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Finance income and cost

12 Months Ended

Dec. 31, 2022

Finance income and cost

Finance income and cost

23. Finance income and cost

An analysis of finance income is as follows:


		2022			2021			2020
Interest on cash and equivalents		US$	12,036		US$	2,872		US$	4,384
Interest on cash and equivalents held in the trust CIB/3249			711			280			301
Interest on recovery of guarantee deposits			155			379			99
		US$	12,902		US$	3,531		US$	4,784

An analysis of finance cost is as follows:


		2022			2021			2020
Interest expense on lease liabilities and aircraft and engine lease return obligation		US$	174,769		US$	128,159		US$	108,907
Interest on asset backed trust notes			12,049			5,672			5,448
Cost of letter credit notes			4,131			3,025			3,410
Other finance costs			584			1,589			481
Interest on debts and borrowings*			533			703			768
Bank fees and others			308			226			176
Derivative financial instruments loss			161			—			19,130
		US$	192,535		US$	139,374		US$	138,320

^* The borrowing costs related to the acquisition or construction of qualifying assets are capitalized as part of the cost of the asset (Note 12). Interest expense not capitalized is related to the short-term working capital facility from Citibanamex.


		2022			2021			2020
Interest on debts and borrowings		US$	8,448		US$	7,801		US$	18,640
Capitalized interest (Note 12)			(7,915)			(7,098)			(17,872)
Net interest on debts and borrowing in the consolidated statements of operations		US$	533		US$	703		US$	768