5 million in the same period of 2011.

Interest expense in the 2012 third quarter and first nine months was $15.7 million and $46.9 million, respectively. EBITDA minus interest expense resulted in free cash flow of $8.0 million in the 2012 third quarter.

Maritime revenue increased 0.4 percent in the 2012 third quarter compared to the same period last year, due to improvements at all segments except for product tankers, which was impacted by one unemployed vessel for half of the 2012 third quarter, by lower average daily tariffs compared to the third quarter of last year, and by two less vessels in operation, which had been leased in the 2011 third quarter.

Maritime revenue decreased 1.4 percent in the 2012 first nine months compared to the same period of last year, mainly driven by revenue losses at product and chemical tankers. Product tankers revenue decreased due to having certain vessels without contract or in maintenance, and to lower average daily tariffs; chemical tanker revenue declined as this business segment operated two tankers in the 2012 January to August period versus three tankers in the first half of 2011. These losses were partially offset by revenue improvements at offshore and harbor tugs and by $3.2 million of revenue from the Company's shipyard.

Maritime operating profit increased 2.8 percent in the 2012 third quarter compared to the same period of last year as a result of profit improvements at offshore and lower costs at harbor tugs compared to the 2011 third quarter, during which an additional vessel was leased to substitute two of the fleet's tugboats while in dry dock. The operating profit increase in the 2012 third quarter was partially offset by an operating loss at product tankers and by higher costs at chemical tankers due to the addition of a leased vessel in September, to substitute one of the fleet's tankers while in dry dock.

Maritime operating profit decreased 7.3 percent in the 2012 nine months compared to the same period of last year, mainly due to a $3.9 million operating loss at product tankers as a result of having certain vessels without contract in the 2012 nine-month period. This loss was partially offset by a 3.4 percent operating profit improvement at offshore due to higher revenue and to a large profit improvement at chemical tankers, from $0.3 million to $1.3 million, due to service efficiencies, which lowered this business segment's costs. Additionally, the Company's shipyard contributed $1.1 million of operating profit in the 2012 first nine months.

Maritime's EBITDA for the 2012 third quarter was $21.1 million, unchanged from the 2011 third quarter. In the 2012 first nine months, Maritime's EBITDA fell 4.9 percent, or $3.0 million, to $58.1 million compared to $61.1 million in the 2011 first nine months.

Ports and Terminals revenue grew 1.5 percent in the 2012 third quarter but declined 8.7 percent in the 2012 first nine months compared to the respective periods in 2011. Both reported periods were negatively impacted by revenue losses at Acapulco, due to a sustained reduction of ship calls at this Port, and to lower volumes at shipping agencies. These losses were partially offset by improved revenue at the automotive segment due to higher volumes and rates compared to both reported 2011 periods.

Ports and Terminals operating profit increased 10.0 percent in the 2012 third quarter compared to the 2011 third quarter, led by improvements at automotive and maintenance and repair. In the 2012 first nine months, Ports and Terminals operating profit declined 37.2 percent compared to the same period of last year, driven by profit reductions of approximately $2.7 million from decreased operations at Acapulco and by lower profit at shipping agencies over the 2011 comparable period. These decreases were partially offset by profit improvements at the automotive segment and to cost efficiencies at maintenance and repair in both 2012 reported periods compared to the respective 2011 periods.

Logistics revenue decreased 13.7 percent and 18.4 percent in the 2012 third quarter and first nine months, respectively, compared to the same periods of last year. Operating losses in the 2012 reported periods were partially offset by profit improvements at trucking due to cost efficiencies. Additionally, the division's warehouse business continues to make important progress.

DEBT
As of September 30, 2012, TMM's total net debt was $760.0 million. The book value of the Company's Trust Certificates debt increased $62.9 million from December 31, 2011, as a result of a 7.7 percent appreciation of the peso against the dollar in the first nine months of 2012. Of TMM's total debt, only $17.1 million, or 2.1 percent, is short term.

Total Debt*
Million of U.S. Dollars
		As of 12/31/11			As of 9/30/12
Mexican Trust Certificates (1)		$	684.3		$	754.2
Other Corporate Debt			68.2			78.5
Total Debt		$	752.5		$	832.7
Cash			77.1			72.7
Net Debt		$	675.4		$	760.0

*Book Value

(1) 20-year term, non recourse to the Company and rated "AA" by HR Ratings de México

Exchange Rate: 13.95 pesos/dollar at December 31, 2011 and 12.87 pesos/dollar at September 30, 2012

Included in this press release are certain forward-looking statements within the meaning of Section27A 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 10-K and 20-F on file with the United States Securities and Exchange Commission.

Grupo TMM, S.A.B. and subsidiaries
Balance Sheet*
- millions of dollars -
			September 30,			December 31,
			2012			2011
Current assets:
Cash and cash equivalents			72.682			77.123
Accounts receivable
	Accounts receivable - Net		46.947			38.963
	Other accounts receivable		16.823			17.556
	Prepaid expenses and others current assets		11.367			11.568
Total current assets			147.819			145.210
Property, machinery and equipment			943.573			914.809
Cumulative Depreciation			(230.476	)		(203.985	)
Property, machinery and equipment - Net			713.097			710.824
Other assets			35.844			28.447
Deferred taxes			67.603			67.583
Total assets			964.363			952.064
Current liabilities:
	Bank loans and current maturities of long-term liabilities		17.097			17.190
	Suppliers		23.272			21.475
	Other accounts payable and accrued expenses		79.316			53.848
Total current liabilities			119.685			92.513
Long-term liabilities:
	Bank loans		65.251			59.378
	Trust certificates debt		750.354			675.933
	Other long-term liabilities		17.339			15.828
Total long-term liabilities			832.944			751.139
Total liabilities			952.629			843.652
Stockholders´ equity
	Common stock		155.577			155.577
	Retained earnings		(181.145	)		(75.096	)
	Revaluation surplus		63.907			63.907
	Initial accumulated translation loss		(17.757	)		(17.757	)
	Cumulative translation adjusted		(12.905	)		(22.111	)
			7.677			104.520
	Minority interest		4.057			3.892
Total stockholders´ equity			11.734			108.412
Total liabilities and stockholders´ equity			964.363			952.064

*Prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board

Grupo TMM, S.A.B. and subsidiaries
Statement of Income*
- millions of dollars -
			Three months ended						Nine months ended
			September 30,						September 30,
			2012			2011			2012			2011
	Ports and Terminals		6.883			6.791			18.931			20.740
	Maritime		44.693			44.551			125.977			127.776
	Logistics		15.109			17.497			45.594			55.886
Revenue from freight and services			66.685			68.839			190.502			204.402
	Ports and Terminals		(5.336	)		(5.536	)		(15.177	)		(15.543	)
	Maritime		(23.568	)		(23.562	)		(67.830	)		(66.640	)
	Logistics		(15.286	)		(18.054	)		(47.739	)		(56.450	)
Cost of freight and services			(44.190	)		(47.152	)		(130.746	)		(138.633	)
	Ports and Terminals		(0.443	)		(0.296	)		(1.001	)		(0.912	)
	Maritime		(10.241	)		(10.420	)		(30.087	)		(30.863	)
	Logistics		(1.726	)		(1.733	)		(6.281	)		(6.990	)
	Corporate and others		(0.237	)		(0.261	)		(0.690	)		(0.657	)
Depreciation and amortization			(12.647	)		(12.710	)		(38.059	)		(39.422	)
	Corporate expenses		(4.254	)		(4.398	)		(11.753	)		(12.875	)
	Ports and Terminals		1.104			0.959			2.753			4.285
	Maritime		10.884			10.569			28.060			30.273
	Logistics		(1.903	)		(2.290	)		(8.426	)		(7.554	)
	Corporate and others		(0.237	)		(0.261	)		(0.690	)		(0.657	)
	Other (expenses) income - Net		5.509			1.473			7.196			8.643
Operating Income			11.103			6.052			17.140			22.115
Financial (expenses) income - Net			(17.253	)		(20.284	)		(52.385	)		(63.480	)
Exchange gain (loss) - Net			(32.747	)		109.014			(62.666	)		67.340
Net financial cost			(50.000	)		88.730			(115.051	)		3.860
Gain (loss) before taxes			(38.897	)		94.782			(97.911	)		25.975
Provision for taxes			(0.257	)		(3.153	)		(0.646	)		(5.974	)
Net gain (loss) for the period			(39.154	)		91.629			(98.557	)		20.001
Attributable to:
	Minority interest		0.204			0.036			0.168			0.863
Equity holders of GTMM, S.A.B.			(39.358	)		91.593			(98.725	)		19.138
Weighted average outstanding shares (millions)			102.183			102.183			102.183			102.169
Income (loss) earnings per share (dollars / share)			(0.39	)		0.90			(0.97	)		0.19
Outstanding shares at end of period (millions)			102.183			102.183			102.183			102.183
Income (loss) earnings per share (dollars / share)			(0.39	)		0.90			(0.97	)		0.19

*Prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board

Grupo TMM, S.A.B. and subsidiaries
Statement of Cash Flows*
- millions of dollars -
			Three months ended						Nine months ended
			September 30,						September 30,
			2012			2011			2012			2011
Cash flow from operation activities:
Net gain (loss) for the period			(39.154	)		91.629			(98.557	)		20.001
Charges (credits) to income not affecting resources:
	Depreciation & amortization		14.186			14.591			42.600			46.634
	Other non-cash items		42.372			(86.612	)		105.445			(9.562	)
Total non-cash items			56.558			(72.021	)		148.045			37.072
	Changes in assets & liabilities		(1.586	)		(4.857	)		(3.846	)		(25.258	)
Total adjustments			54.972			(76.878	)		144.199			11.814
Net cash provided by operating activities			15.818			14.751			45.642			31.815
Cash flow from investing activities:
	Proceeds from sales of assets		1.081			0.477			2.594			3.285
	Payments for purchases of assets		(12.574	)		(3.135	)		(14.196	)		(8.660	)
	Acquisition of share of subsidiaries								(4.175	)
	Paid to minority partners					(3.084	)					(3.084	)
Net cash used in investment activities			(11.493	)		(5.742	)		(15.777	)		(8.459	)
Cash flow provided by financing activities:
	Short-term borrowings (net)		(0.088	)					0.268
	Sale (repurchase) of accounts receivable (net)					(0.343	)					(11.902	)
	Repayment of long-term debt		(16.533	)		(41.667	)		(56.216	)		(104.227	)
	Proceeds from issuance of long-term debt		12.604			6.568			15.443			11.168
Net cash used in financing activities			(4.017	)		(35.442	)		(40.505	)		(104.961	)
Exchange losses on cash			2.317			(7.668	)		6.199			(3.679	)
	Net (decrease) increase in cash		2.625			(34.101	)		(4.441	)		(85.284	)
	Cash at beginning of period		70.057			91.136			77.123			142.319
	Cash at end of period		72.682			57.035			72.682			57.035

*Prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board