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Financial risk management (Tables)
 12 Months Ended
Dec. 31, 2022
Disclosure of detailed information about financial instruments [abstract]  
Summary of Financial Instruments Held by the Company

As of December 31, 2020, 2021 and 2022, financial instruments held by the Company are comprised of the following:

 

 

 

December 31,
2020

 

 

December 31,
2021

 

 

December 31,
2022

 

Financial assets

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

Ps.

 

14,444,549

 

 

Ps.

 

13,332,877

 

 

Ps.

 

12,371,464

 

Trade accounts receivables

 

 

 

1,266,005

 

 

 

 

1,720,475

 

 

 

 

2,368,342

 

Derivative financial instruments

 

 

 

-

 

 

 

 

89,711

 

 

 

 

292,697

 

Financial liabilities at amortized cost

 

 

 

 

 

 

 

 

 

 

 

 

Short and long-term debt securities

 

Ps.

 

17,000,000

 

 

Ps.

 

22,500,000

 

 

Ps.

 

26,457,588

 

Current and long-term bank loans

 

 

 

7,355,166

 

 

 

 

5,360,908

 

 

 

 

7,887,749

 

Accounts payable (1)

 

 

 

1,172,044

 

 

 

 

3,321,865

 

 

 

 

2,696,573

 

Financial liabilities at Fair Value

 

 

 

 

 

 

 

 

 

 

 

 

Derivative financial instruments

 

 

 

750,704

 

 

 

 

71,387

 

 

 

 

51,205

 

Liabilities for assets in lease

 

 

 

26,193

 

 

 

 

58,966

 

 

 

 

61,625

 
(1)
Include suppliers, other suppliers, AMP and other accounts payable
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, 2020, 2021 and 2022.

 

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

 

 

 

 

4,612

 

 

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.

 

146,953

 

 

 

 

Balance of the trade account receivables
as of December 31, 2021

 

Weighted
average
loss rate

 

Current
balance of the
Trade account

 

 

Amount of
credit loss

 

 

Credit
impairment

Current (not past due)

 

0%

 

Ps.

 

1,577,211

 

 

Ps.

-

 

 

No

1 to 30 days past due

 

9.69%

 

 

 

107,521

 

 

 

 

10,417

 

 

No

31 to 60 days past due

 

26.83%

 

 

 

27,605

 

 

 

 

7,407

 

 

No

61 to 90 days past due

 

49.38%

 

 

 

51,288

 

 

 

 

25,325

 

 

No

More than 90 days past due

 

100%

 

 

 

44,125

 

 

 

 

44,125

 

 

Yes

Legal

 

100%

 

 

 

69,128

 

 

 

 

69,128

 

 

Yes

 

 

 

Ps.

 

1,876,878

 

 

Ps.

 

156,403

 

 

 

 

Balance of the trade account receivables
as of December 31, 2022

 

Weighted
average
loss rate

 

Current
balance of the
Trade account

 

 

Amount of
credit loss

 

 

Credit
impairment

Current (not past due)

 

0%

 

Ps.

 

2,244,320

 

 

Ps.

 

-

 

 

No

1 to 30 days past due

 

7.0%

 

 

 

87,863

 

 

 

 

6,174

 

 

No

31 to 60 days past due

 

17.30%

 

 

 

38,892

 

 

 

 

6,716

 

 

No

61 to 90 days past due

 

34.40%

 

 

 

15,526

 

 

 

 

5,369

 

 

No

More than 90 days past due

 

100%

 

 

 

97,221

 

 

 

 

97,221

 

 

Yes

Legal

 

100%

 

 

 

87,141

 

 

 

 

87,141

 

 

Yes

 

 

 

Ps.

 

2,570,963

 

 

Ps.

 

202,621

 

 

 
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, 2022:

 

 

December 31, 2022

 

 

 

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.

 

5,098,000

 

 

Ps.

 

6,000,000

 

 

Ps.

 

11,098,000

 

Long-term debt securities (variable rate)

 

 

 

 

 

 

—

 

 

 

 

—

 

 

 

 

602,000

 

 

 

 

14,757,588

 

 

 

 

—

 

 

 

 

15,359,588

 

Fixed rate loans

 

 

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

3,698,047

 

 

 

 

221,627

 

 

 

 

3,919,674

 

Variable rate bank loans

 

 

 

 

 

 

—

 

 

 

 

22,266

 

 

 

 

1,632,626

 

 

 

 

2,313,183

 

 

 

 

—

 

 

 

 

3,968,075

 

Fixed rate interest

 

 

8.21

%

 

 

 

28,466

 

 

 

 

268,093

 

 

 

 

929,565

 

 

 

 

3,700,741

 

 

 

 

1,596,448

 

 

 

 

6,523,313

 

Variable rate interest

 

 

9.38

%

 

 

 

132,819

 

 

 

 

415,695

 

 

 

 

1,133,907

 

 

 

 

2,843,696

 

 

 

 

—

 

 

 

 

4,526,117

 

Cash flow hedges

 

 

5.15

%

 

 

 

9,441

 

 

 

 

19,078

 

 

 

 

89,938

 

 

 

 

95,794

 

 

 

 

—

 

 

 

 

214,251

 

Trade accounts payable and other payables

 

N/A

 

 

 

 

537,625

 

 

 

 

1,530,163

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

2,067,788

 

AMP

 

N/A

 

 

 

 

—

 

 

 

 

—

 

 

 

 

621,722

 

 

 

 

—

 

 

 

 

—

 

 

 

 

621,722

 

'Liabilities for assets in lease

 

N/A

 

 

 

 

2,129

 

 

 

 

4,460

 

 

 

 

8,829

 

 

 

 

46,207

 

 

 

 

—

 

 

 

 

61,625

 

 

 

 

 

 

Ps.

 

710,480

 

 

Ps.

 

2,259,755

 

 

Ps.

 

5,018,587

 

 

Ps.

 

32,553,256

 

 

Ps.

 

7,818,075

 

 

Ps.

 

48,360,153

 
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, 2022

 

 

 

Peso amounts
at exchange
rate of
Ps. 19.3615 on
December
31, 2022

 

 

 

Peso amounts
if exchange
rate
depreciated
10%

 

 

 

Peso amounts
if exchange
rate
appreciated
10%

 

Thousands of U.S. dollars:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Financial assets:

 

 

394,792

 

 

 

 

7,643,770

 

 

 

 

6,948,882

 

 

 

 

8,408,146

 

Cash and cash equivalents

 

 

18,952

 

 

Ps.

 

366,938

 

 

Ps.

 

333,580

 

 

Ps.

 

403,633

 

Trade accounts receivable

 

 

413,744

 

 

 

 

8,010,708

 

 

 

 

7,282,462

 

 

 

 

8,811,779

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Financial liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accounts payable

 

 

(52,249

)

 

 

 

(1,011,624

)

 

 

 

(919,659

)

 

 

 

(1,112,788

)

Bank loans

 

 

(252,447

)

 

 

 

(4,887,750

)

 

 

 

(4,443,409

)

 

 

 

(5,376,524

)

 

 

 

(304,696

)

 

Ps.

 

(5,899,374

)

 

Ps.

 

(5,363,068

)

 

Ps.

 

(6,489,312

)

Net asset position

 

 

109,048

 

 

Ps.

 

2,111,334

 

 

Ps.

 

1,919,394

 

 

Ps.

 

2,322,467

 
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 2022 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, 2020, 2021 and 2022 would have been as follows:

 

 

 

2020

 

 

2021

 

 

2022

 

Effect in case of interest rate increase in 100 basis points

 

 

 

 

 

 

 

 

 

 

 

 

Variable rate long term debt

 

Ps.

 

(111,492

)

 

Ps.

 

(150,135

)

 

Ps.

 

(240,679

)

Effect in case of interest rate decrease in 100 basis points

 

 

 

 

 

 

 

 

 

 

 

 

Variable rate long term debt

 

Ps.

 

111,492

 

 

Ps.

 

150,135

 

 

Ps.

 

240,679

 
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, 2020, 2021 and 2022 is as follows:

 

 

 

2020

 

 

2021

 

 

2022

 

Fixed-rate instruments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Financial liabilities

 

Ps.

 

(6,326,350

)

 

Ps.

 

(12,265,065

)

 

Ps.

 

(15,017,675

)

Effect of interest rate swaps

 

 

 

(9,800,000

)

 

 

 

(9,800,000

)

 

 

 

(6,968,075

)

 

Ps.

 

(16,126,350

)

 

Ps.

 

(22,065,065

)

 

Ps.

 

(21,985,750

)

 

 

 

 

 

 

 

 

 

 

 

 

Variable-rate instruments

 

 

 

 

 

 

 

 

 

 

 

 

Financial liabilities

 

 

 

(18,028,816

)

 

 

 

(15,595,843

)

 

 

 

(19,327,663

)

Effect of interest rate swaps

 

 

 

9,800,000

 

 

 

 

9,800,000

 

 

 

 

6,968,075

 

 

Ps.

 

(8,228,816

)

 

Ps.

 

(5,795,843

)

 

Ps.

 

(12,359,588

)
Summary of Items Designated as Hedged Items

As of December 31, 2020, 2021 and 2022, the amounts at the reporting date relating to items designated as hedged items were as follows:

 

 

 

2020

 

 

2021

 

 

2022

 

Interest rate risk

Variable-rate instruments

 

Change in value used for
calculating hedge ineffectiveness

 

Ps.

 

(661,653

)

 

Ps.

 

(51,285

)

 

Ps.

 

(44,898

)

Cash Flow hedge reserve

 

 

 

(471,107

)

 

 

 

29,658

 

 

 

 

130,624

 
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, 2020, 2021 and 2022, were as follows:

 

 

 

2020

 

 

2021

 

 

2022

 

Interest rate risk

Interest rate swaps

 

Nominal amount

 

Ps.

 

8,300,000

 

 

Ps.

 

8,300,000

 

 

Ps.

 

6,968,075

 

Carrying amount

 

 

 

(676,188

)

 

 

 

29,658

 

 

 

 

130,624

 

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

Derivative financial instruments (liabilities)

 

Changes in the value of the hedging instrument recognized in OCI

 

Ps.

 

(413,672

)

 

Ps.

 

(727,474

)

 

Ps.

 

123,197

 

'Line item in profit or loss affected by the reclassification

Finance costs

 

Amount reclassified from costs of hedging reserve to profit or loss

 

Ps.

 

(13,490

)

 

Ps.

 

(12,095

)

 

Ps.

 

21,040

 
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, 2020, 2021 and 2022:

 

 

 

2020

 

 

2021

 

 

2022

 

Cash flow hedges

 

 

Hedge Reserve

 

 

 

Hedge Reserve

 

 

 

Hedge Reserve

 

Balance on January 1

 

Ps.

 

(172,094

)

 

Ps.

 

(471,107

)

 

Ps.

 

29,658

 

Changes in fair value

 

 

 

(413,672

)

 

 

 

727,474

 

 

 

 

123,197

 

Amount reclassified to profit or loss

 

 

 

(13,490

)

 

 

 

(12,095

)

 

 

 

21,040

 

Changes in deferred tax asset

 

 

 

128,149

 

 

 

 

(214,614

)

 

 

 

(43,271

)

Balance at December 31

 

Ps.

 

(471,107

)

 

Ps.

 

29,658

 

 

Ps.

 

130,624

 
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.

 

(23,699

)

 

Ps.

 

(47,584

)

 

Ps.

 

(95,920

)

Total effect on fair value

 

 

 

Ps.

 

(23,699

)

 

Ps.

 

(47,584

)

 

Ps.

 

(95,920

)
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:

 

 

 

2020

 

 

2021

 

 

2022

 

Shareholders’ equity –controlling interest

 

Ps.

 

21,792,811

 

 

Ps.

 

19,288,380

 

 

Ps.

 

18,638,866

 

Total liabilities

 

 

 

28,508,390

 

 

 

 

34,894,485

 

 

 

 

40,677,296

 

Ratio of total Shareholders’ equity – controlling interest to liabilities

 

 

 

0.8

 

 

 

 

0.6

 

 

 

 

0.5