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Bank Loans and issuance of Debt Securities | 12 Months Ended
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Dec. 31, 2022
Disclosure of detailed information about borrowings [abstract] |
Bank Loans and issuance of Debt Securities | 16. Bank Loans and issuance of Debt Securities a. Bank Loans The Company contracted debt securities in Mexico to finance capital investments and refinance maturities, in addition to contracting bank loans for business acquisitions and for the financing of investments in airports located in Jamaica. The totality of the credits contracted with banking institutions and third parties are described below:
|  | December 31 2020 |  |  | December 31 2021 |  |  | December 31 2022 |
MBJA signed a simple unsecured loan with its shareholder Vantage in June 2007 for USD$10,936,000, which is repayable at the same maturity date as the IFC´s loans but are subject to restrictions. Interest is accrued at an interest rate of 14% per annum and semi-annual instalments. |  | Ps. |  | 218,176 |  |  | Ps. |  | 225,119 |  |  | Ps. |  | 211,754 |
In February 2009, MBJA signed a simple unsecured loan with its shareholder Vantage for USD$510,000 to finance expenses related to a construction project of MBJA. The interest rate was set at 8%. The loan does not have an expiration date, no payments on account of capital have been made. |  |  |  | 10,174 |  |  |  |  | 10,498 |  |  |  |  | 9,874 |
On January 19, 2016, GAP refinanced with Bank of Nova Scotia the simple unsecured loan contracted previously for the amount of USD$95.5 million, with a five-year maturity. The loan bears interest at LIBOR 1M plus 99 basis points. |  |  |  | 1,905,101 |  |  |  |  | 1,965,724 |  |  |  |  | — |
On February 15, 2016, GAP refinanced with BBVA Bancomer the simple unsecured loan contracted previously for the amount of USD$95.5 million, with a five-year maturity. The loan bears interest at LIBOR 1M plus 105 basis points. |  |  |  | 1,905,101 |  |  |  |  | 1,965,724 |  |  |  |  | — |
On December 28, 2017, MBJA signed a simple unsecured loan with The Bank of Nova Scotia Jamaica Limited for USD$40,000,000. The loan bears interest at LIBOR 1M plus 285 basis points for a period of 7 years from this disposition and semi-annual instalments. As of December 31, 2022 the balance amounted to USD$20.0 million. |  |  |  | 718,153 |  |  |  |  | 576,338 |  |  |  |  | 387,230 |
On April 13, 2020, GAP signed a simple unsecured loan with Scotiabank for Ps. 1,000,000 for a period of 15 months at a variable interest rate 28 days TIIE variable plus 100 basis points. On May 13, 2021 the balance amounted was paid. |  |  |  | 1,000,000 |  |  |  |  | — |  |  |  |  | — |
On May 15, 2020, GAP signed a simple unsecured loan with BBVA Bancomer Ps. 1,000,000. The loan bears interest at a fixed annual interest rate of 6.99%. On May 26, 2021 the balance amounted was paid. |  |  |  | 1,000,000 |  |  |  |  | — |  |  |  |  | — |
On September 3, 2020, MBJA signed a simple unsecured loan with The Bank of Nova Scotia Jamaica Limited for USD$60,000,000. The loan bears interest at LIBOR plus 310 basis points for a period of 5 years from this disposition and semi-annual instalments. As of December 31, 2022 the balance amounted to USD$30,000,000. |  |  |  | 598,461 |  |  |  |  | 617,505 |  |  |  |  | 580,845 |
On March 18, 2022, GAP refinanced with Bank of Nova Scotia the simple unsecured loan contracted previously for the amount of USD$95.5 million, with a four-years maturity. The loan bears interest at a fixed annual interest rate of 2.64%. |  |  |  | — |  |  |  |  | — |  |  |  |  | 1,849,023 |
On March 18, 2022, GAP refinanced with BBVA Bancomer the simple unsecured loan contracted previously for the amount of USD$95.5 million, with a four-years maturity. The loan bears interest at a fixed annual interest rate of 2.45%. |  |  |  | — |  |  |  |  | — |  |  |  |  | 1,849,023 |
On November 07, 2022, GAP signed a simple unsecured loan with Scotiabank for Ps.1,500,000 for a period of 12 months with a possible extension of 6 months at a variable interest rate 28 days TIIE variable plus 38 basis points, the payment of the principal will be at maturity. |  |  |  | — |  |  |  |  | — |  |  |  |  | 1,500,000 |
On December 09, 2022, GAP signed a simple unsecured loan with Citibanamex for Ps.1,500,000 for a period of 18 months at a variable interest rate 28 days TIIE variable plus 38 basis points, the payment of the principal will be at maturity. |  |  |  | — |  |  |  |  | — |  |  |  |  | 1,500,000 |
Total unpaid balance of bank loans and long-term debt |  |  |  | 7,355,166 |  |  |  |  | 5,360,908 |  |  |  |  | 7,887,749 |
Less - Current portion |  |  |  | (1,159,590 | ) |  |  |  | (164,668 | ) |  |  |  | (1,654,891 | )
Long-term portion |  | Ps. |  | 6,195,576 |  |  | Ps. |  | 5,196,240 |  |  | Ps. |  | 6,232,858 |
b) Issuance of Debt Securities
|  | December 31 2020 |  |  | December 31 2021 |  |  | December 31 2022 |
Unsecured debt securities issued in the Mexican market on February 20, 2015, for Ps.1,500,000 under the name "GAP 15-2" at a fixed annual interest rate of 7.08% over a period of 10 years, maturing on February 7, 2025. |  |  |  | 1,500,000 |  |  |  |  | 1,500,000 |  |  |  |  | 1,500,000 |
Unsecured debt securities issued in the Mexican market on July 8, 2016, for Ps.1,500,000 under the "GAP 16" name, at a variable interest rate of 28-day TIIE plus 49 basis points for a period of five years. On July 2, 2021 the balance amounted was paid. |  |  |  | 1,500,000 |  |  |  |  | — |  |  |  |  | — |
Unsecured debt securities issued in the Mexican market on April 6, 2017, for Ps.1,500,000 under the "GAP 17" name, at a variable interest rate of 28-day TIIE plus 49 basis points for a period of five years. On March 31, 2022, the balance amounted was paid. |  |  |  | 1,500,000 |  |  |  |  | 1,500,000 |  |  |  |  | — |
Unsecured debt securities issued in the Mexican market on November 9, 2017, for Ps.2,300,000 under the "GAP 17-2" name, at a variable interest rate of 28-day TIIE plus 44 basis points for a period of five years. On November 3, 2022, the balance amounted was paid. |  |  |  | 2,300,000 |  |  |  |  | 2,300,000 |  |  |  |  | — |
Unsecured debt securities issued in the Mexican market on March 29, 2019, for Ps.3,000,000 under the "GAP 19" name, at a variable interest rate of 28-day TIIE plus 45 basis points for a period of five years. As of December 31, 2022, the TIIE rate is 10.7605%. |  |  |  | 3,000,000 |  |  |  |  | 3,000,000 |  |  |  |  | 3,000,000 |
Unsecured debt securities issued in the Mexican market on February 13, 2020, for Ps.3,000,000 under the "GAP 20" name, at a variable interest rate of 28-day TIIE plus 17 basis points for a period of five years. As of December 31, 2022, the TIIE rate is 10.7605%. |  |  |  | 3,000,000 |  |  |  |  | 3,000,000 |  |  |  |  | 3,000,000 |
Unsecured debt securities issued in the Mexican market on June 25, 2020, for Ps.602,000 under the "GAP 20-2" name, at a variable interest rate of 28-day TIIE plus 85 basis points for a period of three years. As of December 31, 2022, the TIIE rate is 10.7605%. |  |  |  | 602,000 |  |  |  |  | 602,000 |  |  |  |  | 602,000 |
Unsecured debt securities issued in the Mexican market on June 25, 2020, for Ps.3,598,000 under the "GAP 20-3" name, at a fixed interest rate of 8.14% for a period of seven years. |  |  |  | 3,598,000 |  |  |  |  | 3,598,000 |  |  |  |  | 3,598,000 |
Unsecured debt securities issued in the Mexican market on May 7, 2021, for Ps.2,500,000 under the "GAP 21" name, at a variable interest rate of 28-day TIIE plus 60 basis points for a period of four years. As of December 31, 2022, the TIIE rate is 10.7605% |  |  |  | — |  |  |  |  | 2,500,000 |  |  |  |  | 2,500,000 |
Unsecured debt securities issued in the Mexican market on May 7, 2021, for Ps.3,000,000 under the "GAP 21-2" name, at a fixed interest rate of 7.91% for a period of seven years. |  |  |  | — |  |  |  |  | 3,000,000 |  |  |  |  | 3,000,000 |
Green debt securities with unsecured guarantee, issued in the Mexican market on October 15, 2021, for 5-year with ticker symbol “GAP21V”, for Ps.1,500,000. Interest payable every 28 days at a variable rate of TIIE-28 plus 25 basis points; the payment of the principal will be at maturity, on October 9, 2026, with the option of early amortization. As of December 31, 2022, the TIIE rate is 10.7605%. |  |  |  | — |  |  |  |  | 1,500,000 |  |  |  |  | 1,500,000 |
Unsecured 5-year debt securities issued in the Mexican market on March 17, 2022, for Ps.2,000,000 under the “GAP 22” name, at a variable rate of TIIE-28 plus 18 basis points for a period of five years. As of December 31, 2022, the TIIE rate is 10.7605%. |  |  |  | — |  |  |  |  | — |  |  |  |  | 2,000,000 |
Unsecured debt securities issued in the Mexican market on March 17, 2022, for Ps.3,000,000 under the "GAP 22-2" name, at a fixed interest rate of 9.67% for a period of ten years. |  |  |  | — |  |  |  |  | — |  |  |  |  | 3,000,000 |
Unsecured debt securities issued in the Mexican market on September 26, 2022, for Ps.2,757,588 under the "GAP 22L" name, at a variable rate of TIIE-28 plus 26 basis points for a period of five years. As of December 31, 2022, the TIIE rate is 10.7605%. |  |  |  | — |  |  |  |  | — |  |  |  |  | 2,757,588 |
Total unpaid balance of long-term debt |  |  |  | 17,000,000 |  |  |  |  | 22,500,000 |  |  |  |  | 26,457,588 |
Less - Current portion |  |  |  | (1,500,000 | ) |  |  |  | (3,800,000 | ) |  |  |  | (602,000 | )
Long-term portion |  | Ps. |  | 15,500,000 |  |  | Ps. |  | 18,700,000 |  |  | Ps. |  | 25,855,588 |
The resources obtained during 2022 from the issuance of the long-term debt securities were allocated to finance capital investments set forth in the MDP and commercial investment for the Mexican Airports, from which Ps.3,800,000 were used to pay the principal of the stock certificates GAP 17, issued on April 6, 2017, a maturity on March 31, 2022 and GAP 17-2, issued on November 9, 2017, a maturity on November 03, 2022. Issuance expenses of Ps.15,957 were recognized. The debt previously described, matures as follows:
Year |  | Amount |
2023 |  | Ps. |  | 2,256,891 |
2024 |  |  |  | 4,654,892 |
2025 |  |  |  | 11,356,338 |
2026 |  |  |  | 4,257,588 |
2027 |  |  |  | 5,598,000 |
Thereafter |  |  |  | 6,221,628 |
|  | Ps. |  | 34,345,337 |
As of December 31, 2020, 2021 and 2022, debts are payable by the following companies:
|  | At December 31, 2020 |
Company |  | Current |  |  | Long-Term |  |  | Total |
GAP |  | Ps. |  | 2,500,000 |  |  | Ps. |  | 20,310,202 |  |  | Ps. |  | 22,810,202 |
MBJA |  |  |  | 159,590 |  |  |  |  | 1,385,374 |  |  |  |  | 1,544,964 |
Total |  | Ps. |  | 2,659,590 |  |  | Ps. |  | 21,695,576 |  |  | Ps. |  | 24,355,166 |
|  | At December 31, 2021 |
Company |  | Current |  |  | Long-Term |  |  | Total |
GAP |  | Ps. |  | 3,800,000 |  |  | Ps. |  | 22,631,449 |  |  | Ps. |  | 26,431,449 |
MBJA |  |  |  | 164,668 |  |  |  |  | 1,264,791 |  |  |  |  | 1,429,459 |
Total |  | Ps. |  | 3,964,668 |  |  | Ps. |  | 23,896,240 |  |  | Ps. |  | 27,860,908 |
|  | At December 31, 2022 |
Company |  | Current |  |  | Long-Term |  |  | Total |
GAP |  | Ps. |  | 2,102,000 |  |  | Ps. |  | 31,053,634 |  |  | Ps. |  | 33,155,634 |
MBJA |  |  |  | 154,891 |  |  |  |  | 1,034,812 |  |  |  |  | 1,189,703 |
Total |  | Ps. |  | 2,256,891 |  |  | Ps. |  | 32,088,446 |  |  | Ps. |  | 34,345,337 |
The loan agreements limit the Company’s use of proceeds for the financing of capital expenditures, working capital and prepayments of loans, in addition to prohibiting the merger of the airport creditors with any other entity, as well as the prohibition of sales or transfers of assets in an amount greater than Ps.1,000, without previous authorization from the creditors. In the event of non-compliance with any of the contracts, dividends from the legal entity may not be decreed. The obligation to maintain certain financial ratios is also established, with the refinancing of the loans some modifications were made and have been fulfilled. As a result of the issuance of the debt securities, the Company has covenants which have been fulfilled during 2020, 2021 and 2022. The principal payment of the debt securities will be made at the end of the contractual term. Direct costs incurred in the issuance or incurrence of debt are deferred and amortized as part of interest expense, using the effective interest rate over the term of each transaction. These costs include commissions and professional fees. c) Reconciliation of liabilities arising from financing activities
|  |  |  |  |  |  |  |  | Non-cash changes |  |
| Balance as of January 1, 2020 | Repayments on bank loans | Proceeds from issuance of Debt securities | Proceeds from Debt long-term | Exchange effects | Long-term reclassification | Fair value adjustments in P&L | Hedges fair value adjustments | Balance as of December 31, 2020
Debt securities current portion | Ps. | 2,200,000 | Ps. | (2,200,000) | Ps. | — | Ps. | — | Ps. | 9,170 | Ps. | 2,650,420 | Ps. | — | Ps. | — | Ps. | 2,659,590
Long-term borrowings |  | 4,437,043 |  | — |  | — |  | 2,709,125 |  | 199,828 |  | (1,150,420) |  | — |  | — |  | 6,195,576
Debt securities |  | 9,800,000 |  | — |  | 7,200,000 |  | — |  | — |  | (1,500,000) |  | — |  | — |  | 15,500,000
Derivative financial instruments (Note 15) |  | 261,293 |  | — |  | — |  | — |  | — |  | — |  | 62,249 |  | 427,162 |  | 750,704
Total | Ps. | 16,698,336 | Ps. | (2,200,000) | Ps. | 7,200,000 | Ps. | 2,709,125 | Ps. | 208,998 | Ps. | — | Ps. | 62,249 | Ps. | 427,162 | Ps. | 25,105,870
|  |  |  |  |  |  |  |  | Non-cash changes |  |
| Balance as of January 1, 2021 | Repayments on bank loans | Proceeds from issuance of Debt securities | Proceeds from Debt long-term | Exchange effects | Long-term reclassification | Fair value adjustments in P&L | Hedges fair value adjustments | Balance as of December 31, 2021
Debt securities current portion | Ps. | 2,659,590 | Ps. | (2,659,590) | Ps. | — | Ps. | — | Ps. | — | Ps. | 3,964,668 | Ps. | — | Ps. | — | Ps. | 3,964,668
Long-term borrowings |  | 6,195,576 |  | (4,782,073) |  | — |  | 3,779,413 |  | 167,992 |  | (164,668) |  | — |  | — |  | 5,196,240
Debt securities |  | 15,500,000 |  | — |  | 7,000,000 |  | — |  | — |  | (3,800,000) |  | — |  | — |  | 18,700,000
Derivative financial instruments (Note 15) |  | 750,704 |  | — |  | — |  | — |  | — |  | — |  | (51,656) |  | (717,372) |  | (18,324)
Total | Ps. | 25,105,870 | Ps. | (7,441,663) | Ps. | 7,000,000 | Ps. | 3,779,413 | Ps. | 167,992 | Ps. | — | Ps. | (51,656) | Ps. | (717,372) | Ps. | 27,842,584
|  |  |  |  |  |  |  |  |  |  |  |  | Non-cash changes |  |  |  |
| Balance as of January 1, 2022 |  | Repayments on bank loans |  | Proceeds from issuance of Debt securities |  | Proceeds from Debt long-term |  | Exchange effects |  | Long-term reclassification |  | Fair value adjustments in P&L |  | Hedges fair value adjustments |  | Balance as of December 31, 2022 |
Debt securities current portion | Ps. |  | 3,964,668 |  | Ps. |  | (3,964,668 | ) | Ps. |  | — |  | Ps. |  | 1,500,000 |  | Ps. |  | — |  | Ps. |  | 756,892 |  | Ps. |  | — |  | Ps. |  | — |  | Ps. |  | 2,256,892 |
Long-term borrowings |  |  | 5,196,240 |  |  |  | (3,874,339 | ) |  |  | — |  |  |  | 5,372,783 |  |  |  | (306,934 | ) |  |  | (154,892 | ) |  |  | — |  |  |  | — |  |  |  | 6,232,858 |
Debt securities |  |  | 18,700,000 |  |  |  | — |  |  |  | 7,757,588 |  |  |  | — |  |  |  | — |  |  |  | (602,000 | ) |  |  | — |  |  |  | — |  |  |  | 25,855,588 |
Derivative financial instruments (Note 15) |  |  | (18,324 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (6,756 | ) |  |  | (216,412 | ) |  |  | (241,492 | )
Total | Ps. |  | 27,842,584 |  | Ps. |  | (7,839,007 | ) | Ps. |  | 7,757,588 |  | Ps. |  | 6,872,783 |  | Ps. |  | (306,934 | ) | Ps. |  | — |  | Ps. |  | (6,756 | ) | Ps. |  | (216,412 | ) | Ps. |  | 34,103,846 |

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