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Bank Loans and issuance of Debt Securities | 12 Months Ended
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Dec. 31, 2024
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 issued debt securities in Mexico to finance capital investments and refinance debt 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 2022 |  |  | December 31 2023 |  |  | December 31 2024 |
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. |  | 211,754 |  |  | Ps. |  | 184,762 |  |  | Ps. |  | 221,671 |
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. |  |  |  | 9,874 |  |  |  |  | 8,616 |  |  |  |  | 10,337 |
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 SOFR 1-month plus 280 basis points for a period of 7 years from this disposition and semi-annual instalments. As of December 31, 2024 the balance amounted to USD$4.0 million. |  |  |  | 387,230 |  |  |  |  | 202,722 |  |  |  |  | 81,073 |
On September 3, 2020, MBJA signed a simple unsecured loan with The Bank of Nova Scotia Jamaica Limited for USD$30,000,000. The loan bears interest at SOFR 1-month plus 310 basis points for a period of 5 years from this disposition and semi-annual instalments. On September 3, 2023, the last dispose of USD$30,000,000 was made. As of December 31, 2023 the balance amounted to USD$60,000,000. |  |  |  | 580,845 |  |  |  |  | 1,013,610 |  |  |  |  | 1,216,098 |
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 |  |  |  |  | 1,613,329 |  |  |  |  | 1,935,623 |
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 |  |  |  |  | 1,613,329 |  |  |  |  | 1,935,623 |
On November 7, 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 a variable interest rate 28 days TIIE plus 38 basis points, the payment of the principal will be at maturity. |  |  |  | 1,500,000 |  |  |  |  | — |  |  |  |  | — |
On June 7, 2024, GAP refinanced a simple unsecured loan with Citibanamex for Ps.1,500,000 for a period of 18 months a variable interest rate 28 days TIIE plus 24 basis points, the payment of the principal will be at maturity. |  |  |  | 1,500,000 |  |  |  |  | 1,500,000 |  |  |  |  | 1,500,000 |
On July 10, 2024, GAP refinanced the simple loan with Citibanamex for Ps.1,000,000 with a 12-month maturity, bearing interest at a variable rate of 28-day TIIE plus 18 basis points. |  |  |  | — |  |  |  |  | 1,000,000 |  |  |  |  | 1,000,000 |
On September 26, 2024, GAP refinanced the simple loan agreement with Citibanamex for USD$40,000,000 with a maturity of 6 months, bearing interest at a variable rate of SOFR plus 25 basis points, with payment of principal at maturity. |  |  |  | — |  |  |  |  | 675,740 |  |  |  |  | 810,732 |
On October 18, 2024, GAP refinanced the simple loan agreement with Santander for Ps.1,500,000 with a 12-month maturity, bearing interest at a variable rate of 28-day TIIE plus 38 basis points, with payment of principal at maturity. |  |  |  | — |  |  |  |  | 1,500,000 |  |  |  |  | 1,500,000 |
On June 20, 2024, GAP signed a simple credit agreement with BBVA México, S.A., for Ps.875,000, maturing in 12 months, bearing interest at a variable rate of 28-day TIIE plus 20 basis points, with payment of principal at maturity on June 19, 2025, with no commissions. |  |  |  | — |  |  |  |  | — |  |  |  |  | 875,000 |
Total unpaid balance of bank loans and long-term debt |  |  |  | 7,887,749 |  |  |  |  | 9,312,108 |  |  |  |  | 11,086,157 |
Less - Current portion |  |  |  | (1,654,891 | ) |  |  |  | (4,830,316 | ) |  |  |  | (6,982,903 | )
Long-term portion |  | Ps. |  | 6,232,858 |  |  | Ps. |  | 4,481,792 |  |  | Ps. |  | 4,103,254 |
b) Issuance of Debt Securities
|  | December 31 2022 |  |  | December 31 2023 |  |  | December 31 2024 |
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 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, 2024, the TIIE rate is 10.2440%. |  |  |  | 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, 2024, the TIIE rate is 10.2440% |  |  |  | 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, which one was paid on June 22, 2023. |  |  |  | 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, 2024, the TIIE rate is 10.2440%. |  |  |  | 2,500,000 |  |  |  |  | 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 |  |  |  |  | 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, 2024, the TIIE rate is 10.2440%. |  |  |  | 1,500,000 |  |  |  |  | 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, 2024, the TIIE rate is 10.2440%. |  |  |  | 2,000,000 |  |  |  |  | 2,000,000 |  |  |  |  | 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 |  |  |  |  | 3,000,000 |  |  |  |  | 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, 2024, the TIIE rate is 10.2440%. |  |  |  | 2,757,588 |  |  |  |  | 2,757,588 |  |  |  |  | 2,757,588 |
Unsecured 5-year debt securities issued in the Mexican market on March 27, 2023, for Ps.1,120,000 under the “GAP 23-L” name, at a variable rate of TIIE-28 plus 2 basis points for a period of four years. As of December 31, 2024, the TIIE rate is 10.2440%. |  |  |  | — |  |  |  |  | 1,120,000 |  |  |  |  | 1,120,000 |
Unsecured debt securities issued in the Mexican market on March 27, 2023, for Ps.4,280,000 under the "GAP 23-2L" name, at a fixed interest rate of 9.65% for a period of seven years. |  |  |  | — |  |  |  |  | 4,280,000 |  |  |  |  | 4,280,000 |
Unsecured notes, issued in the Mexican market on March 20, 2024, for Ps.1,384,868 under the ticker “GAP 24-L”, at a variable interest rate of 28-day TIIE plus 25 basis points, for a term of 3 years. As December 31, 2024, the value of the TIIE rate is 10.2440%. |  |  |  | — |  |  |  |  | — |  |  |  |  | 1,384,868 |
Debts Certificates, issued in the Mexican market on March 20, 2024, for Ps.1,615,132 under the ticker “GAP 24-2L”, interest payable every 182 days at a fixed interest rate of 9.94% for a period of seven years. |  |  |  | — |  |  |  |  | — |  |  |  |  | 1,615,132 |
Debts Certificates, issued in the Mexican market on September 5, 2024, for Ps.5,648,134 under the ticker “GAP 24”, at a variable interest rate of 28-day TIIE plus 60 basis points, for a term of 5 years. As December 31, 2024, the value of the TIIE rate is 10.2440%. |  |  |  | — |  |  |  |  | — |  |  |  |  | 5,648,134 |
Total unpaid balance of long-term debt |  |  |  | 26,457,588 |  |  |  |  | 31,255,588 |  |  |  |  | 36,903,722 |
Less - Current portion |  |  |  | (602,000 | ) |  |  |  | (3,000,000 | ) |  |  |  | (7,000,000 | )
Long-term portion |  | Ps. |  | 25,855,588 |  |  | Ps. |  | 28,255,588 |  |  | Ps. |  | 29,903,722 |
The resources obtained during 2024 from the issuance of the long-term debt securities were used for the payment of the principal amount of Ps.3,000,000 of the “GAP 19” debt securities issued on March 27, 2019 and maturing on March 22, 2024 and the “GAP 15” debt securities issued on February 20, 2015 and maturing on February 7, 2025 in the amount of Ps.1,500,000. The debt previously described, matures as follows:
Year |  | Amount |
2025 |  | Ps. |  | 13,982,903 |
2026 |  |  |  | 9,248,833 |
2027 |  |  |  | 6,982,868 |
2028 |  |  |  | 3,000,000 |
2029 |  |  |  | 5,648,134 |
Thereafter |  |  |  | 9,127,141 |
|  | Ps. |  | 47,989,879 |
As of December 31, 2022, 2023 and 2024, debts are payable by the following companies:
|  | 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 |
|  | At December 31, 2023 |
Company |  | Current |  |  | Long-Term |  |  | Total |
GAP |  | Ps. |  | 7,000,000 |  |  | Ps. |  | 32,157,986 |  |  | Ps. |  | 39,157,986 |
MBJA |  |  |  | 830,316 |  |  |  |  | 579,394 |  |  |  |  | 1,409,710 |
Total |  | Ps. |  | 7,830,316 |  |  | Ps. |  | 32,737,380 |  |  | Ps. |  | 40,567,696 |
|  | At December 31, 2024 |
Company |  | Current |  |  | Long-Term |  |  | Total |
GAP |  | Ps. |  | 12,685,732 |  |  | Ps. |  | 33,774,967 |  |  | Ps. |  | 46,460,699 |
MBJA |  |  |  | 1,297,171 |  |  |  |  | 232,009 |  |  |  |  | 1,529,180 |
Total |  | Ps. |  | 13,982,903 |  |  | Ps. |  | 34,006,976 |  |  | Ps. |  | 47,989,879 |
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 metrics 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 2022, 2023 and 2024. 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 method 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, 2023 | Repayments on bank loans and payments of debt securities | 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, 2023
Debt securities current portion | Ps. | 2,256,892 | Ps. | (2,244,132) | Ps. | — | Ps. | 2,715,459 | Ps. | (552,569) | Ps. | 5,654,576 | Ps. | — | Ps. | — | Ps. | 7,830,226
Long-term borrowings |  | 6,232,858 |  | — |  | — |  | 1,000,000 |  | (96,490) |  | (2,654,576) |  | — |  | — |  | 4,481,792
Debt securities |  | 25,855,588 |  | — |  | 5,400,000 |  | — |  | — |  | (3,000,000) |  | — |  | — |  | 28,255,588
Derivative financial instruments (Note 15) |  | (241,492) |  | — |  | — |  | — |  | — |  | — |  | - |  | 100,786 |  | (140,706)
Total | Ps. | 34,103,846 | Ps. | (2,244,132) | Ps. | 5,400,000 | Ps. | 3,715,459 | Ps. | (649,059) | Ps. | — | Ps. | - | Ps. | 100,786 | Ps. | 40,426,900
|  |  |  |  |  |  |  |  | Non-cash changes |  |
| Balance as of January 1, 2024 | Repayments on bank loans and payments of debt securities | 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, 2024
Debt securities current portion | Ps. | 7,830,226 | Ps. | (7,929,881) | Ps. | — | Ps. | 5,658,480 | Ps. | 99,565 | Ps. | 8,324,513 | Ps. | — | Ps. | — | Ps. | 13,982,893
Long-term borrowings |  | 4,481,792 |  | — |  | — |  | - |  | 945,975 |  | (1,324,513) |  | — |  | — |  | 4,103,254
Debt securities |  | 28,255,588 |  | — |  | 8,648,134 |  | — |  | — |  | (7,000,000) |  | — |  | — |  | 29,903,722
Derivative financial instruments (Note 15) |  | (140,706) |  | — |  | — |  | — |  | — |  | — |  | - |  | 133,940 |  | (6,766)
Total | Ps. | 40,426,900 | Ps. | (7,929,881) | Ps. | 8,648,134 | Ps. | 5,658,480 | Ps. | 1,045,540 | Ps. | — | Ps. | - | Ps. | 133,940 | Ps. | 47,983,103
|  |  |  |  |  |  |  |  |  |  |  |  | Non-cash changes |  |  |  |
| Balance as of January 1, 2022 |  | Repayments on bank loans and payments of debt securities |  | 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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