Grupo TMM reported fourth-quarter and full-year 2014 results. Compared to the same periods last year, consolidated revenues in the 2014 fourth quarter and full year increased 8.1 percent and 1.1 percent.
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This is mainly attributable to higher revenues at the Maritime segment in both periods.
Fourth-quarter 2014 consolidated operating profit was $178.8 million, excluding the impact of the change in accounting policy for valuation of vessels, compared to $124.1 million in the same period last year, mainly due to the supplemental proceeds from the sale of an asset, partially offset by higher costs in the Maritime segment compared to last year.
In the 2014 full year, consolidated operating profit was $686.8 million, excluding the impact of the change in accounting policy for valuation of vessels, compared to $417.3 million in the same period of 2013, mainly due to the sale of an asset, partially offset by costs associated with new liner cabotage service in the 2014 period.
In the 2014 fourth quarter, other income net was $80.4 million, which included $96.6 million in proceeds from the sale of an asset, partially offset by the contribution of an asset to a new business for $16.0 million, compared to 2013 fourth-quarter other income net of $31.6 million.
In the 2014 full year, other income net was $357.2 million, which included $359.0 million in proceeds from the sale of an asset, partially offset by the contribution of an asset to a new business for $16.0 million, compared with other income net of $64.0 million in the 2013 period.
Fourth-quarter 2014 consolidated EBITDA was $325.7 million compared to $269.4 million for the same period last year. In the 2014 full year, consolidated EBITDA was $1,287 million compared to $1,002.9 million for the same period of 2013.
Year over year, Maritime revenues grew $52.2 million in the 2014 fourth quarter compared to the same period last year, due mainly to higher revenues in the offshore segment of $52.8 million, in harbor tug of $2.1 million, in shipyard of $3.6 million as the result the optimiza
tion of contracts, and in new liner cabotage service of $11.9 million.
However, chemical tanker and product tankers revenue declined in the 2014 fourth quarter compared to last year, attributable to lower transported volume and lower utilization, respectively.
Year over year, Maritime revenues grew $71.3 million in 2014 compared to 2013 due mainly to improved rates in offshore and product tankers of 1.5 percent and 5.4 percent respectively.
Additionally, harbor tug revenue improved 7.1 percent due to increased LNG service calls, shipyard revenue grew 61.6 percent due to new contracts with higher average income and maximum utilization, and new liner cabotage service added revenues of $38.3 million. These gains were partially offset by a 22.2 percent decline in chemical tanker revenues due to lower transported volume.
Comparing the 2014 fourth quarter with the same period of 2013, Maritime operating profit decreased 8.8 percent from $117.1 million to $106.8 million, excluding the impact of the change in accounting policy for valuation of vessels, mainly attributable to the start-up costs associated with the new liner cabotage service.
For the full year of 2014, Maritime operating profit declined 7.6 percent to $478.6 million from $517.8 million in 2013, excluding the impact of the change in accounting policy valuation of vessels, again due mainly to start-up costs associated with the new liner cabotage service.
Additionally, 2014 Maritime operating profit was negatively impacted by lower utilization and the conversion of one offshore vessel and the additional lease of one tug at harbor tugs.
Fourth-quarter 2014 Maritime EBITDA decreased 3.7 percent to $247.4 million compared to $256.8 million in the same period of 2013. Fourth-quarter EBITDA margin was 35.7 percent in the 2014 period compared to 40.1 percent in the 2013 period.
In the full-year periods, 2014 Maritime EBITDA decreased 2.2 percent to $1,056.1 million compared to $1,080.1 million last year. Full-year EBITDA margin was 41.8 percent in 2014 and 44.0 percent in 2013.
Ports and Terminals revenues increased 0.3 percent in the 2014 fourth quarter compared to the same period of 2013, primarily attributable to an increase in cruise ship calls, the addition of a shipping line to the Mexican Pacific and increased car volume at Acapulco, partially offset by lower revenues in the Automotive segment, as well as at the Tuxpan and Tampico operations.
Comparing the 2014 full year to the same period of 2013, Ports and Terminals revenues decreased 16.8 percent due mainly to a decline in Automotive segment operations and lower exports to South America and Asia, partially offset by an increase in cruise ship calls.
Ports and Terminals operating profit decreased $5.0 million in the 2014 fourth quarter compared to the same period of 2013 mainly attributable to reduced revenues in Tuxpan and Tampico due to lower volumes, as well as increased costs at maintenance and repair operations.
During the 2014 full year, Ports and Terminals operating profit decreased $31.5 million compared to the 2013 full year due to higher maintenance, rent and repair costs, as well as lower volumes in port operations, partially offset by increased revenues at Agencies due to more cruise calls.
Ports and Terminals EBITDA for the 2014 fourth quarter decreased to $9.3 million compared to $15.7 million in same period of 2013. During the full year of 2014, Ports and Terminals EBITDA was $46.6 million compared to $55.5 million in the full year of 2013. EBITDA margin for the full years of 2014 and 2013 was 16.8 percent. ■