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Financial risk management (Tables)
 12 Months Ended
Dec. 31, 2024
Disclosure of detailed information about financial instruments [abstract]  
Summary of Financial Instruments Held by the Company

As of December 31, 2022, 2023 and 2024, financial instruments held by the Company are comprised of the following:

 

 

 

December 31,
2022

 

 

December 31,
2023

 

 

December 31,
2024

 

Financial assets

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

Ps.

 

12,371,464

 

 

Ps.

 

10,055,211

 

 

Ps.

 

13,466,027

 

Trade accounts receivables net

 

 

 

2,368,342

 

 

 

 

2,251,229

 

 

 

 

2,696,831

 

Derivative financial instruments

 

 

 

292,697

 

 

 

 

167,696

 

 

 

 

18,256

 

Financial liabilities at amortized cost

 

 

 

 

 

 

 

 

 

 

 

 

Short and long-term debt securities

 

Ps.

 

26,457,588

 

 

Ps.

 

31,255,588

 

 

Ps.

 

36,903,722

 

Current and long-term bank loans

 

 

 

7,887,749

 

 

 

 

9,312,108

 

 

 

 

11,086,157

 

Accounts payable (1)

 

 

 

2,696,573

 

 

 

 

2,743,873

 

 

 

 

3,241,369

 

Financial liabilities at Fair Value

 

 

 

 

 

 

 

 

 

 

 

 

Derivative financial instruments

 

 

 

51,205

 

 

 

 

26,990

 

 

 

 

11,490

 

Liabilities for assets in lease

 

 

 

61,625

 

 

 

 

52,691

 

 

 

 

40,041

 
(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, 2022, 2023 and 2024.

 

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

 

Weighted
average
loss rate

 

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

 

7.00%

 

 

 

87,863

 

 

 

 

6,174

 

 

No

31 to 60 days past due

 

17.30%

 

 

 

38,892

 

 

 

 

6,716

 

 

No

61 to 90 days past due

 

34.60%

 

 

 

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

 

 

 

 

Balance of the trade account receivables
as of December 31, 2023

 

Weighted
average
loss rate

 

Balance of the
trade account

 

 

Amount of
credit loss

 

 

Credit
impairment

Current (not past due)

 

0%

 

Ps.

 

2,083,956

 

 

Ps.

 

-

 

 

No

1 to 30 days past due

 

3.50%

 

 

 

124,985

 

 

 

 

4,413

 

 

No

31 to 60 days past due

 

13.00%

 

 

 

48,939

 

 

 

 

6,354

 

 

No

61 to 90 days past due

 

16.90%

 

 

 

4,955

 

 

 

 

839

 

 

No

More than 90 days past due

 

100%

 

 

 

100,540

 

 

 

 

100,540

 

 

Yes

Legal

 

100%

 

 

 

79,090

 

 

 

 

79,090

 

 

Yes

 

 

 

Ps.

 

2,442,465

 

 

Ps.

 

191,236

 

 

 

 

Balance of the trade account receivables
as of December 31, 2024

 

Weighted
average
loss rate

 

Balance of the
trade account

 

 

Amount of
credit loss

 

 

Credit
impairment

Current (not past due)

 

0%

 

Ps.

 

2,500,049

 

 

Ps.

 

-

 

 

No

1 to 30 days past due

 

8.6%

 

 

 

157,478

 

 

 

 

13,554

 

 

No

31 to 60 days past due

 

27.20%

 

 

 

58,208

 

 

 

 

15,852

 

 

No

61 to 90 days past due

 

27.60%

 

 

 

14,497

 

 

 

 

3,994

 

 

No

More than 90 days past due

 

100%

 

 

 

40,618

 

 

 

 

40,618

 

 

Yes

Legal

 

100%

 

 

 

22,286

 

 

 

 

22,287

 

 

Yes

 

 

 

Ps.

 

2,793,136

 

 

Ps.

 

96,305

 

 

 
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, 2024:

 

 

December 31, 2024

 

 

 

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.

 

1,500,000

 

 

Ps.

 

6,598,000

 

 

Ps.

 

8,895,132

 

 

Ps.

 

16,993,132

 

Long-term debt securities (variable rate)

 

 

 

 

 

 

—

 

 

 

 

3,000,000

 

 

 

 

2,500,000

 

 

 

 

14,410,590

 

 

 

 

—

 

 

 

 

19,910,590

 

Fixed rate loans

 

 

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

3,871,246

 

 

 

 

232,008

 

 

 

 

4,103,254

 

Variable rate bank loans

 

 

 

 

 

 

—

 

 

 

 

1,560,659

 

 

 

 

5,422,244

 

 

 

 

—

 

 

 

 

—

 

 

 

 

6,982,903

 

Fixed rate interest

 

 

8.50

%

 

 

 

11,369

 

 

 

 

521,884

 

 

 

 

1,028,697

 

 

 

 

4,670,789

 

 

 

 

1,284,763

 

 

 

 

7,517,502

 

Variable rate interest

 

 

8.94

%

 

 

 

175,741

 

 

 

 

435,273

 

 

 

 

887,339

 

 

 

 

825,997

 

 

 

 

—

 

 

 

 

2,324,350

 

Cash flow hedges

 

 

6.04

%

 

 

 

9,523

 

 

 

 

(223

)

 

 

 

(369

)

 

 

 

—

 

 

 

 

—

 

 

 

 

8,931

 

Trade accounts payable and other payables

 

N/A

 

 

 

 

612,169

 

 

 

 

1,742,326

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

2,354,495

 

AMP

 

N/A

 

 

 

 

—

 

 

 

 

—

 

 

 

 

704,612

 

 

 

 

—

 

 

 

 

—

 

 

 

 

704,612

 

'Liabilities for assets in lease

 

N/A

 

 

 

 

1,383

 

 

 

 

2,898

 

 

 

 

12,104

 

 

 

 

23,656

 

 

 

 

—

 

 

 

 

40,041

 

 

 

 

 

 

Ps.

 

810,185

 

 

Ps.

 

7,262,817

 

 

Ps.

 

12,054,627

 

 

Ps.

 

30,400,278

 

 

Ps.

 

10,411,903

 

 

Ps.

 

60,939,810

 
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, 2024

 

 

 

Peso amounts
at exchange
rate of
Ps. 20.2683 on
December
31, 2024

 

 

 

Peso amounts
if exchange
rate
depreciated
10%

 

 

 

Peso amounts
if exchange
rate
appreciated
10%

 

Thousands of U.S. dollars:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Financial assets:

 

 

246,540

 

 

 

 

4,996,937

 

 

 

 

4,542,670

 

 

 

 

5,496,631

 

Cash and cash equivalents

 

 

25,967

 

 

Ps.

 

526,316

 

 

Ps.

 

478,470

 

 

Ps.

 

578,948

 

Trade accounts receivable

 

 

272,507

 

 

 

 

5,523,253

 

 

 

 

5,021,140

 

 

 

 

6,075,579

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Financial liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accounts payable

 

 

(61,465

)

 

 

 

(1,245,793

)

 

 

 

(1,132,540

)

 

 

 

(1,370,373

)

Bank loans

 

 

(306,447

)

 

 

 

(6,211,157

)

 

 

 

(5,646,506

)

 

 

 

(6,832,272

)

 

 

 

(367,912

)

 

Ps.

 

(7,456,950

)

 

Ps.

 

(6,779,046

)

 

Ps.

 

(8,202,645

)

Net asset position

 

 

(95,405

)

 

Ps.

 

(1,933,697

)

 

Ps.

 

(1,757,906

)

 

Ps.

 

(2,127,066

)
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 SOFR 1-month, respectively. If on the 2024 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, 2022, 2023 and 2024 would have been as follows:

 

 

 

2022

 

 

2023

 

 

2024

 

Effect in case of interest rate increase in 100 basis points

 

 

 

 

 

 

 

 

 

 

 

 

Variable rate long term debt

 

Ps.

 

(240,679

)

 

Ps.

 

(300,056

)

 

Ps.

 

(326,275

)

Effect in case of interest rate decrease in 100 basis points

 

 

 

 

 

 

 

 

 

 

 

 

Variable rate long term debt

 

Ps.

 

240,679

 

 

Ps.

 

300,056

 

 

Ps.

 

326,275

 
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, 2022, 2023 and 2024 is as follows:

 

 

 

2022

 

 

2023

 

 

2024

 

Fixed-rate instruments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Financial liabilities

 

Ps.

 

(15,017,675

)

 

Ps.

 

(18,798,036

)

 

Ps.

 

(21,096,385

)

Effect of interest rate swaps

 

 

 

(6,968,075

)

 

 

 

(6,709,527

)

 

 

 

(3,689,122

)

 

Ps.

 

(21,985,750

)

 

Ps.

 

(25,507,563

)

 

Ps.

 

(24,785,507

)

 

 

 

 

 

 

 

 

 

 

 

 

Variable-rate instruments

 

 

 

 

 

 

 

 

 

 

 

 

Financial liabilities

 

 

 

(19,327,663

)

 

 

 

(21,769,660

)

 

 

 

(26,893,494

)

Effect of interest rate swaps

 

 

 

6,968,075

 

 

 

 

6,709,527

 

 

 

 

3,689,122

 

 

Ps.

 

(12,359,588

)

 

Ps.

 

(15,060,133

)

 

Ps.

 

(23,204,372

)
Summary of Items Designated as Hedged Items

As of December 31, 2022, 2023 and 2024, the amounts at the reporting date relating to items designated as hedged items were as follows:

 

 

 

2022

 

 

2023

 

 

2024

 

Interest rate risk

Variable-rate instruments

 

Change in value used for
calculating hedge ineffectiveness

 

Ps.

 

(44,898

)

 

Ps.

 

(226,307

)

 

Ps.

 

(116,064

)

Cash Flow hedge reserve

 

 

 

130,624

 

 

 

 

60,720

 

 

 

 

(4,583

)
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, 2022, 2023 and 2024, were as follows:

 

 

 

2022

 

 

2023

 

 

2024

 

Interest rate risk

Interest rate swaps

 

Nominal amount

 

Ps.

 

6,968,075

 

 

Ps.

 

6,709,527

 

 

Ps.

 

3,689,122

 

Carrying amount

 

 

 

130,624

 

 

 

 

60,720

 

 

 

 

(4,583

)

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.

 

123,197

 

 

Ps.

 

(120,038

)

 

Ps.

 

(102,873

)

'Line item in profit or loss affected by the reclassification

Finance costs

 

Amount reclassified from costs of hedging reserve to profit or loss

 

Ps.

 

21,040

 

 

Ps.

 

20,175

 

 

Ps.

 

9,583

 
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, 2022, 2023 and 2024:

 

 

 

2022

 

 

2023

 

 

2024

 

Cash flow hedges

 

 

Hedge Reserve

 

 

 

Hedge Reserve

 

 

 

Hedge Reserve

 

Balance on January 1

 

Ps.

 

29,658

 

 

Ps.

 

130,624

 

 

Ps.

 

60,720

 

Changes in fair value

 

 

 

123,197

 

 

 

 

(120,038

)

 

 

 

(102,873

)

Amount reclassified to profit or loss

 

 

 

21,040

 

 

 

 

20,175

 

 

 

 

9,583

 

Changes in deferred tax asset

 

 

 

(43,271

)

 

 

 

29,959

 

 

 

 

27,987

 

Balance at December 31

 

Ps.

 

130,624

 

 

Ps.

 

60,720

 

 

Ps.

 

(4,583

)
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.

 

(4,087

)

 

Ps.

 

(8,183

)

 

Ps.

 

(16,407

)

Total effect on fair value

 

 

 

Ps.

 

(4,087

)

 

Ps.

 

(8,183

)

 

Ps.

 

(16,407

)
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:

 

 

 

2022

 

 

2023

 

 

2024

 

Shareholders’ equity –controlling interest

 

Ps.

 

18,638,866

 

 

Ps.

 

19,781,783

 

 

Ps.

 

22,345,799

 

Total liabilities

 

 

 

40,677,296

 

 

 

 

46,500,212

 

 

 

 

57,031,334

 

Ratio of total Shareholders’ equity – controlling interest to liabilities

 

 

 

0.5

 

 

 

 

0.4

 

 

 

 

0.4