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Leases

12 Months Ended

Dec. 31, 2021

Right-of-use assets

	2021
	Warehouse		Cranes		Courtyards		Major vessel maintenance		Corporate building		Total
Gross carrying amount
Balance 1 January 2021	$	287,641	$	11,722	$	60,035	$	22,135	$	92,170	$	473,703
Additions		58,454		-		11,362		-		-		69,816
Disposals		-		-		-		-		-		-
Balance at 31 December 2021		346,095		11,722		71,397		22,135		92,170		543,519

Depreciation
Balance 1 January 2021		83,036		7,157		22,495		4,150		2,633		119,471
Disposals		-		-		-		-		-		-
Depreciation		55,673		4,111		10,964		5,534		10,534		86,816
Balance 31 December 2021		138,709		11,268		33,459		9,684		13,167		206,287
Carrying amount 31 December 2021	$	207,386	$	454	$	37,938	$	12,451	$	79,003	$	337,232

	2020
	Warehouse		Cranes		Courtyards		Major vessel maintenance		Corporate building			Total
Gross carrying amount
Balance 1 January 2020	$	83,968	$	3,112	$	60,035	$	10,834	$	513,735		$	671,684
Additions		216,548		8,610		-		22,135		92,170			339,463
Disposals		12,875		-		-		10,834		513,735	(a)		537,444
Balance at 31 December 2020		287,641		11,722		60,035		22,135		92,170			473,703

Depreciation
Balance 1 January 2020		40,212		2,197		10,794		8,667		49,715			111,585
Disposals		1,884		-		-		10,834		62,146			74,864
Depreciation		44,708		4,960		11,701		6,317		15,064			82,750
Balance 31 December 2020		83,036		7,157		22,495		4,150		2,633			119,471
Carrying amount 31 December 2020	$	204,605	$	4,565	$	37,540	$	17,985	$	89,537		$	354,232

(a)

It corresponds to the cancellation of the rental agreement of the former corporate headquarters located on Av. De la Cuspide, which generates an effect on profit or loss in the amount of $113,469, which is presented in the caption of other (expenses) income (See note 19). In accordance with the agreement, the Company is bound to pay an amount of 158 thousand dollars monthly for 4 years, which will be conditioned to the rent or sale by the lessor of the real property. As of the date of issuance of the accompanying financial statements, these offices have not been rented or sold.

Lease liabilities

As of December 31, 2021 and December 31, 2020, the information on leases is summarized below:

	2021
	Short-term		Long-term
Payable in Mexican pesos
Warehouse	$	89,694	$	179,292
Cranes		1,248		-
Courtyards		11,482		30,033
Major vessel maintenance		6,404		7,683

Payable in US dollars
Corporate building		12,550		71,489
	$	121,378	$	288,497

	2020
	Short-term		Long-term
Payable in Mexican pesos
Warehouse	$	33,916	$	174,894
Cranes		4,272		488
Courtyards		8,260		33,030
Major vessel maintenance		6,490		13,214

Payable in US dollars
Corporate building		5,307		75,642
	$	58,245	$	297,268

Grupo TMM has leased its corporate headquarters building, warehouses for the storage service, cranes for the logistics services and a major vessel maintenance. With the exception of short-term leases and low-value underlying assets, each lease is reflected on the consolidated statement of financial position as a right-of-use asset and a lease liability.

Each lease generally imposes a restriction that, unless there is a contractual right for the Company to sublet the asset to another party, the right-of-use asset can only be used by the Company.

Leases are either non-cancellable or may only be cancelled by incurring a substantive termination fee. Some leases contain an option to extend the lease for a further term.

Grupo TMM is prohibited from selling or pledging the underlying leased assets as security. For leases over office buildings and warehouses, Grupo TMM must keep those properties in a good state of repair and return the properties. Further, Grupo TMM must insure items of leases assets and incur maintenance fees on such items in accordance with the lease contracts.

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 headquarters		1		7		-		-		1		-
Warehouse		7		3 - 4		2		-		7		-
Courtyards		5		1 – 4		5		-		5		-
Cranes		1		1		-		-		-		-
Major vessel maintenance		1		2		-		-		-		-

Lease liabilities are secured with related underlying assets. Future minimum lease payments at 31 December 2021 and 2020 were as follows:

	Within the 1st year			1 to 3 years			3 to 5 years			After 5 years			Total
Balance at December 31, 2021
Lease payments	$	184,703		$	213,311		$	102,716		$	39,833		$	540,563
Financial charges		(63,325	)		(48,820	)		(13,581	)		(4,962	)		(130,688	)
Present values, net	$	121,378		$	164,491		$	89,135		$	34,871		$	409,875

Balance at December 31, 2020
Lease payments	$	95,914		$	178,415		$	152,179		$	54,620		$	481,128
Financial charges		(37,669	)		(55,149	)		(23,783	)		(9,014	)		(125,615	)
Present values, net	$	58,245		$	123,266		$	128,396		$	45,606		$	355,513

Lease payments not recognized as a liability

The Company has elected not to recognize a lease liability for short-term leases (leases with an expected term of 12 months or less) or for leases of low-value assets. Payments made under such leases are expensed on a straight-line basis. In addition, certain variable lease payments are not permitted to be recognized as lease liabilities and are expensed as incurred.

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

	2021		2020
Short-term leases (a)	$	558,178	$	307,643
Leases of low-value assets		7,193		4,820
	$	565,371	$	312,463

(a)

Corresponds to the leasing of parcel and bulk carrier vessels.

At December 31, 2021, Grupo TMM was committed on short-term leases and total commitment at that date was $46,515.

At December 31, 2021 Grupo TMM had no lease commitments that had not yet started.

Total cash outflow for leases for the years ended December 31, 2021 and 2020 were $617,621 and $402,892, respectively.