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Leases Obligations
 12 Months Ended
Dec. 31, 2020
Disclosure Of Leases Obligations [Abstract]  
Leases Obligations

 

14.

Leases Obligations

 

 

a.

Lease contracts

 

The Company leased space for its corporate offices and the lease of utility vehicles and operating vehicles, under a lease agreement. The average lease term is from 2 to 4 years in 2020 and there are options to buy the equipment for a nominal amount at the end of the terms of the lease.

 

The obligations of the Company stem from financial leases that are guaranteed by the title of the lessors to the leased assets.

 

 

b.

Future minimum lease payment

 

The amount of future minimum lease payments as of December 31, 2020 were as follows:

 

 

 

 

Future minimum

lease payments

 

 

Interest

 

 

Present value

of minimum

lease payments

 

Less than one year

 

Ps.

 

12,243

 

 

Ps.

 

(1,526

)

 

Ps.

 

10,717

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less than two years

 

Ps.

 

14,410

 

 

Ps.

 

(612

)

 

Ps.

 

13,798

 

Less than three years

 

 

 

1,717

 

 

 

 

(39

)

 

 

 

1,678

 

Liabilities for assets in lease long term

 

 

 

16,127

 

 

 

 

(651

)

 

 

 

15,476

 

Total liabilities for leased assets

 

Ps.

 

28,370

 

 

Ps.

 

(2,177

)

 

Ps.

 

26,193

 

 

As of December 31, 2018, 2019 and  2020 the Company recognized Ps. 13,118, Ps. 16,261 and Ps. 12,977 respectively for the amortization of assets for the rights of use.

 

The interest rates that underlie all obligations under lease agreements are fixed by an average discount interest of 8.23% as of January 1°, 2018, and 8.38%, 7.99% and 7.95% during the year 2018, 2019 and 2020. As of December 31, 2018, 2019 and 2020 Ps. 3,733, Ps. 3,703 and Ps. 2,582, respectively was recognized as interest on the liability for lease in the consolidated statement of income and other comprehensive income.