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Financial instruments and risk management (Tables)

12 Months Ended

Dec. 31, 2022

Financial instruments and risk management

Schedule of Fuel Sensitivity

​

​	​	​	​	​	​	​
​	​	As of December 31,
​	​	2022	​	2021	​	2020
​		Operating costs		Operating costs		Operating costs
​	​	(In thousands of U.S. dollars)
+ US$0.01 per gallon	​	3,399	​	2,731	​	1,762
- US$0.01 per gallon	​	(3,399)	​	(2,731)	​	(1,762)

​

Schedule of foreign exchange exposure

​

​	​	​	​	​	​	​
​		Mexican Pesos			Others*
​	​	(In thousands of U.S. dollars)
Assets:	​	​	​	​	​	​
Cash, cash equivalents and restricted cash		US$	39,962	​	US$	6,129
Other accounts receivable, net			66,254	​		12,595
Guarantee deposits			23,981	​		252
Other assets	​	​	—	​	​	—
Derivative financial instruments	​	​	1,585	​	​	—
Total assets		US$	131,782	​	US$	18,976
​	​	​	​	​	​	​
Liabilities:				​
Financial debt		US$	133,837	​	US$	—
Lease liabilities			17,003	​		103
Suppliers			124,374	​		1,496
Other liabilities	​	​	81,378	​	​	1,277
Total liabilities		US$	356,592	​	US$	2,876
Net foreign currency position		US$	(224,810)	​	US$	16,100

​

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

​

​	​	​	​	​	​	​
​		Mexican Pesos			Others*
​	​	(In thousands of U.S. dollars)
Assets:		​	​	​	​	​
Cash, cash equivalents and restricted cash		US	39,728	​	US	6,102
Other accounts receivable, net		​	9,412	​	​	495
Guarantee deposits		​	—	​	​	329
Total assets		US	49,140	​	US	6,926
​	​	​	​	​	​	​
Liabilities:		​	​	​	​	​
Financial debt		US	132,367	​	US	—
Lease liabilities	​	​	—	​	​	77
Suppliers		​	159,842	​	​	6,202
Other taxes and fees payable		​	111,766	​	​	16,378
Total liabilities		US	403,975	​	US	22,657
Net foreign currency position		US	(354,835)	​	US	(15,731)

​

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

​

​	​	​	​	​	​	​	​	​	​
​		December 31, 2022
​	​	​	Within one	​	One to five		​	​	​
​		​	year		years			Total
Interest-bearing borrowings:	​	​	​	​	​	​	​	​	​
Pre-delivery payments facilities (Note 5)		US$	62,209		US$	75,698		US$	137,907
Asset backed trust note (“CEBUR”) (Note 5)	​	​	30,128	​	​	86,082			116,210
Working Capital Facilities (Note 5)	​	​	18,077	​	​	—	​	​	18,077
​	​	​	​	​	​	​	​	​	​
Lease liabilities:	​	​
Aircraft, engines, land and buildings leases	​	​	335,620	​	​	2,373,103			2,708,723
Aircraft and engine lease return obligation	​	​	5,012	​	​	244,454			249,466
Total		US$	451,046		US$	2,779,337		US$	3,230,383

​

​	​	​	​	​	​	​	​	​	​
​	​	December 31, 2021
​	​	Within one			One to five			​
​		year			years			Total
Interest-bearing borrowings:	​	​	​	​	​	​	​	​	​
Pre-delivery payments facilities (Note 5)	​	US$	171,771	​	US$	—	​	US$	171,771
Asset backed trust note (“CEBUR”) (Note 5)	​	​	24,291	​	​	109,311	​	​	133,602
​	​	​	​	​	​	​	​	​	​
Lease liabilities:	​	​	​	​	​	​	​	​	​
Aircraft, engines, land and buildings leases	​	​	283,843	​	​	2,128,294	​	​	2,412,137
Aircraft and engine lease return obligation	​	​	21,949	​	​	166,930	​	​	188,879
Total	​	US$	501,854	​	US$	2,404,535	​	US$	2,906,389

​

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
​	​	​	​	(In thousands of
​	​	​	​	U.S. dollars)
2022		+5	%	US$	(10,436)
​		-5	%	​	10,436

​

​

​	​	​	​	​	​
​		Change in		Effect on profit
​	​	MXN$ rate	​	before tax
​	​	​	​	(In thousands of U.S.
​	​	​	​	dollars)
2021		+5	%	US$	(18,528)
​		-5	%	​	18,528

​

​

​	​	​	​	​	​
​	​	Change in	​	Effect on profit
​		USD$ rate		before tax
​				(In thousands of
​	​	​	​	U.S. dollars)
2021		+5	%	US$	(80,919)
​		-5	%	​	80,919

​

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

​

​	​	​	​	​	​
​		Change in		​	​
​	​	interest rate	​	Effect on cap*
​	​	​	​	(In thousands of U.S.
​	​	​	​	dollars)
2022		+0.50	%	US$	(121)
​		-0.50	%	​	121
​	​	​	​	​	​
2021		+0.01	%	US$	(2)
​		-0.01	%	​	2

​

* The effect would affect OCI in relation to the interest rate caps.

​

​	​	​	​	​	​
​	​	Change in	​	​	​
​	​	interest rate		Effect on cap*
​	​	​	​	(In thousands of
​		​	​	U.S. dollars)
2022	​	+0.50	%	US$	(590)
​	​	-0.50	%	​	590
​	​	​	​	​	​
2021		+0.01	%	US$	(8)
​		-0.01	%	​	8

​

Schedule of debt sensitivity analysis

​

​	​	​	​	​	​	​	​	​
​		Year ended December 31, 2022				Year ended December 31, 2021
​	​	+ 100 BP		- 100 BP		+ 100 BP		- 100 BP
​	​	(In thousands of U.S. dollars)
Banco Nacional de Comercio Exterior, S.N.C. (“Bancomext”)		961		(961)		1,751		(1,751)
Asset backed trust notes (“CEBUR”) (1)		1,320		(1,320)		867		(867)
Banco Sabadell S.A., Institución de Banca Múltiple (“Sabadell”)	​	49	​	(49)	​	91	​	(91)
Banco Santander México, S.A. y Banco Nacional de Comercio Exterior, S.N.C. (“Santander-Bancomext 2022”)	​	96	​	(96)	​	—	​	—
JSA International U.S. Holdings, LLC (PDP JSA)	​	88	​	(88)	​	—	​	—
GY Aviation Lease 1714 Co. Limited (PDP CDB)	​	38	​	(38)	​	—	​	—
Incline II B Shannon 18 Limited (PDP BBAM)	​	224	​	(224)	​	—	​	—
Oriental Leasing 6 Company Limited (PDP CMB)	​	19	​	(19)	​	—	​	—
Banco Actinver S.A., Institución de banca múltiple (“Actinver”)	​	6	​	(6)	​	—	​	—
Total		2,801		(2,801)		2,709		(2,709)

​

(1) Every Trust Note (CEBUR) issuance has a 10% CAP on TIIE 28 to limit interest payments to increasing rates.

X

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