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Description of the business and summary of significant accounting policies (Tables)

12 Months Ended

Dec. 31, 2021

Description of the business and summary of significant accounting policies

Schedule of companies included in the consolidated financial statements

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​	​	Principal	​	​	​	% Equity interest			​
Name		Activities		Country		2021		2020
Concesionaria Vuela Compañía de Aviación S.A.P.I. de C.V.		Air transportation services for passengers, cargo and mail throughout Mexico and abroad		Mexico		100	%	100	%
Vuela Aviación, S.A.		Air transportation services for passengers, cargo and mail in Costa Rica and abroad		Costa Rica		100	%	100	%
Vuela, S.A. (“Vuela”) *		Air transportation services for passengers, cargo and mail in Guatemala and abroad		Guatemala		100	%	100	%
Vuela El Salvador, S.A. de C.V.	​	Air transportation services for passengers, cargo and mail in El Salvador and abroad	​	El Salvador	​	100	%	100	%
Comercializadora Volaris, S.A. de C.V. ("Comercializadora")		Merchandising of services		Mexico		100	%	100	%
Servicios Earhart, S.A.*		Recruitment and payroll		Guatemala		100	%	100	%
Servicios Corporativos Volaris, S.A. de C.V. (“Servicios Corporativos”)		Recruitment and payroll		Mexico		100	%	100	%
Servicios Administrativos Volaris, S.A. de C.V. (“Servicios Administrativos”) (3)		Recruitment and payroll		Mexico		—	​	100	%
Comercializadora V Frecuenta, S.A. de C.V. (“Loyalty Program”) **	​	Loyalty Program	​	Mexico	​	100	%	100	%
Viajes Vuela, S.A. de C.V. (“Viajes Vuela”)	​	Travel agency	​	Mexico	​	100	%	100	%
Guatemala Dispatch Service, S.A., (“GDS, S.A.”) (4)	​	Aeronautical Technical Services	​	Guatemala	​	100	%	—	​
CIBanco, S.A., Institución de Banca Múltiple, Fidecomiso 1710 (1)	​	Pre-delivery payments financing (Note 5)	​	Mexico	​	100	%	100	%
CIBanco, S.A., Institución de Banca Múltiple, Fidecomiso 1711 (2)	​	Pre-delivery payments financing (Note 5)	​	Mexico	​	100	%	100	%
Fideicomiso Irrevocable de Administración número F/307750 “Administrative Trust”		Share administration trust (Note 18)		Mexico		100	%	100	%
Fideicomiso Irrevocable de Administración número F/745291 “Administrative Trust”		Share administration trust (Note 18)		Mexico		100	%	100	%
Fideicomiso de Administración número CIB/3081 “Administrative Trust”	​	Share administration trust (Note 18)	​	Mexico	​	100	%	100	%
Fideicomiso Irrevocable de Administración número CIB/3249 “Administrative Trust”	​	Asset backed securities trustor & administrator (Note 5)	​	Mexico	​	100	%	100	%

*The Companies have not started operations yet in Guatemala

**The Company has not started operations yet

(1) With effect from October 16, 2020, the Successor of the Trust 1710 was changed from Deutsche Bank México, S.A. to CIBanco, S.A., Institución de Banca Múltiple.

(2) With effect from October 16, 2020, the Successor of the Trust 1711 was changed from Deutsche Bank México, S.A. to CIBanco, S.A., Institución de Banca Múltiple.

(3) With effect from August 31,2021, the Company merged with Concesionaria Vuela Compañía de Aviación S.A.P.I. de C.V.

(4) The Company was acquired in October 5, 2021.

Schedule of depreciation rates

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​	​	​
​		Annual
​		depreciation rate
Flight equipment	​	4.0-16.7%
Constructions and improvements		Remaining contractual lease term
Computer equipment		25%
Workshop tools		33.3%
Electric power equipment		10%
Communications equipment		10%
Workshop machinery and equipment		10%
Motorized transport equipment platform	​	25%
Service carts on board		20%
Office furniture and equipment		10%
Leasehold improvements to flight equipment		The shorter of: (i) remaining contractual lease term, or (ii) the next major maintenance event

Schedule of exchange rates of local currencies translated to functional currencies

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Exchange rates of local

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Exchange rates of local

Exchange rates of local

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currencies translated to

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currencies translated to

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currencies translated to

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functional currencies

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functional currencies

functional currencies

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Average

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Average

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Average

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Local

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Functional

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exchange rate

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Exchange rate

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exchange rate

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Exchange rate

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exchange rate

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Exchange rate

Country

currency

currency

for 2021

as of 2021

for 2020

as of 2020

for 2019

as of 2019

Costa Rica

Colon

U.S. dollar

₵.

641.2439

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₵.

645.9000

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₵.

588.4240

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₵.

615.7800

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₵.

590.9574

₵.

573.4400

Guatemala

Quetzal

U.S. dollar

Q.

7.75370

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Q.

7.7285

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Q.

7.7292

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Q.

7.8095

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Q.

7.7066

Q.

7.6988

El Salvador

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U.S Dollar

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U.S. dollar

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$.

20.9853

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$.

20.5835

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$.

21.4961

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$.

19.9487

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$.

19.2618

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$.

18.8452

Summary of estimated useful lives of the assets

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​	​	​	​
Aircraft and engines		up to 18	years
Spare engines		up to 18	years
Buildings leases		one to ten	years
Maintenance component		up to eight	years

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