☐ |
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
|
|
Large accelerated filer £
|
Accelerated filer £
|
Non-accelerated filer R
|
|
|
|
|
Emerging growth company £
|
|
2
|
||
ITEM 1.
|
2
|
|
ITEM 2.
|
2
|
|
ITEM 3.
|
2
|
|
ITEM 4.
|
22
|
|
ITEM 4A.
|
43
|
|
ITEM 5.
|
44
|
|
ITEM 6.
|
68
|
|
ITEM 7.
|
74
|
|
ITEM 8.
|
75
|
|
ITEM 9.
|
77
|
|
ITEM 10.
|
80
|
|
ITEM 11.
|
92
|
|
ITEM 12.
|
94
|
|
95
|
||
ITEM 13.
|
95
|
|
ITEM 14.
|
95
|
|
ITEM 15.
|
96
|
|
ITEM 16A.
|
97
|
|
ITEM 16B.
|
97
|
|
ITEM 16C.
|
97
|
|
ITEM 16D.
|
97
|
|
ITEM 16E.
|
97
|
|
ITEM 16F.
|
97
|
|
ITEM 16G.
|
98
|
|
98
|
||
ITEM 17.
|
98
|
|
ITEM 18.
|
98
|
|
ITEM 19.
|
99
|
|
EX-6.1:
|
||
EX-7.1:
|
||
EX-8.1:
|
||
EX-12.1:
|
||
EX-12.2:
|
||
EX-13.1:
|
||
EX-13.2:
|
§ |
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;
|
§ |
conditions affecting the international shipping and transportation markets or the oil and gas industry;
|
§ |
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.
|
Year Ended December 31,
|
||||||||||||||||||||
2017
|
2016
|
2015
|
2014
|
2013
|
||||||||||||||||
CONSOLIDATED INCOME STATEMENT DATA(a)(b):
|
||||||||||||||||||||
Transportation revenues
|
$
|
2,464.9
|
$
|
2,647.5
|
$
|
3,261.9
|
$
|
2,937.3
|
$
|
2,968.8
|
||||||||||
(Loss) Income on Transportation(c)
|
(177.9
|
)
|
37.9
|
274.2
|
70.6
|
315.0
|
||||||||||||||
Other Income — Net(d)
|
3,217.7
|
52.8
|
187.0
|
367.0
|
64.0
|
|||||||||||||||
Operating Income(e)
|
3,039.8
|
90.7
|
461.2
|
437.6
|
379.0
|
|||||||||||||||
Interest Income
|
24.8
|
24.7
|
21.4
|
23.7
|
37.9
|
|||||||||||||||
Interest Expense
|
1,210.5
|
869.3
|
800.2
|
855.5
|
943.1
|
|||||||||||||||
Exchange (Loss) Gain
|
(7.8
|
)
|
(21.3
|
)
|
15.7
|
(66.1
|
)
|
4.4
|
||||||||||||
Income (Loss) before Taxes
|
1,846.3
|
(775.2
|
)
|
(301.9
|
)
|
(460.3
|
)
|
(521.8
|
)
|
|||||||||||
(Provision) Benefit for Income Taxes
|
(516.7
|
)
|
268.6
|
(698.5
|
)
|
(4.7
|
)
|
(4.7
|
)
|
|||||||||||
Income (Loss) from continuing operations
|
1,329.6
|
(506.6
|
)
|
(1,000.4
|
)
|
(465.0
|
)
|
(526.5
|
)
|
|||||||||||
Loss from discontinued operations
|
-
|
-
|
(18.5
|
)
|
(49.5
|
)
|
(24.9
|
)
|
||||||||||||
Net Income (Loss)
|
1,329.6
|
(506.6
|
)
|
(1,018.9
|
)
|
(514.5
|
)
|
(551.4
|
)
|
|||||||||||
Attributable to Non-controlling interest
|
2.0
|
1.4
|
(2.3
|
)
|
2.4
|
5.0
|
||||||||||||||
Attributable to stockholders of Grupo TMM, S.A.B.
|
1,327.6
|
(508.0
|
)
|
(1,016.6
|
)
|
(516.9
|
)
|
(556.4
|
)
|
|||||||||||
Income (Loss) per Share from continuing operations(f)
|
13.012
|
(4.957
|
)
|
(9.790
|
)
|
(4.551
|
)
|
(5.153
|
)
|
|||||||||||
Loss per Share from discontinued operations(f)
|
-
|
-
|
(0.181
|
)
|
(0.484
|
)
|
(0.244
|
)
|
||||||||||||
Income (Loss) per Share from Net Income (Loss)(f)
|
13.012
|
(4.957
|
)
|
(9.971
|
)
|
(5.035
|
)
|
(5.397
|
)
|
|||||||||||
Income (Loss) per Share attributable to stockholders of Grupo TMM, S.A.B.(f)
|
12.992
|
(4.972
|
)
|
(9.949
|
)
|
(5.059
|
)
|
(5.445
|
)
|
|||||||||||
Book value per Share(g)
|
21.140
|
8.780
|
3.586
|
5.571
|
1.335
|
|||||||||||||||
Weighted Average Shares Outstanding (000s)
|
102,183
|
102,183
|
102,183
|
102,183
|
102,183
|
|||||||||||||||
BALANCE SHEET DATA (at end of period)(a):
|
||||||||||||||||||||
Cash and cash equivalents
|
$
|
461.6
|
$
|
902.7
|
$
|
1,045.4
|
$
|
743.1
|
$
|
895.0
|
||||||||||
Total Current Assets
|
1,318.2
|
2,121.3
|
2,603.6
|
2,806.1
|
1,954.3
|
|||||||||||||||
Property, vessels and equipment – Net
|
2,623.5
|
9,564.9
|
9,553.1
|
9,052.9
|
9,053.1
|
|||||||||||||||
Concessions – Net
|
13.2
|
17.0
|
20.8
|
24.6
|
28.4
|
|||||||||||||||
Total Assets
|
4,149.2
|
11,923.3
|
12,416.1
|
12,924.3
|
12,179.4
|
|||||||||||||||
Short-term financial debt
|
502.4
|
740.4
|
684.7
|
918.6
|
636.6
|
|||||||||||||||
Long-term financial debt
|
396.3
|
9,330.1
|
9,995.5
|
10,069.6
|
10,254.1
|
|||||||||||||||
Capital stock
|
2,169.9
|
2,169.9
|
2,169.9
|
2,169.9
|
2,169.9
|
|||||||||||||||
Stockholders’ Equity attributable to Stockholders of Grupo TMM, S.A.B.
|
2,160.2
|
897.2
|
366.4
|
569.3
|
136.4
|
|||||||||||||||
Non-controlling equity interest in subsidiaries
|
68.8
|
66.8
|
65.4
|
68.3
|
64.6
|
|||||||||||||||
Total Stockholders’ Equity
|
2,229.0
|
964.0
|
431.8
|
637.6
|
201.0
|
|||||||||||||||
OTHER DATA:
|
||||||||||||||||||||
Incremental Capital Investments(h)
|
$
|
80.2
|
$
|
162.1
|
$
|
102.4
|
$
|
228.9
|
$
|
290.8
|
||||||||||
Depreciation and Amortization
|
562.9
|
555.2
|
672.6
|
858.3
|
589.5
|
|||||||||||||||
Net cash provided by (used in):
|
||||||||||||||||||||
Operating activities(i)
|
381.7
|
610.8
|
612.4
|
756.2
|
882.3
|
|||||||||||||||
Investing activities
|
(218.5
|
)
|
(74.4
|
)
|
792.2
|
(124.4
|
)
|
(208.7
|
)
|
|||||||||||
Financing activities
|
(581.7
|
)
|
(744.5
|
)
|
(1,165.8
|
)
|
(801.8
|
)
|
(868.1
|
)
|
(a) |
As of December 2017, the Company transferred 85% of the shares of TMM Division Maritima, S.A. de C.V. (“TMM DM”), formerly a wholly owned subsidiary, to the holders of certificates issued under our Mexican Peso-Denominated Trust Certificates Program (the “Trust Certificates Program”). Because the Company ceased to exercise control over TMM DM as of the date of the transfer, we have excluded TMM DM’s income from the consolidated income statement data and its assets and liabilities from the consolidated balance sheet data as of the transfer date.
|
(b) |
As of July 2013, Grupo TMM sold 100% of its interest in its truck transportation and haul-away trailers business. Accordingly, as of such date Grupo TMM has categorized this business as a discontinued operation and has excluded it from the consolidated income statement data.
|
(c) |
Represents “Operating Income” less “Other Income (Expense) – Net.”
|
(d) |
See quantification of items in “Other Income (Expense) Integration” table below.
|
(e) |
Operating Income is calculated by reconciling “Net Income (Loss)” with the items “Net Financing Cost” and “(Provision) Benefit for Income Taxes.”
|
(f) |
As of December 31, 2013, 2014, 2015, 2016 and 2017 the number of Shares outstanding was 102,182,841.
|
(g) |
Book value per Share results from dividing total shareholders’ equity attributable to stockholders of Grupo TMM by the outstanding Shares at the end of each period.
|
(h) |
See Item 5. “Operating and Financial Review and Prospects — Liquidity and Capital Resources — Capital Expenditures and Divestitures.”
|
(i) |
Commencing with fiscal year 2015, restricted cash is included as a part of the cash and cash equivalents line item. See Note 6 to the accompanying Audited Consolidated Financial Statements. Such inclusion has an effect on cash flows from operating activities disclosed in the consolidated statements of cash flows for all fiscal years reported.
|
Year Ended December 31,
|
||||||||||||||||||||
2017
|
2016
|
2015
|
2014
|
2013
|
||||||||||||||||
TRANSPORTATION REVENUES:
|
||||||||||||||||||||
Maritime Operations (a)
|
1,951.3
|
2,167.6
|
2,770.9
|
2,488.3
|
2,455.3
|
|||||||||||||||
Logistics Operations (b)
|
229.5
|
190.9
|
169.7
|
162.0
|
219.2
|
|||||||||||||||
Ports and Terminals Operations (c)
|
134.2
|
116.7
|
114.2
|
114.9
|
113.4
|
|||||||||||||||
Warehousing Operations (d)
|
149.9
|
126.1
|
133.1
|
104.9
|
130.3
|
|||||||||||||||
Other business (e)
|
-
|
46.2
|
74.0
|
67.2
|
50.6
|
|||||||||||||||
Total
|
$
|
2,464.9
|
$
|
2,647.5
|
$
|
3,261.9
|
$
|
2,937.3
|
$
|
2,968.8
|
||||||||||
INCOME ON TRANSPORTATION(f):
|
||||||||||||||||||||
Maritime Operations
|
24.0
|
247.6
|
492.5
|
271.3
|
517.8
|
|||||||||||||||
Logistics Operations
|
34.0
|
30.6
|
27.4
|
26.4
|
40.7
|
|||||||||||||||
Ports and Terminals Operations
|
10.3
|
6.1
|
7.6
|
4.6
|
0.2
|
|||||||||||||||
Warehousing Operations
|
(31.6
|
)
|
(44.6
|
)
|
(48.1
|
)
|
(51.4
|
)
|
(38.3
|
)
|
||||||||||
Shared corporate costs
|
(214.6
|
)
|
(201.8
|
)
|
(205.2
|
)
|
(180.3
|
)
|
(205.4
|
)
|
||||||||||
Total
|
$
|
(177.9
|
)
|
$
|
37.9
|
$
|
274.2
|
$
|
70.6
|
$
|
315.0
|
|||||||||
OTHER INCOME (EXPENSE):
|
||||||||||||||||||||
Gain from loss of control of TMM DM
|
$
|
3,458.5
|
-
|
-
|
-
|
-
|
||||||||||||||
Proceeds from the sale of fixed assets
|
-
|
56.5
|
-
|
-
|
-
|
|||||||||||||||
Proceeds from the sale of subsidiaries
|
(273.0
|
)
|
-
|
185.3
|
358.1
|
8.1
|
||||||||||||||
Cancellation of provisions
|
-
|
2.1
|
5.9
|
16.7
|
9.8
|
|||||||||||||||
Reserve for prepayment and arbitration expenses
|
-
|
-
|
-
|
-
|
(13.1
|
)
|
||||||||||||||
Taxes recovered, net of expenses incurred
|
43.9
|
-
|
-
|
-
|
42.0
|
|||||||||||||||
Other – Net
|
(11.7
|
)
|
(5.8
|
)
|
(4.2
|
)
|
(7.8
|
)
|
17.2
|
|||||||||||
Total
|
$
|
3,217.7
|
$
|
52.8
|
$
|
187.0
|
$
|
367.0
|
$
|
64.0
|
(a) |
Maritime Operations primarily consist of offshore vessels, product tankers, parcel tankers, tugboats and shipyard operations.
|
(b) |
Logistics Operations consist of container maintenance and repair, automotive services and intermodal terminal operations.
|
(c) |
Ports and Terminals Operations consist of a port in Acapulco, Mexico, a terminal at Tuxpan, Mexico, loading and unloading operations at the port of Tampico, Mexico, and the operation of shipping agencies at various ports in Mexico.
|
(d) |
Warehousing Operations consist of warehousing and bonded warehousing facility management services and are conducted through our subsidiary, Almacenadora de Depósito Moderno, S.A. de C.V. Auxiliary Credit Organization (“ADEMSA”).
|
(e) |
Represents certain new businesses which are in the development process.
|
(f) |
Income on Transportation includes loss on revaluation of vessels in 2017, 2016 and 2015 of $39.3 million, $16.2 million, and $29.4 million, respectively.
|
Exchange Rates
|
||||||||||||||||
Year Ended December 31,
|
High(1)
|
Low(1)
|
Average(2)
|
End of
Year(3)
|
||||||||||||
2013
|
13.44
|
11.98
|
12.76
|
13.07
|
||||||||||||
2014
|
14.79
|
12.85
|
13.30
|
14.73
|
||||||||||||
2015
|
17.38
|
14.56
|
15.87
|
17.34
|
||||||||||||
2016
|
21.05
|
17.18
|
18.67
|
20.66
|
||||||||||||
2017
|
21.91
|
17.49
|
18.93
|
19.74
|
Exchange Rates
|
||||||||||||||||
Monthly,
|
High(4)
|
Low(4)
|
Average(5)
|
End of Month(6)
|
||||||||||||
Year 2017 and 2018
|
||||||||||||||||
November 2017
|
19.23
|
18.52
|
18.99
|
18.58
|
||||||||||||
December 2017
|
19.79
|
18.62
|
19.10
|
19.74
|
||||||||||||
January 2018
|
19.66
|
18.47
|
18.95
|
18.69
|
||||||||||||
February 2018
|
18.88
|
18.40
|
18.62
|
18.79
|
||||||||||||
March 2018
|
18.89
|
18.33
|
18.65
|
18.34
|
||||||||||||
April 2018 (7)
|
19.05
|
17.98
|
18.32
|
19.05
|
(1) |
The highest and lowest of the Noon Buying Rates for the Peso per U.S. dollar reported by Banco de México on the last business day of each month during the relevant year.
|
(2) |
The average of the Noon Buying Rates on the last day of each month during the relevant year.
|
(3) |
The Noon Buying Rates on the last day of each relevant year.
|
(4) |
The highest and lowest of the Noon Buying Rates of each day in the relevant month.
|
(5) |
The average of the Noon Buying Rates of each day in the relevant month.
|
(6) |
The Noon Buying Rates on the last day of each relevant month.
|
(7) |
Through April 25, 2018.
|
§ |
limiting cash flow available for capital expenditures, acquisitions, working capital and other general corporate purposes because a substantial portion of our cash flow from operations must be dedicated to servicing debt;
|
§ |
increasing our vulnerability to a downturn in economic or industry conditions;
|
§ |
exposing us to risks inherent in interest rate fluctuations because future borrowings may be at interest rates that are higher than current rates, which could result in higher interest expenses;
|
§ |
limiting our flexibility in planning for, or reacting to, competitive and other changes in our business;
|
§ |
placing us at a competitive disadvantage compared to our competitors that have less debt and greater operating and financing flexibility than we do;
|
§ |
limiting our ability to engage in activities that may be in our long-term best interest; and
|
§ |
limiting our ability to borrow additional money to fund our working capital and capital expenditures or to refinance our existing indebtedness, or to enable us to fund the acquisitions contemplated in our business plan.
|
§ |
incur additional indebtedness;
|
§ |
create or suffer to exist liens;
|
§ |
prepay certain debt;
|
§ |
make certain restricted payments, including the payment of dividends;
|
§ |
carry out certain investments;
|
§ |
engage in certain transactions with shareholders and affiliates;
|
§ |
use assets as security in other transactions;
|
§ |
issue guarantees to third parties;
|
§ |
sell assets; and
|
§ |
engage in certain mergers and consolidations or in sale-leaseback transactions.
|
§ |
the continued identification, evaluation and participation in niche markets;
|
§ |
the identification of joint venture opportunities or acquisition candidates;
|
§ |
our ability to enter into acquisitions on favorable terms;
|
§ |
our ability to finance any expansion of our business;
|
§ |
our ability to hire and train qualified personnel, and to maintain our existing managerial base;
|
§ |
the successful integration of any acquired businesses with our existing operations; and
|
§ |
our ability to manage expansion effectively and to obtain required financing.
|
§ |
prevailing economic conditions in the market;
|
§ |
a substantial or extended decline in world trade;
|
§ |
increases in the supply of vessel capacity;
|
§ |
prevailing charter rates; and
|
§ |
the cost of retrofitting or modifying existing ships, as a result of technological advances in vessel design or equipment, changes in applicable environmental or other regulations or standards, or otherwise.
|
§ |
supply and demand for products suitable for shipping by vessels;
|
§ |
changes in global production of products transported by vessels;
|
§ |
the distance cargo products are to be moved by sea;
|
§ |
the globalization of manufacturing;
|
§ |
global and regional economic and political conditions;
|
§ |
changes in seaborne and other transportation patterns, including changes in the distances over which cargoes are transported;
|
§ |
environmental and other regulatory developments;
|
§ |
technological advancements;
|
§ |
currency exchange rates; and
|
§ |
weather.
|
§ |
the number of newbuilding deliveries;
|
§ |
the scrapping rate of similar vessels;
|
§ |
the price of steel and other raw materials;
|
§ |
changes in environmental and other regulations that may limit the useful life of vessels;
|
§ |
the number of vessels that are out of service; and
|
§ |
port congestion.
|
§ |
shipping industry relationships and reputation for customer service and safety;
|
§ |
shipping experience and quality of ship operations (including cost effectiveness);
|
§ |
quality and experience of seafaring crew;
|
§ |
the ability to finance vessels at competitive rates and financial stability in general;
|
§ |
relationships with shipyards and the ability to get suitable berths;
|
§ |
relationships with ship owners and the ability to obtain suitable second-hand vessels;
|
§ |
construction management experience, including the ability to obtain on-time delivery of new ships according to customer specifications;
|
§ |
willingness to accept operational risks pursuant to the charter, such as allowing termination of the charter for force majeure events, among others; and
|
§ |
competitiveness of the bid in terms of overall price.
|
§ |
significant governmental influence over local economies;
|
§ |
substantial fluctuations in economic growth;
|
§ |
high levels of inflation;
|
§ |
changes in currency values;
|
§ |
exchange controls or restrictions on expatriation of earnings;
|
§ |
high domestic interest rates;
|
§ |
wage and price controls;
|
§ |
changes in governmental economic or tax policies;
|
§ |
imposition of trade barriers;
|
§ |
unexpected changes in regulation; and
|
§ |
overall political, social and economic instability.
|
1 |
The Banco de Mexico Consensus Board comprises 35 groups of private and international analysts and consultants specialized in the Mexican and international economies.
|
2013
|
3.97
|
%
|
||
2014
|
4.08
|
%
|
||
2015
|
2.13
|
%
|
||
2016
|
3.36
|
%
|
||
2017
|
6.77
|
%
|
||
2018 (last twelve months ended March 31)
|
5.04
|
%
|
§ |
our revenues, cash flows and profitability;
|
§ |
the fair market value and profitability of our vessels;
|
§ |
our ability to maintain or increase our borrowing capacity;
|
§ |
or ability to obtain additional capital to finance our business and make acquisitions, and the cost of that capital;
|
§ |
the collectability of our receivables; and
|
§ |
our ability to retain skilled personnel whom we would need in the event of an upturn in the demand for our services.
|
Spot price of Mexican crude oil
|
||||||||||||||||
Year Ended December 31,
|
High(1)
|
Low(1)
|
Average(2)
|
End of
Year(3)
|
||||||||||||
2013
|
110.42
|
88.58
|
98.5
|
92.51
|
||||||||||||
2014
|
102.41
|
45.45
|
87.66
|
45.45
|
||||||||||||
2015
|
59.45
|
26.54
|
44.70
|
29.80
|
||||||||||||
2016
|
46.53
|
18.90
|
35.86
|
46.30
|
||||||||||||
2017
|
56.19
|
39.20
|
46.36
|
56.19
|
Spot price of Mexican crude oil
|
||||||||||||||||
Monthly,
|
High(4)
|
Low(4)
|
Average(5)
|
End of Month(6)
|
||||||||||||
Year 2018
|
||||||||||||||||
January
|
59.75
|
56.72
|
58.53
|
58.39
|
||||||||||||
February
|
59.44
|
53.20
|
55.95
|
55.59
|
||||||||||||
March
|
58.30
|
53.94
|
55.80
|
56.44
|
||||||||||||
April (7)
|
55.39
|
54.66
|
55.08
|
54.66
|
(1) |
The highest and lowest spot price of Mexican crude oil in U.S. dollars reported by Banco de México on the last business day of each month during the relevant year.
|
(2) |
The average spot prices during the relevant year.
|
(3) |
The spot price on the last day of each relevant year.
|
(4) |
The highest and lowest spot price in the relevant month.
|
(5) |
The average spot price of each day in the relevant month.
|
(6) |
The spot price on the last day of each relevant month.
|
(7) |
Through April 6, 2018.
|
Consolidated Transportation Revenues
(in millions of Pesos)
Years Ended December 31,
|
||||||||||||
2017
|
2016
|
2015
|
||||||||||
Maritime Operations
|
$
|
1,951.3
|
$
|
2,167.6
|
$
|
2,770.9
|
||||||
Ports and Terminals Operations
|
134.2
|
116.7
|
114.2
|
|||||||||
Logistics Operations
|
229.5
|
190.9
|
169.7
|
|||||||||
Warehousing Operations
|
149.9
|
126.1
|
133.1
|
|||||||||
Other Business
|
-
|
46.2
|
74.0
|
|||||||||
Total
|
$
|
2,464.9
|
$
|
2,647.5
|
$
|
3,261.9
|
Foreign Trade 2015-2017(a)
|
||||||||||||
As of December 31,
(in millions of Dollars)
|
||||||||||||
2017
|
2016
|
2015
|
||||||||||
Total Exports
|
US$409,494
|
US$373,939
|
US$380,550
|
|||||||||
Total Imports
|
US$420,369
|
US$387,064
|
US$395,232
|
|||||||||
Total Trade Flows
|
US$829,863
|
US$761,004
|
US$775,782
|
|||||||||
Growth Rate—Exports
|
9.5
|
%
|
(1.7
|
)%
|
(4.1
|
)%
|
||||||
Growth Rate—Imports
|
8.6
|
%
|
(2.1
|
)%
|
(1.2
|
)%
|
||||||
Growth Rate—Total
|
9.0
|
%
|
(1.9
|
)%
|
(2.6
|
)%
|
||||||
Growth Rate—GDP(b)
|
2.0
|
%
|
2.9
|
%
|
3.3
|
%
|
(a) |
The figures include the in-bound (maquiladora) industry.
|
(b) |
The methodology for calculating Growth Rate-GDP was modified by the Instituto Nacional de Estadistica, Geografia e Informatica (INEGI) and is based on 2013 prices.
|
§ |
In December 2017, we restructured our Maritime Operations to decrease our consolidated debt and improve our debt profile by transferring 85% of the shares of our wholly owned subsidiary, TMM DM, an owner and operator of supply vessels, tankers and tugboats, to the holders of certificates issued by TMM DM under our Trust Certificates Program. As a result of the transfer, we no longer exercise control over TMM DM and our financial statements no longer include TMM DM’s assets, liabilities, and income (loss). This should allow us to reduce our comprehensive financing cost by approximately 90%, improving our debt to capital ratio and providing us with greater free cash flow. Going forward, we will continue to operate TMM DM’s vessel fleet pursuant to a maritime services contract under which we will be paid a service fee based on the revenues generated by the vessels and their operating costs. The contract does not include a non-compete restriction, allowing us to continue our efforts to expand our existing fleet and develop new maritime business.
|
§ |
We have expanded the customer base of our Maritime Operations, resulting in better operating margins while strengthening our market position.
|
§ |
In August 2016, we announced a venture with TransCanada and Sierra Oil & Gas to jointly develop a refined products storage, transportation, and distribution infrastructure to serve the growing demand for refined products such as gasoline, diesel and jet fuel from Tuxpan, Veracruz to the central region of Mexico.
|
§ |
In November 2016, we acquired a new generation harbor tug vessel, the “TMM Colima”, with azimuthal propulsion, from the Dutch shipyard Damen Shipyards Group. The vessel officially commenced operations on December 30, 2016 at the port of Manzanillo, where we have been an authorized concessionaire since 1997. This vessel was acquired to enhance our fleet of vessels in response to the entry of a new competitor at the port of Manzanillo.
|
§ |
In August 2016, our subsidiary TTM authorized the issuance of up to $4,600 million of Convertible Debentures to holders of Company debt under the Trust Certificates Program. The Convertible Debentures allowed us to capitalize the debt held by trust certificate holders through the mandatory conversion of the debentures into shares of the Company over a 10-year period. On December 4, 2017, we and the holders agreed to terminate the Convertible Debentures program. Termination of the program extinguished our liability in respect of the debentures, and did not result in any gain or loss to the Company. See Note 18 of the accompanying Audited Consolidated Financial Statements.
|
§ |
The Company continues the strategic plan to offset some of the instability in the oil industry which included the following actions: (i) reduction of costs and SG&A expenses, (ii) establishment of an early payment program (the “supply chain program”) through Nacional Financiera, S.N.C., reducing liquidity risk and the effect of payment delays which may result from recent changes in PEMEX’s payment policies and, (iii) of customer diversification.
|
§ |
In the third quarter of 2013, we sold the ground transportation businesses (trucking and autohauling) in our Logistics Operations. In addition, in 2014 we agreed to sell our container terminal project in Tuxpan. With these sales, we continue our efforts to focus on our profitable businesses.
|
§ |
With respect to our liabilities, in addition to continuing to service our debt obligations and improving our debt profile through the TMM DM spin off in 2017, in 2016 we partially prepaid our indebtedness to DVB Bank SE (formerly DVB Bank AG), and in 2017, we restructured the payment schedule, extending the maturity for one more year to June 2018.
|
§ |
We are one of the largest and leading Mexican owned and operated maritime and logistics companies in Mexico.
|
§ |
We have a demonstrated ability to contract vessels with limited disruptions.
|
§ |
The Mexican Navigation Law requires that Mexican flag carriers receive preferential treatment.
|
§ |
We are poised to grow along with the energy sector.
|
§ |
We have extensive and proven experience in ports, terminals and integrated services, such as yards operations, vessels and intermodal equipment maintenance and repair, warehousing.
|
§ |
Our operations in Tuxpan, Veracruz are in a prime location to capitalize on the growth of trade via the Gulf of Mexico.
|
Vessel Type
|
Number of
Vessels
|
Total Dead
Weight Tons
(in thousands)
|
Total Cubic
Meter Capacity
(in thousands)
|
BHP(*)
|
||||||||||||
Offshore vessels
|
26
|
34.4
|
**
|
5,389
|
||||||||||||
Product tankers
|
4
|
186.7
|
204.9
|
**
|
||||||||||||
Parcel tankers
|
3
|
41.1
|
45.0
|
**
|
|
|||||||||||
Tugboats
|
6
|
2.6
|
**
|
4,964
|
||||||||||||
Total
|
39
|
264.8
|
249.9
|
* |
Average Brake Horse Power.
|
** |
Not applicable.
|
Vessel
|
Year
|
Flag
|
DWT(1)
|
LOA(2)(m)(3)
|
Beam (m)
|
BHP
|
Charterer
|
|||||||
*Eco III
|
2008
|
Mexico
|
10,306
|
117.0
|
21.0
|
3,618
|
-
|
|||||||
*Isla Arboleda
|
2002
|
Mexico
|
417
|
46.0
|
8.0
|
5,400
|
-
|
|||||||
*Isla Arcas
|
2001
|
Mexico
|
224
|
50.3
|
9.1
|
7,200
|
-
|
|||||||
Margot Marianne
|
1988
|
Mexico
|
320
|
39.6
|
7.9
|
2,100
|
-
|
|||||||
*Isla Azteca
|
1998
|
Mexico
|
1,000
|
61.9
|
14.0
|
3,900
|
-
|
|||||||
*Isla Blanca
|
2008
|
Mexico
|
480
|
49.4
|
11.0
|
1,700
|
PEP
|
|||||||
*Isla Ciari
|
2009
|
Mexico
|
480
|
49.4
|
11.0
|
1,700
|
PEP
|
|||||||
Isla Colorada
|
2001
|
Mexico
|
540
|
44.0
|
11.0
|
1,700
|
-
|
|||||||
*Isla Creciente
|
2002
|
Mexico
|
357
|
42.7
|
9.0
|
6,750
|
-
|
|||||||
*Isla de Cedros
|
1999
|
Mexico
|
2,000
|
67.0
|
14.9
|
8,000
|
PEP
|
|||||||
*Isla San Jose
|
2006
|
Mexico
|
1,660
|
68.0
|
16.0
|
12,240
|
CASHMAN
|
|||||||
*Isla Grande
|
2004
|
Mexico
|
2,800
|
75.0
|
16.0
|
12,000
|
CASHMAN
|
|||||||
*Isla Guadalupe
|
1998
|
Mexico
|
1,598
|
61.0
|
13.8
|
5,300
|
-
|
|||||||
*Isla Janitzio
|
2008 |
Mexico
|
480 | 49.3 | 11.0 | 1,700 | PEP |
Vessel
|
Year
|
Flag
|
DWT(1)
|
LOA(2)(m)(3)
|
Beam (m)
|
BHP
|
Charterer
|
|||||||
*Isla León
|
2008
|
Mexico
|
1,350
|
63.4
|
15.6
|
6,500
|
-
|
|||||||
*Isla Miramar
|
2000
|
Mexico
|
255
|
48.8
|
9.1
|
6,750
|
PEP
|
|||||||
*Isla Monserrat
|
2007
|
Mexico
|
3,250
|
71.9
|
16.0
|
5,450
|
PEP
|
|||||||
Isla Passavera
|
1979
|
Mexico
|
293
|
32.0
|
7.3
|
2,100
|
-
|
|||||||
*Isla Pelicano
|
1984
|
Mexico
|
1,200
|
59.2
|
12.1
|
6,140
|
-
|
|||||||
*Isla San Gabriel
|
2009
|
Mexico
|
369
|
55.6
|
10.4
|
7,200
|
PEP
|
|||||||
*Isla San Ignacio
|
2009
|
Mexico
|
488
|
50.0
|
11.0
|
7,200
|
-
|
|||||||
*Isla San Luis
|
2009
|
Mexico
|
381
|
55.5
|
10.4
|
7,200
|
-
|
|||||||
*Isla Santa Cruz
|
2008
|
Mexico
|
1,900
|
63.4
|
15.8
|
6,800
|
-
|
|||||||
*Isla Verde
|
2001
|
Mexico
|
540
|
44.0
|
11.0
|
1,700
|
PEP
|
|||||||
Subsea 88
|
2010
|
Mexico
|
1,115
|
55.0
|
13.8
|
2,574
|
PEP
|
|||||||
*Isla San Diego
|
2009
|
Mexico
|
552
|
55.2
|
10.4
|
7,200
|
-
|
(1) |
Dead weight tons.
|
(2) |
Overall length.
|
(3) |
Meters.
|
* |
TMM DM vessel.
|
Vessel
|
Year
|
Flag
|
Hull
|
DWT(1)
|
LOA(3)(m)(4)
|
Beam (m)
|
Charterer
|
|||||||
*Veracruz (formerly Amatlan II)
|
2002
|
Mexico
|
DH(2)
|
45,467
|
189
|
32
|
PMI
|
|||||||
*Tajin
|
2003
|
Mexico
|
DH(2)
|
47,147
|
183
|
32
|
PDVSA
|
|||||||
*Tula
|
2005
|
Mexico
|
DH(2)
|
46,911
|
183
|
32
|
PMI
|
|||||||
*Durango (formerly Tulum)
|
2000
|
Mexico
|
DH(2)
|
47,131
|
183
|
32
|
PMI
|
(1) |
Dead weight tons.
|
(2) |
Double hull.
|
(3) |
Overall length.
|
(4) |
Meters.
|
* |
TMM DM vessel.
|
Vessel
|
Flag
|
Year
|
LOA
|
Beam
|
Draft
|
DWT(1)
|
Capacity M3
Total
|
|||||||
(m)(2)
|
(m)
|
(m)
|
||||||||||||
Olmeca
|
Marshall Islands
|
2003
|
130.0
|
22.4
|
12.0
|
15,472
|
16,800
|
|||||||
Maya
|
Marshall Islands
|
2003
|
123.0
|
20.0
|
8.7
|
12,452
|
14,102
|
|||||||
CB Houston
|
Marshall Islands
|
2003
|
128.6
|
20.4
|
8.7
|
13,158
|
14,106
|
|||||||
Total
|
41,082
|
45,008
|
(1) |
Dead weight tons.
|
(2) |
Meters.
|
§ |
expectations as to future oil and gas commodity prices;
|
§ |
customer assessments of offshore drilling prospects compared to land-based opportunities;
|
§ |
customer assessments of cost, geological opportunity and political stability in host countries;
|
§ |
worldwide demand for oil and natural gas;
|
§ |
the ability of the Organization of Petroleum Exporting Countries (“OPEC”) to set and maintain production levels and pricing;
|
§ |
the level of production of non-OPEC countries;
|
§ |
the relative exchange rates for the U.S. dollar; and
|
§ |
various government policies regarding exploration and development of their oil and gas reserves.
|
Port
|
Concession
|
Date Awarded
|
Duration
|
Acapulco
|
Integral port administration
|
June 20, 1996
|
25 years (with the possibility of extension)
|
Tuxpan
|
Stevedoring Services
|
August 4, 1999
|
20 years (includes extension for 10 years that was exercised in 2009).
|
Tampico
|
Permit for loading and unloading operations
|
October 30, 2017
|
1 year
|
Business
|
Partner
|
Ports (Acapulco)
|
SSA Mexico, Inc.
|
Terminals (Tuxpan)
|
TransCanada and Sierra Oil & Gas
|
§ |
customary provisions enabling authorities to carry out inspections of vessels and investigations of incidents;
|
§ |
regulations concerning registration of vessels and waivers allowing Mexican companies to operate foreign flag vessels in otherwise reserved domains;
|
§ |
foreign vessels are obliged to designate a shipping agent in order to call at Mexican ports;
|
§ |
Mexican flag vessels are required to operate with Mexican crews only and cabotage is in principle reserved for Mexican vessels;
|
§ |
when a foreign vessel is abandoned by the owners with cargo on board, provisions of the legislation coordinate repatriation and temporary maintenance of the crew which the law deems ultimately to be the joint and several liability of the owner and agent;
|
§ |
the carriage of passengers, cargo and towage in ports and pilotage are also regulated;
|
§ |
captains are responsible for damage and loss caused to vessels or ports due to negligence, lack of proper qualification, carelessness or bad faith, but are not responsible for damages caused by an act of God or force majeure;
|
§ |
companies providing towage services must carry insurance to cover their liabilities to the satisfaction of the authorities;
|
§ |
pollution is regulated by international treaties; however this only covers CLC-type liabilities. Pollution in respect of other substances is dealt with under local legislation which has no limitation. This is irrespective of any criminal proceedings or sanctions against the party responsible for the incident; and
|
§ |
maritime privileges are also considered within the law.
|
§ |
bareboat charter;
|
§ |
time charter;
|
§ |
voyage charter;
|
§ |
carriage of goods;
|
§ |
passengers;
|
§ |
salvage; and
|
§ |
towage.
|
§ |
general provisions (definitions, guarantees, and maritime insurance);
|
§ |
extraordinary specialization of vessels, registration, national maritime registry, maritime agents and nautical education;
|
§ |
temporary navigation permits and permits for permanent stay, maneuver, nautical tourism and pollution prevention; and
|
§ |
revisions to conform hydrocarbons terminology to the new Hydrocarbons Law.
|
§ |
providing for PEMEX and CFE to become state-owned, for-profit companies (empresas productivas del estado);
|
§ |
establishing a contractual regime to allow the Ministry of Energy (Secretaría de Energía or SENER), with the technical assistance of the new National Hydrocarbons Commission (Comisión Nacional de Hidrocarburos or CNH), to award to PEMEX and private entities the right to participate in upstream oil and gas operations through the use of service contracts, profit-sharing agreements, production sharing agreements and license agreements, with the Ministry of Energy authorized to determine the best contractual form in each case so as to maximize revenue to the Mexican government;
|
§ |
allowing private entities that have entered into a contract with PEMEX or the Mexican government to report, for accounting and financial purposes, the awarding of the contract, the related oil and gas reserves and the contract’s forecasted benefits, provided the private entities affirm that all oil and gas within the subsoil remains the property of Mexico;
|
§ |
requiring PEMEX to participate in a “round zero” and submit to SENER for consideration a list of the areas where it intends to continue conducting exploration or production operations pursuant to the new contractual regime, establish that it has the technical, financial and execution capabilities needed to explore for and develop the oil and gas from those areas in an efficient and competitive manner, and provide a work program and budget for those areas;
|
§ |
allowing PEMEX to transfer its rights to explore for and develop oil and gas resources to private entities upon application to SENER;
|
§ |
allowing the Energy Regulatory Comission (Comisión Reguladora de Energia) to grant permits for the storage, transport and distribution of oil and gas through pipelines as well as for the generation and commercialization of electricity;
|
§ |
creating the Mexican Petroleum Fund for Stabilization and Development (Fondo Mexicano del Petróleo para la Estabilización y el Desarollo) to act as a government trust fund for the collection and administration of income received by the Mexican government from contracts with PEMEX and private entities; and
|
§ |
creating the National Agency of Industrial Security and Environmental Protection of the Hydrocarbon Sector (Agencia Nacional de Seguridad Industrial y de Proteccion al Medio Ambiente del Sector de Hidrocarburos) to regulate and supervise matters concerning operational security and environmental protection in the oil and gas industry.
|
§ |
Elimination of the corporate flat tax (IETU) and the tax on cash deposits (IDE);
|
§ |
Elimination of the existing fiscal tax consolidation regime. A transition scheme was established for taxpayers that previously operated under this regime and three alternatives have been established to calculate the deferred taxes for these taxpayers until December 31, 2013, which will be paid through partial payments made over the following five years;
|
§ |
Establishment of a new optional tax integration regime for groups of companies that meet certain conditions similar to those used under the former fiscal consolidation regime. The new optional tax integration regime requires an equity ownership of at least 80% for qualifying subsidiaries and would allow groups of companies to defer the annual tax payment for these subsidiaries for up to 3 years. Under this regime, Grupo TMM would not be permitted to incorporate tax losses from previous years generated by our subsidiaries, but would be permitted to incorporate tax losses generated as of January 1, 2014;
|
§ |
Introduction of a new 10% withholding tax on dividends and/or distributions of earnings generated in 2014 and later years;
|
§ |
Elimination of the exemption on gains from the sale of shares traded on the Mexican Stock Exchange or through a stock exchange recognized under applicable Mexican tax law. The gain will be taxable at the rate of 10% and will be withheld by the financial intermediary. Transferors that are residents of a country with which Mexico has entered into a tax treaty for the avoidance of double taxation may be exempt. See “Item 10. Additional Information—United States Federal Income and Mexican Federal Taxation —Certain Mexican Federal Tax Consequences.”
|
§ |
Cancellation of scheduled decreases to the corporate income tax rate from its current 30% in 2013, 2014 and 2015;
|
§ |
Payments to resident or non-resident related parties are nondeductible when these are also deducted by the related party, except when the related party also regards the income as taxable in the same tax year or in the following year. Generally, payments made to non-residents located in a low tax jurisdiction will not be deductible unless they are carried out on an arm’s-length basis; and
|
§ |
Tax deductions on exempt payments to employees are limited to 47% of the exempt payments, subject to a potential increase to 53% where the exempt payments are not lower than the payments made to employees in the previous year.
|
Name
|
Country of
Incorporation
|
Ownership
Interest
|
Voting
Interest
|
|||||||
Administración Portuaria Integral de Acapulco S.A. de C.V. (Ports)*
|
Mexico
|
51
|
%
|
51
|
%
|
|||||
Autotransportación y Distribución Logística, S.A. de C.V.(Logistics)
|
Mexico
|
100
|
%
|
100
|
%
|
|||||
TMM Logistics, S.A. de C.V.(Logistics)
|
Mexico
|
100
|
%
|
100
|
%
|
|||||
Transportación Marítima Mexicana, S.A. de C.V. (Product and parcel tankers, offshore vessels, harbor tugboat operations, and shipping agencies)
|
Mexico
|
100
|
%
|
100
|
%
|
|||||
Prestadora de Servicios MTR, S.A. de C.V. (Ports)
|
Mexico
|
100
|
%
|
100
|
%
|
|||||
Operadora Portuaria de Tuxpan, S.A. de C.V. (Ports)
|
Mexico
|
100
|
%
|
100
|
%
|
|||||
Optimus Services and Solutions, S. de R.L. de C.V. (Ports)*
|
Mexico
|
50
|
%
|
50
|
%
|
|||||
TMM Parcel Tankers, S. A. de C. V. (Tanker vessels)
|
Mexico
|
100
|
%
|
100
|
%
|
|||||
Almacenadora de Deposito Moderno, S. A. de C. V. (Warehousing)
|
Mexico
|
100
|
%
|
100
|
%
|
|||||
Inmobiliaria Dos Naciones, S. R. L. de C. V. (Shipyard)
|
Mexico
|
100
|
%
|
100
|
%
|
(*) |
Less than wholly owned by the Company.
|
Years Ended December 31,
|
||||||||||||
2017
|
2016
|
Estimated
Amortization
Life
(Years)
|
||||||||||
(in thousands of Pesos)
|
||||||||||||
API Acapulco
|
$
|
94,607
|
$
|
94,607
|
9
|
|||||||
Tugboats in the port of Manzanillo
|
30,266
|
30,266
|
*
|
|||||||||
124,873
|
124,873
|
|||||||||||
Accumulated amortization
|
(111,629
|
)
|
(107,844
|
)
|
||||||||
Concession rights and related assets – net
|
$
|
13,244
|
$
|
17,029
|
Years Ended December 31,
|
||||||||||||
2017
|
2016
|
Estimated Total
Useful Lives
(Years)
|
||||||||||
(in thousands of Pesos)
|
||||||||||||
Vessels
|
$
|
1,118,250
|
$
|
8,028,276
|
25
|
|||||||
Shipyard
|
318
|
363
|
40
|
|||||||||
Drydocks (major vessel repairs)
|
12,608
|
4,457
|
2.5
|
|||||||||
Buildings and installations
|
242,204
|
253,396
|
20 and 25
|
|||||||||
Warehousing equipment
|
647
|
1,242
|
10
|
|||||||||
Computer equipment
|
556
|
794
|
1 and 2
|
|||||||||
Terminal equipment
|
6,885
|
3,319
|
8
|
|||||||||
Ground transportation equipment
|
3,751
|
4,203
|
4, 5 and 10
|
|||||||||
Other equipment
|
7,641
|
9,556
|
||||||||||
$
|
1,392,860
|
$
|
8,305,606
|
|||||||||
Land
|
1,184,427
|
1,060,661
|
||||||||||
Construction in progress
|
46,248
|
198,605
|
||||||||||
Total Property, Vessels and Equipment—net
|
$
|
2,623,535
|
$
|
9,564,872
|
§ |
Corporate restructuring to improve our debt profile. In December 2017, we restructured our Maritime Operations to decrease our consolidated debt and improve our debt profile by transferring 85% of the shares of our wholly owned subsidiary, TMM DM, an owner and operator of supply vessels, tankers and tugboats, to the holders of certificates issued by TMM DM under our Trust Certificates Program. As a result of the transfer, we no longer exercise control over TMM DM and our financial statements no longer include TMM DM’s assets, liabilities, and income (loss). This should allow us to reduce our comprehensive financing cost by approximately 90%, improving our debt to capital ratio and providing us with greater free cash flow. Going forward, we will continue to operate TMM DM’s vessel fleet pursuant to a maritime services contract under which we will be paid a service fee based on the revenues generated by the vessels and their operating costs. The contract does not include a non-compete restriction, allowing us to continue our efforts to expand our existing fleet and develop new maritime business. See Item 4. “Information on the Company — Recent Developments – Spin-off of TMM DM.”
|
§ |
Expanding our Maritime Operations: We have strengthened and streamlined our Maritime Operations in recent years, developing the business into our most profitable segment. We remain focused on expanding our Maritime Operations to add specialized vessels to our fleet in order to meet market requirements for new generation vessels with higher-rated and deeper-water capabilities as well as to strengthen our tugboat business following the entry of a new competitor at Manzanillo. In addition, we have continued our efforts to diversify our customer base in the product tankers and offshore vessels segments, as well as implemented a strategic cost reduction plan to offset some of the instability in the oil industry. See Item 4. “Information on the Company — Business Strategy – Expansion of our Maritime Operations.”
|
§ |
Developing our shipyard operations in the port of Tampico: We continue to develop our shipyard operations in the port of Tampico, where we provide ship repair and drydock services to more than 30 vessels per year, of which approximately 42% have been vessels we operate, which has reduced our vessel maintenance and repair costs. In the long term, we expect to have the capacity to be able to build vessels at the shipyard, enabling us to compete to satisfy the expected demands of PEMEX and future customers for new offshore vessels. See Item 4. “Information on the Company — Business Strategy – Expansion of our Maritime Operations.”
|
§ |
Commencement of bulk carrier service: In August 2017, we started to transport unpackaged commodities such as steel between South America, the Caribbean and Mexico in specialized ships called bulk carrier vessels. See Item 4. “Information on the Company — Recent Developments – Commencement of Bulk Carrier Service.”
|
§ |
Developing a liquid oils terminal at the port of Tuxpan: We continue developing storage and transportation infrastructure through our strategic partners, TransCanada and Sierra Oil & Gas, to serve the growing demand for refined products from Tuxpan to the central region of Mexico. The Mexican Energy Reforms include refined products liberalization, which should result in new mid-stream infrastructure to meet the demand for gasoline and diesel imports. The liquid oils terminal should help us capitalize on current and future demand for gasoline and diesel imports, which currently account for more than 55% of domestic consumption. See Item 4. “Information on the Company — Business Strategy – Expansion of our Ports and Terminals Operations.”
|
§ |
Developing other terminals: We continue to own approximately 720 hectares in Tuxpan through our wholly owned subsidiary, Prestadora de Servicios MTR, S.A. de C.V., on which we are developing a citrus juice export terminal and an automobile terminal. We also own a plot of land in Huehuetoca in the State of Mexico on which we plan to develop a liquid oil terminal.
|
§ |
Reducing our corporate overhead: Over the last few years, we have significantly reduced our operating costs by reducing our corporate executive headcount through the elimination of redundant functions and the transfer of certain employees to other business areas within the Company. For 2018, and as result of our corporate restructuring which took place in December 2017, we aim to optimize the size of our corporate staff as necessary to implement our business strategy.
|
§ |
Introducing cost-saving technology: We have enhanced our technology and information systems through the incorporation of TMM Integral Solutions as our new platform that will allow us leverage our capabilities for controlling and improve our service offerings and increase the security of our information. See Item 4. “Information on the Company — Systems and Technology.”
|
§ |
Sale of certain subsidiaries: We have sold certain non-strategic subsidiaries in an effort to streamline our operations and reduce operating costs. During 2015, we sold various non-strategic subsidiaries, including Desarrollo Comercial Polo S.A.P.I. de C.V., Proserpec Servicios Administrativos S.A.P.I. de C.V., RRLC S.A.P.I. de C.V., Munray Services, S.A.P.I. de C.V., Nicte Inmobiliaria S.A.P.I. de C.V., Promotora Satuiza, S.A.P.I. de C.V. and Grupo Chant S.A.P.I. de C.V. to unrelated third parties for a total gain on sale of $185.3 million. During 2016 we did not sell any subsidiaries. During 2017, we sold various non-strategic subsidiaries, including Dibacar Servicios, S.A.P.I. de C.V., Darcot Services, S.A. de C.V., Logística Asociada a su Negocio, S.A. de C.V., STK Logistics, S.A. de C.V., Logística en Administración y Construcciones EDAC, S.A. de C.V. to unrelated third parties for a total loss on sale of $273.0 million.
|
§ |
Acquisition of TTM and termination of Convertible Debenture program: On September 14, 2016, in connection with the corporate restructuring approved by the Company’s shareholders, the Company acquired 100% of the stock of TTM. The terms of the stock purchase agreement provided for the Company’s subsequent acquisition by, and merger into, TTM as approved at the August 31, 2016 Extraordinary Shareholders’ Meeting, subject to the condition precedent that the merger be declared effective by no later than April 14, 2017. Because that merger did not take effect, under the terms of the stock purchase agreement TTM became a wholly owned subsidiary of the Company effective September 14, 2016. Subsequently, on December 4, 2017, the Company and the holders agreed to terminate the Convertible Debenture program implemented in connection with the restructuring. Termination of the Convertible Debenture program extinguished any further liability of the Company in respect of the Convertible Debentures, and did not result in any gain or loss to the Company. See Item 4. “Information on the Company — Recent Developments — Corporate Restructuring, Issuance and Cancellation of Convertible Debentures” and “Information on the Company — Recent Developments — Acquisition of TTM.”
|
Year Ended December 31,
|
||||||||||||
2017
|
2016
|
2015
|
||||||||||
(in millions of Pesos)
|
||||||||||||
Consolidated Transportation Revenues
|
||||||||||||
Maritime Operations
|
$
|
1,951.3
|
$
|
2,167.6
|
$
|
2,770.9
|
||||||
Ports and Terminals Operations
|
134.2
|
116.7
|
114.2
|
|||||||||
Logistics Operations
|
229.5
|
190.9
|
169.7
|
|||||||||
Warehousing Operations
|
149.9
|
126.1
|
133.1
|
|||||||||
Other business
|
46.2
|
74.0
|
||||||||||
Total
|
$
|
2,464.9
|
$
|
2,647.5
|
$
|
3,261.9
|
||||||
Income (Loss) on Transportation (1)
|
||||||||||||
Maritime Operations
|
$
|
24.0
|
$
|
247.6
|
$
|
492.5
|
||||||
Ports and Terminals Operations
|
10.3
|
6.1
|
7.6
|
|||||||||
Logistics Operations
|
34.0
|
30.6
|
27.4
|
|||||||||
Warehousing Operations
|
(31.6
|
)
|
(44.6
|
)
|
(48.1
|
)
|
||||||
Shared corporate costs
|
(214.6
|
)
|
(201.8
|
)
|
(205.2
|
)
|
||||||
Total
|
$
|
(177.9
|
)
|
$
|
37.9
|
$
|
274.2
|
(1)
|
Income on Transportation includes loss on revaluation of vessels in 2017, 2016 and 2015 for $39.3 million, $16.2 million and $29.4 million respectively.
|
Consolidated Transportation Revenues
(in millions of Pesos)
Years Ended December 31,
|
||||||||||||||||||||
2017
|
% of Net
Revenues
|
2016
|
% of Net
Revenues
|
Y2017 vs.
Y2016
% Change
|
||||||||||||||||
Maritime Operations
|
$
|
1,951.3
|
79.2
|
%
|
$
|
2,167.6
|
81.9
|
%
|
(10.0
|
)%
|
||||||||||
Ports and Terminals Operations
|
134.2
|
5.4
|
%
|
116.7
|
4.4
|
%
|
15.0
|
%
|
||||||||||||
Logistics Operations
|
229.5
|
9.3
|
%
|
190.9
|
7.2
|
%
|
20.2
|
%
|
||||||||||||
Warehousing Operations
|
149.9
|
6.1
|
%
|
126.1
|
4.8
|
%
|
18.9
|
%
|
||||||||||||
Other business
|
-
|
-
|
46.2
|
1.7
|
%
|
(100.0
|
)%
|
|||||||||||||
Total
|
$
|
2,464.9
|
100.0
|
%
|
$
|
2,647.5
|
100.0
|
%
|
(6.9
|
)%
|
Grupo TMM Operations
Income on Transportation (1)(2)(3)
(in millions of Pesos)
Year Ended December 31,
|
||||||||||||
2017
|
2016
|
Y2017 vs.
Y2016
%
Change
|
||||||||||
Maritime Operations(3)
|
$
|
24.0
|
$
|
247.6
|
(90.3
|
)%
|
||||||
Ports and Terminals Operations
|
10.3
|
6.1
|
68.9
|
%
|
||||||||
Logistics Operations
|
34.0
|
30.6
|
11.1
|
%
|
||||||||
Warehousing Operations
|
(31.6
|
)
|
(44.6
|
)
|
(29.1
|
)%
|
||||||
Shared Corporate Costs
|
(214.6
|
)
|
(201.8
|
)
|
6.3
|
%
|
||||||
Total
|
$
|
(177.9
|
)
|
$
|
37.9
|
(569.4
|
)%
|
(1) |
Income on Transportation reflects revenues on transportation less operating costs and expenses. References to “Operating Income” in this Annual Report refer to Income on Transportation, plus/minus the effect of “Other Income (Expense) – Net” as presented in the accompanying Audited Consolidated Financial Statements.
|
(2) |
To better reflect Grupo TMM’s corporate costs, the Company modified the presentation of its corporate expenses as of December 31, 2017 and 2016, separating human resources and information technology costs to be allocated to each business unit in accordance with their use. Income on transportation includes the following allocated total administrative costs: In 2017: $15.5 million in Ports and Terminals Operations, $33.2 million in Maritime Operations and $205.6 million in shared corporate costs. Income on transportation includes the following allocated total administrative costs: In 2016: $18.4 million in Ports and Terminals Operations, $35.5 million in Maritime Operations and $194.2 million in shared corporate costs.
|
(3) |
Income on Transportation includes loss on revaluation of vessels in 2017 and 2016 for $39.3 million and $16.2 million respectively.
|
(in millions of Pesos)
Year Ended December 31,
|
||||||||||||
2017
|
2016
|
Y2017
vs.
Y2016
% Change
|
||||||||||
Interest income
|
$
|
24.8
|
$
|
24.7
|
0.4
|
%
|
||||||
Interest expense
|
||||||||||||
Interest on trust certificates
|
$
|
942.3
|
$
|
684.8
|
37.6
|
%
|
||||||
Interest on other loans
|
97.6
|
98.6
|
(1.0
|
)%
|
||||||||
Transaction cost of mandatorily convertible debentures into shares
|
87.5
|
-
|
100.0
|
%
|
||||||||
Amortization of trust certificate placement expenses
|
75.2
|
76.2
|
(1.3
|
)%
|
||||||||
Amortization of expenses associated with other loans
|
4.1
|
6.0
|
(31.7
|
)%
|
||||||||
Other financial expenses
|
3.8
|
3.7
|
2.7
|
%
|
||||||||
Subtotal
|
$
|
1,210.5
|
$
|
869.3
|
39.2%
|
|||||||
Loss on exchange, net
|
$ |
7.8
|
$
|
21.3
|
(63.4
|
)%
|
||||||
Net financing cost
|
$
|
1,193.5
|
$
|
865.9
|
37.8
|
%
|
(in millions of Pesos)
Year Ended December 31,
|
||||||||||||
2017
|
2016
|
Y2017
vs.
Y2016
% Change
|
||||||||||
Other income – net
|
$
|
3,217.7
|
$
|
52.8
|
5,994.1
|
%
|
(in millions of Pesos)
Year Ended December 31,
|
||||||||||||
2017
|
2016
|
Y2017
vs.
Y2016
% Change
|
||||||||||
Provision (Benefit) expenses from income taxes
|
$
|
516.7
|
$
|
(268.6
|
)
|
(292.4
|
)
|
(in millions of Pesos)
Year Ended December 31,
|
||||||||||||
2017
|
2016
|
Y2017
vs.
Y2016
% Change
|
||||||||||
Non-controlling interest
|
$
|
2.0
|
$
|
1.4
|
42.9
|
%
|
(in millions of Pesos)
Year Ended December 31,
|
||||||||||||
2017
|
2016
|
Y2017
vs.
Y2016
% Change
|
||||||||||
Net Income (Loss) for the year attributable to stockholders of Grupo TMM
|
$
|
1,327.6
|
$
|
(508.0
|
)
|
(361.3
|
)%
|
Consolidated Transportation Revenues
(in millions of Pesos)
Years Ended December 31,
|
||||||||||||||||||||
2016
|
% of Net
Revenues
|
2015
|
% of Net
Revenues
|
Y2016 vs.
Y2015
% Change
|
||||||||||||||||
Maritime Operations
|
$
|
2,167.6
|
81.9
|
%
|
$
|
2,770.9
|
84.9
|
%
|
(21.8
|
)%
|
||||||||||
Ports and Terminals Operations
|
116.7
|
4.4
|
%
|
114.2
|
3.5
|
%
|
2.2
|
%
|
||||||||||||
Logistics Operations
|
190.9
|
7.2
|
%
|
169.7
|
5.2
|
%
|
12.5
|
%
|
||||||||||||
Warehousing Operations
|
126.1
|
4.8
|
%
|
133.1
|
4.1
|
%
|
(5.3
|
)%
|
||||||||||||
Other business(*)
|
46.2
|
1.7
|
%
|
74.0
|
2.3
|
%
|
(37.6
|
)%
|
||||||||||||
Total
|
$
|
2,647.5
|
100.0
|
%
|
$
|
3,261.9
|
100.0
|
%
|
(18.8
|
)%
|
(*) |
Represents certain new businesses which are in development.
|
Grupo TMM Operations
Income on Transportation (1)(2)(3)
(in millions of Pesos)
Year Ended December 31,
|
||||||||||||
2016
|
2015
|
Y2016 vs.
Y2015
%
Change
|
||||||||||
Maritime Operations(3)
|
$
|
247.6
|
$
|
492.5
|
(49.7
|
)%
|
||||||
Ports and Terminals Operations
|
6.1
|
7.6
|
(19.7
|
)%
|
||||||||
Logistics Operations
|
30.6
|
27.4
|
11.7
|
%
|
||||||||
Warehousing Operations
|
(44.6
|
)
|
(48.1
|
)
|
(7.3
|
)%
|
||||||
Shared Corporate Costs
|
(201.8
|
)
|
(205.2
|
)
|
(1.7
|
)%
|
||||||
Total
|
$
|
37.9
|
$
|
274.2
|
(86.2
|
)%
|
(1) |
Operating results are reported as Transportation profit in the accompanying Audited Consolidated Financial Statements.
|
(2) |
To better reflect Grupo TMM’s corporate costs, the Company modified the presentation of its corporate expenses as of December 31, 2016 and 2015, separating human resources and information technology costs to be allocated to each business unit in accordance with their use. Income on transportation includes the following allocated total administrative costs: In 2016: $18.4 million in Ports and Terminals Operations, $35.5 million in Maritime Operations and $194.2 million in shared corporate costs. Income on transportation includes the following allocated total administrative costs: In 2015: $15.4 million in Ports and Terminals Operations, $30.1 million in Maritime Operations and $199.1 million in shared corporate costs.
|
(3) |
Income on Transportation includes loss on revaluation of vessels in 2016 and 2015 for $16.2 million and $29.4 million respectively.
|
(in millions of Pesos)
Year Ended December 31,
|
||||||||||||
2016
|
2015
|
Y2016
vs.
Y2015
% Change
|
||||||||||
Interest income
|
$
|
24.7
|
$
|
21.4
|
15.4
|
%
|
||||||
Interest expense
|
||||||||||||
Interest on trust certificates
|
$
|
684.8
|
$
|
618.8
|
10.7
|
%
|
||||||
Interest on other loans
|
98.6
|
95.7
|
3.0
|
%
|
||||||||
Amortization of trust certificate placement expenses
|
76.2
|
75.2
|
1.3
|
%
|
||||||||
Amortization of expenses associated with other loans
|
6.0
|
4.8
|
25.0
|
%
|
||||||||
Other financial expenses
|
3.7
|
5.7
|
(35.1
|
)%
|
||||||||
Subtotal
|
$
|
869.3
|
$
|
800.2
|
8.6
|
%
|
||||||
Gain (loss) on exchange, net
|
$
|
(21.3
|
)
|
$
|
15.7
|
(235.7
|
)%
|
|||||
Net financing cost
|
$
|
865.9
|
$
|
763.1
|
13.5
|
%
|
(in millions of Pesos)
Year Ended December 31,
|
||||||||||||
2016
|
2015
|
Y2016
vs.
Y2015
% Change
|
||||||||||
Other income – net
|
$
|
52.8
|
$
|
187.0
|
(71.8
|
)%
|
(in millions of Pesos)
Year Ended December 31,
|
||||||||||||
2016
|
2015
|
Y2016
vs.
Y2015
% Change
|
||||||||||
(Benefit) expenses from income taxes
|
$
|
(268.6
|
)
|
$
|
698.5
|
(138.5
|
)
|
(in millions of Pesos)
Year Ended December 31,
|
||||||||||||
2016
|
2015
|
Y2016
vs.
Y2015
% Change
|
||||||||||
Non-controlling interest
|
$
|
1.4
|
$
|
(2.3
|
)
|
(160.9
|
)%
|
(in millions of Pesos)
Year Ended December 31,
|
||||||||||||
2016
|
2015
|
Y2016
vs.
Y2015
% Change
|
||||||||||
Net (Loss) for the year attributable to stockholders of Grupo TMM
|
$
|
(508.0
|
)
|
$
|
(1,016.6
|
)
|
(50.0
|
)%
|
§ |
loans and receivables
|
§ |
financial assets at fair value through profit or loss
|
§ |
held-to-maturity investments
|
§ |
available-for-sale financial assets.
|
§ |
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.
|
§ |
Represents a significant separate line of business or a geographic area of operations;
|
§ |
Is part of a specific coordinated plan to dispose of a significant separate line of business; or
|
§ |
Is a subsidiary acquired solely for the purpose of sale.
|
(in millions of Pesos) | ||||
TMM Parcel Tankers, S.A. de C.V.
|
$
|
283.0
|
||
Transportación Maritima Mexicana, S.A. de C.V.
|
430.6
|
|||
Grupo TMM, S.A.B.
|
100.8
|
|||
Almacenadora de Deposito Moderno, S.A. de C.V.
|
8.8
|
|||
TMM Logistics, S.A de C.V.
|
75.5
|
|||
Total
|
$
|
898.7
|
Years Ended December 31,
|
||||||||||||
2017
|
2016
|
2015
|
||||||||||
(in thousands of Pesos)
|
||||||||||||
Operating activities
|
$
|
381,690
|
$
|
610,782
|
$
|
612,381
|
||||||
Investing activities
|
(218,508
|
)
|
(74,352
|
)
|
792,154
|
|||||||
Financing activities
|
(581,738
|
)
|
(744,478
|
)
|
(1,165,762
|
)
|
||||||
Currency exchange effect on cash
|
(22,594
|
)
|
65,393
|
63,540
|
||||||||
Net increase (decrease) in cash and cash equivalents
|
(441,150
|
)
|
(142,655
|
)
|
302,313
|
|||||||
Cash and cash equivalents at beginning of year
|
902,704
|
1,045,359
|
743,046
|
|||||||||
Cash and cash equivalents at end of year
|
$
|
461,554
|
$
|
902,704
|
$
|
1,045,359
|
Years Ended December 31,
|
||||||||||||
2017
|
2016
|
2015
|
||||||||||
(in thousands of Pesos)
|
||||||||||||
Income (Loss) before provision for income taxes
|
$
|
1,846,311
|
$
|
(775,179
|
)
|
$
|
(301,930
|
)
|
||||
Gain from the loss of control of TMM DM
|
(3,458,467
|
)
|
-
|
-
|
||||||||
Depreciation and amortization and other amortization
|
647,530
|
631,264
|
748,839
|
|||||||||
(Loss) gain on sale of fixed assets—net
|
(330
|
)
|
(56,491
|
)
|
26,131
|
|||||||
Sale of subsidiaries
|
273,032
|
-
|
(171,505
|
)
|
||||||||
Provision for interests on debt
|
1,039,856
|
783,458
|
714,520
|
|||||||||
(Gain) loss from exchange differences
|
(4,545
|
)
|
69,826
|
46,273
|
||||||||
Total changes in operating assets and liabilities
|
38,303
|
(42,096
|
)
|
(449,947
|
)
|
|||||||
Net cash provided by operating activities
|
$
|
381,690
|
$
|
610,782
|
$
|
612,381
|
Years Ended December 31,
|
||||||||||||
2017 (a)
|
2016 (b)
|
2015 (c)
|
||||||||||
Capital Expenditures by Segment:
Ports and Terminals Operations
|
$
|
9.0
|
$
|
1.1
|
$
|
3.4
|
||||||
Maritime Operations
|
64.1
|
160.7
|
78.5
|
|||||||||
Warehousing Operations
|
-
|
0.1
|
0.5
|
|||||||||
Corporate
|
7.1
|
0.2
|
20.0
|
|||||||||
Total
|
$
|
80.2
|
$
|
162.1
|
$
|
102.4
|
(a) |
In 2017, capital expenditures included: (i) Ports and Terminals Operations: $9.0 million in acquisition and equipment improvements and construction in process for the expansion and maintenance of port and terminal facilities; (ii) Maritime Operations: $64.1 million in acquisition and equipment improvements; and (iii) Corporate: $7.1 million in fixed assets and other strategic corporate projects.
|
(b) |
In 2016, capital expenditures included: (i) Ports and Terminals Operations: $1.0 million in acquisition and equipment improvements and $0.1 million in construction in process for the expansion and maintenance of port and terminal facilities; (ii) Maritime Operations: $10.8 million in acquisition and equipment improvements and $149.9 million in construction projects; and (iii) Corporate: $0.2 million in fixed assets and other strategic corporate projects.
|
(c) |
In 2015, capital expenditures included: (i) Ports and Terminals Operations: $0.8 million in acquisition and equipment improvements and $2.6 million in construction in process for the expansion and maintenance of port and terminal facilities; (ii) Maritime Operations: $56.0 million in acquisition and equipment improvements and $22.5 million in construction projects; and (iii) Corporate: $20.0 million in fixed assets and other strategic corporate projects.
|
Years Ended December 31,
|
||||||||||||
2017 (a)
|
2016 (b)
|
2015 (c)
|
||||||||||
Capital Divestitures:
|
||||||||||||
Sale of shares of subsidiaries
|
$
|
67.0
|
$
|
-
|
$
|
829.9
|
||||||
Other assets
|
7.1
|
87.7
|
64.6
|
|||||||||
Total
|
$
|
74.1
|
$
|
87.7
|
$
|
894.5
|
(a) |
In 2017, capital divestitures included $7.1 million from the sale of a vessel (Rey de coliman).
|
(b) |
In 2016, capital divestitures included $87.7 million from the sale of land.
|
(c) |
In 2015, capital divestitures included $64.6 million from the sale of vessels and terminal equipment and completion of the sale of the Company’s subsidiary Terminal Marítima de Tuxpan, S.A. de C.V.(c)
|
Indebtedness (1)
|
Less than
1 year
|
1-3 years
|
3-5 years
|
More than
5 years
|
Total
|
|||||||||||||||
(in thousands of Pesos, unless noted otherwise)
|
||||||||||||||||||||
Parcel Tanker Vessels and Tugboat Financings (2)
|
309,638
|
53,306
|
53,152
|
-
|
416,096
|
|||||||||||||||
Investors (3)
|
100,009
|
-
|
-
|
-
|
100,009
|
|||||||||||||||
Land and Logistics Equipment Financing (4)
|
17,218
|
21,246
|
-
|
-
|
38,464
|
|||||||||||||||
Refinancing Acquisition ADEMSA(5)
|
24,252
|
29,603
|
-
|
-
|
53,855
|
|||||||||||||||
Working Capital (6)
|
5,885
|
9,800
|
1,587
|
-
|
17,272
|
|||||||||||||||
Other Debt (7)
|
34,559
|
39,118
|
16,812
|
-
|
90,489
|
|||||||||||||||
Total
|
$
|
491,561
|
$
|
153,073
|
$
|
71,551
|
-
|
$
|
716,185
|
Financial Lease Obligations (8)
|
Less than
1 year
|
1-3 years
|
3-5 years
|
More than
5 years
|
Total
|
|||||||||||||||
Vessel, Transportation Equipment and Other Operating Leases
|
$
|
39,619
|
$
|
79,346
|
$
|
96,999
|
$
|
117,860
|
$
|
333,824
|
||||||||||
Total
|
$
|
39,619
|
$
|
79,346
|
$
|
96,999
|
$
|
117,860
|
$
|
333,824
|
Operating Lease Obligations (9)
|
Less than
1 year
|
1-3 years
|
3-5 years
|
More than
5 years
|
Total
|
|||||||||||||||
Vessel, Transportation Equipment and Other Operating Leases
|
$
|
77,589
|
$
|
143,067
|
$
|
158,278
|
$
|
617,718
|
$
|
996,652
|
||||||||||
Total
|
$
|
77,589
|
$
|
143,067
|
$
|
158,278
|
$
|
617,718
|
$
|
996,652
|
(1) |
These amounts include principal payments and accrued and unpaid interest as of December 31, 2017.
|
(2) |
Debt allocated in two companies: The first financing is in connection with the financing of two parcel tanker vessels, allocated on a special purpose company, denominated in US Dollars. The these lines of credit were scheduled to mature in June 2017, with a balloon payment of $320,624, monthly principal and interest payments with a weighted average rate of 6.96% per annum; in 2017, the Company refinanced the payment schedule, extending the maturity for one more year to June 2018 with a balloon payment of $217,089, monthly principal and interest payments with a weighted average rate of 4.64% per annum. The second financing is in connection with the acquisition of one tugboat, denominated in Euros; this line of credit matures in November 2022, with semi-annual principal and interest payments at a fixed rate of 7.0% per annum.
|
(3)
|
Debt in connection with the cancellation of the Securitization Facility, denominated in US Dollars. The original maturity of these lines of credit was January 2017, semiannual interest payments and fixed rate of 11.25% per annum. The Company granted a reschedule of the balance extending the maturity to July 2018, with monthly interest payments at a fixed rate of 11.25% per annum.
|
(4) |
Debt in connection with the land & logistics equipment financing, denominated in Mexican Pesos. Line of credit denominated in Pesos, maturing in December 2019, with monthly interest and principal payments at a fixed rate of 12.0% per annum.
|
(5) |
Debt in connection with ADEMSA acquisition refinancing, denominated in US Dollars. The Company refinanced the payment schedule, extending the maturity of this line of credit to December 2019, with quarterly principal and interest payments, with a variable rate of 7.82% per annum as of December 31, 2017.
|
(6) |
Debt for working capital and to strength agricultural activities of ADEMSA. Various lines of credit denominated in Mexican Pesos, with different maturities between October 2017 and August 2021, monthly interest and principal payments with a weighted average rate of 10.72% per annum as of December 31, 2017.
|
(7) |
Debt allocated in different companies for working capital and letter of credit issuances. Various lines of credit denominated in Mexican Pesos, with maturities between September 2018 and March 2022, with monthly principal and interest payments, variable rate; the weighted average rate was 11.39% per annum as of December 31, 2017.
|
(8) |
Financial lease agreement for purchasing AHTS vessel, denominated in US Dollars, maturing in November 2026, with monthly interest and principal payments and fixed rate of 15.92%.
|
(9) |
These amounts include the minimum lease payments.
|
Name
|
Principal Occupation
|
Years as a
Director or
Alternate
Director
|
Age
|
||||||
Directors
|
|||||||||
José F. Serrano Segovia
|
Chairman of the Board of Grupo TMM
|
46
|
77
|
||||||
Ignacio Rodríguez Rocha
|
Attorney and First Vice-chairman of Grupo TMM
|
27
|
82
|
||||||
Maria Josefa Cuevas de Serrano
|
Private Investor
|
12
|
72
|
||||||
Francisco Javier García-Sabaté Palazuelos
|
Private Investor
|
3
|
66
|
||||||
Carlos Viveros Figueroa
|
Private Investor
|
4
|
77
|
||||||
Miguel Alemán Velasco
|
Private Investor
|
9
|
86
|
||||||
Miguel Alemán Magnani
|
Private Investor
|
9
|
52
|
||||||
Alternate Directors
|
|||||||||
Vanessa Serrano Cuevas
|
President Deputy Director
|
2
|
43
|
Position in the Board of Directors
|
Term
|
Chairman
|
7 years
|
Vice-Chairman
|
7 years
|
Second Vice-Chairman
|
Between 3 and 7 years (As determined by the General Shareholders’ Meeting that elects him/her. This position is currently vacant.)
|
Other Board Directors
|
1 year
|
Name
|
Position
|
Years of
Service
|
Executive
Officer
|
|||||||
Corporate Directors
|
||||||||||
José F. Serrano Segovia
|
Chairman of the Board and Chief Executive Officer
|
46
|
26
|
|||||||
Jacinto David Marina Cortés
|
Deputy Chief Executive Officer
|
27
|
27
|
|||||||
Carlos Pedro Aguilar Méndez
|
Deputy Chief Executive Officer and Chief Financial Officer and Administrative Director
|
28
|
11
|
|||||||
Silvia Millán Hernández
|
Corporate Human Resources Director
|
31
|
3
|
|||||||
Elvira Ruiz Carreño
|
Corporate Audit Director
|
22
|
15
|
|||||||
Marco Augusto Martínez Avila
|
Corporate Legal Director
|
10
|
5
|
|||||||
Business Unit Directors
|
||||||||||
Luis Manuel Ocejo Rodríguez
|
Director, Maritime Transportation
|
35
|
11
|
|||||||
Gustavo Adolfo Madero Nieto
|
Director, Ports and Terminals
|
2
|
2
|
§ |
overseeing the accounting and financial reporting processes of the Company;
|
§ |
discussing the financial statements of the Company with all parties responsible for preparing and reviewing such statements, and advising the Board of Directors on their approval thereof;
|
§ |
overseeing compliance with legal and regulatory requirements and overseeing audits of the financial statements of the Company;
|
§ |
evaluating the performance of the Company’s external auditor and its independent status;
|
§ |
advising the Board of Directors on the compliance of the Company’s or any of its subsidiaries’ internal controls, policies and in-house auditing, and identifying any deficiencies in accordance with the Bylaws of the Company and applicable regulations;
|
§ |
providing sufficient opportunity for a private meeting between members of our internal and external auditors and the Audit Committee, who may also request additional information from employees and legal counsel;
|
§ |
providing support to the Board of Directors in supervising and reviewing the Company’s corporate accounting and disclosure policies and discussing guidelines and policies to govern the process of risk assessment with management;
|
§ |
advising the Board of Directors on any audit-related issues in accordance with the Bylaws of the Company and applicable regulations;
|
§ |
assisting the Board of Directors in the selection of the external auditor (subject to approval by vote of the shareholders);
|
§ |
reviewing the financial statements and the external auditor’s report. The Committee may request that the external auditor be present when reviewing such reports, in addition to the Committee’s mandatory meeting with the external auditor at least once a year;
|
§ |
preparing the Board of Directors’ opinion on the Chairman’s annual report and submitting it at the Shareholders’ Meeting for its approval; and
|
§ |
overseeing compliance by the Company’s chief executive officer with decisions made at a Shareholders’ Meeting or a Board of Directors meeting.
|
§ |
requesting an opinion from independent experts as the Committee might see fit, in accordance with applicable regulations;
|
§ |
calling Shareholders’ Meetings and reviewing the agenda;
|
§ |
supporting the Board of Directors in preparing its reports in accordance with the Bylaws of the Company and applicable regulations;
|
§ |
suggesting procedures for hiring the Company’s chief executive officer, chief financial officer and senior executive officers;
|
§ |
reviewing human resources policies, including senior executive officers’ performance evaluation policies, promotions and structural changes to the Company;
|
§ |
assisting the Board of Directors in evaluating senior executive officers’ performance;
|
§ |
evaluating executive officer’s compensation. The Company is not required under Mexican law to obtain shareholder approval for equity compensation plans; the Board of Directors is required to approve the Company’s policies on such compensation plans;
|
§ |
reviewing related party transactions; and
|
§ |
performing any activity set forth in the Mexican Securities Law.
|
Shareholder
|
Number
of Shares
|
Percentage of
Shares
Outstanding
|
||||||
José F. Serrano Segovia (a)
|
44,867,943
|
43.9
|
%
|
a) |
Based upon information made known to the Company and reports of beneficial ownership filed with the SEC, the Serrano Segovia Family beneficially owns 49,452,327 Shares, including 37,100,478 Shares held by VEX, a Mexican corporation in which José F. Serrano Segovia holds 100% of the voting stock, and 500 Shares beneficially owned by Promotora Servia, S.A. de C.V. (“Promotora”), a Mexican corporation controlled by José F. Serrano Segovia, and which are owned directly by its subsidiary, Servicios Directivos Servia, S.A. de C.V. (“Servicios”), a Mexican corporation.
|
Shares
|
||||||||
Previous five years:
|
High
|
Low
|
||||||
2013
|
2.93
|
1.80
|
||||||
2014
|
7.85
|
2.20
|
||||||
2015
|
5.10
|
3.30
|
||||||
2016
|
11.00
|
3.70
|
||||||
2017
|
6.78
|
4.40
|
Shares
|
||||||||
Previous two years (by quarter):
|
High
|
Low
|
||||||
2016:
|
||||||||
First Quarter
|
5.00
|
3.99
|
||||||
Second Quarter
|
4.33
|
3.90
|
||||||
Third Quarter
|
11.00
|
3.70
|
||||||
Fourth Quarter
|
8.20
|
6.00
|
||||||
2017:
|
||||||||
First Quarter
|
6.78
|
5.42
|
||||||
Second Quarter
|
5.90
|
5.00
|
||||||
Third Quarter
|
6.10
|
5.02
|
||||||
Fourth Quarter
|
5.75
|
4.40
|
||||||
2018:
|
||||||||
First Quarter
|
5.48
|
3.30
|
Shares
|
||||||||
Previous six months:
|
High
|
Low
|
||||||
October 31, 2017
|
5.48
|
5.00
|
||||||
November 30, 2017
|
5.24
|
4.40
|
||||||
December 31, 2017
|
5.75
|
4.53
|
||||||
January 31, 2018
|
5.48
|
5.16
|
||||||
February 28, 2018
|
5.38
|
3.39
|
||||||
March 31, 2018
|
4.20
|
3.30
|
ADS(*)
|
||||||||
Previous five years:
|
High
|
Low
|
||||||
2013
|
1.10
|
0.71
|
||||||
2014
|
2.91
|
0.82
|
||||||
2015
|
1.58
|
1.01
|
||||||
2016
|
2.75
|
0.96
|
||||||
2017
|
1.57
|
1.03
|
(*) |
Effective June 15, 2012, the ADSs were delisted from the NYSE. The ADSs began trading on the OTC market on June 18, 2012.
|
ADS
|
||||||||
Previous two years (by quarter):
|
High
|
Low
|
||||||
2016:
|
||||||||
First Quarter
|
1.21
|
1.00
|
||||||
Second Quarter
|
1.15
|
1.01
|
||||||
Third Quarter
|
2.75
|
0.96
|
||||||
Fourth Quarter
|
2.01
|
1.42
|
||||||
2017:
|
||||||||
First Quarter
|
1.57
|
1.19
|
||||||
Second Quarter
|
1.54
|
1.31
|
||||||
Third Quarter
|
1.41
|
1.32
|
||||||
Fourth Quarter
|
1.27
|
1.03
|
||||||
2018:
|
||||||||
First Quarter
|
1.11
|
0.76
|
ADS
|
||||||||
Previous six months:
|
High
|
Low
|
||||||
October 31, 2017
|
1.21
|
1.21
|
||||||
November 30, 2017
|
1.03
|
1.03
|
||||||
December 31, 2017
|
1.27
|
1.27
|
||||||
January 31, 2018
|
1.11
|
1.11
|
||||||
February 28, 2018
|
0.94
|
0.76
|
||||||
March 31, 2018
|
0.80
|
0.80
|
Position in the Board of Directors
|
Term
|
Chairman
|
7 years
|
First Vice-Chairman
|
7 years
|
Second Vice-Chairman
|
Between 3 and 7 years (As determined by the General Shareholders’ Meeting that elects him/her.)
|
Other Directors
|
1 year
|
Except that in no event whatsoever shall more than one third (1/3) of the member directors be replaced for any fiscal year of the Company.
|
1. |
The approval and/or modification of the annual budget, which must be approved for each fiscal year of the Company;
|
2. |
The imposition or creation of any lien on any of the assets of the Company and/or of the corporations controlled by the Company, or the resolution of the Company and/or of the corporations controlled by the Company, to guarantee obligations of the Company and/or of its subsidiaries, or to guarantee obligations of third parties, in all of said cases, when the value of any of said transactions involves in a single act or in a series of related acts, an amount equal to or higher than five percent of the total consolidated assets of the Company during a calendar year;
|
3. |
The decision to begin a new business line or the suspension of any business line developed by the Company or by any corporation in which the Company participates, either directly or indirectly;
|
4. |
Any decision related to the acquisition or sale of assets (including shares or equity interests or their equivalent, in any corporation controlled or not controlled by the Company or in which the Company has a significant share, or to any financing and/or the creation of any liens, when the value of any of said transactions involves in a single act or in a series of related acts, an amount equal to or higher than five percent of the total consolidated assets of the Company during a calendar year;
|
5. |
The determination of the manner in which the Company shall exercise its voting rights regarding shares or equity interests (or their equivalent) issued by its subsidiaries or entities in which the Company owns at least 20% of the capital stock thereof; and
|
6. |
The establishment of any committee of the Company other than the Audit and Corporate Practices Committee.
|
(i) |
They fulfill the requirements that the Bylaws and the applicable laws may stipulate for the approval of matters to be dealt with by the Board of Directors or, as the case may be, by committees of which they are members.
|
(ii) |
They make decisions or vote at the meetings of the Board of Directors or, as the case may be, committees to which they belong, based on the information provided by the relevant managers, the corporation providing the external audit services or the independent experts, whose capacity and credibility do not offer a cause for reasonable doubt.
|
(iii) |
They have selected the most suitable alternative, to the best of their knowledge and belief, or negative property damages had not been foreseeable, in both cases, based on the information available at the time of the decision.
|
(iv) |
They fulfill the resolutions of the Shareholders’ Meeting, provided these do not violate the law.
|
· |
75% or more of its gross income consists of passive income; or
|
· |
50% or more of the average quarterly value of its gross assets consists of assets that produce, or are held for the production of, passive income.
|
December 31,
|
||||||||
(in thousands of Pesos)
|
||||||||
2017
|
2016
|
|||||||
Assets
|
$
|
550,039
|
$
|
1,219,322
|
||||
Liabilities
|
(962,914
|
)
|
(1,328,109
|
)
|
||||
$
|
(412,875
|
)
|
$
|
(108,787
|
)
|
Breakdown of Fixed and Variable Rates of Financial Obligations(1)
|
||||||||||||||||||||||||||||
Expected Maturity | ||||||||||||||||||||||||||||
Liabilities
|
2018
|
2019
|
2020
|
2021
|
Thereafter
|
Total
|
Fair Value
|
|||||||||||||||||||||
(in millions of pesos)
|
||||||||||||||||||||||||||||
Long-Term Debt
|
||||||||||||||||||||||||||||
Fixed Rate
|
$
|
153.5
|
$
|
60.8
|
$
|
41.7
|
$
|
44.4
|
$
|
152.4
|
$
|
452.8
|
$
|
452.8
|
||||||||||||||
Average Interest Rate
|
11.94
|
%
|
12.46
|
%
|
13.06
|
%
|
13.76
|
%
|
14.68
|
%
|
12.91
|
%
|
**
|
|||||||||||||||
Variable Rate
|
$
|
348.1
|
$
|
54.9
|
$
|
23.6
|
$
|
17.3
|
$
|
1.1
|
$
|
445.0
|
$
|
445.0
|
||||||||||||||
Average Interest Rate
|
6.63
|
%
|
10.51
|
%
|
11.76
|
%
|
11.84
|
%
|
11.89
|
%
|
7.78
|
%
|
**
|
(1) |
Information as of December 31, 2017.
|
** |
Not applicable
|
Persons depositing or withdrawing CPOs must pay:
|
For:
|
||
US$5.00 (or less) per 100 ADSs (or portion of 100 ADSs)
|
· |
Issuance of ADSs, including issuances resulting from a distribution of CPOs or rights or other property
|
|
· | Cancellation of ADSs for the purpose of withdrawal, including if the deposit agreement terminates | ||
US$.02 (or less) per ADS
|
· |
Any cash distribution to ADS registered holders
|
|
US$.02 (or less) per ADSs per calendar year
|
· |
Depositary services
|
|
A fee equivalent to the fee that would be payable if securities distributed to holders had been CPOs and the CPOs had been deposited for issuance of ADSs
|
· |
Distribution of securities distributed to holders of deposited securities which are distributed by the depositary to ADS registered holders
|
|
Registration or transfer fees
|
· |
Transfer and registration of CPOs on the register to or from the name of the depositary or its agent when a holder deposits or withdraws CPOs
|
|
Expenses of the depositary
|
· |
Cable, telex and facsimile transmissions as expressly provided in the deposit agreement
|
|
· | Converting foreign currency to U.S. dollars | ||
Taxes and other governmental charges the depositary or the custodian have to pay on any ADS or CPO underlying an ADS, for example, stock transfer taxes, stamp duty or withholding taxes
|
· |
As necessary
|
|
Any charges incurred by the depositary or its agents for servicing the deposited securities
|
· |
As necessary
|
As of December 31,
|
||||||||
2017
|
2016
|
|||||||
Audit Fees(a)
|
$
|
10,931.4
|
$
|
13,612.4
|
||||
Total(b)
|
$
|
10,931.4
|
$
|
13,612.4
|
(a) |
Audit Fees—Fees relate to the review of our Annual Financial Statements and Annual Report filed with the SEC and review of other SEC filings.
|
(b) |
Total does not include Mexican tax (“Impuesto al Valor Agregado” or “IVA”).
|
Contents
|
Page
|
F-1
|
|
F-3
|
|
F-4
|
|
F-5
|
|
F-6
|
|
F-7
|
|
F-8
|
Exhibit
No.
|
Exhibit
|
1.1
|
Amended and Restated Bylaws of Grupo TMM, S.A.B., as registered with the Public Registry of Commerce on January 15, 2010, together with an English translation (incorporated herein by reference to Exhibit 1.1 of the Company’s Form 20-F filed on June 30, 2010).
|
2.1
|
Specimen Ordinary Participation Certificate, together with an English translation (incorporated herein by reference to Exhibit 4.1 of the Registration Statement on Form F-1 — Registration No. 33-47334).
|
2.2
|
Form of Amended and Restated Deposit Agreement (the “Deposit Agreement”) among the Company, The Bank of New York Mellon, as depositary and all owners and holders of American Depositary Shares (incorporated by reference to Exhibit 1 of the Company’s Registration Statement on Form F-6 — Registration No. 333-163562).
|
2.3
|
Trust Agreement, dated November 24, 1989 (the “CPO Trust Agreement”), between Nacional Financiera, S.N.C., as grantor, and as CPO Trustee, together with an English translation (incorporated herein by reference to Exhibit 2 of the Company’s Registration Statement on Form F-6 — Registration No. 333-163562).
|
2.4
|
Public Deed, dated January 28, 1992, together with an English translation (incorporated herein by reference to Exhibit 4.5 of the Registration Statement on Form F-1 — Registration No. 33-47334).
|
Computation of earnings per share under IFRS.
|
|
Computation of ratio of earnings to fixed charge under IFRS.
|
|
List of Main Subsidiaries.
|
|
Section 302 Certification of Chief Executive Officer.
|
|
Section 302 Certification of Chief Financial Officer.
|
|
Section 906 Certification of Chief Executive Officer.
|
|
Section 906 Certification of Chief Financial Officer.
|
* |
Filed herewith.
|
Page
|
||
Report of the independent registered public accounting firm
|
1 - 2
|
|
Consolidated statements of financial position
|
3
|
|
Consolidated statements of profit or loss
|
4
|
|
Consolidated statements of comprehensive income
|
5
|
|
Consolidated statements of changes in stockholders’ equity
|
6
|
|
Consolidated statements of cash flow
|
7
|
|
Note to the consolidated financial statements
|
8 | |
1
|
General information
|
8
|
2
|
Changes in accounting policies
|
10
|
3
|
Summary of significant accounting policies
|
12
|
4
|
Going concern
|
23
|
5
|
Acquisitions and disposals
|
24
|
6
|
Cash and cash equivalents
|
26
|
7
|
Trade receivables
|
27
|
8
|
Other accounts receivable
|
28
|
9
|
Materials and supplies
|
28
|
10
|
Prepayments
|
28
|
11
|
Leases
|
28
|
12
|
Concession rights
|
29
|
13
|
Property, vessels and equipment
|
30
|
14
|
Other non-current assets
|
32
|
15
|
Intangible assets
|
33
|
16
|
Impairment of long-lived assets
|
33
|
17
|
Financial assets and liabilities
|
35
|
18
|
Mandatorily convertible debentures into shares
|
41
|
19
|
Balances and transactions with related parties
|
42
|
20
|
Accounts payable and accrued expenses
|
43
|
21
|
Stockholders’ equity
|
43
|
22
|
Other income
|
45
|
23
|
Interest expense and other financial costs
|
46
|
24
|
Income tax and tax loss carryforwards
|
46
|
25
|
Segment reporting
|
48
|
26
|
Employee benefits
|
50
|
27
|
Profit (loss) per share
|
53
|
28
|
Fair value measurement
|
53
|
29
|
Financial instruments risk
|
55
|
30
|
Capital management policies and procedures
|
59
|
31
|
Commitments and contingencies
|
60
|
32
|
Post-reporting date events
|
62
|
33
|
Authorization of the consolidated financial statements
|
62
|
![]() |
|
Salles, Sainz – Grant Thornton, S.C.
Periférico Sur 4348
Col. Jardines del Pedregal
04500, México City
www.grantthornton.mx
|
![]() |
2
|
Grupo TMM, S.A.B. and Subsidiaries
|
3
|
2017
|
2016
|
|||||||
Assets
|
||||||||
Current
|
||||||||
Cash and cash equivalents (Note 6)
|
$
|
461,554
|
$
|
902,704
|
||||
Trade receivables, net (Note 7)
|
250,637
|
796,369
|
||||||
Other accounts receivable (Note 8)
|
319,193
|
241,578
|
||||||
Related parties (Note 19)
|
217,188
|
59,098
|
||||||
Materials and supplies (Note 9)
|
58,061
|
106,300
|
||||||
Prepayments (Note 10)
|
11,527
|
15,280
|
||||||
Total current assets
|
1,318,160
|
2,121,329
|
||||||
Non-current
|
||||||||
Property, vessels and equipment, net (Note 13)
|
2,623,535
|
9,564,872
|
||||||
Concession rights, net (Note 12)
|
13,244
|
17,029
|
||||||
Other non-current assets (Note 14)
|
41,383
|
86,429
|
||||||
Intangible assets (Note 15)
|
127,890
|
133,642
|
||||||
Total non-current assets
|
2,806,052
|
9,801,972
|
||||||
Total assets
|
$
|
4,124,212
|
$
|
11,923,301
|
||||
Liabilities
|
||||||||
Short-term
|
||||||||
Short-term portion of the financial debt (Note 17)
|
$
|
502,361
|
$
|
740,370
|
||||
Trade payables
|
169,072
|
189,576
|
||||||
Accounts payable and accrued expenses (Note 20)
|
341,918
|
405,505
|
||||||
Related parties (Note 19)
|
34,756
|
51,515
|
||||||
Total short-term liabilities
|
1,048,107
|
1,386,966
|
||||||
Long-term
|
||||||||
Long-term portion of the financial debt (Note 17)
|
396,257
|
9,330,087
|
||||||
Employee benefits (Note 26)
|
175,560
|
164,207
|
||||||
Deferred income tax (Note 24)
|
275,226
|
78,051
|
||||||
Total long-term liabilities
|
847,043
|
9,572,345
|
||||||
Total liabilities
|
1,895,150
|
10,959,311
|
||||||
Stockholders' equity (Note 21):
|
||||||||
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
|
)
|
||||
Mandatorily convertible debentures into shares (Note 18)
|
-
|
724,100
|
||||||
Other components of equity
|
849,466
|
2,263,108
|
||||||
Accumulated losses
|
(859,159
|
)
|
(4,259,984
|
)
|
||||
Controlling interest
|
2,160,235
|
897,152
|
||||||
Non-controlling interest (Note 3.1)
|
68,827
|
66,838
|
||||||
Total stockholders' equity
|
2,229,062
|
963,990
|
||||||
Total liabilities and stockholders' equity
|
$
|
4,124,212
|
$
|
11,923,301
|
Grupo TMM, S.A.B. and Subsidiaries
|
4
|
2017
|
2016
|
2015
|
||||||||||
Revenue from transportation
|
$
|
2,464,939
|
$
|
2,647,484
|
$
|
3,261,945
|
||||||
Costs and expenses:
|
||||||||||||
Salaries, wages and employee benefits
|
571,775
|
639,913
|
697,317
|
|||||||||
Leases
|
622,908
|
621,990
|
735,328
|
|||||||||
Contracted services
|
545,541
|
550,287
|
595,243
|
|||||||||
Fuel, materials and supplies
|
317,525
|
218,960
|
237,066
|
|||||||||
Depreciation, amortization and loss from revaluation
|
562,915
|
555,244
|
672,643
|
|||||||||
Other costs and expenses
|
22,231
|
23,232
|
50,151
|
|||||||||
|
2,642,895
|
2,609,626
|
2,987,748
|
|||||||||
Transportation (loss) profit
|
(177,956
|
)
|
37,858
|
274,197
|
||||||||
Other income, net (Note 22)
|
3,217,746
|
52,870
|
186,985
|
|||||||||
Operating income
|
3,039,790
|
90,728
|
461,182
|
|||||||||
Comprehensive financing cost:
|
||||||||||||
Interest income
|
24,829
|
24,719
|
21,380
|
|||||||||
Interest expense and other financial costs (Note 23)
|
(1,210,486
|
)
|
(869,267
|
)
|
(800,232
|
)
|
||||||
Exchange (loss) gain, net
|
(7,822
|
)
|
(21,359
|
)
|
15,740
|
|||||||
|
(1,193,479
|
)
|
(865,907
|
)
|
(763,112
|
)
|
||||||
Profit (loss) before taxes
|
1,846,311
|
(775,179
|
)
|
(301,930
|
)
|
|||||||
Income tax (expense) benefit (Note 24)
|
(516,732
|
)
|
268,615
|
(698,475
|
)
|
|||||||
Profit (loss) before discontinued operations
|
1,329,579
|
(506,564
|
)
|
(1,000,405
|
)
|
|||||||
Loss on discontinued operations
|
-
|
-
|
(18,465
|
)
|
||||||||
Net profit (loss) for the year
|
$
|
1,329,579
|
$
|
(506,564
|
)
|
$
|
(1,018,870
|
)
|
||||
Attributable to:
|
||||||||||||
Non-controlling interest
|
1,989
|
1,480
|
(2,250
|
)
|
||||||||
Controlling interest
|
1,327,590
|
(508,044
|
)
|
(1,016,620
|
)
|
|||||||
|
$
|
1,329,579
|
$
|
(506,564
|
)
|
$
|
(1,018,870
|
)
|
||||
Basic and diluted profit (loss) per share (Note 27)
|
||||||||||||
Profit (loss) per share for the year from continuing operations
|
$
|
13.012
|
$
|
(4.957
|
)
|
$
|
(9.790
|
)
|
||||
Loss per share for the year from discontinued operations
|
-
|
-
|
(0.181
|
)
|
||||||||
Total profit (loss) per share for the year
|
$
|
13.012
|
$
|
(4.957
|
)
|
$
|
(9.971
|
)
|
||||
Weighted average number of shares for the year
|
102,182,841
|
102,182,841
|
102,182,841
|
Grupo TMM, S.A.B. and Subsidiaries
|
5
|
2017
|
2016
|
2015
|
||||||||||
Net profit (loss) for the year
|
$
|
1,329,579
|
$
|
(506,564
|
)
|
$
|
(1,018,870
|
)
|
||||
Other comprehensive income:
|
||||||||||||
Items that will not be subsequently reclassified to profit or loss
|
||||||||||||
Deacrease of non-controlling interest
|
-
|
-
|
(673
|
)
|
||||||||
Actuarial gains, net
|
319
|
24,863
|
4,887
|
|||||||||
Revaluation surplus (Note 28)
|
941,957
|
424,634
|
1,157,690
|
|||||||||
Income tax on other comprehensive income
|
(282,683
|
)
|
(134,849
|
)
|
(348,773
|
)
|
||||||
Total of other comprehensive income for the year
|
659,593
|
314,648
|
813,131
|
|||||||||
Comprehensive income (loss) for the year
|
$
|
1,989,172
|
$
|
(191,916
|
)
|
$
|
(205,739
|
)
|
||||
Attributable to:
|
||||||||||||
Non-controlling interest
|
$
|
1,989
|
$
|
1,480
|
$
|
(2,923
|
)
|
|||||
Controlling interest
|
1,987,183
|
(193,396
|
)
|
(202,816
|
)
|
|||||||
|
$
|
1,989,172
|
$
|
(191,916
|
)
|
$
|
(205,739
|
)
|
Grupo TMM, S.A.B. and Subsidiaries
|
6
|
|
Number of
outstanding |
Share
capital |
Treasury
shares |
Mandatory
convertible |
Accumulated
losses |
Other
components |
Subtotal
|
Non
controlling |
Total
stockholders' |
|||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||
Balances as at December 31, 2014
|
102,182,841
|
$
|
2,216,733
|
$
|
(46,805
|
)
|
$
|
-
|
$
|
(2,964,378
|
)
|
$
|
1,363,714
|
$
|
569,264
|
$
|
68,281
|
$
|
637,545
|
|||||||||||||||||
|
||||||||||||||||||||||||||||||||||||
Net loss for the year
|
-
|
-
|
-
|
-
|
(1,016,620
|
)
|
-
|
(1,016,620
|
)
|
(2,250
|
)
|
(1,018,870
|
)
|
|||||||||||||||||||||||
Other comprehensive income
|
-
|
-
|
-
|
-
|
78,002
|
735,802
|
813,804
|
(673
|
)
|
813,131
|
||||||||||||||||||||||||||
Comprehensive loss for the year
|
(202,816
|
)
|
(2,923
|
)
|
(205,739
|
)
|
||||||||||||||||||||||||||||||
Balances as at December 31, 2015
|
102,182,841
|
2,216,733
|
(46,805
|
)
|
-
|
(3,902,996
|
)
|
2,099,516
|
366,448
|
65,358
|
431,806
|
|||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||
Net loss for the year
|
-
|
-
|
-
|
-
|
(508,044
|
)
|
-
|
(508,044
|
)
|
1,480
|
(506,564
|
)
|
||||||||||||||||||||||||
Other comprehensive income
|
-
|
-
|
-
|
-
|
151,056
|
163,592
|
314,648
|
-
|
314,648
|
|||||||||||||||||||||||||||
Comprehensive loss for the year
|
(193,396
|
)
|
1,480
|
(191,916
|
)
|
|||||||||||||||||||||||||||||||
Equity portion of mandatorily convertible debentures into shares (Note 18)
|
-
|
-
|
-
|
724,100
|
724,100
|
724,100
|
||||||||||||||||||||||||||||||
Balances as at December 31, 2016
|
102,182,841
|
2,216,733
|
(46,805
|
)
|
724,100
|
(4,259,984
|
)
|
2,263,108
|
897,152
|
66,838
|
963,990
|
|||||||||||||||||||||||||
Net income for the year
|
-
|
-
|
-
|
-
|
1,327,590
|
-
|
1,327,590
|
1,989
|
1,329,579
|
|||||||||||||||||||||||||||
Other comprehensive income
|
-
|
-
|
-
|
-
|
2,073,235
|
(1,413,642
|
)
|
659,593
|
-
|
659,593
|
||||||||||||||||||||||||||
Comprehensive income for the year
|
-
|
-
|
-
|
-
|
-
|
-
|
1,987,183
|
1,989
|
1,989,172
|
|||||||||||||||||||||||||||
Cancellation of mandatorily convertible debentures into shares (Note 18)
|
-
|
-
|
-
|
(724,100
|
)
|
-
|
-
|
(724,100
|
)
|
-
|
(724,100
|
)
|
||||||||||||||||||||||||
Balances as at December 31, 2017
|
102,182,841
|
$
|
2,216,733
|
$
|
(46,805
|
)
|
$
|
-
|
$
|
(859,159
|
)
|
$
|
849,466
|
$
|
2,160,235
|
$
|
68,827
|
$
|
2,229,062
|
Grupo TMM, S.A.B. and Subsidiaries
|
7
|
|
2017
|
2016
|
2015
|
|||||||||
Cash flows from operating activities:
|
||||||||||||
Profit (loss) before taxes
|
$
|
1,846,311
|
$
|
(775,179
|
)
|
$
|
(301,930
|
)
|
||||
Adjustments to reconcile the profit (loss) with cash used in operating activities:
|
||||||||||||
Depreciation, amortization and loss from revaluation
|
562,915
|
555,244
|
672,643
|
|||||||||
Other amortizations
|
84,615
|
76,020
|
76,196
|
|||||||||
(Gain) loss from the sale of property, vessels and equipment, net
|
(330
|
)
|
(56,491
|
)
|
26,131
|
|||||||
Accrued interests
|
1,039,856
|
783,458
|
714,520
|
|||||||||
Gain from the loss of control of subsidiary
|
(3,458,467
|
)
|
-
|
-
|
||||||||
Exchange (gain) loss
|
(4,545
|
)
|
69,826
|
46,273
|
||||||||
Loss (gain) from the sale of subsidiaries
|
273,032
|
-
|
(171,505
|
)
|
||||||||
Changes in assets and liabilities:
|
||||||||||||
Accounts receivable
|
7,924
|
267,891
|
(266,469
|
)
|
||||||||
Other accounts receivable and related parties
|
(150,154
|
)
|
(54,580
|
)
|
(62,174
|
)
|
||||||
Materials and supplies
|
(38,936
|
)
|
(3,845
|
)
|
16,141
|
|||||||
Prepayments
|
3,753
|
6,403
|
9,230
|
|||||||||
Other accounts payable and accrued expenses
|
162,094
|
(247,901
|
)
|
(147,950
|
)
|
|||||||
Other non-current assets
|
42,269
|
36,971
|
(8,085
|
)
|
||||||||
Employee benefits
|
11,353
|
(47,035
|
)
|
9,360
|
||||||||
Total adjustments
|
(1,464,621
|
)
|
1,385,961
|
914,311
|
||||||||
Cash from operating activities
|
381,690
|
610,782
|
612,381
|
|||||||||
Cash from investment activities
|
||||||||||||
Proceeds from sale of property, vessels and equipment
|
7,059
|
87,720
|
64,677
|
|||||||||
Acquisition of property, vessels and equipment
|
(80,222
|
)
|
(162,072
|
)
|
(102,359
|
)
|
||||||
Proceeds from sale of subsidiaries
|
66,987
|
-
|
829,836
|
|||||||||
Decrease of cash and cash equivalents from the loss of control of
subsidiary (TMM DM) |
(212,332
|
)
|
-
|
-
|
||||||||
Cash (used in) from investment activities
|
(218,508
|
)
|
(74,352
|
)
|
792,154
|
|||||||
Cash flow from financing activities
|
||||||||||||
Debt contracted
|
-
|
166,509
|
30,000
|
|||||||||
Debt payments
|
(172,592
|
)
|
(173,439
|
)
|
(564,082
|
)
|
||||||
Interest paid
|
(409,146
|
)
|
(737,548
|
)
|
(631,680
|
)
|
||||||
Cash used in financing activities
|
(581,738
|
)
|
(744,478
|
)
|
(1,165,762
|
)
|
||||||
Exchange effect on cash
|
(22,594
|
)
|
65,393
|
63,540
|
||||||||
(Decrease) increase in cash and cash equivalents
|
(441,150
|
)
|
(142,655
|
)
|
302,313
|
|||||||
Cash and cash equivalents, beginning of year
|
902,704
|
1,045,359
|
743,046
|
|||||||||
Cash and cash equivalents, end of year
|
$
|
461,554
|
$
|
902,704
|
$
|
1,045,359
|
||||||
Complementary information:
|
||||||||||||
Income tax paid
|
$
|
3,000
|
$
|
3,433
|
$
|
3,314
|
Grupo TMM, S.A.B. and Subsidiaries
|
8
|
· |
Maritime: includes specialized offshore shipping services, clean oil, and chemical products shipping, tugboat services, bulk carrier and other activities related to the maritime transportation business.
|
· |
Ports and terminals: includes shipping agency services, inland and seaport terminal services.
|
· |
Logistics: includes the operations of logistics solutions services and container and railcar maintenance and repair services.
|
· |
Warehousing: includes bonded warehouse operations and management.
|
Grupo TMM, S.A.B. and Subsidiaries
|
9
|
% of ownership
|
||||||||
2017
|
2016
|
|||||||
Maritime
|
||||||||
Transportación Marítima Mexicana, S.A. de C.V.
|
100
|
%
|
100
|
%
|
||||
Inmobiliaria Dos Naciones, S. de R.L. de C.V.
|
100
|
%
|
100
|
%
|
||||
TMM Parcel Tankers, S.A. de C.V.
|
100
|
%
|
100
|
%
|
||||
Logistics
|
||||||||
Almacenadora de Depósito Moderno, S.A. de C.V. (Warehouse)
|
100
|
%
|
100
|
%
|
||||
Autotransportación y Distribución Logística, S.A. de C.V.
|
100
|
%
|
100
|
%
|
||||
Ports and terminals
|
||||||||
TMM Logistics, S.A. de C.V.
|
100
|
%
|
100
|
%
|
||||
Prestadora de Servicios MTR, S.A. 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.
|
44
|
%
|
44
|
%
|
||||
Property leasing
|
||||||||
Inmobiliaria TMM, S.A. de C.V.
|
100
|
%
|
100
|
%
|
Grupo TMM, S.A.B. and Subsidiaries
|
10
|
Grupo TMM, S.A.B. and Subsidiaries
|
11
|
· |
performing a complete review of all the agreements to evaluate if any agreement will be accounted for as a lease, according to the new definition of lease of IFRS 16;
|
· |
deciding which transition method to adopt, either a complete retrospective application or a partial retrospective application (which means that the comparative amounts will not have to be reissued). The partial application method also provides optional help to reevaluate if existing agreements are or contain a lease agreement, as well as other help. Deciding which of these practical resources to adopt is important, since they are options that can be selected only once.
|
Grupo TMM, S.A.B. and Subsidiaries
|
12
|
· |
evaluating the current disclosures of the financial leases and the operating leases, since these are likely to form basis of the amounts that are going to be capitalized as right-of-use assets;
|
· |
determining which optional accounting simplifications are available, and if they must be applied; and evaluating the additional disclosures that will be required.
|
3.1 |
Basis of consolidation
|
Grupo TMM, S.A.B. and Subsidiaries
|
13
|
3.2 |
Business combinations
|
3.3 |
Foreign currency translation
|
Grupo TMM, S.A.B. and Subsidiaries
|
14
|
3.4 |
Cash and cash equivalents
|
3.5 |
Materials and supplies
|
3.6 |
Prepayments
|
3.7 |
Property, vessels and equipment
|
Grupo TMM, S.A.B. and Subsidiaries
|
15
|
· |
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.
|
3.8 |
Intangible assets
|
Grupo TMM, S.A.B. and Subsidiaries
|
16
|
3.9 |
Impairment testing of long-lived assets
|
3.10 |
Leased assets
|
Grupo TMM, S.A.B. and Subsidiaries
|
17
|
3.11 |
Financial instruments
|
· |
loans and receivables;
|
· |
financial assets at fair value through profit or loss;
|
· |
held-to-maturity investments;
|
· |
available-for-sale financial assets.
|
Grupo TMM, S.A.B. and Subsidiaries
|
18
|
Grupo TMM, S.A.B. and Subsidiaries
|
19
|
3.12 |
Provisions, contingent liabilities and contingent assets
|
3.13 |
Taxes on earnings
|
Grupo TMM, S.A.B. and Subsidiaries
|
20
|
3.14 |
Statutory employee profit sharing
|
3.15 |
Post-employment benefits and benefits for short-term employees
|
3.16 |
Stockholders’ equity
|
Grupo TMM, S.A.B. and Subsidiaries
|
21
|
· |
revaluation surplus, including gains from the reevaluation of vessels and properties;
|
· |
statutory reserve corresponds to the separation of earnings withheld to this reserve;
|
· |
additional paid-in capital is equivalent to the amount received in excess of the par value of the shares; and
|
· |
translation result represents the accumulated effect of the change in functional currency.
|
3.17 |
Recognition of revenue, costs and expenses, and financing costs
|
3.18 |
Information by segments
|
Grupo TMM, S.A.B. and Subsidiaries
|
22
|
3.19 |
Discontinued operations
|
· |
represents a significant separate line of business or a geographic area of operations;
|
· |
is part of a specific coordinated plan to dispose of a significant separate line of business; or
|
· |
is a subsidiary acquired solely for the purpose of future sale.
|
3.20 |
Significant management judgment in applying accounting policies and estimation uncertainty
|
Grupo TMM, S.A.B. and Subsidiaries
|
23
|
· |
Consolidated debt reduction in the amount of $10.4 billion pesos.
|
· |
A gain was generated in the loss of control of TMM DM in the amount of $3.4 billion pesos.
|
· |
The balance of stockholders’ equity amounts to $2.2 billion pesos at year end.
|
Grupo TMM, S.A.B. and Subsidiaries
|
24
|
· |
Storage and distribution of refined oil liquids;
|
· |
The development of a cruise liner terminal at a tourist port of the Mexican Caribbean.
|
· |
New ships to meet the needs that arise as a result of the Energy Reform in Mexico.
|
Grupo TMM, S.A.B. and Subsidiaries
|
25
|
TMM DM
|
Other
subsidiaries
|
Total
|
||||||||||
Current assets
|
||||||||||||
Cash and cash equivalents
|
$
|
212,332
|
$
|
-
|
$
|
212,332
|
||||||
Trade receivables
|
537,808
|
-
|
537,808
|
|||||||||
Other current assets
|
142,956
|
-
|
142,956
|
|||||||||
Total current assets
|
893,096
|
-
|
893,096
|
|||||||||
Non-current
|
||||||||||||
Vessels and equipment, net
|
7,442,415
|
-
|
7,442,415
|
|||||||||
Other non-current assets
|
8,530
|
340,019
|
348,549
|
|||||||||
Total assets
|
$
|
8,344,041
|
$
|
340,019
|
$
|
8,684,060
|
||||||
Short-term liabilities
|
||||||||||||
Trust certificates
|
$
|
709,589
|
-
|
$
|
709,589
|
|||||||
Other short-term liabilities
|
439,265
|
-
|
439,265
|
|||||||||
Total short-term liabilities
|
1,148,854
|
-
|
1,148,854
|
|||||||||
Long-term liabilities
|
||||||||||||
Trust certificates
|
9,731,357
|
-
|
9,731,357
|
|||||||||
Other long-term liabilities
|
922,297
|
-
|
922,297
|
|||||||||
Total liabilities
|
11,802,508
|
-
|
11,802,508
|
|||||||||
Total net assets
|
$
|
(3,458,467
|
)
|
340,019
|
$
|
(3,118,448
|
)
|
|||||
Consideration transferred
|
-
|
(66,987
|
)
|
(66,987
|
)
|
|||||||
Investment retained by Grupo TMM
|
-
|
-
|
-
|
|||||||||
(Gain) loss on the disposition of subsidiaries
|
$
|
(3,458,467
|
)
|
$
|
273,032
|
$
|
(3,185,435
|
)
|
Grupo TMM, S.A.B. and Subsidiaries
|
26
|
2017
|
2016
|
|||||||
Cash on hand
|
$
|
925
|
$
|
2,087
|
||||
Cash at banks
|
158,035
|
302,753
|
||||||
Short-term investments (a)
|
235,007
|
535,498
|
||||||
Restricted cash (b)
|
67,587
|
62,366
|
||||||
$
|
461,554
|
$
|
902,704
|
(a) |
Includes fix-term deposits (promissory notes) and repurchase/resell agreements with terms up to 3 days.
|
(b) |
Restricted cash represents the amount required to guarantee payments according to the obligations arising from the debt agreements for the acquisition of vessels and guarantee found for the sale of Terminal Marítima de Tuxpan, S.A. de C.V.
|
Grupo TMM, S.A.B. and Subsidiaries
|
27
|
2017
|
2016
|
|||||||
Maritime
|
||||||||
Parcel tankers
|
$
|
44,024
|
$
|
42,069
|
||||
Shipyards
|
30,015
|
23,781
|
||||||
Offshore vessels
|
28,716
|
496,579
|
||||||
Tugboats
|
12,401
|
25,440
|
||||||
Bulk Carrier
|
10,698
|
-
|
||||||
Tankers
|
-
|
84,313
|
||||||
Others
|
25
|
26
|
||||||
Ports and terminals
|
||||||||
Shipping agencies
|
48,648
|
78,602
|
||||||
Port services
|
6,717
|
13,654
|
||||||
Commercial leases
|
434
|
599
|
||||||
Logistics, warehousing and other businesses
|
||||||||
Warehousing
|
55,848
|
37,415
|
||||||
Repair of containers
|
40,730
|
27,471
|
||||||
Automotive services
|
689
|
891
|
||||||
Other businesses
|
2
|
882
|
||||||
Total trade receivables
|
278,947
|
831,722
|
||||||
Allowance for doubtful accounts
|
(28,310
|
)
|
(35,353
|
)
|
||||
$
|
250,637
|
$
|
796,369
|
Grupo TMM, S.A.B. and Subsidiaries
|
28
|
2017
|
2016
|
|||||||
Recoverable taxes
|
$
|
175,268
|
$
|
28,673
|
||||
Services for port, maritime and other operations
|
97,328
|
168,105
|
||||||
Insurance claims
|
958
|
3,764
|
||||||
Employees
|
8,561
|
8,133
|
||||||
Others
|
37,078
|
32,903
|
||||||
$
|
319,193
|
$
|
241,578
|
2017
|
2016
|
|||||||
Spare parts
|
$
|
43,335
|
$
|
75,909
|
||||
Fuels
|
14,361
|
29,722
|
||||||
Others
|
365
|
669
|
||||||
$
|
58,061
|
$
|
106,300
|
2017
|
2016
|
|||||||
Prepaid expenses
|
$
|
4,775
|
$
|
7,258
|
||||
Prepaid insurance premiums
|
4,328
|
1,672
|
||||||
Fleet insurance
|
2,424
|
6,350
|
||||||
$
|
11,527
|
$
|
15,280
|
Within the
1st year
|
1 to 3
years
|
3 to 5
years
|
After 5
years
|
Total
|
||||||||||||||||
Balance at December 31, 2017
|
||||||||||||||||||||
Lease payments
|
$
|
39,619
|
$
|
79,346
|
$
|
96,999
|
$
|
117,860
|
$
|
333,824
|
||||||||||
Financial charges
|
(28,665
|
)
|
(51,346
|
)
|
(58,456
|
)
|
(12,925
|
)
|
(151,391
|
)
|
||||||||||
Present values, net
|
$
|
10,954
|
$
|
28,000
|
$
|
38,543
|
$
|
104,935
|
$
|
182,433
|
Grupo TMM, S.A.B. and Subsidiaries
|
29
|
Within the
1st year
|
1 to 3
years
|
3 to 5
years
|
After 5
years
|
Total
|
||||||||||||||||
Balance at December 31, 2016
|
||||||||||||||||||||
Lease payments
|
$
|
41,483
|
$
|
82,966
|
$
|
85,355
|
$
|
164,888
|
$
|
374,692
|
||||||||||
Financial charges
|
(31,713
|
)
|
(58,032
|
)
|
(50,937
|
)
|
(33,223
|
)
|
(173,905
|
)
|
||||||||||
Present values, net
|
$
|
9,770
|
$
|
24,934
|
$
|
34,418
|
$
|
131,665
|
$
|
200,787
|
Leased assets
|
Expire
|
Building
|
Apr. 2029
|
Cranes
|
Jul. 2020
|
Offshore vessels
|
Apr. 2018
|
Docks and equipment
|
Mar. 2018
|
Lift truck
|
Dec. 2019
|
Within the
1st year
|
1 to 3
years
|
3 to 5
years
|
After 5
years
|
Total
|
||||||||||||||||
Lease payments
|
||||||||||||||||||||
At December 31, 2017
|
$
|
77,589
|
$
|
143,067
|
$
|
158,278
|
$
|
617,718
|
$
|
996,652
|
||||||||||
At December 31, 2016
|
$
|
112,115
|
$
|
137,157
|
$
|
154,709
|
$
|
732,745
|
$
|
1,136,726
|
Grupo TMM, S.A.B. and Subsidiaries
|
30
|
2017
|
2016
|
Years to
amortize
|
||||||||||
Administración Portuaria Integral de Acapulco (a)
|
$
|
94,607
|
$
|
94,607
|
10
|
|||||||
Transportación Marítima Mexicana (b)
|
30,266
|
30,266
|
-
|
|||||||||
124,873
|
124,873
|
|||||||||||
Accumulated amortization
|
(111,629
|
)
|
(107,844
|
)
|
||||||||
Concession rights, net
|
$
|
13,244
|
$
|
17,029
|
(a) |
Concession expires June 2021.
|
(b) |
Renewal expires January 16, 2023, with the possibility of renewing for another 8 years. In January 2007, the total value of this concession was amortized prior to the renewal. Accumulated amortization for this intangible asset is $30,266.
|
2017
|
||||||||||||||||||||||||||||||
Net balances
at year start
|
Additions
|
Disposals
|
Transfers
and others
|
Depreciation
/impairment
|
Net balances
at year end
|
Estimated
useful
lives
(years)
|
||||||||||||||||||||||||
Vessels
|
$
|
8,028,276
|
$
|
99
|
$
|
2,113
|
$
|
(6,424,674
|
)
|
(a)
|
$
|
483,338
|
(b)
|
$
|
1,118,250
|
25
|
||||||||||||||
Shipyard
|
363
|
-
|
-
|
-
|
45
|
318
|
40
|
|||||||||||||||||||||||
Major vessel maintenance
|
4,457
|
62,172
|
-
|
(1,266
|
)
|
52,755
|
12,608
|
2.5
|
||||||||||||||||||||||
Buildings and facilities
|
253,396
|
-
|
-
|
-
|
11,192
|
242,204
|
20 and 25
|
|||||||||||||||||||||||
Warehousing equipment
|
1,242
|
-
|
-
|
-
|
595
|
647
|
10
|
|||||||||||||||||||||||
Computer equipment
|
794
|
272
|
-
|
-
|
510
|
556
|
3 and 4
|
|||||||||||||||||||||||
Terminal equipment
|
3,319
|
425
|
-
|
4,118
|
977
|
6,885
|
10
|
|||||||||||||||||||||||
Ground transportation equipment
|
4,203
|
508
|
-
|
1,247
|
2,207
|
3,751
|
4.5 and 10
|
|||||||||||||||||||||||
Other equipment
|
9,556
|
226
|
-
|
(67
|
)
|
2,074
|
7,641
|
|||||||||||||||||||||||
8,305,606
|
63,702
|
2,113
|
(6,420,642
|
)
|
553,693
|
1,392,860
|
||||||||||||||||||||||||
Land
|
1,060,661
|
-
|
41
|
148,807
|
25,000
|
1,184,427
|
||||||||||||||||||||||||
Construction in progress
|
198,605
|
16,520
|
13,127
|
(155,750
|
)
|
-
|
46,248
|
|||||||||||||||||||||||
$
|
9,564,872
|
$
|
80,222
|
$
|
15,281
|
$
|
(6,427,585
|
)
|
$
|
578,693
|
$
|
2,623,535
|
Grupo TMM, S.A.B. and Subsidiaries
|
31
|
2016
|
|||||||||||||||||||||||||||||||
Net balances
at year start
|
Additions
|
Disposals
|
Transfers
and others
|
Depreciation
/impairment
|
Net balances
at year end
|
Estimated
useful
lives
(years)
|
|||||||||||||||||||||||||
Vessels
|
$
|
8,131,363
|
$
|
7,835
|
$
|
-
|
$
|
357,027
|
(a)
|
$
|
467,949
|
(b)
|
$
|
8,028,276
|
25
|
||||||||||||||||
Shipyard
|
423
|
-
|
-
|
-
|
60
|
363
|
40
|
||||||||||||||||||||||||
Major vessel maintenance
|
53,547
|
9,021
|
-
|
(208
|
)
|
57,903
|
4,457
|
2.5
|
|||||||||||||||||||||||
Buildings and facilities
|
186,937
|
11
|
4,531
|
80,593
|
(c)
|
9,614
|
253,396
|
20 and 25
|
|||||||||||||||||||||||
Warehousing equipment
|
-
|
63
|
-
|
2,076
|
897
|
1,242
|
10
|
||||||||||||||||||||||||
Computer equipment
|
552
|
254
|
-
|
465
|
477
|
794
|
3 and 4
|
||||||||||||||||||||||||
Terminal equipment
|
4,120
|
488
|
-
|
6
|
1,295
|
3,319
|
10
|
||||||||||||||||||||||||
Ground transportation equipment
|
5,506
|
1,734
|
915
|
290
|
2,412
|
4,203
|
4.5 and 10
|
||||||||||||||||||||||||
Other equipment
|
13,330
|
419
|
-
|
467
|
4,660
|
9,556
|
|||||||||||||||||||||||||
8,395,778
|
19,825
|
5,446
|
440,716
|
545,267
|
8,305,606
|
||||||||||||||||||||||||||
Land
|
880,620
|
-
|
81,568
|
(d)
|
261,609
|
(c)
|
-
|
1,060,661
|
|||||||||||||||||||||||
Construction in progress
|
276,681
|
142,247
|
-
|
(220,323
|
)
|
-
|
198,605
|
||||||||||||||||||||||||
$
|
9,553,079
|
$
|
162,072
|
$
|
87,014
|
$
|
482,002
|
$
|
545,267
|
$
|
9,564,872
|
(a) |
In 2017 is comprised primarily for revaluation surplus by $941,957 net of reduction for deconsolidation of TMM DM in a total of $7,445,415. In 2016 relates to revaluation surplus by $207,669 and the acquisition of the TMM Colima tugboat in December 2016.
|
(b) |
Includes $56,213 loss from revaluation of two vessels in 2017 and $23,304 loss from revaluation of two vessels in 2016.
|
(c) |
In 2016 is mainly comprised of the revaluation surplus of $ 216,965 net of other transfers.
|
(d) |
It includes the sale of a real property to Optimus on June 20, 2016, with a gain for a total of $111,212. (see Note 22). The receivable derived from this sale will be capitalized as described in Note 14 below. This transaction is considered a non-cash flow transaction for purposes of presentation in the consolidated statements of cash flows.
|
2017
|
2016
|
|||||||
Vessels
|
$
|
452,100
|
$
|
5,758,150
|
||||
Lands
|
715,616
|
715,616
|
||||||
Properties
|
156,888
|
161,527
|
||||||
$
|
1,324,604
|
$
|
6,635,293
|
Grupo TMM, S.A.B. and Subsidiaries
|
32
|
2017
|
2016
|
|||||||
Almacenes de Jugos Cítricos de México, S.A.P.I. de C.V. (a)
|
$
|
-
|
$
|
40,000
|
||||
Prepaid expenses
|
29,535
|
33,022
|
||||||
Security deposits
|
7,076
|
5,990
|
||||||
Other equity investments
|
5,989
|
5,870
|
||||||
Services & Solutions Optimus, S. de R.L. de C.V. (b)
|
(1,217
|
)
|
1,547
|
|||||
TMM División Marítima, S.A. de C.V. (c)
|
-
|
-
|
||||||
$
|
41,383
|
$
|
86,429
|
(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 at the issue date of the consolidated financial statements, Company Management decided reserve the investment.
|
(b) |
On February 24, 2016, Grupo TMM entered into a ‘Project Development Contract’, through its subsidiary Services & Solutions Optimus, S. de R.L. de C. V. (Optimus) with TransCanada and Sierra Oil & Gas, through its subsidiary Caoba Energia, S. de R.L. de C.V. (an unrelated third party, henceforth ‘Caoba’), whereby a petroleum liquid terminal (‘Tuxpan Project’) will be developed.
|
Grupo TMM, S.A.B. and Subsidiaries
|
33
|
(c) |
As discussed in Note 5, the Company lost control of its subsidiary TMM DM in 2017, retaining 15% equity in its capital and exercising significant influence. Accordingly, this investment has been classified as an investment in associate. As at December 31, 2017, 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.
|
2017
|
||||||||||||||||||||||
Net balances
at year start
|
Additions
(Disposals)
|
Transfers
and others
|
Amortization
|
Net balances
at year end
|
Estimated
useful life
(years)
|
|||||||||||||||||
Software
|
$
|
8,114
|
$
|
-
|
$
|
(4,079
|
)
|
$
|
1,673
|
$
|
2,362
|
3 and 5
|
||||||||||
Trademark (a)
|
125,528
|
-
|
-
|
-
|
125,528
|
Indefinite
|
||||||||||||||||
$
|
133,642
|
$
|
-
|
$
|
(4,079
|
)
|
$
|
1,673
|
$
|
127,890
|
2016
|
||||||||||||||||||||||
Net balances
at year start
|
Additions
(Disposals)
|
Transfers
and others
|
Amortization
|
Net balances
at year end
|
Estimated
useful life
(years)
|
|||||||||||||||||
Software
|
$
|
10,610
|
$
|
-
|
$
|
3,320
|
$
|
5,816
|
$
|
8,114
|
3 and 5
|
|||||||||||
Trademark (a)
|
125,528
|
-
|
-
|
-
|
125,528
|
Indefinite
|
||||||||||||||||
$
|
136,138
|
$
|
-
|
$
|
3,320
|
$
|
5,816
|
$
|
133,642
|
(a) |
Corresponds to the rights on the Marmex trademark associated with the specialized maritime division segment, specifically the offshore vessels operation. This trademark is subject to annual impairment testing.
|
Grupo TMM, S.A.B. and Subsidiaries
|
34
|
2017
|
2016
|
|||||||||||||||
Growth
rate
|
Discount
rate
|
Growth
rate
|
Discount
rate
|
|||||||||||||
Vessels
|
2.00
|
%
|
7.18
|
%
|
2.00
|
%
|
7.04
|
%
|
Grupo TMM, S.A.B. and Subsidiaries
|
35
|
2017
|
2016
|
|||||||
Financial assets
|
||||||||
Valued at amortized cost
|
||||||||
Cash and cash equivalents
|
$
|
461,554
|
$
|
902,704
|
||||
Trade receivables
|
250,637
|
796,369
|
||||||
Other accounts receivable
|
143,925
|
212,905
|
||||||
Related parties
|
217,188
|
59,098
|
||||||
Total current financial assets
|
$
|
1,073,304
|
$
|
1,971,076
|
||||
Financial liabilities
|
||||||||
Valued at amortized cost
|
||||||||
Short-term portion of the financial debt
|
$
|
502,361
|
$
|
740,370
|
||||
Trade payables
|
169,072
|
189,576
|
||||||
Accounts payable and accrued expenses
|
340,426
|
394,473
|
||||||
Related parties
|
34,756
|
51,515
|
||||||
Total short-term portion of the financial debt
|
1,046,615
|
1,375,934
|
||||||
Long-term financial debt
|
396,257
|
9,330,087
|
||||||
Total financial liabilities
|
$
|
1,442,872
|
$
|
10,706,021
|
Grupo TMM, S.A.B. and Subsidiaries
|
36
|
2017
|
2016
|
|||||||
Consolidated offering
|
$
|
10,500,000
|
$
|
10,500,000
|
||||
Capitalization of interests
|
414,194
|
414,194
|
||||||
Payments made
|
(444,864
|
)
|
(444,864
|
)
|
||||
Transaction costs
|
(737,973
|
)
|
(804,170
|
)
|
||||
Subtotal
|
9,731,357
|
9,665,160
|
||||||
Interest payable
|
709,589
|
86,698
|
||||||
Subscription of mandatorily convertible debentures into shares through CBFs (see Note 18)
|
-
|
(851,054
|
)
|
|||||
Loss of control of TMM DM
|
(10,440,946
|
)
|
-
|
|||||
Long-term trust certificates
|
$
|
-
|
$
|
8,900,804
|
1. |
A partial application amounting to $129,051 was authorized to the payment of the $200,000 corresponding to the interest to be covered originally with a November 15, 2017 due date, as discussed in the foregoing paragraph, which was liquidated on that date, in the understanding that the remaining balance of $70,949 should be covered on the following interest due date.
|
2. |
It was resolved that on this occasion, without any modification of the issuance documents and without prejudice to the total payment, the change will be made of the due date from May 15, 2017 to January 31, 2018. A 9.45% annual interest rate will be applied for the calculation of the amount of interest for the period extending between November 15, 2017 and January 31, 2018. The rate will be applied that is calculated in conformity with the issue documents that would have been applicable from November 15, 2017 up to May 15, 2018.
|
Grupo TMM, S.A.B. and Subsidiaries
|
37
|
3. |
A May 15, 2018 due date that would cover the period from January 31, 2018 up to May 15, 2018 on which the interest generated by the unpaid balance of the CBFs during the corresponding period should be covered at the rate that would have been applicable from November 15, 2017 up to May 15, 2018.
|
4. |
The spin-off of TMM DM is authorized with retroactive effects as at November 1, 2017, in order for the ownership of 85% of the shares representative of the capital stock of TMM DM as the spun-off company to be transferred in benefit of the CBFs Holders, once all the corresponding corporate acts, approvals, and authorizations have been carried out.
|
1. |
The capitalization of the following amounts, which are added to the unpaid balance of the CBFs.
|
a) |
The remaining balance amounting to $70,949 of the payment amounting to $200,000 corresponding to the interest to be covered originally on the due date of November 15, 2017, and a second modification on January 31, 2018.
|
b) |
Interest in the amount of $505,669 corresponding to the period extending from May 15, 2017 up to November 15, 2017.
|
2. |
The due date was modified from January 31, 2018 in order for the first due date to be May 15, 2018. Interest generated between November 15, 2017 and May 15, 2018, as well as the corresponding payments on capital should be covered on that date.
|
3. |
The issue documents that were necessary were approved to be modified as well as the consents required from the stockholders of TMM DM, in order to implement the transfer of 85% of the shares of TMM DM in benefit of the CBFs Holders, either indirectly or through a buy and sell of stock or subscription of capital. Furthermore, Maritime Service Contract was modified and the terms in which those services are negotiated was approved as well.
|
4. |
All the necessary acts were approved and the corresponding parties were instructed to enter into the necessary amending agreements, and formal procedures with the corresponding authorities, in order to substitute the share representative of the CBFs to divide the original series by the following series:
|
a) |
Preferred (50%).- It considers payments on debt service and target capital.
|
b) |
Subordinated (20%).- It receives the excess flow after complying with the Preferred Series during each period.
|
c) |
Convertible (30%).- It receives the excess flow after complying with the Preferred and Subordinated Series. Every time that accumulated payments of the Preferred Series amount to 9% (of the opening balance of the Preferred Series), 3% of the shares of the Convertible Series may be converted into the Preferred Series. It is in this series where 85% of the representative shares of TMM DM is planned to be incorporated into the capital.
|
5. |
A 5 year extension to the original date of maturity that takes advantage of the technical and operating capacity of ships in effect for that period.
|
Grupo TMM, S.A.B. and Subsidiaries
|
38
|
2017
|
2016
|
|||||||||||||||
Short-term
|
Long-term
|
Short-term
|
Long-term
|
|||||||||||||
Payable in Mexican pesos
|
||||||||||||||||
Daimler Financial Services México, S. de R.L. de C.V.(a)
|
$
|
17,218
|
$
|
21,246
|
$
|
1,825
|
$
|
38,462
|
||||||||
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 November 2019.
|
||||||||||||||||
Banco Autofin México, S.A. Institución de Banca Múltiple
|
19,559
|
55,930
|
19,644
|
75,487
|
||||||||||||
Five lives of credit with mortgage surety for $45.8, $34.6, $25.5, $21.6, and $8.4 million at a variable rate of the 28- day TIIE plus 450 basis points, with monthly payments of principal and interest, maturing September 2021.
|
||||||||||||||||
INPIASA, S.A. de C.V. (b)
|
1,566
|
4,175
|
1,566
|
5,741
|
||||||||||||
Contract for two lines of credit, the first for $15.7 million and the second for $4.2 million, both at a variable rate of the 28-day TIIE plus 450 basis points, with monthly payments of principal and interest, and maturing August 2021 and October 2016, respectively. The line amounting to $4.2 million was paid in full, and in accordance with the amortization schedule in October 2016.
|
||||||||||||||||
Banco del Bajío, S.A. (b)
|
1,423
|
1,304
|
1,541
|
2,728
|
||||||||||||
$8.5 million line of credit at a variable rate of the 28-day TIIE plus 250 points, with monthly payments of principal and interest, and maturing November 2019.
|
||||||||||||||||
HSBC, S.A. (b)
|
1,629
|
3,802
|
1,629
|
5,432
|
||||||||||||
$9.77 million line of credit at a variable rate of the 28-day TIIE plus 300 points, with monthly payments of principal and interest, and maturing April 2021.
|
||||||||||||||||
Caja de Ahorro Popular la Merced Sociedad de Ahorro y Préstamo, S. de R.L. de C.V. (b)
|
-
|
-
|
1,100
|
-
|
||||||||||||
$2.64 million line of credit at a variable rate of the 28-day TIIE plus 200 points, with monthly payments of principal and interest, and maturing October 2017. The line was paid in full according to its amortization schedule in October 2017.
|
Grupo TMM, S.A.B. and Subsidiaries
|
39
|
2017 | 2016 | |||||||||||
Short-term | Long-term | Short-term | Long-term |
Banco del Bajío, S.A.
|
1,264
|
2,106
|
1,264
|
3,370
|
||||||||||||
$9.36 million line of credit at a variable rate of the 28-day TIIE plus 250 points, with monthly payments of principal and interest, and maturing August 2020.
|
||||||||||||||||
Trust certificates
|
-
|
-
|
-
|
8,814,106
|
||||||||||||
Portfolio securitization program with a variable interest rate of the 28-day TIIE annualized plus 245 basis points (at December 2017 close, this was 9.94%) maturing August 2035. See Note 5 on the loss of control of TMM DM.
|
||||||||||||||||
CI Banco S.A. Institución de Banca Múltiple
|
15,000
|
-
|
20,000
|
15,000
|
||||||||||||
$40 million line of credit at a variable rate of the 28-day TIIE plus 150 points, with monthly payments of principal and interest on outstanding balances, and maturing November 2018.
|
|
|
|
|
||||||||||||
Interest payable |
2,213
|
-
|
160,920
|
-
|
||||||||||||
59,872
|
88,563
|
209,489
|
8,960,326
|
2017 | 2016 | |||||||||||||||
Short-term
|
Long-term
|
Short-term
|
Long-term
|
|||||||||||||
Payable in US dollars
|
||||||||||||||||
DVB Bank América, NV (c)
|
282,677
|
-
|
352,575
|
-
|
||||||||||||
Two lines of credit with mortgage surety; the first for US$25.0 million (approximately $485.2 million) at an average rate of 7.42% and maturing May 2017. The second, for US$27.5 million (approximately $542.7 million), at an average rate of 7.78%, and maturing June 2017.
The restructuring of the payment schedule and outstanding balance amounting to $16.0 million dollars (approximately $315.7 million pesos) was formalized in June 2017, with a variable Libor rate at 90 days plus 325 points, with monthly payments on principal and interest on unpaid balances, due June 2018.
|
||||||||||||||||
DEG-Deutsche Investitions – UND (d)
|
23,682
|
29,603
|
20,105
|
55,793
|
||||||||||||
US$8.5 million line of credit with pledge surety (approximately $167.7 million) at 8.01% fixed rate, with semiannual payments of principal and interest on outstanding balances, with a two year grace period on the principal and maturing July 2014. On September 2, 2016, the restructuring of the outstanding balance amounting to $4.1 million dollars (approximately 80.9 million) by extending the due date up to December 2019, with quarterly payments on principal and interest on the unpaid balance at a variable Libor rate at 90 days plus 550 points for the first 4 quarters, 650 points for the next 4 quarters, 750 points for the net 4 quarters, and finally 900 points for the last 2 quarters.
|
||||||||||||||||
Other (e)
|
98,677
|
-
|
123,984
|
-
|
||||||||||||
Unsecured credits were contracted, each one amounting to $3.0 million dollars (approximately $59.2 million pesos) at a fixed rate of 11.25%, with semester payments on principal and interest, originally due January 2016. Both credits were contracted again in January 2017, and $1.0 million dollars on one of them was paid and both were due in July 2017. The payment rescheduling and outstanding balance amounting to $5.0 million dollars (approximately $98.7 million pesos) were formalized in July 2017, with a fixed rate of 11.25% with monthly payments on interest and principal, due July 2018.
|
Grupo TMM, S.A.B. and Subsidiaries
|
40
|
2017 | 2016 | |||||||||||
Short-term
|
Long-term
|
Short-term
|
Long-term
|
FTAI Subsea 88 Ltd
|
10,954
|
171,479
|
9,770
|
191,017
|
||||||||||||
US$10.8 million line of credit through financial leasing (approximately $213.1 million), at 15.92% fixed rate with monthly payments of principal and interest on outstanding balances and maturing November 2023.
|
||||||||||||||||
415,990
|
201,082
|
506,434
|
246,810
|
Payable in euros
|
||||||||||||||||
B V Scheepswerf Damen Gorinchem
|
26,499
|
106,612
|
24,447
|
122,951
|
||||||||||||
Opening line of credit amounting to $7.58 million euros (approximating $159.2 million), at a 7.0% fixed rate with semester payments on principal and interest on unpaid balances and due November 2022.
|
||||||||||||||||
26,499
|
106,612
|
24,447
|
122,951
|
|||||||||||||
$
|
502,361
|
$
|
396,257
|
$
|
740,370
|
$
|
9,330,087
|
(a) |
On August 2, 2016, the Company completed the restructuring process of its payment schedule.
|
(b) |
They correspond to judicial and private agreements signed for the debt recognition with respect to Deposit Certificates secured and backed by ADEMSA, related party.
|
(c) |
The Company formally completed the restructuring of the payment schedule and the new due date will be on June 18, 2018.
|
(d) |
The Company formally completed the restructuring of the payment schedule and the new due date will be on December 15, 2019.
|
(e) |
On January 31, 2017, both credits were contracted again by paying $1.0 million US dollars on one of the credits. As at the issue date of these financial statements, the Company is up to date in its obligations and completed the extension of the credit term to July 25, 2018.
|
Grupo TMM, S.A.B. and Subsidiaries
|
41
|
Maturity
|
2017
|
2016
|
||||||
2018
|
$
|
-
|
$
|
118,515
|
||||
2019
|
115,683
|
115,616
|
||||||
2020
|
65,390
|
64,040
|
||||||
2021
|
61,711
|
60,482
|
||||||
2022
|
48,538
|
157,327
|
||||||
2023 and thereafter
|
104,935
|
8,814,107
|
||||||
$
|
396,257
|
$
|
9,330,087
|
Conversion date
|
Percentage
|
Number of obligations to be
converted
|
||
September 30, 2017
|
10%
|
1,058,628
|
||
September 30, 2019
|
45%
|
4,763,828
|
||
September 30, 2022
|
45%
|
4,763,828
|
Grupo TMM, S.A.B. and Subsidiaries
|
42
|
2016
|
||||
Total issue of debentures
|
$
|
1,058,628
|
||
Financial liability component
|
69,637
|
|||
Interest payable
|
1,193
|
|||
Transaction costs
|
(13,216
|
)
|
||
Financial liability component of short-term debentures
|
$
|
57,614
|
||
Financial liability component
|
$
|
113,795
|
||
Interest payable
|
1,950
|
|||
Transaction costs
|
(21,596
|
)
|
||
Financial liability component of long-term debentures
|
$
|
94,149
|
||
Equity component
|
$
|
875,196
|
||
Interest payable
|
14,999
|
|||
Transaction costs
|
(166,095
|
)
|
||
Equity component of debentures
|
$
|
724,100
|
2017
|
2016
|
|||||||||||||||
Receivable
|
Payable
|
Receivable
|
Payable
|
|||||||||||||
Optimus (see Notes 13 and 14)
|
$
|
59,098
|
$
|
-
|
$
|
59,098
|
$
|
-
|
||||||||
SSA México, S.A. de C.V.
|
-
|
34,756
|
-
|
51,515
|
||||||||||||
TMM DM
|
158,090
|
-
|
-
|
-
|
||||||||||||
$
|
217,188
|
$
|
34,756
|
$
|
59,098
|
$
|
51,515
|
(a) |
SSA México, S.A. de C.V., is a company with which Grupo TMM and Administración Portuaria Integral de Acapulco, S.A. de C.V. conduct leasing operations and consulting.
|
(b) |
The balances with TMM DM arise due to the loss of control of the latter and are related to the maritime operations of TMM DM with the Group.
|
Grupo TMM, S.A.B. and Subsidiaries
|
43
|
2017
|
2016
|
2015
|
||||||||||
Income:
|
||||||||||||
Gain on sale of fixed assets (see Note 13)
|
$
|
-
|
$
|
54,679
|
$
|
-
|
||||||
Leases (a)
|
788
|
788
|
788
|
|||||||||
$
|
788
|
55,467
|
788
|
|||||||||
Expenses:
|
||||||||||||
Other expenses (b)
|
$
|
415
|
$
|
346
|
$
|
250
|
(a) |
Grupo TMM, S.A.B. lease operations with SSA México, S.A. de C.V.
|
(b) |
Management consulting provided by SSA México, S.A. de C.V. to Administración Portuaria Integral de Acapulco, S.A. de C.V.
|
2017
|
2016
|
2015
|
||||||||||
Short-term benefits
|
||||||||||||
Salaries
|
$
|
31,065
|
$
|
37,768
|
$
|
40,571
|
||||||
Social security costs
|
471
|
623
|
775
|
|||||||||
$
|
31,536
|
$
|
38,391
|
$
|
41,346
|
2017
|
2016
|
|||||||
General expenses
|
$
|
143,409
|
$
|
121,589
|
||||
Purchased services
|
91,122
|
67,374
|
||||||
Operating expenses
|
42,035
|
160,413
|
||||||
Salaries and wages
|
1,678
|
3,893
|
||||||
Taxes payable
|
1,492
|
11,032
|
||||||
Other
|
62,182
|
41,204
|
||||||
$
|
341,918
|
$
|
405,505
|
Grupo TMM, S.A.B. and Subsidiaries
|
44
|
2017
|
2016
|
|||||||
CUFIN generated up to December 31, 2013
|
$
|
3,326,220
|
$
|
3,115,313
|
||||
CUFIN generated beginning 2014
|
-
|
-
|
||||||
$
|
3,326,220
|
$
|
3,115,313
|
Grupo TMM, S.A.B. and Subsidiaries
|
45
|
Statutory
reserve
|
Defined
benefit plan
|
Premium on
convertible
obligations
|
Translation
result
|
Revaluation
surplus
|
Total
|
||||||||||||||||||||
Balance at December 31, 2015
|
$
|
216,948
|
$
|
(153,845
|
)
|
$
|
77,106
|
$
|
(247,668
|
)
|
$
|
2,206,975
|
$
|
2,099,516
|
|||||||||||
Revaluation of vessels
|
-
|
-
|
-
|
-
|
424,634
|
424,634
|
|||||||||||||||||||
Defined benefit plan
|
-
|
24,863
|
-
|
-
|
-
|
24,863
|
|||||||||||||||||||
Reclassification from disposal of properties and depreciation
|
-
|
-
|
-
|
-
|
(151,056
|
)
|
(a)
|
(151,056
|
)
|
||||||||||||||||
Total before taxes
|
-
|
24,863
|
-
|
-
|
273,578
|
298,441
|
|||||||||||||||||||
Tax expense
|
-
|
(7,459
|
)
|
-
|
-
|
(127,390
|
)
|
(134,849
|
)
|
||||||||||||||||
Total net of taxes
|
-
|
17,404
|
-
|
-
|
146,188
|
163,592
|
|||||||||||||||||||
Balance at December 31, 2016
|
$
|
216,948
|
$
|
(136,441
|
)
|
$
|
77,106
|
$
|
(247,668
|
)
|
$
|
2,353,163
|
$
|
2,263,108
|
|||||||||||
Revaluation of vessels
|
-
|
-
|
-
|
-
|
941,957
|
941,957
|
|||||||||||||||||||
Defined benefit plan
|
-
|
319
|
-
|
-
|
-
|
319
|
|||||||||||||||||||
Reclassification from disposal of properties and depreciation
|
-
|
-
|
-
|
-
|
(2,073,235
|
)
|
(a)
|
(2,073,235
|
)
|
||||||||||||||||
Total before taxes
|
-
|
319
|
-
|
-
|
(1,131,278
|
)
|
(1,130,959
|
)
|
|||||||||||||||||
Tax expense
|
-
|
(96
|
)
|
-
|
-
|
(282,587
|
)
|
(282,683
|
)
|
||||||||||||||||
Total net of taxes
|
-
|
223
|
-
|
-
|
(1,413,865
|
)
|
(1,413,642
|
)
|
|||||||||||||||||
Balance at December 31, 2017
|
$
|
216,948
|
$
|
(136,218
|
)
|
$
|
77,106
|
$
|
(247,668
|
)
|
$
|
939,298
|
$
|
849,466
|
(a) |
It corresponds to the reclassification of the revaluation surplus to accumulated losses from the sale of properties and to the depreciation of the period of revaluation of properties and vessels.
|
2017
|
2016
|
2015
|
||||||||||
Gain from loss of control of subsidiary TMMDM (see Note 5)
|
$
|
3,458,467
|
$
|
-
|
$
|
-
|
||||||
Loss from the sale of subsidiaries (a)
|
(273,032
|
)
|
-
|
171,505
|
||||||||
Recoveries of taxes paid in prior years, net of expenses for recovery
|
43,884
|
-
|
-
|
|||||||||
Cancellation of liabilities
|
1,688
|
2,076
|
5,859
|
|||||||||
Cancellation of projects
|
(13,127
|
)
|
(6,240
|
)
|
(4,948
|
)
|
||||||
Income from sale of fixed assets (b) (Note 13)
|
-
|
56,534
|
-
|
|||||||||
Other, net
|
(134
|
)
|
500
|
14,569
|
||||||||
$
|
3,217,746
|
$
|
52,870
|
$
|
186,985
|
(a) |
In 2017 and 2015, corresponds to the income from the sale of subsidiaries (see Note 5).
|
(b) |
It includes the sale of a land to Optimus on June 20, 2016 (see Note 13 and 14).
|
Grupo TMM, S.A.B. and Subsidiaries
|
46
|
2017
|
2016
|
2015
|
||||||||||
Interest on trust certificates
|
$
|
942,266
|
$
|
684,829
|
$
|
618,818
|
||||||
Interest on other loans
|
97,590
|
98,630
|
95,713
|
|||||||||
Transaction cost of mandatorily convertible debentures into shares
|
87,482
|
-
|
-
|
|||||||||
Amortization of trust certificate transaction cost
|
75,209
|
76,152
|
75,224
|
|||||||||
Amortization of transaction cost associated with other loans
|
4,137
|
6,011
|
4,754
|
|||||||||
Other financial expenses
|
3,802
|
3,645
|
5,735
|
|||||||||
Valuation of interest rate hedge (CAP)
|
-
|
-
|
(12
|
)
|
||||||||
$
|
1,210,486
|
$
|
869,267
|
$
|
800,232
|
2017
|
2016
|
2015
|
||||||||||
Income tax
|
$
|
(3,000
|
)
|
$
|
(3,433
|
)
|
$
|
(3,314
|
)
|
|||
Deferred income tax
|
(513,732
|
)
|
272,048
|
(695,161
|
)
|
|||||||
Total income tax (benefit) expense
|
$
|
(516,732
|
)
|
$
|
268,615
|
$
|
(698,475
|
)
|
Grupo TMM, S.A.B. and Subsidiaries
|
47
|
2017
|
2016
|
2015
|
||||||||||
Profit (loss) before taxes
|
$
|
1,846,311
|
$
|
(775,179
|
)
|
$
|
(301,930
|
)
|
||||
Income tax
|
(553,893
|
)
|
232,554
|
90,579
|
||||||||
(Decrease) increase from:
|
||||||||||||
Difference in depreciation and amortization
|
503,479
|
48,701
|
(232,397
|
)
|
||||||||
Revaluation surplus
|
265,723
|
132,019
|
320,467
|
|||||||||
Income recognized in advance
|
(1,678
|
)
|
(8,261
|
)
|
(11,409
|
)
|
||||||
Materials and supplies
|
5,503
|
(15,673
|
)
|
(14,497
|
)
|
|||||||
Inflationary and currency exchange effects on monetary assets and liabilities, net
|
(203,983
|
)
|
(102,928
|
)
|
(87,765
|
)
|
||||||
Tax losses – net
|
(1,255,433
|
)
|
116,906
|
(498,884
|
)
|
|||||||
Provisions and allowance for doubtful accounts
|
(183,963
|
)
|
(63,803
|
)
|
(143,685
|
)
|
||||||
Difference between the tax and book value for the sale of assets
|
(435
|
)
|
(60,277
|
)
|
(49,084
|
)
|
||||||
Difference between the tax and book value for the sale of shares
|
956,613
|
20,136
|
7,902
|
|||||||||
Non-deductible expenses
|
(48,665
|
)
|
(30,759
|
)
|
(79,702
|
)
|
||||||
Provision for income tax
|
$
|
(516,732
|
)
|
$
|
268,615
|
$
|
(698,475
|
)
|
2017
|
2016
|
|||||||
Portion of tax loss carryforwards for subsequent years
|
$
|
(279,334
|
)
|
$
|
1,543,387
|
|||
Inventories and provisions – net
|
65,091
|
40,964
|
||||||
Concession rights and property, vessels and equipment
|
(619,651
|
)
|
(1,662,402
|
)
|
||||
Total deferred tax liability
|
$
|
(275,226
|
)
|
$
|
(78,051
|
)
|
Year in which the
loss was incurrred
|
Amounts
|
Year of expiration
|
||||||
2008
|
$
|
109,685
|
2018
|
|||||
2009
|
389,543
|
2019
|
||||||
2010
|
537,231
|
2020
|
||||||
2011
|
352,239
|
2021
|
||||||
2012
|
538,601
|
2022
|
||||||
2013
|
389,355
|
2023
|
||||||
2014
|
244,640
|
2024
|
||||||
2015
|
151,575
|
2025
|
||||||
2016
|
488,472
|
2026
|
||||||
2017
|
108,450
|
2027
|
||||||
$
|
3,309,791
|
Grupo TMM, S.A.B. and Subsidiaries
|
48
|
December 31, 2017
|
Specialized
maritime
division
|
Logistics
division
|
Ports and
terminal
division
|
Warehousing
division
|
Other
businesses
and shared
accounts
|
Total
consolidated
|
||||||||||||||||||
Revenue
|
$
|
1,951,320
|
$
|
229,529
|
$
|
134,196
|
$
|
149,894
|
$
|
-
|
$
|
2,464,939
|
||||||||||||
Costs and expenses
|
(1,386,282
|
)
|
(193,826
|
)
|
(112,771
|
)
|
(180,356
|
)
|
(1,123
|
)
|
(1,874,358
|
)
|
||||||||||||
Corporate expenses
|
-
|
-
|
-
|
-
|
(205,622
|
)
|
(205,622
|
)
|
||||||||||||||||
Depreciation and amortization
|
(541,030
|
)
|
(1,660
|
)
|
(11,143
|
)
|
(1,205
|
)
|
(7,877
|
)
|
(562,915
|
)
|
||||||||||||
Trasnportation profit (loss)
|
$
|
24,008
|
$
|
34,043
|
$
|
10,282
|
$
|
(31,667
|
)
|
$
|
(214,622
|
)
|
$
|
(177,956
|
)
|
|||||||||
Costs, expenses and revenue not allocated
|
1,507,535
|
|||||||||||||||||||||||
Net profit for the year
|
$
|
1,329,579
|
||||||||||||||||||||||
Total assets by operating segment
|
$
|
5,617,173
|
$
|
38,833
|
$
|
1,904,928
|
$
|
153,196
|
$
|
-
|
$
|
7,714,130
|
||||||||||||
Shared assets
|
(3,589,918
|
)
|
(3,589,918
|
)
|
||||||||||||||||||||
Total assets
|
$
|
5,617,173
|
$
|
38,833
|
$
|
1,904,928
|
$
|
153,196
|
$
|
(3,589,918
|
)
|
$
|
4,124,212
|
|||||||||||
Total liabilities by operating segment
|
$
|
849,416
|
$
|
19,425
|
$
|
256,121
|
$
|
56,296
|
$
|
-
|
$
|
1,181,258
|
||||||||||||
Shared liabilities
|
-
|
-
|
-
|
-
|
713,892
|
713,892
|
||||||||||||||||||
Total liabilities
|
$
|
849,416
|
$
|
19,425
|
$
|
256,121
|
$
|
56,296
|
$
|
713,892
|
$
|
1,895,150
|
||||||||||||
Total capital expenditures by segment
|
$
|
64,054
|
$
|
-
|
$
|
9,034
|
$
|
42
|
$
|
-
|
$
|
73,130
|
||||||||||||
Shared capital expenditures
|
-
|
-
|
-
|
-
|
7,092
|
7,092
|
||||||||||||||||||
Total capital expenditures
|
$
|
64,054
|
$
|
-
|
$
|
9.034
|
$
|
42
|
$
|
7,092
|
$
|
80,222
|
Grupo TMM, S.A.B. and Subsidiaries
|
49
|
December 31, 2016
|
Specialized
maritime
division
|
Logistics
division
|
Ports and
terminal
division
|
Warehousing
division
|
Other
businesses
and shared
accounts
|
Total
Consolidated
|
||||||||||||||||||
Revenue
|
$
|
2,167,585
|
$
|
190,902
|
$
|
116,708
|
$
|
126,070
|
$
|
46,219
|
$
|
2,647,484
|
||||||||||||
Costs and expenses
|
(1,385,458
|
)
|
(158,403
|
)
|
(100,109
|
)
|
(169,737
|
)
|
(46,460
|
)
|
(1,860,167
|
)
|
||||||||||||
Corporate expenses
|
-
|
-
|
-
|
-
|
(194,215
|
)
|
(194,215
|
)
|
||||||||||||||||
Depreciation and amortization
|
(534,525
|
)
|
(1,908
|
)
|
(10,489
|
)
|
(947
|
)
|
(7,375
|
)
|
(555,244
|
)
|
||||||||||||
Transportation profit (loss)
|
$
|
247,602
|
$
|
30,591
|
$
|
6,110
|
$
|
(44,614
|
)
|
$
|
(201,831
|
)
|
$
|
37,858
|
||||||||||
Costs, expenses and revenue not allocated
|
(544,422
|
)
|
||||||||||||||||||||||
Net loss for the year
|
$
|
(506,564
|
)
|
|||||||||||||||||||||
Total assets by operating segment
|
$
|
12,830,358
|
$
|
25,929
|
$
|
1,739,936
|
$
|
148,828
|
$
|
-
|
$
|
14,745,051
|
||||||||||||
Shared assets
|
-
|
-
|
-
|
-
|
(2,821,750
|
)
|
(2,821,750
|
)
|
||||||||||||||||
Total assets
|
$
|
12,830,358
|
$
|
25,929
|
$
|
1,739,936
|
$
|
148,828
|
$
|
(2,821,750
|
)
|
$
|
11,923,301
|
|||||||||||
Total liabilities by operating segment
|
$
|
11,107,505
|
$
|
23,874
|
$
|
276,772
|
$
|
47,681
|
$
|
-
|
$
|
11,455,832
|
||||||||||||
Shared liabilities
|
-
|
-
|
-
|
-
|
(496,521
|
)
|
(496,521
|
)
|
||||||||||||||||
Total liabilities
|
$
|
11,107,505
|
$
|
23,874
|
$
|
276,772
|
$
|
47,681
|
$
|
(496,521
|
)
|
$
|
10,959,311
|
|||||||||||
Total capital expenditures by segment
|
$
|
160,691
|
$
|
-
|
$
|
1,087
|
$
|
139
|
$
|
-
|
$
|
161,917
|
||||||||||||
Shared capital expenditures
|
-
|
-
|
-
|
-
|
155
|
155
|
||||||||||||||||||
Total capital expenditures
|
$
|
160,691
|
$
|
-
|
$
|
1,087
|
$
|
139
|
$
|
155
|
$
|
162,072
|
December 31, 2015
|
Specialized
maritime
division
|
Logistics
division
|
Ports and
terminal
division
|
Warehousing
division
|
Other
businesses
and shared
accounts
|
Total
Consolidated
|
||||||||||||||||||
Revenue
|
$
|
2,770,891
|
$
|
169,709
|
$
|
114,225
|
$
|
133,170
|
$
|
73,950
|
$
|
3,261,945
|
||||||||||||
Costs and expenses
|
(1,630,348
|
)
|
(137,308
|
)
|
(96,080
|
)
|
(179,646
|
)
|
(72,666
|
)
|
(2,116,048
|
)
|
||||||||||||
Corporate expenses
|
-
|
-
|
-
|
-
|
(199,057
|
)
|
(199,057
|
)
|
||||||||||||||||
Depreciation and amortization
|
(648,079
|
)
|
(4,968
|
)
|
(10,582
|
)
|
(1,586
|
)
|
(7,428
|
)
|
(672,643
|
)
|
||||||||||||
Trasnportation profit (loss)
|
$
|
492,464
|
$
|
27,433
|
$
|
7,563
|
$
|
(48,062
|
)
|
$
|
(205,201
|
)
|
$
|
274,197
|
||||||||||
Costs, expenses and revenue not allocated
|
(1,274,602
|
)
|
||||||||||||||||||||||
Loss before discontinued operations
|
(1,000,405
|
)
|
||||||||||||||||||||||
Discontinued operations
|
(18,465
|
)
|
||||||||||||||||||||||
Net loss for the year
|
$
|
(1,018,870
|
)
|
|||||||||||||||||||||
Total assets by operating segment
|
$
|
12,860,912
|
$
|
16
|
$
|
1,621,311
|
$
|
-
|
$
|
-
|
$
|
14,482,239
|
||||||||||||
Total assets by discontinued segment
|
-
|
-
|
-
|
194,200
|
-
|
194,200
|
||||||||||||||||||
Shared assets
|
-
|
-
|
-
|
-
|
(2,260,331
|
)
|
(2,260,331
|
)
|
||||||||||||||||
Total assets
|
$
|
12,860,912
|
$
|
16
|
$
|
1,621,311
|
$
|
194,200
|
$
|
(2,260,331
|
)
|
$
|
12,416,108
|
|||||||||||
Total liabilities by operating segment
|
$
|
10,822,299
|
$
|
51,081
|
$
|
230,753
|
$
|
-
|
$
|
-
|
$
|
11,104,133
|
||||||||||||
Total liabilities by discontinued segment
|
-
|
-
|
-
|
107,702
|
-
|
107,702
|
||||||||||||||||||
Shared liabilities
|
-
|
-
|
-
|
-
|
772,467
|
772,467
|
||||||||||||||||||
Total liabilities
|
$
|
10,822,299
|
$
|
51,081
|
$
|
230,753
|
$
|
107,702
|
$
|
772,467
|
$
|
11,984,302
|
||||||||||||
Total capital expenditures by segment
|
$
|
78,541
|
$
|
-
|
$
|
3,369
|
$
|
473
|
$
|
-
|
$
|
82,383
|
||||||||||||
Shared capital expenditures
|
-
|
-
|
-
|
-
|
19,976
|
19,976
|
||||||||||||||||||
Total capital expenditures
|
$
|
78,541
|
$
|
-
|
$
|
3,369
|
$
|
473
|
$
|
19,976
|
$
|
102,359
|
Grupo TMM, S.A.B. and Subsidiaries
|
50
|
2017
|
2016
|
2015
|
||||||||||
Salaries, benefits and inherent
|
$
|
550,491
|
$
|
654,677
|
$
|
674,512
|
||||||
Pensions – defined benefit plans
|
21,284
|
(14,764
|
)
|
22,805
|
||||||||
$
|
571,775
|
$
|
639,913
|
$
|
697,317
|
2017
|
2016
|
|||||||
Long-term:
|
||||||||
Pensions and seniority premium
|
$
|
150,873
|
$
|
142,398
|
||||
Termination of employment
|
24,687
|
21,809
|
||||||
$
|
175,560
|
$
|
164,207
|
Grupo TMM, S.A.B. and Subsidiaries
|
51
|
2017
|
2016
|
|||||||||||||||
Pensions and
seniority
premiums
|
Termination
of
employment
|
Pensions and
seniority
premiums
|
Termination
of
employment
|
|||||||||||||
Current service cost
|
$
|
5,460
|
$
|
1,868
|
$
|
(29,914
|
)
|
$
|
(1,717
|
)
|
||||||
Interest cost
|
12,015
|
1,941
|
15,072
|
1,795
|
||||||||||||
Net cost for the period
|
$
|
17,475
|
$
|
3,809
|
$
|
(14,842
|
)
|
$
|
78
|
2017
|
2016
|
|||||||||||||||
Pensions and
seniority
premiums
|
Termination
of
employment
|
Pensions and
seniority
premiums
|
Termination
of
employment
|
|||||||||||||
Defined benefit obligations
|
$
|
153,572
|
$
|
24,687
|
$
|
144,049
|
$
|
21,809
|
||||||||
Plan assets
|
(2,699
|
)
|
-
|
(1,651
|
)
|
-
|
||||||||||
Total reserve
|
$
|
150,873
|
$
|
24,687
|
$
|
142,398
|
$
|
21,809
|
2017
|
2016
|
|||||||||||||||
Pensions and
seniority
premiums
|
Termination
of
employment
|
Pensions and
seniority
premiums
|
Termination
of
employment
|
|||||||||||||
DBO at period start
|
$
|
144,049
|
$
|
21,809
|
$
|
191,134
|
$
|
22,029
|
||||||||
Current service cost
|
5,460
|
1,868
|
(29,914
|
)
|
(1,717
|
)
|
||||||||||
Interest cost
|
12,015
|
1,941
|
15,072
|
1,795
|
||||||||||||
Benefits paid
|
(296
|
)
|
-
|
(1,128
|
)
|
-
|
||||||||||
Benefits paid from plan assets
|
(9,272
|
)
|
-
|
(13,739
|
)
|
-
|
||||||||||
Miscellaneous
|
908
|
-
|
(269
|
)
|
(1
|
)
|
||||||||||
Actuarial losses and gains
|
708
|
(931
|
)
|
(17,107
|
)
|
(297
|
)
|
|||||||||
DBO at period end
|
$
|
153,572
|
$
|
24,687
|
$
|
144,049
|
$
|
21,809
|
Grupo TMM, S.A.B. and Subsidiaries
|
52
|
2017
|
2016
|
|||||||
Value of the fund at year start
|
$
|
1,651
|
$
|
1,921
|
||||
Expected return on assets
|
908
|
(294
|
)
|
|||||
Plan contributions
|
9,272
|
13,739
|
||||||
Benefits paid
|
(9,272
|
)
|
(13,739
|
)
|
||||
Interests of plan assets
|
140
|
24
|
||||||
Value of the fund at year end
|
$
|
2,699
|
$
|
1,651
|
2017
|
2016
|
|||||||
Reserve for obligations at year start
|
$
|
164,207
|
$
|
211,242
|
||||
Total cost for the year
|
21,284
|
(14,764
|
)
|
|||||
Contributions to the plan
|
(9,272
|
)
|
(13,739
|
)
|
||||
Benefits paid charged to the reserve
|
(296
|
)
|
(1,128
|
)
|
||||
Actuarial gain
|
(223
|
)
|
(17,404
|
)
|
||||
Reserve for obligations at year end
|
$
|
175,560
|
$
|
164,207
|
2017
|
2016
|
|||||||
Discount rate
|
9.25
|
%
|
9.00
|
%
|
||||
Salary increase rate
|
4.00
|
%
|
4.00
|
%
|
||||
Inflation rate
|
3.50
|
%
|
3.50
|
%
|
||||
Average working life expectancy
|
19.80
|
19.80
|
Grupo TMM, S.A.B. and Subsidiaries
|
53
|
1.0% increase
|
1.0% decrease
|
|||||||
Discount rate
|
||||||||
(Decrease) increase in the defined benefits obligation
|
$
|
(6,161
|
)
|
$
|
6,565
|
|||
1.0% increase
|
1.0% decrease
|
|||||||
Salary increase rate
|
||||||||
Increase (decrease) in the defined benefits obligation
|
$
|
4,416
|
$
|
(4,173
|
)
|
One year
Increase
|
One year
decrease
|
|||||||
Average life expectancies
|
||||||||
Increase (decrease) in the defined benefits obligation
|
$
|
5,583
|
$
|
(5,736
|
)
|
· |
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.
|
2017
|
2016
|
|||||||
Level 3
|
||||||||
Vessels
|
$
|
1,118,250
|
$
|
8,028,276
|
||||
Buildings and facilities
|
242,204
|
253,396
|
||||||
Land
|
1,184,427
|
1,060,661
|
||||||
$
|
2,544,881
|
$
|
9,342,333
|
Grupo TMM, S.A.B. and Subsidiaries
|
54
|
Tugboats
|
Offshore vessels
|
Parcel Tankers
|
||||||||||
Daily rate or fee
|
22,042 usd
|
9,016 usd
|
11,919 usd
|
|||||||||
Average percentage of utilization
|
94
|
%
|
83
|
%
|
94
|
%
|
||||||
Discount rate
|
7.18
|
%
|
7.18
|
%
|
7.18
|
%
|
Grupo TMM, S.A.B. and Subsidiaries
|
55
|
Vessels
|
Buildings and
facilities
|
|||||||
Balance at January 1, 2017
|
$
|
8,028,276
|
$
|
1,314,057
|
||||
Amount recognized in other comprehensive income:
|
||||||||
Revaluation surplus of vessels
|
941,957
|
-
|
||||||
Amount recognized in statements of operations:
|
||||||||
Loss on revaluation of vessels
|
(56,213
|
)
|
-
|
|||||
885,744
|
-
|
|||||||
Additions and disposals, net
|
(7,795,770
|
)
|
137,574
|
|||||
Balance at December 31, 2017
|
$
|
1,118,250
|
$
|
1,451,631
|
Balance at January 1, 2016
|
$
|
8,131,363
|
$
|
1,067,557
|
||||
Amount recognized in other comprehensive income:
|
||||||||
Revaluation surplus of vessels
|
207,669
|
216,965
|
||||||
Amount recognized in statements of operations:
|
||||||||
Loss on revaluation of vessels
|
(23,304
|
)
|
-
|
|||||
184,365
|
216,965
|
|||||||
Additions and disposals, net
|
(287,452
|
)
|
29,535
|
|||||
Balance at December 31, 2016
|
$
|
8,028,276
|
$
|
1,314,057
|
Grupo TMM, S.A.B. and Subsidiaries
|
56
|
2017
|
2016
|
|||||||||||||||
US $
|
Other
currencies
|
US $
|
Other
currencies
|
|||||||||||||
Assets
|
$
|
548,919
|
$
|
1,120
|
$
|
1,217,594
|
$
|
1,728
|
||||||||
Liabilities
|
(828,367
|
)
|
(134,547
|
)
|
(1,177,029
|
)
|
(151,080
|
)
|
||||||||
$
|
(279,448
|
) |
$
|
(133,427
|
)
|
$
|
40,565
|
$
|
(149,352
|
)
|
Grupo TMM, S.A.B. and Subsidiaries
|
57
|
2017
|
2016
|
|||||||||||||||
4.73%
Increase in
the
exchange rate
|
4.73%
decrease in
the
exchange rate
|
19.70%
Increase in
the
exchange rate
|
19.70%
decrease in
the
exchange rate
|
|||||||||||||
Assets in US dollars
|
$
|
25,989
|
$
|
(25,989
|
)
|
$
|
239,821
|
$
|
(239,821
|
)
|
||||||
Assets in other currencies
|
53
|
(53
|
)
|
340
|
(340
|
)
|
||||||||||
Liabilities in US dollars
|
(39,219
|
)
|
39,219
|
(231,831
|
)
|
231,831
|
||||||||||
Liabilities in other currencies
|
(6,370
|
)
|
6,370
|
(29,757
|
)
|
29,757
|
||||||||||
$
|
(19,547
|
)
|
$
|
19,547
|
$
|
(21,427
|
)
|
$
|
(21,427
|
)
|
2017
|
2016
|
|||||||||||||||
+1%
Variance
|
-1%
Variance
|
+1%
Variance
|
-1%
Variance
|
|||||||||||||
Profit or loss for the year
|
$
|
(2,048
|
)
|
$
|
2,048
|
$
|
(2,262
|
)
|
$
|
2,262
|
Grupo TMM, S.A.B. and Subsidiaries
|
58
|
2017
|
2016
|
|||||||
Up to 3 months
|
$
|
3,569
|
$
|
2,462
|
||||
Up to 4 months
|
7,643
|
23,302
|
||||||
More than 4 months
|
47,898
|
378,392
|
||||||
$
|
59,110
|
$
|
404,156
|
Grupo TMM, S.A.B. and Subsidiaries
|
59
|
Current
|
Non-Current
|
|||||||||||||||
In 6 months
|
6 to 12
months
|
1 to 4 years
|
More than 4
years
|
|||||||||||||
At December 31, 2017
|
||||||||||||||||
Trade payables
|
$
|
-
|
$
|
169,072
|
$
|
-
|
$
|
-
|
||||||||
Accounts payable and accrued expenses
|
-
|
366,918
|
-
|
-
|
||||||||||||
Financial debt
|
333,814
|
168,547
|
396,257
|
-
|
||||||||||||
$
|
333,814
|
$
|
704,537
|
$
|
396,257
|
$
|
-
|
|||||||||
At December 31, 2016
|
||||||||||||||||
Trade payables
|
$
|
-
|
$
|
189,576
|
$
|
-
|
$
|
-
|
||||||||
Accounts payable and accrued expenses
|
-
|
405,505
|
-
|
-
|
||||||||||||
Financial debt
|
685,231
|
55,139
|
494,664
|
8,835,123
|
||||||||||||
$
|
685,231
|
$
|
650,220
|
$
|
494,664
|
$
|
8,835,123
|
2017
|
2016
|
|||||||
Stockholders’ equity
|
$
|
2,229,062
|
$
|
963,990
|
||||
Total financial debt
|
898,618
|
10,070,457
|
||||||
Cash and cash equivalents
|
(461,554
|
)
|
(902,704
|
)
|
||||
General financing
|
$
|
437,064
|
$
|
9,167,753
|
||||
Ratio of total debt to stockholders’ equity
|
0.20
|
9.51
|
Grupo TMM, S.A.B. and Subsidiaries
|
60
|
a) |
Concession fees
|
b) |
Joint venture
|
a) |
RPS Claim
|
b) |
Mutual loans between WWS and TMM
|
c) |
ADEMSA secured Certificates of Deposit
|
Grupo TMM, S.A.B. and Subsidiaries
|
61
|
d) |
Termination of the Consolidation Regimen
|
e) |
Tax liabilities determined on TMM
|
f) |
Claim of Grupo TMM against SSA Mexico, S.A. de C.V. (‘SSA’)
|
Grupo TMM, S.A.B. and Subsidiaries
|
62
|
g) |
Motions for Annulment against various tax provisions
|
h) |
Other legal proceedings
|
i) |
Operations with related parties
|
j) |
Other legislation
|
GRUPO TMM, S.A.B.
|
||
|
|
|
|
By:
|
/s/ Carlos Pedro Aguilar Mendez
|
|
|
Carlos Pedro Aguilar Mendez
|
Chief Financial Officer
|
December 31,
|
||||||||||||||||||||
(In thousands of Pesos except ratio data)
|
2017
|
2016
|
2015
|
2014
|
2013
|
|||||||||||||||
Shares at the end of period
|
102,182,841
|
102,182,841
|
102,182,841
|
102,182,841
|
102,182,841
|
|||||||||||||||
Yearly weighted average shares
|
102,182,841
|
102,182,841
|
102,182,841
|
102,182,841
|
102,182,841
|
|||||||||||||||
Net (Loss) Income from continuing operations
|
1,329,579
|
(506,564
|
)
|
(1,000,405
|
)
|
(465,019
|
)
|
(526,536
|
)
|
|||||||||||
Net (Loss) Income from discontinued operations
|
--
|
--
|
(18,465
|
)
|
(49,462
|
)
|
(24,885
|
)
|
||||||||||||
Net (Loss) Income for the year Attributable to Stockholders of Grupo TMM, S.A.B.
|
1,327,590
|
(508,044
|
)
|
(1,016,620
|
)
|
(516,902
|
)
|
(556,406
|
)
|
|||||||||||
(Loss) Earnings per share from continuing operations
|
13.012
|
(4.957
|
)
|
(9.790
|
)
|
(4.551
|
)
|
(5.153
|
)
|
|||||||||||
(Loss) Earnings per share from discontinued operations...
|
--
|
--
|
(0.181
|
)
|
(0.484
|
)
|
(0.244
|
)
|
||||||||||||
(Loss) Earnings per share Attributable to Stockholders of Grupo TMM, S.A.B.
|
12.992
|
(4.972
|
)
|
(9.949
|
)
|
(5.059
|
)
|
(5.445
|
)
|
December 31,
|
||||||||||||||||||||
2017
|
2016
|
2015
|
2014
|
2013
|
||||||||||||||||
Historical ratio:
|
||||||||||||||||||||
Fixed charges:
|
||||||||||||||||||||
Interest costs and amortization on debt discount or premium in all indebtedness
|
1,210,486
|
869,267
|
800,232
|
855,508
|
943,126
|
|||||||||||||||
Portion of rent expense representative of interest factor (A)
|
90,851
|
97,752
|
85,022
|
99,328
|
92,104
|
|||||||||||||||
Fixed charges
|
1,301,337
|
967,019
|
885,254
|
954,836
|
1,035,230
|
|||||||||||||||
Earnings:
|
||||||||||||||||||||
Pretax income from continuing operations
|
1,846,311
|
(775,179
|
)
|
(301,930
|
)
|
(460,337
|
)
|
(521,849
|
)
|
|||||||||||
Less:
|
||||||||||||||||||||
Non-controlling interest
|
1,989
|
1,480
|
(2,250
|
)
|
2,421
|
4,985
|
||||||||||||||
Equity investee (income) loss
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
Fixed charges
|
1,301,337
|
967,019
|
885,254
|
954,836
|
1,035,230
|
|||||||||||||||
Less:
|
||||||||||||||||||||
Capitalized interest
|
||||||||||||||||||||
Earnings
|
3,145,659
|
190,360
|
585,574
|
492,078
|
508,396
|
|||||||||||||||
Ratio of earnings to fixed charges
|
2.42
|
(N/A
|
)(B)
|
(N/A
|
)(B)
|
(N/A
|
)(B)
|
(N/A
|
)(B)
|
(A) |
The Company considered one-third of the rent expense as imputed interest factor.
|
(B) |
Due to the registrant’s loss in 2016, 2015, 2014, and 2013, the ratio of earning to fixed charges was less than 1:1. The registrant must generate additional earnings of $776.7, $299.7 $462.8, and $526.8 million respectively, to achieve a coverage ratio of 1:1.
|
|
Jurisdiction of
Incorporation
|
Name under which
they do business
|
|
Name
|
|||
Administración Portuaria Integral de Acapulco S.A. de C.V. (Ports)
|
Mexico
|
API Acapulco
|
|
Autotransportación y Distribución Logística, S.A. de C.V.(Logistics)
|
Mexico
|
ATL
|
|
Transportación Marítima Mexicana, S.A. de C.V. (Product and Parcel Tankers, Offshore vessels, shipping agencies and harbor tugboat operations)
|
Mexico
|
TMM
|
|
Prestadora de Servicios MTR, S.A.de C.V. (Ports)
|
Mexico
|
MTR
|
|
Operadora Portuaria de Tuxpan, S.A. de C.V. (Ports)
|
Mexico
|
OPT
|
|
TMM Logistics, S.A. de C.V. (Logistics)
|
Mexico
|
TMML
|
|
TMM Parcel Tankers, S. A. de C. V. (Tankers vessels)
|
Mexico
|
TMMPT
|
|
Almacenadora de Deposito Moderno, S. A. de C. V. (Warehousing)
|
Mexico
|
ADEMSA
|
|
Inmobiliaria Dos Naciones, S. R. L. de C. V. (Shipyard)
|
Mexico
|
IDN
|
|
/s/ José F. Serrano Segovia
|
|
José F. Serrano Segovia
|
|
Chief Executive Officer
|
/s/ Carlos Pedro Aguilar Mendez
|
|
Carlos Pedro Aguilar Mendez
|
|
Chief Financial Officer
|
/s/ José F. Serrano Segovia
|
|
José F. Serrano Segovia
|
|
Chief Executive Officer
|
/s/ Carlos Pedro Aguilar Mendez
|
|
Carlos Pedro Aguilar Mendez
|
|
Chief Financial Officer
|
Document and Entity Information |
12 Months Ended |
---|---|
Dec. 31, 2017
shares
| |
Document and Entity Information [Abstract] | |
Entity Registrant Name | GRUPO TMM SAB |
Entity Central Index Key | 0001163560 |
Current Fiscal Year End Date | --12-31 |
Entity Well-known Seasoned Issuer | No |
Entity Voluntary Filers | No |
Entity Current Reporting Status | No |
Entity Filer Category | Non-accelerated Filer |
Entity Common Stock, Shares Outstanding | 102,182,841 |
Document Fiscal Year Focus | 2017 |
Document Fiscal Period Focus | FY |
Document Type | 20-F |
Amendment Flag | false |
Document Period End Date | Dec. 31, 2017 |
Consolidated statements of financial position (Parenthetical) - shares |
Dec. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Stockholders' equity | ||
Common stock, shares authorized (in shares) | 103,760,541 | 103,760,541 |
Common stock, shares issued (in shares) | 103,760,541 | 103,760,541 |
Treasury shares (in shares) | 1,577,700 | 1,577,700 |
Consolidated statements of comprehensive income - MXN ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Consolidated statements of comprehensive income [Abstract] | |||
Net profit (loss) for the year | $ 1,329,579 | $ (506,564) | $ (1,018,870) |
Items that will not be subsequently reclassified to profit or loss | |||
Decrease of non-controlling interest | 0 | 0 | (673) |
Actuarial gains, net | 319 | 24,863 | 4,887 |
Revaluation surplus (Note 28) | 941,957 | 424,634 | 1,157,690 |
Income tax on other comprehensive income | (282,683) | (134,849) | (348,773) |
Total of other comprehensive income for the year | 659,593 | 314,648 | 813,131 |
Comprehensive income (loss) for the year | 1,989,172 | (191,916) | (205,739) |
Attributable to: | |||
Non-controlling interest | 1,989 | 1,480 | (2,923) |
Controlling interest | $ 1,987,183 | $ (193,396) | $ (202,816) |
Consolidated statements of changes in stockholders' equity - MXN ($) $ in Thousands |
Total |
Share Capital [Member] |
Treasury Shares [Member] |
Mandatory Convertible Debentures Into Shares [Member] |
Accumulated Losses [Member] |
Other Components of Equity [Member] |
Subtotal [Member] |
Non Controlling Interest [Member] |
Number of Outstanding Common Shares [Member] |
---|---|---|---|---|---|---|---|---|---|
Balance, beginning of period at Dec. 31, 2014 | $ 637,545 | $ 2,216,733 | $ (46,805) | $ 0 | $ (2,964,378) | $ 1,363,714 | $ 569,264 | $ 68,281 | |
Balance, beginning of period (in shares) at Dec. 31, 2014 | 102,182,841 | ||||||||
Net income (loss) for the year | (1,018,870) | 0 | 0 | 0 | (1,016,620) | 0 | (1,016,620) | (2,250) | |
Other comprehensive income | 813,131 | 0 | 0 | 0 | 78,002 | 735,802 | 813,804 | (673) | |
Comprehensive income (loss) for the year | (205,739) | 0 | 0 | 0 | 0 | 0 | (202,816) | (2,923) | |
Balance, end of period at Dec. 31, 2015 | 431,806 | 2,216,733 | (46,805) | 0 | (3,902,996) | 2,099,516 | 366,448 | 65,358 | |
Balance, end of period (in shares) at Dec. 31, 2015 | 102,182,841 | ||||||||
Net income (loss) for the year | (506,564) | 0 | 0 | 0 | (508,044) | 0 | (508,044) | 1,480 | |
Other comprehensive income | 314,648 | 0 | 0 | 0 | 151,056 | 163,592 | 314,648 | 0 | |
Comprehensive income (loss) for the year | (191,916) | 0 | 0 | 0 | 0 | 0 | (193,396) | 1,480 | |
Equity portion of mandatorily convertible debentures into shares (Note 18) | 724,100 | 0 | 0 | 724,100 | 0 | 0 | 724,100 | 0 | |
Balance, end of period at Dec. 31, 2016 | $ 963,990 | 2,216,733 | (46,805) | 724,100 | (4,259,984) | 2,263,108 | 897,152 | 66,838 | |
Balance, end of period (in shares) at Dec. 31, 2016 | 102,182,841 | 102,182,841 | |||||||
Net income (loss) for the year | $ 1,329,579 | 0 | 0 | 0 | 1,327,590 | 0 | 1,327,590 | 1,989 | |
Other comprehensive income | 659,593 | 0 | 0 | 0 | 2,073,235 | (1,413,642) | 659,593 | 0 | |
Comprehensive income (loss) for the year | 1,989,172 | 0 | 0 | 0 | 0 | 0 | (1,987,183) | 1,989 | |
Cancellation of mandatorily convertible debentures into shares (Note 18) | (724,100) | 0 | 0 | (724,100) | 0 | 0 | (724,100) | 0 | |
Balance, end of period at Dec. 31, 2017 | $ 2,229,062 | $ 2,216,733 | $ (46,805) | $ 0 | $ (859,159) | $ 849,466 | $ 2,160,235 | $ 68,827 | |
Balance, end of period (in shares) at Dec. 31, 2017 | 102,182,841 | 102,182,841 |
General information |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
General information [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
General information |
Principal activity Grupo TMM, S.A.B. (‘Grupo TMM’ or the ‘Company’) is a Mexican company whose principal activity is providing multimodal transport and logistics services to premium customers throughout Mexico. These activities are grouped together under the following service divisions:
Grupo TMM’s head office is located at Avenida de la Cúspide N° 4755, Colonia Parques del Pedregal, Delegación Tlalpan, C.P. 14010, Mexico City. In addition, a significant portion of its maritime division activities is conducted at Calle 55 N° 2 Col. Electricistas C.P. 24120 Cd. del Carmen, Campeche. Corporate events As at December 21, 2017, pursuant to the General Extraordinary Stockholders' Meeting of TMM Division Maritima, S.A. de C.V. (‘TMM DM’), a subsidiary of Grupo TMM, the stockholders approved a variable capital increase in the amount of $35, equivalent to 42,500,000 Class II Series B registered common shares with no par value shown. This increase was subscribed for and issued in cash by Intercam Banco, S.A., Instituticion de Banca Multiple, Intercam Grupo Financiero (‘Intercam’), on behalf of Management Trust number F/3192 (‘Trust F/3192’), formed by Value Automotriz, S. A. de C. V., in the capacity of Trustor and Intercam as Trustee. Trust F/3192 was created based on the resolutions of the trust certificates Holders’ Meeting held on November 28, 2017, wherein the Holders resolved to transfer 85% of the shares of TMM DM in benefit of the Holders of those trust certificates (see Notes 17 and 22). On August 31, 2016, at the General Extraordinary Stockholders’ Meeting of Group TMM, the merger of Group TMM was approved as the acquired company with Transportacion Trasatlantica Mexicana, S.A. (‘TTM’) as the acquiring company. Pursuant to the merger, the total assets, shares, and rights, as well as liabilities, obligations, and responsibilities of any nature and, in general, the total equity of Grupo TMM would be transferred to the equity of TTM. In accordance with the General Corporate Law, this merger would go into effect once the three-month period has elapsed, counted as of the registration of the merger agreements in the Public Register. The purpose of that merger through TTM was to issue the mandatorily convertible debentures into shares described in Note 18. On the other hand, this operation would require that the shares of TTM be registered in the National Securities Registry, so that once the merger went into effect, the shares of TTM would start to be listed on the stock market, substituting the shares of Grupo TMM. Subsequently, at the General Extraordinary Stockholders’ Meeting of Grupo TMM held on April 3, 2017, the stockholders resolved to render the merger discussed above null and void, since it had not gone into effect in terms of the provisions of Article 223 of the General Corporate Law. That resolution was adopted considering that: i) there would be no effects on the accounting recognition of the merger; ii) the term for purposes of merger had not expired; and iii) the reporting obligations of Grupo TMM. Finally, the mandatorily convertible debentures into shares were recognized by Grupo TMM through the incorporation of TMM as a subsidiary, in the terms described in the Note 5. Structure of Grupo TMM At December 31, 2017 and 2016, Grupo TMM holds the percentage of equity interest in various subsidiaries, the most significant are as follows:
TMM DM, until the date of loss of control mentioned in Note 5 below, represented one of the main subsidiaries of Grupo TMM. The Company’s subsidiaries are incorporated in Mexico, where most of their activities take place. Non-controlling interest in subsidiaries Grupo TMM holds equity interest in the subsidiaries Administración Portuaria Integral de Acapulco, S.A. de C.V., Servicios Administrativos API Acapulco, S.A. de C.V., and Perjomar Operadora, S.A.P.I. de C.V., for which there is non-controlling interest, associated effect on the Company’s consolidated financial statements is considered immaterial. These companies are established and conduct their activities in Mexico. |
Changes in accounting policies |
12 Months Ended | ||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2017 | |||||||||||||||
Changes in accounting policies [Abstract] | |||||||||||||||
Changes in accounting policies |
New and revised standards that are effective for annual periods beginning on or after 1 January 2017 Disclosure Initiative (Modifications to IAS 7) The amendments to IAS 7 ‘Statements of Cash Flows’, effective 1 January 2017, require the Group to provide disclosures about the changes in liabilities from financing activities. The Group categorises those changes into changes arising from cash flows and non-cash changes with further sub-categories as required by IAS 7; substantially all changes in the liabilities from financing activities correspond to the category of cash flows as shown in the consolidated statements of cash flows. The Company has not adopted any new standards or amendments that have a significant impact on the Company’s results or financial position. Standards, amendments and interpretations to existing standards that are not yet effective and have not been adopted early by Grupo TMM At the date of authorisation of these financial statements, certain new standards, and amendments to existing standards have been published by the ‘International Accounting Standard Board’ (‘IASB’) that are not yet effective and have not been adopted early by the Company. Information on those expected to be relevant to Grupo TMM’s consolidated financial statements is provided below. Management anticipates that all relevant pronouncements will be adopted in the Company’s accounting policies for the first period beginning after the effective date of the pronouncement. New standards, interpretations and amendments not either adopted or listed below are not expected to have a material impact on Grupo TMM’s consolidated financial statements. IFRS 9 ‘Financial Instruments’ The new standard for financial instruments (IFRS 9) replaces IAS 39 ‘Financial Instruments: Recognition and Measurement’. This standard for financial instruments makes significant changes to the orientation about the classification and measurement of financial assets, and it introduces a new model of 'expected credit loss' for the impairment of financial assets. IFRS 9 also contains new requirements on the application of hedge accounting. The new requirements are intended to align hedge accounting closer to the risk management activities of entities, by increasing the eligibility of both hedge products and hedge instruments. It further introduces an approach based more on principles for evaluating hedge effectiveness. Management has concluded that there will not be changes in the current classification of financial assets. The business model will correspond to hold and collect contractual cash flows and, therefore, the category of amortized cost will be applied. In connection with the expected credit loss model for trade receivables, the Company will apply a simplified model of recognition of the expected credit losses throughout the life, since these items do not have any financing component. Since equity investments, unlike investments in associates, are not significant, the change of cost less impairment measurement to fair value is estimated to be immaterial, the effect on measurement at fair value will be presented at fair value with a change in income (loss). Designations to fair value with changes in other comprehensive income will not be made. Finally, since the Company does not maintain liabilities measured at fair value, movements from fair value of changes in the Group's own credit risk will not be required to be recognized in other comprehensive income. IFRS 15 ‘Revenue from Contracts with Customers’ IFRS 15 presents new requirements for revenue recognition, in substitution of IAS 18 ‘Revenues’, IAS 11 ‘Construction Contracts’, and various revenue related interpretations. The new standard sets forth a revenue recognition model based on control, and it provides additional orientation on many areas not covered in detail in existing IFRS, including how to recognize agreements with multiple performance obligations, variable prices, customer reimbursement rights, supplier repurchase options, and other commonly complex subjects. Management has analyzed the effects of adopting this standard concluding that revenues from ship chartering services will be recognized consistently with the applicable current standards, since the contracts substantially contain a performance obligation that is met throughout time, and other characteristics affecting their recognition are not contemplated. The contracts concerning the rest of the services rendered by Grupo TMM do not contemplate complex matters such as those discussed. The characteristics of the performance obligations vary for each service. However, they are identified as a single performance obligation which are met for the majority at a point in time. IFRS 16 ‘Leases’ IFRS 16 will replace IAS 17 'Leases' and the three related Interpretations. This concludes the long-term project of the IASB for reviewing the accounting of leases. Leases will be accounted for in the statement of financial position in the form of an asset for the right-of-use and a liability for a lease. IFRS 16 goes into effect for annual reporting periods beginning on or after January 1, 2019. Management still must completely evaluate the impact of the standard and, therefore, it cannot provide quantified information. However, in order to determine the impact, the Company is in the process of:
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Summary of significant accounting policies |
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Summary of significant accounting policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of significant accounting policies |
Grupo TMM and its subsidiaries prepare their consolidated financial statements in accordance with International Financial Reporting Standards (‘IFRS’), as issued by the IASB, and these are presented in thousands of Mexican pesos. The Company has decided to present in its consolidated statements of income a subtotal of ‘Operating income’ which reconciles with the ‘Net profit (loss) of the year’ considering the items of ‘Comprehensive financing cost’ and ‘Income tax (expense) benefit’; with regard to the subtotal of ‘Transportation (loss) profit’, the latter reconciles with the 'Operating income' considering the item ‘Other income’. The most significant accounting policies are summarized as follows:
The consolidated financial statements include the accounts of Grupo TMM and those of its subsidiaries. Grupo TMM controls a subsidiary when it is exposed, or has rights, to variable returns resulting from its involvement with the subsidiary and has the ability to affect those returns through its power over the subsidiary. All subsidiaries have the reporting date of “December 31”, for all years reported. The balances and transactions among subsidiaries have been eliminated for the purposes of consolidation, including balances and unrealised gains on transactions between Grupo TMM’s companies. Unrealized losses on the sale of assets among the group are eliminated in the consolidation and the asset involved is also reviewed for impairment from a group perspective. Accounting policies of subsidiaries have been adjusted where necessary to ensure consistency with the policies adopted by Grupo TMM. Profit or loss and other comprehensive income of subsidiaries acquired or disposed during the year are recognized from the effective date of acquisition, or up to the effective date of disposal, as applicable. Non-controlling interest, presented as part of the stockholders’ equity, represents the portion of the subsidiary’s profit or loss and net assets that are not held by Grupo TMM. The Company attributes the total comprehensive income or loss of the subsidiaries between the owners of the parent and the non-controlling interest based on their respective ownership interests. Associates and joint ventures Associates are all entities over which Grupo TMM has significant influence but not control, generally accompanying a shareholding between 20% and 50% of the voting rights. A joint venture is a joint arrangement whereby the parties that have joint control of the arrangement having rights to the net assets of the arrangement. Investments in associates and joint ventures are accounted by the equity method and are initially recognized at their acquisition cost. The carrying amount of investments in associates and joint ventures is increased or decreased to recognize Grupo TMM’s share of the profit or loss and other comprehensive income of the associate and joint venture, adjusted where necessary to ensure consistency with the accounting policies of Grupo TMM. Unrealized gains on transactions between Grupo TMM and its associates and joint ventures are eliminated to the extent of Grupo TMM’s interest on those entities. When unrealized losses are eliminated, the asset involved is also tested for impairment.
Grupo TMM applies the acquisition method to accounting for business combinations. The consideration transferred by Grupo TMM to obtain control of a subsidiary is calculated as the sum of the fair values on the acquisition-date of the assets transferred, liabilities incurred, and the equity interests issued by Grupo TMM, which includes, accordingly, the fair value of any asset or liability that arises from the contingent consideration arrangement. Acquisition costs are expensed as incurred. Grupo TMM recognizes identifiable assets acquired and liabilities assumed in the business combination independent of whether these were recognized in acquirer’s financial statements prior to the acquisition. Assets acquired and liabilities assumed are generally measured at their acquisition-date fair value. Goodwill is stated after the individual recognition of identifiable intangible assets. It is calculated as the excess of the sum of a) the fair value of the consideration transferred, b) the amount recognized for any non-controlling interest in the entity acquired, and c) the fair value on the acquisition date of any equity interest in the acquire, over the acquisition-date the fair values of the identifiable net assets. If the fair values of the identifiable net assets exceed the sum calculated above, this excess amount (e.g. gain on a bargain purchase) is immediately recognized in profit or loss.
Functional and presentation currency The consolidated financial statements are reported in Mexican pesos, which is also the functional currency of the parent company. Foreign currency balances and transactions Foreign currency transactions are translated into the functional currency of the respective Group entity, using the exchange rates prevailing at the dates of the transactions (spot exchange rate). Foreign exchange gains and losses resulting from the settlement of such transactions and from the measurement of monetary items denominated in foreign currency at year-end exchange rates are recognized in profit or loss. Non-monetary items are not retranslated at year-end and are measured at historical cost (translated using the exchange rates at the transaction date), except for non-monetary items measured at fair value which are translated using the exchange rates at the date when fair value was determined. In the consolidated financial statements of Grupo TMM, all the assets, liabilities, and operations of Grupo TMM’s entities operated in a functional currency other than the Mexican peso (Grupo TMM’s reporting currency) are converted to pesos on consolidation.
Cash and cash equivalents comprise cash on hand and demand deposits, together with other highly liquid and short-term investments that are readily convertible into known amounts of cash and which are subject to insignificant risk of change in their value.
Materials and supplies, consisting mainly of fuel and items for the maintenance of property, vessels and equipment, are valued at the lower of the average cost and the net realizable value.
Represent prepayments for services that will be received in the future and are amortized in the period when said services are received.
Properties and vessels The properties (land and buildings) are measured at fair value, which are determined by external professional valuers every three years or before if the market factors indicate a significant change in the fair value. The last valuation of these assets was in December 2016. The vessels are measured at fair value, at December 31, 2016, the fair value amounts for most of these assets were determined using market values calculated by external professional valuers and for certain vessels using other valuation techniques. As of December 31, 2017, the revalued amounts were determined using the revenue technique (expected future cash flows). The frequency of the revaluations for this class of assets will be based on the changes of the fair values, meaning when these values significantly differ from their carrying value. The Company has revaluated this class of assets at December 31, 2017 and 2016. The revaluation surplus that is derived from the valuation of properties and vessels is recognized as part of ‘Other comprehensive income items’ and forms part of ‘other capital components’ in stockholders’ investment. A revaluation surplus is credited to income up to an amount equivalent to any revaluation write-down or impairment loss previously recognized income. Any excess is recognized in ‘Other comprehensive income items’ and in stockholders’ equity in the item of ‘Revaluation surplus’. Revaluation write-downs or impairment losses are recognized in ‘Other comprehensive income items’ up to the amount previously recognized on that asset in stockholders’ equity in the item of ‘Revaluation surplus’. Any remaining decrease is recognized in income for the year. Any remaining balance of the revaluation surplus in stockholders' equity at the time of disposing of the asset that gave rise thereto is reclassified to retained earnings. Moreover, any remaining balance of the revaluation surplus in stockholders' equity may not be distributed to stockholders. The depreciation of properties and vessels is recognized using the straight-line method to write down its carrying value less its estimated residual value. As no finite useful life for land can be determined, the related carrying amounts are not depreciated. Machinery and equipment Machinery and equipment are stated at construction or acquisition cost, including any cost directly attributable to bringing the assets to the location and condition necessary for them to be capable of operating in the manner intended by Grupo TMM’s Management. Acquisitions through capital leases or charter arrangements with an obligation to purchase are capitalized based on the present value of future minimum payments, recognizing the related liability. Depreciation of machinery and equipment is computed using the straight-line method based on the useful lives of the assets net of the estimated residual value. Recurring maintenance and repair expenditures are charged to operating expenses as incurred. Major repairs to vessels (docks) are capitalized and amortized over the period in which benefits are expected to be received (two to five years for vessels). The material residual values and the estimated useful life are adjusted as necessary, at least once a year. Gains or losses from the disposal of property, vessels and equipment are determined as differences between the disposal proceeds and the carrying amount of the assets and are recognized in profit or loss as part of (‘Other income’), accordingly (see Note 22). Construction in progress Disbursements attributable to construction of assets that are identifiable and may be controlled by the Company are recognized as assets when they meet the following conditions:
Recognition of intangible assets Concession rights Concession rights correspond to payments made for the rights to operate assets under concession, which are stated at cost and are amortized over the terms specified in the corresponding agreements. Software Software licenses acquired are capitalized on the basis of costs incurred to acquire and install the specific software. Trademark The trademark acquired in a business combination that qualifies for separate recognition is considered an intangible asset and is recorded at its fair value. Subsequent measuring All finite-lived intangible assets are accounted for using the cost model by which the net capitalized costs of their residual value are amortized using the straight-line method throughout their estimated useful lives, in the case of the concession rights; these are amortized according to the term specified in the corresponding agreement. The residual values and useful lives are reviewed at each reporting date. The trademark is considered an intangible asset with an indefinite life, therefore it is subject to impairment tests annually as described in Note 16. The amortization is included in the consolidated statement of operations as part of the depreciation, amortization, and loss on revaluation item. Subsequent expenditures to preserve software and trademarks are expensed as incurred.
For impairment assessment purposes, assets are grouped at the lowest levels for which there are largely independent cash inflows (cash-generating units). As a result, some assets are tested individually for impairment and some are tested at cash-generating unit level. Trademark is allocated to those cash-generating units that are expected to benefit from synergies of a related business combination and represent the lowest level within the Company at which management monitors the trademark. Cash-generating units to which trademark has been allocated (determined by the Grupo TMM’s Management as equivalent to its operating segments) are tested for impairment at least annually. All other individual assets or cash-generating units are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognized for the amount by which the asset’s (or cash-generating unit’s) carrying amount exceeds its recoverable amount, which is the higher of fair value less costs of disposal and value-in-use. To determine the value-in-use, management estimates expected future cash flows from each cash-generating unit and determines a suitable discount rate in order to calculate the present value of those cash flows. The data used for impairment testing procedures are directly linked to the Grupo TMM’s latest approved budget, adjusted as necessary to exclude the effects of future reorganizations and asset enhancements. Discount factors are determined individually for each cash-generating unit and reflect current market assessments of the time value of money and asset-specific risk factors. Impairment losses for cash-generating units reduce first the carrying amount of any goodwill allocated to that cash-generating unit. Any remaining impairment loss is charged pro rata to the other assets in the cash-generating unit. With the exception of the trademark, all assets are subsequently reassessed for indications that an impairment loss previously recognized may no longer exist. An impairment loss is reversed if the asset’s or cash-generating unit’s recoverable amount exceeds its carrying amount.
Financial leases Mangement applies judgment in considering the substance of a lease agreement. The economic ownership of the leased asset is transferred to the leaseholder if they substantially assume all the risks and rewards related to the ownership of the leased asset. The corresponding asset is then recognized at the start of the lease at the fair value of the leased asset, or if lower, at the present value of the lease payments. A corresponding amount is recognized as a liability for financial leasing, independent of whether some of the lease payments are settled in advance of the lease start date. The corresponding liability decreases by the lease payments net of the financial expenses. The interest component in the lease payment represents a portion of the capital balance outstanding and is recognized in operations as financial costs over the lease period. Notes 3.7 above and 13 describe the depreciation methods and estimated useful lives, respectively, for assets under financial leases. Operating leases All other leases are treated as operating leases. Payments on operating lease agreements are recognized as an expense on a straight-line basis over the lease term. The associated costs, such as maintenance and insurance, are expensed as incurred.
Recognition, initial measurement and derecognition Financial assets and liabilities are recognized when Grupo TMM is party to the contractual provisions of a financial instrument and are initially measured at fair value adjusted for the transaction costs, except for the financial assets and liabilities that are measured at their fair value through profit or loss, which are initially measured at fair value. Financial assets are derecognised when the contractual rights to the cash flow from a financial asset expire, or when the financial asset and all the substantial risks and benefits have been transferred. A financial liability is derecognized as extinguished, discharged, canceled, or expired. Financial assets and liabilities are subsequently measured as described following. Classification and subsequent measurement of financial assets For the purposes of subsequent measurement, financial assets that are not those designated and effective as hedging instruments are classified into the following categories when they are initially recognized:
Grupo TMM’s financial assets are classified into the category of loans and receivables, and available-for-sale financial assets. These financial assets are reviewed for impairment when there is objective evidence that the financial asset or group of financial assets has been impaired. Different criteria are applied to determine the impairment for each category of financial assets, as described following. All income and expenses related to financial assets which are recognized in profit or loss are reported in the comprehensive financing cost, except for the impairment of the client accounts receivable, which are reported in ‘Other income’. Loans and receivables Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not traded on an active market. After the initial recognition, these are measured at amortized cost using the effective interest method, less the provision for impairment. The discount is omitted when the effect of the discount is immaterial. The cash and cash equivalents of Grupo TMM, and also the trade receivables, and most of the other accounts receivable fall under this category of financial instruments. Individually significant accounts receivable are considered for impairment when these are in arrears or when there is objective evidence that a specific payment will fall into default. Available-for-sale financial assets Available-for-sale financial assets are non-derivative financial assets that are assigned to this category or do not qualify to be included in any of the other categories of financial assets. Available-for-sale financial assets are measured at fair value. The gains and losses are recognized in other comprehensive income and are reported in other components of equity, except for impairment losses and currency differences in monetary assets, which are recognized in profit or loss. When an asset is disposed of or it is determined to be impaired, the cumulative gain or loss that had been recognized in other comprehensive income is reclassified from equity to profit or loss and is presented as an adjustment for reclassification in other comprehensive income. The reversion of impairment losses is recognized in other comprehensive income, except financial assets that are financial debt, which are only recognized in operations if the reversion can be objectively related to an event that occurs after the impairment loss has been recognized. Classification and subsequent measuring of financial liabilities The financial liabilities of Grupo TMM include financial debt, vendors, and other accounts payable. Financial liabilities are subsequently measured at amortized cost using the effective interest method. All derivative financial instruments that are not designated and are not effective as hedging instruments are carried at fair value through profit or loss. All interest-related charges are recognized in operations and included in the item ‘Interest expense and other financial costs’ in the consolidated statement of profit or loss. Compound financial instruments The Company evaluates the issue of a non-derivative financial instrument to determine if it contains liability and equity components. These components are classified separately as financial liabilities or equity instruments at the time they are initially recognized, in conformity with the economic essence of the contractual agreement and with the definitions of financial liability and equity instrument. The Company evaluates those conditions and identifies the financial liability component when there is a contractual agreement to deliver cash or another financial asset and an equity instrument component when the holder is entitled to convert it into a pre-established number of common shares of the Company. The initial measurement of a compound financial instrument is distributed among its liability and equity components. The residual amount that is obtained after deducting the amount that has been determined separately for the liability component is allocated to the equity component from the overall fair value of the instrument. Losses or gains may not emerge in the initial recognition process of the components of the instrument. The transaction costs of an equity transaction will be treated as a deduction thereof for accounting purposes. The liability component will be considered as transaction costs, in terms of the recognition of financial liabilities. Interest relative to a component that is a financial liability will be recognized in income for the period. The equity instrument component are allocated directly to equity.
Provisions are recognized when the present obligations resulting from a past event will probably lead to an outflow of Grupo TMM economic resources and the amounts can be reliably estimated. Timing or amount of the outflow may still be uncertain. A present obligation arises from a presence of a legal or constructive commitment that has resulted from past events. Provisions are not recognized for future operating losses. Provisions are the estimated amounts required to be expended to settle the present obligation based on the most reliable evidence available at the date of the consolidated financial statements, including the risks and uncertainties associated with the present obligation. When there are several similar obligations, the likelihood that an outflow will be required in settlement is determined considering the class of obligations as a whole. Provisions are discounted at their present value, where the time value of money is material. Any reimbursement that Grupo TMM can be virtually certain to collect from a third party regarding an obligation is recognized as a separate asset. However, this asset may not exceed the amount for the related provision. All provisions are reviewed on the issuance of the financial statements and adjusted to reflect the current best estimate. When an outflow of economic resources for present obligations is not probable, this is not recognized as a liability, unless it was assumed in the course of a business combination. Such tales are disclosed as contingent liabilities unless the outflow of resources is remote.
Calculation of current income tax is based on tax rates and tax laws that have been enacted or substantially enacted to the reporting date of the consolidated financial statements. Deferred income tax is determined using the liability method, based on temporary differences arising between the tax basis of assets and liabilities and their carrying amounts in the financial statements. Determination of deferred income tax has considered tax rates that will be effective at the time of reversion of the temporary differences. The income tax expense in the statement of profit or loss includes the sum of the deferred tax, which has not been recognized in other comprehensive income or directly in stockholders’ equity, and the current income tax for the year. Deferred tax assets are recognized to the extent that it is probable that future taxable profit against which temporary differences can be utilized will be available (see Note 24). This is assessed based on the Company’s forecast of future operating results, adjusted for significant items that are reconciled for the taxable income and the limits on the use of tax losses and other tax asset carryforwards. Deferred income tax is provided on temporary differences arising on investments in subsidiaries and associates, except where the timing of the reversal of the temporary difference can be controlled and it is probable that the temporary difference will not reverse in the foreseeable future.
The statutory employee profit sharing is determined applying the rate of 10% on taxable income, adjusted as provided for by the Income Tax Law. The statutory employee profit sharing accrued is considered an ordinary expense associated with employee benefits.
Post-employment benefits Defined benefit plans The seniority pension to which employees are entitled after 15 years of service and after having retired at the age of 60, are expensed in the years in which the services are rendered (see Note 26). In addition, the Company has pension plans for certain employees who retire after the age of 65 (or early retirement at 60 or 55), in addition to having completed a minimum 15 years of service, which are expensed in the years in which the services are rendered (see Note 26). Under the defined benefits plan, the pension amount an employee will receive upon retirement is determined in reference to the time of service and salary determined for each case based on the plan. The legal obligation of the benefits lies with Grupo TMM, even if the plan’s assets to finance the defined benefits plan are separate. The plan’s assets may include assets specifically designated in a long-term benefit fund. The liability recognized in the consolidated statement of financial position for the defined benefits plans is the present value of the defined benefits obligation (DBO) as of the reporting date less the fair value of the plan assets. Management estimates the DBO annually with the assistance of independent actuaries, based on the standard inflation rate, the salary growth rate, and the mortality rate. The discount factors are determined near the close of each year in reference to the high-quality corporate bonds that are denominated in the currency in which the benefits will be paid and which have maturities similar to the terms of the corresponding pension liability. The net cost for the defined benefits liability period is included in the item ‘Salaries, wages and employee benefits’ in the consolidated statements of profit or loss. Indemnifications Indemnifications that are not substitutive of retirement, paid to personnel who leave the company due to restructuring or any other reason, are charged to the operations for the period when incurred or provisions are created when there is a present obligation of these events, with a probability of an outflow of resources and this obligation can be reasonably estimated. Short-term employee benefits Short-term employee benefits, including vacation entitlement, are current liabilities included in ‘Accounts payable and accrued expenses’, measured at the amount Grupo TMM expects to pay as a result of time not taken; as these liabilities are short-term, they were not discounted as their effect is considered immaterial.
Common shares are classified as equity. Grupo TMM does not have other equity instruments in addition to its common shares. Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction, net of taxes, from the proceeds. Incremental costs directly attributable to the issue of new shares or options are included in the cost of acquisition as part of the purchase consideration. The accumulated losses include all current profits or losses and for previous periods. Other components of equity capital include:
Revenue Revenue is measured at the fair value of the consideration received or receivable. Revenue is reduced for estimated customer returns, rebates and other similar allowances. Revenues are recognized at the time at which the risks and benefits are transferred to the customer, which generally occurs when: (i) there is convincing evidence of the agreement with the customer, (ii) the service has been rendered in compliance with the customer’s requirement; (iii) collection is reasonably assured; and (iv) there is no a condition or uncertainty that might imply their reversal and the customer assumes the risk of the losses. The Company recognizes its revenues when the criteria mentioned in the above paragraph are met, specifically vessels leased are recognized on monthly basis according to the number of days elapsed and during the term of the corresponding contract, and in the case of revenue from voyages, when their duration is longer than two months, this is recognized proportionally as a shipment moves from origin to destination; other services, including warehousing, are recognized when services are rendered. Costs and expenses The costs and expenses for maritime, and also those related to other logistics operations, are recognized in operations when the services are rendered, materials are consumed or as incurred. Financing costs Interest income and expense are reported as accrued using the effective interest method and are reported as part of the comprehensive financing cost.
Grupo TMM has four operating segments: maritime division, logistics division, ports and terminals division and warehousing division. These operating segments are monitored by the Company’s Management, who are responsible for making strategic decisions, which are made based on adjusted operating segment results. In identifying its operating segments. Management follows Grupo TMM’s service lines, which represent the main services provided by Grupo TMM. Each of these operating segments is managed separately as each of these service lines requires different technologies and other resources as well as marketing approaches. All inter-segment transfers are carried out at market prices. The accounting policies Grupo TMM uses for segment reporting are the same as those used in its consolidated financial statements, with the exception that corporate assets which are not directly attributable to the business activities of any operating segment are not allocated. In the financial periods presented, the primarily applies to the Grupo TMM’s head office.
Results for discontinued operations A discontinued operation is a component of the entity that has been disposed of, or has been classified as held for sale, and:
The gains or losses on discontinued operations, including components of gains or losses from previous years are reported as a single amount on the consolidated statement of profit or loss. This amount, which includes the gains or losses after taxes for discontinued operations and the gains or losses after taxes resulting from measuring and disposing of assets classified as held for sale, or as a discontinuous operation.
When preparing the consolidated financial statements, Management considers a number of judgments, estimates and assumptions about recognition and measurement of assets, liabilities, income and expenses. Significant management judgment The reporting judgments made by Management as to the application of the accounting policies of Grupo TMM that would have a material effect on the consolidated financial statements are described following: Evaluation of control, significant influence, and joint control Management evaluates the terms of voting power with respect to its investees, the power to govern, decisions, contractual and legal agreements, upon determining of there is control, significant influence, and joint control. Significant judgment is required by evaluating some of these characteristics that can be modified over time (see Notes 1 and 3.1). Estimation uncertainty Information about estimates and assumptions that have the most significant effect on the recognition and measurement of assets, liabilities, income and expenses is provided below; actual results may be substantially different. Impairment of long-lived assets On assessing impairment, Management determines the recoverable value of each asset or cash generating unit based on the expected future cash flows and determines an adequate interest rate to be able to calculate the present value of these cash flows. The uncertainty in the estimate is related to the assumptions regarding results of future operations and the determination of suitable discount rate. Useful lives of depreciable assets Management reviews the useful lives of the depreciable assets on each reporting date, based on the expected use of each asset. The uncertainty in these estimates is derived from the technical obsolescence that could change the expected use of vessels and other equipment. Defined benefits obligation Management’s estimate of the DBO is based on a number of critical assumptions, such as inflation rates, mortality rates, discount rate, and a consideration for future salary increases. The variances in these assumptions can impact the amount of the DBO and the corresponding annual expense for defined benefits (the analysis is provided in Note 26). Measures of fair value Management uses valuation techniques to measure the fair value of its vessels and properties. This results in Management preparing estimates and assumptions based on market information and using observable data that could be used by market participants to assign a price to the asset, however these are not always available. Moreover, other valuation techniques based on expected future cash flows are used for certain assets, and an interest rate is determined to calculate their present value. These fair value estimates for these non-financial assets can vary from the actual prices obtained on operations at market value on the reporting date, as well as future results and the discount rate (see Note 28). |
Going concern |
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Going concern [Abstract] | |||||||||||||||||||||
Going concern |
The accompanying consolidated financial statements have been prepared in accordance with the IFRS, which consider the continuity of the Company as a going concern. The Company has sustained recurrent net losses, principally as a result of its comprehensive financing cost, which was mitigated by the gain on the disposition of one of its subsidiaries in 2017 (see Note 5). The consolidated financial statements do not include any adjustments related to the recoverability and classification of recorded asset amounts or amounts and classification of liabilities that might be necessary should the Company be unable to continue to operate. General aspects During 2016 and 2017, the instability of the oil industry, derived from the significant drop in oil prices worldwide, significantly affected the operation of Grupo TMM, as its main client significantly reduced the services of vessels by more than 50% during those years, causing an impact on its revenue and cash flows. Company’s Strategy Restructuring of Grupo TMM As discussed in Notes 1 and 5, the restructuring of Grupo TMM was completed in December 2017, whereby 85% of the shareholdings of TMM DM was transferred in benefit to the holders of trust certificates (see Note 17), which represented the loss of control of that subsidiary. Consequently, as of that date, the assets, liabilities, and the profit or loss of this subsidiary were no longer included in the consolidated financial statements of Grupo TMM. The main effects for the Company are:
It is important to note that in the following years, the financial cost of the senior trust bonds will no longer be included as part of the Company’s profit or loss. That cost represented a substantial part of its net losses incurred in these last years. Moreover, Grupo TMM will continue as a maritime operator of the ships owned by TMM DM, thereby maintaining the revenues generated by the ships that it is presently operating. Under the terms of this maritime operator scheme, there is not any non-compete agreement, which allows for undertaking new business related to maritime operations. Pursuant to the foregoing, the financial position of Grupo TMM is strengthened with regard to its leveraging level and financial burden, which will enable it to access financial markets to carry out projects with higher profitability. Operating Strategy With regard to the operating matter, among other things, Grupo TMM implemented a financial factoring program to improve its liquidity, an optimization scheme of costs and operating expenses, as well as a strategic diversification of its customer portfolio to reduce the high concentration and dependence upon its main customer. The entry of potential customers due to the Mexican Energy Reform will allow for taking advantage of its extensive experience in the industry, as well as the capacity and quality of the services offered by Grupo TMM. The Company will continue to focus its efforts on strengthening the operating and financial efficiency of its specialized Maritime segments, Ports and terminals, Logistics, and Storage. Moreover, it will continue to develop viable and high return level projects, such as:
Overview The success in implementing these medium and long-term projects will enable Grupo TMM to grow with assets and profitable operations, thereby significantly improving the capital structure of the Company and reasonably guaranteeing its ability to continue as a going concern. |
Acquisitions and disposals |
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Acquisitions and disposals [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisitions and disposals |
Year 2017 Disposal of subsidiaries As described in Note 1, in December 2017 the stockholders of TMM DM, a subsidiary of Grupo TMM, approved a capital stock increase, in the terms described in that note. This capital increase diluted the investment of Grupo TMM to 15% as of that date, which accounted for the loss of control of that subsidiary. Therefore, beginning on that date, the assets, liabilities, and profit or loss of this subsidiary were no longer included in the consolidated financial statements of Grupo TMM. Finally, since Grupo TMM retains significant influence over TMM DM, the remaining 15% investment is accounted for as an investment in associate. During 2017, Grupo TMM sold the subsidiaries Dibacar Servicios, S.A.P.I. de C.V., Darcot Services, S.A. de C.V., Logistica Asociada a su Negocio, S.A. de C.V., STK Logistics, S.A. de C.V., Logistica en Administracion, and Construcciones EDAC, S.A. de C.V. for 100% of its stock, all to an unrelated party. These divestitures form part of the business plan of Grupo TMM, which contemplates focusing its resources and operation in the specialized maritime segment. As at the date of the sale, the carrying value of net assets and the consideration received were as follows:
The gain derived from the loss of control of TMM DM is shown in the item of ‘Other income’ in the consolidated statement of income (see Note 22); due to the stockholders' equity deficit of TMM DM, the fair value of the investment in an associate retained by Grupo TMM was determined nil, which is consistent with the subsequent valuation under the equity method. The loss on the sale of other subsidiaries amounted to $273 million pesos, which is shown in the item of ‘Other income’ in the consolidated statements of profit or loss (see Note 22). These divestitures form part of the business plan and financial restructuring of Grupo TMM, which contemplates focusing its resources and operation in the specialized maritime segment, through a more efficient operating structure. Year 2016 Acquisition of subsidiaries On September 14, 2016, pursuant to a stock purchase agreement Grupo TMM acquired 100% of the shareholdings in TTM from VEX Asesores Corporativos, S.A.P.I. de C.V. (related party), and Mr. Jose Francisco serrano Segovia (shareholder). The total value of the consideration amounted to $10, which is similar to the value of the net assets acquired. That transaction was considered a business combination under common control; therefore, the accounting for a business combination was not applied and, therefore, there was no goodwill or gain generated by this transaction. As part of the terms of that agreement, the parties agreed that the sale would be subject to the ‘Condition Subsequent’, which set forth that the merger between Grupo TMM as the acquired company and TTM as the acquiring company, approved by their respective meetings described above dated August 31, 2016, would go into effect no later than April 14, 2017. Since the merger did not go into effect as described above, the ‘Condition Subsequent’ discussed above resolved that the agreement went into full force and effect on September 14, 2016. The parties are bound to transfer and acquire the shares in the corresponding terms, since TTM has been a subsidiary of Grupo TMM since that date. |
Cash and cash equivalents |
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Cash and cash equivalents [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents |
Cash and cash equivalents at December 31, 2017 and 2016, are summarized as follows:
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Trade receivables |
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Trade receivables [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade receivables |
Trade receivables at December 31, 2017 and 2016, are summarized as follows:
The Company, through its subsidiaries TMM DM and Transportacion Maritima Mexicana, S.A. de C.V., signed an adhesion agreement to the productive chain program of Nacional Financiera, S.N.C. (Nafin), by implementing lines of factoring as a source of financing to reduce the liquidity risk and minimize the effect of the policies of extending the payment periods of the main customer of the Company. Transactions were carried out in 2017 with Greensill Capital Ltd (‘Greensill’), and Grupo Financiero Ve por Mas, S. A. I.B.M. Grupo Financiero Ve por Mas (Ve por Mas) through the Nafin portal in a total amount of $279.8 million, at an average Libor rate + 2.90 for Ve por Mas with a 10% discount on the total of the documents to be discounted and Libor + 2.95 with Greensill without discount. During 2016 transactions were carried out with Greensill, Ve por Más, Financiera Bajio, S.A. de C.V. SOFOM, E.R., Banca Mifel, S.A. I.B.M. and Grupo Financiero Mifel, through the portal of Nafin amounting to a total of $397.2 million, at an average Libor rate 3m + 2.90 for Mexican institutions and Libor 3m + 3.95 for Greensill. |
Other accounts receivable |
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Other accounts receivable [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other accounts receivable |
Other accounts receivable at December 31, 2017 and 2016, are summarized as follows:
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Materials and supplies |
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Materials and supplies [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||
Materials and supplies |
Materials and supplies at December 31, 2017 and 2016, are summarized as follows:
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Prepayments |
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Prepayments [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||
Prepayments |
Prepayments at December 31, 2017 and 2016, are summarized as follows:
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Leases |
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Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases |
Financial leases as lessee The Company has a ship named ‘Subsea 88’ under a financial lease, which started in November 2013 and will terminate in October 2023. Moreover, a vehicle was acquired in this modality in December 2012, which was paid early in August 2016. As of December 31, 2017 and 2016, the carrying value of equipment in finance leases amounts $413,298 and $166,366, respectively. The financial leasing liabilities are secured by the associated assets held under this modality. The minimum future financial leasing payments at the end of each reporting period are:
The financial lease contract for ‘Subsea 88’ includes monthly lease payments and an option to buy at the end of the term. Operating leases as lessee At December 31, 2017, the operating leases report the following expiries:
The contracts include an option to buy at certain times during the term or on expiry. The minimum future payments on operating leases are:
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Concession rights |
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Concession rights [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Concession rights |
The Company holds concessions to operate the cruise and vehicle terminal at the port of Acapulco, Guerrero and the tugboat services at the port of Manzanillo, Colima. Under these concession agreements, the Company is obliged to keep the facilities included in the concession in good condition. At the end of the concessions, these facilities will revert to the federal government. Therefore, the concession rights and the partial rights assignments provide for rights in favor of the federal government (see Note 31). At December 31, 2017 and 2016, the Company was in compliance with its obligation to maintain the concessioned facilities in good condition. The concession rights at December 31, 2017 and 2016 are summarized as follows:
The amortization of the concession rights was $3,785 for the years ended December 31, 2017 and 2016.
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Property, vessels and equipment |
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Property, vessels and equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, vessels and equipment |
Property, vessels and equipment at December 31, 2017 and 2016 are summarized as follows:
All the amounts for depreciation and for loss from revaluation are included as part of the depreciation, amortization and loss from revaluation on the consolidated statements of profit or loss. The accumulated depreciation on property, vessels and equipment at December 31, 2017 and 2016 is $313,926 and $561,113, respectively. The decrease is basically due to the recognition of the fair value of the vessels; therefore, its accumulated depreciation was cancelled.
If the cost model had been used, the revalued carrying amounts for vessels, land and properties at December 31, 2017 and 2016, would be as follows:
The revalued amounts include a revaluation surplus of $1,220,277 and $2,707,040 in 2017 and 2016, respectively, before taxes, which is not available for distribution to stockholders. Fair value measurement See Note 28 regarding the measuring of fair value for vessels and properties. Guarantees At December 31, 2017 and 2016, 5 vessels are securing financial debt with DVB Bank America, NV and B.V. Scheepswerf Damen Gorinchem, as well as the financial lease with FTAI Subsea 88. At December 31, 2016, 31 vessels were securing the Trust Certificates offering. Likewise, there are 2 properties in 2017 (3 properties in 2016) securing various bank loans. |
Other non-current assets |
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Other non-current assets [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other non-current assets |
Other non-current assets at December 2017 and 2016 are as follows:
In accordance with the Project Development Contract, on February 29, 2016, Caoba contributed the capital stock of Optimus in the amount of $4,563, thereby diluting the equity of Grupo TMM to 50%, and granting joint control to the parties to this agreement. The foregoing is classified as a joint venture. In addition, Grupo TMM and Caoba contributed $6.16 million dollars each one for a total contribution amounting to $12.333 million dollars in the capital stock of Optimus, which should be paid in a 3 year period, counted as of May 26, 2016. Caoba will make the payment on capital stock through a payment in kind of costs and expenses related to the Tuxpan Project, and Grupo TMM will capitalize that Optimus has in benefit of the Company, derived from the sale of the land (see Notes 13 and 22).
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Intangible assets |
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Intangible assets [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Intangible assets |
Intangible assets at December 31, 2017 and 2016 are summarized as follows:
The accumulated amortization of intangible assets at December 31, 2017 and 2016 is $10,822 and $24,188, respectively. |
Impairment of long-lived assets |
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Impairment of long-lived assets [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Impairment of long-lived assets |
At December 31, 2017 and 2016, Grupo TMM had performed annual impairment tests. The recoverable amounts of the cash generating units were determined based on calculations of the value in use and fair value less costs of sale as follows: Vessels and trademark Vessels are identifiable assets that individually generate cash flows which are largely independent from the flows from other assets or groups of assets. The trademark is considered an asset that does not generate flows independently, therefore this was grouped with the vessels as a cash-generating unit (specialized maritime division segment) together with other long-lived assets in this segment. The recovery value for these assets was determined as the higher between their value in use and their market value, less selling costs. At December 31, 2017 and 2016, no impairment losses were determined for these assets. Properties The recoverable value of properties was determined as their fair value less costs of sale, which are considered immaterial in terms of the fair value. The determination of fair value is described in Note 28. At December 31, 2017 and 2016 no impairment losses were determined for these assets. Corporate assets and other long-lived assets These assets are not identified with any cash-generating unit, therefore these were evaluated at the Grupo TMM level. The recoverable amount of these assets was determined as their value in use. At December 31, 2017 and 2016, no impairment losses were determined for these assets. The recoverable amounts for cash-generating units were determined based on calculations of the value in use, covering a detailed three-year projection, followed by an extrapolation of the cash flows expected for the useful lives remaining for the assets using the growth rates determined by Management. At December 31, 2017 and 2016, the recoverable amounts for the cash-generating unit are $1,138,923 and $12,881,972, respectively. The present value of the cash flows expected for each segment was determined applying an appropriate discount rate.
Growth rates The growth rates reflect the long-term average for these rates for the specialized maritime segment (all publicly available). Discount rates The discount rate reflects adequate adjustments associated with the market risk and the specific risk factors. Cash flow assumptions The key assumptions of Management for the specialized maritime segment include stable profit margins, which have been determined based on experience in this market. Grupo TMM Management considers this to be the best information available to forecast this market. The cash flow projections reflect stable profit margins achieved before the period covered by said projections. No consideration has been given to efficiency improvements and prices and salaries reflect the inflation projected for the industry, which are publicly available. In addition to the considerations described above for determining the value in use of assets and the cash-generating units described above, Management is currently not aware of any other probable change that could require changes in their estimate. However, the estimate for the recoverable amount for the specialized maritime segment is particularly sensitive to the discount rates. If the discount rate used increases 1%, the value in use would decrease up to 5.59% in terms of the value determined, the value that continues to exceed the carrying value of the aforementioned assets. |
Financial assets and liabilities |
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Financial assets and liabilities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial assets and liabilities |
Categories of financial assets and liabilities The financial assets and liabilities at December 31, 2017 and 2016 are summarized as follows:
At December 31, 2017 and 2016, the carrying value of the financial assets and liabilities at amortized cost is considered similar to their fair value. Financial debt Trust certificates Trust certificates (CBFs for its acronym in Spanish) were issued in the amount of $10,500,000 on July 29, 2010, and each CBF has a par value amounting to $100 (one hundred pesos and 00/100). The date of maturity is August 15, 2030. This issue was recognized in the consolidated financial statements through the consolidation of the subsidiary TMM DM. The CBFs accrue interest on the unpaid balance of the issue, considering the annual Equilibrium Interbank Interest Rate (TIIE for its acronym in Spanish) plus 2.45 percentage points on a term up to 30 days. The due dates of the interest up to the date referred to in the following paragraph were in every February and August. Pursuant to a CBFs Holders’ Meeting held on May 25, 2015, the holders resolved to approve the modification of the due dates of the interest on the CBFs to every May 15 and November 15. The principal of the CBFs will be settled on a prorated basis pursuant to a single payment that should be made as at the maturity date of the issue. However, on each due date, the balance remaining in the Fund for servicing the debt after covering interest due on the day of payment involved should be applied to prepay the principal of the issue of the CBFs, until the fund is exhausted without any penalty. As discussed in Notes 1 and 5, 85% of the shareholdings of TMM DM, a subsidiary of Grupo TMM, was transferred in benefit of the CBFs holders in December 2017, which represented the loss of control over that subsidiary. Consequently, as of that date, the assets, liabilities, and profit or loss of this subsidiary were no longer included in the consolidated financial statements of Grupo TMM, including the liability corresponding to this issue of the CBFs. As at December 31, 2017, Grupo TMM is not required to consolidate this issue of CBFs, due to the loss of control of TMM DM, discussed in the foregoing paragraph At December 31, 2017 and 2016 the CBFs are summarized as follows:
Interest amounts to$942,266 and $684,829 in 2017 and 2016, respectively. Resolutions of CBFs Holders' Meeting Pursuant to a CBFs Holders’ Meeting held on May 8, 2017, the CBFs Holders resolved to authorize the payment of accrued interest in benefit of the CBFs Holders in a total amount of $408,467, corresponding to May 15, 2017, to be deferred for this single time, in order for that payment to be made through a payment in the amount of $208,467 on May 15, 2017, which was made on that date, and the remaining balance amounting to $200,000 would be paid on November 15, 2017. Pursuant to a CBFs Holders’ Meeting held on November 13, 2017, the following decisions were subsequently made:
The Plan for Strengthening the issue was authorized pursuant to a CBFs Holders’ Meeting held on November 28, 2017. Accordingly, the following resolutions were adopted:
Finally, pursuant to the CBFs Holders’ Meeting held on December 19, 2017, the Trustee and the Common Representative were authorized and instructed to apply the amount of $5,250 of the balance of the contingency fund accounts and the payment in benefit of the holders at a rate of $0.05 for each one of the trust certificates in effect, in the understanding that the payment should be made on May 15, 2018. Rating of CBFs As at December 31, 2017 and 2016, the rating given by HR Ratings de Mexico, S. A. de C. V. to the CBF program was HR C (E) in Special Review and HR AA (E) in Special Review, respectively. Interest rate CAP Grupo TMM maintained a master agreement for derivative financial instruments trading with Credit Suisse AG up to November 14, 2017. In the terms of this master agreement, an interest rate CAP was contracted in January 2014 for the period from August 2014 up to August 2015, whereby the maximum rate due was 9.80%, which enabled the Company to increase hedge efficiency by 100 base points, in connection with previously contracted hedges. An extension of the CAP was contracted on April 10, 2015 for the period from August 15, 2015 up to August 14, 2016, whose maximum rate due is 9.80%. The premium paid on this transaction amounted to $2,892, which was amortized during the validity of the hedge. Finally, an extension of the CAP was contracted on June 30, 2016 for the period from August 14, 2016 up to November 14, 2017, whose maximum rate due was 10.80%. The premium paid on this transaction amounted to $3,395, which was amortized during the validity of the hedge. As at December 31, 2017, the Company had not contracted any interest rate CAP to hedge the risk due to variations in interest rates. Interest payable amounting to $86,698 in 2016 is included as part of the balance of short-term interest payable. Other Financing The information for other financing at December 31, 2017 and 2016 is summarized as follows:
Covenants Some of the agreements related to the abovementioned loans contain certain covenants including the observance of certain financial ratios, restrictions on dividend payments, and sales of assets, among others. As at December 31, 2017 and 2016, Grupo TMM and subsidiaries complied with the covenants set forth in those contracts. The interest expense on the trust certificates and bank loans was de $1,039,856 and $783,459 for the periods of twelve months ended December 31, 2017 and 2016, respectively. The maturity of the long-term financial debt at December 31, 2017 and 2016 is as follows:
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Mandatorily convertible debentures into shares |
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Mandatorily convertible debentures into shares |
At the General Extraordinary Stockholders’ Meeting of TTM subsidiary of Grupo TMM held on August 30, 2016, the stockholders resolved to approve the issue of mandatorily convertible debentures into nominative ordinary shares without par value shown representative of the capital stock of Grupo TMM (the debentures) up to an amount of $4,600,000. As at September 30, 2016, the first issue was realized of debentures named TMMO Series I-2016, in a total amount of $1,058,628, equivalent to 10,586,284 debentures with a par value of $100 pesos. These debentures were subscribed through CBFs that the holders held at the time of the subscription (see Note 17). The debentures accrue interest at a 6.78% annual rate, which is totally capitalized in conformity with the terms of the issue. The debentures will be converted into shares of Grupo TMM, at a rate of a value per share of $19.55 on the next conversion dates:
In conformity with the terms agreed upon with the holders of debentures, in the event that the value of the shares that are issued at the time of the conversion are lower than the conversion value amounting to $19.55, Grupo TMM should deliver cash or another financial asset for that spread. On September 29, 2017, the Company agreed with the debenture holders to defer the first conversion date, in connection with 10% of the issue equivalent to 1,058,628 debentures, originally set for September 30, 2017, and whose new conversion date would be on June 30, 2018. On December 4, 2017, the Company and debenture holders agreed to terminate the debenture issue program. Under the terms of this agreement, Grupo TMM delivered CBFs in the equivalent to the value of the debentures, plus accrued interest. This cancellation did not incur losses nor generate gains for Grupo TMM. Moreover, it extinguished any liability for the latter. As of December 31, 2017 there is no balance due to these obligations due to the aforementioned cancellation. Based on the characteristics of the debentures, the Company defined that those debentures were a compound financial instrument, with a financial liability component and an equity component. The summary of the components as at December 31, 2016 is shown below:
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Balances and transactions with related parties |
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Balances and transactions with related parties |
The accounts payable and transactions with related parties at December 31, 2017 and 2016 are summarized as follows:
The most relevant transactions with related parties at December 31, 2017, 2016 and 2015 are summarized as follows:
Transactions involving executive personnel for the years ended December 31, 2017, 2016 and 2015 include the following expenses:
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Accounts payable and accrued expenses |
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Accounts payable and accrued expenses |
Accounts payable and accrued expenses at December 31, 2017 and 2016 are shown as follows:
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Stockholders' equity |
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Dec. 31, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' equity [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' equity |
Capital stock At December 31, 2017 and 2016, the Company’s capital stock is comprised of 102,182,841 shares outstanding, registered, without par value, and with voting rights, which may be held by Mexican nationals, investors, or companies that include in their bylaws the exclusion of foreigners clause. Foreigners may acquire shares under the figure of American Depository Shares (‘ADSs’). The TMM ADSs are traded ‘Over-The-Counter’ (‘OTC’) under the listing code GTMAY. The underlying TMM common shares for the ADSs continue to be traded on the Mexican Stock Exchange under the listing code TMM A. Mandatorily convertible debentures into shares See Note 18. Net tax profit account (CUFIN) At December 31, 2017 and 2016, the current balance in the Net Tax Profit Account (CUFIN for its acronym in Spanish) of the Holding Company it is as follows:
Dividends or earnings distributed to stockholders that are paid out of the CUFIN balance generated up to December 31, 2014 will not be subject to income tax until that balance is exhausted. Moreover, those balances paid out of the CUFIN generated beginning fiscal 2014 paid to individuals or foreign residents are subject to a 10% tax, which is final. Dividends not drawn from the CUFIN, in addition to the above, will continue to be subject to income tax, paid by the entity, based on the general rate set by law, which is definitive and may be credited against the income tax for this and the next two years. The balance in these accounts is susceptible to adjustment to the distribution date using the Mexican Consumers’ Price Index (INPC). Capital decreases At December 31, 2017 and 2016, the current balance in the Capital Contribution Account (CUCA for its acronym in Spanish) is $4,379,058 and $4,101,394, respectively. In the event of capital reimbursement or decreases in favor of stockholders, the surplus for said reimbursement on this amount will be treated as a distributed earning. In the event the equity capital exceeds the balance in the CUCA, the difference will be considered a dividend or distributed earning subject to the payment of income tax. If the earnings in reference come from the CUFIN, there will be no corporate tax due for the capital decrease or reimbursement. Otherwise, these will be treated as dividends or distributed earnings. Other components of equity Details of other components of equity at December 31, 2017 and 2016 are shown following:
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Other income |
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Dec. 31, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other income [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other income |
Other income (expenses) at December 31, 2017, 2016 and 2015 is summarized as follows:
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Interest expense and other financial costs |
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Interest expense and other financial costs [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense and other financial costs |
This line at December 31, 2017, 2016 and 2015 is comprised as follows:
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Income tax and tax loss carryforwards |
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Income tax and tax loss carryforwards [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income tax and tax loss carryforwards |
Income Tax Results for the year Grupo TMM and Subsidiaries incurred combined tax losses for the years ended December 2017 and 2016, in the amounts of $432,139 and $110,668, respectively. Most of the companies that generated taxable income fully offset them against tax losses from prior years. Income tax recognized in profit or loss corresponds to subsidiaries that generated taxable income of $10,000 and $11,443, respectively. The difference between taxable and book income is due primarily to the net effect of the gain or loss on inflation recognized for tax purposes, the difference between tax and book amortization and depreciation, non-deductible expenses, gain from loss of control of subsidiary, as well as certain temporary differences reported in different periods for financial and tax purposes. In accordance with the currently enacted Income Tax Law, the rate for 2015, 2016, 2017, and subsequent years is 30%. The provision for income tax recognized in the statement of profit or loss for the years ended December 31, 2017, 2016 and 2015 is shown following:
The reconciliation between the provision for income tax based on the statutory income tax rate and the provision recorded by the Company at December 31, 2017, 2016 and 2015 is as follows:
The components of deferred tax liability at December 31, 2017 and 2016 are comprised as follows:
Tax loss carryforwards At December 31, 2017, Grupo TMM and its subsidiaries, report the following cumulative tax losses, which are restated applying the INPC factors according to Mexican law.
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Segment reporting |
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Segment reporting |
The Company operates in the following segments: i) specialized maritime transportation, ii) logistics, and iii) ports and terminals, iv) warehousing. Specialized maritime transportation operations (‘Specialized Maritime Division’) include transportation of bulk liquid products, materials, and provisions for drilling platforms, as well as towing services for ships. Logistics solution service operations (‘Logistics Division’). Operations at ports and terminals (‘Port and Terminal Division’) include loading and unloading, storage at maritime port terminals, and shipping agency operations. Storage operations (‘Storage Division’) include storage and management of the facilities and bonded warehouses. There are no changes in the measuring methods used to calculate the earnings reported for each segment. The information for each operating segment is as follow
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Employee benefits |
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Employee benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Employee benefits |
Expense for employee benefits The expenses recognized for employee benefits are:
The liabilities recognized for pensions and other employee remunerations in the consolidated statement of financial position are comprised as follows:
The liabilities for employee benefits, short term, are included in the line ‘Accounts payable and accrued liabilities’ in the consolidated statements of financial position, which at December 31, 2017 and 2016 are $1,678 and $3,893, respectively. Remunerations on the termination of employment The seniority premiums and the retirement plan (‘pensions’) obligations are based on actuarial calculations using the projected unit credit method. Pension benefits are based mainly on years of service, age, and salary level upon retirement. The amounts charged to operations include the amortization of the cost of past services over the average time of service remaining. The Company continues with its policy of recognizing actuarial losses and gains for seniority premiums and pensions in the consolidated statement of operations, the actuarial (loss) gain net of taxes for 2017 and 2016 was $223 and $17,404, respectively. The plan exposes Grupo TMM to such risks as interest rate, investment, mortality, and inflation. Interest rate risk The present value of the defined benefits obligation is calculated using a discount rate making reference to the market performance of high-quality corporate bonds. The estimated term for the bonds is consistent with the estimated term for the defined benefits obligation and is denominated in pesos. A decrease in the market performance of high-quality corporate bonds will increase the defined benefits obligation of Grupo TMM, although this is expected to be partially compensated by an increase in the fair value of certain of the plan’s assets. Investment risk The plan assets are predominantly capital and debt instruments traded on the Mexican Stock Exchange which are considered low risk. Mortality risk Grupo TMM provides benefits for life to those who are covered by the defined benefits liability. An increase in the life expectancy of such persons will increase the defined benefits liability. Inflation risk A significant proportion of the defined benefits obligation is linked to inflation. An increase in the inflation rate will increase the Company’s obligation. The details of the net cost for the period for seniority premiums and termination of employment, and also the basic actuarial estimates for the calculation of these labor obligations is shown as follows:
At December 31, 2017 and 2016, the reserve for pensions and seniority premiums, and also for the termination of employment, is comprised as follows:
At December 31, 2017 and 2016, the DBO for pensions and seniority premiums, and also for the reserve for termination of employment, are comprised as follows:
The plan assets at December 31, 2017 and 2016 are comprised as follows:
The changes in the pension plan, seniority premium, and termination of employment plan at December 31, 2017 and 2016 are as follows:
The significant actuarial assumptions used for the valuation are:
These assumptions were prepared by Management with the assistance of independent actuaries. The discount factors are determined near the end of each year making reference to the market performance of high-quality corporate bonds denominated in the currency in which the benefits will be paid and which have similar maturities to the terms for the pension obligation corresponding. Other assumptions are based on actual reference parameters and Management’s historical experience. At December 31, 2017 and 2016, approximately 17% and 25%, respectively, of the Company’s employees work under collective bargaining agreements that are subject to annual salary reviews and biannually for other compensations. At December 31, 2017 and 2016, Grupo TMM has 1,494 and 1,499 employees, respectively. The significant actuarial assumptions to determine the defined benefits obligation are the discount rate, the salary increase rate, and the average life expectancy. The calculation of the defined benefits obligation is sensitive to these assumptions. The following table summarizes the effects of changes to these actuarial assumptions on the defined benefits obligations at December 31, 2017:
The present value of the defined benefits obligation and also the defined benefits obligation recognized in the consolidated statement of financial position are calculated using the same method (projected unit credit). The sensitivity analyses are based on a change in one assumption without changing the others. This sensitivity analysis may not be representative of the real variance in the defined benefits obligation, as it is unlikely that the change to the assumptions would occur on its own, as some of the assumptions may be correlated. |
Profit (loss) per share |
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Profit (loss) per share [Abstract] | |||
Profit (loss) per share |
At December 31, 2017, 2016 and 2015 number of shares outstanding during the year. There are no potentially dilutive instruments outstanding, therefore basic and diluted profit (loss) per share are the same. |
Fair value measurement |
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Fair value measurement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair value measurement |
Fair value measures for non-financial assets The non-financial assets and liabilities measured at fair value in the statement of financial position are grouped into three levels of fair value hierarchy. The three levels are defined based on the observability of relevant data for the measuring, as follows:
At December 31, 2017 and 2016 non-financial assets measured at fair value are classified in Level 3 of this hierarchy, as described below:
As of December 31, 2016, the fair value of the principal vessels and properties of Grupo TMM was estimated based on appraisals prepared by independent naval engineers specializing in sea vessels and artifacts, and also independent, qualified real estate appraisers, likewise some vessels were determined using the revenue technique (expected future cash flows). As of December 31, 2017, the revalued amounts for all the vessels were determined using the revenue technique. The important information and assumptions are prepared in close collaboration with Management. The valuation processes and changes in the fair value are reviewed by the Administration and Finance Department on the financial reporting date. Additional information on fair value measurement is as follows. Vessels (Level 3) For the year ended December 31, 2017, the fair values for the offshore vessels, tugboats, and parcel tankers are estimated based on revenue that capitalizes the estimated revenue cash flows from the leasing of vessels net of operating costs projected, using an appropriate discount rate that reflects the required performance for similar assets. Cash flows are calculated based on the average of international charter rates and operating costs (including maintenance), and also the historical utilization level. The value of vessels is sensitive to changes in these variables. The most significant information, which is not observable, is the value of the estimated daily rates, the assumptions for the percentage of utilization and the discount rate. The fair value increases if the estimated daily rates and the percentage of utilization increase or if the discount rate (market yields) decreases. The appraisals in general are sensitive to these three assumptions. Management believes that the range of reasonably possible alternatives is greater for the value of the rates and the percentage of use, and also that there is a correlation between these factors. The information used for the measurement of fair value at December 31, 2017 was:
Offshore vessels and tugboats For the year ended December 31, 2016, the fair values for the offshore vessels and tugboats were estimated using a market focus that reflects the recent market prices observed for comparable vessels and incorporates adjustments for factors specific to the vessel in question, principally including those related to dimensions, capacity, propulsion power, and vessel age. The adjustments incorporated depend on the characteristics of each vessel. The most significant information used, which is not observable, is the adjustment for factors specific to the vessels. The magnitude and direction of this adjustment factor depends on the characteristics of observable market transactions for similar vessels used as the end point for the appraisal. Although this information is subjective, Management considers that the global appraisal will not be materially affected by reasonably possible alternatives. Buildings, facilities and land (Level 3) The valuation was prepared based on a market focus that reflects the prices observed on recent market transactions involving similar properties and incorporates adjustments for factors specific to the property in question, including land size, location, attachments, and current use. The most significant information used, which is not observable, is the adjustment for factors specific to the properties in question. The magnitude and direction of this adjustment depends on the characteristics of observable market transactions for similar properties used as the end point for the valuation. Although this information is subjective, Management considers that the global valuation will not be materially affected by reasonably possible alternatives. At December 31, 2017 and 2016, the reconciliation between the carrying amounts of non-financial assets classified within Level 3 is as follows:
At December 31, 2017 and 2016, there were no effects from unrealized gains from fair value measurements. Financial instruments measured at amortized cost disclosing fair value See Note 17. |
Financial instruments risk |
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Financial instruments risk [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial instruments risk |
The Group is exposed to various risks in relation to financial instruments. The Group’s financial assets and liabilities by category are summarized in Note 17. The main types of risks are market risk, credit risk and liquidity risk. The Group’s risk management is coordinated at its headquarters, in close cooperation with the board of directors, and focuses on actively securing short to medium-term cash flows by minimizing the exposure to volatile financial markets. The Group does not actively engage in the trading of financial assets for speculative purposes nor does it write options. The most significant financial risk to which the Group is exposed are described below: Market risk Currency risk The monetary position for Grupo TMM may be materially affected by variances in the exchange rate between the US dollar and the Mexican peso due to the Company’s significant operations in Mexico. The Company does not cover this exposure. Grupo TMM minimizes its exposure effects in foreign currency by contracting financial debt in Mexican pesos. Grupo TMM also faces transactional currency exposure. This exposure derives from sales and acquisitions made in currencies other than Mexican pesos, Grupo TMM’s functional currency. At December 31, 2017 and 2016, approximately 75%, of Grupo TMM’s sales are denominated in US dollars, while approximately 25% the costs and expenses for both years are denominated in US dollars. At December 31, 2016 and 2015, the Company held monetary assets and liabilities denominated in foreign currencies other than the Mexican peso, translated at the corresponding interbank exchange rate as related to the Mexican peso, as follows:
At December 31, 2017 and 2016, the exchange rate was Ps19.7354 and Ps20.6640 per US dollar, respectively. At Apr 20, 2018, release date of the consolidated financial statements, the net position in US dollars, unaudited, was similar to that at December 31, 2017, and the exchange rate was $18.2819 (per dollar). Sensitivity analysis The following table shows for the years ended December 31, 2017 and 2016, the sensitivity in operations associated with to the financial assets and liabilities of Grupo TMM and the exchange rate; US dollar (USD)/peso “considering that the rest of the conditions remain unchanged”. Assuming a variance of +/- 4.73% for 2017 and +/- 19.70% for 2016 in the peso/USD exchange rate. This percentage was determined based on the volatility of the average exchange rate market over the past 12 months. The sensitivity analysis is based on financial instruments in foreign currency held by Grupo TMM on the reporting date. If the peso had strengthened or weakened against the USD by 4.73% for 2017 and 19.70% for 2016, this would have had the following impact on the monetary position:
The exposure to exchange rates varies during each year, depending on the volume of overseas operations or in foreign currency; however, the above analysis is considered representative of Grupo TMM’s exposure to currency risk. Interest rate risks Grupo TMM’s exposure to the risk of changes in market interest rates is related principally to the long-term debt obligations of Grupo TMM at a variable interest rate. Grupo TMM’s policy is to obtain fixed rated instruments on its loans and, when a loan has a variable interest rate, the Company’s policy is to obtain all needed derivative financial instruments in order to fix this rate. At December 31, 2017, the Company had $319.6 and $578.3 million pesos of debt contracted on fixed and variable rates, respectively. At December 31, 2016, the debt contracted on fixed and variable rates was $648.8 and $10,124.7 million pesos, respectively. As of December 31, 2016 the variable portion of the debt was associated with the Trust Certificates for an original amount of $10,500,000. In April 2015, the Company extended the CAP for the period from August 2015 to August 2016, under which the maximum rate payable was 9.80%. In addition, considering the conditions of the financial market and the changes on interest payment dates, the Company contracted an extension of the CAP on June 30, 2016, with which the maximum rate due is 8.35% for the August 2016 to November 2017 period. As at December 31, 2017, the Company had not contracted any interest rate CAP to hedge the risk due to variations in interest rates (see Note 17). Sensitivity analysis The following table illustrates the sensitivity in operations at December 31, 2017 and 2016 to a reasonably possible change in the interest rates of +/- 1%. These changes are considered to be reasonably possible based on the current market conditions. The calculations are based on a variance in the average market interest rate for each period and the financial instruments on the reporting date that are sensitive to variances in the interest rates. The rest of the variables remain constant.
The impact shown in the above sensitivity is considered the same both in the results of operations and in stockholders’ equity. Concentration of risk For the year ended December 31, 2017, the Company obtained revenues from Pemex Exploracion y Produccion, P.M.I Trading Limited and Fieldwood Energy E&P Mexico, which represented 16%, 13%, and 13%, respectively. None of the remaining customers represents more than 5% of the total revenues. For the year ended December 31, 2016, the Company obtained revenues from PEMEX Exploracion y Produccion, which represent 36%. None of the remaining customers represent more than 7% of its total revenues. The Company permanently monitors the industry development in which its major clients operate, including significant key indicators such as oil prices, to consider it in the process of recognition and measurement of assets and liabilities in the consolidated financial statements. Credit risk Grupo TMM only sells to solvent third parties. Grupo TMM’s policy is that all customers who prefer to operate under credit conditions are subject to credit verification procedures. Moreover, receivable balances are constantly watched so that Grupo TMM’s exposure loss on receivables is not significant. As Grupo TMM only engages in these types of operations with third parties of recognized solvency, the Company does not require surety. Regarding the credit risks derived from other financial assets of Grupo TMM, which include cash and cash equivalents, Grupo TMM’s exposure to risks is related to the possibility of non-compliance by its counterparts, with a maximum exposure that is equal to the sum of such instruments, which is considered immaterial, as the counterparts are banks with high reputation ratings given by independent rating agencies. During 2016 the main Company’s client, which is also a relevant player in the industry, announced a payment scheme for all its suppliers with an average payment period of little more that 180 days, situation that has had a significant impact in Group’s cash flows administration, to reduce the effect of the aforementioned the Company entered into factoring transactions (see Note 7). Some of the unimpaired accounts receivable are in arrears on the reporting date, as shown as follows:
Regarding customers and other accounts receivable, Grupo TMM is not exposed to any significant problem of credit risk with any counterpart, either individually or as a group with similar characteristics. Based on historical information on the rate of default, Management considers the credit quality of the accounts receivable that are not in arrears or impaired, to be good. Liquidity risk The goal of Grupo TMM is to maintain a balance between the continuity of loans and flexibility through the use of bank loans and securitizations. At December 31, 2017 and 2016, only 56% and 7%, respectively, of Grupo TMM’s financial liabilities are due within the next 12 months. At December 31, 2017 and 2016, the financial liabilities of Grupo TMM have contractual maturities (including interest payments as applicable) are summarized as follows:
The above amounts reflect the contractual cash flows without discount, which may differ from the values registered in the liabilities on the reporting date. |
Capital management policies and procedures |
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Capital management policies and procedures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Capital management policies and procedures |
Grupo TMM’s capital management goal is to ensure the capacity of Grupo TMM to continue as a going concern and to provide its stockholders with an appropriate return on their investment. The Company monitors capital based on the carrying value plus its financial debt. The Company sets its capital amount proportionate to its overall financing structure, meaning, the capital and financial liabilities that are not loans. Grupo TMM manages the capital structure and makes adjustments in light of changes in the economic conditions and the associated risks of the underlying assets. In order to maintain or adjust the capital structure, Grupo TMM may adjust the amount of capital reimbursements to stockholders, or issue new shares or sell assets to reduce its financial debt. At December 31, 2017 and 2016, the capital management is summarized as follows:
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Commitments and contingencies |
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Commitments and contingencies [Abstract] | |||||||||||||||||||||||||||
Commitments and contingencies |
Commitments
Pursuant to the concessions under the port and tugboat services are operated, the Company is required to make fixed and variable monthly payments. These payments totaled $17,589 and $19,057 in 2017 and 2016, respectively.
In accordance with the description in Note 14b) Grupo TMM will contribute the amount of $113,777 ($6.16 million U.S. dollars), which must be paid in a period of 3 years, counted as of May 26, 2016. Grupo TMM will make this contribution by capitalizing the liability due to the sale of a plot of land, as discussed in Note 13b). Contingencies
On August 7, 2007, Transportación Marítima Mexicana, S.A. de C.V. (‘TMM’) filed a claim for arbitration against Refined Product Services (“RPS”) for US$50 thousand (approximately $986.77), for various expenses incurred by TMM due to the delay of the re-delivery of the tanker vessel Palenque. On October 19, 2007, RPS filed a countersuit for US$3.0 million (approximately $59,206), for alleged faults and lack of maintenance involving the tanker vessel Palenque, and also consequential damages for having lost a contract while the vessel was being repaired. TMM's position against this countersuit is strong, as there are sufficient elements and arguments for defense, also the amount claimed by RPS would appear to be excessive and for non-supported issues.
In December 2007, TMM and Worldwide Services, Ltd. (“WWS”) filed mutual claims; TMM for $393.731 thousand dollars (approximately $7,770), claiming fuel and low return on the performance of the tanker ship Veracruz A, and WWS in the amount of $938 thousand dollars (approximately $18,512), primarily claiming a presumed over-performance of the same ship. As at the issue date of the consolidated financial statements, total claims against TMM amount $2.4 million dollars. However, those claims are considered weak. TMM filed an appeal to have the case dismissed, claiming that the Court has no jurisdiction since the arbitration proceedings were started with the name of the incorrect plaintiff, a partial ruling was handed down in which the case was not dismissed in January 2017. The final ruling will be handed down in the forthcoming months. Company Management believes it has strong arguments to support the claim and to defend its position on the arbitration that is being carrying out.
During 2011 and 2010, ADEMSA issued secured Certificates of Deposit in favor of various financial institutions, goods and/or amounts consigned thereto, which, as a result of the defaults by the producers and on exercising the right conferred by the Certificates, filed claim against ADEMSA for compliance with the obligations to deliver goods covered or payment of the amounts secured. At December 31, 2017 and 2016, the Company held a reserve of $2,461, to settle the ADEMSA obligations, and also in these years, payments were made to financial institutions for $3,993 and $4,033, respectively. As of December 31, 2016 and 2017, the reserve is included in ‘Accounts payable and accrued expenses’.
On February 13, 2014, the Company filed an indirect amparo (writ of relief) against various provisions related to the disappearance of the regimen of fiscal consolidation, offering arguments to demonstrate the unconstitutionality of various provisions violating the guarantees of proportionality, legality, and legal certainty, and also various human rights recognized by the Mexican Constitution and in international treaties to which Mexico is party. Given the diversity of procedures in the tax laws to determine the effects of deconsolidation required by these, and also the various criteria to be used, and the possible results of the acts contested in the amparo, no disclosure is made regarding deconsolidation as there is no certainty as to the application of a specific procedure. The foregoing in order to not hold as accepted any of the procedures established in the tax reforms, and which could negatively affect the interests of the Company in the amparo case. That claim was forwarded to the First Division of the Auxiliary Center of the First Region seated in Mexico City for study and resolution. Pursuant to the ruling handed down on February 16, 2016, that Division decided to deny the appeal for constitutional relief (amparo) and protection of Federal Justice petitioned by the Company. Grupo TMM filed a motion for reconsideration against that ruling on March 17, 2016. On September 13, 2017, the judges of the First Division decided to deny the amparo filed by the Company. Since there is no means of defense against the ruling handed down by the Supreme Court, the matter has been concluded all things considered.
Suit filed by TMM against the rulings handed down on which various tax liabilities were determined for presumed omitted income tax, corresponding to tax year 2005. On November 5, 2012, the appeal for annulment was allowed to proceed before the former Federal Court of Tax and Administrative Justice. That appeal for annulment was forwarded for study and resolution to the Metropolitan Regional First Division of the Federal Court of Tax and Administrative Justice. On January 30, 2018, TMM was notified of the decision whereby the matter was forwarded to the Full Federal Tax Court of Administrative Justice sitting en banc of Mexico City, no ruling has been handed down thereon as at the issue date of the consolidated financial statements.
On August 12, 2016, Grupo TMM filed arbitration proceedings against SSA, whereby it claims a compensation in its benefit in the amount of $119,673 for the improper use of tax losses by SSA. On April 12, 2018, the conclusions of the parties were filed and the arbitral tribunal will hand down the corresponding arbitral award in the following months. Company Management considers that it has solid arguments to support the clam in the arbitration proceedings that are in the process of being carried out.
During 2017 and 2016, Grupo TMM filed Motions for Annulment with the Federal Court of Administrative Justice against various decisions of the Tax Administration Service (SAT), on the rejection of deductions (tax year 2007), modifications to the Consolidation Regime for controlled companies (tax year 2005), deferred income tax on consolidation (tax year 2010), and the termination of the consolidation regime (tax year 2013), on which rulings have not been handed down by the courts with competent jurisdiction.
The Company is party to various other legal proceedings and administrative actions, all of which are of an ordinary or routine nature and incidental to its operations. Although it is impossible to predict the outcome of any legal proceeding, in the opinion of the Company’s management, such proceedings and actions should not, individually or in the aggregate, have a material adverse effect on the Company’s financial condition, results of operations or liquidity.
Under the Income Tax Law, companies that conduct operations with related parties, nationals or nonresidents, are subject to fiscal limitations and obligations regarding the determination of the prices negotiated, as these must be comparable to those that would be used with or between independent parties on similar operations. In the event the tax authorities were to review the prices and reject the amounts determined, they may demand, an addition to the taxes and accessory charges corresponding (adjustments and surcharges), fines on omitted taxes, which could be for up to 100% of the adjusted tax amount. The Company has significant transactions and relations with related parties, for which the Company holds documentation that confirms the terms of these transactions were conducted in 2016 similarly to transactions between unrelated parties. The Company and its subsidiaries are in the process of completing this study for 2017.
Grupo TMM and Subsidiaries are subject to the laws and ordinances of other countries, as well as international regulations governing maritime transportation and the observance of safety and environmental regulations. |
Events subsequent to the reporting date |
12 Months Ended | ||
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Dec. 31, 2017 | |||
Events subsequent to the reporting date [Abstract] | |||
Events subsequent to the reporting date |
There have not been any events that require any adjustment or that does not require an adjustment, but is significant between the reporting date and authorization date. |
Authorization of the consolidated financial statements |
12 Months Ended | ||
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Dec. 31, 2017 | |||
Authorization of the consolidated financial statements [Abstract] | |||
Authorization of the consolidated financial statements |
The consolidated financial statements of the Company were authorized by Carlos Pedro Aguilar Mendez on April 30, 2018, in his capacity as Director of Administration and Finance, as well as by the Board of Directors on the same date, to be issued and subsequently approved by the General Stockholders' Meeting, which has the authority to modify the accompanying consolidated financial statements. |
Summary of significant accounting policies (Policies) |
12 Months Ended | |||||||||||||||||
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Dec. 31, 2017 | ||||||||||||||||||
Summary of significant accounting policies [Abstract] | ||||||||||||||||||
Basis of consolidation |
The consolidated financial statements include the accounts of Grupo TMM and those of its subsidiaries. Grupo TMM controls a subsidiary when it is exposed, or has rights, to variable returns resulting from its involvement with the subsidiary and has the ability to affect those returns through its power over the subsidiary. All subsidiaries have the reporting date of “December 31”, for all years reported. The balances and transactions among subsidiaries have been eliminated for the purposes of consolidation, including balances and unrealised gains on transactions between Grupo TMM’s companies. Unrealized losses on the sale of assets among the group are eliminated in the consolidation and the asset involved is also reviewed for impairment from a group perspective. Accounting policies of subsidiaries have been adjusted where necessary to ensure consistency with the policies adopted by Grupo TMM. Profit or loss and other comprehensive income of subsidiaries acquired or disposed during the year are recognized from the effective date of acquisition, or up to the effective date of disposal, as applicable. Non-controlling interest, presented as part of the stockholders’ equity, represents the portion of the subsidiary’s profit or loss and net assets that are not held by Grupo TMM. The Company attributes the total comprehensive income or loss of the subsidiaries between the owners of the parent and the non-controlling interest based on their respective ownership interests. Associates and joint ventures Associates are all entities over which Grupo TMM has significant influence but not control, generally accompanying a shareholding between 20% and 50% of the voting rights. A joint venture is a joint arrangement whereby the parties that have joint control of the arrangement having rights to the net assets of the arrangement. Investments in associates and joint ventures are accounted by the equity method and are initially recognized at their acquisition cost. The carrying amount of investments in associates and joint ventures is increased or decreased to recognize Grupo TMM’s share of the profit or loss and other comprehensive income of the associate and joint venture, adjusted where necessary to ensure consistency with the accounting policies of Grupo TMM. Unrealized gains on transactions between Grupo TMM and its associates and joint ventures are eliminated to the extent of Grupo TMM’s interest on those entities. When unrealized losses are eliminated, the asset involved is also tested for impairment. |
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Business combinations |
Grupo TMM applies the acquisition method to accounting for business combinations. The consideration transferred by Grupo TMM to obtain control of a subsidiary is calculated as the sum of the fair values on the acquisition-date of the assets transferred, liabilities incurred, and the equity interests issued by Grupo TMM, which includes, accordingly, the fair value of any asset or liability that arises from the contingent consideration arrangement. Acquisition costs are expensed as incurred. Grupo TMM recognizes identifiable assets acquired and liabilities assumed in the business combination independent of whether these were recognized in acquirer’s financial statements prior to the acquisition. Assets acquired and liabilities assumed are generally measured at their acquisition-date fair value. Goodwill is stated after the individual recognition of identifiable intangible assets. It is calculated as the excess of the sum of a) the fair value of the consideration transferred, b) the amount recognized for any non-controlling interest in the entity acquired, and c) the fair value on the acquisition date of any equity interest in the acquire, over the acquisition-date the fair values of the identifiable net assets. If the fair values of the identifiable net assets exceed the sum calculated above, this excess amount (e.g. gain on a bargain purchase) is immediately recognized in profit or loss. |
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Foreign currency translation |
Functional and presentation currency The consolidated financial statements are reported in Mexican pesos, which is also the functional currency of the parent company. Foreign currency balances and transactions Foreign currency transactions are translated into the functional currency of the respective Group entity, using the exchange rates prevailing at the dates of the transactions (spot exchange rate). Foreign exchange gains and losses resulting from the settlement of such transactions and from the measurement of monetary items denominated in foreign currency at year-end exchange rates are recognized in profit or loss. Non-monetary items are not retranslated at year-end and are measured at historical cost (translated using the exchange rates at the transaction date), except for non-monetary items measured at fair value which are translated using the exchange rates at the date when fair value was determined. In the consolidated financial statements of Grupo TMM, all the assets, liabilities, and operations of Grupo TMM’s entities operated in a functional currency other than the Mexican peso (Grupo TMM’s reporting currency) are converted to pesos on consolidation. |
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Cash and cash equivalents |
Cash and cash equivalents comprise cash on hand and demand deposits, together with other highly liquid and short-term investments that are readily convertible into known amounts of cash and which are subject to insignificant risk of change in their value. |
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Materials and supplies |
Materials and supplies, consisting mainly of fuel and items for the maintenance of property, vessels and equipment, are valued at the lower of the average cost and the net realizable value. |
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Prepayments |
Represent prepayments for services that will be received in the future and are amortized in the period when said services are received. |
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Property, vessels and equipment |
Properties and vessels The properties (land and buildings) are measured at fair value, which are determined by external professional valuers every three years or before if the market factors indicate a significant change in the fair value. The last valuation of these assets was in December 2016. The vessels are measured at fair value, at December 31, 2016, the fair value amounts for most of these assets were determined using market values calculated by external professional valuers and for certain vessels using other valuation techniques. As of December 31, 2017, the revalued amounts were determined using the revenue technique (expected future cash flows). The frequency of the revaluations for this class of assets will be based on the changes of the fair values, meaning when these values significantly differ from their carrying value. The Company has revaluated this class of assets at December 31, 2017 and 2016. The revaluation surplus that is derived from the valuation of properties and vessels is recognized as part of ‘Other comprehensive income items’ and forms part of ‘other capital components’ in stockholders’ investment. A revaluation surplus is credited to income up to an amount equivalent to any revaluation write-down or impairment loss previously recognized income. Any excess is recognized in ‘Other comprehensive income items’ and in stockholders’ equity in the item of ‘Revaluation surplus’. Revaluation write-downs or impairment losses are recognized in ‘Other comprehensive income items’ up to the amount previously recognized on that asset in stockholders’ equity in the item of ‘Revaluation surplus’. Any remaining decrease is recognized in income for the year. Any remaining balance of the revaluation surplus in stockholders' equity at the time of disposing of the asset that gave rise thereto is reclassified to retained earnings. Moreover, any remaining balance of the revaluation surplus in stockholders' equity may not be distributed to stockholders. The depreciation of properties and vessels is recognized using the straight-line method to write down its carrying value less its estimated residual value. As no finite useful life for land can be determined, the related carrying amounts are not depreciated. Machinery and equipment Machinery and equipment are stated at construction or acquisition cost, including any cost directly attributable to bringing the assets to the location and condition necessary for them to be capable of operating in the manner intended by Grupo TMM’s Management. Acquisitions through capital leases or charter arrangements with an obligation to purchase are capitalized based on the present value of future minimum payments, recognizing the related liability. Depreciation of machinery and equipment is computed using the straight-line method based on the useful lives of the assets net of the estimated residual value. Recurring maintenance and repair expenditures are charged to operating expenses as incurred. Major repairs to vessels (docks) are capitalized and amortized over the period in which benefits are expected to be received (two to five years for vessels). The material residual values and the estimated useful life are adjusted as necessary, at least once a year. Gains or losses from the disposal of property, vessels and equipment are determined as differences between the disposal proceeds and the carrying amount of the assets and are recognized in profit or loss as part of (‘Other income’), accordingly (see Note 22). Construction in progress Disbursements attributable to construction of assets that are identifiable and may be controlled by the Company are recognized as assets when they meet the following conditions:
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Intangible assets |
Recognition of intangible assets Concession rights Concession rights correspond to payments made for the rights to operate assets under concession, which are stated at cost and are amortized over the terms specified in the corresponding agreements. Software Software licenses acquired are capitalized on the basis of costs incurred to acquire and install the specific software. Trademark The trademark acquired in a business combination that qualifies for separate recognition is considered an intangible asset and is recorded at its fair value. Subsequent measuring All finite-lived intangible assets are accounted for using the cost model by which the net capitalized costs of their residual value are amortized using the straight-line method throughout their estimated useful lives, in the case of the concession rights; these are amortized according to the term specified in the corresponding agreement. The residual values and useful lives are reviewed at each reporting date. The trademark is considered an intangible asset with an indefinite life, therefore it is subject to impairment tests annually as described in Note 16. The amortization is included in the consolidated statement of operations as part of the depreciation, amortization, and loss on revaluation item. Subsequent expenditures to preserve software and trademarks are expensed as incurred. |
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Impairment testing of long-lived assets |
For impairment assessment purposes, assets are grouped at the lowest levels for which there are largely independent cash inflows (cash-generating units). As a result, some assets are tested individually for impairment and some are tested at cash-generating unit level. Trademark is allocated to those cash-generating units that are expected to benefit from synergies of a related business combination and represent the lowest level within the Company at which management monitors the trademark. Cash-generating units to which trademark has been allocated (determined by the Grupo TMM’s Management as equivalent to its operating segments) are tested for impairment at least annually. All other individual assets or cash-generating units are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognized for the amount by which the asset’s (or cash-generating unit’s) carrying amount exceeds its recoverable amount, which is the higher of fair value less costs of disposal and value-in-use. To determine the value-in-use, management estimates expected future cash flows from each cash-generating unit and determines a suitable discount rate in order to calculate the present value of those cash flows. The data used for impairment testing procedures are directly linked to the Grupo TMM’s latest approved budget, adjusted as necessary to exclude the effects of future reorganizations and asset enhancements. Discount factors are determined individually for each cash-generating unit and reflect current market assessments of the time value of money and asset-specific risk factors. Impairment losses for cash-generating units reduce first the carrying amount of any goodwill allocated to that cash-generating unit. Any remaining impairment loss is charged pro rata to the other assets in the cash-generating unit. With the exception of the trademark, all assets are subsequently reassessed for indications that an impairment loss previously recognized may no longer exist. An impairment loss is reversed if the asset’s or cash-generating unit’s recoverable amount exceeds its carrying amount. |
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Leased assets |
Financial leases Mangement applies judgment in considering the substance of a lease agreement. The economic ownership of the leased asset is transferred to the leaseholder if they substantially assume all the risks and rewards related to the ownership of the leased asset. The corresponding asset is then recognized at the start of the lease at the fair value of the leased asset, or if lower, at the present value of the lease payments. A corresponding amount is recognized as a liability for financial leasing, independent of whether some of the lease payments are settled in advance of the lease start date. The corresponding liability decreases by the lease payments net of the financial expenses. The interest component in the lease payment represents a portion of the capital balance outstanding and is recognized in operations as financial costs over the lease period. Notes 3.7 above and 13 describe the depreciation methods and estimated useful lives, respectively, for assets under financial leases. Operating leases All other leases are treated as operating leases. Payments on operating lease agreements are recognized as an expense on a straight-line basis over the lease term. The associated costs, such as maintenance and insurance, are expensed as incurred. |
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Financial instruments |
Recognition, initial measurement and derecognition Financial assets and liabilities are recognized when Grupo TMM is party to the contractual provisions of a financial instrument and are initially measured at fair value adjusted for the transaction costs, except for the financial assets and liabilities that are measured at their fair value through profit or loss, which are initially measured at fair value. Financial assets are derecognised when the contractual rights to the cash flow from a financial asset expire, or when the financial asset and all the substantial risks and benefits have been transferred. A financial liability is derecognized as extinguished, discharged, canceled, or expired. Financial assets and liabilities are subsequently measured as described following. Classification and subsequent measurement of financial assets For the purposes of subsequent measurement, financial assets that are not those designated and effective as hedging instruments are classified into the following categories when they are initially recognized:
Grupo TMM’s financial assets are classified into the category of loans and receivables, and available-for-sale financial assets. These financial assets are reviewed for impairment when there is objective evidence that the financial asset or group of financial assets has been impaired. Different criteria are applied to determine the impairment for each category of financial assets, as described following. All income and expenses related to financial assets which are recognized in profit or loss are reported in the comprehensive financing cost, except for the impairment of the client accounts receivable, which are reported in ‘Other income’. Loans and receivables Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not traded on an active market. After the initial recognition, these are measured at amortized cost using the effective interest method, less the provision for impairment. The discount is omitted when the effect of the discount is immaterial. The cash and cash equivalents of Grupo TMM, and also the trade receivables, and most of the other accounts receivable fall under this category of financial instruments. Individually significant accounts receivable are considered for impairment when these are in arrears or when there is objective evidence that a specific payment will fall into default. Available-for-sale financial assets Available-for-sale financial assets are non-derivative financial assets that are assigned to this category or do not qualify to be included in any of the other categories of financial assets. Available-for-sale financial assets are measured at fair value. The gains and losses are recognized in other comprehensive income and are reported in other components of equity, except for impairment losses and currency differences in monetary assets, which are recognized in profit or loss. When an asset is disposed of or it is determined to be impaired, the cumulative gain or loss that had been recognized in other comprehensive income is reclassified from equity to profit or loss and is presented as an adjustment for reclassification in other comprehensive income. The reversion of impairment losses is recognized in other comprehensive income, except financial assets that are financial debt, which are only recognized in operations if the reversion can be objectively related to an event that occurs after the impairment loss has been recognized. Classification and subsequent measuring of financial liabilities The financial liabilities of Grupo TMM include financial debt, vendors, and other accounts payable. Financial liabilities are subsequently measured at amortized cost using the effective interest method. All derivative financial instruments that are not designated and are not effective as hedging instruments are carried at fair value through profit or loss. All interest-related charges are recognized in operations and included in the item ‘Interest expense and other financial costs’ in the consolidated statement of profit or loss. Compound financial instruments The Company evaluates the issue of a non-derivative financial instrument to determine if it contains liability and equity components. These components are classified separately as financial liabilities or equity instruments at the time they are initially recognized, in conformity with the economic essence of the contractual agreement and with the definitions of financial liability and equity instrument. The Company evaluates those conditions and identifies the financial liability component when there is a contractual agreement to deliver cash or another financial asset and an equity instrument component when the holder is entitled to convert it into a pre-established number of common shares of the Company. The initial measurement of a compound financial instrument is distributed among its liability and equity components. The residual amount that is obtained after deducting the amount that has been determined separately for the liability component is allocated to the equity component from the overall fair value of the instrument. Losses or gains may not emerge in the initial recognition process of the components of the instrument. The transaction costs of an equity transaction will be treated as a deduction thereof for accounting purposes. The liability component will be considered as transaction costs, in terms of the recognition of financial liabilities. Interest relative to a component that is a financial liability will be recognized in income for the period. The equity instrument component are allocated directly to equity. |
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Provisions, contingent liabilities and contingent assets |
Provisions are recognized when the present obligations resulting from a past event will probably lead to an outflow of Grupo TMM economic resources and the amounts can be reliably estimated. Timing or amount of the outflow may still be uncertain. A present obligation arises from a presence of a legal or constructive commitment that has resulted from past events. Provisions are not recognized for future operating losses. Provisions are the estimated amounts required to be expended to settle the present obligation based on the most reliable evidence available at the date of the consolidated financial statements, including the risks and uncertainties associated with the present obligation. When there are several similar obligations, the likelihood that an outflow will be required in settlement is determined considering the class of obligations as a whole. Provisions are discounted at their present value, where the time value of money is material. Any reimbursement that Grupo TMM can be virtually certain to collect from a third party regarding an obligation is recognized as a separate asset. However, this asset may not exceed the amount for the related provision. All provisions are reviewed on the issuance of the financial statements and adjusted to reflect the current best estimate. When an outflow of economic resources for present obligations is not probable, this is not recognized as a liability, unless it was assumed in the course of a business combination. Such tales are disclosed as contingent liabilities unless the outflow of resources is remote. |
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Taxes on earnings |
Calculation of current income tax is based on tax rates and tax laws that have been enacted or substantially enacted to the reporting date of the consolidated financial statements. Deferred income tax is determined using the liability method, based on temporary differences arising between the tax basis of assets and liabilities and their carrying amounts in the financial statements. Determination of deferred income tax has considered tax rates that will be effective at the time of reversion of the temporary differences. The income tax expense in the statement of profit or loss includes the sum of the deferred tax, which has not been recognized in other comprehensive income or directly in stockholders’ equity, and the current income tax for the year. Deferred tax assets are recognized to the extent that it is probable that future taxable profit against which temporary differences can be utilized will be available (see Note 24). This is assessed based on the Company’s forecast of future operating results, adjusted for significant items that are reconciled for the taxable income and the limits on the use of tax losses and other tax asset carryforwards. Deferred income tax is provided on temporary differences arising on investments in subsidiaries and associates, except where the timing of the reversal of the temporary difference can be controlled and it is probable that the temporary difference will not reverse in the foreseeable future. |
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Statutory employee profit sharing |
The statutory employee profit sharing is determined applying the rate of 10% on taxable income, adjusted as provided for by the Income Tax Law. The statutory employee profit sharing accrued is considered an ordinary expense associated with employee benefits. |
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Post-employment benefits and benefits for short-term employees |
Post-employment benefits Defined benefit plans The seniority pension to which employees are entitled after 15 years of service and after having retired at the age of 60, are expensed in the years in which the services are rendered (see Note 26). In addition, the Company has pension plans for certain employees who retire after the age of 65 (or early retirement at 60 or 55), in addition to having completed a minimum 15 years of service, which are expensed in the years in which the services are rendered (see Note 26). Under the defined benefits plan, the pension amount an employee will receive upon retirement is determined in reference to the time of service and salary determined for each case based on the plan. The legal obligation of the benefits lies with Grupo TMM, even if the plan’s assets to finance the defined benefits plan are separate. The plan’s assets may include assets specifically designated in a long-term benefit fund. The liability recognized in the consolidated statement of financial position for the defined benefits plans is the present value of the defined benefits obligation (DBO) as of the reporting date less the fair value of the plan assets. Management estimates the DBO annually with the assistance of independent actuaries, based on the standard inflation rate, the salary growth rate, and the mortality rate. The discount factors are determined near the close of each year in reference to the high-quality corporate bonds that are denominated in the currency in which the benefits will be paid and which have maturities similar to the terms of the corresponding pension liability. The net cost for the defined benefits liability period is included in the item ‘Salaries, wages and employee benefits’ in the consolidated statements of profit or loss. Indemnifications Indemnifications that are not substitutive of retirement, paid to personnel who leave the company due to restructuring or any other reason, are charged to the operations for the period when incurred or provisions are created when there is a present obligation of these events, with a probability of an outflow of resources and this obligation can be reasonably estimated. Short-term employee benefits Short-term employee benefits, including vacation entitlement, are current liabilities included in ‘Accounts payable and accrued expenses’, measured at the amount Grupo TMM expects to pay as a result of time not taken; as these liabilities are short-term, they were not discounted as their effect is considered immaterial. |
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Stockholders' equity |
Common shares are classified as equity. Grupo TMM does not have other equity instruments in addition to its common shares. Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction, net of taxes, from the proceeds. Incremental costs directly attributable to the issue of new shares or options are included in the cost of acquisition as part of the purchase consideration. The accumulated losses include all current profits or losses and for previous periods. Other components of equity capital include:
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Recognition of revenue, costs and expenses, and financing costs |
Revenue Revenue is measured at the fair value of the consideration received or receivable. Revenue is reduced for estimated customer returns, rebates and other similar allowances. Revenues are recognized at the time at which the risks and benefits are transferred to the customer, which generally occurs when: (i) there is convincing evidence of the agreement with the customer, (ii) the service has been rendered in compliance with the customer’s requirement; (iii) collection is reasonably assured; and (iv) there is no a condition or uncertainty that might imply their reversal and the customer assumes the risk of the losses. The Company recognizes its revenues when the criteria mentioned in the above paragraph are met, specifically vessels leased are recognized on monthly basis according to the number of days elapsed and during the term of the corresponding contract, and in the case of revenue from voyages, when their duration is longer than two months, this is recognized proportionally as a shipment moves from origin to destination; other services, including warehousing, are recognized when services are rendered. Costs and expenses The costs and expenses for maritime, and also those related to other logistics operations, are recognized in operations when the services are rendered, materials are consumed or as incurred. Financing costs Interest income and expense are reported as accrued using the effective interest method and are reported as part of the comprehensive financing cost. |
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Information by segments |
Grupo TMM has four operating segments: maritime division, logistics division, ports and terminals division and warehousing division. These operating segments are monitored by the Company’s Management, who are responsible for making strategic decisions, which are made based on adjusted operating segment results. In identifying its operating segments. Management follows Grupo TMM’s service lines, which represent the main services provided by Grupo TMM. Each of these operating segments is managed separately as each of these service lines requires different technologies and other resources as well as marketing approaches. All inter-segment transfers are carried out at market prices. The accounting policies Grupo TMM uses for segment reporting are the same as those used in its consolidated financial statements, with the exception that corporate assets which are not directly attributable to the business activities of any operating segment are not allocated. In the financial periods presented, the primarily applies to the Grupo TMM’s head office. |
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Discontinued operations |
Results for discontinued operations A discontinued operation is a component of the entity that has been disposed of, or has been classified as held for sale, and:
The gains or losses on discontinued operations, including components of gains or losses from previous years are reported as a single amount on the consolidated statement of profit or loss. This amount, which includes the gains or losses after taxes for discontinued operations and the gains or losses after taxes resulting from measuring and disposing of assets classified as held for sale, or as a discontinuous operation. |
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Significant management judgment in applying accounting policies and estimation uncertainty |
When preparing the consolidated financial statements, Management considers a number of judgments, estimates and assumptions about recognition and measurement of assets, liabilities, income and expenses. Significant management judgment The reporting judgments made by Management as to the application of the accounting policies of Grupo TMM that would have a material effect on the consolidated financial statements are described following: Evaluation of control, significant influence, and joint control Management evaluates the terms of voting power with respect to its investees, the power to govern, decisions, contractual and legal agreements, upon determining of there is control, significant influence, and joint control. Significant judgment is required by evaluating some of these characteristics that can be modified over time (see Notes 1 and 3.1). Estimation uncertainty Information about estimates and assumptions that have the most significant effect on the recognition and measurement of assets, liabilities, income and expenses is provided below; actual results may be substantially different. Impairment of long-lived assets On assessing impairment, Management determines the recoverable value of each asset or cash generating unit based on the expected future cash flows and determines an adequate interest rate to be able to calculate the present value of these cash flows. The uncertainty in the estimate is related to the assumptions regarding results of future operations and the determination of suitable discount rate. Useful lives of depreciable assets Management reviews the useful lives of the depreciable assets on each reporting date, based on the expected use of each asset. The uncertainty in these estimates is derived from the technical obsolescence that could change the expected use of vessels and other equipment. Defined benefits obligation Management’s estimate of the DBO is based on a number of critical assumptions, such as inflation rates, mortality rates, discount rate, and a consideration for future salary increases. The variances in these assumptions can impact the amount of the DBO and the corresponding annual expense for defined benefits (the analysis is provided in Note 26). Measures of fair value Management uses valuation techniques to measure the fair value of its vessels and properties. This results in Management preparing estimates and assumptions based on market information and using observable data that could be used by market participants to assign a price to the asset, however these are not always available. Moreover, other valuation techniques based on expected future cash flows are used for certain assets, and an interest rate is determined to calculate their present value. These fair value estimates for these non-financial assets can vary from the actual prices obtained on operations at market value on the reporting date, as well as future results and the discount rate (see Note 28). |
General information (Tables) |
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General information [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Percentage of equity interest in various subsidiaries | At December 31, 2017 and 2016, Grupo TMM holds the percentage of equity interest in various subsidiaries, the most significant are as follows:
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Acquisitions and disposals (Tables) |
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Carrying value of net assets and consideration received | As at the date of the sale, the carrying value of net assets and the consideration received were as follows:
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Cash and cash equivalents (Tables) |
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Cash and cash equivalents | Cash and cash equivalents at December 31, 2017 and 2016, are summarized as follows:
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Trade receivables (Tables) |
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Summary of trade receivables | Trade receivables at December 31, 2017 and 2016, are summarized as follows:
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Other accounts receivable (Tables) |
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Schedule of other accounts receivable | Other accounts receivable at December 31, 2017 and 2016, are summarized as follows:
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Materials and supplies (Tables) |
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Materials and supplies [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||
Summary of materials and supplies | Materials and supplies at December 31, 2017 and 2016, are summarized as follows:
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Prepayments (Tables) |
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Prepayments [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||
Summary of prepayments | Prepayments at December 31, 2017 and 2016, are summarized as follows:
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Leases (Tables) |
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Minimum future financial lease payments | The financial leasing liabilities are secured by the associated assets held under this modality. The minimum future financial leasing payments at the end of each reporting period are:
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Summary of expiries of operating leases | At December 31, 2017, the operating leases report the following expiries:
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Minimum future operating lease payments | The minimum future payments on operating leases are:
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Concession rights (Tables) |
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Summary of concession rights | The concession rights at December 31, 2017 and 2016 are summarized as follows:
The amortization of the concession rights was $3,785 for the years ended December 31, 2017 and 2016.
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Property, vessels and equipment (Tables) |
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Property, vessels and equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of property, vessels and equipment | Property, vessels and equipment at December 31, 2017 and 2016 are summarized as follows:
All the amounts for depreciation and for loss from revaluation are included as part of the depreciation, amortization and loss from revaluation on the consolidated statements of profit or loss. The accumulated depreciation on property, vessels and equipment at December 31, 2017 and 2016 is $313,926 and $561,113, respectively. The decrease is basically due to the recognition of the fair value of the vessels; therefore, its accumulated depreciation was cancelled.
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Cost model revalued carrying amounts | If the cost model had been used, the revalued carrying amounts for vessels, land and properties at December 31, 2017 and 2016, would be as follows:
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Other non-current assets (Tables) |
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Dec. 31, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other non-current assets [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of other non-current assets | Other non-current assets at December 2017 and 2016 are as follows:
In accordance with the Project Development Contract, on February 29, 2016, Caoba contributed the capital stock of Optimus in the amount of $4,563, thereby diluting the equity of Grupo TMM to 50%, and granting joint control to the parties to this agreement. The foregoing is classified as a joint venture. In addition, Grupo TMM and Caoba contributed $6.16 million dollars each one for a total contribution amounting to $12.333 million dollars in the capital stock of Optimus, which should be paid in a 3 year period, counted as of May 26, 2016. Caoba will make the payment on capital stock through a payment in kind of costs and expenses related to the Tuxpan Project, and Grupo TMM will capitalize that Optimus has in benefit of the Company, derived from the sale of the land (see Notes 13 and 22).
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Intangible assets (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Intangible assets [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of intangible assets | Intangible assets at December 31, 2017 and 2016 are summarized as follows:
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Impairment of long-lived assets (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Impairment of long-lived assets [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Present value of expected cash flows for each segment | The present value of the cash flows expected for each segment was determined applying an appropriate discount rate.
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Financial assets and liabilities (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial assets and liabilities [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial assets | The financial assets and liabilities at December 31, 2017 and 2016 are summarized as follows:
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Financial liabilities |
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Summary of Trust Certificates | At December 31, 2017 and 2016 the CBFs are summarized as follows:
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Summary of other financing | The information for other financing at December 31, 2017 and 2016 is summarized as follows:
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Maturity of long-term financial debt | The maturity of the long-term financial debt at December 31, 2017 and 2016 is as follows:
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Mandatorily convertible debentures into shares (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mandatorily convertible debentures into shares [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debenture conversion dates | The debentures will be converted into shares of Grupo TMM, at a rate of a value per share of $19.55 on the next conversion dates:
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Summary of components of convertible debentures | The summary of the components as at December 31, 2016 is shown below:
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Balances and transactions with related parties (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balances and transactions with related parties [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transactions with related parties | The accounts payable and transactions with related parties at December 31, 2017 and 2016 are summarized as follows:
The most relevant transactions with related parties at December 31, 2017, 2016 and 2015 are summarized as follows:
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Transactions involving executive personnel | Transactions involving executive personnel for the years ended December 31, 2017, 2016 and 2015 include the following expenses:
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Accounts payable and accrued expenses (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts payable and accrued expenses [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts payable and accrued expenses | Accounts payable and accrued expenses at December 31, 2017 and 2016 are shown as follows:
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Stockholders' equity (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' equity [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current balance in Net Tax Profit Account (CUFIN) | At December 31, 2017 and 2016, the current balance in the Net Tax Profit Account (CUFIN for its acronym in Spanish) of the Holding Company it is as follows:
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Details of other components of equity | Details of other components of equity at December 31, 2017 and 2016 are shown following:
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Other income (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other income [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other income (expense) | Other income (expenses) at December 31, 2017, 2016 and 2015 is summarized as follows:
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Interest expense and other financial costs (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense and other financial costs [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense and other financial costs | This line at December 31, 2017, 2016 and 2015 is comprised as follows:
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Income tax and tax loss carryforwards (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income tax and tax loss carryforwards [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for income tax recognized in the statement of profit or loss | The provision for income tax recognized in the statement of profit or loss for the years ended December 31, 2017, 2016 and 2015 is shown following:
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Reconciliation of the provision for income tax | The reconciliation between the provision for income tax based on the statutory income tax rate and the provision recorded by the Company at December 31, 2017, 2016 and 2015 is as follows:
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Components of deferred tax liability | The components of deferred tax liability at December 31, 2017 and 2016 are comprised as follows:
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Cumulative tax losses | At December 31, 2017, Grupo TMM and its subsidiaries, report the following cumulative tax losses, which are restated applying the INPC factors according to Mexican law.
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Segment reporting (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Information for operating segments | The information for each operating segment is as follow
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Employee benefits (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Employee benefits [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Expenses recognized for employee benefits | The expenses recognized for employee benefits are:
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Liabilities recognized for pensions and other remunerations | The liabilities recognized for pensions and other employee remunerations in the consolidated statement of financial position are comprised as follows:
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Details of net cost for the period | The details of the net cost for the period for seniority premiums and termination of employment, and also the basic actuarial estimates for the calculation of these labor obligations is shown as follows:
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Reserve for pensions and seniority premiums | At December 31, 2017 and 2016, the reserve for pensions and seniority premiums, and also for the termination of employment, is comprised as follows:
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Defined Benefit Obligation | At December 31, 2017 and 2016, the DBO for pensions and seniority premiums, and also for the reserve for termination of employment, are comprised as follows:
The plan assets at December 31, 2017 and 2016 are comprised as follows:
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Effects of changes to actuarial assumptions | The changes in the pension plan, seniority premium, and termination of employment plan at December 31, 2017 and 2016 are as follows:
The significant actuarial assumptions used for the valuation are:
The following table summarizes the effects of changes to these actuarial assumptions on the defined benefits obligations at December 31, 2017:
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Fair value measurement (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair value measurement [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-financial assets measured at fair value classified in Level 3 | At December 31, 2017 and 2016 non-financial assets measured at fair value are classified in Level 3 of this hierarchy, as described below:
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Information used for appraisal | The information used for the measurement of fair value at December 31, 2017 was:
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Reconciliation between carrying amounts of non-financial assets classified within Level 3 | At December 31, 2017 and 2016, the reconciliation between the carrying amounts of non-financial assets classified within Level 3 is as follows:
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Financial instruments risk (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial instruments risk [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Monetary assets and liabilities denominated in foreign currencies | At December 31, 2016 and 2015, the Company held monetary assets and liabilities denominated in foreign currencies other than the Mexican peso, translated at the corresponding interbank exchange rate as related to the Mexican peso, as follows:
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Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unimpaired accounts receivable | Some of the unimpaired accounts receivable are in arrears on the reporting date, as shown as follows:
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|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Contractual maturities of financial liabilities | At December 31, 2017 and 2016, the financial liabilities of Grupo TMM have contractual maturities (including interest payments as applicable) are summarized as follows:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Currency Risk [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sensitivity analysis | If the peso had strengthened or weakened against the USD by 4.73% for 2017 and 19.70% for 2016, this would have had the following impact on the monetary position:
|
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Interest Rate Risks [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sensitivity analysis | The following table illustrates the sensitivity in operations at December 31, 2017 and 2016 to a reasonably possible change in the interest rates of +/- 1%. These changes are considered to be reasonably possible based on the current market conditions. The calculations are based on a variance in the average market interest rate for each period and the financial instruments on the reporting date that are sensitive to variances in the interest rates. The rest of the variables remain constant.
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Capital management policies and procedures (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Capital management policies and procedures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Capital management summary | At December 31, 2017 and 2016, the capital management is summarized as follows:
|
General information, Corporate Events (Details) $ in Thousands |
Dec. 31, 2017
shares
|
Dec. 21, 2017
MXN ($)
shares
|
Dec. 21, 2017
$ / shares
|
Dec. 31, 2016
shares
|
---|---|---|---|---|
Corporate events [Abstract] | ||||
Number of shares of variable capital increase (in shares) | 103,760,541 | 103,760,541 | ||
Percentage of shares transferred | 100.00% | |||
TMM DM [Member] | ||||
Corporate events [Abstract] | ||||
Percentage of shares transferred | 85.00% | |||
TMM DM [Member] | Class II Series B Common Shares [Member] | ||||
Corporate events [Abstract] | ||||
Amount of variable capital increase | $ | $ 35 | |||
Number of shares of variable capital increase (in shares) | 42,500,000 | |||
Variable capital increase, par value (in pesos per share) | $ / shares | $ 0 |
Going concern (Details) - MXN ($) $ in Thousands |
12 Months Ended | ||||
---|---|---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 21, 2017 |
Dec. 31, 2014 |
|
Restructuring of Grupo TMM [Abstract] | |||||
Percentage of shares transferred | 100.00% | ||||
Consolidated debt reduction, amount | $ 10,400,000 | ||||
Gain from the loss of control of subsidiary | 3,458,467 | $ 0 | $ 0 | ||
Stockholders' equity | $ 2,229,062 | $ 963,990 | $ 431,806 | $ 637,545 | |
TMM DM [Member] | |||||
Restructuring of Grupo TMM [Abstract] | |||||
Percentage of shares transferred | 85.00% | ||||
Minimum [Member] | |||||
Going concern [Abstract] | |||||
Percentage of shipping service reduced by main customer | 50.00% | 50.00% |
Cash and cash equivalents (Details) - MXN ($) $ in Thousands |
12 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
||||||
Cash and cash equivalents [Abstract] | |||||||||
Cash on hand | $ 925 | $ 2,087 | |||||||
Cash at banks | 158,035 | 302,753 | |||||||
Short-term investments | [1] | 235,007 | 535,498 | ||||||
Restricted cash | [2] | 67,587 | 62,366 | ||||||
Total cash and cash equivalents | $ 461,554 | $ 902,704 | $ 1,045,359 | $ 743,046 | |||||
Maximum period for fix-term deposits (promissory notes) and repurchase/resell agreement | 3 years | ||||||||
|
Other accounts receivable (Details) - MXN ($) $ in Thousands |
Dec. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Other accounts receivable [Abstract] | ||
Recoverable taxes | $ 175,268 | $ 28,673 |
Services for port, maritime and other operations | 97,328 | 168,105 |
Insurance claims | 958 | 3,764 |
Employees | 8,561 | 8,133 |
Others | 37,078 | 32,903 |
Other accounts receivable | $ 319,193 | $ 241,578 |
Materials and supplies (Details) - MXN ($) $ in Thousands |
Dec. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Materials and supplies [Abstract] | ||
Spare parts | $ 43,335 | $ 75,909 |
Fuels | 14,361 | 29,722 |
Others | 365 | 669 |
Materials and supplies | $ 58,061 | $ 106,300 |
Prepayments (Details) - MXN ($) $ in Thousands |
Dec. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Prepayments [Abstract] | ||
Prepaid expenses | $ 4,775 | $ 7,258 |
Prepaid insurance premiums | 4,328 | 1,672 |
Fleet insurance | 2,424 | 6,350 |
Prepayments | $ 11,527 | $ 15,280 |
Concession rights (Details) - MXN ($) $ in Thousands |
12 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
||||||
Concession rights [Abstract] | ||||||||
Concessional rights, gross | $ 127,890 | $ 133,642 | $ 136,138 | |||||
Concessional rights, net | 13,244 | 17,029 | ||||||
Amortization expense | 1,673 | 5,816 | ||||||
Concession Rights [Member] | ||||||||
Concession rights [Abstract] | ||||||||
Concessional rights, gross | [1],[2] | 124,873 | 124,873 | |||||
Accumulated amortization | (111,629) | (107,844) | ||||||
Concessional rights, net | 13,244 | 17,029 | ||||||
Amortization expense | 3,785 | 3,785 | ||||||
Concession Rights [Member] | Administracion Portuaria Integral de Acapulco [Member] | ||||||||
Concession rights [Abstract] | ||||||||
Concessional rights, gross | [1] | $ 94,607 | 94,607 | |||||
Years to amortize | [1] | P10Y | ||||||
Concession Rights [Member] | Transportacion Maritima Mexicana [Member] | ||||||||
Concession rights [Abstract] | ||||||||
Concessional rights, gross | [2] | $ 30,266 | $ 30,266 | |||||
Accumulated amortization | $ 30,266 | |||||||
Years to amortize | [1],[2] | P0Y | ||||||
Concessional arrangement, rights renewal period | 8 years | |||||||
|
Property, vessels and equipment, Cost model (Details) $ in Thousands |
Dec. 31, 2017
MXN ($)
Vessel
|
Dec. 31, 2016
MXN ($)
Vessel
|
---|---|---|
Property, vessels and equipment, cost model [Abstract] | ||
Revalued carrying amounts | $ 1,324,604 | $ 6,635,293 |
Revaluation surplus, before taxes | 1,220,277 | 2,707,040 |
Vessels [Member] | ||
Property, vessels and equipment, cost model [Abstract] | ||
Revalued carrying amounts | 452,100 | 5,758,150 |
Revaluation surplus, before taxes | $ 7,445,415 | $ 207,669 |
Vessels [Member] | FTAI Subsea 88 [Member] | DVB Bank, NV [Member] | ||
Guarantees [Abstract] | ||
Number of vessels pledged as security | Vessel | 5 | 5 |
Vessels [Member] | FTAI Subsea 88 [Member] | B. V. Scheepswerf Damen Gorinchem [Member] | ||
Guarantees [Abstract] | ||
Number of vessels pledged as security | Vessel | 5 | 5 |
Vessels [Member] | Trust Certificates Program [Member] | ||
Guarantees [Abstract] | ||
Number of vessels pledged as security | Vessel | 31 | |
Vessels [Member] | Various Bank Loans [Member] | ||
Guarantees [Abstract] | ||
Number of vessels pledged as security | Vessel | 2 | 3 |
Lands [Member] | ||
Property, vessels and equipment, cost model [Abstract] | ||
Revalued carrying amounts | $ 715,616 | $ 715,616 |
Properties [Member] | ||
Property, vessels and equipment, cost model [Abstract] | ||
Revalued carrying amounts | $ 156,888 | $ 161,527 |
Other non-current assets (Details) $ in Thousands, $ in Thousands |
12 Months Ended | |||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
May 26, 2016
USD ($)
|
Feb. 29, 2016
MXN ($)
|
Jul. 31, 2014
MXN ($)
|
Dec. 31, 2017
MXN ($)
|
Dec. 31, 2017
USD ($)
|
Dec. 31, 2016
MXN ($)
|
|||||||||
Other non-current assets [Abstract] | ||||||||||||||
Almacenes de Jugos Citricos de Mexico, S.A.P.I. de C.V. | $ 0 | $ 40,000 | [1] | |||||||||||
Prepaid expenses | 29,535 | 33,022 | ||||||||||||
Security deposits | 7,076 | 5,990 | ||||||||||||
Other equity investments | 5,989 | 5,870 | ||||||||||||
Services & Solutions Optimus, S. de R.L. de C.V. | (1,217) | 1,547 | [2] | |||||||||||
TMM Division Maritima, S.A. de C.V. | 0 | [3] | 0 | |||||||||||
Total other non-current assets | 41,383 | $ 86,429 | ||||||||||||
Joint Ventures [Abstract] | ||||||||||||||
Capital contribution | $ 113,777 | $ 6,160 | ||||||||||||
Contribution payment period | 3 years | 3 years | ||||||||||||
Optimus [Member] | ||||||||||||||
Joint Ventures [Abstract] | ||||||||||||||
Capital contribution | $ 6,160 | |||||||||||||
Percent ownership in joint venture | 50.00% | |||||||||||||
Caoba [Member] | Optimus [Member] | ||||||||||||||
Joint Ventures [Abstract] | ||||||||||||||
Capital contribution | 6,160 | $ 4,563 | ||||||||||||
Contribution payment period | 3 years | 3 years | ||||||||||||
Caoba and Grupo TMM [Member] | Optimus [Member] | ||||||||||||||
Joint Ventures [Abstract] | ||||||||||||||
Capital contribution | $ 12,333 | |||||||||||||
TMM Division Maritima, S.A. de C.V. [Member] | ||||||||||||||
Subsidiaries [Abstract] | ||||||||||||||
Proportion of ownership interest in subsidiary | 15.00% | 15.00% | ||||||||||||
Almacenes de Jugos Citricos de Mexico, S.A.P.I. de C.V. [Member] | ||||||||||||||
Associates [Abstract] | ||||||||||||||
Equity method investment | $ 40,000 | |||||||||||||
Percentage of voting shares | 21.00% | |||||||||||||
|
Intangible assets (Details) - MXN ($) $ in Thousands |
12 Months Ended | ||||
---|---|---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
||||
Summary of intangible assets [Abstract] | |||||
Net balances at year start | $ 133,642 | $ 136,138 | |||
Additions (Disposals) | 0 | 0 | |||
Transfers and others | (4,079) | 3,320 | |||
Amortization | 1,673 | 5,816 | |||
Net balances at year end | 127,890 | 133,642 | |||
Software [Member] | |||||
Summary of intangible assets [Abstract] | |||||
Net balances at year start | 8,114 | 10,610 | |||
Additions (Disposals) | 0 | 0 | |||
Transfers and others | (4,079) | 3,320 | |||
Amortization | 1,673 | 5,816 | |||
Net balances at year end | $ 2,362 | $ 8,114 | |||
Software [Member] | Minimum [Member] | |||||
Summary of intangible assets [Abstract] | |||||
Estimated useful life (years) | 3 | 3 | |||
Software [Member] | Maximum [Member] | |||||
Summary of intangible assets [Abstract] | |||||
Estimated useful life (years) | 5 | 5 | |||
Software [Member] | Accumulated Amortization [Member] | |||||
Summary of intangible assets [Abstract] | |||||
Accumulated amortization | $ 10,822 | $ 24,188 | |||
Trademark [Member] | |||||
Summary of intangible assets [Abstract] | |||||
Net balances at year start | [1] | 125,528 | 125,528 | ||
Additions (Disposals) | [1] | 0 | 0 | ||
Transfers and others | [1] | 0 | 0 | ||
Net balances at year end | [1] | $ 125,528 | $ 125,528 | ||
|
Impairment of long-lived assets (Details) $ in Thousands, $ in Thousands |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2017
MXN ($)
|
Dec. 31, 2016
MXN ($)
|
Dec. 31, 2017
USD ($)
|
Dec. 31, 2016
USD ($)
|
|
Assets or cash-generating units [Member] | ||||
Impairment of long-lived assets [Abstract] | ||||
Projection period, calculation of recoverable amounts | P3Y | |||
Recoverable amount for cash-generating units | $ 1,138,923 | $ 12,881,972 | ||
Increase to discount rate used | 1.00% | |||
Decrease in cash-generating unit value | (5.59%) | |||
Vessels and Trademark [Member] | ||||
Impairment of long-lived assets [Abstract] | ||||
Impairment loss | $ 0 | $ 0 | ||
Properties [Member] | ||||
Impairment of long-lived assets [Abstract] | ||||
Impairment loss | 0 | 0 | ||
Corporate Assets and Other Long-lived Assets [Member] | ||||
Impairment of long-lived assets [Abstract] | ||||
Impairment loss | $ 0 | $ 0 | ||
Vessels [Member] | ||||
Impairment of long-lived assets [Abstract] | ||||
Growth rate | 2.00% | 2.00% | ||
Discount rate | 7.18% | 7.04% |
Financial assets and liabilities, Categories of financial assets and liabilities (Details) - MXN ($) $ in Thousands |
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|---|---|
Financial assets [Abstract] | ||||
Cash and cash equivalents | $ 461,554 | $ 902,704 | $ 1,045,359 | $ 743,046 |
Trade receivables | 250,637 | 796,369 | ||
Other accounts receivable | 319,193 | 241,578 | ||
Related parties | 217,188 | 59,098 | ||
Financial liabilities [Abstract] | ||||
Short-term portion of the financial debt | 502,361 | 740,370 | ||
Trade payables | 169,072 | 189,576 | ||
Accounts payable and accrued expenses | 341,918 | 405,505 | ||
Related parties | 34,756 | 51,515 | ||
Long-term financial debt | 396,257 | 9,330,087 | ||
Financial Liabilities Valued at Amortized Cost [Member] | ||||
Financial liabilities [Abstract] | ||||
Short-term portion of the financial debt | 502,361 | 740,370 | ||
Trade payables | 169,072 | 189,576 | ||
Accounts payable and accrued expenses | 340,426 | 394,473 | ||
Related parties | 34,756 | 51,515 | ||
Total short-term portion of the financial debt | 1,046,615 | 1,375,934 | ||
Long-term financial debt | 396,257 | 9,330,087 | ||
Total financial liabilities | 1,442,872 | 10,706,021 | ||
Financial Assets Valued at Amortized Cost [Member] | ||||
Financial assets [Abstract] | ||||
Cash and cash equivalents | 461,554 | 902,704 | ||
Trade receivables | 250,637 | 796,369 | ||
Other accounts receivable | 143,925 | 212,905 | ||
Related parties | 217,188 | 59,098 | ||
Total current financial assets | $ 1,073,304 | $ 1,971,076 |
Financial assets and liabilities, Financial debt, Trust Certificates (Details) - MXN ($) $ / shares in Units, $ in Thousands |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2017 |
Dec. 21, 2017 |
Dec. 31, 2016 |
Jul. 29, 2010 |
|
Financial debt [Abstract] | ||||
Percentage of shares transferred | 100.00% | |||
TMM DM [Member] | ||||
Financial debt [Abstract] | ||||
Percentage of shares transferred | 85.00% | |||
Trust Certificates [Member] | ||||
Financial debt [Abstract] | ||||
Trust Certificates original amount | $ 10,500,000 | $ 10,500,000 | $ 10,500,000 | |
Trust certificates par value (in pesos per share) | $ 100 | |||
Maturity date | August 15, 2030 | |||
Variable rate basis | 2.45% | |||
Trust Certificates [Member] | Maximum [Member] | ||||
Financial debt [Abstract] | ||||
Term of debt | 30 days |
Financial assets and liabilities, Trust Certificates summarized (Details) - MXN ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Jul. 29, 2010 |
|
Summary of Trust Certificates [Abstract] | |||
Capitalization of interests | $ 1,950 | ||
Interest payable | 1,193 | ||
Trust Certificates [Member] | |||
Summary of Trust Certificates [Abstract] | |||
Consolidated offering | $ 10,500,000 | 10,500,000 | $ 10,500,000 |
Capitalization of interests | 414,194 | 414,194 | |
Payments made | (444,864) | (444,864) | |
Transaction costs | (737,973) | (804,170) | |
Subtotal | 9,731,357 | 9,665,160 | |
Interest payable | 709,589 | 86,698 | |
Subscription of mandatorily convertible debentures into shares through CBFs | 0 | (851,054) | |
Loss of control of TMM DM | (10,440,946) | 0 | |
Long-term trust certificates | 0 | 8,900,804 | |
Interest expense | $ 942,266 | $ 684,829 |
Financial assets and liabilities, Resolutions of CBFs Holders' Meeting (Details) - MXN ($) $ / shares in Units, $ in Thousands |
12 Months Ended | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Nov. 13, 2017 |
May 15, 2017 |
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 19, 2017 |
Nov. 28, 2017 |
Nov. 15, 2017 |
Sep. 30, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Jul. 29, 2010 |
|
Resolutions of CBFs Holders' Meeting [Abstract] | |||||||||||
Interest payable | $ 14,999 | ||||||||||
Interest rate | 6.78% | ||||||||||
Trust Certificates [Member] | |||||||||||
Resolutions of CBFs Holders' Meeting [Abstract] | |||||||||||
Interest payable | $ 408,467 | $ 70,949 | $ 505,669 | $ 200,000 | |||||||
Payment of accrued interest | $ 129,051 | $ 208,467 | |||||||||
Interest rate | 9.45% | ||||||||||
Percentage of preferred payments on debt service and target capital | 50.00% | ||||||||||
Percentage of subordinated excess flow receivable | 20.00% | ||||||||||
Percentage of convertible excess flow receivable | 30.00% | ||||||||||
Percentage of convertible preferred series | 9.00% | ||||||||||
Percentage shares of convertible in to preferred series | 3.00% | ||||||||||
Term of extension to original date of maturity | 5 years | ||||||||||
Payment authorized from contingency fund | $ 5,250 | ||||||||||
Payment rate (in pesos per share) | $ 0.05 | ||||||||||
Basis points | 2.45% | ||||||||||
Trust Certificates [Member] | Interest Rate CAP [Member] | |||||||||||
Resolutions of CBFs Holders' Meeting [Abstract] | |||||||||||
Premium paid | $ 3,395 | $ 2,892 | |||||||||
Trust Certificates [Member] | Variable Rate [Member] | Interest Rate CAP [Member] | |||||||||||
Resolutions of CBFs Holders' Meeting [Abstract] | |||||||||||
Basis points | 1.00% | ||||||||||
Trust Certificates [Member] | Variable Rate [Member] | Interest Rate CAP [Member] | Maximum [Member] | |||||||||||
Resolutions of CBFs Holders' Meeting [Abstract] | |||||||||||
Interest rate | 10.80% | 9.80% | 9.80% |
Financial assets and liabilities, Other Financing (Details) € in Thousands, $ in Thousands, $ in Millions |
12 Months Ended | |||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jan. 31, 2017
USD ($)
|
Dec. 31, 2017
MXN ($)
|
Dec. 31, 2016
MXN ($)
|
Dec. 31, 2015
MXN ($)
|
Dec. 31, 2017
USD ($)
|
Dec. 31, 2017
EUR (€)
|
Sep. 30, 2016 |
Jul. 29, 2010 |
|||||||||||||
Other Financing [Abstract] | ||||||||||||||||||||
Short-term | $ 502,361 | $ 740,370 | ||||||||||||||||||
Long-term | 396,257 | 9,330,087 | ||||||||||||||||||
Short-term interest payable | 1,193 | |||||||||||||||||||
Long-term interest payable | 1,950 | |||||||||||||||||||
Debt amount | 898,618 | 10,070,457 | ||||||||||||||||||
Interest rate | 6.78% | |||||||||||||||||||
Payment on debt | 172,592 | 173,439 | $ 564,082 | |||||||||||||||||
First 4 Quarters [Member] | ||||||||||||||||||||
Other Financing [Abstract] | ||||||||||||||||||||
Long-term | 0 | 118,515 | ||||||||||||||||||
Second 4 Quarters [Member] | ||||||||||||||||||||
Other Financing [Abstract] | ||||||||||||||||||||
Long-term | 115,683 | 115,616 | ||||||||||||||||||
Third 4 Quarters [Member] | ||||||||||||||||||||
Other Financing [Abstract] | ||||||||||||||||||||
Long-term | 65,390 | 64,040 | ||||||||||||||||||
Last 2 Quarters [Member] | ||||||||||||||||||||
Other Financing [Abstract] | ||||||||||||||||||||
Long-term | 61,711 | 60,482 | ||||||||||||||||||
Trust Certificates [Member] | ||||||||||||||||||||
Other Financing [Abstract] | ||||||||||||||||||||
Short-term interest payable | 709,589 | 86,698 | ||||||||||||||||||
Long-term interest payable | $ 414,194 | 414,194 | ||||||||||||||||||
Interest rate | 9.45% | 9.45% | 9.45% | |||||||||||||||||
Basis points | 2.45% | |||||||||||||||||||
Maturity date | August 15, 2030 | |||||||||||||||||||
Payable in Mexican Pesos [Member] | ||||||||||||||||||||
Other Financing [Abstract] | ||||||||||||||||||||
Short-term | $ 59,872 | 209,489 | ||||||||||||||||||
Long-term | 88,563 | 8,960,326 | ||||||||||||||||||
Short-term interest payable | 2,213 | 160,920 | ||||||||||||||||||
Long-term interest payable | 0 | 0 | ||||||||||||||||||
Payable in Mexican Pesos [Member] | Trust Certificates [Member] | ||||||||||||||||||||
Other Financing [Abstract] | ||||||||||||||||||||
Short-term | 0 | 0 | ||||||||||||||||||
Long-term | $ 0 | 8,814,106 | ||||||||||||||||||
Payable in Mexican Pesos [Member] | Trust Certificates [Member] | Variable Rate [Member] | ||||||||||||||||||||
Other Financing [Abstract] | ||||||||||||||||||||
Interest rate | 9.94% | 9.94% | 9.94% | |||||||||||||||||
Variable rate basis | 28-day TIIE | |||||||||||||||||||
Basis points | 2.45% | 2.45% | 2.45% | |||||||||||||||||
Maturity date | August 2035 | |||||||||||||||||||
Payable in Mexican Pesos [Member] | Daimler Financial Services Mexico, S. de R.L. de C.V. [Member] | ||||||||||||||||||||
Other Financing [Abstract] | ||||||||||||||||||||
Short-term | $ 17,218 | 1,825 | [1] | |||||||||||||||||
Long-term | 21,246 | 38,462 | [1] | |||||||||||||||||
Payable in Mexican Pesos [Member] | Daimler Financial Services Mexico, S. de R.L. de C.V. [Member] | Debt Obligation [Member] | Fixed Rate [Member] | ||||||||||||||||||||
Other Financing [Abstract] | ||||||||||||||||||||
Debt amount | $ 40,900 | |||||||||||||||||||
Interest rate | 12.00% | 12.00% | 12.00% | |||||||||||||||||
Maturity date | November 2019 | |||||||||||||||||||
Payable in Mexican Pesos [Member] | Banco Autofin Mexico, S.A. Institucion de Banca Multiple [Member] | ||||||||||||||||||||
Other Financing [Abstract] | ||||||||||||||||||||
Short-term | $ 19,559 | 19,644 | ||||||||||||||||||
Long-term | 55,930 | 75,487 | ||||||||||||||||||
Payable in Mexican Pesos [Member] | Banco Autofin Mexico, S.A. Institucion de Banca Multiple [Member] | Line of Credit - 1 [Member] | Variable Rate [Member] | ||||||||||||||||||||
Other Financing [Abstract] | ||||||||||||||||||||
Debt amount | $ 45,800 | |||||||||||||||||||
Variable rate basis | 28-day TIIE | |||||||||||||||||||
Basis points | 4.50% | 4.50% | 4.50% | |||||||||||||||||
Maturity date | September 2021 | |||||||||||||||||||
Payable in Mexican Pesos [Member] | Banco Autofin Mexico, S.A. Institucion de Banca Multiple [Member] | Line of Credit - 2 [Member] | Variable Rate [Member] | ||||||||||||||||||||
Other Financing [Abstract] | ||||||||||||||||||||
Debt amount | $ 34,600 | |||||||||||||||||||
Variable rate basis | 28-day TIIE | |||||||||||||||||||
Basis points | 4.50% | 4.50% | 4.50% | |||||||||||||||||
Maturity date | September 2021 | |||||||||||||||||||
Payable in Mexican Pesos [Member] | Banco Autofin Mexico, S.A. Institucion de Banca Multiple [Member] | Line of Credit - 3 [Member] | Variable Rate [Member] | ||||||||||||||||||||
Other Financing [Abstract] | ||||||||||||||||||||
Debt amount | $ 25,500 | |||||||||||||||||||
Variable rate basis | 28-day TIIE | |||||||||||||||||||
Basis points | 4.50% | 4.50% | 4.50% | |||||||||||||||||
Maturity date | September 2021 | |||||||||||||||||||
Payable in Mexican Pesos [Member] | Banco Autofin Mexico, S.A. Institucion de Banca Multiple [Member] | Line of Credit - 4 [Member] | Variable Rate [Member] | ||||||||||||||||||||
Other Financing [Abstract] | ||||||||||||||||||||
Debt amount | $ 21,600 | |||||||||||||||||||
Variable rate basis | 28-day TIIE | |||||||||||||||||||
Basis points | 4.50% | 4.50% | 4.50% | |||||||||||||||||
Maturity date | September 2021 | |||||||||||||||||||
Payable in Mexican Pesos [Member] | Banco Autofin Mexico, S.A. Institucion de Banca Multiple [Member] | Line of Credit - 5 [Member] | Variable Rate [Member] | ||||||||||||||||||||
Other Financing [Abstract] | ||||||||||||||||||||
Debt amount | $ 8,400 | |||||||||||||||||||
Variable rate basis | 28-day TIIE | |||||||||||||||||||
Basis points | 4.50% | 4.50% | 4.50% | |||||||||||||||||
Maturity date | September 2021 | |||||||||||||||||||
Payable in Mexican Pesos [Member] | INPIASA, S.A. de C.V. [Member] | ||||||||||||||||||||
Other Financing [Abstract] | ||||||||||||||||||||
Short-term | [2] | $ 1,566 | 1,566 | |||||||||||||||||
Long-term | [2] | 4,175 | 5,741 | |||||||||||||||||
Payable in Mexican Pesos [Member] | INPIASA, S.A. de C.V. [Member] | Line of Credit - 1 [Member] | Variable Rate [Member] | ||||||||||||||||||||
Other Financing [Abstract] | ||||||||||||||||||||
Debt amount | $ 15,700 | |||||||||||||||||||
Variable rate basis | 28-day TIIE | |||||||||||||||||||
Basis points | 4.50% | 4.50% | 4.50% | |||||||||||||||||
Maturity date | August 2021 | |||||||||||||||||||
Payable in Mexican Pesos [Member] | INPIASA, S.A. de C.V. [Member] | Line of Credit - 2 [Member] | Variable Rate [Member] | ||||||||||||||||||||
Other Financing [Abstract] | ||||||||||||||||||||
Debt amount | $ 4,200 | |||||||||||||||||||
Variable rate basis | 28-day TIIE | |||||||||||||||||||
Basis points | 4.50% | 4.50% | 4.50% | |||||||||||||||||
Maturity date | October 2016 | |||||||||||||||||||
Payable in Mexican Pesos [Member] | Banco del Bajio, S.A. - 1 [Member] | ||||||||||||||||||||
Other Financing [Abstract] | ||||||||||||||||||||
Short-term | [2] | $ 1,423 | 1,541 | |||||||||||||||||
Long-term | [2] | 1,304 | 2,728 | |||||||||||||||||
Payable in Mexican Pesos [Member] | Banco del Bajio, S.A. - 1 [Member] | Line of Credit - 2 [Member] | Variable Rate [Member] | ||||||||||||||||||||
Other Financing [Abstract] | ||||||||||||||||||||
Debt amount | $ 8,500 | |||||||||||||||||||
Variable rate basis | 28-day TIIE | |||||||||||||||||||
Basis points | 2.50% | 2.50% | 2.50% | |||||||||||||||||
Maturity date | November 2019 | |||||||||||||||||||
Payable in Mexican Pesos [Member] | HSBC, S.A. [Member] | ||||||||||||||||||||
Other Financing [Abstract] | ||||||||||||||||||||
Short-term | [2] | $ 1,629 | 1,629 | |||||||||||||||||
Long-term | [2] | 3,802 | 5,432 | |||||||||||||||||
Payable in Mexican Pesos [Member] | HSBC, S.A. [Member] | Line of Credit - 1 [Member] | Variable Rate [Member] | ||||||||||||||||||||
Other Financing [Abstract] | ||||||||||||||||||||
Debt amount | $ 9,770 | |||||||||||||||||||
Variable rate basis | 28-day TIIE | |||||||||||||||||||
Basis points | 3.00% | 3.00% | 3.00% | |||||||||||||||||
Maturity date | April 2021 | |||||||||||||||||||
Payable in Mexican Pesos [Member] | Caja de Ahorro Popular la Merced Sociedad de Ahorro y Prestamo, S. de R.L. de C.V. [Member] | ||||||||||||||||||||
Other Financing [Abstract] | ||||||||||||||||||||
Short-term | [2] | $ 0 | 1,100 | |||||||||||||||||
Long-term | [2] | 0 | 0 | |||||||||||||||||
Payable in Mexican Pesos [Member] | Caja de Ahorro Popular la Merced Sociedad de Ahorro y Prestamo, S. de R.L. de C.V. [Member] | Line of Credit - 1 [Member] | Variable Rate [Member] | ||||||||||||||||||||
Other Financing [Abstract] | ||||||||||||||||||||
Debt amount | $ 2,640 | |||||||||||||||||||
Variable rate basis | 28-day TIIE | |||||||||||||||||||
Basis points | 2.00% | 2.00% | 2.00% | |||||||||||||||||
Maturity date | October 2017 | |||||||||||||||||||
Payable in Mexican Pesos [Member] | Banco del Bajio, S.A. - 2 [Member] | ||||||||||||||||||||
Other Financing [Abstract] | ||||||||||||||||||||
Short-term | $ 1,264 | 1,264 | ||||||||||||||||||
Long-term | 2,106 | 3,370 | ||||||||||||||||||
Payable in Mexican Pesos [Member] | Banco del Bajio, S.A. - 2 [Member] | Line of Credit - 1 [Member] | Variable Rate [Member] | ||||||||||||||||||||
Other Financing [Abstract] | ||||||||||||||||||||
Debt amount | $ 9,360 | |||||||||||||||||||
Variable rate basis | 28-day TIIE | |||||||||||||||||||
Basis points | 2.50% | 2.50% | 2.50% | |||||||||||||||||
Maturity date | August 2020 | |||||||||||||||||||
Payable in Mexican Pesos [Member] | CI Banco S.A. Institucion de Banca Multiple [Member] | ||||||||||||||||||||
Other Financing [Abstract] | ||||||||||||||||||||
Short-term | $ 15,000 | 20,000 | ||||||||||||||||||
Long-term | 0 | 15,000 | ||||||||||||||||||
Payable in Mexican Pesos [Member] | CI Banco S.A. Institucion de Banca Multiple [Member] | Line of Credit - 1 [Member] | Variable Rate [Member] | ||||||||||||||||||||
Other Financing [Abstract] | ||||||||||||||||||||
Debt amount | $ 40,000 | |||||||||||||||||||
Variable rate basis | 28-day TIIE | |||||||||||||||||||
Basis points | 1.50% | 1.50% | 1.50% | |||||||||||||||||
Maturity date | November 2018 | |||||||||||||||||||
Payable in US Dollars [Member] | ||||||||||||||||||||
Other Financing [Abstract] | ||||||||||||||||||||
Short-term | $ 415,990 | 506,434 | ||||||||||||||||||
Long-term | 201,082 | 246,810 | ||||||||||||||||||
Payable in US Dollars [Member] | DVB Bank America, NV [Member] | ||||||||||||||||||||
Other Financing [Abstract] | ||||||||||||||||||||
Short-term | [3] | 282,677 | 352,575 | |||||||||||||||||
Long-term | [3] | 0 | 0 | |||||||||||||||||
Payable in US Dollars [Member] | DVB Bank America, NV [Member] | Line of Credit - 1 [Member] | Average Rate [Member] | ||||||||||||||||||||
Other Financing [Abstract] | ||||||||||||||||||||
Debt amount | $ 485,200 | $ 25.0 | ||||||||||||||||||
Interest rate | 7.42% | 7.42% | 7.42% | |||||||||||||||||
Maturity date | May 2017 | |||||||||||||||||||
Payable in US Dollars [Member] | DVB Bank America, NV [Member] | Line of Credit - 2 [Member] | Average Rate [Member] | ||||||||||||||||||||
Other Financing [Abstract] | ||||||||||||||||||||
Debt amount | $ 542,700 | $ 27.5 | ||||||||||||||||||
Interest rate | 7.78% | 7.78% | 7.78% | |||||||||||||||||
Maturity date | June 2017 | |||||||||||||||||||
Payable in US Dollars [Member] | DVB Bank America, NV [Member] | Restructured Line of Credit [Member] | Average Rate [Member] | ||||||||||||||||||||
Other Financing [Abstract] | ||||||||||||||||||||
Debt amount | $ 315,700 | $ 16.0 | ||||||||||||||||||
Variable rate basis | Libor rate at 90 days | |||||||||||||||||||
Basis points | 3.25% | 3.25% | 3.25% | |||||||||||||||||
Maturity date | June 2018 | |||||||||||||||||||
Payable in US Dollars [Member] | DEG-Deutsche Investitions - UND [Member] | ||||||||||||||||||||
Other Financing [Abstract] | ||||||||||||||||||||
Short-term | [4] | $ 23,682 | 20,105 | |||||||||||||||||
Long-term | [4] | 29,603 | 55,793 | |||||||||||||||||
Payable in US Dollars [Member] | DEG-Deutsche Investitions - UND [Member] | Line of Credit - 1 [Member] | Fixed Rate [Member] | ||||||||||||||||||||
Other Financing [Abstract] | ||||||||||||||||||||
Debt amount | $ 167,700 | $ 8.5 | ||||||||||||||||||
Interest rate | 8.01% | 8.01% | 8.01% | |||||||||||||||||
Maturity date | July 2014 | |||||||||||||||||||
Grace period | 2 years | |||||||||||||||||||
Payable in US Dollars [Member] | DEG-Deutsche Investitions - UND [Member] | Restructured Line of Credit [Member] | Variable Rate [Member] | ||||||||||||||||||||
Other Financing [Abstract] | ||||||||||||||||||||
Debt amount | $ 80,900 | $ 4.1 | ||||||||||||||||||
Maturity date | December 2019 | |||||||||||||||||||
Payable in US Dollars [Member] | DEG-Deutsche Investitions - UND [Member] | Restructured Line of Credit [Member] | Variable Rate [Member] | First 4 Quarters [Member] | ||||||||||||||||||||
Other Financing [Abstract] | ||||||||||||||||||||
Variable rate basis | Libor rate at 90 days | |||||||||||||||||||
Basis points | 5.50% | 5.50% | 5.50% | |||||||||||||||||
Payable in US Dollars [Member] | DEG-Deutsche Investitions - UND [Member] | Restructured Line of Credit [Member] | Variable Rate [Member] | Second 4 Quarters [Member] | ||||||||||||||||||||
Other Financing [Abstract] | ||||||||||||||||||||
Variable rate basis | Libor rate at 90 days | |||||||||||||||||||
Basis points | 6.50% | 6.50% | 6.50% | |||||||||||||||||
Payable in US Dollars [Member] | DEG-Deutsche Investitions - UND [Member] | Restructured Line of Credit [Member] | Variable Rate [Member] | Third 4 Quarters [Member] | ||||||||||||||||||||
Other Financing [Abstract] | ||||||||||||||||||||
Variable rate basis | Libor rate at 90 days | |||||||||||||||||||
Basis points | 7.50% | 7.50% | 7.50% | |||||||||||||||||
Payable in US Dollars [Member] | DEG-Deutsche Investitions - UND [Member] | Restructured Line of Credit [Member] | Variable Rate [Member] | Last 2 Quarters [Member] | ||||||||||||||||||||
Other Financing [Abstract] | ||||||||||||||||||||
Variable rate basis | Libor rate at 90 days | |||||||||||||||||||
Basis points | 9.00% | 9.00% | 9.00% | |||||||||||||||||
Payable in US Dollars [Member] | Other [Member] | ||||||||||||||||||||
Other Financing [Abstract] | ||||||||||||||||||||
Short-term | [5] | $ 98,677 | 123,984 | |||||||||||||||||
Long-term | [5] | 0 | 0 | |||||||||||||||||
Payable in US Dollars [Member] | Other [Member] | Unsecured Loan - 1 [Member] | Fixed Rate [Member] | ||||||||||||||||||||
Other Financing [Abstract] | ||||||||||||||||||||
Debt amount | $ 59,200 | $ 3.0 | ||||||||||||||||||
Interest rate | 11.25% | 11.25% | 11.25% | |||||||||||||||||
Maturity date | July 2017 | |||||||||||||||||||
Payable in US Dollars [Member] | Other [Member] | Unsecured Loan - 2 [Member] | Fixed Rate [Member] | ||||||||||||||||||||
Other Financing [Abstract] | ||||||||||||||||||||
Debt amount | $ 59,200 | $ 3.0 | ||||||||||||||||||
Interest rate | 11.25% | 11.25% | 11.25% | |||||||||||||||||
Maturity date | July 2017 | |||||||||||||||||||
Payable in US Dollars [Member] | Other [Member] | Unsecured Loans [Member] | ||||||||||||||||||||
Other Financing [Abstract] | ||||||||||||||||||||
Payment on debt | $ 1.0 | |||||||||||||||||||
Payable in US Dollars [Member] | Other [Member] | Unsecured Loans [Member] | Fixed Rate [Member] | ||||||||||||||||||||
Other Financing [Abstract] | ||||||||||||||||||||
Debt amount | $ 98,700 | $ 5.0 | ||||||||||||||||||
Interest rate | 11.25% | 11.25% | 11.25% | |||||||||||||||||
Maturity date | July 2018 | |||||||||||||||||||
Payable in US Dollars [Member] | FTAI Subsea 88 Ltd [Member] | ||||||||||||||||||||
Other Financing [Abstract] | ||||||||||||||||||||
Short-term | $ 10,954 | 9,770 | ||||||||||||||||||
Long-term | 171,479 | 191,017 | ||||||||||||||||||
Payable in US Dollars [Member] | FTAI Subsea 88 Ltd [Member] | Financial Lease [Member] | Fixed Rate [Member] | ||||||||||||||||||||
Other Financing [Abstract] | ||||||||||||||||||||
Debt amount | $ 213,100 | $ 10.8 | ||||||||||||||||||
Interest rate | 15.92% | 15.92% | 15.92% | |||||||||||||||||
Maturity date | November 2023 | |||||||||||||||||||
Payable in Euros [Member] | ||||||||||||||||||||
Other Financing [Abstract] | ||||||||||||||||||||
Short-term | $ 26,499 | 24,447 | ||||||||||||||||||
Long-term | 106,612 | 122,951 | ||||||||||||||||||
Payable in Euros [Member] | B V Scheepswerf Damen Gorinchem [Member] | ||||||||||||||||||||
Other Financing [Abstract] | ||||||||||||||||||||
Short-term | 26,499 | 24,447 | ||||||||||||||||||
Long-term | 106,612 | $ 122,951 | ||||||||||||||||||
Payable in Euros [Member] | B V Scheepswerf Damen Gorinchem [Member] | Line of Credit - 1 [Member] | Fixed Rate [Member] | ||||||||||||||||||||
Other Financing [Abstract] | ||||||||||||||||||||
Debt amount | $ 159,200 | € 7,580 | ||||||||||||||||||
Interest rate | 7.00% | 7.00% | 7.00% | |||||||||||||||||
Maturity date | November 2022 | |||||||||||||||||||
|
Financial assets and liabilities, Covenants (Details) - MXN ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Covenants [Abstract] | ||
Long-term financial debt | $ 396,257 | $ 9,330,087 |
2018 [Member] | ||
Covenants [Abstract] | ||
Long-term financial debt | 0 | 118,515 |
2019 [Member] | ||
Covenants [Abstract] | ||
Long-term financial debt | 115,683 | 115,616 |
2020 [Member] | ||
Covenants [Abstract] | ||
Long-term financial debt | 65,390 | 64,040 |
2021 [Member] | ||
Covenants [Abstract] | ||
Long-term financial debt | 61,711 | 60,482 |
2022 [Member] | ||
Covenants [Abstract] | ||
Long-term financial debt | 48,538 | 157,327 |
2023 and thereafter [Member] | ||
Covenants [Abstract] | ||
Long-term financial debt | 104,935 | 8,814,107 |
Trust Certificates and Bank Loans [Member] | ||
Covenants [Abstract] | ||
Interest expense | $ 1,039,856 | $ 783,459 |
Mandatorily convertible debentures into shares (Details) - MXN ($) $ / shares in Units, $ in Thousands |
Dec. 31, 2017 |
Dec. 31, 2016 |
Sep. 30, 2016 |
Aug. 30, 2016 |
---|---|---|---|---|
Mandatorily convertible debentures into shares [Abstract] | ||||
First issue of mandatorily convertible debentures into shares | $ 0 | $ 1,058,628 | $ 1,058,628 | |
Mandatorily convertible debentures into shares, shares issued (in shares) | 10,586,284 | |||
Mandatorily convertible debentures into shares, par value (in pesos per share) | $ 100 | |||
Interest rate | 6.78% | |||
Conversion price (in pesos per share) | $ 19.55 | |||
September 30, 2017 [Member] | ||||
Mandatorily convertible debentures into shares [Abstract] | ||||
Mandatorily convertible debentures into shares, shares issued (in shares) | 1,058,628 | |||
Percentage on conversion date | 10.00% | |||
September 30, 2019 [Member] | ||||
Mandatorily convertible debentures into shares [Abstract] | ||||
Mandatorily convertible debentures into shares, shares issued (in shares) | 4,763,828 | |||
Percentage on conversion date | 45.00% | |||
September 30, 2022 [Member] | ||||
Mandatorily convertible debentures into shares [Abstract] | ||||
Mandatorily convertible debentures into shares, shares issued (in shares) | 4,763,828 | |||
Percentage on conversion date | 45.00% | |||
Maximum [Member] | ||||
Mandatorily convertible debentures into shares [Abstract] | ||||
Mandatorily convertible debentures into shares, authorized | $ 4,600,000 |
Mandatorily convertible debentures into shares, Summary of components (Details) - MXN ($) $ in Thousands |
Dec. 31, 2017 |
Dec. 31, 2016 |
Sep. 30, 2016 |
---|---|---|---|
Mandatorily convertible debentures into shares [Abstract] | |||
Total issue of debentures | $ 0 | $ 1,058,628 | $ 1,058,628 |
Financial liability component | 69,637 | ||
Short-term interest payable | 1,193 | ||
Transaction costs | (13,216) | ||
Financial liability component of short-term debentures | 57,614 | ||
Financial liability component | 113,795 | ||
Long-term interest payable | 1,950 | ||
Transaction costs | (21,596) | ||
Financial liability component of long-term debentures | 94,149 | ||
Equity component | 875,196 | ||
Interest payable | 14,999 | ||
Transaction costs | (166,095) | ||
Equity component of debentures | $ 0 | $ 724,100 |
Balances and transactions with related parties (Details) - MXN ($) $ in Thousands |
12 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
||||||
Balances and transactions with related parties [Abstract] | ||||||||
Receivable | $ 217,188 | $ 59,098 | ||||||
Payable | 34,756 | 51,515 | ||||||
Income: [Abstract] | ||||||||
Gain on sale of fixed assets | 0 | 54,679 | $ 0 | |||||
Leases | [1] | 788 | 788 | 788 | ||||
Income | 788 | 55,467 | 788 | |||||
Expenses: [Abstract] | ||||||||
Other expenses | [2] | 415 | 346 | 250 | ||||
Optimus [Member] | ||||||||
Balances and transactions with related parties [Abstract] | ||||||||
Receivable | 59,098 | 59,098 | ||||||
Payable | 0 | 0 | ||||||
SSA Mexico, S.A. de C.V. [Member] | ||||||||
Balances and transactions with related parties [Abstract] | ||||||||
Receivable | 0 | 0 | ||||||
Payable | 34,756 | 51,515 | ||||||
TMM DM [Member] | ||||||||
Balances and transactions with related parties [Abstract] | ||||||||
Receivable | 158,090 | 0 | ||||||
Payable | 0 | 0 | ||||||
Executive Personnel [Member] | ||||||||
Short-term benefits [abstract] | ||||||||
Salaries | 31,065 | 37,768 | 40,571 | |||||
Social security costs | 471 | 623 | 775 | |||||
Short-term benefits | $ 31,536 | $ 38,391 | $ 41,346 | |||||
|
Accounts payable and accrued expenses (Details) - MXN ($) $ in Thousands |
Dec. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Accounts payable and accrued expenses [Abstract] | ||
General expenses | $ 143,409 | $ 121,589 |
Purchased services | 91,122 | 67,374 |
Operating expenses | 42,035 | 160,413 |
Salaries and wages | 1,678 | 3,893 |
Taxes payable | 1,492 | 11,032 |
Other | 62,182 | 41,204 |
Accounts payable and accrued expenses | $ 341,918 | $ 405,505 |
Stockholders' equity (Details) - MXN ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Capital stock [Abstract] | ||
Shares outstanding (in shares) | 102,182,841 | 102,182,841 |
Net tax profit account (CUFIN) [Abstract] | ||
Net tax profit account balance | $ 3,326,220 | $ 3,115,313 |
Income tax rate on CUFIN dividends | 10.00% | |
Period of credit against income tax on CUFIN dividends not drawn | 2 years | |
Capital decreases [Abstract] | ||
Capital Contribution Account balance | $ 4,379,058 | 4,101,394 |
CUFIN generated up to December 31, 2013 [Member] | ||
Net tax profit account (CUFIN) [Abstract] | ||
Net tax profit account balance | 3,326,220 | 3,115,313 |
CUFIN generated beginning 2014 [Member] | ||
Net tax profit account (CUFIN) [Abstract] | ||
Net tax profit account balance | $ 0 | $ 0 |
Stockholders' equity, Other Components of equity (Details) - MXN ($) $ in Thousands |
12 Months Ended | ||||
---|---|---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|||
Other components of equity [Abstract] | |||||
Balance, beginning of period | $ 963,990 | $ 431,806 | $ 637,545 | ||
Revaluation of vessels | 941,957 | 424,634 | 1,157,690 | ||
Defined benefit plan | 319 | 24,863 | 4,887 | ||
Tax expense | (282,683) | (134,849) | (348,773) | ||
Total net of taxes | 659,593 | 314,648 | 813,131 | ||
Balance, end of period | 2,229,062 | 963,990 | 431,806 | ||
Statutory Reserve [Member] | |||||
Other components of equity [Abstract] | |||||
Balance, beginning of period | 216,948 | 216,948 | |||
Revaluation of vessels | 0 | 0 | |||
Defined benefit plan | 0 | 0 | |||
Reclassification from disposal of properties and depreciation | 0 | 0 | |||
Total before taxes | 0 | 0 | |||
Tax expense | 0 | 0 | |||
Total net of taxes | 0 | 0 | |||
Balance, end of period | 216,948 | 216,948 | 216,948 | ||
Defined Benefit Plan [Member] | |||||
Other components of equity [Abstract] | |||||
Balance, beginning of period | (136,441) | (153,845) | |||
Revaluation of vessels | 0 | 0 | |||
Defined benefit plan | 319 | 24,863 | |||
Reclassification from disposal of properties and depreciation | 0 | 0 | |||
Total before taxes | 319 | 24,863 | |||
Tax expense | (96) | (7,459) | |||
Total net of taxes | 223 | 17,404 | |||
Balance, end of period | (136,218) | (136,441) | (153,845) | ||
Premium on Convertible Obligations [Member] | |||||
Other components of equity [Abstract] | |||||
Balance, beginning of period | 77,106 | 77,106 | |||
Revaluation of vessels | 0 | 0 | |||
Defined benefit plan | 0 | 0 | |||
Reclassification from disposal of properties and depreciation | 0 | 0 | |||
Total before taxes | 0 | 0 | |||
Tax expense | 0 | 0 | |||
Total net of taxes | 0 | 0 | |||
Balance, end of period | 77,106 | 77,106 | 77,106 | ||
Translation Result [Member] | |||||
Other components of equity [Abstract] | |||||
Balance, beginning of period | (247,668) | (247,668) | |||
Revaluation of vessels | 0 | 0 | |||
Defined benefit plan | 0 | 0 | |||
Reclassification from disposal of properties and depreciation | 0 | 0 | |||
Total before taxes | 0 | 0 | |||
Tax expense | 0 | 0 | |||
Total net of taxes | 0 | 0 | |||
Balance, end of period | (247,668) | (247,668) | (247,668) | ||
Revaluation Surplus [Member] | |||||
Other components of equity [Abstract] | |||||
Balance, beginning of period | 2,353,163 | 2,206,975 | |||
Revaluation of vessels | 941,957 | 424,634 | |||
Defined benefit plan | 0 | 0 | |||
Reclassification from disposal of properties and depreciation | [1] | (2,073,235) | (151,056) | ||
Total before taxes | (1,131,278) | 273,578 | |||
Tax expense | (282,587) | (127,390) | |||
Total net of taxes | (1,413,865) | 146,188 | |||
Balance, end of period | 939,298 | 2,353,163 | 2,206,975 | ||
Other Components of Equity [Member] | |||||
Other components of equity [Abstract] | |||||
Balance, beginning of period | 2,263,108 | 2,099,516 | 1,363,714 | ||
Revaluation of vessels | 941,957 | 424,634 | |||
Defined benefit plan | 319 | 24,863 | |||
Reclassification from disposal of properties and depreciation | (2,073,235) | (151,056) | |||
Total before taxes | (1,130,959) | 298,441 | |||
Tax expense | (282,683) | (134,849) | |||
Total net of taxes | (1,413,642) | 163,592 | 735,802 | ||
Balance, end of period | $ 849,466 | $ 2,263,108 | $ 2,099,516 | ||
|
Other income (Details) - MXN ($) $ in Thousands |
12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
||||||||
Other income [Abstract] | ||||||||||
Gain from loss of control of subsidiary TMMDM (see Note 5) | $ 3,458,467 | $ 0 | $ 0 | |||||||
Loss from the sale of subsidiaries | (273,032) | [1] | 0 | 171,505 | [1] | |||||
Recoveries of taxes paid in prior years, net of expenses for recovery | 43,884 | 0 | 0 | |||||||
Cancellation of liabilities | 1,688 | 2,076 | 5,859 | |||||||
Cancellation of projects | (13,127) | (6,240) | (4,948) | |||||||
Income from sale of fixed assets | 0 | 56,534 | [2] | 0 | ||||||
Other - Net | (134) | 500 | 14,569 | |||||||
Other income (expenses) | $ 3,217,746 | $ 52,870 | $ 186,985 | |||||||
|
Interest expense and other financial costs (Details) - MXN ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Interest expense and other financial costs [Abstract] | |||
Interest on trust certificates | $ 942,266 | $ 684,829 | $ 618,818 |
Interest on other loans | 97,590 | 98,630 | 95,713 |
Transaction cost of mandatorily convertible debentures into shares | 87,482 | 0 | 0 |
Amortization of trust certificate transaction cost | 75,209 | 76,152 | 75,224 |
Amortization of transaction cost associated with other loans | 4,137 | 6,011 | 4,754 |
Other financial expenses | 3,802 | 3,645 | 5,735 |
Valuation of interest rate hedge (CAP) | 0 | 0 | (12) |
Interest expense and other financial costs | $ 1,210,486 | $ 869,267 | $ 800,232 |
Income tax and tax loss carryforwards, Results for the year (Details) - MXN ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Results for the year [Abstract] | |||
Combined tax losses | $ 1,846,311 | $ (775,179) | $ (301,930) |
Income on taxes recognized | $ 516,732 | $ (268,615) | $ 698,475 |
Enacted Income Tax Law rate | 30.00% | 30.00% | 30.00% |
Provision for income tax recognized in statement of profit or loss [Abstract] | |||
Income tax | $ (3,000) | $ (3,433) | $ (3,314) |
Deferred income tax | (513,732) | 272,048 | (695,161) |
Total income tax (benefit) expense | (516,732) | 268,615 | $ (698,475) |
Grupo TMM and Subsidiaries [Member] | |||
Results for the year [Abstract] | |||
Combined tax losses | (432,139) | (110,668) | |
Subsidiaries [Member] | |||
Results for the year [Abstract] | |||
Income on taxes recognized | 10,000 | 11,443 | |
Provision for income tax recognized in statement of profit or loss [Abstract] | |||
Total income tax (benefit) expense | $ (10,000) | $ (11,443) |
Income tax and tax loss carryforwards, Reconciliation for income tax based on statutory rate (Details) - MXN ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Reconciliation between provision for income tax based on statutory income tax rate and provision recorded [Abstract] | |||
Profit (loss) before taxes | $ 1,846,311 | $ (775,179) | $ (301,930) |
Income tax | (553,893) | 232,554 | 90,579 |
(Decrease) increase from: [Abstract] | |||
Difference in depreciation and amortization | 503,479 | 48,701 | (232,397) |
Revaluation surplus | 265,723 | 132,019 | 320,467 |
Income recognized in advance | (1,678) | (8,261) | (11,409) |
Materials and supplies | 5,503 | (15,673) | (14,497) |
Inflationary and currency exchange effects on monetary assets and liabilities, net | (203,983) | (102,928) | (87,765) |
Tax losses - net | (1,255,433) | 116,906 | (498,884) |
Provisions and allowance for doubtful accounts | (183,963) | (63,803) | (143,685) |
Difference between the tax and book value for the sale of assets | (435) | (60,277) | (49,084) |
Difference between the tax and book value for the sale of shares | 956,613 | 20,136 | 7,902 |
Non-deductible expenses | (48,665) | (30,759) | (79,702) |
Total income tax (benefit) expense | $ (516,732) | $ 268,615 | $ (698,475) |
Income tax and tax loss carryforwards, Components of deferred tax liability (Details) - MXN ($) $ in Thousands |
Dec. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Components of deferred tax liability [Abstract] | ||
Portion of tax loss carryforwards for subsequent years | $ (279,334) | |
Portion of tax loss carryforwards for subsequent years | $ 1,543,387 | |
Inventories and provisions - net | 65,091 | 40,964 |
Concession rights and property, vessels and equipment | (619,651) | (1,662,402) |
Total deferred tax liability | $ (275,226) | $ (78,051) |
Income tax and tax loss carryforwards, Tax loss carryforwards (Details) $ in Thousands |
12 Months Ended |
---|---|
Dec. 31, 2017
MXN ($)
| |
Tax loss carryforwards [Abstract] | |
Tax loss carryforward amount | $ 3,309,791 |
2008 - Year Loss Incurred [Member] | |
Tax loss carryforwards [Abstract] | |
Tax loss carryforward amount | $ 109,685 |
Year of expiration | 2018 |
2009 - Year Loss Incurred [Member] | |
Tax loss carryforwards [Abstract] | |
Tax loss carryforward amount | $ 389,543 |
Year of expiration | 2019 |
2010 - Year Loss Incurred [Member] | |
Tax loss carryforwards [Abstract] | |
Tax loss carryforward amount | $ 537,231 |
Year of expiration | 2020 |
2011 - Year Loss Incurred [Member] | |
Tax loss carryforwards [Abstract] | |
Tax loss carryforward amount | $ 352,239 |
Year of expiration | 2021 |
2012 - Year Loss Incurred [Member] | |
Tax loss carryforwards [Abstract] | |
Tax loss carryforward amount | $ 538,601 |
Year of expiration | 2022 |
2013 - Year Loss Incurred [Member] | |
Tax loss carryforwards [Abstract] | |
Tax loss carryforward amount | $ 389,355 |
Year of expiration | 2023 |
2014 - Year Loss Incurred [Member] | |
Tax loss carryforwards [Abstract] | |
Tax loss carryforward amount | $ 244,640 |
Year of expiration | 2024 |
2015 - Year Loss Incurred [Member] | |
Tax loss carryforwards [Abstract] | |
Tax loss carryforward amount | $ 151,575 |
Year of expiration | 2025 |
2016 - Year Loss Incurred [Member] | |
Tax loss carryforwards [Abstract] | |
Tax loss carryforward amount | $ 488,472 |
Year of expiration | 2026 |
2017 - Year Loss Incurred [Member] | |
Tax loss carryforwards [Abstract] | |
Tax loss carryforward amount | $ 108,450 |
Year of expiration | 2027 |
Segment reporting (Details) - MXN ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Segment reporting [Abstract] | |||
Revenue | $ 2,464,939 | $ 2,647,484 | $ 3,261,945 |
Costs and expenses | (1,874,358) | (1,860,167) | (2,116,048) |
Corporate expenses | (205,622) | (194,215) | (199,057) |
Depreciation and amortization | (562,915) | (555,244) | (672,643) |
Transportation (loss) profit | (177,956) | 37,858 | 274,197 |
Loss before discontinued operations | 1,329,579 | (506,564) | (1,000,405) |
Discontinued operations | 0 | 0 | (18,465) |
Net profit (loss) for the year | 1,329,579 | (506,564) | (1,018,870) |
Total assets | 4,124,212 | 11,923,301 | 12,416,108 |
Total liabilities | 1,895,150 | 10,959,311 | 11,984,302 |
Total capital expenditures | 80,222 | 162,072 | 102,359 |
Operating Segments [Member] | |||
Segment reporting [Abstract] | |||
Total assets | 7,714,130 | 14,745,051 | 14,482,239 |
Total liabilities | 1,181,258 | 11,455,832 | 11,104,133 |
Total capital expenditures | 73,130 | 161,917 | 82,383 |
Specialized Maritime Division [Member] | |||
Segment reporting [Abstract] | |||
Revenue | 1,951,320 | 2,167,585 | 2,770,891 |
Costs and expenses | (1,386,282) | (1,385,458) | (1,630,348) |
Depreciation and amortization | (541,030) | (534,525) | (648,079) |
Transportation (loss) profit | 24,008 | 247,602 | 492,464 |
Total assets | 5,617,173 | 12,830,358 | 12,860,912 |
Total liabilities | 849,416 | 11,107,505 | 10,822,299 |
Total capital expenditures | 64,054 | 160,691 | 78,541 |
Logistics Division [Member] | |||
Segment reporting [Abstract] | |||
Revenue | 229,529 | 190,902 | 169,709 |
Costs and expenses | (193,826) | (158,403) | (137,308) |
Depreciation and amortization | (1,660) | (1,908) | (4,968) |
Transportation (loss) profit | 34,043 | 30,591 | 27,433 |
Total assets | 38,833 | 25,929 | 16 |
Total liabilities | 19,425 | 23,874 | 51,081 |
Total capital expenditures | 0 | 0 | 0 |
Ports and Terminal Division [Member] | |||
Segment reporting [Abstract] | |||
Revenue | 134,196 | 116,708 | 114,225 |
Costs and expenses | (112,771) | (100,109) | (96,080) |
Depreciation and amortization | (11,143) | (10,489) | (10,582) |
Transportation (loss) profit | 10,282 | 6,110 | 7,563 |
Total assets | 1,904,928 | 1,739,936 | 1,621,311 |
Total liabilities | 256,121 | 276,772 | 230,753 |
Total capital expenditures | 9,034 | 1,087 | 3,369 |
Warehousing Division [Member] | |||
Segment reporting [Abstract] | |||
Revenue | 149,894 | 126,070 | 133,170 |
Costs and expenses | (180,356) | (169,737) | (179,646) |
Depreciation and amortization | (1,205) | (947) | (1,586) |
Transportation (loss) profit | (31,667) | (44,614) | (48,062) |
Total assets | 153,196 | 148,828 | 194,200 |
Total liabilities | 56,296 | 47,681 | 107,702 |
Total capital expenditures | 42 | 139 | 473 |
Warehousing Division [Member] | Discontinued Operations [Member] | |||
Segment reporting [Abstract] | |||
Total assets | 194,200 | ||
Total liabilities | 107,702 | ||
Other Businesses and Shared Accounts [Member] | |||
Segment reporting [Abstract] | |||
Revenue | 0 | 46,219 | 73,950 |
Costs and expenses | (1,123) | (46,460) | (72,666) |
Corporate expenses | (205,622) | (194,215) | (199,057) |
Depreciation and amortization | (7,877) | (7,375) | (7,428) |
Transportation (loss) profit | (214,622) | (201,831) | (205,201) |
Total assets | (3,589,918) | (2,821,750) | (2,260,331) |
Total liabilities | 713,892 | (496,521) | 772,467 |
Total capital expenditures | 7,092 | 155 | 19,976 |
Unallocated Amounts [Member] | |||
Segment reporting [Abstract] | |||
Transportation (loss) profit | $ 1,507,535 | $ (544,422) | $ (1,274,602) |
Employee benefits, Expenses and liabilities recognized for pensions and other employee remunerations (Details) - MXN ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Expenses recognized [Abstract] | |||
Employee benefits expense | $ 571,775 | $ 639,913 | $ 697,317 |
Long-term [Abstract] | |||
Employee benefits | 175,560 | 164,207 | |
Short term liabilities and remunerations [Abstract] | |||
Short-term employee benefits accruals | 1,678 | 3,893 | |
Domestic Defined Benefit Plans [Member] | |||
Expenses recognized [Abstract] | |||
Salaries, benefits and inherent | 550,491 | 654,677 | 674,512 |
Pensions - defined benefit plans | 21,284 | (14,764) | 22,805 |
Employee benefits expense | 571,775 | 639,913 | $ 697,317 |
Long-term [Abstract] | |||
Employee benefits | 175,560 | 164,207 | |
Short term liabilities and remunerations [Abstract] | |||
Short-term employee benefits accruals | 1,678 | 3,893 | |
Actuarial (loss) gain net of taxes | 223 | 17,404 | |
Pensions and Seniority Premiums [Member] | |||
Long-term [Abstract] | |||
Employee benefits | 150,873 | 142,398 | |
Termination of Employment [Member] | |||
Long-term [Abstract] | |||
Employee benefits | $ 24,687 | $ 21,809 |
Employee benefits, Net cost for period (Details) - MXN ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Domestic Defined Benefit Plans [Member] | ||
Details for net cost [Abstract] | ||
Net cost for the period | $ 21,284 | $ (14,764) |
Pensions and Seniority Premiums [Member] | ||
Details for net cost [Abstract] | ||
Current service cost | 5,460 | (29,914) |
Interest cost | 12,015 | 15,072 |
Net cost for the period | 17,475 | (14,842) |
Termination of Employment [Member] | ||
Details for net cost [Abstract] | ||
Current service cost | 1,868 | (1,717) |
Interest cost | 1,941 | 1,795 |
Net cost for the period | $ 3,809 | $ 78 |
Employee benefits, Reserve (Details) - MXN ($) $ in Thousands |
Dec. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Reserve for pension, seniority premiums and termination of employment [Abstract] | ||
Total reserve | $ 175,560 | $ 164,207 |
Domestic Defined Benefit Plans [Member] | ||
Reserve for pension, seniority premiums and termination of employment [Abstract] | ||
Total reserve | 175,560 | 164,207 |
Pensions and Seniority Premiums [Member] | ||
Reserve for pension, seniority premiums and termination of employment [Abstract] | ||
Total reserve | 150,873 | 142,398 |
Pensions and Seniority Premiums [Member] | Defined Benefit Obligations [Member] | ||
Reserve for pension, seniority premiums and termination of employment [Abstract] | ||
Total reserve | 153,572 | 144,049 |
Pensions and Seniority Premiums [Member] | Plan Assets [Member] | ||
Reserve for pension, seniority premiums and termination of employment [Abstract] | ||
Total reserve | (2,699) | (1,651) |
Termination of Employment [Member] | ||
Reserve for pension, seniority premiums and termination of employment [Abstract] | ||
Total reserve | 24,687 | 21,809 |
Termination of Employment [Member] | Defined Benefit Obligations [Member] | ||
Reserve for pension, seniority premiums and termination of employment [Abstract] | ||
Total reserve | 24,687 | 21,809 |
Termination of Employment [Member] | Plan Assets [Member] | ||
Reserve for pension, seniority premiums and termination of employment [Abstract] | ||
Total reserve | $ 0 | $ 0 |
Employee benefits, Defined benefit obligation (Details) - MXN ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Domestic Defined Benefit Plans [Member] | ||
Disclosure of net defined benefit liability (asset) [abstract] | ||
Balance at period start | $ 164,207 | $ 211,242 |
Benefits paid | (296) | (1,128) |
Actuarial losses and gains | (223) | (17,404) |
Balance at period end | 175,560 | 164,207 |
Pensions and Seniority Premiums [Member] | ||
Disclosure of net defined benefit liability (asset) [abstract] | ||
Current service cost | 5,460 | (29,914) |
Interest cost | 12,015 | 15,072 |
Pensions and Seniority Premiums [Member] | DBO [Member] | ||
Disclosure of net defined benefit liability (asset) [abstract] | ||
Balance at period start | 144,049 | 191,134 |
Current service cost | 5,460 | (29,914) |
Interest cost | 12,015 | 15,072 |
Benefits paid | (296) | (1,128) |
Benefits paid from plan assets | (9,272) | (13,739) |
Miscellaneous | 908 | (269) |
Actuarial losses and gains | 708 | (17,107) |
Balance at period end | 153,572 | 144,049 |
Termination of Employment [Member] | ||
Disclosure of net defined benefit liability (asset) [abstract] | ||
Current service cost | 1,868 | (1,717) |
Interest cost | 1,941 | 1,795 |
Termination of Employment [Member] | DBO [Member] | ||
Disclosure of net defined benefit liability (asset) [abstract] | ||
Balance at period start | 21,809 | 22,029 |
Current service cost | 1,868 | (1,717) |
Interest cost | 1,941 | 1,795 |
Benefits paid | 0 | 0 |
Benefits paid from plan assets | 0 | 0 |
Miscellaneous | 0 | (1) |
Actuarial losses and gains | (931) | (297) |
Balance at period end | $ 24,687 | $ 21,809 |
Employee benefits, Plan assets (Details) - Domestic Defined Benefit Plans [Member] - MXN ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Plan assets [Abstract] | ||
Balance at period start | $ 164,207 | $ 211,242 |
Plan contributions | (9,272) | (13,739) |
Balance at period end | 175,560 | 164,207 |
Plan Assets [Member] | ||
Plan assets [Abstract] | ||
Balance at period start | 1,651 | 1,921 |
Expected return on assets | 908 | (294) |
Plan contributions | 9,272 | 13,739 |
Benefits paid | (9,272) | (13,739) |
Interests of plan assets | 140 | 24 |
Balance at period end | $ 2,699 | $ 1,651 |
Employee benefits, Changes in pension plan, seniority premium and termination of employment plan (Details) - Domestic Defined Benefit Plans [Member] - MXN ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Changes in pension plan [Abstract] | ||
Balance at period start | $ 164,207 | $ 211,242 |
Total cost for the year | 21,284 | (14,764) |
Contributions to the plan | (9,272) | (13,739) |
Benefits paid charged to the reserve | (296) | (1,128) |
Actuarial gain | (223) | (17,404) |
Balance at period end | $ 175,560 | $ 164,207 |
Employee benefits, Significant actuarial assumptions (Details) - Domestic Defined Benefit Plans [Member] $ in Thousands |
Dec. 31, 2017
MXN ($)
Employee
|
Dec. 31, 2016
Employee
|
---|---|---|
Significant actuarial assumptions [Abstract] | ||
Percentage of employees working under collective bargaining agreements | 17.00% | 25.00% |
Number of employees | Employee | 1,494 | 1,499 |
Discount Rate [Member] | ||
Significant actuarial assumptions [Abstract] | ||
Significant actuarial assumptions used for valuation | 9.25% | 9.00% |
Discount Rate [Member] | 1.0% Increase [Member] | ||
Significant actuarial assumptions [Abstract] | ||
Increase (decrease) in defined benefit obligation | $ (6,161) | |
Discount Rate [Member] | 1.0% Decrease [Member] | ||
Significant actuarial assumptions [Abstract] | ||
Increase (decrease) in defined benefit obligation | $ 6,565 | |
Salary Increase Rate [Member] | ||
Significant actuarial assumptions [Abstract] | ||
Significant actuarial assumptions used for valuation | 4.00% | 4.00% |
Salary Increase Rate [Member] | 1.0% Increase [Member] | ||
Significant actuarial assumptions [Abstract] | ||
Increase (decrease) in defined benefit obligation | $ 4,416 | |
Salary Increase Rate [Member] | 1.0% Decrease [Member] | ||
Significant actuarial assumptions [Abstract] | ||
Increase (decrease) in defined benefit obligation | $ (4,173) | |
Inflation Rate [Member] | ||
Significant actuarial assumptions [Abstract] | ||
Significant actuarial assumptions used for valuation | 3.50% | 3.50% |
Average Working Life Expectancy [Member] | ||
Significant actuarial assumptions [Abstract] | ||
Significant actuarial assumptions used for valuation | 19.80% | 19.80% |
Average Working Life Expectancy [Member] | One year Increase [Member] | ||
Significant actuarial assumptions [Abstract] | ||
Increase (decrease) in defined benefit obligation | $ 5,583 | |
Average Working Life Expectancy [Member] | One year Decrease [Member] | ||
Significant actuarial assumptions [Abstract] | ||
Increase (decrease) in defined benefit obligation | $ (5,736) |
Profit (loss) per share (Details) - shares |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Profit (loss) per share [Abstract] | |||
Number of potentially dilutive instruments outstanding (in shares) | 0 | 0 | 0 |
Fair value measurement, Fair value measures for non-financial assets (Details) - MXN ($) $ in Thousands |
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
---|---|---|---|
Fair value measurement [Abstract] | |||
Non-financial assets | $ 4,124,212 | $ 11,923,301 | $ 12,416,108 |
Recurring [Member] | Level 3 [Member] | |||
Fair value measurement [Abstract] | |||
Non-financial assets | 2,544,881 | 9,342,333 | |
Recurring [Member] | Vessels [Member] | Level 3 [Member] | |||
Fair value measurement [Abstract] | |||
Non-financial assets | 1,118,250 | 8,028,276 | $ 8,131,363 |
Recurring [Member] | Buildings and Facilities [Member] | Level 3 [Member] | |||
Fair value measurement [Abstract] | |||
Non-financial assets | 242,204 | 253,396 | |
Recurring [Member] | Land [Member] | Level 3 [Member] | |||
Fair value measurement [Abstract] | |||
Non-financial assets | $ 1,184,427 | $ 1,060,661 |
Fair value measurement, Information used for appraisal (Details) - Recurring [Member] - Discounted Cash Flow [Member] |
12 Months Ended |
---|---|
Dec. 31, 2017
USD ($)
| |
Tugboats [Member] | |
Information used for appraisal [Abstract] | |
Daily rate or fee | $ 22,042 |
Average percentage of utilization | 94.00% |
Discount rate | 7.18% |
Offshore Vessels [Member] | |
Information used for appraisal [Abstract] | |
Daily rate or fee | $ 9,016 |
Average percentage of utilization | 83.00% |
Discount rate | 7.18% |
Parcel Tankers [Member] | |
Information used for appraisal [Abstract] | |
Daily rate or fee | $ 11,919 |
Average percentage of utilization | 94.00% |
Discount rate | 7.18% |
Fair value measurement, Reconciliation of non-financial assets classified within Level 3 (Details) - MXN ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Reconciliation between the carrying amounts of non-financial assets [Abstract] | ||
Beginning balance | $ 11,923,301 | $ 12,416,108 |
Amount recognized in statements of operations: [Abstract] | ||
Ending balance | 4,124,212 | 11,923,301 |
Recurring [Member] | Level 3 [Member] | ||
Reconciliation between the carrying amounts of non-financial assets [Abstract] | ||
Beginning balance | 9,342,333 | |
Amount recognized in statements of operations: [Abstract] | ||
Ending balance | 2,544,881 | 9,342,333 |
Effects from unrealized gains from fair value measurements | 0 | 0 |
Recurring [Member] | Vessels [Member] | Level 3 [Member] | ||
Reconciliation between the carrying amounts of non-financial assets [Abstract] | ||
Beginning balance | 8,028,276 | 8,131,363 |
Amount recognized in other comprehensive income: [Abstract] | ||
Revaluation surplus of vessels | 941,957 | 207,669 |
Amount recognized in statements of operations: [Abstract] | ||
Loss on revaluation of vessels | (56,213) | (23,304) |
Total gains (losses) recognized in other comprehensive income and in statements of operations | 885,744 | 184,365 |
Additions and disposals, net | (7,795,770) | (287,452) |
Ending balance | 1,118,250 | 8,028,276 |
Recurring [Member] | Buildings and Facilities [Member] | Level 3 [Member] | ||
Reconciliation between the carrying amounts of non-financial assets [Abstract] | ||
Beginning balance | 1,314,057 | 1,067,557 |
Amount recognized in other comprehensive income: [Abstract] | ||
Revaluation surplus of vessels | 0 | 216,965 |
Amount recognized in statements of operations: [Abstract] | ||
Loss on revaluation of vessels | 0 | 0 |
Total gains (losses) recognized in other comprehensive income and in statements of operations | 0 | 216,965 |
Additions and disposals, net | 137,574 | 29,535 |
Ending balance | $ 1,451,631 | $ 1,314,057 |
Financial instruments risk, Currency risk (Details) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2017
MXN ($)
$ / $
|
Dec. 31, 2016
MXN ($)
$ / $
|
Apr. 20, 2018
$ / $
|
|
Currency Risk [Member] | |||
Currency risk [Abstract] | |||
Foreign exchange rate | $ / $ | 19.7354 | 20.6640 | |
Currency Risk [Member] | Minimum [Member] | |||
Currency risk [Abstract] | |||
Assumed variance on foreign exchange rate | (4.73%) | (19.70%) | |
Currency Risk [Member] | Maximum [Member] | |||
Currency risk [Abstract] | |||
Assumed variance on foreign exchange rate | 4.73% | 19.70% | |
Currency Risk [Member] | Subsequent Event [Member] | |||
Currency risk [Abstract] | |||
Foreign exchange rate | $ / $ | 18.2819 | ||
Currency Risk [Member] | US [Member] | |||
Currency risk [Abstract] | |||
Percentage of sales denominated in US dollars | 75.00% | 75.00% | |
Percentage of costs and expenses denominated in US dollars | 25.00% | 25.00% | |
Assets | $ 548,919 | $ 1,217,594 | |
Liabilities | (828,367) | (1,177,029) | |
Total assets (liabilities) | (279,448) | 40,565 | |
Currency Risk [Member] | Other Currencies [Member] | |||
Currency risk [Abstract] | |||
Assets | 1,120 | 1,728 | |
Liabilities | (134,547) | (151,080) | |
Total assets (liabilities) | (133,427) | (149,352) | |
4.73% Increase in the Exchange Rate [Member] | |||
Currency risk [Abstract] | |||
Total assets (liabilities) | (19,547) | ||
4.73% Increase in the Exchange Rate [Member] | US [Member] | |||
Currency risk [Abstract] | |||
Assets | 25,989 | ||
Liabilities | (39,219) | ||
4.73% Increase in the Exchange Rate [Member] | Other Currencies [Member] | |||
Currency risk [Abstract] | |||
Assets | 53 | ||
Liabilities | (6,370) | ||
4.73% Decrease in the Exchange Rate [Member] | |||
Currency risk [Abstract] | |||
Total assets (liabilities) | 19,547 | ||
4.73% Decrease in the Exchange Rate [Member] | US [Member] | |||
Currency risk [Abstract] | |||
Assets | (25,989) | ||
Liabilities | 39,219 | ||
4.73% Decrease in the Exchange Rate [Member] | Other Currencies [Member] | |||
Currency risk [Abstract] | |||
Assets | (53) | ||
Liabilities | $ 6,370 | ||
19.70% Increase in the Exchange Rate [Member] | |||
Currency risk [Abstract] | |||
Total assets (liabilities) | (21,427) | ||
19.70% Increase in the Exchange Rate [Member] | US [Member] | |||
Currency risk [Abstract] | |||
Assets | 239,821 | ||
Liabilities | (231,831) | ||
19.70% Increase in the Exchange Rate [Member] | Other Currencies [Member] | |||
Currency risk [Abstract] | |||
Assets | 340 | ||
Liabilities | (29,757) | ||
19.70% Decrease in the Exchange Rate [Member] | |||
Currency risk [Abstract] | |||
Total assets (liabilities) | (21,427) | ||
19.70% Decrease in the Exchange Rate [Member] | US [Member] | |||
Currency risk [Abstract] | |||
Assets | (239,821) | ||
Liabilities | 231,831 | ||
19.70% Decrease in the Exchange Rate [Member] | Other Currencies [Member] | |||
Currency risk [Abstract] | |||
Assets | (340) | ||
Liabilities | $ 29,757 |
Financial instruments risk, Interest rate risks (Details) - MXN ($) $ in Thousands |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
Sep. 30, 2016 |
|
Interest rate risks [Abstract] | ||||
Interest rate | 6.78% | |||
Profit or loss for the year | $ 1,329,579 | $ (506,564) | $ (1,018,870) | |
Interest Rate Risks [Member] | Fixed Rate [Member] | ||||
Interest rate risks [Abstract] | ||||
Debt | 319,600 | 648,800 | ||
Interest Rate Risks [Member] | Variable Rate [Member] | ||||
Interest rate risks [Abstract] | ||||
Debt | $ 578,300 | 10,124,700 | ||
Trust Certificates original amount | $ 10,500 | |||
Interest Rate Risks [Member] | Variable Rate [Member] | CAP Contract [Member] | ||||
Interest rate risks [Abstract] | ||||
Interest rate | 8.35% | 9.80% | ||
1% Variance [Member] | ||||
Interest rate risks [Abstract] | ||||
Profit or loss for the year | $ (2,048) | $ (2,262) | ||
- 1% Variance [Member] | ||||
Interest rate risks [Abstract] | ||||
Profit or loss for the year | $ 2,048 | $ 2,262 |
Financial instruments risk, Credit risk and Concentration of risk (Details) - MXN ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Receivables [Member] | ||
Credit risk [Abstract] | ||
Unimpaired accounts receivables in arrears | $ 59,110 | $ 404,156 |
Receivables [Member] | Up to 3 Months [Member] | ||
Credit risk [Abstract] | ||
Unimpaired accounts receivables in arrears | 3,569 | 2,462 |
Receivables [Member] | Up to 4 Months [Member] | ||
Credit risk [Abstract] | ||
Unimpaired accounts receivables in arrears | 7,643 | 23,302 |
Receivables [Member] | More than 4 Months [Member] | ||
Credit risk [Abstract] | ||
Unimpaired accounts receivables in arrears | $ 47,898 | $ 378,392 |
Credit Risk [Member] | ||
Credit risk [Abstract] | ||
Average payment period of significant client | 180 days | |
Credit Risk [Member] | Pemex Exploracion y Produccion [Member] | ||
Concentration of risk [Abstract] | ||
Percentage of revenue | 16.00% | 36.00% |
Credit Risk [Member] | P.M.I Trading Limited [Member] | ||
Concentration of risk [Abstract] | ||
Percentage of revenue | 13.00% | |
Credit Risk [Member] | Fieldwood Energy E&P Mexico [Member] | ||
Concentration of risk [Abstract] | ||
Percentage of revenue | 13.00% | |
Credit Risk [Member] | Remaining Customers [Member] | Maximum [Member] | ||
Concentration of risk [Abstract] | ||
Percentage of revenue | 5.00% | 7.00% |
Financial instruments risk, Liquidity risk and Dissolution of Company risk (Details) - MXN ($) $ in Thousands |
Dec. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Liquidity risk [Abstract] | ||
Trade payables | $ 169,072 | $ 189,576 |
Accounts payable and accrued expenses | 341,918 | 405,505 |
Financial debt | $ 898,618 | $ 10,070,457 |
Liquidity Risk [Member] | ||
Liquidity risk [Abstract] | ||
Percentage of financial liabilities due in next 12 months | 56.00% | 7.00% |
Liquidity Risk [Member] | In 6 Months [Member] | ||
Liquidity risk [Abstract] | ||
Trade payables | $ 0 | $ 0 |
Accounts payable and accrued expenses | 0 | 0 |
Financial debt | 333,814 | 685,231 |
Financial liabilities | 333,814 | 685,231 |
Liquidity Risk [Member] | 6 to 12 Months [Member] | ||
Liquidity risk [Abstract] | ||
Trade payables | 169,072 | 189,576 |
Accounts payable and accrued expenses | 366,918 | 405,505 |
Financial debt | 168,547 | 55,139 |
Financial liabilities | 704,537 | 650,220 |
Liquidity Risk [Member] | 1 to 4 Years [Member] | ||
Liquidity risk [Abstract] | ||
Financial debt | 396,257 | 494,664 |
Financial liabilities | 396,257 | 494,664 |
Liquidity Risk [Member] | More than 4 Years [Member] | ||
Liquidity risk [Abstract] | ||
Financial debt | 0 | 8,835,123 |
Financial liabilities | $ 0 | $ 8,835,123 |
Capital management policies and procedures (Details) $ in Thousands |
Dec. 31, 2017
MXN ($)
|
Dec. 31, 2016
MXN ($)
|
Dec. 31, 2015
MXN ($)
|
Dec. 31, 2014
MXN ($)
|
---|---|---|---|---|
Capital management policies and procedures [Abstract] | ||||
Stockholders' equity | $ 2,229,062 | $ 963,990 | $ 431,806 | $ 637,545 |
Total financial debt | 898,618 | 10,070,457 | ||
Cash and cash equivalents | (461,554) | (902,704) | $ (1,045,359) | $ (743,046) |
General financing | $ 437,064 | $ 9,167,753 | ||
Ratio of total debt to stockholders' equity | 0.20 | 9.51 |
Commitments and contingencies, Commitments (Details) $ in Thousands, $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2017
MXN ($)
|
Dec. 31, 2017
USD ($)
|
Dec. 31, 2016
MXN ($)
|
|
Commitments [Abstract] | |||
Concession fees | $ 17,589 | $ 19,057 | |
Capital contribution in joint venture | $ 113,777 | $ 6,160 | |
Capital contribution payment period for joint venture | 3 years | 3 years |
Commitments and contingencies, Contingencies (Details) |
12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2017
MXN ($)
|
Dec. 31, 2016
MXN ($)
|
Dec. 31, 2017
USD ($)
|
Aug. 12, 2016
MXN ($)
|
Dec. 31, 2007
MXN ($)
|
Dec. 31, 2007
USD ($)
|
Oct. 19, 2007
MXN ($)
|
Oct. 19, 2007
USD ($)
|
Aug. 07, 2007
MXN ($)
|
Aug. 07, 2007
USD ($)
|
|
Contingencies [Abstract] | ||||||||||
Contingent liability | $ 2,400,000 | |||||||||
RPS Claim [Member] | ||||||||||
Contingencies [Abstract] | ||||||||||
Contingent asset | $ 986,770 | $ 50,000 | ||||||||
Contingent liability | $ 59,206,000 | $ 3,000,000 | ||||||||
Mutual Loans Between WWS and TMM [Member] | ||||||||||
Contingencies [Abstract] | ||||||||||
Contingent asset | $ 7,770,000 | $ 393,731 | ||||||||
Contingent liability | $ 18,512,000 | $ 938,000 | ||||||||
ADEMSA Secured Certificates of Deposit [Member] | ||||||||||
Contingencies [Abstract] | ||||||||||
Settlement reserve | $ 2,461,000 | $ 2,461,000 | ||||||||
Settlement payment | $ 3,993,000 | $ 4,033,000 | ||||||||
Claim of Grupo TMM Against SSA Mexico, S.A. de C.V. (SSA) [Member] | ||||||||||
Contingencies [Abstract] | ||||||||||
Contingent liability | $ 119,673,000 |
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