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Financial risk management (Tables)

12 Months Ended

Dec. 31, 2020

Disclosure Of Financial Instruments [Abstract]

Summary of Financial Instruments Held by the Company

As of December 31, 2018, 2019 and 2020, financial instruments held by the Company are comprised of the following:

		December 31, 2018					December 31, 2019					December 31, 2020
Financial assets
Cash and cash equivalents		Ps.		6,151,457			Ps.		7,500,193			Ps.		14,444,549
Trade accounts receivables				1,395,362					1,479,410					1,266,005
Derivative financial instruments				136,457					4,686					-
Financial liabilities at amortized cost
Short and long-term debt securities		Ps.		9,000,000			Ps.		12,000,000			Ps.		17,000,000
Current and long-term bank loans				4,535,863					4,437,043					7,355,166
Accounts payable				1,181,049					1,215,264					1,172,044
Financial liabilities at Fair Value
Derivative financial instruments				-					265,979					750,704
Liabilities for assets in lease				48,199					37,192					26,193

Summary of Exposure to Credit Risk and Expected Credit Losses for Accounts Receivable

The following tables presents information on the exposure to credit risk and expected credit losses for accounts receivable from customers as of December 31, 2018, 2019 and 2020.

Balance of the trade account receivables as of December 31, 2018		Weighted average loss rate				Current balance of the Trade account					Amount of credit loss					Credit impairment
Current (not past due)		0.00%				Ps.		1,304,274			Ps.		-			No
1 to 30 days past due		4.48%						70,073					3,141			No
31 to 60 days past due		17.91%						25,934					4,645			No
61 to 90 days past due		80.20%						14,482					11,615			No
More than 90 days past due		100%						15,494					15,494			Yes
Legal		100%						13,780					13,780			Yes
						Ps.		1,444,037			Ps.		48,675

Balance of the trade account receivables as of December 31, 2019		Weighted average loss rate				Current balance of the Trade account					Amount of credit loss					Credit impairment
Current (not past due)		0%				Ps.		1,258,569			Ps.		-			No
1 to 30 days past due		5.97%						133,533					7,978			No
31 to 60 days past due		13.69%						91,640					12,546			No
61 to 90 days past due		47.48%						30,832					14,640			No
More than 90 days past due		100%						2,693					2,693			Yes
Legal		100%						13,165					13,165			Yes
						Ps.		1,530,432			Ps.		51,022

Balance of the trade account receivables as of December 31, 2020		Weighted average loss rate				Current balance of the Trade account					Amount of credit loss					Credit impairment
Current (not past due)		0%				Ps.		1,192,643			Ps.		-			No
1 to 30 days past due		8.31%						55,461					4,611			No
31 to 60 days past due		19.14%						25,223					4,827			No
61 to 90 days past due		86.54%						15,736					13,619			No
More than 90 days past due		100%						109,759					109,759			Yes
Legal		100%						14,136					14,136			Yes
						Ps.		1,412,958			Ps.		146,952

Summary of Company's Contractual Maturities for its Financial Liabilities, Including the Interest to be Paid

The following is a table with a summary of the Company’s contractual maturities for its financial liabilities, including the interest to be paid, as of December 31, 2018, 2019 and 2020:

		December 31, 2018
		Weighted average of effective interest rate				Less than 1 month					From 1 to 3 months					From 3 months to 1 year					From 1 year to 5 years					More than 5 years					Total
Long-term debt securities (fixed rate)						Ps.		—			Ps.		—			Ps.		—			Ps.		—			Ps.		1,500,000			Ps.		1,500,000
Long-term debt securities (variable rate)								—					—					—					7,500,000					—					7,500,000
Fixed rate loans								—					—					—					—					225,307					225,307
Variable rate bank loans								—					—					—					4,200,331					110,225					4,310,556
Fixed rate interest			7.92	%				2,664					56,198					79,990					555,088					391,014					1,084,954
Variable rate interest			6.91	%				64,301					127,822					618,198					1,352,594					3,031					2,165,946
Trade accounts payable and other payables		N/A						188,659					694,015					—					—					—					882,674
Liabilities for assets in lease		N/A						1,235					2,594					10,684					33,689					—					48,199
AMP		N/A						—					—					298,376					—					—					298,376
						Ps.		256,859			Ps.		880,628			Ps.		1,007,245			Ps.		13,641,702			Ps.		2,229,577			Ps.		18,016,011

		December 31, 2019
		Weighted average of effective interest rate				Less than 1 month					From 1 to 3 months					From 3 months to 1 year					From 1 year to 5 years					More than 5 years					Total
Long-term debt securities (fixed rate)						Ps.		—			Ps.		—			Ps.		—			Ps.		—			Ps.		1,500,000			Ps		1,500,000
Long-term debt securities (variable rate)								—					2,200,000					—					8,300,000					—					10,500,000
Fixed rate loans								—					—					—					—					215,718					215,718
Variable rate bank loans								—					—					124,379					4,096,946					—					4,221,325
Fixed rate interest			7.92	%				2,551					7,425					129,976					538,534					305,422					983,908
Variable rate interest			6.55	%				77,908					190,603					526,134					1,278,134					—					2,072,779
Trade accounts payable and other payables		N/A						190,230					670,124					—					—					—					860,354
AMP		N/A						—					—					355,361					—					—					355,361
Liabilities for assets in lease		N/A						1,060					2,226					9,291					24,615					—					37,192
						Ps.		271,749			Ps.		3,070,378			Ps.		1,145,141			Ps.		14,238,229			Ps.		2,021,140			Ps.		20,746,637

		December 31, 2020
		Weighted average of effective interest rate				Less than 1 month					From 1 to 3 months					From 3 months to 1 year					From 1 year to 5 years					More than 5 years					Total
Long-term debt securities (fixed rate)						Ps.		—			Ps.		—			Ps.		—			Ps.		1,500,000			Ps.		3,598,000			Ps		5,098,000
Long-term debt securities (variable rate)								—					—					1,500,000					10,402,000					—					11,902,000
Fixed rate loans								—					—					—					1,000,000					228,350					1,228,350
Variable rate bank loans								—					—					4,969,791					1,157,025					—					6,126,816
Fixed rate interest			7.92	%				2,700					7,770					131,334					503,128					223,856					868,788
Variable rate interest			6.55	%				64,453					180,141					773,412					2,224,948					444,197					3,687,151
Cash flow hedges			7.46	%				29,485					50,189					150,566					462,043										692,283
Trade accounts payable and other payables		N/A						247,757					767,284					—					—					—					1,015,041
AMP		N/A						—					—					157,003					—					—					157,003
Liabilities for assets in lease		N/A						904					1,896					7,918					15,475					—					26,193
						Ps.		345,299			Ps.		1,007,280			Ps.		7,690,024			Ps.		17,264,619			Ps.		4,494,403			Ps.		30,801,625

Summary of Sensitivity Analysis of the Company Financial Assets and Liabilities

The following is a sensitivity analysis of the Company financial assets and liabilities denominated in USD, if the peso were to depreciate or appreciate by 10%, which is the amount management considers reasonably possible of occurring at year end:

		USD amounts on December 31, 2020					Peso amounts at exchange rate of Ps. 19.9487 on December 31, 2020					Peso amounts if exchange rate depreciated 10%					Peso amounts if exchange rate appreciated 10%
Thousands of U.S. dollars:
Financial assets:
Cash and cash equivalents			489,939			Ps.		9,773,654			Ps.		8,885,140			Ps.		10,751,019
Trade accounts receivable			8,906					177,656					161,506					195,422
			498,845					9,951,310					9,046,646					10,946,441
Financial liabilities:
Accounts payable			25,369					506,077					460,070					556,685
Bank loans			(268,447	)				(5,355,166	)				(4,868,332	)				(5,890,682	)
			(293,816	)		Ps.		5,861,243			Ps.		(5,328,402	)		Ps.		6,447,367
Net liability position			205,029			Ps.		4,090,067			Ps.		3,718,244			Ps.		4,499,074

Summary of Variable Interest Rates to the Company is Exposed had been 100 Basis Points (Higher) or Lower Than the Interest Rate

The Company has financial debt denominated in pesos and U.S. dollars, which accrues interest at a variable rate based on TIIE 28-days and LIBOR 28-days, respectively. If on the 2020 of year-end closing date the variable interest rates to which the Company is exposed had been 100 basis points (higher) or lower than the interest rate at year-end with the other variables remaining constant, the effect on net income and stockholders’ equity for the years ended December 31, 2018, 2019 and 2020 would have been as follows:

		2018					2019					2020
Effect in case of interest rate increase in 100 basis points
Variable rate long term debt		Ps.		(121,747	)		Ps.		(84,251	)		Ps.		(111,492	)
Effect in case of interest rate decrease in 100 basis points
Variable rate long term debt		Ps.		121,747			Ps.		84,251			Ps.		111,492

Summary of Interest Rate Profile of Company Interest-bearing Financial Instruments

The interest rate profile of the Company interest-bearing financial instruments as of December 31, 2018, 2019 and 2020 is as follows:

		2018					2019					2020
Fixed-rate instruments
Financial liabilities		Ps.		(1,500,000	)		Ps.		(1,500,000	)		Ps.		(6,326,350	)
Effect of interest rate swaps				(1,500,000	)				(6,800,000	)				(9,800,000	)
		Ps.		(3,000,000	)		Ps.		(8,300,000	)		Ps.		(16,126,350	)
Variable-rate instruments
Financial liabilities				(12,035,863	)				(14,937,043	)				(18,028,816	)
Effect of interest rate swaps				1,500,000					6,800,000					9,800,000
		Ps.		(10,535,863	)		Ps.		(8,137,043	)		Ps.		(8,228,816	)

Summary of Items Designated as Hedged Items

As of December 31, 2019 and 2020, the amounts at the reporting date relating to items designated as hedged items were as follows:

Interest rate risk

Change in value used for calculating hedge ineffectiveness

Cash flow hedge reserve

Costs of hedging hedge reserve

Balances remaining in the cash flow hedge reserve from hedging relationships for which hedge accounting is no longer applied

Variable-rate instruments

Ps.

(247,981

)

Ps.

(247,981

)

Ps.

-

Ps.

-

Interest rate risk

Change in value used for calculating hedge ineffectiveness

Cash flow hedge reserve

Costs of hedging hedge reserve

Balances remaining in the cash flow hedge reserve from hedging relationships for which hedge accounting is no longer applied

Variable-rate instruments

Ps.

(661,653

)

Ps.

471,107

Ps.

-

Ps.

-

Summary of Items Designated as Hedging Instruments and Hedge Ineffectiveness

The amounts relating to items designated as hedging instruments and hedge ineffectiveness as of December 31, 2019 and 2020, were as follows:

Interest rate risk

Nominal amount

Carrying amount (Liabilities)

Line item in the statement of financial position where the hedging instrument is included

Changes in the value of the hedging instrument recognized in OCI

Amount reclassified from costs of hedging reserve to profit or loss

Line item in profit or loss affected by the reclassification

Interest rate swaps

Ps.

5,300,000

Ps.

(247,981

)

Derivative financial instruments (liabilities)

Ps.

(247,981

)

Ps.

(1,045

)

Finance costs

Interest rate risk

Nominal amount

Carrying amount (Liabilities)

Line item in the statement of financial position where the hedging instrument is included

Changes in the value of the hedging instrument recognized in OCI

Amount reclassified from costs of hedging reserve to profit or loss

Line item in profit or loss affected by the reclassification

Interest rate swaps

Ps.

8,300,000

Ps.

(676,188

)

Derivative financial instruments (liabilities)

Ps.

(413,672

)

Ps.

(13,490

)

Finance costs

Schedule of Reconciliation by Risk Category of Components of Equity and Analysis of OCI Items and Net of Tax

The following tables provides a reconciliation by risk category of components of equity and analysis of OCI items and net of tax, resulting from cash flow hedge accounting as of December 31, 2019 and 2020:

		2019
Cash flow hedges			Hedge Reserve
Balance on January 1, 2019		Ps.		—
Changes in fair value				(247,981	)
Amount reclassified to profit or loss				(1,045	)
Changes in deferred tax asset				76,931
Balance at December 31, 2019		Ps.		(172,094	)
		2020
Balance on January 1, 2020		Ps.		(172,094	)
Changes in fair value				(413,672	)
Amount reclassified to profit or loss				(13,490	)
Changes in deferred tax asset				128,149
Balance at December 31, 2020		Ps.		(471,107	)

Summary of Decrease in Interbank Interest Rates (Basis Points)

The fair value of these instruments is exposed to decreases in interbank interest rates, such exposure is included in the sensitivity table of derivative financial instruments. The Company estimates that an increase in the reference rates would have similar exposures but opposite.

Decrease in interbank interest rates (basis points)
				Likely					Possible					Stress
Type of derivative, value or contract		Hedge type		(25 bps)					(50 bps)					(100 bps)
Hedge accounting derivatives		Cash flow		Ps.		(55,514	)		Ps.		(83,271	)		Ps.		(210,953	)
Total effect on fair value				Ps.		(55,514	)		Ps.		(83,271	)		Ps.		(210,953	)

Summary of Ratio of the Shareholders' Equity to Total Liabilities

The following is the ratio of stockholders’ equity to total liabilities of the Company at the end of the reporting period: 

		2018					2019					2020
Shareholders’ equity –controlling interest		Ps.		20,708,985			Ps.		19,628,172			Ps.		21,792,811
Total liabilities				17,778,352					20,908,361					28,508,390
Ratio of total Shareholders’ equity – controlling interest    to liabilities				1.2					0.9					0.8

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