XML 29 R18.htm IDEA: XBRL DOCUMENT v3.19.1
Bank loans:
 12 Months Ended
Dec. 31, 2018
Disclosure of loans and advances to banks [Abstract]  
Disclosure of loans and advances to banks [text block]
Note 11 - Bank loans:
 
At December 31, 2017, the Company has used the total amount of these credits as shown in the next page:
 
 
 
Credit line
 
 
Credit line
 
 
Principal
 
 
Commissions and
 
 
Term
 
 
Fair
 
Bank
 
foreign currency
 
 
used in pesos
 
 
amortization
 
 
interests - Net
 
 
Short
 
 
Long
 
 
value
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Santander, S.A.
 
 
 
 
 
Ps.
2,000,000
 
 
Ps.
 
 
 
Ps.
14,875
 
 
Ps.
14,875
 
 
Ps.
2,000,000
 
 
Ps.
2,089,786
 
BBVA Bancomer, S. A.
 
 
 
 
 
 
4,000,000
 
 
 
4,000,000
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
BBVA Bancomer, S. A
 
 
 
 
 
 
2,000,000
 
 
 
 
 
 
 
(10,576
)
 
 
2,967
 
 
 
1,986,467
 
 
 
2,091,065
 
BBVA Bancomer, S. A.
 
USD
72,500
 
 
 
1,425,560
 
 
 
 
 
 
 
3,215
 
 
 
5,675
 
 
 
1,423,100
 
 
 
1,540,499
 
Bank of America Merrill Lynch
(*)
 
USD
72,500
 
 
 
 1,425,560
 
 
 
 
 
 
 
3,215
 
 
 
5,675
 
 
 
1,423,100
 
 
 
1,535,374
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Mexico
 
USD
145,000
 
 
Ps.
10,851,120
 
 
Ps.
4,000,000
 
 
Ps.
10,729
 
 
Ps.
29,182
 
 
Ps.
6,832,667
 
 
Ps.
7,256,724
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Bancolombia
 
COP
150,000,000
 
 
Ps.
1,295,381
 
 
Ps.
 
 
 
Ps.
(2,595
)
 
Ps.
103,100
 
 
Ps.
1,189,686
 
 
Ps.
1,204,983
 
CorpBanca Colombia
 
 
102,000,000
 
 
 
813,757
 
 
 
 
 
 
 
(633
)
 
 
2,840
 
 
 
810,284
 
 
 
819,385
 
Banco Davivienda
 
 
90,000,000
 
 
 
718,021
 
 
 
 
 
 
 
(1,159
)
 
 
2,488
 
 
 
714,374
 
 
 
722,990
 
Banco de Bogotá
 
 
37,000,000
 
 
 
328,111
 
 
 
 
 
 
 
(1,047
)
 
 
34,159
 
 
 
292,905
 
 
 
297,229
 
Banco de Occidente
 
 
37,000,000
 
 
 
295,187
 
 
 
 
 
 
 
(1,258
)
 
 
1,031
 
 
 
292,898
 
 
 
297,229
 
Banco Popular
 
 
8,000,000
 
 
 
63,824
 
 
 
 
 
 
 
(941
)
 
 
369
 
 
 
62,514
 
 
 
64,266
 
Banco AV Villas
 
 
8,000,000
 
 
 
63,824
 
 
 
 
 
 
 
(49
)
 
 
223
 
 
 
63,552
 
 
 
64,266
 
Servicios Financieros
 
 
8,000,000
 
 
 
63,824
 
 
 
 
 
 
 
(1,243
)
 
 
79
 
 
 
62,502
 
 
 
64,266
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Airplan
 
COP
440,000,000
 
 
Ps.
3,641,929
 
 
Ps.
 
 
 
Ps.
(8,925
)
 
Ps.
144,289
 
 
Ps.
3,488,715
 
 
Ps.
3,534,614
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ps.
14,493,049
 
 
Ps.
4,000,000
 
 
Ps.
1,804
 
 
Ps.
173,471
 
 
Ps.
10,321,382
 
 
Ps.
10,791,338
 
 
At December 31, 2018, the Company has used the total amount of these credit lines as shown below:
 
 
 
Credit line
 
 
Credit line
 
 
Principal
 
 
 
Commissions and
 
 
Term
 
 
Fair
 
Bank
 
foreign currency
 
 
used in pesos
 
 
amortization
 
 
 
interests - Net
 
 
Short
 
 
Long
 
 
value
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Santander, S. A.
 
 
 
 
 
Ps.
2,000,000
 
 
Ps.
 
 
 
Ps.
(
10,733
) 
 
Ps.
 
 
 
Ps.
1,989,267
 
 
Ps.
2,132,256
 
BBVA Bancomer, S. A.
 
 
 
 
 
 
2,000,000
 
 
 
 
 
 
 
(1,598
) 
 
 
2,731
 
 
 
1,995,671
 
 
 
2,135,210
 
BBVA Bancomer, S. A.
 
USD
72,500
 
 
 
1,425,560
 
 
 
1,425,560
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Bank of America Merrill Lynch
 
USD
72,500
 
 
 
1,425,560
 
 
 
1,425,560
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total México
 
USD
145,000
 
 
Ps.
6,851,120
 
 
Ps.
2,851,120
 
 
Ps. 
(12,331
) 
 
Ps.
2,731
 
 
Ps.
3,984,938
 
 
Ps.
4,267,466
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Bancolombia, S. A.
 
COP
146,250,000
 
 
Ps.
1,099,078
 
 
Ps.
 
 
 
Ps.
 2,656
 
 
Ps.
58,958
 
 
Ps.
1,042,776
 
 
Ps.
1,065,445
 
Corpbanca Colombia, S. A.
 
 
99,450,000
 
 
 
747,684
 
 
 
 
 
 
 
 2,947
 
 
 
40,030
 
 
 
710,601
 
 
 
724,502
 
Banco Davivienda, S. A.
 
 
87,750,000
 
 
 
659,584
 
 
 
 
 
 
 
 2,064
 
 
 
35,317
 
 
 
626,331
 
 
 
639,267
 
Banco de Bogotá, S. A.
 
 
36,074,210
 
 
 
270,972
 
 
 
 
 
 
 
 144
 
 
 
14,528
 
 
 
256,588
 
 
 
262,810
 
Banco de Occidente, S. A.
 
 
36,074,228
 
 
 
270,970
 
 
 
 
 
 
 
 135
 
 
 
14,527
 
 
 
256,578
 
 
 
262,810
 
Banco Popular, S. A.
 
 
7,799,030
 
 
 
58,389
 
 
 
 
 
 
 
 (580
) 
 
 
3,275
 
 
 
54,534
 
 
 
56,824
 
Banco AV Villas, S. A.
 
 
7,800,000
 
 
 
58,642
 
 
 
 
 
 
 
 233
 
 
 
3,141
 
 
 
55,734
 
 
 
56,824
 
Servicios Financieros, S. A.
 
 
7,800,000
 
 
 
58,393
 
 
 
 
 
 
 
 (867
) 
 
 
3,008
 
 
 
54,518
 
 
 
56,824
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Airplan
 
COP
428,997,468
 
 
Ps.
3,223,712
 
 
Ps.
 
 
 
Ps.
 6,732
 
 
Ps.
172,784
 
 
Ps.
3,057,660
 
 
Ps.
3,125,306
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ps.
2,851,120
 
 
Ps.
(5,599
) 
 
Ps.
175,515
 
 
Ps.
7,042,598
 
 
Ps.
7,392,772
 
 
(*)
The following variables were used to determine the fair values of the loans at December 31, 2017 and 2018:
 
As a result of the business combination in Airplan on October 19, 2017, a fair value of the syndicated loan, valued at its amortized cost, was determined, increasing its value by Ps.605,382. The debt contracted in the original currency (the Colombian peso) plus this adjustment to fair value will result in COP. 535,125,402.
 
México
:
 
2017:
 
-
FRA LIBOR Curve 6 months.
-
FRA TIIE Curve 28.
-
LIBOR Discount curve 3 months.
-
Implicite curve weights.
-
Probability of default ASUR.
 
2018:
 
-
FRA TIIE Curve 28 at December 31, 2018.
-
Implicit Curve Weights as of December 31, 2018.
-
Probability of default ASUR at December 31, 2018.
 
Airplan
:
 
2017:
 
-
Spot Rate (DTF) at the start date of each of the provisions.
-
Colombian reference rate
 
Level 2 of fair value hierarchy
 
2018:
 
-
Spot Rate (DTF) at the start date of each of the provisions.
-
Colombian reference rate as of December 31, 2018.
-
Probability of default ASUR at December 31, 2018.
 
Methodology:
 
The following methodology was used to determine fair value in the terms of IFRS 13: The valuation technique used is one recognized in the financial environment (estimated future cash flows discounted at their present value) using market information available at the valuation date.
 
Mexico:
 
On July 17, 2015, the Company agreed on several lines of credit with BBVA Bancomer and Bank of America Merrill Lynch in the amount of USD 215 million.  The loan will be amortized in nine payments, from July 2018 to July 2022. The loan was denominated in US dollars and was subject to LIBOR plus 1.85%. On November 16, 2017, the Company paid USD70 million toward the principal and canceled the remaining portion of the loan, in order to renegotiate new loans with both banks for USD72.5 million from each. The loans are for a six-year period and mature on November 16, 2023. The loans are denominated in US dollars and are subject to LIBOR plus a spread of 1.525% for one and LIBOR plus a spread of 1.45% for the other.
 
The credit lines may be used for general corporate purposes and to finance capital expenditures related to the PMD. On May 16, 2018, the Company made a capital payment of USD72.5 million (Ps.
1,415,301
) and on November 16, 2018, paid off the remainder of the USD72.5 million loan (Ps.
1,478,848
).
 
On July 31, 2017, Cancún Airport entered into a loan with BBVA Bancomer in the amount of Ps 4,000 million. The term of the loan was one year, which would be amortized in a single payment on July 31, 2018. The loan was denominated in pesos and subject to the monthly rate TIIE plus 0.60% for the period from July 31 to October 31, 2017, TIIE plus 0.85% from October 31, 2017, to January 31, 2018, TIIE plus 1.10% from January 31 to April 30, 2018, and TIIE plus 1.60% from April 30 to July 31, 2018. The credit was used for general corporate purposes.
 
On October 2017, the Company restructured the debt with BBVA Bancomer, liquidating Ps 4,000 million, and acquiring with the same institution a loan of Ps 2,000 million. The new loan is payable in seven years and will be paid in nine semiannual payments from October 2020 to October 2024 at the rate of 28-day TIIE plus 1.25 points.
 
On October 2017, the Company acquired a loan with Banco Santander of Ps
2,000
million.  The term of the loan is five years, with maturity on October 27, 2022, at the TIIE rate of 28 days plus 1.25 points.
 
Airplan:
 
On June 1, 2015, the Company acquired a new long-term syndicated loan of COP.
440,000,000
Colombian pesos (Ps.
2,897,404
) payable in 2027 with a three-year grace period for the payment of principal.
 
The participants of this syndicated loan are:
 
 
 
Amount
 
Entity
 
(COP)
 
 
 
 
 
Bancolombia, S. A.
 
$
150,000,000
 
Corpbanca Colombia, S. A.
 
 
102,000,000
 
Banco Davivienda, S. A.
 
 
90,000,000
 
Banco de Bogotá, S. A.
 
 
37,000,000
 
Banco de Occidente, S. A.
 
 
37,000,000
 
Banco Popular, S. A.
 
 
8,000,000
 
Banco AV Villas, S. A.
 
 
8,000,000
 
Servicios Financieros, S. A.
 
 
8,000,000
 
 
 
 
 
 
 
 
$
440,000,000
 
 
Financial obligations
 
Mexico:
 
Under the terms of the peso credit granted by BBVA Bancomer, the Company is required to maintain a level of consolidated leverage no greater than 3.5x, calculated as a total financial debt between the UAFIDA (pretax operating profit, the interest expense, plus depreciation, plus amortization at the consolidated level) for the 12 months prior to each quarter closing and minimum interest coverage ratio of 3.0x, calculated as the UAFIDA between financial expenses associated with the total financial debt for the twelve months preceding each quarter closing.
 
Under the terms of the peso credit granted by Santander, the Company is required to maintain a level of leverage on the last day of each fiscal quarter not greater than 3.5x and a minimum interest coverage ratio of 3.0x. Both ratios must be calculated for the 12 months prior to each quarter.
 
The Company must refrain from creating, incurring, assuming or generating any liens on its goods, assets and rights, and from assuming obligations on behalf of third parties, or from acting as guarantor or granting any type of real personal or fiduciary guarantees to secure obligations on its behalf or on the behalf of third parties that are relevant or may have a relevant adverse effect on the payment of the loan.
 
As part of the terms of the loan made by BBVA Bancomer and Bank of America Merrill Lynch, the Company and its subsidiaries are required to keep a consolidated leverage level equal to or below 3.50:1.00 and a consolidated interest hedging index equal to or below 3.00:1.00 on the last day of each tax quarter.  In the event of breach of the foregoing, the loan limits the capacity to pay dividends to the shareholders.  Additionally, in the event of breach, all amounts due under the loan may be claimed and must be payable immediately.  
 
During the term of the loan made by BBVA Bancomer and Merrill Lynch, the Company and its subsidiaries are not authorized to place a lien on any of the properties or sell any assets equivalent to more than 10% of the total assets consolidated in the most recent tax quarter prior to the sale or make any fundamental changes to the corporate structure.
 
Airplan:
 
The Company is obligated throughout the term of the credit to comply with the following financial commitments:
 
Maintain long-term financial indebtedness limited to this syndicated loan operation: this consists of the sum of the balances payable by the debtor during the term of the syndicated loan, as a result of long- and short-term financial indebtedness, the amount of which may not exceed the sum of COP440,000,000 Colombian pesos.
 
Maintain the capital structure: this addresses the relationship between capital and debt that the debtor must meet in relation to the project throughout the term of the loan, in such a way that the result of the financial indicator Capital 1 (Capital + debt) is equal to or higher than 16%.
 
Maintain the index of debt coverage: this refers to the indicator that the debtor must maintain during the entire term of the loan, defined as: EBITDA - Taxes / Debt service 2: 1.2.
 
The Company is in compliance with the financial obligations and clauses of all loans at December 31, 2017 and 2018.