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Financial assets and liabilities (Tables)
 12 Months Ended
Dec. 31, 2018
Financial assets and liabilities  
Schedule of financial assets

 

 

 

 

 

 

 

 

 

 

 

 

    

2018

    

2017

 

2016

Derivative financial instruments designated as cash flow hedges (effective portion recognized within OCI)

 

 

  

 

 

  

 

 

 

Jet fuel Asian call options

 

Ps.

48,199

 

Ps.

497,403

 

Ps.

867,809

Foreign currency forward contracts

 

 

14,241

 

 

 —

 

 

 —

Total financial assets

 

Ps.

62,440

 

Ps.

497,403

 

 

867,809

Presented on the consolidated statements of financial position as follows:

 

 

  

 

 

  

 

 

 

Current

 

Ps.

62,440

 

Ps.

497,403

 

 

543,528

Non-current

 

Ps.

 —

 

Ps.

 —

 

Ps.

324,281

 

Schedule of short-term and long-term debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    

2018

    

2017

    

2016

I.

Revolving line of credit with Banco Santander México, S.A., Institución de Banca Múltiple, Grupo Financiero Santander (“Santander”) and Banco Nacional de Comercio Exterior, S.N.C. (“Bancomext”), in U.S. dollars, to finance pre-delivery payments, maturing on May 31, 2022, bearing annual interest rate at the three-month LIBOR plus a spread of 260 basis points.

 

Ps.

3,045,574

 

Ps.

2,528,388

 

Ps.

1,271,891

II.

In December 2016, the Company entered into a short-term working capital facility with Banco Nacional de México S.A. (“Citibanamex”) in Mexican pesos, bearing annual interest rate at TIIE 28 days plus a 90 basis points.

 

 

461,260

 

 

948,354

 

 

406,330

III.

In December 2016, the Company entered into a U.S. dollar denominated short-term working capital facility with Bank of America México S.A. Institución de Banca Múltiple (“Bank of America”) in U.S. dollars, bearing annual interest rate at the one-month LIBOR plus 160 basis points.

 

 

 —

 

 

 —

 

 

309,960

IV.

Accrued interest

 

 

16,364

 

 

5,972

 

 

6,102

 

  

 

 

3,523,198

 

 

3,482,714

 

 

1,994,283

 

Less: Short-term maturities

 

 

1,212,259

 

 

2,403,562

 

 

1,051,237

 

Long-term

 

Ps.

2,310,939

 

Ps.

1,079,152

 

Ps.

943,046

 

TIIE: Mexican interbank rate

Summary of scheduled principal payments of financial debt and accrued interest

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    

2019

    

2020

    

2021

    

2022

    

Total

Finance debt denominated in foreign currency:

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

Santander/Bancomext

 

Ps.

748,865

 

Ps.

1,508,757

 

Ps.

777,095

 

Ps.

25,087

 

Ps.

3,059,804

Citibanamex

 

 

463,394

 

 

 —

 

 

 —

 

 

 —

 

 

463,394

Total

 

Ps.

1,212,259

 

Ps.

1,508,757

 

Ps.

777,095

 

Ps.

25,087

 

Ps.

3,523,198

 

Schedule of changes in liabilities from financing activities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current vs non-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 current 

 

 

 

 

 

January 1, 

 

Net cash 

 

Accrued

 

Foreign exchange 

 

 reclassification 

 

December, 31, 

 

    

2018

    

Flows

    

Interest

    

 movement

    

 and other

    

2018

Current interest-bearing loans and borrowings

 

Ps.

2,403,562

 

Ps.

(793,363)

 

Ps.

10,392

 

Ps.

71,380

 

Ps.

(479,712)

 

Ps.

1,212,259

Non-current interest -bearing loans and borrowings

 

 

1,079,152

 

 

808,620

 

 

 —

 

 

(56,945)

 

 

480,112

 

 

2,310,939

Total liabilities from financing activities

 

Ps.

3,482,714

 

Ps.

15,257

 

Ps.

10,392

 

Ps.

14,435

 

Ps.

400

 

Ps.

3,523,198

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current vs non-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 current 

 

 

 

 

 

January 1,  

 

Net cash

 

Accrued

 

Foreign exchange 

 

 reclassification

 

December, 31, 

 

    

2017

    

Flows

    

Interest

    

 movement

    

 and  other

    

2017

Current interest-bearing loans and borrowings

 

Ps.

1,051,237

 

Ps.

419,350

 

Ps.

(130)

 

Ps.

25,924

 

Ps.

907,181

 

Ps.

2,403,562

Non-current interest -bearing loans and borrowings

 

 

943,046

 

 

1,093,808

 

 

 —

 

 

(50,521)

 

 

(907,181)

 

 

1,079,152

Total liabilities from financing activities

 

Ps.

1,994,283

 

Ps.

1,513,158

 

Ps.

(130)

 

Ps.

(24,597)

 

Ps.

 —

 

Ps.

3,482,714

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

Current vs non-

    

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

current 

 

 

 

 

 

January 1,

 

Net cash

 

Accrued

 

Foreign exchange 

 

reclassification 

 

December, 31, 

 

 

2016

 

Flows

 

Interest

 

movement

 

and other

 

2016

Current interest-bearing loans and borrowings

 

Ps.

1,371,202

 

Ps.

(753,897)

 

Ps.

(1,239)

 

Ps.

121,269

 

Ps.

313,902

 

Ps.

1,051,237

Non-current interest - bearing loans and borrowings

 

 

219,817

 

 

938,681

 

 

 —

 

 

98,450

 

 

(313,902)

 

 

943,046

Total liabilities from financing activities

 

Ps.

1,591,019

 

Ps.

184,784

 

Ps.

(1,239)

 

Ps.

219,719

 

Ps.

 —

 

Ps.

1,994,283

 

Schedule of other financial liabilities

 

 

 

 

 

 

 

 

 

 

 

 

    

2018

    

2017

    

2016

Derivative financial instruments designated as CFH (effective portion recognized within OCI):

 

 

  

 

 

  

 

 

  

Zero cost collar options

 

Ps.

122,948

 

Ps.

 —

 

Ps.

 —

Interest rate swap contracts

 

 

 —

 

 

 —

 

 

14,144

Total financial liabilities

 

Ps.

122,948

 

Ps.

 —

 

Ps.

14,144

Presented on the consolidated statements of financial position as follows:

 

 

  

 

 

  

 

 

  

Current

 

Ps.

122,948

 

Ps.

 —

 

Ps.

14,144

Non-current

 

Ps.

 —

 

Ps.

 —

 

Ps.

 —