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Name | Symbol | Market | Type |
---|---|---|---|
Grupo TMM SA (QB) | USOTC:GTMAY | OTCMarkets | Depository Receipt |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 1.50 | 0.90 | 2.06 | 11 | 21:00:08 |
☐ |
REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934
|
☑ |
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
☐ |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
☐ |
SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
Title of each class
|
Trading Symbol(s)
|
Name of each exchange on which registered
|
None
|
N/A
|
N/A
|
Title of each class
|
American Depositary Shares (“ADSs”), each representing
|
five Ordinary Participation Certificates
|
(Certificados de Participación Ordinaria)
|
(“CPOs”)
|
CPOs, each representing one nominative common share,
|
without par value (“Share”)
|
Shares
|
Large accelerated filer ☐ | Accelerated filer ☐ | Non-accelerated filer ☑ |
Emerging growth company ☐
|
PAGE | ||
ITEM 18.
|
2 | |
ITEM 19.
|
4 |
• |
our ability to generate sufficient cash from operations to meet our obligations, including the ability of our subsidiaries to generate sufficient distributable cash flow and to distribute such cash flow in accordance with our
existing agreements with our lenders and strategic partners and applicable law;
|
• |
Mexican, U.S. and global economic, political and social conditions;
|
• |
uncertainties related to the ongoing conflict between Russia and Ukraine, including the extent and duration of shortages in the supply of key raw materials, commodities and products;
|
• |
conditions affecting the international shipping and transportation markets or the oil and gas industry;
|
• |
uncertainties concerning the continuing COVID-19 pandemic and related governmental responses;
|
• |
conditions resulting from future pandemics, epidemics or other outbreaks of infectious diseases and governmental responses thereto;
|
• |
our ability to reduce corporate overhead costs;
|
• |
the availability of capital to fund our expansion plans;
|
• |
our ability to utilize a portion of our current and future tax loss carryforwards (“Net Operating Losses” or “NOLs”);
|
• |
changes in fuel prices;
|
• |
changes in legal or regulatory requirements in Mexico or the United States;
|
• |
market and interest rate fluctuations;
|
• |
competition in geographic and business areas in which we conduct our operations;
|
• |
the adverse resolution of litigation and other contingencies;
|
• |
the ability of management to manage growth and successfully compete in new businesses;
|
• |
the ability of the Company to diversify its customer base; and
|
• |
the ability of the Company to repay, restructure or refinance its indebtedness.
|
ITEM 18. |
FINANCIAL
STATEMENTS
|
Contents
|
Page
|
Report of Independent Registered Public Accounting Firm (PCAOB Number )
|
F-1 |
Consolidated Statements of Financial Position
|
F-3 |
Consolidated Statements of Profit or Loss
|
F-4
|
Consolidated Statements of Comprehensive (Loss) Income
|
F-5 |
Consolidated Statements of Changes in Stockholders’ Equity
|
F-6 |
Consolidated Statements of Cash Flows
|
F-7 |
Notes to the Consolidated Financial Statements
|
F-8 |
ITEM 19. |
EXHIBITS
|
GRUPO TMM, S.A.B.
|
||
By:
|
/s/ Luis Rodolfo Capitanachi Dagdug
|
|
Luis Rodolfo Capitanachi Dagdug
|
||
Chief Financial Officer
|
||
Date: May 17, 2023
|
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1 - 2
|
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3 | |||
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3
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4
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14 |
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5
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29 |
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6
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29 |
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7
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30 |
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8
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31 |
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9
|
31 |
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10
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33 |
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11
|
36 |
||
12
|
37 |
||
13
|
37 |
||
14
|
39 |
||
15
|
42 |
||
16
|
44 |
||
17
|
44 |
||
18
|
46 |
19
|
47 |
||
20
|
47 |
||
21
|
47 |
||
22
|
49 |
||
23
|
52 |
||
24
|
56 |
||
25
|
56 |
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26
|
57 |
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27
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61 |
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28
|
62 |
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29
|
64 |
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30
|
64 |
Salles, Sainz – Grant Thornton, S.C.
Periférico Sur 4348
Col. Jardines del Pedregal
04500, Mexico City
www.grantthornton.mx
|
2022
|
2021
|
|||||||
Assets
|
||||||||
Current
|
||||||||
Cash and cash equivalents (Note 6)
|
$
|
94,733
|
$
|
39,567
|
||||
Restricted cash (Note 6)
|
2,059
|
48,203
|
||||||
Trade receivables, net (Note 7)
|
471,514
|
401,087
|
||||||
Other accounts receivable (Note 8)
|
337,095
|
272,021
|
||||||
Related parties (Note 15)
|
39,468
|
65,057
|
||||||
Materials and supplies
|
51,261
|
62,534
|
||||||
Prepayments
|
3,142
|
6,649
|
||||||
Assets classified as held for sale (Note 9) |
272,500 | 455,157 | ||||||
Total current assets
|
1,271,772
|
1,350,275
|
||||||
Non-current
|
||||||||
Other accounts receivable (Note 8)
|
273,314
|
280,000
|
||||||
Property, vessels and equipment, net (Note 9)
|
1,490,771
|
1,540,938
|
||||||
Right-of-use assets (Note 10)
|
268,938
|
337,232
|
||||||
Intangible assets (Note 12)
|
157,453
|
160,111
|
||||||
Concession rights, net (Note 11)
|
-
|
-
|
||||||
Other non-current assets
|
39,136
|
43,714
|
||||||
Total non-current assets
|
2,229,612
|
2,361,995
|
||||||
Total assets
|
$
|
3,501,384
|
$
|
3,712,270
|
||||
Liabilities
|
||||||||
Short-term
|
||||||||
Short-term portion of the financial debt (Note 14)
|
$
|
35,030
|
$
|
57,106
|
||||
Short-term leases liabilities (Note 10)
|
68,929
|
121,378
|
||||||
Trade payables
|
437,382
|
437,005
|
||||||
Accounts payable and accrued expenses (Note 16)
|
503,874
|
470,068
|
||||||
Related parties (Note 15)
|
165,280
|
144,966
|
||||||
Total short-term liabilities
|
1,210,495
|
1,230,523
|
||||||
Long-term
|
||||||||
Long-term portion of the financial debt (Note 14)
|
32,475
|
65,601
|
||||||
Long-term lease liabilities (Note 10)
|
218,146
|
288,497
|
||||||
Accounts payable
|
-
|
-
|
||||||
Employee benefits (Note 23)
|
84,652
|
102,375
|
||||||
Deferred income tax (Note 21)
|
154,592
|
206,176
|
||||||
Total long-term liabilities
|
489,865
|
662,649
|
||||||
Total liabilities
|
1,700,360
|
1,893,172
|
||||||
Stockholders’ equity (Note 17):
|
||||||||
Share capital (103,760,541 shares authorized
and issued)
|
2,216,733
|
2,216,733
|
||||||
Treasury shares (1,577,700 shares)
|
(46,805
|
)
|
(46,805
|
)
|
||||
Accumulated losses
|
(1,131,283
|
)
|
(1,165,223
|
)
|
||||
Other components of equity
|
729,092
|
778,468
|
||||||
Controlling interest
|
1,767,737
|
1,783,173
|
||||||
Non-controlling interest
|
33,287
|
35,925
|
||||||
Total stockholders’ equity
|
1,801,024
|
1,819,098
|
||||||
Total liabilities and stockholders’ equity
|
$
|
3,501,384
|
$
|
3,712,270
|
2022 |
2021 |
2020
|
||||||||||
Revenue from transportation (Note 18)
|
$
|
1,683,056
|
$
|
1,351,713
|
$
|
1,203,281
|
||||||
Costs and expenses:
|
||||||||||||
Salaries, wages and employee benefits (Note 23)
|
285,316
|
253,135
|
341,399
|
|||||||||
Leases (Note 10)
|
700,449
|
565,371
|
312,463
|
|||||||||
Contracted services
|
345,215
|
292,423
|
293,543
|
|||||||||
Fuel, materials and supplies
|
194,029
|
147,461
|
170,753
|
|||||||||
Depreciation, amortization and loss from revaluation
|
99,519
|
117,202
|
141,051
|
|||||||||
Other costs and expenses
|
15,639
|
16,842
|
15,635
|
|||||||||
1,640,167
|
1,392,434
|
1,274,844
|
||||||||||
Transportation profit (loss)
|
42,889
|
(40,721
|
)
|
(71,563
|
)
|
|||||||
Other expenses (Note 19)
|
(10,378
|
)
|
(169,343
|
)
|
(257,225
|
)
|
||||||
Operating profit (loss)
|
32,511
|
(210,064
|
)
|
(328,788
|
)
|
|||||||
Comprehensive financing cost:
|
||||||||||||
Interest income
|
533
|
266
|
7,097
|
|||||||||
Interest expense and other financial costs (Note 20)
|
(61,563
|
)
|
(62,576
|
)
|
(75,654
|
)
|
||||||
Exchange (loss) gain, net
|
(169
|
)
|
3,177
|
(25,145
|
)
|
|||||||
(61,199
|
)
|
(59,133
|
)
|
(93,702
|
)
|
|||||||
Loss before taxes
|
(28,688
|
)
|
(269,197
|
)
|
(422,490
|
)
|
||||||
Income tax benefit (Note 21)
|
29,591
|
21,143
|
19,334
|
|||||||||
Net profit (loss) for the year
|
$
|
903
|
$
|
(248,054
|
)
|
$
|
(403,156
|
)
|
||||
Attributable to:
|
||||||||||||
Non-controlling interest
|
(2,638
|
)
|
(5,482
|
)
|
(5,025
|
)
|
||||||
Controlling interest
|
3,541
|
(242,572
|
)
|
(398,131
|
)
|
|||||||
$
|
903
|
$
|
(248,054
|
)
|
$
|
(403,156
|
)
|
|||||
Earning per share for the year (Note 24)
|
||||||||||||
Profit (loss) per share for the year
|
$
|
0.035
|
$
|
(2.374
|
)
|
$
|
(3.896
|
)
|
||||
Weighted average number of shares for the year
|
102,182,841
|
102,182,841
|
102,182,841
|
2022 |
2021
|
2020
|
||||||||||
Net profit (loss) for the year
|
$
|
903
|
$
|
(248,054
|
)
|
$
|
(403,156
|
)
|
||||
Other comprehensive income:
|
||||||||||||
Items that will not be subsequently reclassified to profit or loss
|
||||||||||||
Actuarial gains, net (Note 23)
|
31,121
|
33,691
|
10,953
|
|||||||||
Revaluation surplus (Note 25)
|
(58,231
|
)
|
(291,200
|
)
|
314,436
|
|||||||
Income tax on other comprehensive income
|
8,133
|
77,253
|
(97,617
|
)
|
||||||||
Total of other comprehensive loss for the year
|
(18,977
|
)
|
(180,256
|
)
|
227,772
|
|||||||
Comprehensive loss for the year
|
$
|
(18,074
|
)
|
$
|
(428,310
|
)
|
$
|
(175,384
|
)
|
|||
Attributable to:
|
||||||||||||
Non-controlling interest
|
(2,638
|
)
|
(5,482
|
)
|
(5,025
|
)
|
||||||
Controlling interest
|
(15,436
|
)
|
(422,828
|
)
|
(170,359
|
)
|
||||||
$
|
(18,074
|
)
|
$
|
(428,310
|
)
|
$
|
(175,384
|
)
|
Number of
|
Other | Non | Total | |||||||||||||||||||||||||||||
outstanding | Share | Treasury | Accumulated | components | controlling | stockholders’ | ||||||||||||||||||||||||||
common shares
|
capital
|
shares
|
losses
|
of equity
|
Subtotal
|
interest
|
equity
|
|||||||||||||||||||||||||
Balances as at December 31, 2019
|
102,182,841
|
$
|
2,216,733
|
$
|
(46,805
|
)
|
$
|
(565,526
|
)
|
$
|
771,958
|
$
|
2,376,360
|
$
|
46,432
|
$
|
2,422,792
|
|||||||||||||||
Net loss for the year
|
-
|
-
|
-
|
(398,131
|
)
|
-
|
(398,131
|
)
|
(5,025
|
)
|
(403,156
|
)
|
||||||||||||||||||||
Other comprehensive income
|
-
|
-
|
-
|
55
|
227,717
|
227,772
|
-
|
227,772
|
||||||||||||||||||||||||
Comprehensive income for the year
|
(170,359
|
)
|
(5,025
|
)
|
(175,384
|
)
|
||||||||||||||||||||||||||
Balances as at December 31, 2020
|
102,182,841
|
2,216,733
|
(46,805
|
)
|
(963,602
|
)
|
999,675
|
2,206,001
|
41,407
|
2,247,408
|
||||||||||||||||||||||
Net loss for the year
|
-
|
-
|
-
|
(242,572
|
)
|
-
|
(242,572
|
)
|
(5,482
|
)
|
(248,054
|
)
|
||||||||||||||||||||
Other comprehensive income
|
-
|
-
|
-
|
40,951
|
(221,207
|
)
|
(180,256
|
)
|
-
|
(180,256
|
)
|
|||||||||||||||||||||
Comprehensive loss for the year
|
(422,828
|
)
|
(5,482
|
)
|
(428,310
|
)
|
||||||||||||||||||||||||||
Balances as at December 31, 2021
|
102,182,841
|
2,216,733
|
(46,805
|
)
|
(1,165,223
|
)
|
778,468
|
1,783,173
|
35,925
|
1,819,098
|
||||||||||||||||||||||
Net income for the year
|
-
|
-
|
-
|
3,541
|
-
|
3,541
|
(2,638
|
)
|
903
|
|||||||||||||||||||||||
Other comprehensive loss
|
-
|
-
|
-
|
30,399
|
(49,376
|
)
|
(18,977
|
)
|
-
|
(18,977
|
)
|
|||||||||||||||||||||
Comprehensive loss for the year
|
(15,436
|
)
|
(2,638
|
)
|
(18,074
|
)
|
||||||||||||||||||||||||||
Balances as at December 31, 2022
|
102,182,841
|
$
|
2,216,733
|
$
|
(46,805
|
)
|
$
|
(1,131,283
|
)
|
$
|
729,092
|
$
|
1,767,737
|
$
|
33,287
|
$
|
1,801,024
|
2022
|
2021
|
2020 |
||||||||||
Cash flows from operating activities:
|
||||||||||||
Loss before taxes
|
$
|
(28,688
|
)
|
$
|
(269,197
|
)
|
$
|
(422,490
|
)
|
|||
Adjustments to reconcile the profit with cash used in
|
||||||||||||
operating activities: |
||||||||||||
Depreciation, amortization and loss from revaluation
|
99,519
|
117,202
|
141,051
|
|||||||||
Impairment loss for the period
|
7,277 | 199 | 20,140 | |||||||||
Loss (gain) from the disposal of property, vessels and equipment, net
|
57,804
|
132,956
|
(153
|
)
|
||||||||
Interest expense
|
55,891 | 59,164 | 72,093 | |||||||||
Interest income
|
(533
|
)
|
(266
|
)
|
(7,097
|
)
|
||||||
Exchange loss (gain), net
|
1,479
|
4,531
|
43,873
|
|||||||||
Gain from the sale of subsidiaries
|
-
|
-
|
(451
|
)
|
||||||||
Changes in assets and liabilities:
|
||||||||||||
Accounts receivable
|
(45,804
|
)
|
(256,724
|
)
|
(80,333
|
)
|
||||||
Other accounts receivable and related parties
|
(19,171
|
)
|
60,081
|
162,437
|
||||||||
Materials and supplies
|
11,273
|
(8,681
|
)
|
7,111
|
||||||||
Prepayments
|
3,507
|
25,816
|
(9,769
|
)
|
||||||||
Other accounts payable and accrued expenses
|
34,183
|
129,454
|
(145,729
|
)
|
||||||||
Other non-current assets
|
7,698
|
(21,550
|
)
|
4,702
|
||||||||
Employee benefits
|
(17,723
|
)
|
(51,108
|
)
|
2,002
|
|||||||
Total adjustments
|
195,400
|
191,074
|
209,877
|
|||||||||
Cash used in operating activities
|
166,712
|
(78,123
|
)
|
(212,613
|
)
|
|||||||
Cash from investment activities
|
||||||||||||
Proceeds from sale of property, vessels and equipment
|
8,853
|
96,736
|
614
|
|||||||||
Acquisition of property, vessels and equipment
|
(25,231
|
)
|
(75,468
|
)
|
(28,375
|
)
|
||||||
Sale of subsidiaries, net
|
-
|
-
|
33,985
|
|||||||||
Interest received
|
533
|
266
|
7,097
|
|||||||||
Cash from investment activities
|
(15,845
|
)
|
21,534
|
13,321
|
||||||||
Cash flow from financing activities
|
||||||||||||
Proceeds from debt
|
4,300
|
46,133
|
31,419
|
|||||||||
Proceeds from debt related parties
|
3,550 | 46,215 | - | |||||||||
Repayment of debt
|
(35,504
|
)
|
(29,781
|
)
|
(123,703
|
)
|
||||||
Repayment of leases
|
(97,807
|
)
|
(52,250
|
)
|
(90,432
|
)
|
||||||
Interest paid
|
(8,571
|
)
|
(9,487
|
)
|
(22,712
|
)
|
||||||
Cash from (used in) financing activities
|
(134,032
|
)
|
830
|
(205,428
|
)
|
|||||||
Restricted cash release
|
46,144 | - | - | |||||||||
Exchange effect on cash
|
(7,813
|
)
|
(9,984
|
)
|
33,316
|
|||||||
(Decrease) increase in cash and cash equivalents
|
55,166
|
(65,743
|
)
|
(371,404
|
)
|
|||||||
Cash and cash equivalents, beginning of year
|
39,567
|
105,310
|
476,714
|
|||||||||
Cash and cash equivalents, end of year
|
$
|
94,733
|
$
|
39,567
|
$
|
105,310
|
||||||
Supplementary information:
|
||||||||||||
Income tax paid
|
$
|
3,173
|
$
|
3,104
|
$
|
10,873
|
1 |
Nature of operations
|
• |
Maritime: includes specialized offshore shipping services, clean oil, and chemical products shipping, bulk carrier, shipping agency services and other activities related to the maritime transportation
business.
|
• |
Maritime infrastructure: correspond to revenues for minor and major repairs and maintenance to ships made at the facilities of the Company (shipyard).
|
• |
Logistics, ports and terminals: includes the operations of logistics solutions services and container and railcar maintenance and repair services, inland and seaport terminal services.
|
• |
Warehousing: includes bonded warehouse operations and management.
|
• |
In 2020, the Company decided to change its corporate offices, which will generate significant savings in corporate costs. The Company continues to comply with the health and safety protocols
established by the Mexican government, and it has taken measures and implemented policies to safeguard the threats posed by the COVID-19
pandemic, its businesses, employees, and locations in which it operates.
|
• |
The Company has adopted the hybrid working model by maintaining limited access to facilities and implementing new controls for
emergency procedures and mitigating potential cybersecurity risks.
|
• |
The Company continues a strategic plan to offset part of the
instability in the oil industry and the COVID-19 pandemic, which includes the following actions: (i) reduction of costs and general and
administrative expenses; (ii) maintenance of the early collection program (the “supply chain program”) through Nacional Financiera, SNC, by reducing liquidity risk and the effect of delays in the payments that can result from
recent changes in the payment policies of PEMEX; and (iii) customer diversification; and (iv) negotiation of deferment and extension of the due date of certain financial commitments.
|
• |
The Company is implementing actions to help guarantee that
financial and audit reporting processes continue to be sound, and as timely as possible in the middle of the global crisis of the COVID-19 pandemic. These actions include, among other things; (i) the implementation of new controls for emergency procedures; (ii) close monitoring of IT access controls to enable remote work to be performed; (iii)
controls for mitigating the possible increase in cyber risks arising from a higher level of remote work; (iv) where it is not possible to conduct face-to-face controls, identify, and implement alternative controls
appropriately designed to offset the lack of information. In addition, the Group is implementing an alternative audit plan to test the operating effectiveness of controls remotely, due to travel restrictions.
|
• |
Strengthen
businesses related to the Maritime Sector by adding more vessels specialized in our Offshore operations services, as well as increasing the customer base in chemical tankers and maritime agency.
|
• |
Increase
the installed capacity in our maritime infrastructure operations (shipyard in Tampico) to have a new floating dock beginning 2024.
|
• |
Maintaining
efficient, profitable operations at Ports and Terminals, Logistics, and Storage.
|
• |
Diversification
and expansion of services through strategic alliances or associations with which the markets in which we participate are also developed.
|
• |
Business development with assets strategically located in Tuxpan, Veracruz, and the investment opportunities existing in the oil and gas storage sector, as general freight for developing liquid and multiple use
terminals, such as lubricants, fertilizers, and grains, conditioned with modern equipment for handling and storing highest quality, fast and safe merchandise.
|
• |
Disciplined, ongoing control of expenses, as well as optimizing the size of personnel in accordance with the implementation of the plans described above that, overall, allow for the financial strengthening and
implementation of its short and medium-term projects.
|
% of ownership
|
||||||||
2022
|
2021
|
|||||||
Maritime
|
||||||||
Transportación Marítima Mexicana, S.A. de C.V.
|
100
|
%
|
100
|
%
|
||||
TMM Parcel Tankers, S.A. de C.V.
|
100
|
%
|
100
|
%
|
||||
Administradora Marítima TMM, S.A.P.I. de C.V.
|
100 | % | 100 | % | ||||
Maritime Infrastructure
|
||||||||
Inmobiliaria Dos Naciones, S. de R.L. de C.V.
|
100 | % | 100 | % | ||||
Warehousing
|
||||||||
Almacenadora de Depósito Moderno, S.A. de C.V. (Warehouse)
|
100
|
%
|
100
|
%
|
||||
TMM Almacenadora, S.A.P.I. de C.V.
|
100
|
%
|
100
|
%
|
||||
Ports, terminals and logistics
|
||||||||
TMM Logistics, S.A. de C.V.
|
100
|
%
|
100
|
%
|
||||
Autotransportación y Distribución Logística, S.A. de C.V.
|
100 | % | 100 | % | ||||
Prestadora de Servicios MTR, S.A. de C.V.
|
100
|
%
|
100
|
%
|
||||
Bimonte, S.A. de C.V.
|
100
|
%
|
100
|
%
|
||||
Caoba Energía, S. de R.L. de C.V.
|
100
|
%
|
100
|
%
|
||||
Services & Solutions Optimus, S. de R.L de C.V.
|
100
|
%
|
100
|
%
|
||||
Servicios Administrativos API Acapulco, S.A. de C.V.
|
51
|
%
|
51
|
%
|
||||
Administración Portuaria Integral de Acapulco, S.A. de C.V.
|
51
|
%
|
51
|
%
|
||||
Payroll outsourcing
|
||||||||
Mexschiff Operación de Personal, S.A.P.I. de C.V.
|
100
|
%
|
100
|
%
|
||||
Omexmar Operadora Mexicana Marítima, S.A.P.I. de C.V.
|
100
|
%
|
100
|
%
|
||||
Perhafen Services Marítimos, S.A.P.I. de C.V.
|
100
|
%
|
100
|
%
|
||||
TMM Dirección Corporativa, S.A.P.I. de C.V.
|
100
|
%
|
100
|
%
|
||||
Perjomar Operadora, S.A.P.I. de C.V.
|
100
|
%
|
100
|
%
|
||||
Property leasing
|
||||||||
Inmobiliaria TMM, S.A. de C.V.
|
100
|
%
|
100
|
%
|
(a) |
In July 2014, Grupo TMM contributed $40,000 to the capital stock of Almacenes de Jugos Citricos de Mexico,
S.A.P.I. de C.V., which represents 21% of the voting shares. Since this entity has not started up operations as of
the issue date of the consolidated financial statements, Company Management decided to reserve the investment in its entirety.
|
(b) |
The Company lost control of its subsidiary TMM División Marítima, S.A. de C.V. (TMM DM) in 2017, retaining 15%
equity in its capital without exerting significant influence. Accordingly, this investment has been classified as an investment in associate. As of December 31, 2022, and 2021, the value of this investment is nil, since the
stockholders’ equity of TMM DM is negative. Moreover, in accordance with the statutes of TMM DM, the stockholders only assume obligation in connection with their equity up to the amount thereof.
|
2 |
General information and statement of compliance with IFRS
|
• |
Strengthening
businesses related to the Maritime Sector by adding more vessels specialized in Offshore operations services, as well as increasing the customer base in chemical tankers and maritime agency. Toward the end of the third
quarter of 2023, 2 ships known as “mud boats” are planned to be incorporated that will mainly provide generation, conditioning, recovery, and transportation of perforation fluids services, which are used during perforation,
repair, and oil well termination operations, which significantly support the crude production activity.
|
• |
Increasing
the installed capacity in maritime infrastructure operations (shipyard in Tampico) to have a new floating dock beginning the second quarter of 2023, which will enable the Company to integrate up to 945 of the potential offshore vessels that operate in the Gulf of Mexico. The Company plans to have an additional dock with
greater capacity in the medium-term that will also allow for building naval artifacts.
|
• |
Maintaining
efficient, profitable operations at Ports and Terminals, Logistics, and Storage.
|
• |
Diversifying
and expanding services through strategic alliances or associations with which the markets in which we participate are also developed.
|
• |
Business
development with assets strategically located in Tuxpan, Veracruz, and the investment opportunities existing in the oil and gas storage sector, as general freight for developing liquid and multiple use terminals, such as
lubricants, fertilizers, and grains, conditioned with modern equipment for handling and storing highest quality, fast and safe merchandise.
|
• |
Disciplined,
ongoing control of expenses, as well as optimizing the size of personnel in accordance with the implementation of the plans described above that, overall, allow for financially strengthening and implementing its short and
medium-term projects.
|
3 |
Changes in accounting policies
|
• |
Reference to the Conceptual Framework (Amendments to IFRS 3)
|
• |
COVID-19 – Related Rent Concessions beyond 30 June 2021 (Amendments to IFRS 16)
|
• |
Property, Plant and Equipment: Proceeds Before Intended Use (Amendments to IAS 16)
|
• |
Onerous Contracts – Cost of Fulfilling a Contract (Amendments to IAS 37)
|
• |
Annual Improvements (2018-2020 Cycle):
|
• |
IFRS 17 ‘Insurance Contracts’
|
• |
Amendments to IFRS 17 ‘Insurance Contracts’ (Amendments to IFRS 17 and IFRS 4)
|
• |
Classification of Liabilities as Current or Non-current (Amendments to IAS 1)
|
• |
Disclosure of Accounting Policies (Amendments to IAS 1 and IFRS Practice Statement 2)
|
• |
Deferred Tax Related to Assets and Liabilities Arising from a Single Transaction (Amendments to IAS 12)
|
• |
Disclosure of Accounting Policies (Amendments to IAS 1)
|
• |
Definition of Accounting Estimates (Amendments to IAS 8)
|
4 |
Summary of significant accounting policies
|
4.1 |
Basis of preparation
|
4.2 |
Basis of consolidation
|
4.3 |
Business combinations
|
4.4 |
Foreign currency translation
|
4.5 |
Cash and cash equivalents
|
4.6 |
Materials and supplies
|
4.7 |
Prepayments
|
4.8 |
Property, vessels and equipment
|
● |
it is technically possible to complete the construction of the asset so that it can be available to be used;
|
● |
management has the intent of completing the asset to use it;
|
● |
it can be proven that the asset will generate economic benefits in the future;
|
● |
adequate technical, financial or another type of resources are available to complete the asset; and
|
● |
the disbursement attributable to the asset during its construction can be determined reliably.
|
4.9 |
Leased assets
|
4.10 |
Intangible assets
|
4.11 |
Impairment testing of long-lived assets
|
4.12 |
Non-current assets classified as held for
sale
|
4.13 |
Financial instruments
|
● |
amortized cost
|
● |
fair value through profit or loss (FVTPL)
|
● |
fair value through other comprehensive income (FVOCI).
|
● |
the Company’s business model for managing the financial asset; and
|
● |
the contractual cash flow characteristics of the financial asset.
|
● |
they are held within a business model whose objective is to hold the financial assets and collect its contractual cash flows; and
|
● |
the contractual terms of the financial assets give rise to cash flows that are solely payments of principal and interest on the principal amount
outstanding.
|
4.14 |
Provisions, contingent liabilities and contingent assets
|
4.15 |
Taxes on earnings
|
4.16 |
Statutory employee profit sharing
|
4.17 |
Post-employment benefits and benefits for short-term employees
|
4.18 |
Stockholders’ equity
|
● |
revaluation surplus, including gains and losses from the revaluation of vessels and properties;
|
● |
statutory reserve corresponds to the separation of earnings withheld for this reserve;
|
● |
additional paid-in capital is equivalent to the amount received in excess of the par value of the shares;
|
● |
translation result represents the cumulative effect of the change in functional currency in previous years; and
|
● |
actuarial gains and losses include experience adjustments (the effects of differences between the previous actuarial assumptions and what has actually
occurred); and the effects of changes in actuarial assumptions.
|
4.19 |
Recognition of revenue, costs and expenses, and financing costs
|
1. |
Identifying the contract with a customer
|
2. |
Identifying the performance obligations
|
3. |
Determining the transaction price
|
4. |
Allocating the transaction price to the performance obligations
|
5. |
Recognizing revenue when/as performance obligation(s) are satisfied.
|
4.20 |
Information by segments
|
4.21 |
Significant management judgment in applying accounting policies and estimation uncertainty
|
Estimate
|
Change in estimate
|
Effect on right-of-use asset
|
Effect on lease liability
|
|||
Incremental borrowing rate
|
1% increase in the rate
|
Reduces by $5,990
|
Reduces by $5,990
|
5 |
Acquisitions and disposals
|
6 |
Cash and cash equivalents
|
2022
|
2021
|
|||||||
Cash on hand
|
$
|
634
|
$
|
738
|
||||
Cash at banks
|
74,554
|
38,829
|
||||||
Short-term investments (a)
|
19,545
|
-
|
||||||
$
|
94,733
|
$
|
39,567
|
|
(a) |
Includes fix-term deposits (promissory notes) and repurchase/resell agreements with terms up to 3 days.
|
7 |
Trade receivables
|
|
2022
|
2021
|
||||||
Maritime
|
||||||||
Offshore vessels
|
$
|
166,703
|
$
|
187,742
|
||||
Parcel tankers
|
12,604
|
10,071
|
||||||
Bulk Carrier
|
33,896
|
-
|
||||||
Shipping agencies
|
26,904
|
7,839
|
||||||
|
||||||||
Maritime infrastructure
|
||||||||
Shipyard
|
56,343
|
59,942
|
||||||
|
||||||||
Ports, terminals and logistics
|
||||||||
Port services
|
100
|
889
|
||||||
Repair of containers | 9,970 | 20,705 | ||||||
Automotive services | 795 | 1,277 | ||||||
Commercial leases
|
-
|
66
|
||||||
|
||||||||
Warehousing and other businesses
|
||||||||
Warehousing
|
60,040
|
35,560
|
||||||
Other businesses
|
1,335
|
1,267
|
||||||
Total trade receivables
|
368,690
|
325,358
|
||||||
Contract assets
|
128,799
|
96,023
|
||||||
Allowance for doubtful accounts
|
(25,975
|
)
|
(20,294
|
)
|
||||
|
$
|
471,514
|
$
|
401,087
|
2022
|
2021
|
|||||||
Balance as of January 1
|
$
|
20,294
|
$
|
21,218
|
||||
Impairment loss for the period
|
7,277
|
199
|
||||||
Receivables written off during the year
|
(1,596
|
)
|
(1,123
|
)
|
||||
Balance as of December 31
|
$
|
25,975
|
$
|
20,294
|
8 |
Other accounts receivable
|
2022
|
2021
|
|||||||
Current
|
||||||||
Recoverable taxes
|
$
|
193,508
|
$
|
202,903
|
||||
Services for port, maritime and other operations
|
112,714
|
57,620
|
||||||
Employees
|
4,549
|
3,287
|
||||||
Insurance claims
|
794
|
842
|
||||||
Others
|
25,530
|
7,369
|
||||||
337,095
|
272,021
|
|||||||
Non-current
|
||||||||
Value added tax recoverable (a)
|
273,314
|
280,000
|
||||||
$
|
610,409
|
$
|
552,021
|
(a) |
During the 2022 and 2021, the VAT recovery processes have been affected by practices of the tax authorities to
extend the recovery periods.
|
9 |
Property, vessels and equipment
|
2022
|
|||||||||||||||||||||||||||||
|
Net
balances at beginning
of year
|
Additions
|
Disposals
|
Transfers and others
|
Depreciation
/ loss from
revaluation
|
Net balances
at year end
|
Estimated useful lives(years)
|
||||||||||||||||||||||
Maritime equipment
|
$
|
70,838
|
$
|
-
|
$
|
-
|
$
|
(4,099
|
)
|
$
|
13,160
|
$
|
53,579
|
3
|
|||||||||||||||
Shipyard
|
149
|
-
|
-
|
-
|
35
|
114
|
40
|
||||||||||||||||||||||
Major vessel maintenance
|
1,945
|
-
|
-
|
15,185
|
2,548
|
14,582
|
2.5
|
||||||||||||||||||||||
Buildings and facilities
|
116,714
|
425
|
-
|
(9,780
|
)
|
3,544
|
103,815
|
20 y 25
|
|||||||||||||||||||||
Warehousing equipment
|
387
|
290
|
-
|
(1
|
)
|
75
|
601
|
10
|
|||||||||||||||||||||
Computer equipment
|
277
|
49
|
-
|
(5
|
)
|
139
|
182
|
3 y 4
|
|||||||||||||||||||||
Terminal equipment
|
23,337
|
1
|
-
|
(2
|
)
|
2,340
|
20,996
|
10
|
|||||||||||||||||||||
Ground transportation equipment
|
2,564
|
1,321
|
-
|
-
|
753
|
3,132
|
4.5 y 10
|
||||||||||||||||||||||
Other equipment
|
8,434
|
3,620
|
-
|
(458
|
)
|
1,495
|
10,101
|
||||||||||||||||||||||
|
224,645
|
5,706
|
-
|
840
|
24,089
|
207,102
|
|||||||||||||||||||||||
Lands
|
1,199,550
|
-
|
61,973
|
(a)
|
9,597
|
-
|
1,147,174
|
||||||||||||||||||||||
Constructions in progress
|
116,743
|
19,525
|
-
|
227
|
-
|
136,495
|
|||||||||||||||||||||||
|
$
|
1,540,938
|
$
|
25,231
|
$
|
61,973
|
$
|
10,664
|
$
|
24,089
|
$
|
1,490,771
|
2021
|
|||||||||||||||||||||||||||||||
Net
balances at beginning of year
|
Additions
|
Disposals
|
Transfers
and others
|
Depreciation
/ loss from
revaluation
|
Net balances at year end
|
Estimated useful lives(years)
|
|||||||||||||||||||||||||
Vessels
|
$
|
182,055
|
$
|
-
|
$
|
119,832
|
(b)
|
$
|
(51,591
|
)
|
(c)
|
$
|
10,632
|
$
|
-
|
25
|
|||||||||||||||
Maritime equipment
|
-
|
33,836
|
-
|
37,002
|
-
|
70,838
|
3
|
||||||||||||||||||||||||
Shipyard
|
190
|
-
|
-
|
-
|
41
|
149
|
40
|
||||||||||||||||||||||||
Major vessel maintenance
|
6,858
|
-
|
5,486
|
2,376
|
1,803
|
1,945
|
2.5
|
||||||||||||||||||||||||
Buildings and facilities
|
286,232
|
-
|
48,869
|
(d)
|
(108,094
|
)
|
(c)
|
12,555
|
116,714
|
20 y 25
|
|||||||||||||||||||||
Warehousing equipment
|
450
|
-
|
-
|
-
|
63
|
387
|
10
|
||||||||||||||||||||||||
Computer equipment
|
397
|
100
|
-
|
-
|
220
|
277
|
3 y 4
|
||||||||||||||||||||||||
Terminal equipment
|
24,309
|
1,381
|
-
|
-
|
2,353
|
23,337
|
10
|
||||||||||||||||||||||||
Ground transportation equipment
|
3,730
|
54
|
-
|
-
|
1,220
|
2,564
|
4.5 y 10
|
||||||||||||||||||||||||
Other equipment |
9,500
|
89
|
-
|
23
|
1,178
|
8,434
|
|||||||||||||||||||||||||
|
513,721
|
35,460
|
174,187
|
(120,284
|
)
|
30,065
|
224,645
|
||||||||||||||||||||||||
Lands
|
1,934,345
|
-
|
158,287
|
(d)
|
(576,508
|
)
|
(c)
|
-
|
1,199,550
|
||||||||||||||||||||||
Constructions in progress
|
83,930
|
40,008
|
(e)
|
-
|
(7,195
|
)
|
-
|
116,743
|
|||||||||||||||||||||||
|
$
|
2,531,996
|
$
|
75,468
|
$
|
332,474
|
$
|
(703,987
|
)
|
$
|
30,065
|
$
|
1,540,938
|
(a) |
It consists of the retirement of 5 real properties in August, the real property named “El Montero” and 4 real properties classified as available-for-sale, pursuant to the accord and satisfaction contract with Fibra FUNO for the total payment of liabilities in benefit of Fibra FUNO in lease
agreements. A total loss was incurred on the operation in the amount of $57,804. (See Note 10).
|
(b) |
On January 8, 2021, the ship “Olmeca” was sold to company Athene Shipping Limited, which was delivered
in Singapore. The advance received was used to prepay the line of credit with Act Maritime LLC for $3.5 million dollars
in December 2020.
|
(c) |
It is mainly made up of the transfer to the assets classified as held for sale for $446,951 and the cancellation of the revaluation surplus for $284,584.
|
(d) |
It is mainly made up of the write-offs of 3 properties for $191,000, registering a loss
of $130,000, recorded under other expenses (see Note 19).
|
(e) |
Corresponds mainly to investments in Inmobiliaria Dos Naciones, S. de R.L. of C.V. for the Dam project.
|
2022
|
2021
|
|||||||
Lands
|
$
|
653,640
|
$
|
715,613
|
||||
Properties
|
126,675
|
133,342
|
||||||
$
|
780,315
|
$
|
848,955
|
10 |
Leases
|
2022
|
||||||||||||||||||||||||||
Warehouse
|
Cranes
|
Courtyards
|
Major vessel
maintenance
|
Corporate
building
|
Total | |||||||||||||||||||||
Gross carrying amount
|
||||||||||||||||||||||||||
Balance 1 January 2022
|
$
|
346,095
|
$
|
11,722
|
$
|
71,397
|
$
|
22,135
|
$
|
92,170
|
$ |
543,519 | ||||||||||||||
Additions
|
57,524
|
4,977
|
56,564
|
-
|
-
|
119,065 | ||||||||||||||||||||
Disposals
|
157,878
|
(b |
11,722
|
48,182
|
-
|
92,170
|
(a |
309,952 | ||||||||||||||||||
Balance at 31 December 2022
|
245,741
|
4,977
|
79,779
|
22,135
|
-
|
352,632 | ||||||||||||||||||||
Depreciation
|
||||||||||||||||||||||||||
Balance 1 January 2022
|
138,709
|
11,268
|
33,459
|
9,684
|
13,167
|
206,287 | ||||||||||||||||||||
Disposals
|
129,255
|
|
(b |
11,399
|
34,701
|
-
|
21,070
|
(a |
196,425 | |||||||||||||||||
Depreciation
|
47,809
|
2,204
|
10,382
|
5,534
|
7,903
|
73,832 | ||||||||||||||||||||
Balance 31 December 2022
|
57,263
|
2,073
|
9,140
|
15,218
|
-
|
83,694 | ||||||||||||||||||||
Carrying amount 31 December 2022
|
$
|
188,478
|
$
|
2,904
|
$
|
70,639
|
$
|
6,917
|
$
|
-
|
$ |
268,938 |
2021
|
||||||||||||||||||||||||
Warehouse
|
Cranes
|
Courtyards
|
Major vessel
maintenance
|
Corporate
building
|
Total
|
|||||||||||||||||||
Gross carrying amount
|
||||||||||||||||||||||||
Balance 1 January 2021
|
$
|
287,641
|
$
|
11,722
|
$
|
60,035
|
$
|
22,135
|
$
|
92,170
|
$
|
473,703
|
||||||||||||
Additions
|
58,454
|
-
|
11,362
|
-
|
-
|
69,816
|
||||||||||||||||||
Disposals
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||
Balance at 31 December 2021
|
346,095
|
11,722
|
71,397
|
22,135
|
92,170
|
543,519
|
||||||||||||||||||
Depreciation
|
||||||||||||||||||||||||
Balance 1 January 2021
|
83,036
|
7,157
|
22,495
|
4,150
|
2,633
|
119,471
|
||||||||||||||||||
Disposals
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||
Depreciation
|
55,673
|
4,111
|
10,964
|
5,534
|
10,534
|
86,816
|
||||||||||||||||||
Balance 31 December 2021
|
138,709
|
11,268
|
33,459
|
9,684
|
13,167
|
206,287
|
||||||||||||||||||
Carrying amount 31 December 2021
|
$
|
207,386
|
$
|
454
|
$
|
37,938
|
$
|
12,451
|
$
|
79,003
|
$
|
337,232
|
(a) |
It corresponds to the cancellation of the lease agreement of Torre Latino y Cuspide in August, pursuant to the accord and
satisfaction contract in payment of 5 real properties with Fibra FUNO (see note 9a). Moreover, as part of the
contract, Fibra FUNO accepts to liquidate the credit in benefit of Banco de Bajio in the amount of $22,000, which gave
rise to a loss on the transaction in the amount of $57,804 (see Note 19).
|
(b) | It corresponds to the cancellation of lease agreements for warehouses used for the
storage business. |
Short-term
|
Long-term
|
|||||||
2022 |
||||||||
Payable in Mexican pesos
|
||||||||
Warehouse
|
$
|
52,581
|
$
|
150,091
|
||||
Cranes
|
2,574
|
456
|
||||||
Courtyards
|
7,701
|
65,990
|
||||||
Major vessel maintenance
|
6,073
|
1,609
|
||||||
$
|
68,929
|
$
|
218,146
|
2021 |
||||||||
Payable in Mexican pesos
|
||||||||
Warehouse
|
$
|
89,694
|
$
|
179,292
|
||||
Cranes
|
1,248
|
-
|
||||||
Courtyards
|
11,482
|
30,033
|
||||||
Major vessel maintenance
|
6,404
|
7,683
|
||||||
Payable in US dollars
|
||||||||
Corporate building
|
12,550
|
71,489
|
||||||
$
|
121,378
|
$
|
288,497
|
Right-of-use asset
|
No. of
right-of-use
assets
leased
|
Range of
remaining
term
(years)
|
No. of
leases with
extension
options
|
No. of
leases with
purchase
option
|
No. of
leases with
variable
payments
linked to an
index
|
No. of
leases with
termination
options
|
||||||||||||||||||
Corporate headquarters
|
7
|
1 – 10
|
2
|
-
|
7
|
-
|
||||||||||||||||||
Warehouse
|
2
|
3 – 10
|
1
|
-
|
2
|
-
|
||||||||||||||||||
Courtyards
|
1
|
1
|
-
|
-
|
-
|
-
|
||||||||||||||||||
Cranes
|
1
|
2
|
-
|
-
|
-
|
-
|
Within the
1st year
|
1 to 3 years
|
3 to 5 years
|
After 5
years
|
Total
|
||||||||||||||||
Balance at December 31, 2022
|
||||||||||||||||||||
Lease payments
|
$
|
103,127
|
$
|
178,272
|
$
|
44,319
|
$
|
70,243
|
$
|
395,961
|
||||||||||
Financial charges
|
(34,198
|
)
|
(38,237
|
)
|
(17,071
|
)
|
(19,380
|
)
|
(108,886
|
)
|
||||||||||
Present values, net
|
$
|
68,929
|
$
|
140,035
|
$
|
27,248
|
$
|
50,863
|
$
|
287,075
|
||||||||||
Balance at December 31, 2021
|
||||||||||||||||||||
Lease payments
|
$
|
184,703
|
$
|
213,311
|
$
|
102,716
|
$
|
39,833
|
$
|
540,563
|
||||||||||
Financial charges
|
(63,325
|
)
|
(48,820
|
)
|
(13,581
|
)
|
(4,962
|
)
|
(130,688
|
)
|
||||||||||
Present values, net
|
$
|
121,378
|
$
|
164,491
|
$
|
89,135
|
$
|
34,871
|
$
|
409,875
|
2022
|
2021
|
|||||||
Short-term leases (a)
|
$
|
694,200
|
$
|
558,178
|
||||
Leases of low-value assets
|
6,249
|
7,193
|
||||||
$
|
700,449
|
$
|
565,371
|
(a) |
Corresponds to the leasing of parcel and bulk carrier vessels.
|
11 |
Concession rights
|
2022
|
2021
|
Years to amortize
|
|||||||||
Administración Portuaria Integral de Acapulco (a)
|
$
|
94,607
|
$
|
94,607
|
10
|
||||||
Accumulated amortization
|
(94,607
|
)
|
(94,607
|
)
|
|||||||
Concession rights, net
|
$
|
-
|
$
|
-
|
(a) |
As of December 31, 2021, the Company holds concession to operate the cruise and vehicle terminal at the port of
Acapulco, Guerrero. Under this concession agreements, the Company is obliged to keep the facilities included in the concession in good condition, as well as making monthly payments (fixed and variable), related to the operation
(see Note 28). As of June 2022, this concession expired and renewal was not obtained.
|
The amortization of the concession rights was $1,892, for the
year ended December 31, 2021. Monthly payments to the Administración Portuaria Integral de Acapulco were $3,962 in
2021. At the date of delivery of the facilities, the rights paid for this concession in the amount of $94,607, had
been fully amortized.
|
12 |
Intangible assets
|
2022
|
||||||||||||||||||||||||
Net
balances at
beginning
of year
|
Additions
|
Transfers
and others
|
Amortization
|
Net
balances at
year end
|
Estimated
useful life
(years)
|
|||||||||||||||||||
Software
|
$
|
34,583
|
$
|
6,165
|
|
$
|
-
|
$
|
8,823
|
$
|
31,925
|
3 y 5
|
||||||||||||
Trademark (a)
|
125,528
|
-
|
- |
-
|
125,528
|
Indefinite
|
||||||||||||||||||
$
|
160,111
|
$
|
6,165
|
$
|
-
|
$
|
8,823
|
$
|
157,453
|
2021
|
||||||||||||||||||||||||
Net
balances at
beginning
of year
|
Additions
|
Transfers
and others
|
Amortization
|
Net
balances at
year end
|
Estimated
useful life
(years)
|
|||||||||||||||||||
Software
|
$
|
25,722
|
$
|
9,305
|
(b) |
$
|
132
|
$
|
576
|
$
|
34,583
|
3 y 5
|
||||||||||||
Trademark (a)
|
125,528
|
-
|
-
|
-
|
125,528
|
Indefinite
|
||||||||||||||||||
$
|
151,250
|
$
|
9,305
|
$
|
132
|
$
|
576
|
$
|
160,111
|
(a) |
Corresponds to the rights on the Marmex trademark associated with the maritime division segment, specifically the
offshore vessels operation. This trademark is subject to annual impairment testing (see Note 13).
|
(b) |
Corresponds mainly to the SAP Hana system upgrade project.
|
13 |
Impairment of long-lived assets
|
14 |
Financial assets and liabilities
|
2022
|
2021
|
|||||||
Financial assets
|
||||||||
Valued at amortized cost
|
||||||||
Cash and cash equivalents
|
$
|
94,733
|
$
|
39,567
|
||||
Restricted cash
|
2,059
|
48,203
|
||||||
Trade receivables
|
334,886
|
305,064
|
||||||
Other accounts receivable
|
143,587
|
69,118
|
||||||
Related parties
|
39,468
|
65,057
|
||||||
Total current financial assets
|
$
|
614,733
|
$
|
527,009
|
Financial liabilities
|
||||||||
Valued at amortized cost
|
||||||||
Short-term portion of the financial debt
|
$
|
35,030
|
$
|
57,106
|
||||
Trade payables
|
437,382
|
437,005
|
||||||
Accounts payable and accrued expenses
|
466,077
|
438,712
|
||||||
Related parties
|
165,280
|
144,966
|
||||||
Total short-term portion of the financial debt
|
1,103,769
|
1,077,789
|
||||||
Long-term financial debt
|
32,475
|
65,601
|
||||||
Total financial liabilities
|
$
|
1,136,244
|
$
|
1,143,390
|
2022
|
2021
|
|||||||||||||||
Short-term
|
Long-term
|
Short-term
|
Long-term
|
|||||||||||||
Payable in Mexican pesos
|
||||||||||||||||
Daimler Financial Services México, S. de R.L. de C.V.
|
$
|
6,946
|
$
|
6,720
|
$
|
7,076
|
$
|
11,103
|
||||||||
Recognition of debt and substitution of debtor for $40.9 million at a fixed rate of 12%, with monthly payments of principal and interest and maturing in November 2019. | ||||||||||||||||
In order to improve the profile of the schedule of payments, a new debt recognition was formalized on October 11, 2018, in the amount of $28 million at a 12.9% fixed rate, with monthly payments on principal and interest, due October 2021. | ||||||||||||||||
In order to face the effects of the Covid-19 pandemic, the Company obtained two grace periods of 3 months each for the principal payment from April to September 2020, extending the term of the loan to January 2022. | ||||||||||||||||
On June 19, 2021, a new agreement was signed with the finance company in order to extend the amortization period for a total amount of $19.9 million at a fixed rate of 12.9%, with monthly payments of principal and interest and maturity in June 2024. | ||||||||||||||||
On August 2, 2022, a new agreement was signed with the financial company in order to extend the amortization period, for a total amount of $15.4 million at a fixed rate of 13.0%,
with monthly payments of principal and interest and maturing in December 2024.
|
2022 | 2021 | |||||||||||||||
Short-term | Long-term | Short-term | Long-term | |||||||||||||
Banco Autofin México, S.A. Institución de Banca Múltiple
|
4,257
|
3,000
|
14,732
|
7,257
|
||||||||||||
Five simple lines of credit with mortgage guarantee initially contracted for $25.5, $45.8, $34.6, $21.6 and $8.4 million
at a variable rate of 28-day TIIE plus 450 base points, with monthly payments of principal and interest and maturing in September 2024. The credit for $25.5 was
settled on January 14, 2022. The credits for $45.8, $34.6 and $8.4 were settled on July 29, 2022.
|
||||||||||||||||
On November 26, 2018, a new credit line for $20.0
million was drawn down at a 28-day TIIE variable rate plus 550 base points and due in November 2023. This
credit was settled on January 27, 2023. |
||||||||||||||||
In order to deal with the effects of the Covid-19 pandemic, the Company obtained a 6-month grace period in the principal payment of 4 of the 6 lines, the period applies from January to June of 2020, extending the maturity of these lines accordingly. | ||||||||||||||||
INPIASA, S.A. de C.V.
|
403
|
-
|
1,044
|
-
|
||||||||||||
Contract for line of credit, the first for $15.7 million at a variable rate of the 28-day TIIE plus 450
basis points, with monthly payments of principal and interest, and maturing August 2021.
|
||||||||||||||||
In 2022, an amending
agreement was signed with INPIASA in order to extend the amortization period, maturing in December 2024. |
||||||||||||||||
Banco del Bajío, S.A. | - | - | 4,519 | 20,715 | ||||||||||||
First drawdown for $12.0 million line of credit line with a mortgage guarantee for $30.0 million, variable rate of TIIE 28 days plus 600 points, with monthly payments of principal and interest, maturing in July 2027. | ||||||||||||||||
The second drawdown for $18.0 million was made on February 23, 2022, variable rate of TIIE 28 days plus 600 points, with monthly payments of principal and interest, due in July 2027. | ||||||||||||||||
It corresponds from the agreements reached with Fibra FUNO, August 2022, it was approved by Banco del Bajío, to carry out the assignment of said credit in favor of Fibra Uno. |
2022 | 2021 | |||||||||||||||
Short-term | Long-term | Short-term | Long-term | |||||||||||||
Others investors
|
12,561
|
-
|
17,970
|
-
|
||||||||||||
Two
unsecured loans were contracted, each for $6.0 million at a fixed annual rate of 15.0%, with principal and interest payments due, originally in October 2020. In January 2021, a principal payment of $1.0
million was made to each line. As part of the negotiations carried out by the Company, new conditions were agreed for each line, increasing the interest rate by 0.25%, as well as extending the maturity date in October 2023.
|
||||||||||||||||
In July 2021, a credit line with multiple drawdowns was contracted, the first being made on July 28, 2021. The balance as of December 31, 2022, is $5,061 million with a rate of 15% and maturing in September 2023. | ||||||||||||||||
Hewlett Packard | 137 | 350 | 137 | 485 |
In January 2022, an additional line was contracted for $622.5 thousand pesos, at a fixed rate of 9.87%, monthly payments of principal and interest on unpaid balances with maturity in December 2025. | ||||||||||||||||
On July 14, 2022, the contract was renegotiated with the following conditions: a fixed rate of 11.20%,
monthly payments of principal and interest on unpaid balances, and maturity in September 2026.
|
||||||||||||||||
Interest payable
|
2,174
|
-
|
670
|
-
|
||||||||||||
26,478
|
10,070
|
46,148
|
39,560
|
|||||||||||||
Payable in US dollars
|
Hewlett Packard
|
5,258
|
19,074
|
7,429
|
18,983
|
||||||||||||
Two lines of credit for $607.8 dollars and $201.6 dollars, at a fixed rate of 6.84% and 6.13%, monthly payments of principal and interest on unpaid balances and maturing in | and October 2024, respectively.||||||||||||||||
In order to face the effects of the Covid-19 pandemic, the Company obtained a grace period of 3 months in the payment of principal for the months of May to July, extending the term of each credit line 3 months. | ||||||||||||||||
In order to continue with the Company’s technological transformation strategy, 3 additional simple credit lines were contracted for $86.6 thousand dollars, $96.9 thousand dollars and $ 252.1 thousand dollars, at a fixed rate of 5.96%, 7.16% and 4.58% fixed annual, respectively, monthly payments of principal and interest on unpaid balances and maturing in | , and August 2025.
In January 2021, two additional lines were contracted for $43.3 thousand dollars and $385.0 thousand dollars, at a fixed rate of 5.14% and 4.76%, monthly payments of principal and interest on unpaid balances and maturity in December 2025. | ||||||||||||||||
On July 14, 2022, the
contracts were renegotiated with the following conditions for each line, increasing the rate by 0.25%, as well as
extending the maturity date for one year. |
||||||||||||||||
PNC, Bank, N.A.
|
3,294
|
3,331
|
3,529
|
7,058
|
||||||||||||
Line of credit with collateral for $860 thousand dollars, at a fixed rate of 4.40%, semiannual payments of principal and interest on unpaid balances and maturing in July 2024.
|
||||||||||||||||
|
8,552
|
22,405
|
10,958
|
26,041
|
||||||||||||
|
$
|
35,030
|
$
|
32,475
|
$
|
57,106
|
$
|
65,601
|
2022 | 2021 | |||||||
Maturity
|
|
|
||||||
2023
|
$
|
-
|
$
|
22,121
|
||||
2024
|
16,617
|
21,762
|
||||||
2025
|
6,362
|
10,400
|
||||||
2026
|
5,556
|
8,682
|
||||||
2027
|
3,940
|
2,636
|
||||||
$
|
32,475
|
$
|
65,601
|
15 |
Balances and transactions with related parties
|
2022
|
2021
|
|||||||||||||||
Receivable
|
Payable
|
Receivable
|
Payable
|
|||||||||||||
División Marítima, S.A. de C.V. (a)
|
$
|
39,468
|
$
|
-
|
$
|
65,057
|
$
|
-
|
||||||||
SSA México, S.A. de C.V. (b)
|
-
|
8,111
|
-
|
5,829
|
||||||||||||
Inversionistas (c) |
- | 157,169 | - | 139,137 | ||||||||||||
$
|
39,468
|
$
|
165,280
|
$
|
65,057
|
$
|
144,966
|
(a) |
The accounts receivable is related to the maritime services provided to TMM DM by
Grupo TMM.
|
(b) |
The accounts payables to SSA México, S.A. de C.V. are largely due to subagency
services that this related party provides to Grupo TMM.
|
(c) |
Lines of credit in the amount of $130 million at a 15% annual fixed rate,
with payments on capital and interest upon maturity, extended
more year, that is, up to December 2023. Interest
expenses of these credits amounted to $18,227 and $10,329 for the twelve month periods ended December 31, 2022 and 2021, respectively. |
2022
|
2021
|
2020
|
||||||||||
Revenue:
|
||||||||||||
Maritime services (a)
|
$
|
20,958
|
$
|
71,823
|
$
|
131,137
|
||||||
Shipping agency services (b)
|
412
|
419
|
499
|
|||||||||
$
|
21,370
|
$
|
72,242
|
$
|
131,636
|
|||||||
Costs:
|
||||||||||||
Sub-agency commissions (c)
|
$
|
7,237
|
$
|
4,062
|
$
|
107,692
|
||||||
Expenses:
|
||||||||||||
Other expenses (d)
|
$
|
-
|
$
|
180
|
$
|
440
|
||||||
Interests
|
$ |
18,227 | $ |
10,329 | $ |
- |
(a)
|
Maritime services between TMM Dirección Corporativa, S.A. de C.V, subsidiary of
Grupo TMM, and TMM DM. The contract termination date was August 30, 2022.
|
(b) |
Shipping agency services between Administradora Marítima TMM, S.A.P.I. de C.V.,
subsidiary of Grupo TMM, and TMM DM.
|
(c) |
Shipping agency servicies provided by SSA México, S.A. de C.V. to Administradora
Marítima TMM, S.A.P.I. de C.V.
|
(d) |
Management consulting provided by SSA México, S.A. de C.V. to Administración
Portuaria Integral de Acapulco, S.A. de C.V.
|
2022
|
2021
|
2020
|
||||||||||
Short-term benefits
|
||||||||||||
Salaries
|
$
|
19,055
|
$
|
28,697
|
$
|
36,003
|
||||||
Social security costs
|
736
|
1,843
|
1,633
|
|||||||||
$
|
19,791
|
$
|
30,540
|
$
|
37,636
|
16 |
Accounts payable and accrued expenses
|
2022
|
2021
|
|||||||
General expenses
|
$
|
194,487
|
$
|
135,287
|
||||
Operating expenses
|
149,557
|
167,741
|
||||||
Purchased services
|
36,403
|
51,302
|
||||||
Taxes payable
|
37,797
|
31,356
|
||||||
Salaries and wages
|
5,189
|
3,116
|
||||||
Others
|
80,441
|
81,266
|
||||||
$
|
503,874
|
$
|
470,068
|
17 |
Stockholders’ equity
|
Statutory
reserve |
Defined
benefit
plan |
Premium
on
convertible
obligations
|
Translation
result
|
Revaluation
surplus
|
Total
|
||||||||||||||||||||
Balance as of December 31, 2019
|
$ | 216,948 | $ | (123,769 | ) | $ | 77,106 | $ | (247,668 | ) | $ | 849,341 | $ | 771,958 | |||||||||||
Revaluation of assets
|
- | - | - | - | 314,436 | (b) |
314,436 | ||||||||||||||||||
Defined benefit plan
|
- | 10,953 | - | - | - | 10,953 | |||||||||||||||||||
Reclassification from disposal of properties and depreciation
|
- | - | - | - | (55 | ) | (a) |
(55 | ) | ||||||||||||||||
Total before taxes
|
- | 10,953 | - | - | 314,381 | 325,334 | |||||||||||||||||||
Tax expense
|
- | (3,286 | ) | - | - | (94,331 | ) | (97,617 | ) | ||||||||||||||||
Total net of taxes
|
- | 7,667 | - | - | 220,050 | 227,717 | |||||||||||||||||||
Balance as of December 31, 2020
|
$
|
216,948
|
$
|
(116,102
|
)
|
$
|
77,106
|
$
|
(247,668
|
)
|
$
|
1,069,391
|
$
|
999,675
|
|||||||||||
Defined benefit plan
|
-
|
33,691
|
-
|
-
|
-
|
33,691
|
|||||||||||||||||||
Reclassification from disposal of properties and depreciation
|
-
|
-
|
-
|
-
|
(332,151
|
)
|
(c) |
(332,151
|
)
|
||||||||||||||||
Total before taxes
|
-
|
33,691
|
-
|
-
|
(332,151
|
)
|
(298,460
|
)
|
|||||||||||||||||
Tax expense
|
-
|
(10,107
|
)
|
-
|
-
|
87,360
|
77,253
|
||||||||||||||||||
Total net of taxes
|
-
|
23,584
|
-
|
-
|
(244,791
|
)
|
(221,207
|
)
|
|||||||||||||||||
Balance as of December 31, 2021
|
$
|
216,948
|
$
|
(92,518
|
)
|
$
|
77,106
|
$
|
(247,668
|
)
|
$
|
824,600
|
$
|
778,468
|
|||||||||||
Defined benefit plan | - | 31,122 | - | - | - | 31,122 | |||||||||||||||||||
Reclassification from disposal of properties and depreciation
|
- | - | - | - | (88,630 | ) | (a) |
(88,630 | ) | ||||||||||||||||
Total before taxes | - | 31,122 | - | - | (88,630 | ) | (57,508 | ) | |||||||||||||||||
Tax expense | - | (9,337 | ) | - | - | 17,469 | 8,132 | ||||||||||||||||||
Total net of taxes | - | 21,785 | - | - | (71,161 | ) | (49,376 | ) | |||||||||||||||||
Balance as of December 31, 2022 | $ | 216,948 | $ | (70,733 | ) | $ | 77,106 | $ | (247,668 | ) | $ | 753,439 | $ | 729,092 |
(a) |
It corresponds to the reclassification of the revaluation surplus to accumulated losses from the sale of
properties and disposals of vessels, as well as the depreciation for the period of revaluation of properties and vessels.
|
(b) |
Corresponds to the revaluation of the land of the project called “Liquid Storage Terminal”, derived from changes
in the conditions of the project generated by obtaining permits, the revaluation allows the Management to know the fair value of the property based on at its best use.
|
(c) |
Includes the adjustment of assets available for sale at their fair value, for an amount of $291,200.
|
18 |
Revenues
|
2022
|
2021
|
2020
|
||||||||||
Maritime
|
||||||||||||
Parcel tankers
|
$
|
351,539
|
$
|
294,641
|
$
|
340,767
|
||||||
Maritime administration services (a)
|
16,343
|
42,416
|
131,136
|
|||||||||
Shipping agencies
|
31,379
|
10,360
|
27,530
|
|||||||||
Bulk Carrier (b)
|
304,269
|
174,643
|
85,085
|
|||||||||
Offshore vessels
|
527,571
|
317,170
|
93,373
|
|||||||||
Maritime infrastructure |
||||||||||||
Shipyard |
118,441 |
139,226 |
100,864 |
|||||||||
Logistics, ports and terminals
|
||||||||||||
Port services
|
5,659
|
14,967
|
41,659
|
|||||||||
Repair of containers |
110,966
|
158,511
|
196,584
|
|||||||||
Intermodal terminal |
38,910
|
44,292
|
41,794
|
|||||||||
Automotive services |
5,442
|
5,990
|
5,447
|
|||||||||
Warehousing and other businesses
|
||||||||||||
Warehousing
|
172,537
|
153,497
|
139,042
|
|||||||||
Total consolidated revenue
|
$
|
1,683,056
|
$
|
1,351,713
|
$
|
1,203,281
|
(a)
|
As discussed in note 4, the contract that Grupo TMM had as maritime administrator with TMM
Division Maritima was terminated in August, 2022.
|
(b)
|
The merchandise transportation operation contract terminated in December 2022.
|
19 |
Other (expenses) income
|
2022
|
2021
|
2020
|
||||||||||
Write-off of provisions
|
$
|
61,170
|
$
|
-
|
$
|
-
|
||||||
Expenses related to the cancellation of the corporate building lease
|
(11,351
|
)
|
(38,537
|
)
|
(113,469
|
)
|
||||||
Loss from sale of property, vessels and equipment, net (see Note 9)
|
(57,804
|
)
|
(132,956
|
)
|
-
|
|||||||
Gain (loss) from the sale of subsidiaries (see Note 5)
|
-
|
-
|
451
|
|||||||||
Recoveries of taxes paid in prior years, net of expenses for recovery
|
-
|
-
|
(11,145
|
)
|
||||||||
Cancellation of projects
|
-
|
-
|
(31,804
|
)
|
||||||||
Forgiveness of accounts receivable | - | - | (98,859 | ) | ||||||||
Other, net
|
(2,393
|
)
|
2,150
|
(2,399
|
)
|
|||||||
$
|
(10,378
|
)
|
$
|
(169,343
|
)
|
$
|
(257,225
|
)
|
20 |
Interest expense and other financial costs
|
2022
|
2021
|
2020
|
||||||||||
Interest on financial debt
|
$
|
9,096
|
$
|
14,689
|
$
|
38,558
|
||||||
Interest on financial related parties
|
18,227 | 10,329 | - | |||||||||
Interest expense on leasing arrangements
|
28,568
|
34,146
|
33,535
|
|||||||||
Other financial expenses
|
5,257
|
3,236
|
2,066
|
|||||||||
Amortization of transaction cost associated with financial debt
|
415
|
176
|
1,495
|
|||||||||
$
|
61,563
|
$
|
62,576
|
$
|
75,654
|
21 |
Income tax and tax loss carryforwards
|
2022
|
2021
|
2020
|
||||||||||
Income tax
|
$
|
(3,172
|
)
|
$
|
(7,015
|
)
|
$
|
(10,873
|
)
|
|||
Deferred income tax
|
32,763
|
28,158
|
30,207
|
|||||||||
Total income tax benefit
|
$
|
29,591
|
$
|
21,143
|
$
|
19,334
|
2022
|
2021
|
2020
|
||||||||||
Loss before taxes
|
$
|
(28,688
|
)
|
$
|
(269,197
|
)
|
$
|
(422,490
|
)
|
|||
Income tax
|
8,606
|
80,759
|
126,747
|
|||||||||
Increase (decrease) from:
|
||||||||||||
Difference in depreciation and amortization
|
(46,472
|
)
|
135,332
|
(86,033
|
)
|
|||||||
Revaluation surplus
|
(18,051
|
)
|
(88,112
|
)
|
94,331
|
|||||||
Materials and supplies
|
3,418
|
13
|
3,625
|
|||||||||
Inflationary and currency exchange effects on monetary assets and liabilities, net
|
15,663
|
(11,643
|
)
|
(4,035
|
)
|
|||||||
Tax losses amortization
|
265,090
|
60,032
|
82,145
|
|||||||||
Provisions and allowance for doubtful accounts
|
(165,542
|
)
|
(97,628
|
)
|
(178,276
|
)
|
||||||
Difference between the tax and book value for the sale of assets
|
(7,277
|
)
|
(35,950
|
)
|
(14,276
|
)
|
||||||
Difference between the tax and book value for the sale of shares of subsidiaries
|
-
|
-
|
(104
|
)
|
||||||||
Non-deductible expenses
|
(25,844
|
)
|
(21,660
|
)
|
(4,790
|
)
|
||||||
Income tax (agreement)
|
$
|
29,591
|
$
|
21,143
|
$
|
19,334
|
2022
|
2021
|
|||||||
Portion of tax loss carryforwards for subsequent years
|
$
|
385,936
|
$
|
336,395
|
||||
Inventories and provisions – net
|
27,374
|
17,378
|
||||||
Concession rights and property, vessels and equipment
|
(567,902
|
)
|
(559,949
|
)
|
||||
Total deferred tax liability
|
$
|
(154,592
|
)
|
$
|
(206,176
|
)
|
Year in which the
loss was incurrred
|
Amounts
|
Year of expiration
|
||||||
2013
|
$
|
197,028
|
2023
|
|||||
2014
|
190,306
|
2024
|
||||||
2015
|
46,104
|
2025
|
||||||
2016
|
445,174
|
2026
|
||||||
2017
|
128,098
|
2027
|
||||||
2018
|
237,032
|
2028
|
||||||
2019
|
548,269
|
2029
|
||||||
2020
|
499,518
|
2030
|
||||||
2021
|
250,211
|
2031
|
||||||
2022
|
84,756
|
2032
|
||||||
$
|
2,626,496
|
22 |
Segment reporting
|
Maritime
division
|
Maritime infrastructure
division
|
Logistics,
ports and
terminals
division
|
Warehousing
division
|
Other
businesses
and shared
accounts
|
Total
consolidado
|
|||||||||||||||||||
December 31, 2022
|
||||||||||||||||||||||||
Revenue
|
$
|
1,231,101
|
$
|
118,441
|
$
|
160,977
|
$
|
172,537
|
$
|
-
|
$
|
1,683,056
|
||||||||||||
Costs and expenses
|
(1,120,565
|
)
|
(79,775
|
)
|
(137,165
|
)
|
(121,096
|
)
|
-
|
(1,458,601
|
)
|
|||||||||||||
Corporate expenses
|
-
|
-
|
-
|
-
|
(82,047
|
)
|
(82,047
|
)
|
||||||||||||||||
Depreciation and amortization
|
(19,063
|
)
|
(7,625
|
)
|
(18,099
|
)
|
(52,480
|
)
|
(2,252
|
)
|
(99,519
|
)
|
||||||||||||
Transportation profit (loss)
|
$
|
91,473
|
$
|
31,041
|
$
|
5,713
|
$
|
(1,039
|
)
|
$
|
(84,299
|
)
|
$
|
42,889
|
||||||||||
Costs, expenses and revenue not allocated
|
(41,986
|
)
|
||||||||||||||||||||||
Net profit for the year
|
$
|
903
|
||||||||||||||||||||||
Total assets by operating segment
|
$
|
855,037
|
$
|
480,547
|
$
|
1,587,204
|
$
|
460,419
|
$
|
-
|
$
|
3,383,207
|
||||||||||||
Shared assets
|
-
|
-
|
-
|
-
|
118,177
|
118,177
|
||||||||||||||||||
Total assets
|
$
|
855,037
|
$
|
480,547
|
$
|
1,587,204
|
$
|
460,419
|
$
|
118,177
|
$
|
3,501,384
|
||||||||||||
Total liabilities by operating segment
|
$
|
531,477
|
$ | 88,104 |
$
|
534,400
|
$
|
371,097
|
$
|
-
|
$
|
1,525,078
|
||||||||||||
Shared liabilities
|
-
|
-
|
-
|
-
|
175,282
|
175,282
|
||||||||||||||||||
Total liabilities
|
$
|
531,477
|
$
|
88,104
|
$
|
534,400
|
$
|
371,097
|
$
|
175,282
|
$
|
1,700,360
|
||||||||||||
Total capital expenditures by segment
|
$
|
49
|
$
|
7,997
|
$
|
148
|
$
|
17,037
|
$
|
-
|
$
|
25,231
|
||||||||||||
Shared capital expenditures
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||
Total capital expenditures
|
$
|
49
|
$
|
7,997
|
$
|
148
|
$
|
17,037
|
$
|
-
|
$
|
25,231
|
December 31, 2021
|
||||||||||||||||||||||||
Revenue
|
$
|
835,230
|
$
|
139,226
|
$
|
223,760
|
$
|
153,497
|
$
|
-
|
$
|
1,351,713
|
||||||||||||
Costs and expenses
|
(793,982
|
)
|
(82,563
|
)
|
(211,860
|
)
|
(112,989
|
)
|
-
|
(1,201,394
|
)
|
|||||||||||||
Corporate expenses
|
-
|
-
|
-
|
-
|
(73,838
|
)
|
(73,838
|
)
|
||||||||||||||||
Depreciation and amortization
|
(17,580
|
)
|
(7,978
|
)
|
(30,721
|
)
|
(56,478
|
)
|
(4,445
|
)
|
(117,202
|
)
|
||||||||||||
Transportation profit (loss)
|
$
|
23,668
|
$
|
48,685
|
$
|
(18,821
|
)
|
$
|
(15,970
|
)
|
$
|
(78,283
|
)
|
$
|
(40,721
|
)
|
||||||||
Costs, expenses and revenue not allocated
|
(207,333
|
)
|
||||||||||||||||||||||
Net profit for the year
|
$
|
(248,054
|
)
|
|||||||||||||||||||||
Total assets by operating segment
|
$
|
777,614
|
$
|
524,646
|
$
|
1,759,330
|
$
|
614,336
|
$
|
-
|
$
|
3,675,926
|
||||||||||||
Shared assets
|
-
|
-
|
-
|
-
|
36,344
|
36,344
|
||||||||||||||||||
Total assets
|
$
|
777,614
|
$
|
524,646
|
$
|
1,759,330
|
$
|
614,336
|
$
|
36,344
|
$
|
3,712,270
|
||||||||||||
Total liabilities by operating segment
|
$
|
580,455
|
$
|
129,823
|
$
|
598,178
|
$
|
438,572
|
$
|
-
|
$
|
1,747,028
|
||||||||||||
Shared liabilities
|
-
|
-
|
-
|
-
|
146,144
|
146,144
|
||||||||||||||||||
Total liabilities
|
$
|
580,455
|
$
|
129,823
|
$
|
598,178
|
$
|
438,572
|
$
|
146,144
|
$
|
1,893,172
|
||||||||||||
Total capital expenditures by segment
|
$
|
33,869
|
$
|
29,840
|
$
|
11,705
|
$
|
-
|
$
|
-
|
$
|
75,468
|
||||||||||||
Shared capital expenditures
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||
Total capital expenditures
|
$
|
33,869
|
$
|
29,840
|
$
|
11,705
|
$
|
-
|
$
|
-
|
$
|
75,468
|
Maritime
division
|
Maritime infrastructure
division
|
Logistics,
ports and
terminals
division
|
Warehousing
division
|
Other
businesses
and shared
accounts
|
Total
consolidado
|
|||||||||||||||||||
December 31, 2020
|
||||||||||||||||||||||||
Revenue
|
$
|
650,361
|
$
|
100,864
|
$
|
313,014
|
$
|
139,042
|
$
|
-
|
$
|
1,203,281
|
||||||||||||
Costs and expenses
|
(564,000
|
)
|
(70,919
|
)
|
(292,220
|
)
|
(110,309
|
)
|
-
|
(1,037,448
|
)
|
|||||||||||||
Corporate expenses
|
-
|
-
|
-
|
-
|
(96,345
|
)
|
(96,345
|
)
|
||||||||||||||||
Depreciation and amortization
|
(30,043
|
)
|
(11,721
|
)
|
(37,994
|
)
|
(45,261
|
)
|
(16,032
|
)
|
(141,051
|
)
|
||||||||||||
Transportation profit (loss)
|
$
|
56,318
|
$
|
18,224
|
$
|
(17,200
|
)
|
$
|
(16,528
|
)
|
$
|
(112,377
|
)
|
$
|
(71,563
|
)
|
||||||||
Costs, expenses and revenue not allocated
|
(331,593
|
)
|
||||||||||||||||||||||
Net profit for the year
|
$
|
(403,156
|
)
|
|||||||||||||||||||||
Total assets by operating segment
|
$
|
588,296
|
$
|
472,177
|
$
|
1,915,007
|
$
|
539,521
|
$
|
-
|
$
|
3,515,001
|
||||||||||||
Shared assets
|
-
|
-
|
-
|
-
|
515,546
|
515,546
|
||||||||||||||||||
Total assets
|
$
|
588,296
|
$
|
472,177
|
$
|
1,915,007
|
$
|
539,521
|
$
|
515,546
|
$
|
4,030,547
|
||||||||||||
Total liabilities by operating segment
|
$
|
292,197
|
$
|
70,901
|
$
|
639,956
|
$
|
345,091
|
$
|
-
|
$
|
1,348,145
|
||||||||||||
Shared liabilities
|
-
|
-
|
-
|
-
|
434,994
|
434,994
|
||||||||||||||||||
Total liabilities
|
$
|
292,197
|
$
|
70,901
|
$
|
639,956
|
$
|
345,091
|
$
|
434,994
|
$
|
1,783,139
|
||||||||||||
Total capital expenditures by segment
|
$
|
132
|
$
|
7,476
|
$
|
5,137
|
$
|
4,086
|
$
|
-
|
$
|
16,864
|
||||||||||||
Shared capital expenditures
|
-
|
-
|
-
|
-
|
11,511
|
11,511
|
||||||||||||||||||
Total capital expenditures
|
$
|
132
|
$
|
7,476
|
$
|
5,137
|
$
|
4,086
|
$
|
11,511
|
$
|
28,375
|
23 |
Employee benefits
|
2022
|
2021
|
2020
|
||||||||||
Salaries, benefits and inherent
|
$
|
272,092
|
$
|
235,345
|
$
|
317,776
|
||||||
Pensions – defined benefit plans
|
13,224
|
17,790
|
23,623
|
|||||||||
$
|
285,316
|
$
|
253,135
|
$
|
341,399
|
2022
|
2021
|
|||||||
Long-term:
|
||||||||
Pensions and seniority premium
|
$
|
69,738
|
$
|
86,695
|
||||
Termination of employment
|
14,914
|
15,680
|
||||||
$
|
84,652
|
$
|
102,375
|
2022
|
2021
|
|||||||||||||||
Pensions and
seniority
premiums
|
Termination of
employment
|
Pensions and
seniority
premiums
|
Termination of
employment
|
|||||||||||||
Current service cost
|
$
|
13,265
|
$
|
1,383
|
$
|
(21,158
|
)
|
$
|
3,907
|
|||||||
Interest cost
|
7,538
|
1,145
|
12,371
|
770
|
||||||||||||
Net cost for the period
|
$
|
20,803
|
$
|
2,528
|
$
|
(8,787
|
)
|
$
|
4,677
|
2022
|
2021
|
|||||||||||||||
Pensions and
seniority
premiums
|
Termination of
employment
|
Pensions and
seniority
premiums
|
Termination of
employment
|
|||||||||||||
Defined benefit obligations
|
$
|
70,223
|
$
|
14,914
|
$
|
87,820
|
$
|
15,680
|
||||||||
Plan assets
|
(485
|
)
|
-
|
(1,125
|
)
|
-
|
||||||||||
Total reserve
|
$
|
69,738
|
$
|
14,914
|
$
|
86,695
|
$
|
15,680
|
2022
|
2021
|
|||||||||||||||
Pensions and
seniority
premiums
|
Termination of
employment
|
Pensions and
seniority
premiums
|
Termination of
employment
|
|||||||||||||
DBO at beginning of period
|
$
|
87,820
|
$
|
15,680
|
$
|
139,763
|
$
|
13,365
|
||||||||
Current service cost
|
13,265
|
1,383
|
(21,158
|
)
|
3,907
|
|||||||||||
Interest cost
|
7,538
|
1,145
|
12,371
|
770
|
||||||||||||
Benefits paid
|
(1,338
|
)
|
(322
|
)
|
(3,878
|
)
|
(1,905
|
)
|
||||||||
Benefits paid from plan assets
|
(6,674
|
)
|
(1,497
|
)
|
(6,044
|
)
|
-
|
|||||||||
Past service cost
|
(30,388
|
)
|
(1,475
|
)
|
(33,234 | ) |
(457
|
)
|
||||||||
DBO at end of period
|
$
|
70,223
|
$
|
14,914
|
$
|
87,820
|
$
|
15,680
|
2022
|
2021
|
|||||||
Value of the fund at beginning of year
|
$
|
1,125
|
$
|
2,931
|
||||
Expected return on assets
|
(741
|
)
|
(2,026
|
)
|
||||
Plan contributions
|
8,171
|
6,044
|
||||||
Benefits paid
|
(8,171
|
)
|
(6,044
|
)
|
||||
Interests on plan assets
|
101
|
220
|
||||||
Value of the fund at end of year
|
$
|
485
|
$
|
1,125
|
2022
|
2021
|
|||||||
Reserve for obligations at the beginning of the period
|
$
|
102,375
|
$
|
150,197
|
||||
Cost for the period
|
23,331
|
(4,110
|
)
|
|||||
Interest income
|
(101
|
)
|
(220
|
)
|
||||
Contributions to the plan
|
(8,171
|
)
|
(6,044
|
)
|
||||
Benefits paid on pension plan
|
(919
|
)
|
(5,783
|
)
|
||||
Miscellaneous
|
(741
|
)
|
2,026
|
|||||
Actuarial gain or losses
|
(31,122
|
)
|
(33,691
|
)
|
||||
Reserve for obligations at the end of the period
|
$
|
84,652
|
$
|
102,375
|
2022
|
2021
|
|||||||
Discount rate
|
10.50
|
%
|
7.50
|
%
|
||||
Salary increase rate
|
4.00
|
%
|
4.00
|
%
|
||||
Inflation rate
|
3.50
|
%
|
3.50
|
%
|
||||
Average working life expectancy
|
14.30
|
|
14.50
|
1.0% increase
|
1.0% decrease
|
|||||||
Discount rate
|
||||||||
(Decrease) increase in the defined benefits obligation
|
(1,404
|
)
|
1,553
|
|||||
Salary increase rate
|
||||||||
Increase (decrease) in the defined benefits obligation
|
642
|
(1,149
|
)
|
|||||
Average life expectancies |
||||||||
Increase (decrease) in the defined benefits obligation |
(64
|
)
|
15
|
25 |
Fair value measurement
|
• |
Level 1: quoted prices (without adjustment) in active markets for identical assets and liabilities.
|
• |
Level 2: data other than the quoted prices included in Level 1 that are observable for the asset and liability, either directly or indirectly;
|
• |
Level 3: non-observable data for the asset or liability.
|
2022
|
2021
|
|||||||
Level 3
|
||||||||
Buildings
|
$ |
103,815
|
$ |
116,714
|
||||
Land
|
1,147,174
|
1,199,550
|
||||||
$
|
1,250,989
|
$
|
1,316,264
|
2022
|
2021 |
|||||||
Balance as of January 1
|
$
|
1,316,264
|
$
|
2,220,577
|
||||
Amount recognized in other comprehensive income:
|
||||||||
Revaluation surplus of vessels
|
-
|
(327,362
|
)
|
|||||
Amount recognized in statements profit or loss:
|
||||||||
Loss on the accord and satisfaction
|
(61,973
|
)
|
(130,000
|
)
|
||||
(61,973
|
)
|
(457,362
|
)
|
|||||
Additions and disposals, net
|
(3,302
|
)
|
-
|
|||||
Transfer to available-for-sale assets
|
- | (446,951 | ) | |||||
Balance as of December 31
|
$
|
1,250,989
|
$
|
1,316,264
|
26 |
Financial instruments risk
|
2022
|
2021
|
|||||||||||||||
US dollar
|
Other
currencies
|
US dollar
|
Other
currencies |
|||||||||||||
Assets
|
$
|
662,533
|
$
|
-
|
$
|
641,116
|
$
|
-
|
||||||||
Liabilities
|
(558,971
|
)
|
(771
|
)
|
(725,206
|
)
|
(353
|
)
|
||||||||
$
|
103,562
|
$
|
(771
|
)
|
$
|
(84,090
|
)
|
$
|
(353
|
)
|
2022
|
2021
|
|||||||||||||||
4.91%
increase in the
exchange rate
|
4.91%
decrease in the
exchange rate
|
5.25%
increase in the exchange rate |
5.25%
decrease in the
exchange rate
|
|||||||||||||
Assets in US dollars
|
$
|
34,811
|
$
|
(34,811
|
)
|
$
|
33,686
|
$
|
(33,686
|
)
|
||||||
Assets in other currencies
|
-
|
-
|
-
|
-
|
||||||||||||
Liabilities in US dollars
|
(29,370
|
)
|
29,370
|
(38,105
|
)
|
38,105
|
||||||||||
Liabilities in other currencies
|
(41
|
)
|
41
|
(19
|
)
|
19
|
||||||||||
$
|
5,400
|
$
|
(5,400
|
)
|
$
|
(4,438
|
)
|
$
|
4,438
|
2022
|
2021
|
|||||||||||||||
+1%
Variance
|
-1%
Variance
|
+1%
Variance
|
-1%
Variance
|
|||||||||||||
Profit or loss for the year
|
$
|
(8,873
|
)
|
$
|
8,873
|
$
|
(7,465
|
)
|
$
|
7,465
|
Trade accounts receivable days in arrears
|
||||||||||||||||||||
Current
|
More than
30 days
|
More than
60 days
|
More than
90 days |
Total
|
||||||||||||||||
As of December 31, 2022
|
||||||||||||||||||||
Expected credit loss rate
|
0.0
|
%
|
0.0
|
%
|
0.0
|
%
|
26.3
|
%
|
-
|
|||||||||||
Gross carrying value
|
$
|
230,010
|
$
|
3,522
|
$
|
36,265
|
$
|
98,893
|
$
|
368,690
|
||||||||||
Expected credit losses during the lifetime
|
25,975
|
25,975
|
Trade accounts receivable days in arrears | ||||||||||||||||||||
Current |
More than
30 days
|
More than
60 days
|
More than 90 days |
Total | ||||||||||||||||
As of December 31, 2021
|
||||||||||||||||||||
Expected credit loss rate
|
0.0
|
%
|
0.0
|
%
|
0.0
|
%
|
27.3
|
%
|
-
|
|||||||||||
Gross carrying value
|
$
|
207,923
|
$
|
41,324
|
$
|
1,816
|
$
|
74,295
|
$
|
325,358
|
||||||||||
Expected credit losses during the lifetime
|
20,293
|
20,293
|
Current
|
Non-Current
|
|||||||||||||||
In 6 months
|
6 to 12
Months
|
1 to 4 years
|
More than 4
Years
|
|||||||||||||
At December 31, 2022
|
||||||||||||||||
Trade payables
|
$
|
437,382
|
$
|
-
|
$
|
-
|
$
|
-
|
||||||||
Accounts payable and accrued expenses
|
-
|
503,874
|
-
|
-
|
||||||||||||
Related parties |
- | 165,280 | - | - | ||||||||||||
Leasing liabilities
|
33,569
|
35,360
|
167,284
|
50,862
|
||||||||||||
Financial debt
|
10,424
|
24,606
|
28,535
|
3,940
|
||||||||||||
$
|
481,375
|
$
|
729,120
|
$
|
195,819
|
$
|
54,802
|
|||||||||
At December 31, 2021 | ||||||||||||||||
Trade payables |
$
|
437,005
|
$
|
-
|
$
|
-
|
$
|
-
|
||||||||
Accounts payable and accrued expenses |
-
|
470,068
|
-
|
-
|
||||||||||||
Related parties | - | 144,966 | - | - | ||||||||||||
Leasing liabilities |
86,597
|
34,781
|
238,404
|
50,093
|
||||||||||||
Financial debt |
19,041
|
38,065
|
54,283
|
11,318
|
||||||||||||
At December 31, 2021 |
$
|
542,643
|
$
|
687,880
|
$
|
292,687
|
$
|
61,411
|
27 |
Capital management policies and procedures
|
2022
|
2021
|
|||||||
Stockholders’ equity
|
$
|
1,801,024
|
$
|
1,819,098
|
||||
Cash and cash equivalents
|
(96,792
|
)
|
(87,770
|
)
|
||||
Stockholders’ equity, net
|
$
|
1,704,232
|
$
|
1,731,328
|
||||
Total financial debt
|
$
|
67,505
|
$
|
122,707
|
||||
Leasing liabilities
|
287,075
|
409,875
|
||||||
Overall financing
|
$
|
354,580
|
$
|
532,582
|
||||
Capital-to-overall financing ratio
|
4.81
|
3.25
|
28 |
Commitments and contingencies
|
a) |
Concession fees
|
a) |
RPS Claim
|
b) |
Tax liabilities determined on TMM
|
c) |
Tax liabilities determined on IDN
|
d) |
Motions for Annulment against various tax provisions
|
e) |
Other legal proceedings
|
f) |
Operations with related parties
|
g) |
Other legislation
|
30
|
Authorization of the consolidated financial statements
|
1 Year Grupo TMM (QB) Chart |
1 Month Grupo TMM (QB) Chart |
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