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Financial instruments and risk management (Tables)

12 Months Ended

Dec. 31, 2021

Financial instruments and risk management

Schedule of notional amounts and strike prices of derivative financial instruments

​

​	​	​	​	​	​	​	​	​	​	​
​	​	Position as of December 31, 2020								​
​	​	Jet fuel Asian call and Zero-Cost								​
​	​	collars option contracts maturities								​
​		1 Half 2021			2 Half 2021			2021 Total		​
Jet fuel risk Asian Calls		​			​			​
Notional volume in gallons (thousands)*		​	7,280		​	—		​	7,280
Strike price agreed rate per gallon (U.S.dollars) **		US$	1.90		​	—		US$	1.90
Approximate percentage of hedge (of expected consumption value)		​	6	%	​	—	%	​	3	%
Jet fuel risk Zero-Cost collars	​	​	​	​	​	​	​	​	​	​
Notional volume in gallons (thousands)*	​	​	7,556	​	​	—	​	​	7,556	​
Strike price agreed rate per gallon (U.S. dollars) **	​	US$	1.23/1.93	​	US$	—	​	US$	1.23/1.93	​
Approximate percentage of hedge (of expected consumption value)	​	​	6	%	​	—	%	​	3	%
All-in	​	​	​	​	​	​	​	​	​	​
Approximate percentage of hedge (of expected consumption value)	​	​	12	%	​	—	%	​	6	%

* US Gulf Coast Jet 54 as underlying asset

** Weighted average

Schedule of Fuel Sensitivity

​

​	​	​	​	​
​	​	As of December 31,
​	​	2021	​	2020
​		Operating costs		Operating costs
​	​	(In thousands of U.S. dollars)
+ US$0.01 per gallon	​	2,731	​	1,762
- US$0.01 per gallon	​	(2,731)	​	(1,762)

Schedule of foreign exchange exposure

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

USD

Mexican Pesos

Others*

Total

Assets:

​

​

​

​

​

​

​

​

​

​

​

​

Cash, cash equivalents and restricted cash

Ps.

14,311,541

​

Ps.

817,735

​

Ps.

125,600

​

Ps.

15,254,876

Other accounts receivable, net

​

830,688

​

193,727

​

10,189

​

1,034,604

Guarantee deposits

​

10,992,268

​

—

​

6,772

​

10,999,040

Total assets

Ps.

26,134,497

​

Ps.

1,011,462

​

Ps.

142,561

​

Ps.

27,288,520

​

​

​

​

​

​

​

​

​

​

​

​

​

Liabilities:

​

​

​

​

Financial debt

Ps.

3,552,092

​

Ps.

2,724,588

​

Ps.

—

​

Ps.

6,276,680

Lease liabilities

​

53,326,884

​

—

​

1,588

​

53,328,472

Suppliers

​

2,504,827

​

3,290,110

​

127,667

​

5,922,604

Other taxes and fees payable

​

62,533

​

2,300,533

​

337,117

​

2,700,183

Total liabilities

Ps.

59,446,336

​

Ps.

8,315,231

​

Ps.

466,372

​

Ps.

68,227,939

Net foreign currency position

Ps.

(33,311,839)

​

Ps.

(7,303,769)

​

Ps.

(323,811)

​

Ps.

(40,939,419)

*The foreign exchange exposure includes: Quetzales, Colombian pesos and Colones.

​

​	​	​	​
​	​	Thousands of U.S. dollars
​		2020
Assets:		​
Cash, cash equivalents and restricted cash		US$	495,612
Other accounts receivable, net		​	39,997
Guarantee deposits		​	479,566
Derivative financial instruments		​	10
Total assets		US$	1,015,185
​	​	​	​
Liabilities:		​	​
Financial debt (Note 5)		US$	183,806
Lease liabilities	​	​	2,334,153
Suppliers		​	174,553
Other taxes and fees payable		​	16,105
Derivative financial instruments		​	484
Total liabilities		​	2,709,101
Net foreign currency position		US$	(1,693,916)

Schedule of contractual principal payments required on financial liabilities and derivative instruments fair value

​

​	​	​	​	​	​	​	​	​	​
​		December 31, 2021
​	​	​	Within one	​	One to five		​	​	​
​		​	year		years			Total
Interest-bearing borrowings:	​	​	​	​	​	​	​	​	​
Pre-delivery payments facilities (Note 5)		Ps.	3,535,649		Ps.	—		Ps.	3,535,649
Asset backed trust note (“CEBUR”) (Note 5)	​	​	500,000	​	​	2,250,000			2,750,000
​	​	​	​	​	​	​	​	​	​
Lease liabilities:	​	​
Aircraft, engines, land and buildings leases	​	​	5,842,492	​	​	43,807,747			49,650,239
Aircraft and engine lease return obligation	​	​	451,788	​	​	3,436,001			3,887,789
Total		Ps.	10,329,929		Ps.	49,493,748		Ps.	59,823,677

​

​	​	​	​	​	​	​	​	​	​
​	​	December 31, 2020
​	​	Within one			One to five			​
​		year			years			Total
Interest-bearing borrowings:	​	​	​	​	​	​	​	​	​
Pre-delivery payments facilities (Note 5)	​	Ps.	1,096,543	​	Ps.	2,554,069	​	Ps.	3,650,612
Short-term working capital facilities (Note 5)	​		200,000	​		—	​		200,000
Asset backed trust note (“CEBUR”) (Note 5)	​	​	250,000	​	​	1,250,000	​	​	1,500,000
​	​	​	​	​	​	​	​	​	​
Derivative financial instruments:	​	​	​	​	​	​	​	​	​
Jet fuel Asian Zero-Cost collars options contracts	​	​	9,657	​	​	—	​	​	9,657
Lease liabilities:	​	​	​	​	​	​	​	​	​
Aircraft, engines, land and buildings leases	​	​	6,484,092	​	​	37,646,450	​	​	44,130,542
Aircraft and engine lease return obligation	​	​	86,801	​	​	2,417,683	​	​	2,504,484
Total	​	Ps.	8,127,093	​	Ps.	43,868,202	​	Ps.	51,995,295

​

Summary of impact on the equity due to changes in the fair value of forward exchange contracts

​

​	​	​	​	​	​
​		Change in		Effect on profit
​	​	MXN$ rate	​	before tax
​	​	​	​	​	​
2021		+5	%	Ps.	(69,942)
​		-5	%	​	69,942

​

​	​	​	​	​	​
​		Change in		Effect on profit
​	​	USD$ rate	​	before tax
2021		+5	%	Ps.	(1,439,653)
​		-5	%	​	1,439,653
​	​	​	​	​	​
2020		+5	%	Ps.	(253,763)
​		-5	%	​	253,763

Schedule of sensitivity analysis of change in fair value of interest hedging instrument

​

​	​	​	​	​	​	​
​		Change in		​	​
​	​	MX$ rate	​	Effect on cap
2021		+0.01	%	Ps.	(30.86)	​
​		-0.01	%	​	30.86	​
​	​	​	​	​	​	​
2020		+0.01	%	Ps.	(0.28)	​
​		-0.01	%	​	0.28	​

​

​	​	​	​	​	​
​		​		​	​
​	​	Change in	​	​	​
​	​	MX$ rate	​	Effect on cap
2021		+0.01	%	Ps.	(165.44)
​		-0.01	%	​	165.44

Schedule of debt sensitivity analysis

​

​	​	​	​	​	​	​	​	​
​		As of December 31, 2021				As of December 31, 2020
​	​	+ 100 BP	​	- 100 BP	​	+ 100 BP	​	- 100 BP
Banco Nacional de Comercio Exterior, S.N.C. (“Bancomext”)		138,476		(138,476)		155,332		(155,332)
Asset backed trust notes (“CEBUR”)		133,173		(133,173)		131,054		(131,054)
Banco Sabadell S.A., Institución de Banca Múltiple (“Sabadell”)		16,064		(16,064)		18,086		(18,086)

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