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 2024
 
 
Logo Grupo TMM SAB
 
 
TMM Group, Inc.
(Translation of registrant’s name into English)
 
Lago Alberto No.442, P.5, 503-A, Colonia Anahuac, Delegacion Miguel Hidalgo,
Mexico City, C.P. 11320 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, 2024
 
By:
 
 
______________________________________
/s/ Verónica Tego Sánchez
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
 
Press Release dated October 31, 2024 (GRUPO TMM REPORTS THIRD-QUARTER 2024 FINANCIAL RESULTS).
 
Brief Description of Notices to CNBV and BMV of Financial Statements for the Third-Quarter 2024 Financial Results
 
 
 


TMM Company Contact:                                          AT Dresner Corporate Services::
Verónica Tego Sánchez, CFO                        David Gutierrez (investors, analysts, media)
011-52-55-5629-8866                                                     312-780-7204
veronica.tego@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 2024 FINANCIAL RESULTS
(In Millions of Mexican Pesos)


Third Quarter 2024 Results Include:

o
Consolidated Revenue growth of 77%.
o
Stockholders’ Equity of $2,049.8 million.
o
Financial Debt of 13.7 percent from Stockholders’ Equity.



Mexico City, October 31, 2024 – 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 2024.
Our third-quarter results underscore the strategic execution of the Company, primarily driven by robust growth in our maritime-related businesses. The Maritime Division reported a revenue increase of over 40%, attributed to the operation of a fleet of five specialized vessels known as "Loderos," compared to three Loderos in the same period of 2023, as well as enhancements in the operation of chemical tankers.
The Maritime Infrastructure Division recorded and will maintain a 100% occupancy rate for the remainder of the year.
Furthermore, we are pleased to announce that Francisco Estrada has joined Grupo TMM as Chief Operating Officer. Mr. Estrada brings over 25 years of experience in logistics, foreign trade, and supply chain management. His appointment will strengthen the Company’s operations and facilitate the expansion of our logistics-related services.
Consolidated revenue for the third quarter of 2024 was $504.7 million, reflecting a 77% increase compared to the same period in 2023. Consolidated revenue for the first nine months of 2024 reported $1,250.3 million.
Consolidated operating income for the third quarter of 2024 was $67.3 million, in contrast to $19.2 million for the same period last year. Consolidated operating income for the first nine months of 2024 reported earnings of $150.0 million.
Consolidated EBITDA for the third quarter of 2024 stood at $91.1 million, representing an increase of over 70% compared to the same period in 2023.


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,
 
2024
2023
     
     
Cash and cash in banks available
162.0
98.4
Restricted cash
1.7
1.7
Total cash and cash equivalents
163.6
100.0
Accounts receivable – Net
602.3
307.8
Other accounts receivable
302.5
231.5
Taxes to be recovered
83.9
195.2
Prepaid expenses and others current assets
50.5
45.7
Total current assets
1,203.0
880.2
Taxes to be recovered long term
195.5
195.5
Property, machinery and, equipment
2,001.5
1,905.2
Cumulative Depreciation
(107.7)
(100.7)
Property, machinery and, equipment – Net
1,893.8
1,804.4
Rights of use
70.9
148.0
Other assets
256.3
238.8
Total assets
3,619.5
3,266.8
Bank loans and current maturities of long-term liabilities
241.2
198.8
Leases short-term
26.4
67.1
Suppliers
415.8
363.1
Other accounts payable and accrued expenses
577.8
340.7
Total current liabilities
1,261.3
969.8
Bank loans
39.4
12.4
Leases long-term
63.5
100.4
Deferred taxes
126.9
132.5
Other long-term liabilities
78.7
77.4
Total long-term liabilities
308.5
322.7
Total liabilities
1,569.7
1,292.5
Total stockholders´ equity
2,049.8
1,974.4
Total liabilities and stockholders´ equity
3,619.5
3,266.8

*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,
 
2024
2023
  
2024
2023
           
Maritime
407.6
175.3
  
853.4
593.1
Inland Logistics
16.0
16.8
  
57.0
58.6
Warehousing Services
39.2
44.6
  
131.3
97.5
Maritime Infrastructure
41.9
48.1
  
208.6
127.1
Revenue from freight and services
504.7
284.8
 
1,250.3
876.3
Maritime
(337.4)
(153.5)
  
(735.6)
(537.0)
Inland Logistics
(18.5)
(22.6)
  
(55.0)
(72.3)
Warehousing Services
(23.5)
(29.5)
  
(78.6)
(60.8)
Maritime Infrastructure
(32.2)
(35.0)
  
(149.8)
(85.9)
Cost of freight and services
(411.5)
(240.7)
 
(1,018.9)
(755.9)
Maritime
(0.6)
(8.4)
  
(16.4)
(25.1)
Inland Logistics
(3.9)
(2.7)
  
(9.0)
(10.4)
Warehousing Services
(17.9)
(20.3)
  
(53.9)
(40.6)
Maritime Infrastructure
(0.9)
(2.0)
  
(3.7)
(6.2)
Depreciation and amortization
(23.3)
(33.3)
 
(83.0)
(82.4)
Maritime
69.6
13.3
  
101.5
31.0
Inland Logistics
(6.4)
(8.5)
  
(7.0)
(24.1)
Warehousing Services
(2.2)
(5.1)
  
(1.1)
(3.9)
Maritime Infrastructure
8.8
11.2
  
55.1
35.0
Results by business
69.8
10.8
 
148.4
38.1
Corporate expenses
(14.9)
(15.3)
  
(46.0)
(47.6)
Corporate depreciation and amortization
(0.5)
(0.5)
  
(1.6)
(1.7)
Non-recurring (expenses) income
12.9
24.3
  
49.2
24.8
Operating (loss) gain
67.3
19.2
 
150.0
13.7
Financial (expenses) income - Net
(6.7)
(6.6)
  
(19.8)
(19.9)
Leases financial expenses
(4.0)
(5.1)
  
(14.0)
(18.2)
Exchange gain (loss) - Net
(8.2)
(12.5)
  
(40.9)
15.6
Net financial cost
(18.9)
(24.2)
 
(74.6)
(22.5)
(loss) gain before taxes
48.3
(5.0)
 
75.4
(8.9)
Provision for taxes
-
10.0
 
-
20.2
           
Net (loss) gain for the period
48.3
5.0
 
75.4
11.3
           
Attributable to:
          
Minority interest
0.1
0.2
 
0.2
(0.0)
Equity holders of GTMM, S.A.B.
48.2
4.9
 
75.1
11.4
           
Weighted average outstanding shares (millions)
174.55
102.18
  
174.55
102.77
Income (loss) earnings per share (pesos/share)
0.28
0.05
  
0.43
0.11
           
Outstanding shares at end of period (millions)
174.55
155.27
  
174.55
155.27
Income (loss) earnings per share (pesos/share)
0.28
0.03
 
0.43
0.07

*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,
 
2024
2023
 
2024
2023
           
Net gain (loss) for the period
48.3
5.0
  
75.4
11.3
Depreciation & amortization
23.8
33.9
  
84.7
84.0
Deferred taxes
(1.0)
(11.3)
  
(5.6)
(23.3)
Other non-cash items
(5.6)
8.8
  
34.7
35.5
Total non-cash items
17.2
31.4
 
113.9
96.2
Changes in assets & liabilities
5.7
(15.3)
  
(4.7)
(64.0)
Total adjustments
22.9
16.1
 
109.2
32.2
Net cash provided by (used in) operating activities
71.3
21.1
 
184.6
43.6
 
 
 
 
 
 
Proceeds from sales of assets
1.8
10.1
  
2.5
10.3
Payments for purchases of assets
(23.5)
(0.4)
 
(108.3)
(6.4)
Net cash provided by (used in) investment activities
(21.7)
9.8
 
(105.8)
4.0
           
Short-term borrowings (net)
4.3
(5.0)
  
1.1
(10.0)
Repayment of leases
(29.3)
(5.7)
  
(61.8)
(35.3)
Proceeds from (repayment of) long-term debt
11.3
(1.2)
  
41.0
(7.2)
Shares issuance
-
111.5
  
-
111.5
Net cash provided by (used in) financing activities
(13.7)
99.6
 
(19.7)
58.9
Exchange effect on cash
2.30
4.0
 
4.6
(7.5)
Net increase (decrease) in cash
38.1
134.5
 
63.6
98.9
Cash at beginning of period
125.5
61.2
 
100.0
96.8
Cash at end of period
163.6
195.7
 
163.6
195.7


Prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board.


 
Exhibit 99.2
 
 
 
 
Brief Description of Notices to CNBV and BMV of
Financial Statements for the third-Quarter 2024 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.
 
 
 
 


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