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Financial instruments and risk management (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2023
Financial instruments and risk management |
Schedule of Fuel Sensitivity | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | As of December 31,
​ | ​ | 2023 | ​ | 2022 | ​ | 2021
​ |  | Operating costs |  | Operating costs |  | Operating costs
​ | ​ | (In thousands of U.S. dollars)
+ US$0.01 per gallon | ​ | 3,719 | ​ | 3,399 | ​ | 2,731
- US$0.01 per gallon | ​ | (3,719) | ​ | (3,399) | ​ | (2,731)
Summary of impact on the equity due to changes in the fair value of forward exchange contracts | ​
​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Change in | ​ | Effect on profit
​ |  | MXN$ rate |  | before tax
​ | ​ | ​ | ​ | (In thousands of
​ | ​ | ​ | ​ | U.S. dollars)
2023 |  | +5 | % | US$ | (8,788)
​ |  | -5 | % | ​ | 8,788
​
​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Change in | ​ | Effect on profit
​ |  | MXN$ rate |  | before tax
​ |  |  |  | (In thousands of
​ | ​ | ​ | ​ | U.S. dollars)
2022 |  | +5 | % | US$ | (10,436)
​ |  | -5 | % | ​ | 10,436
Schedule of foreign exchange exposure | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Mexican Pesos |  | Others (1)
​ | ​ | (In thousands of U.S. dollars)
Assets: | ​ | ​ | ​ | ​ | ​ | ​
Cash, cash equivalents and restricted cash |  | US$ | 100,488 | ​ | US$ | 13,287
Other accounts receivable, net |  |  | 54,594 | ​ |  | 34,650
Guarantee deposits |  |  | 29,951 | ​ |  | 514
Derivative financial instruments | ​ | ​ | 1,683 | ​ | ​ | —
Total assets |  | US$ | 186,716 | ​ | US$ | 48,451
​ | ​ | ​ | ​ | ​ | ​ | ​
Liabilities: |  |  |  | ​ |  |
Financial debt |  | US$ | 186,251 | ​ | US$ | —
Lease liabilities |  |  | 19,655 | ​ |  | 73
Suppliers |  |  | 142,453 | ​ |  | 2,254
Other liabilities | ​ | ​ | 57,283 | ​ | ​ | 2,958
Total liabilities |  | US$ | 405,642 | ​ | US$ | 5,285
Net foreign currency position |  | US$ | (218,926) | ​ | US$ | 43,166
(1) The foreign exchange exposure includes: Quetzales, Colombian pesos and Colones. ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Mexican Pesos |  | Others (1)
​ | ​ | (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
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
Schedule of sensitivity analysis of change in fair value of interest hedging instrument | ​
​ | ​ | ​ | ​ | ​ | ​
​ |  | Change in |  | ​ | ​
​ | ​ | interest rate | ​ | Effect on cap (1)
​ | ​ | ​ | ​ | (In thousands of U.S.
​ | ​ | ​ | ​ | dollars)
2023 |  | +0.50 | % | US$ | 14
​ |  | -0.50 | % | ​ | (13)
​ | ​ | ​ | ​ | ​ | ​
2022 |  | +0.50 | % | US$ | (121)
​ |  | -0.50 | % | ​ | 121
(1) The effect would affect OCI in relation to the interest rate caps. ​
​ | ​ | ​ | ​ | ​ | ​
​ |  | Change in |  | ​ | ​
​ | ​ | interest rate | ​ | Effect on cap (1)
​ | ​ | ​ | ​ | (In thousands of U.S.
​ | ​ | ​ | ​ | dollars)
2023 |  | +0.50 | % | US$ | 311
​ |  | -0.50 | % | ​ | (269)
​ | ​ | ​ | ​ | ​ | ​
2022 |  | +0.50 | % | US$ | (590)
​ |  | -0.50 | % | ​ | 590
​
​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Change in | ​ | ​ | ​
​ |  | interest rate |  | Effect on cap (1)
​ | ​ | ​ | ​ | (In thousands of
​ | ​ | ​ | ​ | U.S. dollars)
2023 | ​ | +0.50 | % | US$ | 132
​ | ​ | -0.50 | % | ​ | (89)
Schedule of debt sensitivity analysis | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Year ended December 31, 2023 |  | Year ended December 31, 2022
​ | ​ | + 100 BP |  | - 100 BP |  | + 100 BP |  | - 100 BP
​ | ​ | ​ | (In thousands of U.S. dollars)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Asset backed trust notes (“CEBUR”) (1) |  | US$ | 1,435 |  | US$ | (1,435) |  | US$ | 1,320 |  | US$ | (1,320)
Incline II B Shannon 18 Limited (PDP BBAM) | ​ | ​ | 930 | ​ | ​ | (930) | ​ | ​ | 224 | ​ | ​ | (224)
Banco Santander México, S.A. y Banco Nacional de Comercio Exterior, S.N.C. (“Santander-Bancomext 2022”) | ​ | ​ | 533 | ​ | ​ | (533) | ​ | ​ | 96 | ​ | ​ | (96)
GY Aviation Lease 1714 Co. Limited (PDP CDB) | ​ | ​ | 352 | ​ | ​ | (352) | ​ | ​ | 38 | ​ | ​ | (38)
JSA International U.S. Holdings, LLC (PDP JSA) | ​ | ​ | 288 | ​ | ​ | (288) | ​ | ​ | 88 | ​ | ​ | (88)
Oriental Leasing 6 Company Limited (PDP CMB) | ​ | ​ | 131 | ​ | ​ | (131) | ​ | ​ | 19 | ​ | ​ | (19)
Tarquin Limited | ​ | ​ | 111 | ​ | ​ | (111) | ​ | ​ | — | ​ | ​ | —
Wilmington Trust SP Services (Dublin) Limited | ​ | ​ | 24 | ​ | ​ | (24) | ​ | ​ | — | ​ | ​ | —
NBB- V11218 Lease Partnership | ​ | ​ | 22 | ​ | ​ | (22) | ​ | ​ | — | ​ | ​ | —
NBB- V11951 Lease Partnership | ​ | ​ | 21 | ​ | ​ | (21) | ​ | ​ | — | ​ | ​ | —
NBB Pintail Co. Ltd. | ​ | ​ | 17 | ​ | ​ | (17) | ​ | ​ | — | ​ | ​ | —
Banco Nacional de Comercio Exterior, S.N.C. (“Bancomext”) |  | ​ | — |  | ​ | — |  | ​ | 961 |  | ​ | (961)
Banco Sabadell S.A., Institución de Banca Múltiple (“Sabadell”) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 49 | ​ | ​ | (49)
Banco Actinver S.A., Institución de banca múltiple ("Actinver") | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 6 | ​ | ​ | (6)
Total |  | US$ | 3,864 |  | US$ | (3,864) |  | US$ | 2,801 |  | US$ | (2,801)
(1) Every Trust Note of (CEBUR VOLARCB19 and VOLARCB21L) issuance has a 10% CAP and for every Trust Note of (CEBUR VOLARCB23) issuance has a 13% CAP, both on TIIE 28 to limit interest payments to increasing rates.
Schedule of contractual principal payments required on financial liabilities and derivative instruments fair value | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | December 31, 2023
​ | ​ | Within one | ​ | One to five | ​ | ​ | ​
​ |  | year |  | years |  | Total
Interest-bearing borrowings: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Aircraft pre-delivery payments (Note 5) |  | US$ | 157,318 |  | US$ | 151,322 |  | US$ | 308,640
Asset backed trust note (“CEBUR”) (Note 5) | ​ | ​ | 44,396 | ​ | ​ | 143,054 |  |  | 187,450
Other financing agreements (Note 5) | ​ | ​ | 12,157 | ​ | ​ | 140,906 | ​ | ​ | 153,063
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Lease liabilities: | ​ | ​ |  |  |  |  |  |  |
Aircraft, engines and buildings leases | ​ | ​ | 372,697 | ​ | ​ | 2,518,745 |  |  | 2,891,442
Aircraft and engine lease return obligation | ​ | ​ | 803 | ​ | ​ | 286,405 |  |  | 287,208
Total |  | US$ | 587,371 |  | US$ | 3,240,432 |  | US$ | 3,827,803
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2022
​ | ​ | Within one |  | One to five |  | ​
​ |  | year |  | years |  | Total
Interest-bearing borrowings: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Aircraft pre-delivery payments (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 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
​

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