6-K
GRUPO TMM SAB (GTMAY)
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN ISSUER
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934
For the month of OCTOBER 2022
TMM Group, Inc.
(Translation of registrant’s name into English)
Av. de la Cuspide No.4755, Colonia Parques del Pedregal, Delegacion Tlalpan,
Mexico City, C.P. 14010 Mexico
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F
Form 20-F X Form 40-F
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101 (b)(1):
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101 (b)(7):
Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes No X
If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b):82-____ .
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Date: October 31, 2022
By:
______________________________________
/s/ Luis Rodolfo Capitanachi Dagdug
Chief Financial Officer
This Form 6-K and the exhibit attached hereto are hereby incorporated by reference into the Registration Statement on Form F-3, Number 333-90710.
EXHIBIT INDEX
| EXHIBIT 99.1: | Press Release dated October 31, 2022 (GRUPO TMM REPORTS THIRD-QUARTER 2022 FINANCIAL RESULTS). |
|---|---|
| EXHIBIT 99.2: | Brief Description of Notices to CNBV and BMV of Financial Statements for the Third-Quarter 2022<br> Financial Results |
| --- | --- |
exhibit99\_1.htm
TMM Company Contact: AT Dresner Corporate Services::
Luis Rodolfo Capitanachi Dagdug, CFO David Gutierrez (investors, analysts, media)
011-52-55-5629-8866 312-780-7204
luis.capitanachi@tmm.com.mx
dgutierrez@dresnerco.com
Miguel Angel Gonzalez, Investor Relations
011-52-55-5629-8866
miguel.a.gonzalez@tmm.com.mx
GRUPO TMM REPORTS THIRD QUARTER 2022 FINANCIAL RESULTS
(In Millions of Mexican Pesos)
Third Quarter 2022 Results Include:
| o | Stockholders’ Equity of $1,780.5 million. |
|---|---|
| o | Financial Debt of 13.3 percent from Stockholders’ Equity. |
| --- | --- |
| o | Significant Reduction of Corporate Expenses. |
| --- | --- |
| o | Consolidated revenues increased 33.8 percent. |
| --- | --- |
Mexico City, October 28, 2022 – Grupo TMM, S.A.B. (OTC: GTMAY and BMV: TMM A; “TMM” or the “Company”), a Mexican maritime transportation, infrastructure, and logistics Company, reported today its financial results for the third quarter of 2022.
Grupo TMM, continuing with its strategy to strengthen the businesses related to the Maritime Sector, is pleased to report that a fourth specialized vessel began operations during the month of August. The management is confident of gradually improving the Company's results by adding more vessels and with the renewal of one of its floating dry-docks in the Maritime Infrastructure Division to be received next year.
Likewise, through its subsidiary TMM Almacenadora, in August the Company was awarded to operate a national cargo warehouse at the new Felipe Angeles International Airport (AIFA), thus adding two strategic facilities at this airport and which it estimates will start operations during the first quarter of 2023.
Finally, the Company continues to work to maintaining efficient and cost-effective operations while strengthening its financial position, as well as the best financing schemes for the implementation of its short- and medium-term projects, with the ultimate goal of creating value for its shareholders.
Consolidated revenue in the third quarter of 2022 increased $125.5 million or 33.8 percent, compared to the same period of previous year. Consolidated revenue for the first nine months of 2022 increased 41.4 percent to $1,329.7 million compared to $940.3 million for the same period of the previous year.
Year over year, our business Divisions revenue and operating results grew primarily as result of the increase in our Maritime Division in the number of vessels operated in the offshore segment, in the number of trips in the bulk carriers segment and the reactivation of the cruise activity in the shipping agency segment.
Consolidated EBITDA for the first nine-month of 2022 registered $79.9 million.
Finally, as of September 30, 2022, Grupo TMM’s net debt was $133.1 million, and our cash position was $103.7 million.
Headquartered in Mexico City, Grupo TMM is a Mexican company that provides comprehensive solutions in maritime transportation, maritime infrastructure, warehousing, and ports & terminals logistics operations, through its branch offices and network of subsidiary companies. For more information on Grupo TMM, please visit the company’s web site at www.tmm.com.mx. The site offers Spanish/English language options.
Included in this press release are certain forward-looking statements within the meaning of Section27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements speak only as of the date they are made and are based on the beliefs of the Company's management as well as on assumptions made. Actual results could differ materially from those included in such forward-looking statements. Readers are cautioned that all forward-looking statements involve risks and uncertainty. The following factors could cause actual results to differ materially from such forward-looking statements: global, US and Mexican economic and social conditions; the effect of the North American Free Trade Agreement on the level of US-Mexico trade; the condition of the world shipping market; the success of the Company's investment in new businesses; risks associated with the Company's reorganization and restructuring; the ability of the Company to reduce corporate overhead costs; the ability of management to manage growth and successfully compete in new businesses; and the ability of the Company to restructure or refinance its indebtedness. These risk factors and additional information are included in the Company's reports on Form 6-K and 20-F on file with the United States Securities and Exchange Commission.
Financial tables follow
Grupo TMM, S.A.B. and Subsidiaries
Balance Sheet*
- Millions of Pesos -
| September 30, | December 31, | |
|---|---|---|
| 2022 | 2021 | |
| Cash and cash in banks available | 65.0 | 39.6 |
| Restricted cash | 38.7 | 48.2 |
| Total cash and cash equivalents | 103.7 | 87.8 |
| Accounts receivable – Net | 454.3 | 466.1 |
| Other accounts receivable | 418.9 | 69.1 |
| Taxes to be recovered | 156.2 | 202.9 |
| Prepaid expenses and others current assets | 87.5 | 69.2 |
| Non-current assets held for sale | 272.5 | 455.2 |
| Total current assets | 1,493.0 | 1,350.3 |
| Taxes to be recovered long term | 280.0 | 280.0 |
| Property, machinery and, equipment | 1,505.3 | 1,645.3 |
| Cumulative Depreciation | (92.9) | (176.8) |
| Property, machinery and, equipment – Net | 1,412.4 | 1,468.6 |
| Rights of use | 303.4 | 337.2 |
| Other assets | 261.5 | 276.2 |
| Total assets | 3,750.3 | 3,712.3 |
| Bank loans and current maturities of long-term liabilities | 201.2 | 196.2 |
| Leases short-term | 72.4 | 121.4 |
| Suppliers | 319.4 | 437.0 |
| Other accounts payable and accrued expenses | 780.9 | 475.9 |
| Total current liabilities | 1,373.9 | 1,230.5 |
| Bank loans | 35.6 | 65.6 |
| Leases long-term | 247.7 | 288.5 |
| Deferred taxes | 142.5 | 196.1 |
| Other long-term liabilities | 170.0 | 112.5 |
| Total long-term liabilities | 595.8 | 662.6 |
| Total liabilities | 1,969.8 | 1,893.2 |
| Total stockholders´ equity | 1,780.5 | 1,819.1 |
| Total liabilities and stockholders´ equity | 3,750.3 | 3,712.3 |
*Prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board.
Grupo TMM, S.A.B. and Subsidiaries
*Statement of Income
- Millions of Pesos -
| Three months ended | Nine months ended | |||
|---|---|---|---|---|
| September 30, | September 30, | |||
| 2022 | 2021 | 2022 | 2021 | |
| Maritime | 370.9 | 249.3 | 983.0 | 563.9 |
| Ports and Terminals | 41.0 | 49.2 | 129.4 | 173.5 |
| Warehousing Services | 38.1 | 32.6 | 106.9 | 92.5 |
| Maritime Infrastructure | 46.8 | 40.3 | 110.4 | 110.4 |
| Revenue from freight and services | 496.8 | 371.3 | 1,329.7 | 940.3 |
| Maritime | (359.7) | (227.8) | (902.9) | (546.9) |
| Ports and Terminals | (37.3) | (48.0) | (116.6) | (161.1) |
| Warehousing Services | (32.9) | (23.5) | (86.5) | (68.5) |
| Maritime Infrastructure | (21.6) | (17.4) | (64.0) | (55.9) |
| Cost of freight and services | (451.5) | (316.7) | (1,170.0) | (832.4) |
| Maritime | (0.4) | (3.3) | (10.6) | (9.8) |
| Ports and Terminals | (4.5) | (6.3) | (13.9) | (24.0) |
| Warehousing Services | (10.2) | (12.1) | (36.8) | (36.9) |
| Maritime Infrastructure | (0.5) | (1.0) | (5.8) | (4.5) |
| Depreciation and amortization | (15.6) | (22.8) | (67.2) | (75.2) |
| Maritime | 10.8 | 18.2 | 69.5 | 7.2 |
| Ports and Terminals | (0.8) | (5.2) | (1.2) | (11.7) |
| Warehousing Services | (5.0) | (3.0) | (16.4) | (12.9) |
| Maritime Infrastructure | 24.7 | 21.8 | 40.6 | 50.0 |
| Results by business | 29.7 | 31.8 | 92.5 | 32.6 |
| Corporate expenses | (22.8) | (30.9) | (58.4) | (102.7) |
| Corporate depreciation and amortization | (0.6) | (1.1) | (1.7) | (3.3) |
| Non-recurring (expenses) income | (2.2) | (11.0) | (21.3) | (69.6) |
| Operating (loss) gain | 4.1 | (11.2) | 11.0 | (142.9) |
| Financial (expenses) income - Net | (10.0) | (8.4) | (26.1) | (18.9) |
| Leases financial expenses | (1.8) | (9.3) | (20.4) | (30.0) |
| Exchange gain (loss) - Net | (1.2) | (7.7) | 6.6 | 7.8 |
| Net financial cost | (13.0) | (25.4) | (39.8) | (41.1) |
| (loss) gain before taxes | (8.9) | (36.6) | (28.8) | (184.1) |
| Provision for taxes | 9.8 | (0.1) | 31.0 | 21.1 |
| Net (loss) gain for the period | 0.9 | (36.7) | 2.2 | (162.9) |
| Attributable to: | ||||
| Minority interest | (0.5) | (0.5) | (0.7) | (6.8) |
| Equity holders of GTMM, S.A.B. | 1.4 | (36.2) | 2.9 | (156.1) |
| Weighted average outstanding shares (millions) | 102.18 | 102.18 | 102.18 | 102.18 |
| Income (loss) earnings per share (pesos/share) | 0.0 | (0.4) | 0.03 | (1.5) |
| Outstanding shares at end of period (millions) | 102.18 | 102.18 | 102.18 | 102.18 |
| Income (loss) earnings per share (pesos/share) | 0.0 | (0.4) | 0.03 | (1.5) |
*Prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board.
Grupo TMM, S.A.B. and subsidiaries
*Statement of Cash Flow
- Millions of Pesos -
| Three months ended | Nine months ended | |||
|---|---|---|---|---|
| September 30, | September 30, | |||
| 2022 | 2021 | 2022 | 2021 | |
| Net gain (loss) for the period | 0.9 | (36.7) | 2.2 | (162.9) |
| Depreciation & amortization | 16.2 | 23.9 | 68.9 | 78.5 |
| Deferred taxes | (9.9) | (2.8) | (35.5) | (28.0) |
| Other non-cash items | 28.1 | 22.9 | 63.7 | 100.7 |
| Total non-cash items | 34.5 | 44.0 | 97.1 | 151.2 |
| Changes in assets & liabilities | (2.8) | (36.5) | 18.4 | (84.3) |
| Total adjustments | 31.6 | 7.6 | 115.5 | 66.9 |
| Net cash provided by (used in) operating activities | 32.5 | (29.2) | 117.7 | (96.0) |
| Proceeds from sales of assets | 0.1 | (0.1) | 9.2 | 83.7 |
| Payments for purchases of assets | (4.2) | (29.5) | (12.3) | (42.0) |
| Net cash provided by (used in) investment activities | (4.1) | (29.6) | (3.1) | 41.7 |
| Short-term borrowings (net) | (14.0) | 44.0 | (19.7) | 33.8 |
| Repayment of leases | (30.8) | (24.5) | (75.9) | (69.1) |
| Proceeds from (repayment of) long-term debt | 2.2 | (3.1) | (1.8) | 19.7 |
| Net cash provided by (used in) financing activities | (42.6) | 16.5 | (97.4) | (15.6) |
| Exchange effect on cash | 0.8 | 4.4 | (1.3) | 3.2 |
| Net increase (decrease) in cash | (13.3) | (38.0) | 15.9 | (66.7) |
| Cash at beginning of period | 117.0 | 114.2 | 87.8 | 143.0 |
| Cash at end of period | 103.7 | 76.2 | 103.7 | 76.2 |
Prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board.
exhibit99\_2.htm
Exhibit 99.2
Brief Description of Notices to CNBV and BMV of
Financial Statements for the Third-Quarter 2022 Financial Results
Required quartely financial information consists of the financial information filed with the CNBV and the BMV (under discontinuing operations). Specifically required are, among other data, balance sheet, income statement, profit and loss statement, certain financial ratios, a descriptive breakdown of all issued shares and list of directors and officers.