Leases (Tables)

12 Months Ended

Dec. 31, 2019

As of December 31, 2019 and December 31, 2018, the information on leases is summarized below:

	2019
	Short-term		Long-term
Payable in Mexican pesos
Warehouse	$	32,673	$	14,094
Cranes		963		-
Courtyards		10,285		41,248
Major vessel maintenance		2,269		-

Payable in US dollars
Corporate building		14,388		471,439
	$	60,578	$	526,781

Leasing Activities by Type of Right-of-Use Asset

The table below describes the nature of Grupo TMM’s leasing activities by type of right-of-use asset recognized in the consolidated statement of financial position:

Right-of-use asset	No. of right-of-use assets leased		Range of remaining term (years)		No. of leases with extension options		No. of leases with purchase option		No. of leases with variable payments linked to an index		No. of leases with termination options
Corporate building		1		9		-		-		1		-
Warehouse		6		1 - 4		2		-		6		-
Courtyards		5		1 - 5		5		-		5		-
Cranes		1		1		-		-		-		-
Major vessel maintenance		1		1		-		-		-		-

Minimum Future Lease Payments

Lease liabilities are secured with related underlying assets. Future minimum lease payments at 31 December 2019 were as follows:

	Within the 1st year			1 to 3 years			3 to 5 years			After 5 years			Total
Balance at December 31, 2019
Lease payments	$	121,847		$	185,494		$	198,259		$	427,355		$	932,955
Financial charges		(61,269	)		(108,101	)		(87,429	)		(88,797	)		(345,596	)
Present values, net	$	60,578		$	77,393		$	110,830		$	338,558		$	587,359

	Within the 1st year			1 to 3 years			3 to 5 years			After 5 years			Total
Balance at December 31, 2018
Lease payments	$	133,870		$	215,631		$	200,489		$	546,922		$	1,096,912
Financial charges		(70,975	)		(121,445	)		(102,513	)		(134,749	)		(426,682	)
Present values, net	$	62,895		$	94,186		$	97,976		$	412,173		$	667,230

Expense Relating to Payments not Included in Measurement of Lease Liability

The expense relating to payments not included in the measurement of the lease liability is as follows:

	2019
Short-term leases (a)	$	296,770
Leases of low-value assets		3,696
	$	300,466

(a)

Corresponds to the leasing of parcel and bulk carrier vessels.

Additional Information on Right-of-Use Assets by Class of Assets

Additional information on right-of-use assets by class of assets in as follows:

	Carrying amount		Depreciation expense		Financial cost
Corporate building	$	464,020	$	49,716	$	55,221
Warehouse		43,756		40,212		8,751
Courtyards		49,241		10,794		5,377
Cranes		915		2,197		221
Major vessel maintenance		2,167		8,667		655
Total right-of-use assets	$	560,099	$	111,586	$	70,225