Grupo TMM Informs
September 09 2011 - 4:01PM
Marketwired
Grupo TMM, S.A.B. (NYSE: TMM) (BMV: TMM A)
("TMM" or the "Company"), a Mexican intermodal
transportation and logistics company, informed that the Company has
been in discussions with the New York Stock exchange ("NYSE")
concerning the reduction of its total stockholders' equity from
$104.87 at December 31, 2010, to $51.44 million at June 30, 2011.
The main reason for this reduction was a 4.9 percent appreciation
of the peso versus the dollar in the first half of the year, from
12.3817 pesos per dollar at December 31, 2010, to 11.7748 pesos per
dollar at June 30, 2011.
The Company discussed with the NYSE regulations staff that
approximately 90 percent of Grupo TMM's total debt has a 20-year
term, is peso denominated and non recourse to the Company, and any
appreciation of the peso versus the dollar negatively impacts its
financial expenses as the Company reports its financial results in
U.S. dollars. Additionally, an appreciation of the peso results in
an exchange loss for the period, which has a negative effect on the
Company's net income (loss) for the period, which in turn reduces
the value of its stockholders' equity.
As of June 30, 2011, Grupo TMM's stockholders' equity before
minority interest was $41.7 million and total stockholders' equity
was $51.4 million. At August 31, 2011, the exchange rate was 12.48
pesos per dollar, which results in an estimated increase of the
Company's stockholders' equity before minority interest of
approximately $30 million at such date, therefore in compliance
with the NYSE listing standards. Going forward, the Company
anticipates the value of its stockholders' equity before minority
interest to exceed $50 million, as the peso has continued to
depreciate versus the dollar.
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; the ability of the Company to reduce corporate
overhead costs and the ability of management to manage growth and
successfully compete in new businesses 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.
TMM COMPANY CONTACT: Jacinto Marina Deputy CEO
011-525-55-629-8718 Email Contact Monica Azar Investor Relations
011-525-55-629-8703 Email Contact AT DRESNER CORPORATE
SERVICES: Kristine Walczak (investors, analysts, media)
312-726-3600 Email Contact
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