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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