Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2020shares | |
Cover | |
Document Annual Report | true |
Document Transition Report | false |
Document Shell Company Report | false |
Document Type | 20-F |
Amendment Flag | false |
Document Period End Date | Dec. 31, 2020 |
Document Fiscal Year Focus | 2020 |
Document Fiscal Period Focus | FY |
Entity Registrant Name | SOUTHEAST AIRPORT GROUP |
Entity Central Index Key | 0001123452 |
Current Fiscal Year End Date | --12-31 |
Entity Well-known Seasoned Issuer | Yes |
Entity Voluntary Filers | No |
Entity Interactive Data Current | Yes |
Entity Current Reporting Status | Yes |
Entity Filer Category | Large Accelerated Filer |
Entity Common Stock, Shares Outstanding | 300,000,000 |
Entity Shell Company | false |
Entity Emerging Growth Company | false |
ICFR Auditor Attestation Flag | true |
Consolidated Statements of Fina
Consolidated Statements of Financial Position - MXN ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
CURRENT ASSETS: | ||
Cash and cash equivalents (Note 5) | $ 5,192,628 | $ 6,192,679 |
Restricted cash and cash equivalents (Note 5.1) | 5,055 | 165,622 |
Accounts receivable - Net (Note 6) | 1,358,227 | 1,003,793 |
Recoverable taxes (Note 13) | 631,999 | 230,030 |
Creditable value added tax | 272,325 | 43,160 |
Inventory | 34,023 | 49,667 |
Other assets | 221,792 | 160,905 |
Total current assets | 7,716,049 | 7,845,856 |
NON-CURRENT ASSETS: | ||
Land, furniture and equipment - Net (Note 7) | 504,385 | 520,623 |
Intangible assets, airport concessions and goodwill - Net (Notes 1 and 8) | 52,182,311 | 49,126,038 |
Receivable from third parties | 23,364 | |
Investment in joint venture accounted for by the equity method (Note 17.2f) | 8,466 | |
Total assets | 60,411,211 | 57,515,881 |
CURRENT LIABILITIES: | ||
Bank loans (Note 10) | 808,515 | 238,235 |
Short term debt (Note 11) | 330,235 | 311,372 |
Income taxes payable | 29,933 | 211,083 |
Accounts payable and accrued expenses (Note 9) | 1,598,404 | 1,799,330 |
Total current liabilities | 2,767,087 | 2,560,020 |
NON-CURRENT LIABILITIES: | ||
Bank loans (Note 10) | 6,119,655 | 6,674,717 |
Long-term debt (Note 11) | 6,641,941 | 6,488,569 |
Deferred income tax (Note 13) | 3,165,145 | 3,004,584 |
Employee benefits | 24,177 | 16,814 |
Total liabilities | 18,718,005 | 18,744,704 |
STOCKHOLDERS' EQUITY (Note 12): | ||
Capital stock | 7,767,276 | 7,767,276 |
Capital reserves | 13,445,231 | 13,171,105 |
Other comprehensive income | 321,867 | (218,788) |
Retained earnings | 12,131,610 | 10,438,563 |
Controlling interest | 33,665,984 | 31,158,156 |
Non-Controlling interest | 8,027,222 | 7,613,021 |
Total stockholders' equity | 41,693,206 | 38,771,177 |
Total liabilities and stockholders' equity | $ 60,411,211 | $ 57,515,881 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - MXN ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenue (Notes 3 and 19.1.): | |||
Aeronautical services | $ 5,412,418 | $ 9,596,975 | $ 8,942,910 |
Non-aeronautical services | 3,555,227 | 5,988,470 | 5,531,557 |
Construction services (Note 3.1.3) | 3,657,086 | 1,236,193 | 935,774 |
Total revenue | 12,624,731 | 16,821,638 | 15,410,241 |
Operating costs and expenses (Note 4): | |||
Cost of aeronautical and non-aeronautical services | 5,617,415 | 7,058,686 | 6,594,871 |
Cost of construction services | 3,657,086 | 1,236,193 | 935,774 |
Administrative expenses | 232,935 | 250,183 | 235,264 |
Total operating costs and expenses | 9,507,436 | 8,545,062 | 7,765,909 |
Other Income (Note 16.e) | 158,881 | 204,719 | 134,637 |
Operating profit | 3,276,176 | 8,481,295 | 7,778,969 |
Interest income | 262,370 | 343,612 | 280,623 |
Interest expense | (926,312) | (1,084,293) | (1,230,651) |
Exchange income on foreign currency | 334,150 | 278,641 | 462,218 |
Exchange loss on foreign currency | (89,074) | (357,518) | (374,460) |
Other operating income (expense) | (418,866) | (819,558) | (862,270) |
Equity in the results of joint venture accounted for by the equity method (Note 17.2 f) | (1,618) | ||
Net income before income taxes | 2,855,692 | 7,661,737 | 6,916,699 |
Income taxes (Note 13) | |||
Asset tax | 932 | 932 | |
Income tax | 729,155 | 1,978,102 | 1,795,961 |
Net income for the year | 2,126,537 | 5,683,635 | 5,119,806 |
Net income for the year attributable to: | |||
Controlling interest | 1,972,319 | 5,465,822 | 4,987,601 |
Non-Controlling interest | 154,218 | 217,813 | 132,205 |
Net income for the year | 2,126,537 | 5,683,635 | 5,119,806 |
Items that will not be reclassified to income for the period: | |||
Remeasurement of labor obligations | (5,146) | (5,272) | 4,692 |
Items that might be reclassified to income for the period: | |||
Effect of the foreign currency translation in subsidiaries | 800,638 | (588,575) | 116,059 |
Total comprehensive income for the year | 2,922,029 | 5,089,788 | 5,240,557 |
Comprehensive income for the year attributable to: | |||
Controlling interest | 2,507,828 | 5,051,971 | 4,986,573 |
Non-Controlling interest | 414,201 | 37,817 | 253,984 |
Total comprehensive income for the year | $ 2,922,029 | $ 5,089,788 | $ 5,240,557 |
Basic and diluted earnings per share expressed in Mexican Pesos (Note 17.19) | $ 7 | $ 18 | $ 17 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Stockholders' Equity - MXN ($) $ in Thousands | Capital stock | Legal reserve | Reserve for repurchase of shares | Other comprehensive income | Retained earnings | Non-controlling interest | Total |
Balances at January 1 at Dec. 31, 2017 | $ 7,767,276 | $ 1,075,002 | $ 7,052,635 | $ 195,511 | $ 9,949,654 | $ 7,648,223 | $ 33,688,301 |
Comprehensive income: | |||||||
Net profit for the year | 4,987,601 | 132,205 | 5,119,806 | ||||
Effect of foreign currency translation in subsidiaries | (5,720) | 121,779 | 116,059 | ||||
Remeasurement of labor obligations | 4,692 | 4,692 | |||||
Total comprehensive income for the year | (5,720) | 4,992,293 | 253,984 | 5,240,557 | |||
Transfers to legal reserve | 291,865 | (291,865) | |||||
Transfers to the reserve for acquisitions of shares (Note 12) | 2,809,627 | (2,809,627) | |||||
Dividends paid | (2,034,000) | (2,034,000) | |||||
Difference in the consideration paid for the acquisition of the non-controlling interest of Airplan recognized on parents equity (Note 1.2) | 113,534 | (327,003) | (213,469) | ||||
Balance at December 31 at Dec. 31, 2018 | 7,767,276 | 1,366,867 | 9,862,262 | 189,791 | 9,919,989 | 7,575,204 | 36,681,389 |
Comprehensive income: | |||||||
Net profit for the year | 5,465,822 | 217,813 | 5,683,635 | ||||
Effect of foreign currency translation in subsidiaries | (408,579) | (179,996) | (588,575) | ||||
Remeasurement of labor obligations | (5,272) | (5,272) | |||||
Total comprehensive income for the year | (408,579) | 5,460,550 | 37,817 | 5,089,788 | |||
Transfers to legal reserve | 249,666 | (249,666) | |||||
Transfers to the reserve for acquisitions of shares (Note 12) | 1,692,310 | (1,692,310) | |||||
Dividends paid | (3,000,000) | (3,000,000) | |||||
Balance at December 31 at Dec. 31, 2019 | 7,767,276 | 1,616,533 | 11,554,572 | (218,788) | 10,438,563 | 7,613,021 | 38,771,177 |
Comprehensive income: | |||||||
Net profit for the year | 1,972,319 | 154,218 | 2,126,537 | ||||
Effect of foreign currency translation in subsidiaries | 540,655 | 259,983 | 800,638 | ||||
Remeasurement of labor obligations | (5,146) | (5,146) | |||||
Total comprehensive income for the year | 540,655 | 1,967,173 | 414,201 | 2,922,029 | |||
Transfers to legal reserve | 274,126 | (274,126) | |||||
Balance at December 31 at Dec. 31, 2020 | $ 7,767,276 | $ 1,890,659 | $ 11,554,572 | $ 321,867 | $ 12,131,610 | $ 8,027,222 | $ 41,693,206 |
Consolidated Statement of Cha_2
Consolidated Statement of Changes in Stockholders' Equity (Parenthetical) - $ / shares | Apr. 26, 2019 | Apr. 26, 2018 |
Consolidated Statement of Changes in Stockholders' Equity | ||
Dividends paid, per share | $ 10 | $ 6.78 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows $ in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020MXN ($) | Dec. 31, 2019MXN ($) | Dec. 31, 2018MXN ($) | |
Operating activities | |||
Income before income taxes | $ 2,855,692 | $ 7,661,737 | $ 6,916,699 |
Adjustments for: | |||
Equity in the results of joint venture accounted by the equity method | 1,618 | ||
Depreciation and amortization (Notes 4, 7 and 8) | 1,934,766 | 1,836,897 | 1,760,741 |
Interest income | (262,370) | (343,612) | (280,623) |
Interest expense | 926,312 | 1,084,293 | 1,230,651 |
Exchange loss | 781,458 | 90,905 | 16,373 |
Exchange gain | (1,388,687) | (285,094) | (295,524) |
Working capital variations: | |||
Accounts receivable (Note 6) | (452,636) | (125,309) | (107,608) |
Recoverable taxes and other current assets | (128,348) | 222,175 | 48,182 |
Trade accounts payable and other liabilities (Note 9) | 209,534 | 333,715 | 490,827 |
Total adjustments to reconcile profit (loss) | 4,477,339 | 10,475,707 | 9,779,718 |
Income taxes paid (Note 13) | (1,540,196) | (1,974,015) | (2,083,398) |
Net cash flows generated from operating activities | 2,937,143 | 8,501,692 | 7,696,320 |
Investing activities | |||
Improvements to assets under concession and acquisition of furniture and equipment (Note 8) | (3,328,560) | (2,614,864) | (1,636,325) |
Investment in joint venture (Note 17.2f) | (10,556) | ||
Interest received | 273,642 | 342,981 | 265,350 |
Restricted cash and equivalents (Note 5.1) | 189,474 | (118,290) | 59,018 |
Net cash flows used in investing activities | (2,876,000) | (2,390,173) | (1,311,957) |
Financing activities | |||
Consideration paid for the non-controlling interest of Airplan | (213,469) | ||
Bank loans received (Note 10) | 306,241 | ||
Bank loans paid (Note 10) | (243,998) | (152,047) | (3,090,124) |
Lease payments - Principal portion | (5,751) | ||
Long-term debt paid (Note 11) | (241,560) | (205,308) | |
Interest paid (Note 11) | (962,993) | (1,064,764) | (1,139,071) |
Dividends paid (Note 12) | (3,000,000) | (2,034,000) | |
Net cash flows (used) from financing activities | (1,142,310) | (4,427,870) | (6,476,664) |
(Decrease) increase in cash and cash equivalents | (1,081,167) | 1,683,649 | (92,301) |
Cash and cash equivalents at the beginning of the year | 6,192,679 | 4,584,507 | 4,677,454 |
Exchange (loss) gains on cash and cash equivalents | 81,116 | (75,477) | (646) |
Cash and cash equivalents at the end of the year | $ 5,192,628 | $ 6,192,679 | $ 4,584,507 |
Overview_
Overview: | 12 Months Ended |
Dec. 31, 2020 | |
Overview: | |
Overview: | Note 1 - Overview: Grupo Aeroportuario del Sureste, S. A. B. de C. V. (ASUR or the Company) is a Mexican company that was incorporated in April 1998 as a wholly-owned entity of the federal public government to administer, operate, maintain and exploit nine airports in the Southeast of Mexico. The nine airports are located in the following cities: Cancún, Cozumel, Mérida, Huatulco, Oaxaca, Veracruz, Villahermosa, Tapachula and Minatitlán. ASUR and its subsidiaries are collectively referred to as "the Company", "ASUR" or "the Group". The Company operates two companies that provide administrative services: Servicios Aeroportuarios del Sureste, S. A. and C. V. and RH Asur, S. A. de C. V. In addition, Aeropuerto de Cancún, S. A. de C. V. (Cancún Airport) has a more than 95% stake in the following subsidiaries: Caribbean Logistic, S. A. de C. V., Cargo RF, S. A. de C. V and Cancún Airport Services, S. A. de C. V., companies providing storage services, handling services, warehousing and custody of foreign trade merchandise and the related to the premises inspected at airports concessioned to third parties, as well as Cancún Airport Services, S. A. de C. V., whose main activity is to establish and operate shops, establishments and stores for the sale of all kinds of products. In June 1998, the Mexican Department of Communications and Transportation (SCT by its Spanish initials) granted to the Company’s subsidiaries concessions to administer, operate, exploit and develop the nine Southeast airports over a period of 50 years commencing on November 1, 1998. The term of the concessions may be extended by the parties under certain circumstances, in accordance with Article 15 of the Airports Law that establishes, among other things: 1) it had fulfilled the conditions set out in the respective title; 2) if requested before the five years of the concession’s validity begun, and 3) accept the new conditions. Notwithstanding the Company’s rights to administer, operate, exploit, develop and, if applicable, build the nine airports pursuant to the Mexican General Law of National Assets; all the land, furniture and permanent fixed assets located in the airports are the property of the Mexican federal government. Upon expiration of the Company’s concessions, these assets, including any improvements made during the term of the concessions, automatically revert to the Mexican federal government. Through its subsidiary Cancún Airport, the Company holds 60% of the shares of Aerostar Airport Holding, LLC (Aerostar), which operates and manages Aeropuerto Internacional Luis Muñoz Marín (LMM Airport) in San Juan, Puerto Rico, and 100% of the shares of Sociedad Operadora de Aeropuertos Centro Norte, S. A. (Airplan), domiciled in the city of Medellín, Colombia, which operates and administers, through a single concession (contract 8000011-OK), the following six Airports: Enrique Olaya Herrera in Medellín, José María Córdova in Rionegro, El Caraño in Quibdó, Los Garzones in Montería, Antonio Roldán Betancourt in Carepa and Las Brujas in Corozal. As of December 31, 2019, the Company's outstanding capital stock was held by the investing public (66.54)%, and placed in New York (NYSE) and Mexico (BMV), Inversiones and Airport Techniques, SAPI de C.V. (ITA) (7.65)%, CHPAF Holdings, S.A.P.I de C. V. (13.51)%, and Inversiones Productivas Kierke, S. A. de C. V. (12.31)%. As of December 31, 2020, the Company’s outstanding capital stock was held by the investing public (65.57)% and placed in New York (NYSE) and Mexico (BMV), Inversiones y Técnicas Aeroportuarias, S. A. P. I. de C. V. (ITA) (7.65)%, CHPAF Holdings, S.A.P.I de C. V. (up to December 3, 2018, Servicios Estrategia Patrimonial, S. A. de C. V. and Agrupación Aeroportuaria Internacional III, S. A. de C. V.) (14.47)%, and Inversiones Productivas Kierke, S. A. de C. V. (12.31)%. Shareholding is divided amongst different shareholders, without there being an individual or a particular group that controls the Company directly. Significant events – COVID-19 effects On March 11, 2020, the World Health Organization (WHO) designated the COVID-19 outbreak, which began in December 2019, a global pandemic. Governments responded to COVID-19 in many ways, including the placement of restrictions on commercial activities and social interaction, among others. These measures had significant effects on the Company’s airports. The number of airline passengers, both nationwide and worldwide, has decreased as a result of travel restrictions and temporary closure of terminals, which has had an impact on the Company’s aeronautical and non-aeronautical activities. Since the COVID-19 pandemic was declared a world health emergency, the Company’s daily operations have been affected by the social distancing and lockdown measures imposed by government and regulatory authorities. Among the effects COVID-19 has had on the services provided by the Company, we highlight the following: a. b. c. d. Below are the main impacts of COVID-19 on the Company's Consolidated Financial Statements for the fiscal year ended on December 31, 2020: e. f. g. h. i. j. k. l. m. |
Segment Information_
Segment Information: | 12 Months Ended |
Dec. 31, 2020 | |
Segment information: | |
Segment information: | Note 2 - Segment information: The Company is a Mexican entity that was incorporated in April 1998 as a wholly-owned entity of the federal public government to administer, operate and if necessary, condition and modernize nine airports in the Southeast of Mexico. The nine airports are located in the following cities: Cancún, Cozumel, Mérida, Huatulco, Oaxaca, Veracruz, Villahermosa, Tapachula and Minatitlán. The Company operates two companies that provide administrative services: Servicios Aeroportuarios del Sureste, S. A. de C. V. and RH Asur, S. A. de C. V. In addition, Cancún Airport holds an interest in the following subsidiaries: 100% in Caribbean Logistic, S. A. de C. V. and Cargo RF, S. A. de C. V, companies providing storage services, handling services, warehousing and custody of foreign trade merchandise and the related to the premises inspected at airports concessioned to third parties, as well as Cancún Airport Services, S. A. de C. V., whose main activity is to establish and operate shops, for the sale of all type of products. As mentioned in Note 1, the Company controls 60% in Aerostar and 100% Airplan through equity interest. The information by segments is shown as follows. Year ended on Holding & Consolidation December, 31 2018 Cancún Aerostar (*) Airplan (**) Mérida Villahermosa Services Other adjustments Total Revenue from contracts with clients: Aeronautical revenue Ps. 4,428,546 Ps. 1,700,859 Ps. 1,276,506 Ps. 469,879 Ps. 201,502 — Ps. 865,618 — Ps. 8,942,910 Non-aeronautical revenue 3,831,325 964,404 396,834 117,277 59,822 Ps. 1,684,204 162,345 Ps. (1,684,654) 5,531,557 Revenue for construction services 205,834 360,004 312,375 4,831 15,604 — 37,126 — 935,774 Operating profit 5,206,971 882,381 239,893 297,468 113,038 605,860 433,358 — 7,778,969 Non-current assets 16,927,804 20,515,694 6,592,640 1,454,497 921,162 28,789,664 4,314,529 (29,335,081) 50,180,909 Total assets 19,002,035 21,607,145 6,905,451 1,857,958 1,241,529 29,525,000 5,377,784 (29,335,081) 56,181,821 Total liabilities 4,528,342 10,040,600 4,575,476 (25,257) 79,070 205,077 97,124 — 19,500,432 Improvements to assets under concession and acquisition of furniture and equipment in the period 364,795 772,009 415,042 7,116 12,671 — 64,692 — 1,636,325 Amortization and depreciation (455,003) (632,236) (452,364) (47,803) (30,147) (640) (142,548) — (1,760,741) Revenue recognized At point in time: Aeronautical revenue 3,846,184 1,245,320 1,200,941 426,070 180,407 — 788,406 — 7,687,328 Non-aeronautical revenue 621,850 621,850 Total 4,468,034 1,245,320 1,200,941 426,070 180,407 — 788,406 — 8,309,178 Over a period time: Aeronautical revenue 543,282 455,539 75,565 41,179 21,027 — 73,068 — 1,209,661 Non-aeronautical revenue 2,888,043 954,626 395,410 57,554 39,395 1,684,204 143,100 (1,684,654) 4,477,678 Revenue for construction services 205,834 360,004 312,375 4,831 15,604 — 37,126 — 935,774 Total Ps. 3,637,160 Ps. 1,770,169 Ps. 783,350 Ps. 103,564 Ps. 76,027 Ps. 1,684,204 Ps. 253,294 Ps. (1,684,654) Ps. 6,623,114 (*) Subsidiary located in Puerto Rico. (**) Subsidiary located in Colombia. Holding & Consolidation Year ended on December, 31 2019 Cancún Aerostar (*) Airplan (**) Mérida Villahermosa Services Other adjustments Total Revenue from contracts with clients: Aeronautical revenue Ps. 4,550,164 Ps. 1,870,428 Ps. 1,391,657 Ps. 579,727 Ps. 251,468 Ps. 953,531 Ps. 9,596,975 Non-aeronautical revenue 4,024,354 1,100,573 507,076 129,527 58,270 Ps. 1,748,731 169,120 Ps. (1,749,181) 5,988,470 Revenue for construction services 249,127 335,148 175,998 134,104 57,225 284,591 — 1,236,193 Operating profit 5,355,787 1,068,148 441,413 384,115 152,041 585,440 494,350 — 8,481,294 Non-current assets 17,533,430 19,454,107 5,836,603 1,780,146 1,003,909 30,598,817 4,628,280 (31,165,267) 49,670,025 Total assets 21,463,802 20,468,947 6,573,460 1,981,396 1,301,195 31,343,675 5,548,880 (31,165,474) 57,515,881 Total liabilities 5,383,343 8,807,985 4,161,205 (27,836) 78,227 244,152 97,834 (206) 18,744,704 Improvements to assets under concession and acquisition of furniture and equipment in the period 1,076,257 376,649 176,335 407,684 117,405 — 460,534 — 2,614,864 Amortization and depreciation (463,988) (659,873) (482,130) (48,371) (30,693) (7,194) (144,648) — (1,836,897) Revenue recognized At point in time: — Aeronautical revenue 3,933,693 1,369,066 1,322,648 530,736 229,217 — 870,622 — 8,255,982 Non-aeronautical revenue 662,485 233,106 — — — — — — 895,591 Total 4,596,178 1,602,172 1,322,648 530,736 229,217 — 870,622 — 9,151,573 Over a period time: Aeronautical revenue 616,471 501,362 69,009 48,991 22,251 82,909 1,340,993 Non-aeronautical revenue 3,361,869 867,467 507,076 129,527 58,270 1,748,731 169,120 (1,749,181) 5,092,879 Revenue for construction services 249,127 335,148 175,998 134,104 57,225 — 284,591 — 1,236,193 Total Ps. 4,227,467 Ps. 1,703,977 Ps. 752,083 Ps. 312,622 Ps. 137,746 Ps. 1,748,731 Ps. 536,620 Ps. (1,749,181) Ps. 7,670,065 (*) Subsidiary located in Puerto Rico. (**) Subsidiary located in Colombia. Year ended on Holding & Consolidation December, 31 2020 Cancún Aerostar (*) Airplan (**) Mérida Villahermosa Services Other adjustments Total Revenue from contracts with clients: Aeronautical revenue Ps. 2,218,230 Ps. 1,808,102 Ps. 488,981 Ps. 281,659 Ps. 132,751 — Ps. 482,695 — Ps. 5,412,418 Non-aeronautical revenue 2,252,157 740,450 296,961 90,431 42,103 Ps. 1,265,920 133,496 Ps. (1,266,291) 3,555,227 Revenue for construction services 1,855,747 353,686 6,918 728,718 154,155 — 557,862 — 3,657,086 Operating profit 2,079,965 923,518 (242,234) 95,167 40,020 327,631 52,109 — 3,276,176 Non-current assets 18,899,582 20,229,990 5,604,037 2,426,454 1,097,864 33,164,914 5,029,721 (33,757,400) 52,695,162 Total assets 22,406,388 21,630,906 6,090,371 2,913,304 1,345,826 33,834,595 5,947,221 (33,757,400) 60,411,211 Total liabilities 5,557,692 8,934,439 3,826,600 49,910 78,198 184,800 86,366 — 18,718,005 Improvements to assets under concession and acquisition of furniture and equipment in the period 1,720,381 400,500 6,918 570,940 118,736 — 511,085 — 3,328,560 Amortization and depreciation (487,333) (746,524) (461,563) (49,427) (31,897) (6,976) (151,046) — (1,934,766) Revenue recognized At point in time: Aeronautical revenue 1,888,076 953,715 459,655 254,210 120,688 — 439,320 — 4,115,664 Non-aeronautical revenue 319,367 142,135 — — — — — — 461,502 Total 2,207,443 1,095,850 459,655 254,210 120,688 — 439,320 — 4,577,166 Over a period time: Aeronautical revenue 330,154 854,387 29,326 27,449 12,063 — 43,375 — 1,296,754 Non-aeronautical revenue 1,932,790 598,315 296,961 90,431 42,103 1,265,920 133,496 (1,266,291) 3,093,725 Revenue for construction services 1,855,747 353,686 6,918 728,718 154,155 — 557,862 — 3,657,086 Total Ps. 4,118,691 Ps. 1,806,388 Ps. 333,205 Ps. 846,598 Ps. 208,321 Ps. 1,265,920 Ps. 734,733 Ps. (1,266,291) Ps. 8,047,565 (*) Subsidiary located in Puerto Rico (**) Subsidiary located in Colombia |
Revenue from Contracts with Cus
Revenue from Contracts with Customers: | 12 Months Ended |
Dec. 31, 2020 | |
Revenue from Contracts with Customers: | |
Revenue from Contracts with Customers: | Note 3 - Revenue from Contracts with Customers: 3.1) Revenue recognition Airports operated by the Company receive income from external clients for aeronautical services rendered to airlines and from rendering complementary services. The Company also recognizes income from construction services arising from concession agreements with government entities. Following is a description of the principal types of service agreements from which the Company receives income. 3.1.1) Aeronautical services The Company operates airports in three countries (Mexico, Puerto Rico and Colombia), providing different aeronautical services involving principally the following performance obligations. a. Passenger fee rates (Airport Use Rate – TUA, by its initials in Spanish), which are calculated based on total outgoing passengers (other than diplomats, infants and passengers in transit) making use of air terminals operated by the Company. b. Landing rates, which contemplate landing services, the use of runways, taxiing strips, and bands. c. Platform use fees, based on the time an aircraft remains at a terminal after landing. d. Security, calculated on the basis of the total number of incoming and outgoing passengers. e. Baggage inspection fee, calculated on the basis of total number of outgoing passengers. f. Use of passenger walkways, which consists of rendering passenger walkways service connecting an aircraft to the terminal after landing. g. Fee for the use of passenger documentation counters; the fee is applied on the basis of the holding of documentation for one-hour periods. After the first hour has elapsed, the fee is charged proportionately for 30‑minute increments. Revenue is measured based on the consideration specified in the tariff regulating system applicable to airports in each country for each performance obligation identified. In Mexico, these are regulated by the Secretariat of Communications and Transport (SCT), in Puerto Rico by the FAA and in Colombia by Aerocivil. In its capacity as operator of the LMM Airport, Aerostar entered into Airport Use Agreements with the main airlines serving LMM Airport, referred to as "Signing Airlines". The agreements have a term of 15 years, counted as from February 27, 2013, with an option to be terminated in advance by agreement of the parties. If, upon completion of the effective term, no new use agreements have been entered into, each of the Airport Use Agreements in force at that date will continue to be binding until new use agreements are signed. Pursuant to the Airport Use Agreements, Aerostar is entitled to receive the following annual contributions from the airlines serving at LMM Airport: - - - Passenger, landing and security rates are recorded at a particular point in time, once the aircraft departure manifest has been delivered. Income arising from other performance obligations is recorded over time as the services are rendered. Discounts The Company may apply discounts to its rates, provided they are not discriminatory in the light of the laws in effect in the countries in which the Company operates. Discounts are granted based on the discount policy and conditions negotiated with the National Autotransportation Chamber (CANAERO), and regulated income must be delivered within a period of 30 days. Revenues are recorded net of estimated discounts based on applicable rates. The prompt-payment discount for regulated income principally TUA is established in each of the contracts signed with the airlines, and is subtracted from the aforementioned income. In 2018, 2019 and 2020, the discount amounted to Ps.45,293, Ps.47,374 and Ps.44,561, respectively. There is no balance for the contractual liability for that item. Terms of payment According to the airport service contract signed with clients, the credit term is 30 days; and the first of each month for complementary services. During the year, by way of exception, and due to the COVID-19 pandemic, the Company entered into agreements with airport clients in Mexico and Colombia, whereby the credit term was extended from 30 to 180 days, effective until April 30, 2021. After that date the credit term will again be 30 days, as stipulated in the original agreement. The agreements also included the negotiation of accounts receivable owed at the date of execution, which at December 31, 2020 amount to Ps.185,140 and Ps.60,617 for the Company’s Mexico operations and Airplan, respectively. These amounts are to be recovered by promissory notes signed with clients falling due in less than a year. 3.1.2) Non-aeronautical services The Company generates income from non-aeronautical services, which involve basically the following performance obligations: a. Access rates to nonpermanent overland transportation based on the number of access events experienced by the transportation companies operated by third parties providing passenger transportation services at the terminal. b. Carparks, rates based on the time vehicles remain at public parking areas. c. Retail sales, recorded when a product is sold to a client and payment on the transaction is made at the time of purchase. Revenue arising from access rates to overland transportation and retail sales are recorded at a particular point in time, to the extent that the performance obligation is satisfied and the promised goods and services are transferred, while parking area income is recorded over time. Contracts for commercial income IFRS 15 must be applied to all contracts with clients. However, there are exceptions, such as contracts for the leasing of commercial space, which fall under IFRS 16 “Leases”. Leasing income (non-regulated activities) are considered complementary services to the supply of regulated services so there is no separate infrastructure other than the intangible recognized under Note 8, nor is a right of use to be accounted for separately in the adoption of IFRS 16. Presently, space leased at airports to airlines and other commercial lessees comprise the most significant source of income related to non-aeronautic services. Leasing income is accrued monthly and is determined by applying a percentage established in the lease contract to income from actual sales of lessees (share of sales), or an agreed minimum fee. Commercial leasing operations include the leasing of automobiles, the sale of food and beverages, retail sales, sales made at kiosks, graphic advertising, overland transportation, fixed operations and other services rendered. Commercial income is partially recorded on the basis of lessee income and is partially based on minimum lease rates. At December 31, 2018, 2019 and 2020, variable leasing income was Ps.3,371,630, Ps.3,435,381 and Ps.1,931,965, respectively, and Ps.750,079, Ps.830,288 and Ps.612,509, respectively, for fixed leasing rates. 3.1.3) Construction services As an operator of airport concessions, the Company is required to improve items under concession. Works carried out within the airport are based on development plans authorized by the regulators. Income from construction services are recognized in accordance with the methods prescribed (input method) for measuring progress towards completion approved by the grantor. Improvements made are expected to complement the infrastructure of the airport operated by the Group. IFRS 15 establishes that during the construction period of the infrastructure related to concessions received, they must be shown as “contract assets” in the statement of financial position, regardless of the type of consideration received (financial asset or intangible asset). See Note 8. Construction services carried out by the Group do not entitle it to a direct cash consideration; rather, it is entitled to charge users for airport services rendered at the terminals during the concession period. Income from construction services is measured at fair value of the services rendered, which increased the value of the intangible asset, plus the cost of capitalizable financing. As of December 31, 2018, 2019 and 2020, revenues from construction services in Mexico were Ps.263,395, Ps.725,047 and Ps.3,296,482 in Puerto Rico they were Ps.360,004, Ps.335,148 and Ps.353,686, and in Airplan were Ps.312.375, Ps.175,998 and Ps.6,918 respectively. 3.1.4) Airports Law and Regulations Mexico Under the Airports Law and regulations thereto, company income is classified as Airport Services, Complementary Services and Commercial Services. Airport Services mainly consist of the use of runways, taxiways and platforms for landings and departures, parking for aircrafts, use of mechanical boarders, security services, hangars, car parking, as well as the general use of the terminals and other infrastructure by the aircrafts, passengers and cargo, including the rental of space that is essential for the operation of airlines and suppliers of complementary services. Complementary Services consist mainly of ramp services and handling of luggage and cargo, food services, maintenance and repair and related activities that provide support to the airlines. Revenues from access fees charged to third parties that provide complementary services are classified as Airport Services. The Rate Regulation Law provides that the following sources of revenues are regulated under this system: · Revenues from airport services (as defined under the Mexican Airport Law), other than automobile parking, and · Access fees earned from third parties providing complementary services, other than those related to the establishment of administrative quarters that the SCT determines to be non-essential. Non-regulated Services consist of services that are not considered essential for an airport's operation, such as the rental of spaces to businesses, restaurants and banks. Access fees and income from other services are recognized as services are rendered. The following sets forth the Company revenue at December 31, 2018, 2019, and 2020 using the classification established in the Airport Law and the Regulations thereto and on the basis of performance obligations established under IFRS 15. Year ended of December 31, 2018 2019 2020 Regulated services: Airport services for revenue from contracts with clients (*): Passengers fees Ps. 6,547,645 Ps. 7,005,018 Ps. 3,476,804 Landing fees 1,047,687 1,148,747 983,173 Platform 413,129 405,814 395,432 Seurity services 91,996 102,216 46,553 Baggage inspection fees 268,940 296,143 140,502 Passengers walkway 509,440 575,464 333,134 Passengers documentation counters 18,152 16,821 9,383 Other airport services 325,546 340,007 252,777 Ps. 9,222,535 Ps. 9,890,230 Ps. 5,637,758 Non regulated services: Non regulated services for revenue from contracts with customers: Retail stores Ps. 621,850 Ps. 895,591 Ps. 461,502 Access fees on non permanent ground transportation 57,885 63,159 29,967 Car parking and related Access fees 298,536 319,200 171,193 Other services 151,952 151,596 122,751 1,130,223 1,429,546 785,413 Commercial services 4,121,709 4,265,669 2,544,474 Total non regulated services (**) 5,251,932 5,695,215 3,329,887 Construction services 935,774 1,236,193 3,657,086 Total Ps. 15,410,241 Ps. 16,821,638 Ps. 12,624,731 (*) For 2018, 2019 and 2020, this amount includes Mexico regulated income of Ps.6,245,170, Ps.6,628,146 and Ps.3,340,674, Aerostar regulated income of Ps.1,700,859, Ps.1,870,427 and Ps.1,808,102, Airplan regulated income of Ps.1,276,506, Ps.1,391,657 and Ps.488,981, respectively. (**) This line item in the consolidated statement of income (non-aeronautical services) includes complementary and airport services totaling Ps.279,625, Ps.293,256 and Ps.225,340 for the 2018, 2019 and 2020 periods, respectively. Puerto Rico According to the agreement entered into by the Puerto Rico Authority and Aerostar, Aerostar income is classified as either regulated services or non-regulated services. See Notes 3.1.1 and 3.1.2. Colombia Under resolution 4530 of the Special Administrative Unit of Civil Aeronautics in Colombia, Airplan revenue is classified as either regulated services or non-regulated services. See Notes 3.1.1 and 3.1.2. The following table sets forth revenue from leasing of commercial spaces by type for the years indicated. Year ended of December 31, 2018 2019 2020 Commercial revenues: Duty free shops Ps. 1,861,116 Ps. 1,785,508 Ps. 991,833 Food and beverage 738,371 820,001 449,340 Advertising revenues 161,214 187,192 92,683 Car rental companies 611,864 673,969 485,725 Banking and currency exchange servcies 119,855 115,927 72,563 Teleservices 14,139 16,038 15,174 Ground transportations 76,106 98,033 49,721 Other services 539,044 569,001 387,435 Total commercial revenues Ps. 4,121,709 Ps. 4,265,669 Ps. 2,544,474 The COVID-19 pandemic has affected the travel industry and in some parts of the world governments have introduced travel bans and restrictions. As a result, passenger traffic in Mexico, Puerto Rico and Colombia began to decrease in the second half of March 2020, affecting the Company’s aeronautical revenues and non-aeronautical revenues. The follows table sets the domestic and international passenger traffic for the years, 2019 and 2020: Year ended of December 31, 2019 2020 Domestic passenger traffic: Mexico 16,684 9,246 Puerto Rico 8,456 4,548 Colombia 10,231 3,625 Total domestic passengers 35,371 17,419 International passenger traffic: Mexico 17,478 7,283 Puerto Rico 992 298 Colombia 1,821 590 Total international passengers 20,291 8,171 Total passengers 55,662 25,590 The effects of the decrease in passenger traffic as a result of COVID-19 on aeronautical and non-aeronautical revenue by country are shown below, without considering construction revenue, which does not depend directly on passenger traffic: Changed % Year ended of December 31, compared to 2019 2019 2020 Aeronautical revenue Mexico Ps. 6,334,890 Ps. 3,115,335 (50.82) Aerostar 1,870,428 1,808,102 (3.33) Airplan 1,391,657 488,981 (64.86) Total aeronautical revenue Ps. 9,596,975 Ps. 5,412,418 (43.60) Non-aeronautical revenue Mexico 4,380,821 2,517,816 (42.53) Aerostar 1,100,573 740,450 (32.72) Airplan 507,076 296,961 (41.44) Total non-aeronautical revenue Ps. 5,988,470 Ps. 3,555,227 (40.63) Total without construction revenue Ps. 15,585,445 Ps. 8,967,645 (42.46) As shown in the following, the estimates for future revenues (per year), arising from non-cancelable operating leases considering minimum rent commercial leases. For the years that will end December 31: 2021 Ps. 2,515,572 2022 2,315,111 2023 2,184,496 2024 1,943,444 2025 1,857,885 2026 to 2028 2,380,113 |
Costs and expenses by nature_
Costs and expenses by nature: | 12 Months Ended |
Dec. 31, 2020 | |
Costs and expenses by nature: | |
Costs and expenses by nature: | Note 4 - Costs and expenses by nature: January to December 31, 2018 2019 2020 Short term benefits Ps. 1,118,926 Ps. 1,199,217 Ps. 1,039,883 Electric power 458,827 474,719 382,026 Maintenance and conservation 673,603 699,557 447,884 Professional fees 306,169 308,740 251,621 Insurance and bonds 200,477 225,252 127,750 Surveillance services 310,065 325,613 275,206 Cleaning services 229,003 232,219 207,599 Technical assistance (Note 15.4) 386,249 404,086 175,615 Right of use of assets under concession (DUAC) (1) 898,253 986,850 535,379 Amortization and depreciation of intangible assets, furniture and equipment 1,760,741 1,836,897 1,934,766 Consumption of commercial items 300,845 323,899 169,298 Construction services (Note 3.1.3) 935,774 1,236,193 3,657,086 Termination benefits (Note 18.17) 1,595 1,922 2,382 Employees’ statutory profit sharing 8,052 10,250 3,115 Impairment of accounts receivable (Note 6) 6,241 12,127 154,417 Other 171,089 267,521 143,409 Total aeronautical and non-aeronautical services costs, costs of construction services and administrative expenses Ps. 7,765,909 Ps. 8,545,062 Ps. 9,507,436 (1) As of December 31, 2018, 2019 and 2020, Ps.458,290, Ps.484,402 and Ps.254,337, respectively, correspond to the consideration for the concessions in Mexico, Ps.312,244, Ps.361,029 and Ps.149,602 correspond to the consideration of the Airplan concession at 19% of gross revenues from the period October 19 to December 31, 2018, from the year 2019 and 2020, respectively, and Ps.127,719, Ps.141,419 and Ps.131,440, for the consideration of the Aerostar concession at 5% of the airport’s gross receipts from May 31, to December 31, 2018, as of December 31, 2019 from the year 2019 and 2020, respectively. 4.1) CARES Act - Aerostar On May 12, 2020, the United States Government, through the FAA, awarded Aerostar a financial aid grant under the CARES Act amounting to USD33,417 (approximately Ps.717,590) to respond to the impacts of COVID-19. These funds may be used by the Company within a period of four years and for any purpose for which airport revenues may be lawfully used, except for new airport development projects. The funds will be received by means of reimbursements once the invoice for the expense incurred has been submitted to the FAA through the established means. These invoices must include sufficient detail to permit the FAA to verify compliance with its Revenue Use Policy. After receiving reimbursement of the verified expenses, the Company discounts the related verified expenses within the same period, as refunds to the relevant authorities are not possible. At December 31, 2020, the Company is not in breach of conditions and there are no other contingencies relating to these grants. The Company did not benefit directly in any other way from government assistance. Throughout 2020, the Company received USD17,125 (approximately Ps.367,752) for reimbursements of invoices submitted to the FAA, of which Ps.339,681 are recognized net of the pertinent expense or cost at December 31, 2020. The items to which they relate are the following: Short-term benefits Ps.165,894; Amortization of insurance and bonding Ps.142,274; Others Ps.23,650, which includes sewage services, waste disposal, among others; and Maintenance and preservation Ps.7,863. Advance payments for Insurance and bonding are presented in the Statement of Financial Position as deductions, in accordance with the accounting policy. (See Note 17.22) |
Cash and cash equivalents_
Cash and cash equivalents: | 12 Months Ended |
Dec. 31, 2020 | |
Cash and cash equivalents: | |
Cash and cash equivalents: | Note 5 - Cash and cash equivalents: December 31, 2019 2020 Cash and cash held at banks Ps. 3,642,037 Ps. 3,514,293 Short term investments 2,550,642 1,678,335 Total cash and cash equivalents Ps. 6,192,679 Ps. 5,192,628 5.1) Restricted cash and cash equivalents As of December 31, 2019 and 2020, cash and cash equivalents include the amounts collected as of December 31, 2019 and 2020 by Aerostar for the concept of “Passenger Facility Charge” (PFC) which are restricted to be used to fund investment projects in airport infrastructure previously authorized by the FAA of Ps.26,849 and Ps.5,055, respectively. Additionally, as of December 31, 2019, cash and cash equivalents includes funds related to the recovery of insurance in 2019 of Ps.138,773, which are restricted until a work certification is obtained that indicates that the funds were used for the defined purpose. (See Notes 15.e and 17.6.) |
Accounts receivable - Net_
Accounts receivable - Net: | 12 Months Ended |
Dec. 31, 2020 | |
Accounts receivable - Net: | |
Accounts receivable - Net: | Note 6 - Accounts receivable - Net: 6.1) Accounts receivable December 31, 2019 2020 Clients Ps. 1,195,559 Ps. 1,458,653 Less: impairment provision (191,766) (346,183) 1,003,793 1,112,470 Notes receivable from clients 245,757 Total accounts receivable Ps. 1,003,793 Ps. 1,358,227 The expectation for collection of the account receivable in the short term is one month in relation to the reporting date, except for those customers with whom agreements were signed in Mexico for airport services, derived from the COVID-19 pandemic, in which case, the term for such account receivable is extended until April 30, 2021 and includes on the line documents receivable from customers. Accounts receivable are comprised mainly of TUA paid by passengers (other than diplomats, infants and passengers in transit) who travel using the airport terminals operated by the Company. The balance at December 31, 2019 and 2020 amounted to Ps.615,223 and Ps.547,810, respectively. 6.2) Notes receivable from clients The COVID-19 pandemic has affected the travel industry, and, in some parts of the world, governments introduced travel bans and restrictions, reducing passenger traffic. The Company has agreed with several clients, whose income derives from airport services, in view of the economic recession caused by COVID-19, to extend the collection terms from 30 to 180 days guaranteed upon execution of the agreement through the signature of promissory notes, establishing monthly payments and falling due within a term no longer than a year. These agreements were entered into with clients for this single occasion, as a result of COVID-19 and neither represents a change in the policies nor replaces the original agreements. Due dates for these clients will return to 30 days once the term of these agreements expire as from the second quarter of 2021. These notes are grouped within the Clients line as they represent accounts receivable from clients arising from airport services provided, which were exchanged for promissory notes to secure collection upon execution of the agreement, which may be collected in the event of default. At December 31, 2020, the balance of notes receivable from clients entered into in Mexico and by Airplan amounts to Ps.185,140 and Ps.60,617, respectively with the following features: Mexico - Falling due no later than a year at the interest rate for Federal Treasury Certificates (Cetes) plus 7 points multiplied by 1.5, interest accrued in the period is not material. Airplan - Falling due before one year at the interest rate of DTF plus four points, interest accrued in the period is not material. These notes receivables were subject to impairment testing and analysis, and therefore, they have been grouped in the same category of risk. Considering the prospective factors of clients with which notes receivable are recorded, no expected losses were identified as regards notes receivable. 6.3) Impairment of accounts receivable After an assessment the Company made regarding its clients, the Company increased its consolidated impairment allowance for accounts receivable by Ps.154.417. At December 31, 2020, the total balance of unimpaired accounts receivable was Ps.474,854, (Ps.580,914 at December 31, 2019). These accounts refer to clients that have no recent record of noncompliance, and due to their positive performance with the company, no increase the level of credit risk was identified in our prospective assessment. In Mexico, impairment of accounts receivable for the year ended December 31, 2020 was Ps.70,470, mainly representing by one airline client, who ceased operations, and whose total balance of accounts receivable balance amounts to Ps.65,452. It is expected that the routes and frequencies operated by this client, to and from our airports in Mexico, will be covered by other airlines in the next years, as the level of passenger traffic recovers. Although operations for the year have diminished in our Mexican airports, in accordance with the Company’s analysis, there is neither incremental operational risk nor an increase in the credit risk of accounts receivable. Difficulties faced by the aeronautical industry as a result of COVID-19 caused the financial restructuring of some airline clients; however, no default has been recorded and at December 31, 2020, in accordance with our analyses, no future noncompliance is expected, as these clients were able to access financing or governmental economic aid, in the case of international airlines, which will enable them to continue meeting their financial commitments. The Company monitors the performance of its accounts receivable and takes measures in this regard, as it is empowered to prevent the provision of services if there are situations outside its policy for maturities exceeding 30 days. With this, the Company keeps its exposure at a low risk level. Aerostar’s impairment of accounts receivable for the year ended December 31, 2020 was Ps.50,842, mainly accounting for certain international airlines, which, according to the Company’s analysis, may cease some recurring international operations in the LMM Airport as a result of the decrease in international passenger traffic (approximately 70% compared to 2019). The majority of passenger traffic at LMM Airport is domestic. In 2020, domestic traffic accounted for 80% of traffic, while in 2019, it accounted for 85%. National airlines in the United States benefited from government grants, as part of the CARES Act. The Company expects that national airlines will use the funds arising from the CARES Act to fulfill their operating commitments, including accounts receivable balances held by the Company as of December 31, 2020. As international airlines do not benefit from governmental aid in their respective countries (or United States governmental aid) and because of the other factors described herein, the Company assessed that its collection from international airlines’ could be at risk. Airplan’s impairment of accounts receivable for the year ended December 31, 2020 amounted to Ps.33,105. Due to the temporary closure of terminals in Colombia, Airplan’s accounts receivables were significantly reduced. In accordance with the analysis performed by the Company, no new closures are expected that may lead to an incremental risk in Airplan’s own and Airplan’s client transactions. Due to the difficulties faced by the aeronautical industry as a result of COVID-19, as of December 31, 2020, some of our airport clients are undergoing financial restructuring. In accordance with our analysis, no significant future noncompliance is expected as these clients were able to access to refinancing plans and aid from the Colombian Government. The Company monitors the performance of its accounts receivable and takes measures in this regard, as it is empowered to prevent the provision of services if there are situations outside its policy for maturities exceeding 30 days. With this, the Company keeps its exposure at a low risk level. The movements in the impairment provision are as follows: Provision for impairment at January 1,2019 Ps. 179,639 Application, net of Mexico's estimate during the period (369) Application, net of Aerostar's estimate during the period (5,585) Airplan's provision impairment 18,081 Provision for impairment at December 31,2019 Ps. 191,766 Application, net of Mexico's estimate during the period Ps. 70,470 Application, net of Aerostar's estimate during the period 50,842 Airplan's provision impairment 33,105 Provision for impairment at December 31,2020 Ps. 346,183 Provision for impairment of accounts receivable has been recorded in the consolidated comprehensive income statement under cost of services, and the amounts charged to the provision are written off from accounts receivable when recovery is not expected. In order to measure expected credit losses, accounts receivable and contract assets have been grouped on the basis of their shared credit risk features and days past due. The Company held no relevant contract assets at January 1 or December 31, 2019 and 2020. The expected loss rates are based on the profiles for payment of sales in a 12‑month period prior to December 31, 2019 and 2020 or January 1, 2019 and 2020, respectively, and on historical credit losses experienced within that period. Historical loss rates are adjusted to reflect current and prospective information on macroeconomic factors affecting client capacity for covering accounts receivable. The Company has determined that the economic situation of a country can have adverse effects on the transportation industry, in addition to the cost of complying with aviation regulations and union pressures on airlines, which are the most relevant factors, and therefore adjusts historical loss rates based on changes expected in those factors. On this basis, the provision for losses as of December 31, 2019 and December 31, 2020 was determined as follows for accounts receivable and contract assets: More than Due to expire 1 to 90 91 to 180 181 to 365 365 Expected loss rate 2019: Mexico % 0.02 % 0.02 % 100 % 100 % Aerostar 1.00 % 2.5% - 5.0 % 15.00 % 50.00 % 100 % Airplan 0.83 % 0.83 % 0.83 % 100 % 100 % Due to More than Expected loss rate 2020: expire 1 to 90 91 to 180 181 to 365 365 Mexico 0.00 % 0.02 % 19.20 % 100 % 100 % Aerostar 5.40 % 5.10 % 43.70 % 88 % 100 % Airplan 0.83 % 0.70 % 0.83 % 100 % 100 % More Total estimate Due to expire 1 to 90 91 to 180 181 to 365 than 365 12/31/2019 At December 31, 2019 Mexico’s accounts receivables — Ps. 1,012 Ps. 1,733 Ps. 126 Ps. 128,930 — Mexico’s provision impairment 128,930 Ps. 128,930 Aerostar’s account receivables Ps. 159,796 97,697 2,176 712 31,236 — Aerostar’s provision impairment 1,599 3,611 544 499 31,236 37,489 Airplan’s accounts receivables — 114,858 52,410 15,357 8,602 — Airplan’s provision impairment — 953 435 15,357 8,602 25,347 Total estimate Ps. 191,766 More Total estimate Due to expire 1 to 90 91 to 180 181 to 365 than 365 12/31/2020 At December 31, 2020 Mexico’s accounts receivables Ps. 474,854 Ps. 59,819 Ps. 14,292 Ps. 66,816 Ps. 129,056 — Mexico’s provision impairment 784 2,744 66,816 129,056 Ps. 199,400 Aerostar’s account receivables 444,515 60,421 3,702 4,896 55,360 — Aerostar’s provision impairment 23,984 3,084 1,619 4,284 55,360 88,331 Airplan’s accounts receivables 73,865 1,610 37,214 32,233 — Airplan’s provision impairment 516 110 25,593 32,233 58,452 Total estimate Ps. 346,183 The Group limits its exposure to credit risk of accounts receivable by establishing a maximum payment term of 30 days for clients. In the fiscal year ended December 31, 2020, the accounts receivable past due not impaired within the range from 1 to 90 days amounted to Ps.189,721 (Ps.209,003 in 2019). At December 31, 2020 the total balance of unimpaired past due accounts receivable past due within 1 to more than 365 days, at December 31, 2020, amounted to Ps.217,085 (Ps.264,682 in 2019). |
Land, furniture and equipment -
Land, furniture and equipment - Net: | 12 Months Ended |
Dec. 31, 2020 | |
Land, furniture and equipment - Net: | |
Land, furniture and equipment - Net: | Note 7 - Land, furniture and equipment - Net: At December 31, 2019, and 2020, the land furniture and equipment are made up as follows: Foreign currency 1/1/2019 translation Additions Disposals transfers 12/31/2019 Land Ps. 302,323 Ps. 302,323 Furniture & equipment 83,466 Ps. (270) Ps. 27,424 110,620 Machinery & equipment 80,511 (3,869) 46,571 Ps. (16,370) 106,843 Computer equipment 45,812 980 6,181 52,973 Transport equipment 22,064 (1,295) 9,549 30,318 Improvements to leased premises 60,640 5,040 4,615 (11,137) 59,158 Accumulated depreciation (104,478) 1,643 (66,284) 27,507 (141,612) 490,338 2,229 28,056 — 520,623 Equipment in transit 68,142 (377) (67,765) — Ps. 558,480 Ps. 1,852 Ps. 28,056 Ps. (67,765) Ps. 520,623 Foreign currency 1/1/2020 translation Additions Disposals transfers 12/31/2020 Land Ps. 302,323 — — — Ps. 302,323 Furniture & equipment 110,620 Ps. 515 Ps. 5,927 — 117,062 Machinery & equipment 106,843 4,013 32,762 — 143,618 Computer equipment 52,973 931 17,667 — 71,571 Transport equipment 30,318 1,420 1,531 — 33,269 Improvements to leased premises 59,158 569 3,723 — 63,450 Accumulated depreciation (141,612) (401) (84,895) — (226,908) Ps. 520,623 Ps. 7,047 Ps. (23,285) — Ps. 504,385 The consolidated depreciation expense for 2018, 2019 and 2020 was Ps.44,298, Ps.66,284 and Ps.84,895, respectively. This includes the depreciation of Aerostar for Ps.40,410, Ps.54,524 and Ps.72,474 and the depreciation of Airplan for Ps.1,066, Ps.1,506 and Ps.1,834 for the years ended December 31, 2018, 2019 and 2020, respectively, and which has been charged in aeronautical and non-aeronautical services costs, and administrative expenses. The depreciation expense for 2019 and 2020 for the right-of-use assets for consolidated leasing was Ps.6,653 and Ps.6,689 in Mexico, there was no recognition of right-of-use assets for leasing in Aerostar and Airplan. 7.1) As of December 31, 2019 and 2020, right-of-use assets associated with property leases, amounted to Ps.14,774 and Ps.9,513, respectively, and the associated liability amounted to approximately Ps.20,422, and Ps.17,260 respectively, which are not significant. Lease liabilities are measured at the present value of remaining lease payments, discounted at the interest rate of the lessee. The weighted average interest rates of the lessee applied to lease liabilities at January 1, 2019 were 9.04% and 9.2% for the new contracts of the year during 2020. The Company has executed a contract for the lease of corporate offices and commercial vehicles which were recognized as right-of-use assets and are incorporated into Land, furniture and equipment, Net. The general terms of the lease contracts are shown below: Corporate offices in Mexico: Separate contracts govern our corporate offices in Mexico. These contracts include the following terms and conditions: i) 5-year term; ii) monthly lease payments of USD23,549 (Ps.469 thousand approximately); iii) a security deposit equivalent to 2-months' rent; iv) the monthly base rent will be increased annually after the first year of the contract, in line with the increase in the U.S. Consumer Price Index; and v) in the event of nonpayment of principal, default interest will accrue at the most recent interest rate in U.S. dollars published by the Wall Street Journal, the prime rate plus ten basis points. Lease of commercial vehicles in Mexico: A framework contract, governs our lease of commercial vehicles in Mexico, with separate contracts by vehicle, which includes the following terms and conditions: i) minimum term of 48 months; ii) monthly fixed payments and an extraordinary one-off rent payable in the first month; iii) cash value to be settled at the end of the minimum term; iv) the lessee shall have a preferential right to acquire the underlying assets at the end of the contractual term; and) in the event of nonpayment of lease payments, default interest shall accrue at a monthly rate of 3%. The lease agreements and service contracts for which lease assets were identified in accordance with IFRS 16 were not significant for the Company. See Note 17.1. |
Intangible assets, airport conc
Intangible assets, airport concessions and goodwill - Net: | 12 Months Ended |
Dec. 31, 2020 | |
Intangible assets, airport concessions and goodwill - Net: | |
Intangible assets, airport concessions and goodwill - Net: | Note 8 - Intangible assets, airport concessions and goodwill - Net: The movements of intangible assets of airport concessions in the periods presented in the consolidated financial statements are as follows: Foreign currency 1/1/2019 translation Additions (*) Transfers 12/31/2019 Concessions (Regulated Activity) Ps. 49,961,253 Ps. (961,446) Ps. 591,315 Ps. 995,514 Ps. 50,586,636 Contracts assets 671,496 1,236,196 (929,632) 978,060 Contractor advance 762,578 (65,882) 696,696 Licences and ODC 249,671 30,126 279,797 Commercial Right’s (Unregulated Activity) 6,531,631 (381,902) 6,149,729 Goodwill 2,567,365 — 2,567,365 Accumulated amortization (10,395,094) 33,462 (1,770,613) (12,132,245) Ps. 49,586,322 Ps. (1,309,886) Ps. 849,602 — Ps. 49,126,038 Foreign currency 1/1/2020 translation Additions (**) Transfers 12/31/2020 Concessions (Regulated Activity) Ps. 50,586,636 Ps. 1,059,370 Ps. 107,144 Ps. 932,376 Ps. 52,685,526 Contracts assets 978,060 1,295 3,036,386 (311,676) 3,704,065 Contractor advance 696,696 — 355,809 (620,700) 431,805 Licences and ODC 279,797 84,930 364,727 Commercial Right’s (Unregulated Activity) 6,149,729 340,507 6,490,236 Goodwill 2,567,365 — 2,567,365 Accumulated amortization (12,132,245) (79,297) (1,849,871) (14,061,413) Ps. 49,126,038 Ps. 1,321,875 Ps. 1,734,398 Ps. 52,182,311 (*) The most significant additions made in 2019 are a) beginning of the first stage of extension of the Mérida Airport terminal; expansion of runways and taxiways in Huatulco Airport; land for the expansion works of terminal four of the Cancún Airport, and b) last stage of the construction of the building of the cargo terminal of the Rionegro Airport and completion of the construction of the modules connecting the terminal building with the parking lot at Rionegro Airport. (**) The most significant additions made in 2020 are a) the expansion of the terminal building, commercial platform, runways, taxiways, and roads at the Mérida Airport; b) the commencement of works for the expansion of Terminal 3 and 4 and the expansion of runways, taxiways, platform and roads at Cancún Airport and c) installation of a new system to screen checked baggage in an expanded section of the airport, expansion of the platform commercial runways and taxiways at Huatulco Airport. The consolidated expense for amortization of intangibles related to concessions were Ps.1,694,252, Ps.1,750,239 and Ps.1,820,239 in 2018, 2019 and 2020 and has been charged to the cost of aeronautical and non-aeronautical services, this amount includes the amortization of commercial rights of Ps.179,199 Ps.172,020 and Ps.181,545 for 2018, 2019 and 2020 respectively, recognized by the valuation of its investment in accordance with IFRS 3 “Business combinations”, and the amortization of the intangible assets of Airplan for Ps.100,479, Ps.96,455 and Ps.101,795 for 2018, 2019 and 2020, respectively. The amortization expense of the Mexican concession by Ps.656,428 in 2018, Ps.664,267 in 2019 and Ps.686,460 in 2020 has been charged to the cost of the aeronautical and non-aeronautical services. The amortization expense of the Aerostar concessions by Ps.406,261 in 2018, Ps.433,328 in 2019 and Ps.492,505 in 2020 has been charged to the cost of aeronautical and non-aeronautical services. The amortization expense of the Airplan concessions by Ps.351,885 in 2018, Ps.384,169 in 2019 and Ps.357,934 in 2020 has been charged to the cost of aeronautical and non-aeronautical services. The expense for amortizing licenses and ODC by Ps.22,191 in 2018, Ps.20,374 in 2019 and Ps.29,632 in 2020 has been charged to administrative expenses. 8.1) Impairment testing of goodwill The Company reviews the performance of business in the countries where its subsidiaries operate, considering three CGUs per country of operation. Airport operations were affected in 2020 due to COVID-19, which led to a decrease in passenger traffic. This situation led to the closure of terminals at Airplan-operated aiports from the last week of March, 2020 until the third week of September, 2020. In the case of Mexico, Terminals 2 and 3 at Cancún International Airport were temporarily closed on April 11 and 18, 2020, respectively, and were reopened on July 14 and October 1, 2020 respectively. These events are indicators of impairment and the Company performed impairment testing, first on September 30, 2020 and subsequently on December 31, 2020, for each of the three CGUs identified by the Company. From the testing, no impairment in the intangible assets of the company including goodwill was recorded. For fiscal year 2020, the Company carried out impairment testing on all CGUs considering the entire value of intangible assets, airport concessions and goodwill for Ps.52,182,311. Goodwill is assigned to the operating segments that are expected to benefit from the synergies of the business combination, regardless of whether other assets or liabilities of the acquired entities are assigned. The following is a summary of the allocation of goodwill for each operating segment: December 31, 2019 2020 Aerostar Ps. 1,057,651 Ps. 1,057,651 Airplan 1,509,714 1,509,714 Ps. 2,567,365 Ps. 2,567,365 Methodology: Pursuant to IAS 36 methods applied to the 2020 calculation, Management determines the recoverable value by the fair value less costs of disposal. The Company used this method for all its CGUs. To determine the fair value less costs of disposal the discounted cash flow projections approved by management are used covering a period of 28 years for Mexico, 32 years for Aerostar and 12 years for Airplan, which correspond to the remaining years of the airport concessions. For fiscal year 2019, the Company determined the recoverable value of each CGU on the basis of the value in use for the annual impairment testing of goodwill. In 2020, the Company changed its valuation technique used for estimating the recoverable amount, from the traditional approach that uses a single cash flow scenario, to the expected cash flow approach that uses several scenarios of probability-weighted cash flows. The change in the valuation technique is due to a significant degree of uncertainty in the estimate and a wider range of possible cash flows projections after the impact of COVID-19. This approach uses several cash flow projections considering the assumed probabilities of different events and/or scenarios instead of a single cash flow scenario. Although there may be several scenarios and probabilities, the Company considered that the three scenarios detailed below (base, positive and negative) reflect a representative sample of possible outcomes. The calculations use cash flow projections that are based on financial budgets and business plans prepared by management and approved by the board of directors. Budgets and business plans are updated to reflect the latest developments as of the reporting date. Management's expectations reflect performance to date and are based on its experience in times of recession and are consistent with the assumptions that a market participant would make. The calculations are supported by studies carried out by independent third parties specialized in the aeronautical industry in conjunction with studies published by the International Civil Aviation Organization (ICAO). These studies contemplate the economic impacts of COVID-19 and present different recovery curve scenarios for each CGU. Due to the specific circumstances of each market in which the Company operates, the following scenarios were considered appropriate: Positive - To construct a positive scenario of each CGU, a significant smooth recovery of passenger traffic was considered, that is, management increased within these scenarios a percentage applied to passenger traffic in each of the remaining years of each concession: in the case of Airplan and Aerostar it was 10% on the number of passengers of the base scenario, while 5% was considered in the CGU of Mexico owing to different qualitative factors as vaccination plans developed over time, as well as repressed passenger demand. In addition, these percentages allocated to each CGU reflect in each of them a positive recovery aligned with optimistic recovery forecast by ICAO. Consequently, under this scenario, management expects a recovery of passengers and profits in a shorter period of years. Base - To construct the base scenario of each CGU, current effects on the industry impacting each CGU were considered as well as the recovery and growth obtained from the studies performed by management through specialized third parties of the industry. Negative - To construct the negative scenario for each CGU, a slower recovery in passenger traffic was considered, that is, management reduced the base scenario by a percentage applied to passenger traffic in each of the remaining years of the concession. For Airplan and Aerostar, it was -10%, while for the CGU of Mexico it amounted to -5%, owing to different qualitative factors, such as existing or new restrictions to travel, late vaccination processes against COVID-19. In addition, these percentages allocated to each CGU reflect in each of them a slower recovery that is aligned with pessimistic recovery forecast by ICAO. Consequently, within this scenario management expects a recovery of passengers and profits over a longer period of years. The expected probability-weighted cash flow determined by the Company resulted from allocating a probability to the 3 above-mentioned scenarios. The Company estimated a 25% weighing to the negative scenario, 65% to the base scenario and 10% to the positive scenario. No impairment was recorded in any of the CGUs under any of these 3 scenarios or under that of expected probability-weighted cash flows. The assumptions used to estimate the recoverable amount are consistent with assumptions made by a market participant. For each CGU, the key assumptions for the base scenario were the following during 2019 and 2020: 2019 Airplan Aerostar Discount rate 9.66 % 9.60 % Operating costs and expenses annual average 5.25 % 4.45 % Departing passenger growth rate 6.70 % 2.50 % 2020 Mexico Airplan Aerostar Discount rate 12.20 % 6.92 % 9.54 % Operating costs and expenses annual average 3.00 % 3.00 % 3.00 % Passenger growth rate in the recovery period of each CGU. 34.80 % 52.16 % 19.37 % Recovery period (years) 5 3 5 Average growth rate of passengers in the period after the recovery of passengers for each CGU 2.30 % 4.90 % 1.70 % Hierarchy level of the fair value of the recoverable of the CGU 3 3 3 Management has determined the values assigned to each of the above key assumptions as follows: 2019 Assumption Approach used to determine values Discount rates It reflects specific risks relating to industry market rates and countries where they operate. Annual average growth of revenue, as well as operating costs and expenses. Weighted average growth rate during the concession period, which is based on the historical and projected inflation trends. Growth rate for departing passengers Weighted average growth rate of departing passengers during the concession period aligned with financial and operating growth. 2020 Assumption Approach used to determine values Discount rates The after-tax discount rates were used from information of listed companies of the industry where each CGU operates. Growth rate for operating costs and expenses. Growth rate during the concession period, which is based on the latest period and projected inflation trends. Growth rate of passengers (during the recovery period of each CGU). Weighted average growth rate of departing passengers during the recovery period aligned with industry growth. Growth rate of departing passengers (after the recovery period of each CGU). Weighted average growth rate of departing passengers during the concession period aligned with operating and financial growth under a recovered economic environment in terms of passenger traffic. Below is the sensitivity of the discount rates applied to projections of each CGU subject to annual impairment testing for fiscal year 2019. CGU Aerostar: If the discount rate applied to the cash flow projections of this CGU had been + 1% or -1% (instead of 9.60%), management's estimate would have had the following effects, an excess of the flows of cash against the carrying amount of Ps.3,937,096 and Ps.9,876,930, respectively. CGU Airplan: If the discount rate applied to the cash flow projections of this CGU had been + 1% or -1% (instead of 9.66)%, Management's estimate would have had the following effects, an excess of the flows of cash against the carrying amount of Ps.615,993 and Ps.1,102,280, respectively. For the year 2020, sensitivity analyses were applied to projections of each CGU as shown below. Taking the base scenario and applying a sensitivity analysis to the discount rate by +1% or -1% in each CGU, cash flow projections would have generated an effect of an excess of Ps.8,375,900 and Ps.18,213,261, respectively in Mexico, $563,239 and Ps.4,995,314 in Aerostar, respectively, and Ps.1,273,721 and Ps.1,857,402 in Airplan, respectively. When making a sensitivity analysis on the discount rate of the expected probability-weighted cash flow, there are no significant variations compared with the base scenario. Further, if the variables of the three scenarios remain constant, including the discount rate, and after the sensitivity analysis performed by the Company on the weighing allocated to each scenario, even considering the negative scenario at 100%, no impairment would be recorded in any of the CGUs. 8.2) Basic terms and conditions of the concessions Mexico: The basic terms and conditions of each concession are the following: a. The concession holder must undertake the construction, improvement and maintenance of the facilities in accordance with its Master Development Plan (MDP) and is required to update the plan every five years. See Note 15.b. b. The concession holder may only use the airport facilities for the purposes specified in the concession and must provide services in accordance with all applicable laws and regulations, and is subject to statutory oversight by the SCT. The concession holder shall pay a DUAC (currently 5% of the gross income of the concession holder, resulting from the use of public assets in accordance with the terms of the concessions) as required by the applicable law. DUAC is presented in the consolidated statement of income under “Cost of aeronautical services”. See Note 4. c. Fuel services and fuel supply are to be provided by the Mexican Airport and Auxiliary Services Agency, a Decentralized Public Entity. d. The concession holder must grant access to and the use of specific areas of the airport to government agencies to perform their activities inside the airports. e. The concession may be terminated if the concession holder fails to comply with certain of the obligations imposed by the concession as established in Article 27 or for the reasons specified in Article 26 of the Airport Law. f. Revenues resulting from the concession are regulated and subject to a review process. See Note 18.1.3. g. The terms and conditions of the regulations governing the operations of the Company may be modified by the SCT. Aerostar: The purpose of the Aerostar concession (Agreement) is to operate the public airport safely by maintaining the highest possible levels of safety and protection at the LMM Airport, and promoting, facilitating and improving commerce, tourism and economic development. The Puerto Rico authorities, Aerostar and the other airlines have agreed to the terms and conditions of the LMM Airport Facility Contract. The concession period is 40 years as of the closing of the agreement assigning the Airport’s operating rights (February 27, 2013). Under the Agreement, Aerostar has no rights to control in full the use of the Airport facilities, for example, airport facilities that are under the supervision of the Authority or internal or external security in certain areas and it is required to provide certain maintenance services within the airport. As part of the Agreement, the authorities granted Aerostar the right to sublease the LMM Airport non-aeronautical areas and to collect and retain the fees, charges and payments and income arising from all subleased facilities. According to the provisions of the Agreement, the Company has the right to collect the annual contributions of all airlines, which will be equal to the sum of the: a) platform use fees; b) landing fees; c) other leases, and d) international and domestic airport use fees. The Agreement requires Aerostar to make a cash payment of USD2,500 per year for the first five years after the first five years, the authority establishes a payment of “Annual Authority Income Share”, consisting of 5 % of the gross revenues of the airport obtained by Aerostar from the sixth year to the thirtieth year. From year 31 to 40, this amount will increase to 10% of the airport’s gross revenues. Airplan: The object of the concession contract 8000011-0K is the granting by the Special Administrative Unit of Civil Aeronautics of Colombia in favor of Airplan of a concession for the administration, operation, commercial exploitation, adaptation, modernization and maintenance of the airports Antonio Roldán Betancourt, El Caraño, José María Córdova, Las Brujas and Los Garzones, and the granting by Enrique Olaya Herrera Airport - AIH in favor of the concessionaire of the concession for the administration, commercial operation, adaptation, modernization and maintenance of Enrique Olaya Herrera Airport. The term of execution of the contract extends from the date of signing of the act of commencement of execution and until the date on which one of any of the following events occurs: · The regulated revenues generated are equal to the expected regulated revenues, provided that the concession agreement has been in force for at least 24 years. · The concession agreement has been in force for at least 40 years, regardless of whether the regulated revenues generated are equal to the expected revenues. · If the regulated revenues generated by the Colombian airports are equal to the expected revenues before the end of the 24-year period, the concession agreement will remain in effect until the end of such period. For purposes of the regulated revenue expected as defined in the concession contract, it must be taken into consideration that the expected regulated revenue will increase once each of the complementary works (mandatory or voluntary) is delivered to the grantor. The grantors agree to assign the regulated and unregulated revenues corresponding to each of the airports to Airplan. The concessionaire will obtain all of its remuneration for the concession from the assignment of the regulated revenues and the unregulated revenues that the grantors make in their favor. The concessionaire is obliged, with the grantor to pay, during the term of the contract, a consideration equivalent to 19% of the gross income of the concessionaire. The concession granted by virtue of this contract imposes on the concessionaire the general obligation to administer, make commercial use and operate the airports in accordance with the minimum specifications set forth in the contract and at their own risk. The determination of the economic useful life of the intangible asset is subject to the percentage of execution of the revenues with respect to the total expected income in the Company's financial model. Fiduciaria Bancolombia Contract: In accordance with the requirements of the concession agreement, on June 25, 2008, Airplan constituted a trust and entered into a trust agreement with Fiduciaria Bancolombia making that institution the trustee. The trust was constituted to administer the concession’s resources and to oversee the payment of the concession’s obligations by the concessionaire. Airplan transfers all of the gross income it receives and all of the debt and capital resources it obtains from the administration of the concession to the trust. The trustee maintains, in accordance with current accounting standards, a record of each and every one of the payments and transfers that are made to third parties or to the concessionaire itself, making the appropriate charges to the trust’s accounts. The foregoing is without prejudice to the assignment of regulated revenues and non-regulated revenues to the concessionaire and not the trust. The debt and capital resources obtained by the concessionaire are recorded in the concessionaire’s own accounts and only kept for record purposes in the trust because the trust is constituted for purposes of administering such resources. The constitution of the trust was made through the execution of an irrevocable mercantile trust and administration contract whose term is the maximum term authorized by the Colombian Commercial Code. 8.3) Subsequent measurement of the intangible asset The Company will subsequently measure the intangible asset over its economic useful life at cost, less accumulated amortization and impairment loss. |
Accounts payable and accrued ex
Accounts payable and accrued expenses: | 12 Months Ended |
Dec. 31, 2020 | |
Accounts payable and accrued expenses: | |
Accounts payable and accrued expenses: | Note 9 - Accounts payable and accrued expenses: At December 31, 2019 and 2020, the balances are as follows: December 31, 2019 2020 Suppliers Ps. 245,100 Ps. 353,885 Taxes payable 175,573 57,174 Use rights of assets under concession 269,916 5,070 Accounts payable to related parties (Note 14.1) 97,312 53,256 Lease payable (Note 7.1) 20,422 17,236 Salaries payable 149,452 128,105 Sundry creditors for services provided 803,746 640,068 Accounts payable to contractors 37,809 343,610 Total Ps. 1,799,330 Ps. 1,598,404 Since these accounts mature at a term of under one year, their fair value is considered to approximate their book value. |
Bank loans_
Bank loans: | 12 Months Ended |
Dec. 31, 2020 | |
Bank loans: | |
Bank loans | Note 10 - Bank loans: At December 31, 2019, the Company has used the total amount of these credits as shown below: Credit line balance Credit line Principal Commissions and Term Fair Bank at 12/31/2019 used in pesos amortization interests - Net Short Long value (*) Santander, S.A. Ps. 2,000,000 Ps. (7,933) Ps. 1,992,067 Ps. 2,044,664 BBVA Bancomer, S. A. 2,000,000 401 Ps. 23,998 1,976,403 2,045,386 Total México Ps. 4,000,000 Ps. (7,532) Ps. 23,998 Ps. 3,968,470 Ps. 4,090,050 Bancolombia, S.A. COP 137,250,000 Ps. 1,041,415 Ps. (51,834) Ps. 6,474 Ps. 73,067 Ps. 922,987 Ps. 894,131 Corpbanca Colombia, S.A. 93,330,000 708,472 (35,247) 5,503 49,657 629,071 608,009 Banco Davivienda, S.A. 82,349,995 624,983 (31,101) 4,332 43,799 554,416 536,479 Banco de Bogotá, S.A. 33,854,211 256,744 (12,786) 1,106 18,014 227,049 220,552 Banco de Occidente, S.A. 33,854,228 256,742 (12,786) 1,098 18,014 227,040 220,552 Banco Popular, S.A. 7,319,029 55,309 (2,765) (348) 4,023 48,174 47,687 Banco AV Villas, S.A. 7,320,000 55,566 (2,764) 432 3,895 49,339 47,687 Servicios Financieros, S.A. 7,320,000 55,315 (2,764) (612) 3,768 48,171 47,687 Total Airplan COP 402,597,463 Ps. 3,054,546 Ps. (152,047) Ps. 17,985 Ps. 214,237 Ps. 2,706,247 Ps. 2,622,784 Ps. 7,054,546 Ps. (152,047) Ps. 10,453 Ps. 238,235 Ps. 6,674,717 Ps. 6,712,834 At December 31, 2020, the Company has used the total amount of these credit lines as shown below: Credit line balance Credit line Principal Commissions and Term Fair Bank at 12/31/2020 used in pesos amortization interests - Net Short Long value(*) Santander, S. A. Ps. 2,000,000 Ps. (5,133) Ps. 1,994,867 Ps. 1,989,862 BBVA Bancomer, S. A. 1,980,000 Ps. (20,000) 16,343 Ps. 322,209 1,654,134 1,957,415 Total México — Ps. 3,980,000 Ps. (20,000) Ps. 11,210 Ps. 322,209 Ps. 3,649,001 Ps. 3,947,277 Banco Popular de Puerto Rico USD 10,000 Ps. 199,087 Ps. 15 Ps. 199,102 Ps. 199,188 Bancolombia, S. A. COP 125,250,000 984,985 (69,959) 9,410 81,758 842,678 752,072 Corpbanca Colombia, S. A. 85,170,000 670,111 (47,572) 7,511 55,565 574,485 511,409 Banco Davivienda, S. A. 75,149,985 591,130 (41,975) 6,098 49,012 506,241 451,243 Banco de Bogotá, S. A. 30,894,211 242,820 (17,256) 1,893 20,227 207,230 185,511 Banco de Occidente, S. A. 30,894,228 242,818 (17,256) 1,758 20,100 207,220 185,511 Banco Popular, S. A. 6,679,029 52,292 (3,731) (213) 4,475 43,873 40,110 Banco AV Villas, S. A. 6,680,000 52,558 (3,731) 589 4,358 45,058 40,110 Servicios Financieros, S. A. 6,680,000 52,297 (3,731) (467) 4,230 43,869 40,110 Bancolombia, S. A. 8,128,400 67,697 (20,309) 91 47,479 — 47,957 Total Airplan COP 375,525,853 Ps. 2,956,708 Ps. (225,520) Ps. 26,670 Ps. 287,204 Ps. 2,470,654 Ps. 2,254,033 Ps. 7,135,795 Ps. (245,520) Ps. 37,895 Ps. 808,515 Ps. 6,119,655 Ps. 6,400,498 (*) The following variables were used to determine the fair values of the loans at December 31, 2019 and 2020. As a result of the business combination in Airplan on October 19, 2017, a fair value of the syndicated loan, valued at its amortized cost, was determined, increasing its value by Ps. 605,382. The debt contracted in the original currency (the Colombian peso) plus this adjustment to fair value will result in COP535,125,402 (Ps.3,408,442). Mexico: 2019: · TIIE28 Discount Rate as of December 31, 2019. · Probability of default of ASUR as of December 31, 2019. · Default Swaps (CDS) of Mexico as of December 31, 2019. 2020: · TIIE28 Discount Rate as of December 31, 2020. · Probability of default of ASUR as of December 31, 2020. · Default Swaps (CDS) of Mexico as of December 31, 2020. Airplan: 2019: · Reference Discount Rate in Colombia as of December 31, 2019. · Probability of default of ASUR as of December 31, 2019. · Credit Default Swaps (CDS) of Colombia as of December 31, 2019. 2020: · Reference Discount Rate in Colombia as of December 31, 2020. · Probability of default of ASUR as of December 31, 2020. · Credit Default Swaps (CDS) of Colombia as of December 31, 2020. Aerostar: 2020: · Yield to Maturity through the BB-rating curve by industrial sector at December 31, 2020. Level 2 of fair value hierarchy at December 31, 2019 and 2020, respectively. Methodology: The following methodology was used to determine fair value in the terms of IFRS 13: The valuation technique used, which is recognized in the financial environment, was estimated future cash flows discounted at their present value using market information available at the valuation date. Mexico: In October 2017, the Company acquired a new loan with BBVA Bancomer of Ps.2,000,000, with a term of seven years, which will be amortized in nine semiannual payments from October 2020 to October 2024 at the TIIE rate of 28 days plus 1.25 points. On that same date, the Company acquired a loan with Banco Santander of Ps.2,000,000. The loan has a term of five years, maturing on October 27, 2022 at the TIIE rate of 28 days plus 1.25 points. In terms of the credits in pesos granted by BBVA Bancomer, the Company is obliged to maintain a consolidated leverage level not exceeding 3.5x calculated as a total financial debt between the (operating profit calculated before taxes, interest expenses, plus depreciation plus amortization at consolidated level) EBITDA for the twelve months prior to the end of each quarter and a minimum interest coverage of 3.0x, calculated as EBITDA between the financial expenses associated with the total financial debt for the 12 months before the end of each quarter. During 2020 the Company fulfilled these financial obligations, on each quarterly measurement date. At December 31, 2020, the Consolidated Leverage Ratio calculated under the contract was 2.7x, which does not exceed the 3.5x established. In turn, the Debt Coverage Ratio at December 31, 2020 was 5.2x covering the minimum required of 3.0x as stated in the contract. In terms of the credit in pesos granted by Santander, the Company is obliged to maintain a leverage level on the last day of each fiscal quarter of no more than 3.5x and a minimum interest coverage ratio of 3.0x, both reasons calculated by the 12 months before each quarter. The calculation for the Leverage Ratio and Interest Coverage Ratio will be performed considering the Company’s share in the income/loss of its subsidiaries and other companies in which it holds interest. During the year the Company fulfilled these financial obligations, on each quarterly measurement date. At December 31, 2020, the Leverage Ratio calculated under the contract was 2.4x, which does not exceed the 3.5x set. In turn, the Debt Coverage Ratio at December 31, 2010 was 5.8x covering the minimum required of 3.0x as stated in the contract. The Company must refrain from creating, incurring, assuming or generating the existence of any lien on its assets, assets and rights, as well as refraining from assuming obligations of third-party accounts, becoming jointly bound or granting a type of personal real guarantee or fiduciary to guarantee its own or third party obligations that are relevant or may have a significant adverse effect on the payment of the credit. During the year the Company fulfilled these financial obligations. On June 29, 2020, the Company entered into a line of credit with BBVA Bancomer for Ps.1,500,000, for a term of eighteen months counted as from that date, thus falling due on December 29, 2021. The loan is subject to 28-Day Interbank Equilibrium Interest Rate (28 Day TIIE) plus 1.5%. Funds arising from this line of credit may be used for general corporate purposes, expenses and commissions relating to the loan. As of December 31, 2020, the Company has not used the funds arising from the credit line. Airplan: On June 1, 2015, the Company incurred a new long-term syndicated loan of COP440,000,000 Colombian pesos (Ps.2,897,404) payable in 2027 with a three-year grace period for the payment of principal. The participants of this syndicated loan are: Amount Entity (COP) Bancolombia, S. A. COP. 150,000,000 Corpbanca Colombia, S. A. 102,000,000 Banco Davivienda, S. A. 90,000,000 Banco de Bogotá, S. A. 37,000,000 Banco de Occidente, S. A. 37,000,000 Banco Popular, S. A. 8,000,000 Banco AV Villas, S. A. 8,000,000 Servicios Financieros, S. A. 8,000,000 COP. 440,000,000 Financial obligations Airplan is obligated throughout the term of the credit to comply with the following financial commitments: Maintain long-term financial indebtedness limited to this syndicated loan operation: This consists of the sum of the balances payable by the debtor during the term of the syndicated loan, as a result of long- and short-term financial indebtedness, the amount of which may not exceed the sum of COP440,000,000 (Ps.2,897,404). On September 11, 2020, the Company obtained a short-term loan from Bancolombia amounting to COP11,612,000 (Ps.67,041), for ten months at a DTF rate plus 1.7%, with monthly principal amortization and interest payment at an effective rate of 4.43%. Maintain the capital structure: This addresses the relationship between capital and debt that the debtor must meet in relation to the project throughout the term of the loan, in such a way that the result of the financial indicator Capital 1 (Capital + debt) is equal to or higher than 16%. Maintain the index of debt coverage: This refers to the indicator that the debtor must maintain during the entire term of the loan, defined as: EBITDA - Taxes / Debt service 2: 1.2. Airplan failed to comply with its obligation related to the Debt Coverage Ratio at September 30 and December 31, 2020. Airplan, obtained from all participating banking institutions of the syndicated loan, in August 2020 a waiver for the breach of the obligation referring to the indicator of the debt coverage index covering the measurement date of September 30, December 31, 2020 and until the measurement date of the first quarter March 31, 2021. In accordance with Company's projections, noncompliance with the obligation is expected for 2021. Therefore, as of the date of these Consolidated Financial Statements, the banking institutions involved in the syndicated loan exempted the Company from compliance with the Debt Coverage Ratio until the measurement date for the first quarter of 2022. These waivers do not represent expenses or penalties to the entity. With the waivers described above, the Company has coverage for a possible noncompliance and is exempted from any penalties or negative effect in case of noncompliance with the Debt Coverage Ratio until the measurement date of March 31, 2022. Aerostar On April 1, 2020, the Company drew down its revolving credit line with Banco Popular de Puerto Rico, approved as of December 18, 2015, for USD10,000 (approximately Ps.239,200) and, through an amendment dated October 22, 2018 the Company received an extension for a maximum term of three years falling due on December 18, 2021, at a Prime or Fed Funds Rate less 0.50%, and whose prepayment can be made at any moment. The resources of this credit line can be used for working capital purposes and for investment projects. During the term of the loan, Aerostar is financially obliged to keep a Debt Coverage Ratio higher than 1.0x on the measurement date of each quarterly closing. At December 31, 2020, the Debt Coverage Ratio was 3.1x. On December 30, 2020, Aerostar obtained an unsecured revolving credit line with Banco Popular de Puerto Rico for USD20,000 (approximately Ps.399,010), for a term of three years and the possibility of making prepayments at any moment during the term of the contract, with interest at Prime rate plus 0.50%. The Company will pay 0.15% for unused credit line, which will be calculated on the average amount of unused principal during the year. To date, the Company has not used the credit line. |
Long-term debt_
Long-term debt: | 12 Months Ended |
Dec. 31, 2020 | |
Long-term debt: | |
Long-term debt: | Note 11 — Long-term debt: As a result of including Aerostar in the consolidation, as from May 31, 2017, the following long-term debt is recorded. To finance a portion of the agreement payment to the Puerto Rico Authority, and certain other costs and expenditures associated with it, Aerostar entered into a Note Purchase Agreement in March 22, 2013 where Aerostar authorized the issue of subordinated bonds and sale of an aggregate principal of Ps.4,471,000 (USD350,000) of its 5.75% senior secured notes due on March 22, 2035 in accordance with the following conditions: Performance 2.39 % Spread credit (bps) +336 Coupon 5.75 % On June 24, 2015, Aerostar signed an agreement for private placement of bonds in the amount of Ps.737,000 (USD50,000), maturing on March 22, 2035, based on the following conditions: Performance 6.75 % At December 31, 2019 the integration of the debt is shown as follows: Credit line Interest Credit line Interest Term Fair used in thousand USD in USD in pesos in pesos Short Long value Loan $ 400,000 $ 10,152 Ps. 6,843,134 Ps. (43,193) Ps. 311,372 Ps. 6,488,569 Ps. 7,082,022 At December 31, 2020 the integration of the debt is shown as follows: Credit line Interest Credit line Interest Term Fair used in thousand USD in USD in pesos in pesos Short Long value Loan $ 400,000 $ 10,577 Ps. 7,011,281 Ps. (39,105) Ps. 330,235 Ps. 6,641,941 Ps. 7,697,476 Inputs: 2019: Corporate risk through Yield to Maturity of comparable bonds of the “Transportations and Logistics” sector. Level 2 of fair value hierarchy 2020: Corporate risk through Yield to Maturity of comparable bonds of the “Transportations and Logistics” sector at December 31, 2020. Level 2 of fair value hierarchy Methodology: The following methodology was used to determine fair value in the terms of IFRS 13 the valuation technique used is one recognized in the financial environment (estimated future cash flows discounted at their present value) using market information available at the valuation date. |
Stockholders' equity_
Stockholders' equity: | 12 Months Ended |
Dec. 31, 2020 | |
Stockholders' equity: | |
Stockholders' equity: | Note 12 - Stockholders’ equity: At December 31, 2019 and 2020, the minimum fixed capital with no withdrawal rights is of Ps.1,000 and the variable portion is of Ps.7,766,276, (nominal figure) comprised of 300,000,000 common, nominative Class I shares no par value, wholly subscribed and paid in. The variable portion of capital stock is comprised of Class II common, nominative shares. At December 31, 2019 and 2020 no Class II shares have been issued. Both classes of shares will have the characteristics determined at the Shareholders’ meeting where issuance is approved and they are integrated as shown as follows: Capital stock as of Total shares December 31, Description 2019 2020 2019 2020 “B” Series 277,050,000 277,050,000 Ps. 7,173,079 Ps. 7,173,079 “BB” Series 22,950,000 22,950,000 594,197 594,197 Total 300,000,000 300,000,000 Ps. 7,767,276 Ps. 7,767,276 All ordinary shares confer the same rights and obligations on the holders of each series of shares. Series BB shares have voting shares and other rights, such as the right to elect two members of the Board of Directors, and Series B shareholders are entitled to appoint the remaining members of the Board of Directors. Series BB may not represent more than 15% of the Company’s capital stock. Legal reserve The Company is legally required to allocate at least 5% of its unconsolidated annual net income to a legal reserve fund. This allocation must continue until the reserve is equal to 20% of the issued and outstanding capital stock of the Company. Mexican corporations may only pay dividends on retained earnings after the reserve fund for the year has been set up. Reserve for acquisition of shares The reserve for acquisition of shares represents the reservation authorized by the stockholders for the Company to purchase its own shares subject to certain criteria set forth in the bylaws and the Securities Market Law. At December 31, 2019 and 2020, the reserve for repurchase of shares totals Ps.11,554,572. Dividends At the April 26, 2018 General Ordinary Stockholders’ meeting, the Company’s stockholders agreed to pay net dividends of Ps.2,034,000 (nominal), which don’t gave rise to IT because the dividends were paid from the CUFIN. At the April 24, 2019 General Ordinary Stockholders’ meeting, the Company’s stockholders agreed to pay net dividends of Ps.3,000,000 (nominal), which don’t gave rise to IT because the dividends were paid from the CUFIN. At the Ordinary General Stockholders' Meeting held on April 23, 2020, the Company’s Stockholders agreed to delegate the power to decree and pay an ordinary dividend for Ps.2,463,000 (nominal) to the Administrative Board, which will not accrue Income Tax as they arise from the CUFIN (Net Tax Income Account). In case of approval, the dividend would be paid in accordance with the decree of the Board as from May 11, 2021. At December 31, 2020 and at the date of these Financial Statements, the Board of Directors has neither decreed nor paid these dividends. Dividends are tax free if paid from the CUFIN. Dividends paid in excess of the CUFIN balances are subject to tax equivalent to 42.86%. Tax due is payable by the Company and may be credited against income tax for the year or income tax for the two immediately following fiscal years. Dividends paid from previously taxed earnings are not subject to tax withholding or payment. Dividends paid that come from profits previously taxed by the ISR will not be subject to any withholding or additional tax payment. The Income Tax Law (LISR or ITL) establishes the obligation to maintain the CUFIN with the profits generated until December 31, 2013 and start another CUFIN with the profits generated as of January 1, 2014. At December 31, 2019 and 2020, the companies CUFIN lump sum is Ps.12,900,414 and Ps.14,759,918, respectively, whereas the combined contribution capital account amounts Ps.42,825,290 and Ps.45,258,134, respectively. In the event of a capital reduction, any excess of stockholders’ equity over paid-in capital contribution account balances is accorded the same tax treatment as dividends, in accordance with the procedures provided for in the Income Tax Law. Retained earnings Substantially, all consolidated Company earnings were generated by its subsidiaries. Retained earnings can be distributed to the Company’s shareholders to the extent that the subsidiaries have distributed earnings to the Company. |
Income tax incurred and deferre
Income tax incurred and deferred: | 12 Months Ended |
Dec. 31, 2020 | |
Income tax incurred and deferred: | |
Income tax incurred and deferred: | Note 13 - Income tax incurred and deferred: The Company does not consolidate its results for tax purposes. a. Income Tax (IT) Mexico: In 2018, 2019 and 2020, the Company determined tax profits in its subsidiaries in the amounts of Ps.5,984,043 , Ps.6,119,361 and Ps.2,163,740, respectively. In 2018, 2019 and 2020, the tax profits were partially offset with the amortization of tax losses in the amounts of Ps.41,977, Ps.36,613 and Ps.3,196, respectively. The subsidiaries that at December 31, 2018, 2019 and 2020, have not assessed IT due to the tax loss carryforwards, are Cozumel, Minatitlán and Tapachula. Taxable income differs from the book income due to temporary and permanent differences arising from the different bases for the recognition of the effects of inflation for tax purposes and from the permanent effects of items affecting only the book or tax results. The ITL establishes for 2014 and subsequent years an income tax rate of 30%. The Company has performed the evaluation of the Preferential Tax Regimes and has determined that this year it is not applicable because it does carry out a business activity, in the case of the investment in the airport of Puerto Rico, and that passive income does not represent more than 20% of its total income. Aerostar: The Company determined tax profit for Ps.42,770 and tax loss for Ps.660,4040 in 2019 and 2020 respectively, derived from the agreement with the Department of the Treasury of Puerto Rico in which its operations are subject to income taxes of Puerto Rico of 10% under the provisions of Section 12 (a) of the Public Private Partnership Law (Law) enacted in June 2009. Derived from the analysis carried out by the Administration, it is considered that there are no impacts due to changes in the legislation of the United States of America made since the 2019 fiscal year. Airplan: The Company determined taxable income (liquid income) in accordance with the tax law of Colombia for the fiscal year, 2019 and 2020 of Ps.325,349 and Ps.9,133, respectively. The Company is subject to income taxes in Colombia of 33% in 2018, 2019 and 32% in 2020 and plus a 6% surcharge on liquid income less COP800,000 in 2018. The company determined an income tax of Ps.31,298 in 2018, Ps.107,365 in 2019 and Ps.2,916 in 2020, respectively. According to Article 188, for income tax purposes, it is assumed that the taxpayer's net income is not less than 3.5% of his net worth, on the last day of the immediately preceding taxable year. The percentage of presumptive income referred to in this article will be reduced to 0.5% in taxable year 2020; and reduced to 0%, as of taxable year 2021. Law 1739 of December 23, 2014 in force, establishes the determination and payment of a surcharge on income tax for equity - CREE, which is the responsibility of the taxpayers of this tax and applies to a taxable base higher than the COP800,000, which is equivalent to 6%. That over rate was repealed to from the year 2018. Tax Reform Law No. 1943, dated December 28, 2018, sets forth the following rates applicable to corporate taxable income: 33% for fiscal years 2018 and 2019, 32% for fiscal year 2020, 31% for fiscal year 2021, and 30% as from fiscal year 2022.Over the fiscal taxable income. The IT provision at December 31, 2018, 2019 and 2020 is as follows: December 31, 2018 2019 2020 Mexico: Current IT Ps. 1,766,083 Ps. 1,864,384 Ps. 631,471 Deferred IT 13,116 57,023 117,924 IT provision Mexico Ps. 1,779,199 Ps. 1,921,407 Ps. 749,395 Aerostar: Current Income Tax 433 (16) Deferred Income Tax 33,879 38,146 42,546 IT provision Aerostar Ps. 33,879 Ps. 38,579 Ps. 42,530 Airplan: Current IT (20,098) 110,910 2,916 Deferred IT 2,981 (92,794) (65,686) IT provision Airplan Ps. (17,117) Ps. 18,116 Ps. (62,770) Total IT provision Ps. 1,795,961 Ps. 1,978,102 Ps. 729,155 The reconciliation between the statutory and effective IT rates is shown as follows: December 31, 2018 2019 2020 Consolidated income before provision for IT Ps. 6,916,699 Ps. 7,661,741 Ps. 2,855,692 Plus (less): Net (loss) income before taxes of Airplan and Aerostar (297,179) (843,352) (65,672) Net (loss) income before taxes of subsidiaries in Mexico not subject to IT (89,685) (100,793) 4,337 Income before provisions for income taxes 6,529,835 6,717,596 2,794,357 Statutory IT rate 30 % 30 % 30 % IT that would result from applying the IT rate to book profit before income taxes 1,958,951 2,015,279 838,307 Non-deductible items and other permanent differences 15,126 11,941 10,496 Annual adjustment for tax inflation 12,101 (12,783) (18,958) Accounting disconnect inflation (189,237) (93,030) (80,450) Effect by difference in rate of IT Aerostar 33,879 38,579 42,530 Effect by difference in rate of IT Airplan (17,117) 18,116 (62,770) Other non-taxable earnings (17,742) — — IT provision Ps. 1,795,961 Ps. 1,978,102 Ps. 729,155 Effective IT rate 28 % 29 % 26 % Following are the principal temporary differences with respect to deferred tax: Period ended on December 31, 2019 2020 Deferred income tax asset: Temporary liabilities Ps. 48,079 Ps. 31,019 Fair value of long-term debt 175,137 162,574 Allowance for doubtful accounts 34,296 66,609 257,512 260,202 Deferred income tax payable: Fixed and intangible assets (*) (2,974,108) (3,198,632) Temporary assets (287,172) (226,106) Amortization of expenses (816) (609) (3,262,096) (3,425,347) Deferred income tax liability - Net Ps. (3,004,584) Ps. (3,165,145) (*) Includes Ps.942,519 and Ps.1,032,799 from Aerostar from the periods 2019 and 2020, and Ps.695,212 and Ps.647,571 from Airplan in 2019 and 2020. The net movements of the deferred tax asset and liability for the year are as follows: Impairment provision Foreign of loan Concession Currency portfolio Assets Conversion Others Total Balances as of December 31, 2018 Ps. (36,874) Ps. 3,079,749 Ps. 60,008 Ps. (21,215) Ps. 3,081,668 Revaluation effect by conversion Airplan and Aerostar — — (102,370) 22,911 (79,459) Consolidated income statement: Airplan 2,467 (161,556) (184) 66,479 (92,794) Aerostar 38,414 (268) 38,146 México 111 60,315 (3,403) 57,023 2,578 (62,827) (452) 63,076 2,375 Balances as of December 31, 2019 (34,296) 3,016,922 (42,814) 64,772 3,004,584 IFRS 16 adoption adjustment Conversion revaluation effect Airplan and Aerostar — — 141,236 (75,456) 65,777 Consolidated income statement: Airplan (11,390) (73,994) (461) 20,159 (65,686) Aerostar 43,767 (1,221) — 42,546 México (20,923) 115,197 — 23,650 117,924 (32,313) 84,970 (1,682) 43,809 94,784 Balances as of December 31, 2020 Ps. (66,609) Ps. 3,101,892 Ps. 96,740 Ps. 33,125 Ps. 3,165,145 b. AT in excess of IT effectively paid until December 31, 2007, (date on which AT was repealed) is subject to refund in accordance with the procedure established in the Flat Tax Law in the following ten periods up to 10% of the total AT paid and not yet recovered, without it exceeding the difference between the IT paid in the period and the AT paid in the previous three years, whichever is lower, in accordance with the Flat Tax Law, when IT incurred is higher than AT in any of those years, and it is subject to restatement through the application of “National Consumer Price Index” Mexican factors. The last year that the AT can be recovered is 2017. During fiscal years 2019 and 2020, the Company obtained the recovery of AT for Ps.21,121 and Ps.32,017 respectively, with recognition in the results as revenue. In 2019, AT of Ps.932, was applied in the results for the period under income taxes in favor of some subsidiaries in which the tax will not be recoverable not in accordance with the procedure established in the Flat Tax Law, which establishes that the tax is recoverable gradually every year up to a maximum of 10% of the total AT paid in the 10 years prior to 2008. Recoverable taxes At December 31, 2019 and 2020, the tax credits are as of Ps.230,030 and Ps.631,999, respectively. Aerostar Tax loss Carry forwards: Aerostar had cumulative tax loss carry forwards whose right to be amortized against future taxable income expires as shown below: Year of Year of loss Amount expiration 2012 Ps. 7,085 2022 2013 37,256 2023 2014 25,545 2024 2015 28,520 2025 2016 27,745 2026 2017 22,248 2027 2018 10,600 2028 2019 1,975 2029 2020 30,725 2030 Total Ps. 191,699 Temporal differences not recognized Temporary difference related to investments in subsidiaries for which no liabilities have been recognized for deferred income tax: December 31, 2019 2020 Undistributed utilities Ps. 3,424,951 Ps. 3,200,543 Tax rate 30 % 30 % Deferred income tax liabilities unrecognized with the previous temporary differences Ps. 1,027,485 Ps. 960,163 This tax could be subject to a more thorough revision, as well as the application of tax treaties existing in the countries of origin. |
Balances and transactions with
Balances and transactions with related parties: | 12 Months Ended |
Dec. 31, 2020 | |
Balances and transactions with related parties: | |
Balances and transactions with related parties: | Note 14 - Balances and transactions with related parties: 14.1) Balances receivable and payable At December 31, 2019 and 2020, respectively, the balances receivable from (payable to) related parties shown in the consolidated statement of financial position are comprised as follows: December 31, 2019 2020 Accounts receivable: Autobuses Golfo Pacífico, S. A. de C. V. (Shareholder/services) Ps. 284 Ps. 197 Ps. 284 Ps. 197 Accounts payable and accumulated expenses (Note 10):(*) Inversiones y Técnicas Aeroportuarias, S. A. de C. V. (Shareholder/technical assistance) Ps. (96,769) Ps. (53,257) Autobuses de Oriente ADO, S. A. de C. V. (Shareholder/technical assistance) (127) Lava Tap de Chiapas, S. A. de C. V. (Key management personnel/services) (543) (411) (97,312) (53,795) Net Ps. $ (97,028) Ps. $ (53,598) (*) These are accounts with terms of less than one year under similar market conditions. 14.2) Transactions with related parties At December 31, 2018, 2019 and 2020, the transactions shown in the next page were held with related parties, which were set at the same prices and conditions as those that would have been used in comparable operations by third parties. December 31, 2018 2019 2020 Commercial income: Autobuses de Oriente, S. A. de C. V. (Stockholder) Ps. 14,455 Ps. 14,349 Ps. 7,968 Autobuses Golfo Pacífico, S. A. de C. V. (Stockholder) 7,014 7,290 4,862 Coordinados de México de Oriente, S. A. de C. V. (Stockholder) 150 157 164 Expenses: Stockholders: Technical assistance (Note 15.4) Ps. (386,249) Ps. (404,086) Ps. (175,615) Related parties: Administrative services Leasing Ps. (5,232) Ps. (5,340) Ps. (6,061) Cleaning services (10,854) (11,544) (11,848) 14.3) Compensation of key personnel Key personnel include directors, members of the Steering Committee, and Committees. In the years ended on December 31, 2018, 2019 and 2020, the Company granted the following benefits to the key management personnel, the Steering Committee and the different Company Committees: December 31, 2018 2019 2020 Short term salaries and other benefits paid to key personnel (Note 18.17) (*) Ps. 119,202 Ps. 109,747 Ps. 137,272 Fees paid to the Board of Directors and Committees 8,695 9,146 8,571 (*) In 2018, 2019 and 2020, includes costs of Ps.53,268, Ps.41,411 and Ps.66,083; and Ps.16,350, Ps.17,381 and Ps.15,650, respectively for key personnel of directors of Aerostar and Airplan. 14.4) Technical assistance agreement With regard to the sale of series “BB” shares to ITA held in 1998, the Company signed a technical assistance agreement with ITA, whereby the latter company and its stockholders agreed to provide management and consulting services and transfer knowledge and experience in the industry and technology to the Company in exchange for compensation. The agreement is for an initial term of 15 years and renews automatically for subsequent five year periods, unless one of the parts issues the other a cancellation notice within a determined term prior to the programmed expiration date. The Company can only exercise its termination right through a resolution of the shareholders. ITA began to provide its services under said contract on April 19, 1999. In accordance with the contract, the Company agreed to pay an annual compensation equivalent to the higher of a fixed amount or 5% of the consolidated income of the Company before deducting the compensation for technical assistance and before the comprehensive financial result, IT, depreciation and amortization, determined in accordance with financial reporting standards applicable in Mexico. Beginning in 2003, the minimum fixed amount is of USD2,000 (approximately Ps.37,700). The minimum fixed amount will increase annually by the inflation rate of the United States plus the added value tax over the amount of the payment. The Company entered into an amendment agreement for technical assistance and transfer of knowledge, which establishes that the compensation will be paid on a quarterly basis beginning in January 1, 2008, and that such payments are to be deducted from the annual compensation. At December 31, 2018, 2019 and 2020, the expenses for technical assistance amounted to Ps.386,249, Ps. 404,086 and Ps.175,615, respectively which are recorded in the consolidated comprehensive income statement within the aeronautical and non-aeronautical service cost line. ITA also has the right to refund the expenses incurred during the provision of the services specified in the agreement. The ITA series “BB” shares were put in a trust in order to ensure compliance with the technical assistance agreement, among other things. |
Commitments and contingencies_
Commitments and contingencies: | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and contingencies: | |
Commitments and contingencies: | Note 15 - Commitments and contingencies: Commitments a. The Company began leasing office space on May 21, 2015, under an operating lease agreement. This agreement includes an available extension of 60 months. The monthly rent due is USD23.55 (Ps.469 approximately). The total minimum future payments derived from the non-cancellable operating lease agreement that shall be covered in the future are as follows: Up to one year Ps. 5,626 Between one and three years 19,222 Total Ps. 24,848 As of December 31, 2019 and 2020, the amortization per right-of-use assets within the aeronautical and non-aeronautical service cost in the statement of income, was approximately Ps.5,232 and Ps.6,304, respectively. (See Note 17.8.) b. On June 22, 2018, the Company received SCT approval for the MDP for the five-year period from 2019 to 2023 in which the Company committed to carry out improvements. In September, 2020, the Federal Civil Aviation Agency approved the Company's request for rescheduling (the deferral of) certain investments corresponding to 2020 for a total amount of Ps.2,292,355, to be fulfilled in 2021, due to contingencies due to COVID-19, which affected the conditions of the production and construction industry, interrupting the continuation of works and signing of new contracts that are indicated in the PMD 2019-2033. At December 31, 2020, investment commitments for that MDP are as follows: Period Amount 2021 Ps. 5,460,586 2022 1,907,832 2023 892,356 Ps. 8,260,774 (1) (1) Figures in thousand pesos adjusted at December 31, 2020 based on the Construction Price Index (IPCO) in the terms of the MDP. c. Pursuant to the terms for the purchase of the land in Huatulco that occurred in October 2008, the Company has the obligation to build 450 hotel rooms, for which purpose the Company will enter into agreements with third parties to develop the comprehensive tourism plan without a specific due date. At December 31, 2020, there is an indefinite extension to this commitment issued by the National Tourism Fund (FONATUR by its initials in Spanish). d. As part of the Concession Agreement, Aerostar has committed to fund and complete certain capital and repair projects with respect to the LMM Airport Facilities. The Company has no time restrictions to complete these projects, except that they must be made at any time during the term of the lease. As these projects are carried out, repairs will be recorded as expenses incurred or capitalized and depreciated according to their nature; consistent with the Company's accounting policies. Capital projects will be capitalized as part of an intangible concession improvement asset and will be amortized over their useful lives or the remaining life of the concession contract, whichever is less. Some commitments were excluded from the liability for initial obligations assumed due to factors of uncertainty, the variability of future costs and the extended period of time in which commitments can be fulfilled. As of December 31, 2019 and 2020, Aerostar fulfilled the agreed commitments. e. On September 20, 2017, Hurricane Maria made landfall on the island of Puerto Rico. Operations were suspended at the LMM Airport on the 19th and resumed in a limited manner on the 21st of the month. The damages to airport infrastructure have been evaluated by the Company to be approximately USD29.7 million approximately, of which most have been disbursed at the reporting date and which amount will be recorded in the cost of services as incurred. The infrastructure has material damage insurance. During the 2019 and 2020 fiscal years, insurance recovery was obtained for USD15.7 and USD7.3 million, approximately Ps.289,822 and Ps.158,906 thousand, respectively, which are recognized in the comprehensive statement of income as the certification is obtained that the funds were used for the defined purposes and the indicated works. During 2019 and 2020, Ps.204,719 and Ps.158,881 were recognized as other income. As of December 31, 2020, there is no balance for insurance recovery. (See note 5.1.) f. Under the Plan for the Refurbishment and Modernization of the Airplan Concession Contract, the concessionaire is currently committed to delivering the work known as “Plataforma, Calle de Conexión y Bodegas del Terminal de Carga del Aeropuerto José María Córdova de Rionegro” (Platform, Connection Road and Cargo Terminal Warehouse at the José María Córdova Airport in Rionegro), which as agreed by the parties in Amendment No. 18 of the Concession Contract, should have been delivered on December 15, 2018. A time extension was therefore requested for delivery of that work, which was granted via an amendment to the Concession Contract under Amendment No. 23 which extends the term for delivery of that work by 18 months as from December 15, 2018. As of December 31, 2020, the work was still under construction. The work has since been completed. g. As it concerns complementary works, in addition to those specified in the Airplan Concession Contract (via Amendment No. 8 dated 2014), a conclusion is still pending the construction of the modules connecting the terminal building with the parking lot and José María Córdova flight works pertaining to one of the connection modules known as Point B. Due to technical difficulties, an order for suspension was issued and a new design was determined. Via amendment No. 22 to the concession contract dated April 4, 2018, the term for those works was extended by 541 days from April 4, 2018. As of December 31, 2019, the project has been completed. Contingencies As of December 31, 2019 and 2020, the Company has confirmed that the results of its lawsuits cannot be accurately predicted as their due processes are currently ongoing and there are not enough elements to determine whether they could largely affect the Company’s financial position in the case of an adverse ruling. h. i. j. k. l. The parties appealed the determination and, on July 31, 2020, the Court of Appeals ruled in favor of Aerostar, determining, among other things, that Aerostar is the only entity entitled to collect and withhold the charge for each gallon of jet fuel. which is dispatched at the LMM airport. On August 31, 2020, the Ports Authority filed an appeal with the Supreme Court of Puerto Rico. As of the date of this report, the judicial process continues. |
Basis for preparation_
Basis for preparation: | 12 Months Ended |
Dec. 31, 2020 | |
Basis for preparation: | |
Basis for preparation: | Note 16 - Basis for preparation: The accompanying consolidated financial statements at December 31, 2019 and 2020 have been prepared in accordance with the IFRS and their Interpretations (IFRIC) as issued by the International Accounting Standard Board (IASB). 16.1) Basis of measurement The consolidated financial statements have been prepared on the historical cost basis. Except for certain financial instruments measured at amortized cost or at their fair value as explained in the accounting policies described below. The consolidated financial statements have been prepared under the going concern basis. 16.2) Use of estimates and judgments The preparation of consolidated financial statements requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, revenues and expenses. The areas involving a higher degree of judgment or complexity, or the areas where assumptions and estimates are significant to the consolidated financial statements, are described in Note 19. Critical estimates and assumptions are reviewed regularly. Adjustments to the accounting estimates are recognized in the period in which the estimate is reviewed and in any future period affected. |
Summary of the main accounting
Summary of the main accounting policies: | 12 Months Ended |
Dec. 31, 2020 | |
Summary of the main accounting policies: | |
Summary of the main accounting policies: | Note 17 - Summary of the main accounting policies: In the following we point the main standards, interpretations or changes to existing standards in effect for the first time for the period beginning on January 1, 2020: 17.1) New standards and amendments The Standards and amendments which became effective as from January 1, 2020, did not have a significant impact on the Company. Forthcoming requirements: On January 23, 2020, the following amendment to the standard was issued for which the Company expects to have no significant impacts: The narrow-scope amendments to IAS 1 Presentation of Financial Statements clarify that liabilities are classified as either current or noncurrent, depending on the rights that exist at the end of the reporting period. Classification is unaffected by the expectations of the entity or events after the reporting date (for example, the receipt of a waver or a breach of covenant). The amendments also clarify what IAS 1 means when it refers to the ‘settlement’ of a liability. The amendments could affect the classification of liabilities, particularly for entities that previously considered management’s intentions to determine classification and for some liabilities that can be converted into equity. They must be applied retrospectively in accordance with the normal requirements in IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors. In May 2020, the IASB issued an Exposure Draft proposing to defer the effective date of the amendments to January 1, 2023. There are no other standards that have not yet gone into effect that could be expected to significantly impact the Company in current or future reporting periods and in foreseeable future transactions. The company applied the following standards and modifications, which did not have a significant impact, for the first time for the annual reporting period beginning on January 1, 2019: • IFRS 16 Leases Tenant: As described in Note 7.1 to our consolidated financial statements, the impact on the Company as a lessee due to the adoption of IFRS 16 was not significant. See Note 17.8.2 to our consolidated financial statements for a detailed description of this policy. Landlord: The Company did not have to make adjustments to the accounting for its operating leases from the perspective of the lessor derived from the adoption of this standard. See Note 18.8.1 to our consolidated financial statements for a detailed description of this policy. • IFRIC 23 Uncertainty over Income Tax Treatments The interpretation explains how to record and measure current and deferred tax assets and liabilities when there is uncertainty concerning tax treatment. In particular, it explains: - - - - - Although there are no new disclosure requirements, entities are reminded of the general requirement to provide information on judgments and estimations applied when preparing the financial statements. The Company has evaluated the provisions of this interpretation and does not consider there to be a significant impact from the adoption of IFRIC 23. 17.2) Consolidation and equity method The consolidated subsidiaries of the Company, for which it has a shareholding as of December 31, 2019 and 2020, are shown as follows: Shareholding percentage (%) Main activity Aeropuerto de Cancún, S. A. de C. V. 100 % Airport services Aeropuerto de Cozumel, S. A. de C. V. 100 % Airport services Aeropuerto de Mérida, S. A. de C. V. 100 % Airport services Aeropuerto de Huatulco, S. A. de C. V. 100 % Airport services Aeropuerto de Oaxaca, S. A. de C. V. 100 % Airport services Aeropuerto de Veracruz, S. A. de C. V. 100 % Airport services Aeropuerto de Villahermosa, S. A. de C. V. 100 % Airport services Aeropuerto de Tapachula, S. A. de C. V. 100 % Airport services Aeropuerto de Minatitlán, S. A. de C. V. 100 % Airport services Cancun Airport Services, S. A. de C. V. (*) 100 % Airport services Aerostar Airport Holdings, LLC 60 % Airport services Sociedad Operadora de Aeropuertos Centro Norte, S.A. 100 % Airport services RH Asur, S. A. de C. V. 100 % Administrative services Servicios Aeroportuarios del Sureste, S. A. de C. V. 100 % Administrative services Asur FBO, S. A. de C. V. (*) 100 % Administrative services Caribbean Logistics, S. A. de C. V. (*) 100 % Cargo services Cargo RF, S. A. de C. V. (*) 100 % Cargo services (*) These subsidiaries sub-consolidate at the Cancún Airport. Aerostar information Aerostar records its financial information on accounting principles in United States (US GAAP) and in USD, a translation to Mexican pesos is performed and a reconciliation from US GAAP to IFRS is carried out. Aerostar reports its financial information in IFRS, for purposes of consolidating in the Company. The exchange rate used at 2019 and 2020 year end was Ps.18.86 and Ps.19.91 Mexican Pesos per Dollar, respectively. Relevant information about Aerostar and its significant non-controlling interest As of December 31, 2018, 2019 and 2020, the condensed financial information of Aerostar, where there is a significant non-controlling interest, is presented as follows: December, 31 2018 2019 2020 Condensed statement of financial position Cash and cash equivalents Ps. 868,095 Ps. 698,466 Ps. 804,634 Restricted cash and cash equivalents 47,332 165,622 5,055 Other current assets 175,479 133,992 566,031 Total current assets 1,090,906 998,080 1,375,720 Financial liabilities: Current liabilities (640,785) (672,943) (606,433) Working capital 450,121 325,137 769,287 Land, furniture and equipment 174,450 160,186 151,971 Intangible assets, airport concessions - Net 13,587,071 12,956,965 13,535,370 Other long term assets 544 16,759 32,578 Long term debt (7,282,268) (6,799,941) (7,171,278) Accounts payable to the Company (1,152,805) (372,798) (104,065) Other long term liabilities (21,609) (19,783) (19,864) Deferred income tax - Net (330,999) (371,984) (448,829) Shareholders’ equity Ps. 5,424,505 Ps. 5,894,541 Ps. 6,745,170 Year ended December, 31 2018 2019 2020 Condensed statements of comprehensive income Revenue Ps. 3,025,267 Ps. 3,306,149 Ps. 2,902,238 Operating cost and expenses (2,098,323) (2,270,055) (1,956,081) Other income 134,637 204,074 158,906 Comprehensive financial cost - Net (538,268) (485,037) (495,443) Deferred income tax (62,252) (55,781) (60,684) Net (loss) income for the year 461,061 699,350 548,936 Foreign currency translation (5,772) (229,314) (301,695) Total comprehensive income Ps. 455,289 Ps. 470,036 Ps. 247,241 Airplan information Airplan records and reports its financial information in IFRS as adopted in Colombia and their corresponding IFRIC issued by the IASB and in Colombian pesos. For purposes of consolidating Airplan in the Company, a translations to Mexican pesos is performed. The exchange rate used at 2019 and 2020 year end was Ps.173.63 and Ps.171.53 Colombian Peso per Mexican Peso, respectively. a. Subsidiaries Subsidiaries are all entities over which the Company has control. The Company controls an entity when the Company is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Company. They are deconsolidated from the date that control ceases. Intercompany transactions, balances, revenues and expenses due to transactions between the group companies were eliminated. The non-realized results were also eliminated. The subsidiaries’ accounting policies are consistent with the policies adopted by the Company. The Company uses the purchase method to recognize business acquisitions. The consideration for the acquisition of a subsidiary is determined based on the fair value of the net assets transferred, the liabilities assumed and the capital issued by the Company. The Company defines a business combination as a transaction in which it obtains control of a business, through which it has the power to govern and manage the relevant activities of the of assets and liabilities of said business with the purpose of providing return in the form of dividends, lower costs or other economic benefits directly to investors. The consideration transferred in the acquisition of a subsidiary is the fair value of the assets transferred, the liabilities incurred and the equity interests issued by the Company. The consideration transferred includes the fair value of any asset or liability that results from a contingent consideration agreement. The identifiable assets acquired, the liabilities and contingent liabilities assumed in a business combination are initially measured at their fair value on the date of acquisition. The Company recognizes any non-controlling interest in the acquired entity based on the proportional part of the non-controlling interest in the net identifiable assets of the acquired entity. Costs related to the acquisition are recognized as expenses in the consolidated statement of income as incurred. Goodwill is initially measured as the excess of the consideration paid and the fair value of the non-controlling interest in the acquired subsidiary over the fair value of the identifiable net assets and the liabilities acquired. If the consideration transferred is less than the fair value of the net assets of the acquired subsidiary in the case of a purchase at a bargain price, the difference is recognized directly in the consolidated statement of income. If the business combination is reached in stages, the book value at the date of acquisition of the participation previously held by the Company in the acquired entity, is remeasured at its fair value at the acquisition date. Any loss or gain resulting from such remeasurement is recognized in the results of the year. At the date of the measurement made by the management, a gain from business combinations was determined for Ps.7,029,200, which was reflected in the consolidated statement of comprehensive income. b. Changes in the interests of subsidiaries without loss of control Transactions with non-controlling interests that do not result in loss of control are accounted for as equity transactions, which are transactions with shareholders in their capacity as owners. The difference between the fair value of the consideration paid and the interest acquired in the carrying value of the net assets of the subsidiary is recorded in stockholders’ equity. Gains or losses on the sale of non-controlling interests are also recorded in stockholders’ equity. c. Disposal of subsidiaries When the Company loses control over one entity, any retained interest in the entity is measured at fair value, recognizing the effect in income. Subsequently, the fair value is the initial carrying amount for the purpose of determining the retained interest as an associate, joint venture or financial asset, as appropriate. Additionally, the amounts previously recognized in Other Comprehensive Income (OCI) relating to those entities are canceled as though the Company had directly disposed of the related assets or liabilities. This means that the amounts previously recognized in OCI are reclassified to income for the period. d. Acquisition in stages The additional acquisition in joint venture accounted under the equity method is considered a business combination conducted in stages, which means that the fair value of interest previously acquired was also revalued. e. Joint Agreements Under IFRS 11 investments in joint arrangements are classified as either a joint operation or a joint venture depending on the contractual rights and obligations of each investor, rather than the legal structure of the joint arrangement. f. Joint ventures The participation in joint ventures is accounted for under the equity method, after being initially recognized at cost in the consolidated statement of financial position. On February 20, 2020, Cancún Airport entered into a contractual agreement with Aviation Investments, LLC, to set up a joint venture through a separate legal entity called Airport Development Group, LLC, agreeing to a 50% stake each. Initial investment amounted to USD500 (approximately Ps. 10,556). According to the agreement, decisions on the relevant activities of the entity require unanimous consent of both parties. The Company assessed the nature of the transaction and determined it was a joint venture. Joint ventures are recognized through the equity method. g. Under the equity method, investments are initially recognized at cost and are subsequently adjusted to recognize equity in post-acquisition results, as well as movements in other comprehensive income. Dividends received or receivable from joint ventures are recognized as a reduction in the amount of the investment. When the Company's share in the losses of a joint venture equals or exceeds its share in the joint venture (which includes any long-term interest that is in substance part of the Company's net investment in the joint venture), the Company does not recognize additional losses, unless it has incurred obligations or made payments on behalf of or on behalf of the joint venture. Unrealized income on transactions between Group Companies and their joint ventures are eliminated up to the amount of the Group's interest in the joint venture. Unrealized losses are also eliminated unless the transaction provides some evidence of impairment of the transferred asset. The accounting policies of the investments accounted for under the equity method have changed when necessary to ensure consistency with the policies adopted by the Company. 17.3) Translation of foreign currencies Functional currency and reporting currency Items included in the consolidated financial statements of each of the companies of the Company are measured in the currency of the primary economic environment in which the entity operates, i.e., its “functional currency” which is also the reporting currency. The consolidated financial statements are presented in thousands of Mexican pesos, which is the Company’s reporting currency. 17.3.1) Consolidation of subsidiaries with a functional currency different from the reporting currency The results and financial position of Aerostar and Airplan (none of which handle a currency that corresponds to a hyperinflationary economy) expressed in a functional currency other than the reporting currency are converted to the reporting currency as follows: i. The assets and liabilities recognized in the consolidated statement of financial position are translated at the exchange rate on the balance sheet date. ii. The stockholders’ equity in the consolidated statement of financial position is translated using the historical exchange rates. iii. Income and expenses recognized in the consolidated statement of income are translated at the average exchange rate for each year (unless that average is not a reasonable approximation of the effect of translating the results derived from the exchange rates prevailing at transaction dates, in which case the Company uses the respective rates). iv. The resulting exchange differences are recognized within OCI. Goodwill and fair value adjustments that arise on the date of acquisition of a foreign operation to measure them at fair value are recognized as assets and liabilities of the foreign entity and are converted at the closing exchange rate. 17.3.2) Transactions in foreign currency and results from exchange fluctuations Operations carried out in foreign currency are recorded in the functional currency applying the exchange rates in effect at the transaction date or the exchange rate at the date of the valuation when the items are revalued. Exchange differences arising from fluctuations in the exchange rates between the transactions and settlement dates, or the consolidated statement of financial position date, are recognized in the consolidated comprehensive income statement. 17.4) Cash and cash equivalents Cash and cash equivalents include cash, bank deposits and other highly liquid investments with low risk of changes in value with original maturities of three months or less. As of December 31, 2019 and 2020, cash and cash equivalents consisted primarily of peso and dollar denominated bank deposits and peso denominated investment bonds issued by the Mexican Federal Government. 17.5) Fiduciary rights In accordance with the requirements of the concession agreement, Airplan was required to constitute a trust, with Fiduciaria Bancolombia as trustee, to administer the concession’s resources and to oversee the payment of the concession’s obligations by the concessionaire. Airplan transfers all of the gross income it receives and all of the debt and capital resources it obtains from the administrations of the concession. 17.6) Restricted cash and cash equivalents Restricted cash includes cash and cash equivalents that are restricted in terms of withdrawal or use. The nature of the restrictions includes restrictions imposed by financing agreements, federal agency funds related to capital expenditures, for example, for purposes of Aerostar, PFC and Airport Improvement Program (AIP) or other reserves (e.g., fund for promotion and support of air travel). Aerostar has restricted cash of Ps.26,849 and Ps. 5,055 at December 31, 2019 and 2020, respectively. Restricted cash and cash equivalents is presented as current if it is expected to be used within twelve months of the filing date. Any restricted fund beyond twelve months is recorded as non-current. Restricted cash is presented in the consolidated statements of cash flows within the investments activities since it is related to the investment in airport infrastructure. 17.7) Financial assets a. Classification - the Company classifies its financial assets into the following measurement categories: a) financial assets measured at amortized cost; and b) financial assets subsequently measured at fair value (either through other comprehensive income or through profit or loss). At present, the Company does not hold any financial assets. This classification depends on the business model of the Company to manage its financial instruments and the terms of the instrument's contractual cash flows. The Company reclassifies financial assets when, and only when, it changes its business model for the management of those assets. The Company’s financial assets are measured at amortized cost, since contractual terms comply with the SPPI (solely payment of principal and interest) requirement, and the Company’s business model is achieved by collecting cash flows. b. Measurement.- At initial recognition, financial assets at amortized cost are measured at fair value plus transaction costs that are directly attributable to their acquisition. Transaction costs of financial assets measured at fair value (through profit or loss or through other comprehensive income) are recognized in profit or loss as incurred. Gains and losses on assets measured at fair value are recorded in profit or loss or in other comprehensive income. Financial assets with embedded derivatives are considered as a whole if it is determined that the cash flows correspond exclusively to the payment of principal and interest. Accounts receivable are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. They are included as current assets, except for maturities greater than 12 months following the date of the Statement of Financial Position. These are classified as non-current assets. Loans and accounts receivable are initially recognized at fair value plus directly attributable transaction costs, and subsequently measured at amortized cost. c. Impairment of financial assets - Impairment losses are presented as net impairment losses within the operating result. Subsequent recoveries of previously canceled amounts are credited against the same line. For accounts receivable, the Company applies the simplified approach allowed by IFRS 9, which requires that the expected losses over the life of the instrument be recognized from the initial recognition of accounts receivable. See Note 6. 17.8) Leasing 17.8.1) As lessor The leasing of terminal space made by the Company in its capacity as lessor at the terminals is documented by contracts with either fixed income or monthly fees based on the higher amount of a minimum monthly fee or a percentage of the lessee’s monthly revenue. Since the leased assets are part of the concession assets and thus do not belong to the Company, there is no transfer of the risks and rewards of ownership and therefore are classified as operating leases. Revenues from operating leases are recognized as non-aeronautical revenues on a straight line basis over the lease term. 17.8.2) As lessee Leases are recognized as right-of-use assets and lease liabilities on the date the leased assets are available for use by the Company. Right-of-use assets and liabilities arising from a lease under IFRS 16 “Leases” are initially measured at the present value. Lease liabilities include the present value, net of the following lease payments: i) fixed lease payments, less any lease incentive receivable; ii) variable lease payments that depend on an index or a rate, initially measured using the index or rate at the commencement date; and iii) the amounts that the Company expects to pay under residual value guarantees. Lease payments must be discounted at the rate implicit in the lease. In the case of the Company, the interest rate cannot be readily determined. Thus, the lessee’s incremental borrowing rate is used, which is the rate of interest that a lessee would have to pay to borrow over a similar term, and with a similar security, the funds necessary to obtain an asset of a similar value to the right-of-use asset in a similar economic environment. To determine the borrowing incremental rate, the Company: · uses, whenever possible, recent third-party financing received by lessee as a starting point, adjusted to reflect changes in financing conditions since third-party financing was received; · uses other approaches, starting with a risk-free rate, adjusted for the credit risk of leases held that have not obtained recent third-party financing; and · applies specific adjustments to the lease, e.g. term, country, currency and guarantees. Lease payments are distributed among principal and interest expense. Interest expense is charged to profit or loss over the lease term to produce a constant periodic interest rate on the remaining liability for each period. Right-of-use assets are measured: · Lease initial measurement amount. · Any lease payment made on or before the commencement date less any lease incentive received. · Any initial direct cost. Right-of-use assets are generally depreciated on a straight-line basis over the shorter period of the asset useful life and the lease term, and the depreciation expense is recognized in the Statement of profit or loss. Payments of short-term leases and leases of low-price assets are expensed by applying the straight-line method. Short-term leases are leases with a term of 12 months or less. To determine the lease term, the Company considers all facts and circumstances creating an economic incentive to exercise an extension option. The reasonable certainty assessment is only reviewed when there is a significant event or a significant change in circumstances that affect such assessment and that are within lessee’s control. At December 31, 2020, there are no contracts regarding which there is a reasonable certainty to extend lease terms. Policy applied before January 1, 2019: As lessor The leasing of terminal space made by the Company in its capacity as lessor at the terminals is documented by contracts with either fixed income or monthly fees based on the higher amount of a minimum monthly fee or a percentage of the lessee’s monthly revenue. Since the leased assets are part of the concession assets and thus do not belong to the Company, there is no transfer of the risks and rewards of ownership and therefore are classified as operating leases. Revenues from operating leases are recognized as non-aeronautical revenues on a straight line basis over the lease term. As lessee Leases in which a significant portion of the risks and rewards of the leased property has not been transferred to the Company as lessee were classified as operating leases. Payments made under an operating lease (net of any incentive received from lessor) are charged to profit or loss according to the straight-line method over the life of the lease. Leases of property, plant and equipment in which Airplan has substantially all the risks and rewards of ownership are classified as financial leases. Financial leases are capitalized at the beginning of the lease to the minor between the fair value of the leased asset and the present value of the minimum lease payments. Each payment of a financial lease is distributed between the liability and the financial costs. The obligations of a financial lease, net of the financial burden, are presented as debts (financial obligations) in current or non-current depending on whether the payment due is less than 12 months. The financial costs are charged to the results during the lease period so that a constant periodic interest rate is obtained on the remaining balance of the liability for each period. Property, plant and equipment acquired under a financial lease are amortized in the shortest period between the useful life of the asset and the term of the lease. 17.9) Land, furniture and equipment Furniture and equipment are recorded at cost less accumulated depreciation and impairment loss. The cost includes expenses directly attributable to the acquisition of those assets and all costs associated with placing the assets in the location and in the condition necessary for them to operate as intended by management. Land is recorded at cost and it is not depreciated. Depreciation of other items of plant and equipment is calculated on the straight-line method based on the residual values over their estimated useful lives. The useful lives from the date of acquisition are 10 years. The useful lives at the acquisition date of the furniture and equipment are as shown below: 2019 2020 Furniture equipment 10 a 20 % 10 to 20 % Machinery 10 a 20 % 10 to 20 % Computer equipment 20 a 33 % 20 to 33 % Transportation equipment 20 a 25 % 20 to 25 % Improvements to leased premises 10 % 10 % The residual values, useful life and depreciation method are reviewed and adjusted, if necessary, on an annual basis. 17.9.1) Land Land represents, mainly, a territorial extension for which the Company has an obligation of constructing 450 hotel rooms along with FONATUR in Huatulco which are recorded at its cost and are not subject to depreciation. See Note 15c and 21. 17.10) Intangible assets 17.10.1) Concessions The airports that are part of the Company performed the analysis of the following criteria that must be taken into account to know if they are within the scope of IFRIC 12: a. The grantor controls or regulates what services the operator must provide with the infrastructure, to whom it must provide them at what price. · The grantor does not need to have full price control; it is sufficient that the price is regulated by the grantor, the contract or the regulator. · The grantor can control the price through a limit mechanism. · The price can vary from fixed price arrangements to those based on a formula up to a maximum price. b. The grantor controls, through ownership, the right of benefits or otherwise, any significant residual interest in the infrastructure at the end of the term of the agreement. Taking into consideration the foregoing, these criteria are applicable to each of the concessions that the Company has, which is why their measurement and determination will be considered within the scope of IFRIC 12. In addition, at the end of all the concessions, all assets become the property of the nation in which the concession is located. Within the scope of IFRIC 12, the respective assets can be classified as: · Financial assets: when the licensor establishes an unconditional right to receive cash flows and other financial assets independently of the use of the public service by the users. · Intangible assets: only when the licensor agreements do not establish a contractual right to receive cash flows and other financial assets from the licensor, independently of the use of the public service by the users. Airport concessions have been considered within the scope of IFRIC 12 as an intangible asset because they comply with the above provisions and no financial assets have been recognized in that regard. Mexico: Rights-to-use airport facilities and airport concessions include the acquisition of the nine airport concessions and the rights acquired. Amortization is computed using the straight-line method over the estimated useful life of the concessions, (original term of 50 years as of November 1, 1998, 28 years as of December 31, 2020). Aerostar: Aerostar’s airport concession, which includes the obligation to make certain capital expenditures in improvement projects, is considered an intangible asset and is recognized at cost less accumulated amortization and impairment losses. Amortization is calculated using the straight-line method during the term of the agreement (40 years); 33 years remaining as of December 31, 20120. Airplan: In the case of Airplan, the right granted by the Concession Contract No.8000011‑OK and Public Tender No. 10000001OL2010, respectively, is recorded as an intangible asset, through which the grantors assign to the Company the regulated and unregulated income corresponding to each of the airports subject to the concession. In turn, the costs per loan that are related to the works in execution are part of the intangible. The intangible asset resulting from the recognition and updating of the estimated income of the contract is amortized based on the proportion of the accumulated income of the contract and the total income. Amortization is recognized in the results of the period. The useful life for the amortization was determined as the duration of the concession and the amortization rate is calculated based on the percentage of execution of the revenues with respect to the total expected income of the financial model that the Company has. The concession remains in effect until the date on which any of the following events occur: (i) the regulated revenues generated are equal to expected regulated revenues, provided that the concession agreement has been in force for at least 24 years or (ii) the concession agreement has been in force for at least 40 years, regardless of whether the regulated revenues generated are equal to the expected revenues. If the regulated revenues generated are equal to the expected revenues before the end of the 24 year period, the concession agreement will remain in effect until the end of such period. Management considers such factors in determining the final year of the concession term, which is 2032 (in accordance with legal guidelines, the concession term may be extended until 2048 as long as the aforementioned requirements established by the grantor are met). Therefore, the concession will have a useful life until at least the year 2032, 12 years remain as of December 31, 2020. 17.10.2) Licenses and commercial direct operation (ODC, by its initials in Spanish) These items are recognized at their cost less the accrued amortization and any recognized impairment losses. They are amortized on a straight line basis using their estimated useful life, determined based on the expected future economic benefits, and are subject to testing when indication of impairment is identified. The estimated useful lives at December 31, 2020 are as follows: Licenses 28 years ODC 28 years Commercial Rights of Aerostar 32 years Commercial Rights of Airplan 12 years 17.10.3) Goodwill Goodwill represents the acquisition cost of a subsidiary in excess of the Company’s interest in the fair value of the identifiable net assets acquired, determined at the acquisition date, and it is not subject to amortization. Goodwill is shown separately in the consolidated statement of financial position and is recorded at cost less accumulated impairment losses, which are not reversed. Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to the entity sold. 17.10.4) Intangible assets acquired as part of a business combination When an intangible asset is acquired as part of a business combination, it is recognized at fair value at acquisition date. Subsequently, intangible |
Financial risk management_
Financial risk management: | 12 Months Ended |
Dec. 31, 2020 | |
Financial risk management: | |
Financial risk management: | Note 18 - Financial risk management: The Company is exposed to financial risks that result from changes in interest rates, foreign exchange rates, price risk, liquidity risk and credit risk. The Company controls and maintains the treasury control functions related to transactions and global financial risks through practices approved by its Executive Board and Board of Directors. This note contains information regarding the Company’s exposure to each of the aforementioned risks, and the objectives, policies and procedures to measure and manage risk. The main risks to which the Company is exposed are: 18.1) Market risk 18.1.1) Interest rate risk 18.1.2) Exchange rate risk 18.1.3) Price risk 18.2) Liquidity risk 18.3) Credit risk - credit quality 18.1.1) Interest rate risk The Company has contracted bank loans to partially finance its operations. These transactions expose the Company to interest risk, with the main exposure to the risk of variable interest rates resulting from changes in the market base rates (banks charge interest based on TIIE 28 days plus 1.25 points in 2020 and 2019) that are applied to the Company’s bank loans maturing in 2022 and 2024. Regarding the sensitivity analysis, it has been observed that during 2020 and 2019 the reference rate used by the Company (TIIE) has remained stable. As of December 31, 2020 and 2019 there are no LIBOR loans. Based on this fact, the risk is considered low, derived from the materiality of the possible effect. 18.1.2) Exchange rate risk The Company is exposed to minor risk for changes in the value of the Mexican Peso against the U. S. Dollar. Historically, a significant portion of income generated by the Company (mainly derived from the fees charged to international passengers) is denominated in U. S. Dollars, and despite that, income is invoiced in Pesos at the average exchange rate of the previous month and likewise the cash flows are collected in Pesos. At December 31, 2019 and 2020, the Company is exposed to exchange rate risk for monetary position is as follows: December 31, 2019 2020 Monetary position: Asset Ps. 164,370 Ps. 88,426 Liability (4,853) (5,578) Ps. 159,517 Ps. 82,848 At December 31, 2019 and 2020, the exchange rate was Ps.18.86 and Ps.19.91, respectively. Had the currency weakened by 5% in 2019 (5% in 2018) with respect to the U.S. Dollar, the Company would have had a loss on monetary position at the close in the amount of Ps.81.5 million in 2020 (monetary utility of Ps.150.4 million in 2019). As of April 12, 2021, the date of issuance of this report, the last known exchange rate was Ps.20.305. 18.1.3) Price risk The rate regulation system applicable to the airports of the Company imposes maximum rates for each airport, which should not be exceeded on an annual basis. The maximum rates are the maximum annual income per unit of traffic (one passenger or 100 kg of cargo). If the maximum annual rate is exceed, the government authorities could revoke one or more of the Company’s concessions. The Company monitors and adjusts its income on a regular basis in order for its annual invoicing not to exceed the maximum rate limits. Concentrations: At December 31, 2019 and 2020, approximately 55.02% and 49.9%, of revenue, not including income from construction services, resulted from operations at the Cancún International Airport. 18.2) Liquidity risk Liquidity risk is the risk that the Company will not be able to meet its funding requirements. The Company’s management has established policies, procedures and limits of authority that govern the Treasury function. Treasury is responsible for ensuring liquidity and managing the working capital to ensure payments to suppliers, debt servicing and funding of operating costs and expenses. The Company is cautious about liquidity risk and maintains sufficient cash and negotiable instruments and the availability of financing through an adequate amount of credit facilities to meet obligations at maturity and settle trading positions. At period end on December 31, 2020, the Company had demand deposits amounting to Ps.5,192,628 (Ps.6,192,679 in 2019) and available credit lines amounting to Ps.1,500,000 and USD20,000 (approximately Ps.399,010), to manage liquidity risk. Due to the dynamic current situation and uncertainty, the Company's Treasury function maintains flexibility in the funding under credit lines and keeping availability. Company’s management changes its liquidity reserves forecast (including unused credit lines) and cash and cash equivalents based on expected cash flows. In general, this is conducted at country level for operating entities of the Company according to practices and limits set. These limits vary in each country, taking into account the liquidity of the market in which the Company operates. Additionally, the Group’s policy on liquidity management includes cash flows projections in the main currencies and the consideration of the necessary level of liquid assets to meet these projections; the control of liquidity ratios of the Statement of Financial Position regarding the internal and external regulatory requirements, and the maintenance of the debt financing plans. The following table shows the liquidity position for each of the Company's countries of operations. December 31, 2019 Cash and equivalents Total Debt Debt term short Debt term long Mexico Ps. 4,991,567 Ps. 3,992,467 Ps. 23,998 Ps. 3,968,469 Aerostar 698,466 6,799,941 311,372 6,488,569 Airplan 502,646 2,920,485 214,237 2,706,248 Total Ps. 6,192,679 Ps. 13,712,893 Ps. 549,607 Ps. 13,163,286 December 31, 2020 Cash and equivalents Total Debt Debt term short Debt term long Mexico Ps. 4,058,495 Ps. 3,971,210 Ps. 322,209 Ps. 3,649,001 Aerostar 804,634 7,171,278 529,337 6,641,941 Airplan 329,499 2,757,858 287,204 2,470,654 Total Ps. 5,192,628 Ps. 13,900,346 Ps. 1,138,750 Ps. 12,761,596 During the year ended December 31, 2020, the Company implemented actions to respond to possible liquidity risk resulting from the COVID-19 pandemic, enabling positive operational cash flow for the year. In response to possible liquidity risk resulting from the COVID-19 pandemic, the Company implemented the following actions: a. In Airplan, waivers were obtained from the institutions involved in the syndicated loan in relation to financial obligations, representing no costs for the Company. These waivers were granted in two stages: the first one was granted during the third quarter of 2020 and exempted the Company from the financial obligation of keeping a Debt Coverage Ratio for the measurement period for the third and fourth quarter of 2020 and for the first quarter of 2021. Subsequently, in 2021, new waivers were obtained from the institutions involved in the syndicated loan, representing no costs for the Company, and exempting it from its financial obligation to keep a Debt Coverage Ratio in every measurement period in 2021 until the first quarter of 2022. Therefore, the Company is covered and exempted from any consequence relating to noncompliance and penalties until March 31, 2022. b. Operating costs and expenses reduction policies were established in the three countries in which the Company operates. c. In September, 2020, the AFAC accepted the Company’s request to reschedule (deferral) certain investments amounting to Ps.2,292,355 intended for 2020 to be made in 2021 with no additional cost, due to the COVID-19 contingency, which affected the conditions in the production and construction industry, interrupting works in progress and the execution of new agreements. The investment committed in Mexico for 2021 amounts to Ps.5,460,586, which is expected to be covered with cash on hand, operational flow and, where appropriate, the Company’s credit lines. d. The Company’s Stockholders agreed to delegate to the Administrative Board the power to decree the payment of ordinary dividends for Ps.2,463,000 (nominal) (See Note 13). At the date of these Financial Statements, these dividends have not been decreed. e. Aerostar obtained funds under the CARES Federal Act in the current year. (See Note 4). f. In Mexico, a credit line for Ps.1,500,000 was obtained, which has not been used to date. On April 1, 2020, Aerostar drew down of a revolving credit line amounting to USD10,000 (approximately Ps.239,200) and, on December 30, 2020, obtained a credit line for USD20,000 (approximately Ps.399,010) that has not been used. On September 11, 2020, Airplan was granted a short-term loan for COP11,612,000 (approximately Ps.67,041) for a term of one year (See Note 10). The following table presents the analysis of the net financial liabilities of the Company based on the period between the date of the statement of consolidated financial position and the maturity date, including undiscounted contractual cash flows: Under Between 3 months Between 1 Between 2 and At December 31, 2019 3 months and one year and 2 years 5 years Bank loans and interest Ps. 14,639 Ps. 223,596 Ps. 228,073 Ps. 6,446,644 Long term debt 111,676 199,696 204,492 6,284,077 Suppliers 245,100 Accounts payable and accrued expenses 1,378,657 At December 31, 2020 Bank loans and interest Ps. 11,176 Ps. 797,339 Ps. 2,238,558 Ps. 3,881,097 Long term debt 114,420 215,815 233,123 6,408,818 Suppliers 353,806 Accounts payable and accrued expenses 1,187,345 The following table shows the Company’s short term liquidity as of: December 31, 2019 2020 Current assets Ps. 7,845,856 Ps. 7,716,049 Current liabilities 2,560,020 2,767,087 Short term position (liquidity) Ps. 5,285,836 Ps. 4,948,962 18.3) Credit risk - credit quality The financial instruments that are potentially subject to credit risks consist mainly of accounts receivable. Income obtained from fares charged to passengers is not guaranteed and therefore the Company faces the risk of not being able to collect the full amounts invoiced in the event of insolvency of its clients, which are the airlines. The Company frequently reviews financial instruments and tests them for impairment. (See Note 6.3). Due to the COVID-19 contingency that has affected the travel industry, some governments have imposed travel bans and restrictions. In view of the economic recession caused by the pandemic, the Company negotiated the extension of payment terms with several clients by means of promissory notes with a maturity not exceeding one year to secure payment. At December 31, 2020, the balance of the account notes receivable from third parties in Mexico and for Airplan amounts to Ps.185,140 and Ps.60,617. (See Note 6.2). In recent years, there have been airlines that have reported substantial losses, in addition to this, the income from passenger fees from main client airlines is not all guaranteed by guarantee or other type of guarantee. Therefore, in the event of insolvency of any of the airlines, the Company would have no certainty of recovering the total sum of amounts invoiced to the airlines for passenger fees. In August 2010, Grupo Mexicana filed for bankruptcy. Grupo Mexicana owes the Company Ps.128,000 for passenger fees. As a result of Grupo Mexicana’s bankruptcy, the Company has increased its reserve for uncollectable accounts by Ps.128,000 . The Company has determined that it may not be able to collect that amount. As a consequence of the COVID-19 pandemic, on December 11, 2020, ABC Aerolíneas, S. A. de C. V. (Interjet), ceased operations, which to date have neither been resumed nor are expected to resume in the short term. Accounts receivable for Interjet at December 31, 2020 was fully impaired. (See Note 6.3). The Company operates under three methods to collect from Airlines: · Credit, mainly offered to airlines with which there is a history of frequent and stable flights, · Advances, from airlines with reasonably stable flights or that are in the exploration stage of routes or destinations, and · Cash, mainly offered for Charter flights and airlines with new flights. With this segregation, the Company reduces its collection risk since the airlines that operate under methods b) and c) do not generate accounts receivable. Cash and cash equivalents are not subject to credit risks since the amounts are kept at financial institutions of good standing, and investments are subject to lower significant risk as they are being backed by the Mexican Federal Government or institutions with AAA high market ratings. 18.4) Capital management The objective of management is to safeguard the Company's ability to continue operating as a going-concern in order to provide returns for stockholders and benefits for other stakeholders and to maintain an optimal capital structure to reduce the cost of capital. These activities are monitored through the review of information pertaining to the Company's operation and the Industry. This effort is coordinated by the CEO. Through a planning method, detailed simulations are formulated of identified risks as they are known. The risks identified are valued in terms of probability and impact and are presented to the proper authorities. The result of all these activities is reported to the market through 20-F reports, the sole circular and quarterly reports by a financial Risk Analysis Committee that reports to Company's Board of Directors. During the year, there was no material uncertainty regarding the Company’s ability to continue as a going concern. At December 31, 2020, the Company’s Board has a reasonable expectation that the Company has the appropriate resources to continue operating at least for the next twelve months and that the use of the going concern basis of accounting is appropriate. 18.5) Fair value Financial instruments at fair value, presented by levels, in accordance with the valuation method used are included in levels 1 and 2. At December 31, 2019 and 2020, the Company has no financial instruments carried at fair value. The different levels have been defined as follows: Level 1: Unadjusted quoted prices in active markets for identical assets or liabilities. Level 2: Quoted prices for similar instruments in active markets; quoted prices for instruments, identical or similar, in non-active markets and valuations through models where all significant data are observable in the active markets. Level 3: Asset or liability input that is not based on observable market data (i.e., non-observable). The fair value of financial instruments traded in active markets is based on market prices quoted at the consolidated statement of financial position closing date. A market is considered active if quotation prices are clearly and regularly available through a stock exchange, trader, dealer, industry group, price fixing services, or regulatory agency, and those prices reflect regularly and on current bases the market transactions under independent conditions. The quoted price used for the financial assets held by Company’s is the current offer price. |
Critical accounting judgments a
Critical accounting judgments and key sources of estimation uncertainty: | 12 Months Ended |
Dec. 31, 2020 | |
Critical accounting judgments and key sources of estimation uncertainty: | |
Critical accounting judgments and key sources of estimation uncertainty: | Note 19 - Critical accounting judgments and key sources of estimation uncertainty: In applying the Company’s accounting policies, which are described below, Company management is required to make judgments, estimates and assumptions about the carrying amounts of assets and liabilities. Estimates and assumptions are based on historical experience and other factors considered relevant. Actual results could differ from those estimates. Critical accounting judgments Significant information on assumptions, critical judgments and uncertainty estimations recognized in the consolidated financial statements are as follows: 19.1 Revenue 19.2 Useful life of the Airplan concession 19.3 Evaluation of impairment of intangible assets, airport concessions and goodwill 19.1 Revenue As mentioned in Note 18.1.3, the Company regularly monitors and adjusts income so as to avoid exceeding the maximum rate at each of the airports operated by the Company in Mexico, which is the annual maximum income per traffic unit that can be received, and therefore the amount that the Company can record for services rendered whose prices are regulated. If the Company recognized income exceeding that maximum rate, the authorities could cancel one or more airport concessions. Therefore, the Company regularly monitors regulated income in Mexico to ensure it does not exceed the limit. The application of the procedure established in the concession titles for determining whether revenues are in excess of the maximum rates and securing the necessary information are complex procedures. Among the information used in determining the maximum rate is passenger traffic and cargo statistics, in addition to variables such as the National Producer Price Index (excluding oil), authorized rates for airport services and the Rate for Airport Use. 19.2 Useful life of the Airplan concession The overall duration of the Airplan concession depends on the revenues generated by the Colombian airports. In particular, the concession remains in effect until the date on which any of the following events occur: · The regulated revenues generated are equal to the expected regulated revenues, provided that the concession agreement has been in force for at least 24 years. · The concession agreement has been in force for at least 40 years, regardless of whether the regulated revenues generated are equal to the expected revenues. If the regulated revenues generated by the Colombian airports are equal to the expected revenues before the end of the 24 year period, the concession agreement will remain in effect until the end of such period. Thus, management considers such factors in determining the final year of the concession term, which is 2032; however, in accordance with legal guidelines, the concession term may be extended until 2048 as long as the aforementioned requirements established by the grantor are met. It must be taken into account, for purposes of the expected regulated revenues according to the definition in the concession contract, that the expected regulated revenues will increase once each of the complementary works (mandatory or voluntary) is delivered to the grantor. The Company conducts sensitivity analyses to determine the level of possible changes in the assumptions used to determine the useful life of the concession, in order to determine if the useful life would change significantly. At December 31, 2019 and 2020 the expected total revenues considering the additional works amount to Ps.19,217,035 and Ps.17,540,245, respectively. 19.3 Evaluation of impairment of intangible assets, airport concessions and goodwill Intangible assets, airport concessions and goodwill are tested for impairment at the reporting date, provided that the events or changes in circumstances indicate that the value of intangible assets could be impaired, and at least once a year in the case of goodwill. Due to the COVID-19 pandemic and the measures taken by governments to contain the spreading of the virus, there was a decrease in the number of passengers in our airports. To determine whether the value of intangible assets and goodwill has been impaired, the cash generating unit relating to the intangible asset and goodwill has to be valued using present value techniques. By applying this valuation technique, the Company is based on a series of factors, including historical results, business plans, forecasts and market data. This is further described in Note 8.1. As can be deducted from this description, changes in the conditions of these judgments and estimates can significantly affect the assessed value of intangible assets and goodwill. |
Consolidated statements of ca_2
Consolidated statements of cash flows: | 12 Months Ended |
Dec. 31, 2020 | |
Consolidated statements of cash flows: | |
Consolidated statements of cash flows: | Note 20 - Consolidated statements of cash flows: As of December 31, 2018, 2019 and 2020, the analysis of net debt and movements in net debt is presented below: Long - term debt Bank Loans 2018 2019 2020 2018 2019 2020 Accounts payable Ps. 324,590 Ps. 311,372 Ps. 330,235 Bank loans (Note 10) Ps. 175,515 Ps. 238,235 Ps. 808,515 Bank loans (Note 10) 7,042,598 6,674,717 6,119,655 Long-term debt (Note 11) 6,957,678 6,488,569 6,641,941 Balances at December 31 Ps. 7,282,268 Ps. 6,799,941 Ps. 6,972,176 Ps. 7,218,113 Ps. 6,912,952 Ps. 6,928,170 Balances at January 1 of the debt-net Ps. 7,489,465 Ps. 7,282,268 Ps. 6,799,941 Ps. 10,494,853 Ps. 7,218,113 Ps. 6,912,952 Interest expense 475,110 444,028 450,806 696,641 601,873 398,899 Proceeds from bank loans 306,241 Interest paid (646,418) (486,164) (492,653) (578,600) (466,066) Payments of the long term debt and bank loan (205,308) (253,925) (3,090,124) (152,047) (245,520) Foreign currency translation (35,889) (234,883) 452,281 (166,301) (176,387) 21,664 Exchange (income)/loss on foreign currency (224,303) Balances at December 31 Ps. 7,282,268 Ps. 6,799,941 Ps. 6,972,176 Ps. 7,218,113 Ps. 6,912,952 Ps. 6,928,170 |
Subsequent Event_
Subsequent Event: | 12 Months Ended |
Dec. 31, 2020 | |
Subsequent Event: | |
Subsequent Event: | Note 21 - Subsequent Event: On February 11, 2021, the banking institutions involved in the syndicated loan waived the subsidiary Airplan for noncompliance with the Debt Coverage Ratio until the measurement date for the first quarter of 2022. Aerostar was eligible for additional funding under the second round of airport grants within the Coronavirus Response and Relief Supplemental Appropriation Act (CRRSAA), passed by the President of the United States on December 27, 2020. On February 18, 2021, official confirmation was received that the FAA granted Aerostar federal assistance amounting to USD10,577 (approximately Ps.210,574), which will be recognized once received, subject to verification of expenses with the relevant authorities. To date, no verifications have been conducted and no reimbursements relating to this grant have been received. Until the date of these Financial Statements, none of the credit lines available to the Company mentioned in Note 10 have been used. On February 19, 2021 FONATUR agreed to pay an advance payment for Ps.50,000 relating to purchase of land for Ps.286,283 and the remaining balance of Ps.236,283 before July 1, 2021 to purchase back land for Ps.286,283. On March 3, 2021 we received the initial payment from FONATUR for Ps.50 million. This agreement with reservation of title does not have any legal effects, and the Company will withhold conveying the land, until the aforementioned amount has been fully collected. Due to the health emergency generated by COVID-19, on April 7, 2021 the SCT approved an extraordinary review of the Mexican maximum rates which resulted in a reduction in committed investments and an increase in Mexican maximum rates in the master development plans for the years 2021 to 2023. Previous and reduced investments commitments for MDP is show as follows: Amount (1) Period Previous (2) Reduced 2021 Ps. 5,460,586 Ps. 3,064,148 2022 1,907,832 1,793,811 2023 892,356 457,470 Ps. 8,260,774 Ps. 5,315,429 (1) Figures in thousand pesos adjusted at December 31, 2020 based on the Construction Price Index (IPCO) in the terms of the MDP. (2) See Note 15 b. Measures imposed by several governments to contain the COVID-19 pandemic have affected the economic activity. For instance, the US Centers for Disease Control and Prevention (CDC) extended the requirement of COVID-19 negative tests for all air passengers arriving in the United States. As from January 26, 2021, protocols for traveling were implemented, including the requirement of a COVID-19 negative test before leaving the US and mandatory quarantine upon return. As from January 7, 2021, similar test requirements were implemented for air passengers traveling to Canada. Later, the Canadian government suspended flights between Canada, Mexico and the Caribbean until April 30, 2021. The COVID-19 pandemic still affects the industry, recording a high number of cases. To date, the consequences it might have on our business and results remain uncertain. The Company continues assessing this impact, controlling its commitments and implementing actions in response to possible events relating to the COVID-19 contingency that, to date, cannot be estimated. |
Authorization of the consolidat
Authorization of the consolidated financial statements: | 12 Months Ended |
Dec. 31, 2020 | |
Authorization of the consolidated financial statements: | |
Authorization of the consolidated financial statements: | Note 22 - Authorization of the consolidated financial statements: The consolidated financial statements and their twenty three notes are an integral part of the consolidated financial statements, which were approved and proposed for their issuance to the Board of Directors on April 12, 2021 by Mr. Adolfo Castro Rivas, Chief Executive Officer of Grupo Aeroportuario del Sureste, S.A.B. de C.V. |
Summary of the main accountin_2
Summary of the main accounting policies: (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Summary of the main accounting policies: | |
New standards and amendments | 17.1) New standards and amendments The Standards and amendments which became effective as from January 1, 2020, did not have a significant impact on the Company. Forthcoming requirements: On January 23, 2020, the following amendment to the standard was issued for which the Company expects to have no significant impacts: The narrow-scope amendments to IAS 1 Presentation of Financial Statements clarify that liabilities are classified as either current or noncurrent, depending on the rights that exist at the end of the reporting period. Classification is unaffected by the expectations of the entity or events after the reporting date (for example, the receipt of a waver or a breach of covenant). The amendments also clarify what IAS 1 means when it refers to the ‘settlement’ of a liability. The amendments could affect the classification of liabilities, particularly for entities that previously considered management’s intentions to determine classification and for some liabilities that can be converted into equity. They must be applied retrospectively in accordance with the normal requirements in IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors. In May 2020, the IASB issued an Exposure Draft proposing to defer the effective date of the amendments to January 1, 2023. There are no other standards that have not yet gone into effect that could be expected to significantly impact the Company in current or future reporting periods and in foreseeable future transactions. The company applied the following standards and modifications, which did not have a significant impact, for the first time for the annual reporting period beginning on January 1, 2019: • IFRS 16 Leases Tenant: As described in Note 7.1 to our consolidated financial statements, the impact on the Company as a lessee due to the adoption of IFRS 16 was not significant. See Note 17.8.2 to our consolidated financial statements for a detailed description of this policy. Landlord: The Company did not have to make adjustments to the accounting for its operating leases from the perspective of the lessor derived from the adoption of this standard. See Note 18.8.1 to our consolidated financial statements for a detailed description of this policy. • IFRIC 23 Uncertainty over Income Tax Treatments The interpretation explains how to record and measure current and deferred tax assets and liabilities when there is uncertainty concerning tax treatment. In particular, it explains: - - - - - Although there are no new disclosure requirements, entities are reminded of the general requirement to provide information on judgments and estimations applied when preparing the financial statements. The Company has evaluated the provisions of this interpretation and does not consider there to be a significant impact from the adoption of IFRIC 23. |
Consolidation and equity method | 17.2) Consolidation and equity method The consolidated subsidiaries of the Company, for which it has a shareholding as of December 31, 2019 and 2020, are shown as follows: Shareholding percentage (%) Main activity Aeropuerto de Cancún, S. A. de C. V. 100 % Airport services Aeropuerto de Cozumel, S. A. de C. V. 100 % Airport services Aeropuerto de Mérida, S. A. de C. V. 100 % Airport services Aeropuerto de Huatulco, S. A. de C. V. 100 % Airport services Aeropuerto de Oaxaca, S. A. de C. V. 100 % Airport services Aeropuerto de Veracruz, S. A. de C. V. 100 % Airport services Aeropuerto de Villahermosa, S. A. de C. V. 100 % Airport services Aeropuerto de Tapachula, S. A. de C. V. 100 % Airport services Aeropuerto de Minatitlán, S. A. de C. V. 100 % Airport services Cancun Airport Services, S. A. de C. V. (*) 100 % Airport services Aerostar Airport Holdings, LLC 60 % Airport services Sociedad Operadora de Aeropuertos Centro Norte, S.A. 100 % Airport services RH Asur, S. A. de C. V. 100 % Administrative services Servicios Aeroportuarios del Sureste, S. A. de C. V. 100 % Administrative services Asur FBO, S. A. de C. V. (*) 100 % Administrative services Caribbean Logistics, S. A. de C. V. (*) 100 % Cargo services Cargo RF, S. A. de C. V. (*) 100 % Cargo services (*) These subsidiaries sub-consolidate at the Cancún Airport. Aerostar information Aerostar records its financial information on accounting principles in United States (US GAAP) and in USD, a translation to Mexican pesos is performed and a reconciliation from US GAAP to IFRS is carried out. Aerostar reports its financial information in IFRS, for purposes of consolidating in the Company. The exchange rate used at 2019 and 2020 year end was Ps.18.86 and Ps.19.91 Mexican Pesos per Dollar, respectively. Relevant information about Aerostar and its significant non-controlling interest As of December 31, 2018, 2019 and 2020, the condensed financial information of Aerostar, where there is a significant non-controlling interest, is presented as follows: December, 31 2018 2019 2020 Condensed statement of financial position Cash and cash equivalents Ps. 868,095 Ps. 698,466 Ps. 804,634 Restricted cash and cash equivalents 47,332 165,622 5,055 Other current assets 175,479 133,992 566,031 Total current assets 1,090,906 998,080 1,375,720 Financial liabilities: Current liabilities (640,785) (672,943) (606,433) Working capital 450,121 325,137 769,287 Land, furniture and equipment 174,450 160,186 151,971 Intangible assets, airport concessions - Net 13,587,071 12,956,965 13,535,370 Other long term assets 544 16,759 32,578 Long term debt (7,282,268) (6,799,941) (7,171,278) Accounts payable to the Company (1,152,805) (372,798) (104,065) Other long term liabilities (21,609) (19,783) (19,864) Deferred income tax - Net (330,999) (371,984) (448,829) Shareholders’ equity Ps. 5,424,505 Ps. 5,894,541 Ps. 6,745,170 Year ended December, 31 2018 2019 2020 Condensed statements of comprehensive income Revenue Ps. 3,025,267 Ps. 3,306,149 Ps. 2,902,238 Operating cost and expenses (2,098,323) (2,270,055) (1,956,081) Other income 134,637 204,074 158,906 Comprehensive financial cost - Net (538,268) (485,037) (495,443) Deferred income tax (62,252) (55,781) (60,684) Net (loss) income for the year 461,061 699,350 548,936 Foreign currency translation (5,772) (229,314) (301,695) Total comprehensive income Ps. 455,289 Ps. 470,036 Ps. 247,241 Airplan information Airplan records and reports its financial information in IFRS as adopted in Colombia and their corresponding IFRIC issued by the IASB and in Colombian pesos. For purposes of consolidating Airplan in the Company, a translations to Mexican pesos is performed. The exchange rate used at 2019 and 2020 year end was Ps.173.63 and Ps.171.53 Colombian Peso per Mexican Peso, respectively. a. Subsidiaries Subsidiaries are all entities over which the Company has control. The Company controls an entity when the Company is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Company. They are deconsolidated from the date that control ceases. Intercompany transactions, balances, revenues and expenses due to transactions between the group companies were eliminated. The non-realized results were also eliminated. The subsidiaries’ accounting policies are consistent with the policies adopted by the Company. The Company uses the purchase method to recognize business acquisitions. The consideration for the acquisition of a subsidiary is determined based on the fair value of the net assets transferred, the liabilities assumed and the capital issued by the Company. The Company defines a business combination as a transaction in which it obtains control of a business, through which it has the power to govern and manage the relevant activities of the of assets and liabilities of said business with the purpose of providing return in the form of dividends, lower costs or other economic benefits directly to investors. The consideration transferred in the acquisition of a subsidiary is the fair value of the assets transferred, the liabilities incurred and the equity interests issued by the Company. The consideration transferred includes the fair value of any asset or liability that results from a contingent consideration agreement. The identifiable assets acquired, the liabilities and contingent liabilities assumed in a business combination are initially measured at their fair value on the date of acquisition. The Company recognizes any non-controlling interest in the acquired entity based on the proportional part of the non-controlling interest in the net identifiable assets of the acquired entity. Costs related to the acquisition are recognized as expenses in the consolidated statement of income as incurred. Goodwill is initially measured as the excess of the consideration paid and the fair value of the non-controlling interest in the acquired subsidiary over the fair value of the identifiable net assets and the liabilities acquired. If the consideration transferred is less than the fair value of the net assets of the acquired subsidiary in the case of a purchase at a bargain price, the difference is recognized directly in the consolidated statement of income. If the business combination is reached in stages, the book value at the date of acquisition of the participation previously held by the Company in the acquired entity, is remeasured at its fair value at the acquisition date. Any loss or gain resulting from such remeasurement is recognized in the results of the year. At the date of the measurement made by the management, a gain from business combinations was determined for Ps.7,029,200, which was reflected in the consolidated statement of comprehensive income. b. Changes in the interests of subsidiaries without loss of control Transactions with non-controlling interests that do not result in loss of control are accounted for as equity transactions, which are transactions with shareholders in their capacity as owners. The difference between the fair value of the consideration paid and the interest acquired in the carrying value of the net assets of the subsidiary is recorded in stockholders’ equity. Gains or losses on the sale of non-controlling interests are also recorded in stockholders’ equity. c. Disposal of subsidiaries When the Company loses control over one entity, any retained interest in the entity is measured at fair value, recognizing the effect in income. Subsequently, the fair value is the initial carrying amount for the purpose of determining the retained interest as an associate, joint venture or financial asset, as appropriate. Additionally, the amounts previously recognized in Other Comprehensive Income (OCI) relating to those entities are canceled as though the Company had directly disposed of the related assets or liabilities. This means that the amounts previously recognized in OCI are reclassified to income for the period. d. Acquisition in stages The additional acquisition in joint venture accounted under the equity method is considered a business combination conducted in stages, which means that the fair value of interest previously acquired was also revalued. e. Joint Agreements Under IFRS 11 investments in joint arrangements are classified as either a joint operation or a joint venture depending on the contractual rights and obligations of each investor, rather than the legal structure of the joint arrangement. f. Joint ventures The participation in joint ventures is accounted for under the equity method, after being initially recognized at cost in the consolidated statement of financial position. On February 20, 2020, Cancún Airport entered into a contractual agreement with Aviation Investments, LLC, to set up a joint venture through a separate legal entity called Airport Development Group, LLC, agreeing to a 50% stake each. Initial investment amounted to USD500 (approximately Ps. 10,556). According to the agreement, decisions on the relevant activities of the entity require unanimous consent of both parties. The Company assessed the nature of the transaction and determined it was a joint venture. Joint ventures are recognized through the equity method. g. Under the equity method, investments are initially recognized at cost and are subsequently adjusted to recognize equity in post-acquisition results, as well as movements in other comprehensive income. Dividends received or receivable from joint ventures are recognized as a reduction in the amount of the investment. When the Company's share in the losses of a joint venture equals or exceeds its share in the joint venture (which includes any long-term interest that is in substance part of the Company's net investment in the joint venture), the Company does not recognize additional losses, unless it has incurred obligations or made payments on behalf of or on behalf of the joint venture. Unrealized income on transactions between Group Companies and their joint ventures are eliminated up to the amount of the Group's interest in the joint venture. Unrealized losses are also eliminated unless the transaction provides some evidence of impairment of the transferred asset. The accounting policies of the investments accounted for under the equity method have changed when necessary to ensure consistency with the policies adopted by the Company. |
Translation of foreign currencies | 17.3) Translation of foreign currencies Functional currency and reporting currency Items included in the consolidated financial statements of each of the companies of the Company are measured in the currency of the primary economic environment in which the entity operates, i.e., its “functional currency” which is also the reporting currency. The consolidated financial statements are presented in thousands of Mexican pesos, which is the Company’s reporting currency. 17.3.1) Consolidation of subsidiaries with a functional currency different from the reporting currency The results and financial position of Aerostar and Airplan (none of which handle a currency that corresponds to a hyperinflationary economy) expressed in a functional currency other than the reporting currency are converted to the reporting currency as follows: i. The assets and liabilities recognized in the consolidated statement of financial position are translated at the exchange rate on the balance sheet date. ii. The stockholders’ equity in the consolidated statement of financial position is translated using the historical exchange rates. iii. Income and expenses recognized in the consolidated statement of income are translated at the average exchange rate for each year (unless that average is not a reasonable approximation of the effect of translating the results derived from the exchange rates prevailing at transaction dates, in which case the Company uses the respective rates). iv. The resulting exchange differences are recognized within OCI. Goodwill and fair value adjustments that arise on the date of acquisition of a foreign operation to measure them at fair value are recognized as assets and liabilities of the foreign entity and are converted at the closing exchange rate. 17.3.2) Transactions in foreign currency and results from exchange fluctuations Operations carried out in foreign currency are recorded in the functional currency applying the exchange rates in effect at the transaction date or the exchange rate at the date of the valuation when the items are revalued. Exchange differences arising from fluctuations in the exchange rates between the transactions and settlement dates, or the consolidated statement of financial position date, are recognized in the consolidated comprehensive income statement. |
Cash and cash equivalents | 17.4) Cash and cash equivalents Cash and cash equivalents include cash, bank deposits and other highly liquid investments with low risk of changes in value with original maturities of three months or less. As of December 31, 2019 and 2020, cash and cash equivalents consisted primarily of peso and dollar denominated bank deposits and peso denominated investment bonds issued by the Mexican Federal Government. |
Fiduciary rights | 17.5) Fiduciary rights In accordance with the requirements of the concession agreement, Airplan was required to constitute a trust, with Fiduciaria Bancolombia as trustee, to administer the concession’s resources and to oversee the payment of the concession’s obligations by the concessionaire. Airplan transfers all of the gross income it receives and all of the debt and capital resources it obtains from the administrations of the concession. |
Restricted cash and cash equivalents | 17.6) Restricted cash and cash equivalents Restricted cash includes cash and cash equivalents that are restricted in terms of withdrawal or use. The nature of the restrictions includes restrictions imposed by financing agreements, federal agency funds related to capital expenditures, for example, for purposes of Aerostar, PFC and Airport Improvement Program (AIP) or other reserves (e.g., fund for promotion and support of air travel). Aerostar has restricted cash of Ps.26,849 and Ps. 5,055 at December 31, 2019 and 2020, respectively. Restricted cash and cash equivalents is presented as current if it is expected to be used within twelve months of the filing date. Any restricted fund beyond twelve months is recorded as non-current. Restricted cash is presented in the consolidated statements of cash flows within the investments activities since it is related to the investment in airport infrastructure. |
Financial assets | 17.7) Financial assets a. Classification - the Company classifies its financial assets into the following measurement categories: a) financial assets measured at amortized cost; and b) financial assets subsequently measured at fair value (either through other comprehensive income or through profit or loss). At present, the Company does not hold any financial assets. This classification depends on the business model of the Company to manage its financial instruments and the terms of the instrument's contractual cash flows. The Company reclassifies financial assets when, and only when, it changes its business model for the management of those assets. The Company’s financial assets are measured at amortized cost, since contractual terms comply with the SPPI (solely payment of principal and interest) requirement, and the Company’s business model is achieved by collecting cash flows. b. Measurement.- At initial recognition, financial assets at amortized cost are measured at fair value plus transaction costs that are directly attributable to their acquisition. Transaction costs of financial assets measured at fair value (through profit or loss or through other comprehensive income) are recognized in profit or loss as incurred. Gains and losses on assets measured at fair value are recorded in profit or loss or in other comprehensive income. Financial assets with embedded derivatives are considered as a whole if it is determined that the cash flows correspond exclusively to the payment of principal and interest. Accounts receivable are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. They are included as current assets, except for maturities greater than 12 months following the date of the Statement of Financial Position. These are classified as non-current assets. Loans and accounts receivable are initially recognized at fair value plus directly attributable transaction costs, and subsequently measured at amortized cost. c. Impairment of financial assets - Impairment losses are presented as net impairment losses within the operating result. Subsequent recoveries of previously canceled amounts are credited against the same line. For accounts receivable, the Company applies the simplified approach allowed by IFRS 9, which requires that the expected losses over the life of the instrument be recognized from the initial recognition of accounts receivable. See Note 6. |
Leasing | 17.8) Leasing 17.8.1) As lessor The leasing of terminal space made by the Company in its capacity as lessor at the terminals is documented by contracts with either fixed income or monthly fees based on the higher amount of a minimum monthly fee or a percentage of the lessee’s monthly revenue. Since the leased assets are part of the concession assets and thus do not belong to the Company, there is no transfer of the risks and rewards of ownership and therefore are classified as operating leases. Revenues from operating leases are recognized as non-aeronautical revenues on a straight line basis over the lease term. 17.8.2) As lessee Leases are recognized as right-of-use assets and lease liabilities on the date the leased assets are available for use by the Company. Right-of-use assets and liabilities arising from a lease under IFRS 16 “Leases” are initially measured at the present value. Lease liabilities include the present value, net of the following lease payments: i) fixed lease payments, less any lease incentive receivable; ii) variable lease payments that depend on an index or a rate, initially measured using the index or rate at the commencement date; and iii) the amounts that the Company expects to pay under residual value guarantees. Lease payments must be discounted at the rate implicit in the lease. In the case of the Company, the interest rate cannot be readily determined. Thus, the lessee’s incremental borrowing rate is used, which is the rate of interest that a lessee would have to pay to borrow over a similar term, and with a similar security, the funds necessary to obtain an asset of a similar value to the right-of-use asset in a similar economic environment. To determine the borrowing incremental rate, the Company: · uses, whenever possible, recent third-party financing received by lessee as a starting point, adjusted to reflect changes in financing conditions since third-party financing was received; · uses other approaches, starting with a risk-free rate, adjusted for the credit risk of leases held that have not obtained recent third-party financing; and · applies specific adjustments to the lease, e.g. term, country, currency and guarantees. Lease payments are distributed among principal and interest expense. Interest expense is charged to profit or loss over the lease term to produce a constant periodic interest rate on the remaining liability for each period. Right-of-use assets are measured: · Lease initial measurement amount. · Any lease payment made on or before the commencement date less any lease incentive received. · Any initial direct cost. Right-of-use assets are generally depreciated on a straight-line basis over the shorter period of the asset useful life and the lease term, and the depreciation expense is recognized in the Statement of profit or loss. Payments of short-term leases and leases of low-price assets are expensed by applying the straight-line method. Short-term leases are leases with a term of 12 months or less. To determine the lease term, the Company considers all facts and circumstances creating an economic incentive to exercise an extension option. The reasonable certainty assessment is only reviewed when there is a significant event or a significant change in circumstances that affect such assessment and that are within lessee’s control. At December 31, 2020, there are no contracts regarding which there is a reasonable certainty to extend lease terms. Policy applied before January 1, 2019: As lessor The leasing of terminal space made by the Company in its capacity as lessor at the terminals is documented by contracts with either fixed income or monthly fees based on the higher amount of a minimum monthly fee or a percentage of the lessee’s monthly revenue. Since the leased assets are part of the concession assets and thus do not belong to the Company, there is no transfer of the risks and rewards of ownership and therefore are classified as operating leases. Revenues from operating leases are recognized as non-aeronautical revenues on a straight line basis over the lease term. As lessee Leases in which a significant portion of the risks and rewards of the leased property has not been transferred to the Company as lessee were classified as operating leases. Payments made under an operating lease (net of any incentive received from lessor) are charged to profit or loss according to the straight-line method over the life of the lease. Leases of property, plant and equipment in which Airplan has substantially all the risks and rewards of ownership are classified as financial leases. Financial leases are capitalized at the beginning of the lease to the minor between the fair value of the leased asset and the present value of the minimum lease payments. Each payment of a financial lease is distributed between the liability and the financial costs. The obligations of a financial lease, net of the financial burden, are presented as debts (financial obligations) in current or non-current depending on whether the payment due is less than 12 months. The financial costs are charged to the results during the lease period so that a constant periodic interest rate is obtained on the remaining balance of the liability for each period. Property, plant and equipment acquired under a financial lease are amortized in the shortest period between the useful life of the asset and the term of the lease. |
Land, furniture and equipment | 17.9) Land, furniture and equipment Furniture and equipment are recorded at cost less accumulated depreciation and impairment loss. The cost includes expenses directly attributable to the acquisition of those assets and all costs associated with placing the assets in the location and in the condition necessary for them to operate as intended by management. Land is recorded at cost and it is not depreciated. Depreciation of other items of plant and equipment is calculated on the straight-line method based on the residual values over their estimated useful lives. The useful lives from the date of acquisition are 10 years. The useful lives at the acquisition date of the furniture and equipment are as shown below: 2019 2020 Furniture equipment 10 a 20 % 10 to 20 % Machinery 10 a 20 % 10 to 20 % Computer equipment 20 a 33 % 20 to 33 % Transportation equipment 20 a 25 % 20 to 25 % Improvements to leased premises 10 % 10 % The residual values, useful life and depreciation method are reviewed and adjusted, if necessary, on an annual basis. 17.9.1) Land Land represents, mainly, a territorial extension for which the Company has an obligation of constructing 450 hotel rooms along with FONATUR in Huatulco which are recorded at its cost and are not subject to depreciation. See Note 15c and 21. |
Intangible assets | 17.10) Intangible assets 17.10.1) Concessions The airports that are part of the Company performed the analysis of the following criteria that must be taken into account to know if they are within the scope of IFRIC 12: a. The grantor controls or regulates what services the operator must provide with the infrastructure, to whom it must provide them at what price. · The grantor does not need to have full price control; it is sufficient that the price is regulated by the grantor, the contract or the regulator. · The grantor can control the price through a limit mechanism. · The price can vary from fixed price arrangements to those based on a formula up to a maximum price. b. The grantor controls, through ownership, the right of benefits or otherwise, any significant residual interest in the infrastructure at the end of the term of the agreement. Taking into consideration the foregoing, these criteria are applicable to each of the concessions that the Company has, which is why their measurement and determination will be considered within the scope of IFRIC 12. In addition, at the end of all the concessions, all assets become the property of the nation in which the concession is located. Within the scope of IFRIC 12, the respective assets can be classified as: · Financial assets: when the licensor establishes an unconditional right to receive cash flows and other financial assets independently of the use of the public service by the users. · Intangible assets: only when the licensor agreements do not establish a contractual right to receive cash flows and other financial assets from the licensor, independently of the use of the public service by the users. Airport concessions have been considered within the scope of IFRIC 12 as an intangible asset because they comply with the above provisions and no financial assets have been recognized in that regard. Mexico: Rights-to-use airport facilities and airport concessions include the acquisition of the nine airport concessions and the rights acquired. Amortization is computed using the straight-line method over the estimated useful life of the concessions, (original term of 50 years as of November 1, 1998, 28 years as of December 31, 2020). Aerostar: Aerostar’s airport concession, which includes the obligation to make certain capital expenditures in improvement projects, is considered an intangible asset and is recognized at cost less accumulated amortization and impairment losses. Amortization is calculated using the straight-line method during the term of the agreement (40 years); 33 years remaining as of December 31, 20120. Airplan: In the case of Airplan, the right granted by the Concession Contract No.8000011‑OK and Public Tender No. 10000001OL2010, respectively, is recorded as an intangible asset, through which the grantors assign to the Company the regulated and unregulated income corresponding to each of the airports subject to the concession. In turn, the costs per loan that are related to the works in execution are part of the intangible. The intangible asset resulting from the recognition and updating of the estimated income of the contract is amortized based on the proportion of the accumulated income of the contract and the total income. Amortization is recognized in the results of the period. The useful life for the amortization was determined as the duration of the concession and the amortization rate is calculated based on the percentage of execution of the revenues with respect to the total expected income of the financial model that the Company has. The concession remains in effect until the date on which any of the following events occur: (i) the regulated revenues generated are equal to expected regulated revenues, provided that the concession agreement has been in force for at least 24 years or (ii) the concession agreement has been in force for at least 40 years, regardless of whether the regulated revenues generated are equal to the expected revenues. If the regulated revenues generated are equal to the expected revenues before the end of the 24 year period, the concession agreement will remain in effect until the end of such period. Management considers such factors in determining the final year of the concession term, which is 2032 (in accordance with legal guidelines, the concession term may be extended until 2048 as long as the aforementioned requirements established by the grantor are met). Therefore, the concession will have a useful life until at least the year 2032, 12 years remain as of December 31, 2020. 17.10.2) Licenses and commercial direct operation (ODC, by its initials in Spanish) These items are recognized at their cost less the accrued amortization and any recognized impairment losses. They are amortized on a straight line basis using their estimated useful life, determined based on the expected future economic benefits, and are subject to testing when indication of impairment is identified. The estimated useful lives at December 31, 2020 are as follows: Licenses 28 years ODC 28 years Commercial Rights of Aerostar 32 years Commercial Rights of Airplan 12 years 17.10.3) Goodwill Goodwill represents the acquisition cost of a subsidiary in excess of the Company’s interest in the fair value of the identifiable net assets acquired, determined at the acquisition date, and it is not subject to amortization. Goodwill is shown separately in the consolidated statement of financial position and is recorded at cost less accumulated impairment losses, which are not reversed. Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to the entity sold. 17.10.4) Intangible assets acquired as part of a business combination When an intangible asset is acquired as part of a business combination, it is recognized at fair value at acquisition date. Subsequently, intangible assets acquired in a business combination, such as commercial rights, are recognized at cost less the accumulated amortization and the accrued amount of impairment losses. See useful lives of these rights in Note 17.10.2. |
Impairment of long-term non-financial assets | 17.11) Impairment of long-term non-financial assets The long-term non-financial assets subject to amortization or depreciation are subject to annual impairment tests or more frequently if there are events or circumstances that indicate that they might be affected. Other assets are subject to impairment tests when events or circumstances arise that indicate that their book value might not be recovered. Impairment losses correspond to the amounts where the book value of the asset exceeds their recoverable amount. The recoverable amount of assets is the higher of the fair value of the asset less the costs incurred for its sale and value in use. For impairment assessment purposes, assets are grouped at the lowest levels at which they generate identifiable cash flows separately which are largely independent of the cash flows of other assets or the Company's assets (cash-generating units). Non-financial assets are assessed at every reporting date in order to identify potential reversals of such impairment. |
Accounts payable | 17.12) Accounts payable Accounts payable are liabilities with creditors for purchases of goods or services acquired during the regular course of the Company’s operations. When payment is expected over a period of one year or less from the closing date, they are presented under current liabilities. If the foregoing is not complied with, they are presented under non-current liabilities. Accounts payable are initially recognized at their fair value and are subsequently measured at amortized cost using the effective interest method. |
Bank loans and long-term debt | 17.13) Bank loans and long-term debt Loans from financial institutions are initially recognized at their fair value, net of transaction costs. Those funds are subsequently recorded at their amortized cost; any difference between the funds received (net of transaction costs) and the redemption value is recognized in the statement of income during the funding period using the effective interest method. 17.13.1) Refinancing costs When the contractual cash flows of a financial asset are renegotiated or otherwise modified and the renegotiation or modification does not result in derecognition of that financial asset, the Company will recalculate the gross carrying amount of the financial asset and will recognize a modification of profit or loss. The gross carrying amount of the financial asset will be recalculated as the present value of the renegotiated or modified contractual cash flows that are discounted at the original effective interest rate of the financial asset (or effective interest rate adjusted by credit for financial assets acquired or originated with credit originated assets) or, where applicable, the revised effective interest rate. All costs or commissions incurred adjust the carrying amount of the modified financial asset and are amortized over the remaining term of the modified financial asset. 17.13.2) Loan costs Costs of specific and general loans directly attributable to the construction of qualifying assets are capitalized during the period of construction and preparation of the asset for its use. Qualifying assets are those that require a substantial period to be ready and able to be used (usually greater than one year). Financial revenues obtained from temporary investments made with money coming from specific loans that will be used for the construction of qualifying assets are decreased of financial costs eligible for capitalization. The capitalization of costs for loans in foreign currency that generates interests and losses due to foreign exchange fluctuations, are only capitalized up to the amount of interest that would have been generated by loan in national currency, with similar conditions of time. |
Derecognition of financial liabilities | 17.14) Derecognition of financial liabilities The Company derecognizes its financial liabilities if, and only if, the obligations of the Company are met, are cancelled or if they expire. |
Provisions | 17.15) Provisions Liability provisions represent a present legal obligation or an assumed obligation as a result of past events, when the use of economic resources is likely in order to settle the obligation and when the amount can be reasonably estimated. Provisions are not recognized for future operating losses. Provisions are measured at the present value of expenses expected to cover the related obligation, using a pretax rate that reflects the actual considerations of the value of money market over time and the specific risks inherent in the obligation. The increase in the provision over time is recognized as an interest expense. When there are similar obligations, the likelihood of the outflow of economic resources for settling those obligations is determined considering them as a whole. In these cases, the provision thus estimated is recorded, provided the likelihood of the outflow of cash with respect to a specific item considered as a whole is remote. |
Deferred IT, and tax on dividends | 17.16) Deferred IT, and tax on dividends The expense for IT includes both the current tax and deferred taxes. Tax is recognized in the statement of income, except when it relates to items recognized directly in OCI or in stockholders’ equity in which case, the tax is also recognized in OCI items or directly in stockholders’ equity, respectively. Deferred IT were recorded based on the comprehensive method of liabilities, which consists of recognizing deferred taxes on all temporary differences between the book and tax values of assets and liabilities to be materialized in the future at the enacted or substantially enacted tax rates in effect at the consolidated financial statement date. See Note 13. Deferred tax assets are only recognized if future tax profits are expected to be incurred against which temporary differences can be offset. Deferred tax assets and liabilities from the temporary differences arising from the investments in subsidiaries and joint businesses are recognized, except when the Company controls the reversal period for such temporary differences and it is likely that the temporary differences will not be reverted in a near future. Deferred IT are offset when there is a legal right for each entity to offset current tax assets against current tax liabilities and when deferred IT assets and liabilities relate to the same tax authorities. The credits for IT incurred is computed based on tax laws approved in Mexico at the date of the consolidated statement of financial position. Current IT is made up of IT, which is recorded under income for the year in which they are incurred. The tax is based on taxable income. To determine the IT the applicable rate in Mexico for 2019 and 2020 was 30%, the applicable rate for Airplan, according to Colombian legislation for 2019 and 2020 was 33% and the applicable rate for Aerostar, in accordance with Puerto Rico law, for 2019 and 2020 was 10%. Aerostar and Airplan hold undistributed profits which, if paid as dividends, would require the beneficiaries to pay tax. There is a temporary taxable difference, but no deferred tax liability is recognized, as the Company as the controlling entity is capable of deciding the point at which the subsidiary should make distributions. It is not expected to distribute those benefits in the foreseeable future, because both companies would first have to pay off their bank or private debts before they can declare dividends. |
Employee benefits | 17.17) Employee benefits The present value of the defined benefit obligations is determined by discounting the estimated future cash flows using the interest rates of high-quality corporate bonds denominated in the same currency in which the benefits will be paid and that have expiration terms that are approximate the terms of the pension obligation. In those countries where there is no deep market for such bonds, interest rates on government bonds are used. The net interest cost is calculated by applying the discount rate to the net balance of the defined benefit obligation and the fair value of the plan assets. This cost is included in the expense for employee benefits in the consolidated statement of income. Gains and losses for remeasurements derived from experience adjustments and changes in actuarial assumptions are recognized in the period in which they occur directly in OCI. They are included in the accumulated results in the statement of changes in stockholders' equity and in the consolidated statement of financial position. Variations in the present value of the defined benefit obligation that result from modifications or reductions of the plan are recognized immediately in results as past service costs. Termination benefits Termination benefits are paid when the employment relationship ends before the normal retirement date or when an employee voluntarily accepts the termination in exchange for these benefits. The Group recognizes termination benefits on the first of the following dates: (a) it is committed to terminate the employment relationship of employees in accordance with a detailed formal plan without having the possibility of evading its obligation, and (b) when the entity recognizes restructuring costs in accordance with IAS 37 and involves payment of termination benefits. In the case of an offer that promotes voluntary termination, termination benefits are valued based on the expected number of employees accepting the offer. Benefits that mature 12 months after the reporting date are discounted to their present value. The charge to income for the years ended December 31, 2019 and 2020 was Ps.1,595 and Ps.2,382, respectively. See Note 4. Short-term obligations Salaries for wages and salaries, including non-monetary benefits and accumulated sick leave, which are expected to be fully settled within 12 months after the end of the period in which the employees provide the related service, are recognized in connection with the service of employees until the end of the period and are measured by the amounts that are expected to be paid when the liabilities are settled. Liabilities are presented as current obligations for employee benefits in the consolidated statement of financial position. Share in profits The Group recognizes a liability and an expense for profit sharing based on a calculation that takes into account the profit attributable to the shareholders of the Company after certain adjustments. The Group recognizes a provision when it is contractually bound or when there is a past practice that generates an implicit obligation. |
Stockholders' equity | 17.18) Stockholders’ equity Capital stock, capital reserves and retained earnings are expressed at their historical cost. The capital reserves consist of the legal reserve, the reserve to repurchase own shares, and the reserve to reflect the effect of translating foreign currency. |
Basic and diluted earnings per share | 17.19) Basic and diluted earnings per share Basic earnings per share were computed by dividing income available to the stockholders (Ps.5,465,822 and Ps.1,972,319) by the weighted average number of shares outstanding in 2019 and 2020. The number of shares outstanding for the periods from January 1 to December 31, 2019 and 2020 was 300 million. The basic earnings share for the year ended as of December 31, 2019 and 2020 was Ps.18.22 and Ps.6.5744, respectively, are expressed in pesos, the diluted earnings per share is equal to the basic earnings per share. |
Financial reporting by segments | 17.20) Financial reporting by segments The segment financial information is presented in a manner that is consistent with the internal reporting provided to the General Directors in charge of making operational decisions, allocating resources and assessing the performance of the operating segments. The Company determines and evaluates the performance of its airports on an individual basis, after allocating personnel costs and other costs of services, which are incurred by a Company’s subsidiary which hires some of the Company’s employees. The performance of these services is determined and assessed separately by management. All the airports provide substantially the same services to their clients. The performance of (Services) is determined and evaluated separately by management. All airports provide substantially the same services to their customers. Note 2 includes the financial information related to the Company’s different segments, which includes Cancún Airport and subsidiaries (Cancún Airport), showing separately, due to their importance, Aerostar, Airplan, Villahermosa Airport (Villahermosa), Mérida Airport (Mérida) and Servicios Aeroportuarios del Sureste (Servicios). The financial information of the remaining six airports, of RH Asur, S. A. de C. V. and of the holding company (including the investment of the Company in its subsidiaries) has been grouped and is included in the “Others” column. The elimination of the investment of the Company in its subsidiaries is included in the “Consolidation Adjustments” column. Resources are assigned to the segments based on the significance of each one to the Company’s operations. Transactions among operating segments are recorded at their fair value. For 2018, 2019 and 2020 the Company consolidates Aerostar line by line into the Company's finances. As of October 19, 2017, Airplan, S. A. consolidates as a subsidiary into the Company. |
Revenue recognition | 17.21) Revenue recognition The accounting policies for the Company's revenue from contracts with customers are explained in Note 3. With respect to the revenue presented in 2018, it is recognized and disclosed under the previous regulations that in this case is the International Accounting Standard (IAS) 18 - Revenue, as described in the following paragraphs. Revenue comprises the fair value of the consideration received or to be received for services rendered primarily in the ordinary course of the Company's business. Revenue is presented net of discounts, as well as the elimination of revenues for services between subsidiaries of the Company, as appropriate. The Company recognizes revenue when the amount of it can be valued with reliability, it is likely that the future economic benefits will flow to the entity and specific criteria have been met for each type of service of the Company. Revenues are obtained from aeronautical services (which are generally related to the use of the airport infrastructure by airlines and passengers), non-aeronautical services and constructions services. |
Government grants | 17.22) Government grants Government grants are recognized at their fair value when there is reasonable guarantee that the grant will be received, and the Company will comply with all the conditions set. Government grants associated with income are presented in the period’s income/loss as deductions of the related expenses. Grants received as compensation for expenses or to provide immediate financial support to the entity, with no related subsequent costs, are recognized in income/loss for the period in which they become payable. Government grants associated with assets are presented in the Statement of Financial Position as deductions of the carrying amount of related assets. They are recognized in income/loss throughout the life of the asset, which is amortized as a reduction of the related expense that the grant intends to offset. Government grants will be recognized in income/loss on a systematic basis throughout the periods in which the entity recognizes the related costs that the grant intends to offset as expenses. Note 4.1 discloses information on how the Company records government grants received as recovery of expenses. |
Segment Information_ (Tables)
Segment Information: (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Segment information: | |
Schedule of information of operating segments | Year ended on Holding & Consolidation December, 31 2018 Cancún Aerostar (*) Airplan (**) Mérida Villahermosa Services Other adjustments Total Revenue from contracts with clients: Aeronautical revenue Ps. 4,428,546 Ps. 1,700,859 Ps. 1,276,506 Ps. 469,879 Ps. 201,502 — Ps. 865,618 — Ps. 8,942,910 Non-aeronautical revenue 3,831,325 964,404 396,834 117,277 59,822 Ps. 1,684,204 162,345 Ps. (1,684,654) 5,531,557 Revenue for construction services 205,834 360,004 312,375 4,831 15,604 — 37,126 — 935,774 Operating profit 5,206,971 882,381 239,893 297,468 113,038 605,860 433,358 — 7,778,969 Non-current assets 16,927,804 20,515,694 6,592,640 1,454,497 921,162 28,789,664 4,314,529 (29,335,081) 50,180,909 Total assets 19,002,035 21,607,145 6,905,451 1,857,958 1,241,529 29,525,000 5,377,784 (29,335,081) 56,181,821 Total liabilities 4,528,342 10,040,600 4,575,476 (25,257) 79,070 205,077 97,124 — 19,500,432 Improvements to assets under concession and acquisition of furniture and equipment in the period 364,795 772,009 415,042 7,116 12,671 — 64,692 — 1,636,325 Amortization and depreciation (455,003) (632,236) (452,364) (47,803) (30,147) (640) (142,548) — (1,760,741) Revenue recognized At point in time: Aeronautical revenue 3,846,184 1,245,320 1,200,941 426,070 180,407 — 788,406 — 7,687,328 Non-aeronautical revenue 621,850 621,850 Total 4,468,034 1,245,320 1,200,941 426,070 180,407 — 788,406 — 8,309,178 Over a period time: Aeronautical revenue 543,282 455,539 75,565 41,179 21,027 — 73,068 — 1,209,661 Non-aeronautical revenue 2,888,043 954,626 395,410 57,554 39,395 1,684,204 143,100 (1,684,654) 4,477,678 Revenue for construction services 205,834 360,004 312,375 4,831 15,604 — 37,126 — 935,774 Total Ps. 3,637,160 Ps. 1,770,169 Ps. 783,350 Ps. 103,564 Ps. 76,027 Ps. 1,684,204 Ps. 253,294 Ps. (1,684,654) Ps. 6,623,114 (*) Subsidiary located in Puerto Rico. (**) Subsidiary located in Colombia. Holding & Consolidation Year ended on December, 31 2019 Cancún Aerostar (*) Airplan (**) Mérida Villahermosa Services Other adjustments Total Revenue from contracts with clients: Aeronautical revenue Ps. 4,550,164 Ps. 1,870,428 Ps. 1,391,657 Ps. 579,727 Ps. 251,468 Ps. 953,531 Ps. 9,596,975 Non-aeronautical revenue 4,024,354 1,100,573 507,076 129,527 58,270 Ps. 1,748,731 169,120 Ps. (1,749,181) 5,988,470 Revenue for construction services 249,127 335,148 175,998 134,104 57,225 284,591 — 1,236,193 Operating profit 5,355,787 1,068,148 441,413 384,115 152,041 585,440 494,350 — 8,481,294 Non-current assets 17,533,430 19,454,107 5,836,603 1,780,146 1,003,909 30,598,817 4,628,280 (31,165,267) 49,670,025 Total assets 21,463,802 20,468,947 6,573,460 1,981,396 1,301,195 31,343,675 5,548,880 (31,165,474) 57,515,881 Total liabilities 5,383,343 8,807,985 4,161,205 (27,836) 78,227 244,152 97,834 (206) 18,744,704 Improvements to assets under concession and acquisition of furniture and equipment in the period 1,076,257 376,649 176,335 407,684 117,405 — 460,534 — 2,614,864 Amortization and depreciation (463,988) (659,873) (482,130) (48,371) (30,693) (7,194) (144,648) — (1,836,897) Revenue recognized At point in time: — Aeronautical revenue 3,933,693 1,369,066 1,322,648 530,736 229,217 — 870,622 — 8,255,982 Non-aeronautical revenue 662,485 233,106 — — — — — — 895,591 Total 4,596,178 1,602,172 1,322,648 530,736 229,217 — 870,622 — 9,151,573 Over a period time: Aeronautical revenue 616,471 501,362 69,009 48,991 22,251 82,909 1,340,993 Non-aeronautical revenue 3,361,869 867,467 507,076 129,527 58,270 1,748,731 169,120 (1,749,181) 5,092,879 Revenue for construction services 249,127 335,148 175,998 134,104 57,225 — 284,591 — 1,236,193 Total Ps. 4,227,467 Ps. 1,703,977 Ps. 752,083 Ps. 312,622 Ps. 137,746 Ps. 1,748,731 Ps. 536,620 Ps. (1,749,181) Ps. 7,670,065 (*) Subsidiary located in Puerto Rico. (**) Subsidiary located in Colombia. Year ended on Holding & Consolidation December, 31 2020 Cancún Aerostar (*) Airplan (**) Mérida Villahermosa Services Other adjustments Total Revenue from contracts with clients: Aeronautical revenue Ps. 2,218,230 Ps. 1,808,102 Ps. 488,981 Ps. 281,659 Ps. 132,751 — Ps. 482,695 — Ps. 5,412,418 Non-aeronautical revenue 2,252,157 740,450 296,961 90,431 42,103 Ps. 1,265,920 133,496 Ps. (1,266,291) 3,555,227 Revenue for construction services 1,855,747 353,686 6,918 728,718 154,155 — 557,862 — 3,657,086 Operating profit 2,079,965 923,518 (242,234) 95,167 40,020 327,631 52,109 — 3,276,176 Non-current assets 18,899,582 20,229,990 5,604,037 2,426,454 1,097,864 33,164,914 5,029,721 (33,757,400) 52,695,162 Total assets 22,406,388 21,630,906 6,090,371 2,913,304 1,345,826 33,834,595 5,947,221 (33,757,400) 60,411,211 Total liabilities 5,557,692 8,934,439 3,826,600 49,910 78,198 184,800 86,366 — 18,718,005 Improvements to assets under concession and acquisition of furniture and equipment in the period 1,720,381 400,500 6,918 570,940 118,736 — 511,085 — 3,328,560 Amortization and depreciation (487,333) (746,524) (461,563) (49,427) (31,897) (6,976) (151,046) — (1,934,766) Revenue recognized At point in time: Aeronautical revenue 1,888,076 953,715 459,655 254,210 120,688 — 439,320 — 4,115,664 Non-aeronautical revenue 319,367 142,135 — — — — — — 461,502 Total 2,207,443 1,095,850 459,655 254,210 120,688 — 439,320 — 4,577,166 Over a period time: Aeronautical revenue 330,154 854,387 29,326 27,449 12,063 — 43,375 — 1,296,754 Non-aeronautical revenue 1,932,790 598,315 296,961 90,431 42,103 1,265,920 133,496 (1,266,291) 3,093,725 Revenue for construction services 1,855,747 353,686 6,918 728,718 154,155 — 557,862 — 3,657,086 Total Ps. 4,118,691 Ps. 1,806,388 Ps. 333,205 Ps. 846,598 Ps. 208,321 Ps. 1,265,920 Ps. 734,733 Ps. (1,266,291) Ps. 8,047,565 (*) Subsidiary located in Puerto Rico (**) Subsidiary located in Colombia |
Revenue from Contracts with C_2
Revenue from Contracts with Customers: (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Revenue from Contracts with Customers: | |
Schedule of under unregulated services with income arising from contracts with clients | Year ended of December 31, 2018 2019 2020 Regulated services: Airport services for revenue from contracts with clients (*): Passengers fees Ps. 6,547,645 Ps. 7,005,018 Ps. 3,476,804 Landing fees 1,047,687 1,148,747 983,173 Platform 413,129 405,814 395,432 Seurity services 91,996 102,216 46,553 Baggage inspection fees 268,940 296,143 140,502 Passengers walkway 509,440 575,464 333,134 Passengers documentation counters 18,152 16,821 9,383 Other airport services 325,546 340,007 252,777 Ps. 9,222,535 Ps. 9,890,230 Ps. 5,637,758 Non regulated services: Non regulated services for revenue from contracts with customers: Retail stores Ps. 621,850 Ps. 895,591 Ps. 461,502 Access fees on non permanent ground transportation 57,885 63,159 29,967 Car parking and related Access fees 298,536 319,200 171,193 Other services 151,952 151,596 122,751 1,130,223 1,429,546 785,413 Commercial services 4,121,709 4,265,669 2,544,474 Total non regulated services (**) 5,251,932 5,695,215 3,329,887 Construction services 935,774 1,236,193 3,657,086 Total Ps. 15,410,241 Ps. 16,821,638 Ps. 12,624,731 (*) For 2018, 2019 and 2020, this amount includes Mexico regulated income of Ps.6,245,170, Ps.6,628,146 and Ps.3,340,674, Aerostar regulated income of Ps.1,700,859, Ps.1,870,427 and Ps.1,808,102, Airplan regulated income of Ps.1,276,506, Ps.1,391,657 and Ps.488,981, respectively. (**) This line item in the consolidated statement of income (non-aeronautical services) includes complementary and airport services totaling Ps.279,625, Ps.293,256 and Ps.225,340 for the 2018, 2019 and 2020 periods, respectively. |
Schedule of under non-regulated services with revenue arising from contracts with clients | Year ended of December 31, 2018 2019 2020 Commercial revenues: Duty free shops Ps. 1,861,116 Ps. 1,785,508 Ps. 991,833 Food and beverage 738,371 820,001 449,340 Advertising revenues 161,214 187,192 92,683 Car rental companies 611,864 673,969 485,725 Banking and currency exchange servcies 119,855 115,927 72,563 Teleservices 14,139 16,038 15,174 Ground transportations 76,106 98,033 49,721 Other services 539,044 569,001 387,435 Total commercial revenues Ps. 4,121,709 Ps. 4,265,669 Ps. 2,544,474 |
Schedule of domestic and international passenger traffic | The follows table sets the domestic and international passenger traffic for the years, 2019 and 2020: Year ended of December 31, 2019 2020 Domestic passenger traffic: Mexico 16,684 9,246 Puerto Rico 8,456 4,548 Colombia 10,231 3,625 Total domestic passengers 35,371 17,419 International passenger traffic: Mexico 17,478 7,283 Puerto Rico 992 298 Colombia 1,821 590 Total international passengers 20,291 8,171 Total passengers 55,662 25,590 |
Schedule of effects of the decrease in passenger traffic as a result of COVID-19 on revenue by country are shown below, without considering construction revenue | Changed % Year ended of December 31, compared to 2019 2019 2020 Aeronautical revenue Mexico Ps. 6,334,890 Ps. 3,115,335 (50.82) Aerostar 1,870,428 1,808,102 (3.33) Airplan 1,391,657 488,981 (64.86) Total aeronautical revenue Ps. 9,596,975 Ps. 5,412,418 (43.60) Non-aeronautical revenue Mexico 4,380,821 2,517,816 (42.53) Aerostar 1,100,573 740,450 (32.72) Airplan 507,076 296,961 (41.44) Total non-aeronautical revenue Ps. 5,988,470 Ps. 3,555,227 (40.63) Total without construction revenue Ps. 15,585,445 Ps. 8,967,645 (42.46) |
Schedule of commercial contracts of minimum rent | For the years that will end December 31: 2021 Ps. 2,515,572 2022 2,315,111 2023 2,184,496 2024 1,943,444 2025 1,857,885 2026 to 2028 2,380,113 |
Costs and expenses by nature_ (
Costs and expenses by nature: (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Costs and expenses by nature: | |
Schedule of general and administrative expense | January to December 31, 2018 2019 2020 Short term benefits Ps. 1,118,926 Ps. 1,199,217 Ps. 1,039,883 Electric power 458,827 474,719 382,026 Maintenance and conservation 673,603 699,557 447,884 Professional fees 306,169 308,740 251,621 Insurance and bonds 200,477 225,252 127,750 Surveillance services 310,065 325,613 275,206 Cleaning services 229,003 232,219 207,599 Technical assistance (Note 15.4) 386,249 404,086 175,615 Right of use of assets under concession (DUAC) (1) 898,253 986,850 535,379 Amortization and depreciation of intangible assets, furniture and equipment 1,760,741 1,836,897 1,934,766 Consumption of commercial items 300,845 323,899 169,298 Construction services (Note 3.1.3) 935,774 1,236,193 3,657,086 Termination benefits (Note 18.17) 1,595 1,922 2,382 Employees’ statutory profit sharing 8,052 10,250 3,115 Impairment of accounts receivable (Note 6) 6,241 12,127 154,417 Other 171,089 267,521 143,409 Total aeronautical and non-aeronautical services costs, costs of construction services and administrative expenses Ps. 7,765,909 Ps. 8,545,062 Ps. 9,507,436 (1) As of December 31, 2018, 2019 and 2020, Ps.458,290, Ps.484,402 and Ps.254,337, respectively, correspond to the consideration for the concessions in Mexico, Ps.312,244, Ps.361,029 and Ps.149,602 correspond to the consideration of the Airplan concession at 19% of gross revenues from the period October 19 to December 31, 2018, from the year 2019 and 2020, respectively, and Ps.127,719, Ps.141,419 and Ps.131,440, for the consideration of the Aerostar concession at 5% of the airport’s gross receipts from May 31, to December 31, 2018, as of December 31, 2019 from the year 2019 and 2020, respectively. |
Cash and cash equivalents_ (Tab
Cash and cash equivalents: (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Cash and cash equivalents: | |
Schedule of cash and cash equivalents | December 31, 2019 2020 Cash and cash held at banks Ps. 3,642,037 Ps. 3,514,293 Short term investments 2,550,642 1,678,335 Total cash and cash equivalents Ps. 6,192,679 Ps. 5,192,628 |
Accounts receivable - Net_ (Tab
Accounts receivable - Net: (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Accounts receivable - Net: | |
Schedule of accounts receivable - net | December 31, 2019 2020 Clients Ps. 1,195,559 Ps. 1,458,653 Less: impairment provision (191,766) (346,183) 1,003,793 1,112,470 Notes receivable from clients 245,757 Total accounts receivable Ps. 1,003,793 Ps. 1,358,227 |
Schedule of maturity analysis of past due accounts receivable and movements in impairment provision | Provision for impairment at January 1,2019 Ps. 179,639 Application, net of Mexico's estimate during the period (369) Application, net of Aerostar's estimate during the period (5,585) Airplan's provision impairment 18,081 Provision for impairment at December 31,2019 Ps. 191,766 Application, net of Mexico's estimate during the period Ps. 70,470 Application, net of Aerostar's estimate during the period 50,842 Airplan's provision impairment 33,105 Provision for impairment at December 31,2020 Ps. 346,183 |
Schedule of provision for losses | More than Due to expire 1 to 90 91 to 180 181 to 365 365 Expected loss rate 2019: Mexico % 0.02 % 0.02 % 100 % 100 % Aerostar 1.00 % 2.5% - 5.0 % 15.00 % 50.00 % 100 % Airplan 0.83 % 0.83 % 0.83 % 100 % 100 % Due to More than Expected loss rate 2020: expire 1 to 90 91 to 180 181 to 365 365 Mexico 0.00 % 0.02 % 19.20 % 100 % 100 % Aerostar 5.40 % 5.10 % 43.70 % 88 % 100 % Airplan 0.83 % 0.70 % 0.83 % 100 % 100 % More Total estimate Due to expire 1 to 90 91 to 180 181 to 365 than 365 12/31/2019 At December 31, 2019 Mexico’s accounts receivables — Ps. 1,012 Ps. 1,733 Ps. 126 Ps. 128,930 — Mexico’s provision impairment 128,930 Ps. 128,930 Aerostar’s account receivables Ps. 159,796 97,697 2,176 712 31,236 — Aerostar’s provision impairment 1,599 3,611 544 499 31,236 37,489 Airplan’s accounts receivables — 114,858 52,410 15,357 8,602 — Airplan’s provision impairment — 953 435 15,357 8,602 25,347 Total estimate Ps. 191,766 More Total estimate Due to expire 1 to 90 91 to 180 181 to 365 than 365 12/31/2020 At December 31, 2020 Mexico’s accounts receivables Ps. 474,854 Ps. 59,819 Ps. 14,292 Ps. 66,816 Ps. 129,056 — Mexico’s provision impairment 784 2,744 66,816 129,056 Ps. 199,400 Aerostar’s account receivables 444,515 60,421 3,702 4,896 55,360 — Aerostar’s provision impairment 23,984 3,084 1,619 4,284 55,360 88,331 Airplan’s accounts receivables 73,865 1,610 37,214 32,233 — Airplan’s provision impairment 516 110 25,593 32,233 58,452 Total estimate Ps. 346,183 |
Land, furniture and equipment_2
Land, furniture and equipment - Net: (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Land, furniture and equipment - Net: | |
Schedule of land, furniture and equipment, net | Foreign currency 1/1/2019 translation Additions Disposals transfers 12/31/2019 Land Ps. 302,323 Ps. 302,323 Furniture & equipment 83,466 Ps. (270) Ps. 27,424 110,620 Machinery & equipment 80,511 (3,869) 46,571 Ps. (16,370) 106,843 Computer equipment 45,812 980 6,181 52,973 Transport equipment 22,064 (1,295) 9,549 30,318 Improvements to leased premises 60,640 5,040 4,615 (11,137) 59,158 Accumulated depreciation (104,478) 1,643 (66,284) 27,507 (141,612) 490,338 2,229 28,056 — 520,623 Equipment in transit 68,142 (377) (67,765) — Ps. 558,480 Ps. 1,852 Ps. 28,056 Ps. (67,765) Ps. 520,623 Foreign currency 1/1/2020 translation Additions Disposals transfers 12/31/2020 Land Ps. 302,323 — — — Ps. 302,323 Furniture & equipment 110,620 Ps. 515 Ps. 5,927 — 117,062 Machinery & equipment 106,843 4,013 32,762 — 143,618 Computer equipment 52,973 931 17,667 — 71,571 Transport equipment 30,318 1,420 1,531 — 33,269 Improvements to leased premises 59,158 569 3,723 — 63,450 Accumulated depreciation (141,612) (401) (84,895) — (226,908) Ps. 520,623 Ps. 7,047 Ps. (23,285) — Ps. 504,385 |
Intangible assets, airport co_2
Intangible assets, airport concessions and goodwill - Net: (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Intangible assets, airport concessions and goodwill - Net: | |
Schedule of movements of intangible assets of airport concessions | Foreign currency 1/1/2019 translation Additions (*) Transfers 12/31/2019 Concessions (Regulated Activity) Ps. 49,961,253 Ps. (961,446) Ps. 591,315 Ps. 995,514 Ps. 50,586,636 Contracts assets 671,496 1,236,196 (929,632) 978,060 Contractor advance 762,578 (65,882) 696,696 Licences and ODC 249,671 30,126 279,797 Commercial Right’s (Unregulated Activity) 6,531,631 (381,902) 6,149,729 Goodwill 2,567,365 — 2,567,365 Accumulated amortization (10,395,094) 33,462 (1,770,613) (12,132,245) Ps. 49,586,322 Ps. (1,309,886) Ps. 849,602 — Ps. 49,126,038 Foreign currency 1/1/2020 translation Additions (**) Transfers 12/31/2020 Concessions (Regulated Activity) Ps. 50,586,636 Ps. 1,059,370 Ps. 107,144 Ps. 932,376 Ps. 52,685,526 Contracts assets 978,060 1,295 3,036,386 (311,676) 3,704,065 Contractor advance 696,696 — 355,809 (620,700) 431,805 Licences and ODC 279,797 84,930 364,727 Commercial Right’s (Unregulated Activity) 6,149,729 340,507 6,490,236 Goodwill 2,567,365 — 2,567,365 Accumulated amortization (12,132,245) (79,297) (1,849,871) (14,061,413) Ps. 49,126,038 Ps. 1,321,875 Ps. 1,734,398 Ps. 52,182,311 (*) The most significant additions made in 2019 are a) beginning of the first stage of extension of the Mérida Airport terminal; expansion of runways and taxiways in Huatulco Airport; land for the expansion works of terminal four of the Cancún Airport, and b) last stage of the construction of the building of the cargo terminal of the Rionegro Airport and completion of the construction of the modules connecting the terminal building with the parking lot at Rionegro Airport. (**) The most significant additions made in 2020 are a) the expansion of the terminal building, commercial platform, runways, taxiways, and roads at the Mérida Airport; b) the commencement of works for the expansion of Terminal 3 and 4 and the expansion of runways, taxiways, platform and roads at Cancún Airport and c) installation of a new system to screen checked baggage in an expanded section of the airport, expansion of the platform commercial runways and taxiways at Huatulco Airport. |
Schedule of allocation of goodwill for each operating segment | December 31, 2019 2020 Aerostar Ps. 1,057,651 Ps. 1,057,651 Airplan 1,509,714 1,509,714 Ps. 2,567,365 Ps. 2,567,365 |
Schedule of CGU with a significant amount of goodwill | 2019 Airplan Aerostar Discount rate 9.66 % 9.60 % Operating costs and expenses annual average 5.25 % 4.45 % Departing passenger growth rate 6.70 % 2.50 % 2020 Mexico Airplan Aerostar Discount rate 12.20 % 6.92 % 9.54 % Operating costs and expenses annual average 3.00 % 3.00 % 3.00 % Passenger growth rate in the recovery period of each CGU. 34.80 % 52.16 % 19.37 % Recovery period (years) 5 3 5 Average growth rate of passengers in the period after the recovery of passengers for each CGU 2.30 % 4.90 % 1.70 % Hierarchy level of the fair value of the recoverable of the CGU 3 3 3 |
Accounts payable and accrued _2
Accounts payable and accrued expenses: (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Accounts payable and accrued expenses: | |
Schedule of accounts payable and accrued expenses | December 31, 2019 2020 Suppliers Ps. 245,100 Ps. 353,885 Taxes payable 175,573 57,174 Use rights of assets under concession 269,916 5,070 Accounts payable to related parties (Note 14.1) 97,312 53,256 Lease payable (Note 7.1) 20,422 17,236 Salaries payable 149,452 128,105 Sundry creditors for services provided 803,746 640,068 Accounts payable to contractors 37,809 343,610 Total Ps. 1,799,330 Ps. 1,598,404 |
Bank loans_ (Tables)
Bank loans: (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Bank loans: | |
Schedule of bank loans | Credit line balance Credit line Principal Commissions and Term Fair Bank at 12/31/2019 used in pesos amortization interests - Net Short Long value (*) Santander, S.A. Ps. 2,000,000 Ps. (7,933) Ps. 1,992,067 Ps. 2,044,664 BBVA Bancomer, S. A. 2,000,000 401 Ps. 23,998 1,976,403 2,045,386 Total México Ps. 4,000,000 Ps. (7,532) Ps. 23,998 Ps. 3,968,470 Ps. 4,090,050 Bancolombia, S.A. COP 137,250,000 Ps. 1,041,415 Ps. (51,834) Ps. 6,474 Ps. 73,067 Ps. 922,987 Ps. 894,131 Corpbanca Colombia, S.A. 93,330,000 708,472 (35,247) 5,503 49,657 629,071 608,009 Banco Davivienda, S.A. 82,349,995 624,983 (31,101) 4,332 43,799 554,416 536,479 Banco de Bogotá, S.A. 33,854,211 256,744 (12,786) 1,106 18,014 227,049 220,552 Banco de Occidente, S.A. 33,854,228 256,742 (12,786) 1,098 18,014 227,040 220,552 Banco Popular, S.A. 7,319,029 55,309 (2,765) (348) 4,023 48,174 47,687 Banco AV Villas, S.A. 7,320,000 55,566 (2,764) 432 3,895 49,339 47,687 Servicios Financieros, S.A. 7,320,000 55,315 (2,764) (612) 3,768 48,171 47,687 Total Airplan COP 402,597,463 Ps. 3,054,546 Ps. (152,047) Ps. 17,985 Ps. 214,237 Ps. 2,706,247 Ps. 2,622,784 Ps. 7,054,546 Ps. (152,047) Ps. 10,453 Ps. 238,235 Ps. 6,674,717 Ps. 6,712,834 Credit line balance Credit line Principal Commissions and Term Fair Bank at 12/31/2020 used in pesos amortization interests - Net Short Long value(*) Santander, S. A. Ps. 2,000,000 Ps. (5,133) Ps. 1,994,867 Ps. 1,989,862 BBVA Bancomer, S. A. 1,980,000 Ps. (20,000) 16,343 Ps. 322,209 1,654,134 1,957,415 Total México — Ps. 3,980,000 Ps. (20,000) Ps. 11,210 Ps. 322,209 Ps. 3,649,001 Ps. 3,947,277 Banco Popular de Puerto Rico USD 10,000 Ps. 199,087 Ps. 15 Ps. 199,102 Ps. 199,188 Bancolombia, S. A. COP 125,250,000 984,985 (69,959) 9,410 81,758 842,678 752,072 Corpbanca Colombia, S. A. 85,170,000 670,111 (47,572) 7,511 55,565 574,485 511,409 Banco Davivienda, S. A. 75,149,985 591,130 (41,975) 6,098 49,012 506,241 451,243 Banco de Bogotá, S. A. 30,894,211 242,820 (17,256) 1,893 20,227 207,230 185,511 Banco de Occidente, S. A. 30,894,228 242,818 (17,256) 1,758 20,100 207,220 185,511 Banco Popular, S. A. 6,679,029 52,292 (3,731) (213) 4,475 43,873 40,110 Banco AV Villas, S. A. 6,680,000 52,558 (3,731) 589 4,358 45,058 40,110 Servicios Financieros, S. A. 6,680,000 52,297 (3,731) (467) 4,230 43,869 40,110 Bancolombia, S. A. 8,128,400 67,697 (20,309) 91 47,479 — 47,957 Total Airplan COP 375,525,853 Ps. 2,956,708 Ps. (225,520) Ps. 26,670 Ps. 287,204 Ps. 2,470,654 Ps. 2,254,033 Ps. 7,135,795 Ps. (245,520) Ps. 37,895 Ps. 808,515 Ps. 6,119,655 Ps. 6,400,498 (*) The following variables were used to determine the fair values of the loans at December 31, 2019 and 2020. Amount Entity (COP) Bancolombia, S. A. COP. 150,000,000 Corpbanca Colombia, S. A. 102,000,000 Banco Davivienda, S. A. 90,000,000 Banco de Bogotá, S. A. 37,000,000 Banco de Occidente, S. A. 37,000,000 Banco Popular, S. A. 8,000,000 Banco AV Villas, S. A. 8,000,000 Servicios Financieros, S. A. 8,000,000 COP. 440,000,000 |
Long-term debt_ (Tables)
Long-term debt: (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Long-term debt: | |
Schedule of long-term debt | Performance 2.39 % Spread credit (bps) +336 Coupon 5.75 % Performance 6.75 % At December 31, 2019 the integration of the debt is shown as follows: Credit line Interest Credit line Interest Term Fair used in thousand USD in USD in pesos in pesos Short Long value Loan $ 400,000 $ 10,152 Ps. 6,843,134 Ps. (43,193) Ps. 311,372 Ps. 6,488,569 Ps. 7,082,022 At December 31, 2020 the integration of the debt is shown as follows: Credit line Interest Credit line Interest Term Fair used in thousand USD in USD in pesos in pesos Short Long value Loan $ 400,000 $ 10,577 Ps. 7,011,281 Ps. (39,105) Ps. 330,235 Ps. 6,641,941 Ps. 7,697,476 |
Stockholders' equity_ (Tables)
Stockholders' equity: (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Stockholders' equity: | |
Stockholders' equity: | Capital stock as of Total shares December 31, Description 2019 2020 2019 2020 “B” Series 277,050,000 277,050,000 Ps. 7,173,079 Ps. 7,173,079 “BB” Series 22,950,000 22,950,000 594,197 594,197 Total 300,000,000 300,000,000 Ps. 7,767,276 Ps. 7,767,276 |
Income tax incurred and defer_2
Income tax incurred and deferred: (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Income tax incurred and deferred: | |
Schedule of IT provision - Mexico | December 31, 2018 2019 2020 Mexico: Current IT Ps. 1,766,083 Ps. 1,864,384 Ps. 631,471 Deferred IT 13,116 57,023 117,924 IT provision Mexico Ps. 1,779,199 Ps. 1,921,407 Ps. 749,395 Aerostar: Current Income Tax 433 (16) Deferred Income Tax 33,879 38,146 42,546 IT provision Aerostar Ps. 33,879 Ps. 38,579 Ps. 42,530 Airplan: Current IT (20,098) 110,910 2,916 Deferred IT 2,981 (92,794) (65,686) IT provision Airplan Ps. (17,117) Ps. 18,116 Ps. (62,770) Total IT provision Ps. 1,795,961 Ps. 1,978,102 Ps. 729,155 |
Schedule of reconciliation between statutory and effective income tax rates | December 31, 2018 2019 2020 Consolidated income before provision for IT Ps. 6,916,699 Ps. 7,661,741 Ps. 2,855,692 Plus (less): Net (loss) income before taxes of Airplan and Aerostar (297,179) (843,352) (65,672) Net (loss) income before taxes of subsidiaries in Mexico not subject to IT (89,685) (100,793) 4,337 Income before provisions for income taxes 6,529,835 6,717,596 2,794,357 Statutory IT rate 30 % 30 % 30 % IT that would result from applying the IT rate to book profit before income taxes 1,958,951 2,015,279 838,307 Non-deductible items and other permanent differences 15,126 11,941 10,496 Annual adjustment for tax inflation 12,101 (12,783) (18,958) Accounting disconnect inflation (189,237) (93,030) (80,450) Effect by difference in rate of IT Aerostar 33,879 38,579 42,530 Effect by difference in rate of IT Airplan (17,117) 18,116 (62,770) Other non-taxable earnings (17,742) — — IT provision Ps. 1,795,961 Ps. 1,978,102 Ps. 729,155 Effective IT rate 28 % 29 % 26 % |
Schedule of principal temporary differences with respect to deferred tax | Period ended on December 31, 2019 2020 Deferred income tax asset: Temporary liabilities Ps. 48,079 Ps. 31,019 Fair value of long-term debt 175,137 162,574 Allowance for doubtful accounts 34,296 66,609 257,512 260,202 Deferred income tax payable: Fixed and intangible assets (*) (2,974,108) (3,198,632) Temporary assets (287,172) (226,106) Amortization of expenses (816) (609) (3,262,096) (3,425,347) Deferred income tax liability - Net Ps. (3,004,584) Ps. (3,165,145) (*) Includes Ps.942,519 and Ps.1,032,799 from Aerostar from the periods 2019 and 2020, and Ps.695,212 and Ps.647,571 from Airplan in 2019 and 2020. |
Schedule of net movements of the deferred tax asset and liability | Impairment provision Foreign of loan Concession Currency portfolio Assets Conversion Others Total Balances as of December 31, 2018 Ps. (36,874) Ps. 3,079,749 Ps. 60,008 Ps. (21,215) Ps. 3,081,668 Revaluation effect by conversion Airplan and Aerostar — — (102,370) 22,911 (79,459) Consolidated income statement: Airplan 2,467 (161,556) (184) 66,479 (92,794) Aerostar 38,414 (268) 38,146 México 111 60,315 (3,403) 57,023 2,578 (62,827) (452) 63,076 2,375 Balances as of December 31, 2019 (34,296) 3,016,922 (42,814) 64,772 3,004,584 IFRS 16 adoption adjustment Conversion revaluation effect Airplan and Aerostar — — 141,236 (75,456) 65,777 Consolidated income statement: Airplan (11,390) (73,994) (461) 20,159 (65,686) Aerostar 43,767 (1,221) — 42,546 México (20,923) 115,197 — 23,650 117,924 (32,313) 84,970 (1,682) 43,809 94,784 Balances as of December 31, 2020 Ps. (66,609) Ps. 3,101,892 Ps. 96,740 Ps. 33,125 Ps. 3,165,145 |
Schedule of Aerostar tax loss carryforwards | Year of Year of loss Amount expiration 2012 Ps. 7,085 2022 2013 37,256 2023 2014 25,545 2024 2015 28,520 2025 2016 27,745 2026 2017 22,248 2027 2018 10,600 2028 2019 1,975 2029 2020 30,725 2030 Total Ps. 191,699 |
Schedule of Temporal differences not recognized | December 31, 2019 2020 Undistributed utilities Ps. 3,424,951 Ps. 3,200,543 Tax rate 30 % 30 % Deferred income tax liabilities unrecognized with the previous temporary differences Ps. 1,027,485 Ps. 960,163 |
Balances and transactions wit_2
Balances and transactions with related parties: (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Balances and transactions with related parties: | |
Schedule of balances receivable and payable | December 31, 2019 2020 Accounts receivable: Autobuses Golfo Pacífico, S. A. de C. V. (Shareholder/services) Ps. 284 Ps. 197 Ps. 284 Ps. 197 Accounts payable and accumulated expenses (Note 10):(*) Inversiones y Técnicas Aeroportuarias, S. A. de C. V. (Shareholder/technical assistance) Ps. (96,769) Ps. (53,257) Autobuses de Oriente ADO, S. A. de C. V. (Shareholder/technical assistance) (127) Lava Tap de Chiapas, S. A. de C. V. (Key management personnel/services) (543) (411) (97,312) (53,795) Net Ps. $ (97,028) Ps. $ (53,598) (*) These are accounts with terms of less than one year under similar market conditions. |
Schedule of transactions with related parties | December 31, 2018 2019 2020 Commercial income: Autobuses de Oriente, S. A. de C. V. (Stockholder) Ps. 14,455 Ps. 14,349 Ps. 7,968 Autobuses Golfo Pacífico, S. A. de C. V. (Stockholder) 7,014 7,290 4,862 Coordinados de México de Oriente, S. A. de C. V. (Stockholder) 150 157 164 Expenses: Stockholders: Technical assistance (Note 15.4) Ps. (386,249) Ps. (404,086) Ps. (175,615) Related parties: Administrative services Leasing Ps. (5,232) Ps. (5,340) Ps. (6,061) Cleaning services (10,854) (11,544) (11,848) |
Schedule of compensation of key personnel | December 31, 2018 2019 2020 Short term salaries and other benefits paid to key personnel (Note 18.17) (*) Ps. 119,202 Ps. 109,747 Ps. 137,272 Fees paid to the Board of Directors and Committees 8,695 9,146 8,571 (*) In 2018, 2019 and 2020, includes costs of Ps.53,268, Ps.41,411 and Ps.66,083; and Ps.16,350, Ps.17,381 and Ps.15,650, respectively for key personnel of directors of Aerostar and Airplan. |
Commitments and contingencies_
Commitments and contingencies: (Table) | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and contingencies: | |
Schedule of future payments | Up to one year Ps. 5,626 Between one and three years 19,222 Total Ps. 24,848 |
Schedule or investment commitments | Period Amount 2021 Ps. 5,460,586 2022 1,907,832 2023 892,356 Ps. 8,260,774 (1) (1) Figures in thousand pesos adjusted at December 31, 2020 based on the Construction Price Index (IPCO) in the terms of the MDP. |
Summary of the main accountin_3
Summary of the main accounting policies: (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Summary of the main accounting policies: | |
Schedule of consolidated subsidiaries | Shareholding percentage (%) Main activity Aeropuerto de Cancún, S. A. de C. V. 100 % Airport services Aeropuerto de Cozumel, S. A. de C. V. 100 % Airport services Aeropuerto de Mérida, S. A. de C. V. 100 % Airport services Aeropuerto de Huatulco, S. A. de C. V. 100 % Airport services Aeropuerto de Oaxaca, S. A. de C. V. 100 % Airport services Aeropuerto de Veracruz, S. A. de C. V. 100 % Airport services Aeropuerto de Villahermosa, S. A. de C. V. 100 % Airport services Aeropuerto de Tapachula, S. A. de C. V. 100 % Airport services Aeropuerto de Minatitlán, S. A. de C. V. 100 % Airport services Cancun Airport Services, S. A. de C. V. (*) 100 % Airport services Aerostar Airport Holdings, LLC 60 % Airport services Sociedad Operadora de Aeropuertos Centro Norte, S.A. 100 % Airport services RH Asur, S. A. de C. V. 100 % Administrative services Servicios Aeroportuarios del Sureste, S. A. de C. V. 100 % Administrative services Asur FBO, S. A. de C. V. (*) 100 % Administrative services Caribbean Logistics, S. A. de C. V. (*) 100 % Cargo services Cargo RF, S. A. de C. V. (*) 100 % Cargo services (*) These subsidiaries sub-consolidate at the Cancún Airport. |
Schedule of condensed financial information of Aerostar | December, 31 2018 2019 2020 Condensed statement of financial position Cash and cash equivalents Ps. 868,095 Ps. 698,466 Ps. 804,634 Restricted cash and cash equivalents 47,332 165,622 5,055 Other current assets 175,479 133,992 566,031 Total current assets 1,090,906 998,080 1,375,720 Financial liabilities: Current liabilities (640,785) (672,943) (606,433) Working capital 450,121 325,137 769,287 Land, furniture and equipment 174,450 160,186 151,971 Intangible assets, airport concessions - Net 13,587,071 12,956,965 13,535,370 Other long term assets 544 16,759 32,578 Long term debt (7,282,268) (6,799,941) (7,171,278) Accounts payable to the Company (1,152,805) (372,798) (104,065) Other long term liabilities (21,609) (19,783) (19,864) Deferred income tax - Net (330,999) (371,984) (448,829) Shareholders’ equity Ps. 5,424,505 Ps. 5,894,541 Ps. 6,745,170 Year ended December, 31 2018 2019 2020 Condensed statements of comprehensive income Revenue Ps. 3,025,267 Ps. 3,306,149 Ps. 2,902,238 Operating cost and expenses (2,098,323) (2,270,055) (1,956,081) Other income 134,637 204,074 158,906 Comprehensive financial cost - Net (538,268) (485,037) (495,443) Deferred income tax (62,252) (55,781) (60,684) Net (loss) income for the year 461,061 699,350 548,936 Foreign currency translation (5,772) (229,314) (301,695) Total comprehensive income Ps. 455,289 Ps. 470,036 Ps. 247,241 Airplan information |
Schedule or useful lives land, furniture and equipment | 2019 2020 Furniture equipment 10 a 20 % 10 to 20 % Machinery 10 a 20 % 10 to 20 % Computer equipment 20 a 33 % 20 to 33 % Transportation equipment 20 a 25 % 20 to 25 % Improvements to leased premises 10 % 10 % |
Schedule of useful lives licenses and commercial direct operation | Licenses 28 years ODC 28 years Commercial Rights of Aerostar 32 years Commercial Rights of Airplan 12 years |
Financial risk management_ (Tab
Financial risk management: (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Financial risk management: | |
Schedule of exchange rate risk | December 31, 2019 2020 Monetary position: Asset Ps. 164,370 Ps. 88,426 Liability (4,853) (5,578) Ps. 159,517 Ps. 82,848 |
Schedule of liquidity position | December 31, 2019 Cash and equivalents Total Debt Debt term short Debt term long Mexico Ps. 4,991,567 Ps. 3,992,467 Ps. 23,998 Ps. 3,968,469 Aerostar 698,466 6,799,941 311,372 6,488,569 Airplan 502,646 2,920,485 214,237 2,706,248 Total Ps. 6,192,679 Ps. 13,712,893 Ps. 549,607 Ps. 13,163,286 December 31, 2020 Cash and equivalents Total Debt Debt term short Debt term long Mexico Ps. 4,058,495 Ps. 3,971,210 Ps. 322,209 Ps. 3,649,001 Aerostar 804,634 7,171,278 529,337 6,641,941 Airplan 329,499 2,757,858 287,204 2,470,654 Total Ps. 5,192,628 Ps. 13,900,346 Ps. 1,138,750 Ps. 12,761,596 |
Schedule of liquidity risk | Under Between 3 months Between 1 Between 2 and At December 31, 2019 3 months and one year and 2 years 5 years Bank loans and interest Ps. 14,639 Ps. 223,596 Ps. 228,073 Ps. 6,446,644 Long term debt 111,676 199,696 204,492 6,284,077 Suppliers 245,100 Accounts payable and accrued expenses 1,378,657 At December 31, 2020 Bank loans and interest Ps. 11,176 Ps. 797,339 Ps. 2,238,558 Ps. 3,881,097 Long term debt 114,420 215,815 233,123 6,408,818 Suppliers 353,806 Accounts payable and accrued expenses 1,187,345 |
Schedule of short term liquidity | December 31, 2019 2020 Current assets Ps. 7,845,856 Ps. 7,716,049 Current liabilities 2,560,020 2,767,087 Short term position (liquidity) Ps. 5,285,836 Ps. 4,948,962 |
Consolidated statements of ca_3
Consolidated statements of cash flows: (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Consolidated statements of cash flows: | |
Schedule of analysis of net debt and movements in net debt | Long - term debt Bank Loans 2018 2019 2020 2018 2019 2020 Accounts payable Ps. 324,590 Ps. 311,372 Ps. 330,235 Bank loans (Note 10) Ps. 175,515 Ps. 238,235 Ps. 808,515 Bank loans (Note 10) 7,042,598 6,674,717 6,119,655 Long-term debt (Note 11) 6,957,678 6,488,569 6,641,941 Balances at December 31 Ps. 7,282,268 Ps. 6,799,941 Ps. 6,972,176 Ps. 7,218,113 Ps. 6,912,952 Ps. 6,928,170 Balances at January 1 of the debt-net Ps. 7,489,465 Ps. 7,282,268 Ps. 6,799,941 Ps. 10,494,853 Ps. 7,218,113 Ps. 6,912,952 Interest expense 475,110 444,028 450,806 696,641 601,873 398,899 Proceeds from bank loans 306,241 Interest paid (646,418) (486,164) (492,653) (578,600) (466,066) Payments of the long term debt and bank loan (205,308) (253,925) (3,090,124) (152,047) (245,520) Foreign currency translation (35,889) (234,883) 452,281 (166,301) (176,387) 21,664 Exchange (income)/loss on foreign currency (224,303) Balances at December 31 Ps. 7,282,268 Ps. 6,799,941 Ps. 6,972,176 Ps. 7,218,113 Ps. 6,912,952 Ps. 6,928,170 |
Subsequent Event_ (Tables)
Subsequent Event: (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of non-adjusting events after reporting period [line items] | |
Schedule or investment commitments | Period Amount 2021 Ps. 5,460,586 2022 1,907,832 2023 892,356 Ps. 8,260,774 (1) (1) Figures in thousand pesos adjusted at December 31, 2020 based on the Construction Price Index (IPCO) in the terms of the MDP. |
COVID-19 | |
Disclosure of non-adjusting events after reporting period [line items] | |
Schedule or investment commitments | Amount (1) Period Previous (2) Reduced 2021 Ps. 5,460,586 Ps. 3,064,148 2022 1,907,832 1,793,811 2023 892,356 457,470 Ps. 8,260,774 Ps. 5,315,429 (1) Figures in thousand pesos adjusted at December 31, 2020 based on the Construction Price Index (IPCO) in the terms of the MDP. (2) See Note 15 b. |
Overview_ (Details)
Overview: (Details) - location | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of business combinations line items | ||
Number of airports | 9 | |
Agreement term | 50 years | |
Investing public | ||
Disclosure of business combinations line items | ||
Proportion of interest acquired | 65.57% | 66.54% |
ITA | ||
Disclosure of business combinations line items | ||
Proportion of interest acquired | 7.65% | 7.65% |
Servicios Estrategia Patrimonial | ||
Disclosure of business combinations line items | ||
Proportion of interest acquired | 13.51% | |
Agrupacin Aeroportuaria Internacional | ||
Disclosure of business combinations line items | ||
Proportion of interest acquired | 14.47% | |
Remer Soluciones a la Inversion | ||
Disclosure of business combinations line items | ||
Proportion of interest acquired | 12.31% | 12.31% |
Aeropuerto de Cancun | ||
Disclosure of business combinations line items | ||
Proportion of interest in subsidiary | 100.00% | 100.00% |
Aerostar | ||
Disclosure of business combinations line items | ||
Proportion of interest in subsidiary | 60.00% | |
Airplan | ||
Disclosure of business combinations line items | ||
Proportion of interest in subsidiary | 100.00% |
Overview_ - Significant events
Overview: - Significant events (Details) $ in Thousands | Dec. 30, 2020USD ($) | Sep. 11, 2020COP ($) | Aug. 19, 2020MXN ($) | Jun. 29, 2020MXN ($) | May 12, 2020USD ($) | May 12, 2020MXN ($) | Apr. 01, 2020USD ($) | Apr. 01, 2020MXN ($) | Jun. 02, 2015COP ($) | Jun. 02, 2015MXN ($) | Dec. 31, 2020USD ($) | Dec. 31, 2020MXN ($) | Dec. 31, 2019MXN ($) | Dec. 31, 2018MXN ($) | Dec. 31, 2020COP ($) | Dec. 31, 2020MXN ($) | Dec. 30, 2020MXN ($) | Sep. 30, 2020MXN ($) | Sep. 11, 2020MXN ($) | Dec. 31, 2019COP ($) | Dec. 31, 2019MXN ($) |
Disclosure of geographical areas [line items] | |||||||||||||||||||||
Points to add interest rate | 1.25% | 1.25% | 1.25% | 1.25% | |||||||||||||||||
Increase in allowance for bad debts | $ 154,417 | $ 154,417,000 | |||||||||||||||||||
Deferment investments | $ 2,292,355,000 | $ 2,292,355,000 | |||||||||||||||||||
Loans received | $ 7,135,795,000 | $ 7,054,546,000 | |||||||||||||||||||
Disposal of loans | $ 440,000,000,000 | $ 2,897,404,000 | $ 243,998,000 | $ 152,047,000 | $ 3,090,124,000 | ||||||||||||||||
Percentage of decrease in consolidated income, excluding income from construction services | (42.46%) | (42.46%) | |||||||||||||||||||
Percentage of decrease in aeronautical income | (43.60%) | (43.60%) | |||||||||||||||||||
Percentage of decrease in non-aeronautical income | (40.63%) | (40.63%) | |||||||||||||||||||
Mexico | |||||||||||||||||||||
Disclosure of geographical areas [line items] | |||||||||||||||||||||
Reduction in passenger traffic | 51.60% | 51.60% | |||||||||||||||||||
Points to add interest rate | 7.00% | 7.00% | |||||||||||||||||||
Term of guaranteed notes receivable | 1 year 6 months | 1 year 6 months | |||||||||||||||||||
Notes received pledged | $ 185,140,000 | ||||||||||||||||||||
Increase in allowance for bad debts | $ 70,470,000 | ||||||||||||||||||||
Deferment investments | $ 2,292,355,000 | ||||||||||||||||||||
Period for quinquennial Master Development Program | 5 years | ||||||||||||||||||||
Loans received | 3,980,000,000 | 4,000,000,000 | |||||||||||||||||||
Percentage of decrease in aeronautical income | (50.82%) | (50.82%) | |||||||||||||||||||
Percentage of decrease in non-aeronautical income | (42.53%) | (42.53%) | |||||||||||||||||||
Colombia (Airplan) | |||||||||||||||||||||
Disclosure of geographical areas [line items] | |||||||||||||||||||||
Reduction in passenger traffic | 65.00% | 65.00% | |||||||||||||||||||
Notes received pledged | 60,617,000 | ||||||||||||||||||||
Increase in allowance for bad debts | $ 33,105,000 | ||||||||||||||||||||
Loans received | $ 11,612,000,000 | $ 375,525,853 | 2,956,708,000 | $ 67,041,000 | $ 402,597,463 | $ 3,054,546,000 | |||||||||||||||
Term of loan | 1 year | ||||||||||||||||||||
Percentage of decrease in aeronautical income | (64.86%) | (64.86%) | |||||||||||||||||||
Percentage of decrease in non-aeronautical income | (41.44%) | (41.44%) | |||||||||||||||||||
Puerto Rico (Aerostar) | |||||||||||||||||||||
Disclosure of geographical areas [line items] | |||||||||||||||||||||
Reduction in passenger traffic | 48.70% | 48.70% | |||||||||||||||||||
Increase in allowance for bad debts | $ 50,842,000 | ||||||||||||||||||||
Loans received | $ 20,000 | $ 399,010,000 | |||||||||||||||||||
Term of loan | 3 years | ||||||||||||||||||||
Disposal of loans | $ 10,000 | $ 239,200,000 | |||||||||||||||||||
Percentage of decrease in aeronautical income | (3.33%) | (3.33%) | |||||||||||||||||||
Percentage of decrease in non-aeronautical income | (32.72%) | (32.72%) | |||||||||||||||||||
Amount of grant offer | $ 33,417 | $ 717,590,000 | $ 33,417 | $ 717,590,000 | |||||||||||||||||
Amount of aid subsidy received | $ 17,125 | $ 367,752,000 | $ 17,125 | $ 367,752,000 | |||||||||||||||||
Banco Popular De Puerto Rico | |||||||||||||||||||||
Disclosure of geographical areas [line items] | |||||||||||||||||||||
Points to add interest rate | 0.50% | 0.50% | 0.50% | 0.50% | |||||||||||||||||
Loans received | $ 10,000 | $ 199,087,000 | |||||||||||||||||||
Term of loan | 3 years | ||||||||||||||||||||
Banco Popular De Puerto Rico | Mexico | |||||||||||||||||||||
Disclosure of geographical areas [line items] | |||||||||||||||||||||
Loans received | $ 1,500,000,000 | ||||||||||||||||||||
Term of loan | 18 months |
Segment Information_ (Details)
Segment Information: (Details) - MXN ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Operating segments: | |||
Aeronautical revenue | $ 5,412,418 | $ 9,596,975 | $ 8,942,910 |
Non aeronautical services revenue | 3,555,227 | 5,988,470 | 5,531,557 |
Construction services (Note 3.1.3) | 3,657,086 | 1,236,193 | 935,774 |
Total | 12,624,731 | 16,821,638 | 15,410,241 |
Operating profit | 3,276,176 | 8,481,295 | 7,778,969 |
Total assets | 60,411,211 | 57,515,881 | |
Total liabilities | 18,718,005 | 18,744,704 | |
Exchange rate translation from non-current assets (***) | 800,638 | (588,575) | 116,059 |
Amortization and depreciation | (1,934,766) | (1,836,897) | (1,760,741) |
Operating segments | |||
Operating segments: | |||
Aeronautical revenue | 5,412,418 | 9,596,975 | 8,942,910 |
Non aeronautical services revenue | 3,555,227 | 5,988,470 | 5,531,557 |
Construction services (Note 3.1.3) | 3,657,086 | 935,774 | |
Operating profit | 3,276,176 | 8,481,294 | 7,778,969 |
Non-current assets | 52,695,162 | 49,670,025 | 50,180,909 |
Total assets | 60,411,211 | 57,515,881 | 56,181,821 |
Total liabilities | 18,718,005 | 18,744,704 | 19,500,432 |
Improvements to assets under concession and acquisition of furniture and equipment in the period | 3,328,560 | 2,614,864 | 1,636,325 |
Amortization and depreciation | (1,934,766) | (1,836,897) | (1,760,741) |
Operating segments | Transferred at a point in time: | |||
Operating segments: | |||
Aeronautical revenue | 4,115,664 | 8,255,982 | 7,687,328 |
Non aeronautical services revenue | 461,502 | 895,591 | 621,850 |
Total | 4,577,166 | 9,151,573 | 8,309,178 |
Operating segments | Transferred over a period time: | |||
Operating segments: | |||
Aeronautical revenue | 2,718,752 | 1,340,993 | 1,209,661 |
Non aeronautical services revenue | 3,093,725 | 5,092,879 | 4,477,678 |
Construction services (Note 3.1.3) | 3,657,086 | 1,236,193 | 935,774 |
Total | 8,047,565 | 7,670,065 | 6,623,114 |
Aeropuerto de Cancun | Operating segments | |||
Operating segments: | |||
Aeronautical revenue | 2,218,230 | 4,550,164 | 4,428,546 |
Non aeronautical services revenue | 2,252,157 | 4,024,354 | 3,831,325 |
Construction services (Note 3.1.3) | 1,855,747 | 249,127 | 205,834 |
Operating profit | 2,079,965 | 5,355,787 | 5,206,971 |
Non-current assets | 18,899,582 | 17,533,430 | 16,927,804 |
Total assets | 22,406,388 | 21,463,802 | 19,002,035 |
Total liabilities | 5,557,692 | 5,383,343 | 4,528,342 |
Improvements to assets under concession and acquisition of furniture and equipment in the period | 1,720,381 | 1,076,257 | 364,795 |
Amortization and depreciation | (487,333) | (463,988) | (455,003) |
Aeropuerto de Cancun | Operating segments | Transferred at a point in time: | |||
Operating segments: | |||
Aeronautical revenue | 1,888,076 | 3,933,693 | 3,846,184 |
Non aeronautical services revenue | 319,367 | 662,485 | 621,850 |
Total | 2,207,443 | 4,596,178 | 4,468,034 |
Aeropuerto de Cancun | Operating segments | Transferred over a period time: | |||
Operating segments: | |||
Aeronautical revenue | 330,154 | 616,471 | 543,282 |
Non aeronautical services revenue | 1,932,790 | 3,361,869 | 2,888,043 |
Construction services (Note 3.1.3) | 1,855,747 | 249,127 | 205,834 |
Total | 4,118,691 | 4,227,467 | 3,637,160 |
Aerostar | Operating segments | |||
Operating segments: | |||
Aeronautical revenue | 1,808,102 | 1,870,428 | 1,700,859 |
Non aeronautical services revenue | 740,450 | 1,100,573 | 964,404 |
Construction services (Note 3.1.3) | 353,686 | 335,148 | 360,004 |
Operating profit | 923,518 | 1,068,148 | 882,381 |
Non-current assets | 20,229,990 | 19,454,107 | 20,515,694 |
Total assets | 21,630,906 | 20,468,947 | 21,607,145 |
Total liabilities | 8,934,439 | 8,807,985 | 10,040,600 |
Improvements to assets under concession and acquisition of furniture and equipment in the period | 400,500 | 376,649 | 772,009 |
Amortization and depreciation | (746,524) | (659,873) | (632,236) |
Aerostar | Operating segments | Transferred at a point in time: | |||
Operating segments: | |||
Aeronautical revenue | 953,715 | 1,369,066 | 1,245,320 |
Non aeronautical services revenue | 142,135 | 233,106 | |
Total | 1,095,850 | 1,602,172 | 1,245,320 |
Aerostar | Operating segments | Transferred over a period time: | |||
Operating segments: | |||
Aeronautical revenue | 854,387 | 501,362 | 455,539 |
Non aeronautical services revenue | 598,315 | 867,467 | 954,626 |
Construction services (Note 3.1.3) | 353,686 | 335,148 | 360,004 |
Total | 1,806,388 | 1,703,977 | 1,770,169 |
Airplan | Operating segments | |||
Operating segments: | |||
Aeronautical revenue | 488,981 | 1,391,657 | 1,276,506 |
Non aeronautical services revenue | 296,961 | 507,076 | 396,834 |
Construction services (Note 3.1.3) | 6,918 | 175,998 | 312,375 |
Operating profit | (242,234) | 441,413 | 239,893 |
Non-current assets | 5,604,037 | 5,836,603 | 6,592,640 |
Total assets | 6,090,371 | 6,573,460 | 6,905,451 |
Total liabilities | 3,826,600 | 4,161,205 | 4,575,476 |
Improvements to assets under concession and acquisition of furniture and equipment in the period | 6,918 | 176,335 | 415,042 |
Amortization and depreciation | (461,563) | (482,130) | (452,364) |
Airplan | Operating segments | Transferred at a point in time: | |||
Operating segments: | |||
Aeronautical revenue | 459,655 | 1,322,648 | 1,200,941 |
Total | 459,655 | 1,322,648 | 1,200,941 |
Airplan | Operating segments | Transferred over a period time: | |||
Operating segments: | |||
Aeronautical revenue | 29,326 | 69,009 | 75,565 |
Non aeronautical services revenue | 296,961 | 507,076 | 395,410 |
Construction services (Note 3.1.3) | 6,918 | 175,998 | 312,375 |
Total | 333,205 | 752,083 | 783,350 |
Merida | Operating segments | |||
Operating segments: | |||
Aeronautical revenue | 281,659 | 579,727 | 469,879 |
Non aeronautical services revenue | 90,431 | 129,527 | 117,277 |
Construction services (Note 3.1.3) | 728,718 | 134,104 | 4,831 |
Operating profit | 95,167 | 384,115 | 297,468 |
Non-current assets | 2,426,454 | 1,780,146 | 1,454,497 |
Total assets | 2,913,304 | 1,981,396 | 1,857,958 |
Total liabilities | 49,910 | (27,836) | (25,257) |
Improvements to assets under concession and acquisition of furniture and equipment in the period | 570,940 | 407,684 | 7,116 |
Amortization and depreciation | (49,427) | (48,371) | (47,803) |
Merida | Operating segments | Transferred at a point in time: | |||
Operating segments: | |||
Aeronautical revenue | 254,210 | 530,736 | 426,070 |
Total | 254,210 | 530,736 | 426,070 |
Merida | Operating segments | Transferred over a period time: | |||
Operating segments: | |||
Aeronautical revenue | 27,449 | 48,991 | 41,179 |
Non aeronautical services revenue | 90,431 | 129,527 | 57,554 |
Construction services (Note 3.1.3) | 728,718 | 134,104 | 4,831 |
Total | 846,598 | 312,622 | 103,564 |
Villahermosa | Operating segments | |||
Operating segments: | |||
Aeronautical revenue | 132,751 | 251,468 | 201,502 |
Non aeronautical services revenue | 42,103 | 58,270 | 59,822 |
Construction services (Note 3.1.3) | 154,155 | 57,225 | 15,604 |
Operating profit | 40,020 | 152,041 | 113,038 |
Non-current assets | 1,097,864 | 1,003,909 | 921,162 |
Total assets | 1,345,826 | 1,301,195 | 1,241,529 |
Total liabilities | 78,198 | 78,227 | 79,070 |
Improvements to assets under concession and acquisition of furniture and equipment in the period | 118,736 | 117,405 | 12,671 |
Amortization and depreciation | (31,897) | (30,693) | (30,147) |
Villahermosa | Operating segments | Transferred at a point in time: | |||
Operating segments: | |||
Aeronautical revenue | 120,688 | 229,217 | 180,407 |
Total | 120,688 | 229,217 | 180,407 |
Villahermosa | Operating segments | Transferred over a period time: | |||
Operating segments: | |||
Aeronautical revenue | 12,063 | 22,251 | 21,027 |
Non aeronautical services revenue | 42,103 | 58,270 | 39,395 |
Construction services (Note 3.1.3) | 154,155 | 57,225 | 15,604 |
Total | 208,321 | 137,746 | 76,027 |
Holding & service | Operating segments | |||
Operating segments: | |||
Non aeronautical services revenue | 1,265,920 | 1,748,731 | 1,684,204 |
Construction services (Note 3.1.3) | 284,591 | ||
Operating profit | 327,631 | 585,440 | 605,860 |
Non-current assets | 33,164,914 | 30,598,817 | 28,789,664 |
Total assets | 33,834,595 | 31,343,675 | 29,525,000 |
Total liabilities | 184,800 | 244,152 | 205,077 |
Amortization and depreciation | (6,976) | (7,194) | (640) |
Holding & service | Operating segments | Transferred over a period time: | |||
Operating segments: | |||
Non aeronautical services revenue | 1,265,920 | 1,748,731 | 1,684,204 |
Total | 1,265,920 | 1,748,731 | 1,684,204 |
Other | Operating segments | |||
Operating segments: | |||
Aeronautical revenue | 482,695 | 953,531 | 865,618 |
Non aeronautical services revenue | 133,496 | 169,120 | 162,345 |
Construction services (Note 3.1.3) | 557,862 | 37,126 | |
Operating profit | 52,109 | 494,350 | 433,358 |
Non-current assets | 5,029,721 | 4,628,280 | 4,314,529 |
Total assets | 5,947,221 | 5,548,880 | 5,377,784 |
Total liabilities | 86,366 | 97,834 | 97,124 |
Improvements to assets under concession and acquisition of furniture and equipment in the period | 511,085 | 460,534 | 64,692 |
Amortization and depreciation | (151,046) | (144,648) | (142,548) |
Other | Operating segments | Transferred at a point in time: | |||
Operating segments: | |||
Aeronautical revenue | 439,320 | 870,622 | 788,406 |
Total | 439,320 | 870,622 | 788,406 |
Other | Operating segments | Transferred over a period time: | |||
Operating segments: | |||
Aeronautical revenue | 43,375 | 82,909 | 73,068 |
Non aeronautical services revenue | 133,496 | 169,120 | 143,100 |
Construction services (Note 3.1.3) | 557,862 | 284,591 | 37,126 |
Total | 734,733 | 536,620 | 253,294 |
Consolidation adjustments | Operating segments | |||
Operating segments: | |||
Non aeronautical services revenue | (1,266,291) | (1,749,181) | (1,684,654) |
Construction services (Note 3.1.3) | 1,236,193 | ||
Non-current assets | (33,757,400) | (31,165,267) | (29,335,081) |
Total assets | (33,757,400) | (31,165,474) | (29,335,081) |
Total liabilities | (206) | ||
Consolidation adjustments | Operating segments | Transferred over a period time: | |||
Operating segments: | |||
Non aeronautical services revenue | (1,266,291) | (1,749,181) | (1,684,654) |
Total | $ (1,266,291) | $ (1,749,181) | $ (1,684,654) |
Segment information_ Additional
Segment information: Additional information (Details) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Operating segments: | ||
Agreement term | 50 years | |
Aeropuerto de Cancun | ||
Operating segments: | ||
Proportion of interest in subsidiary | 100.00% | 100.00% |
Airplan | ||
Operating segments: | ||
Proportion of interest in subsidiary | 100.00% | |
Aerostar | ||
Operating segments: | ||
Proportion of interest in subsidiary | 60.00% |
Revenue from Contracts with C_3
Revenue from Contracts with Customers: Construction services (Details) - MXN ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenue from Contracts with Customers: | |||
Compulsory works | $ 28,056 | ||
Construction services (Note 3.1.3) | $ 3,657,086 | $ 1,236,193 | $ 935,774 |
Revenue from Contracts with C_4
Revenue from Contracts with Customers: Airports law and regulations (Details) - MXN ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenue: | |||
Revenue | $ 12,624,731 | $ 16,821,638 | $ 15,410,241 |
Commercial services | 2,544,474 | 4,265,669 | 4,121,709 |
Construction services | 3,657,086 | 1,236,193 | 935,774 |
Regulated services: | |||
Revenue: | |||
Revenue | 5,637,758 | 9,890,230 | 9,222,535 |
Regulated services: | Passenger fees | |||
Revenue: | |||
Revenue | 3,476,804 | 7,005,018 | 6,547,645 |
Regulated services: | Landing fees | |||
Revenue: | |||
Revenue | 983,173 | 1,148,747 | 1,047,687 |
Regulated services: | Platform | |||
Revenue: | |||
Revenue | 395,432 | 405,814 | 413,129 |
Regulated services: | Security services | |||
Revenue: | |||
Revenue | 46,553 | 102,216 | 91,996 |
Regulated services: | Baggage inspection fees | |||
Revenue: | |||
Revenue | 140,502 | 296,143 | 268,940 |
Regulated services: | Passenger walkway | |||
Revenue: | |||
Revenue | 333,134 | 575,464 | 509,440 |
Regulated services: | Passengers documentation counters | |||
Revenue: | |||
Revenue | 9,383 | 16,821 | 18,152 |
Regulated services: | Other airport services | |||
Revenue: | |||
Revenue | 252,777 | 340,007 | 325,546 |
Non regulated services: | |||
Revenue: | |||
Commercial services | 2,544,474 | 4,265,669 | 4,121,709 |
Revenue | 3,329,887 | 5,695,215 | 5,251,932 |
Non regulated services: | Retail stores | |||
Revenue: | |||
Revenue | 461,502 | 895,591 | 621,850 |
Non regulated services: | Access fees on nonpermanent ground transportation | |||
Revenue: | |||
Revenue | 29,967 | 63,159 | 57,885 |
Non regulated services: | Car parking and related access fees | |||
Revenue: | |||
Revenue | 171,193 | 319,200 | 298,536 |
Non regulated services: | Other airport services | |||
Revenue: | |||
Revenue | 122,751 | 151,596 | 151,952 |
Non regulated services: | Non-regulated services excluding commercial services | |||
Revenue: | |||
Revenue | $ 785,413 | $ 1,429,546 | $ 1,130,223 |
Revenue from Contracts with C_5
Revenue from Contracts with Customers: Commercial services (Details) - MXN ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenue from Contracts with Customers: | |||
Commercial services | $ 2,544,474 | $ 4,265,669 | $ 4,121,709 |
Duty free shops | |||
Revenue from Contracts with Customers: | |||
Commercial services | 991,833 | 1,785,508 | 1,861,116 |
Food and beverage | |||
Revenue from Contracts with Customers: | |||
Commercial services | 449,340 | 820,001 | 738,371 |
Advertising revenues | |||
Revenue from Contracts with Customers: | |||
Commercial services | 92,683 | 187,192 | 161,214 |
Car rental companies | |||
Revenue from Contracts with Customers: | |||
Commercial services | 485,725 | 673,969 | 611,864 |
Banking and currency exchange services | |||
Revenue from Contracts with Customers: | |||
Commercial services | 72,563 | 115,927 | 119,855 |
Teleservices | |||
Revenue from Contracts with Customers: | |||
Commercial services | 15,174 | 16,038 | 14,139 |
Ground transportations | |||
Revenue from Contracts with Customers: | |||
Commercial services | 49,721 | 98,033 | 76,106 |
Other services | |||
Revenue from Contracts with Customers: | |||
Commercial services | $ 387,435 | $ 569,001 | $ 539,044 |
Revenue from Contracts with C_6
Revenue from Contracts with Customers: Domestic and international passenger traffic - (Details) - individual | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Total domestic passengers | 17,419 | 35,371 |
Total international passengers | 8,171 | 20,291 |
Number of total passengers | 25,590 | 55,662 |
Mexico | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Total domestic passengers | 9,246 | 16,684 |
Total international passengers | 7,283 | 17,478 |
Puerto Rico (Aerostar) | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Total domestic passengers | 4,548 | 8,456 |
Total international passengers | 298 | 992 |
Colombia (Airplan) | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Total domestic passengers | 3,625 | 10,231 |
Total international passengers | 590 | 1,821 |
Revenue from Contracts with C_7
Revenue from Contracts with Customers: Decrease in passenger traffic as a result of COVID-19 - (Details) - MXN ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Aeronautical services revenue | $ 5,412,418 | $ 9,596,975 | $ 8,942,910 |
Non aeronautical services revenue | 3,555,227 | 5,988,470 | $ 5,531,557 |
Total without construction revenue | $ 8,967,645 | 15,585,445 | |
Change % compared to 2019, Total aeronautical revenue | (43.60%) | ||
Change % compared to 2019, Total non-aeronautical revenue | (40.63%) | ||
Change % compared to 2019, Total without construction revenue | (42.46%) | ||
Mexico | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Aeronautical services revenue | $ 3,115,335 | 6,334,890 | |
Non aeronautical services revenue | $ 2,517,816 | 4,380,821 | |
Change % compared to 2019, Total aeronautical revenue | (50.82%) | ||
Change % compared to 2019, Total non-aeronautical revenue | (42.53%) | ||
Puerto Rico (Aerostar) | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Aeronautical services revenue | $ 1,808,102 | 1,870,428 | |
Non aeronautical services revenue | $ 740,450 | 1,100,573 | |
Change % compared to 2019, Total aeronautical revenue | (3.33%) | ||
Change % compared to 2019, Total non-aeronautical revenue | (32.72%) | ||
Colombia (Airplan) | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Aeronautical services revenue | $ 488,981 | 1,391,657 | |
Non aeronautical services revenue | $ 296,961 | $ 507,076 | |
Change % compared to 2019, Total aeronautical revenue | (64.86%) | ||
Change % compared to 2019, Total non-aeronautical revenue | (41.44%) |
Revenue from Contracts with C_8
Revenue from Contracts with Customers: Future lease income (Details) $ in Thousands | Dec. 31, 2020MXN ($) |
2021 | |
Future lease income: | |
Lease payments receivable | $ 2,515,572 |
2022 | |
Future lease income: | |
Lease payments receivable | 2,315,111 |
2023 | |
Future lease income: | |
Lease payments receivable | 2,184,496 |
2024 | |
Future lease income: | |
Lease payments receivable | 1,943,444 |
2025 | |
Future lease income: | |
Lease payments receivable | 1,857,885 |
2026 - 2028 | |
Future lease income: | |
Lease payments receivable | $ 2,380,113 |
Revenue from Contracts with C_9
Revenue from Contracts with Customers: Additional information (Details) $ in Thousands | 12 Months Ended | |||||||
Dec. 31, 2020USD ($) | Dec. 31, 2020MXN ($) | Dec. 31, 2019USD ($) | Dec. 31, 2019MXN ($) | Dec. 31, 2018USD ($) | Dec. 31, 2018MXN ($) | Dec. 31, 2013USD ($) | Dec. 31, 2013MXN ($) | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||||||
Prompt payment discount | $ 44,561,000 | $ 47,374,000 | $ 45,293,000 | |||||
Non-aeronautical services | 3,555,227,000 | 5,988,470,000 | 5,531,557,000 | |||||
Operating lease income | 1,931,965,000 | 3,435,381,000 | 3,371,630,000 | |||||
Fixed lease income | 612,509,000 | 830,288,000 | 750,079,000 | |||||
Aeronautical services revenue | 5,412,418,000 | 9,596,975,000 | 8,942,910,000 | |||||
Revenue from rendering of transport services | 225,340,000 | 293,256,000 | 279,625,000 | |||||
Construction services | 3,657,086,000 | 1,236,193,000 | 935,774,000 | |||||
Revenue from construction contracts | 3,657,086,000 | 1,236,193,000 | 935,774,000 | |||||
Annual contributions | 5,412,418,000 | 9,596,975,000 | 8,942,910,000 | |||||
Aerostar | ||||||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||||||
Aeronautical services revenue | $ 64,495 | $ 1,391,462,000 | $ 63,143 | 1,216,134,000 | $ 62,000 | 1,249,254,000 | ||
Term of Use Agreement | 15 years | 15 years | ||||||
Annual contributions | $ 64,495 | $ 1,391,462,000 | $ 63,143 | 1,216,134,000 | $ 62,000 | 1,249,254,000 | ||
Mexico | ||||||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||||||
Aeronautical services revenue | 3,340,674,000 | 6,628,146,000 | 6,245,170,000 | |||||
Construction services | 3,296,482,000 | 725,047,000 | 263,395,000 | |||||
Revenue from construction contracts | 3,296,482,000 | 725,047,000 | 263,395,000 | |||||
Annual contributions | 3,340,674,000 | 6,628,146,000 | 6,245,170,000 | |||||
Notes received pledged | 185,140,000 | |||||||
Puerto Rico (Aerostar) | ||||||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||||||
Construction services | 353,686,000 | 335,148,000 | 360,004,000 | |||||
Revenue from construction contracts | 353,686,000 | 335,148,000 | 360,004,000 | |||||
Colombia (Airplan) | ||||||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||||||
Construction services | 6,918,000 | 175,998,000 | 312,375 | |||||
Revenue from construction contracts | 6,918,000 | 175,998,000 | 312,375 | |||||
Notes received pledged | 60,617,000 | |||||||
Airplan | ||||||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||||||
Aeronautical services revenue | 488,981,000 | 1,391,657,000 | 1,276,506,000 | |||||
Annual contributions | 488,981,000 | 1,391,657,000 | 1,276,506,000 | |||||
Aerostar | ||||||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||||||
Aeronautical services revenue | 62,000 | 1,808,102,000 | 1,870,427,000 | 1,700,859,000 | $ 62,000 | $ 1,235,982,000 | ||
Annual contributions | $ 62,000 | $ 1,808,102,000 | $ 1,870,427,000 | $ 1,700,859,000 | $ 62,000 | $ 1,235,982,000 |
Costs and expenses by nature__2
Costs and expenses by nature: (Details) $ in Thousands, $ in Millions | Sep. 20, 2017USD ($) | Dec. 31, 2020MXN ($) | Dec. 31, 2019MXN ($) | Dec. 31, 2018MXN ($) |
Costs and expenses by nature: | ||||
Short term benefits | $ 1,039,883 | $ 1,199,217 | $ 1,118,926 | |
Electric power | 382,026 | 474,719 | 458,827 | |
Maintenance and conservation | 447,884 | 699,557 | 673,603 | |
Professional fees | 251,621 | 308,740 | 306,169 | |
Insurance and bonds | 127,750 | 225,252 | 200,477 | |
Surveillance services | $ 29.7 | 275,206 | 325,613 | 310,065 |
Cleaning services | 207,599 | 232,219 | 229,003 | |
Technical assistance (Note 15.4) | 175,615 | 404,086 | 386,249 | |
Right of use of assets under concession | 535,379 | 986,850 | 898,253 | |
Amortization and depreciation of intangible assets, furniture and equipment | 1,934,766 | 1,836,897 | 1,760,741 | |
Consumption of commercial items | 169,298 | 323,899 | 300,845 | |
Construction services (Note 3.1.3) | 3,657,086 | 1,236,193 | 935,774 | |
Termination benefits (Note 18.17) | 2,382 | 1,922 | 1,595 | |
Employees' statutory profit sharing | 3,115 | 10,250 | 8,052 | |
Impairment of accounts receivable (Note 6) | 154,417 | 12,127 | 6,241 | |
Other | 143,409 | 267,521 | 171,089 | |
Total aeronautical and non-aeronautical services costs, costs of construction services and administrative expenses | $ 9,507,436 | $ 8,545,062 | $ 7,765,909 |
Costs and expenses by nature_ A
Costs and expenses by nature: Additional information (Details) $ in Thousands, $ in Thousands | May 12, 2020USD ($) | May 12, 2020MXN ($) | Dec. 31, 2020USD ($) | Dec. 31, 2020MXN ($) | Dec. 31, 2019MXN ($) | Dec. 31, 2018MXN ($) |
Disclosure of geographical areas [line items] | ||||||
Right of use of assets under concession | $ 535,379 | $ 986,850 | $ 898,253 | |||
Short term benefits | 1,039,883 | 1,199,217 | 1,118,926 | |||
Maintenance and preservation | 447,884 | 699,557 | 673,603 | |||
Mexico | ||||||
Disclosure of geographical areas [line items] | ||||||
Right of use of assets under concession | 254,337 | 484,402 | 458,290 | |||
Colombia (Airplan) | ||||||
Disclosure of geographical areas [line items] | ||||||
Right of use of assets under concession | $ 149,602 | 361,029 | $ 312,244 | |||
Percentage of revenue | 19.00% | 19.00% | 19.00% | |||
Puerto Rico (Aerostar) | ||||||
Disclosure of geographical areas [line items] | ||||||
Right of use of assets under concession | $ 131,440 | $ 141,419 | $ 127,719 | |||
Percentage of revenue | 5.00% | |||||
Amount of grant offer | $ 33,417 | $ 717,590 | $ 33,417 | 717,590 | ||
Amount of subsidy received for reimbursements of invoices | $ 17,125 | $ 367,752 | $ 17,125 | $ 367,752 | ||
Number of years fund usage | 4 years | 4 years | ||||
Pertinent expense, net | $ 339,681 | |||||
Short term benefits | 165,894 | |||||
Amortization of insurance and bonding | 142,274 | |||||
Amortization of others | 23,650 | |||||
Maintenance and preservation | $ 7,863 |
Cash and cash equivalents_ (Det
Cash and cash equivalents: (Details) - MXN ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Cash and cash equivalents: | ||||
Cash and cash held at banks | $ 3,514,293 | $ 3,642,037 | ||
Short term investments | 1,678,335 | 2,550,642 | ||
Cash and cash equivalents | $ 5,192,628 | $ 6,192,679 | $ 4,584,507 | $ 4,677,454 |
Cash and cash equivalents_ Rest
Cash and cash equivalents: Restricted (Details) - MXN ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Cash and cash equivalents: | ||
Restricted cash and cash equivalents used for passenger facility charge authorized by FAA | $ 5,055 | $ 26,849 |
Restricted cash related to funds related to the recovery of insurance | $ 138,773 |
Accounts receivable - Net_ (Det
Accounts receivable - Net: (Details) - MXN ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Accounts receivable - Net: | |||
Clients | $ 1,458,653 | $ 1,195,559 | |
Less: impairment provision | (346,183) | (191,766) | $ (179,639) |
Clients, accounts receivable, net | 1,112,470 | 1,003,793 | |
Documents receivable from clients | 245,757 | ||
Total accounts receivable | $ 1,358,227 | $ 1,003,793 |
Accounts receivable - Net_ Move
Accounts receivable - Net: Movement in provision (Details) - MXN ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Impairment provision: | ||
Provision beginning balance | $ 191,766 | $ 179,639 |
Application to provision | 70,470 | (369) |
Provision impairment | 128,000 | |
Provision ending balance | 346,183 | 191,766 |
Aerostar | ||
Impairment provision: | ||
Application to provision | 50,842 | (5,585) |
Airplan | ||
Impairment provision: | ||
Provision impairment | $ 33,105 | $ 18,081 |
Accounts receivable - Net_ Expe
Accounts receivable - Net: Expected loss rate (Details) - MXN ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Expected loss rate: | |||
Accounts receivables | $ 1,458,653 | $ 1,195,559 | |
Impairment provision | 346,183 | 191,766 | $ 179,639 |
Mexico | |||
Expected loss rate: | |||
Accounts receivables | 65,452 | ||
Impairment provision | $ 199,400 | $ 128,930 | |
Mexico | Current | |||
Expected loss rate: | |||
Expected credit loss rate | 0.00% | 0.02% | |
Accounts receivables | $ 474,854 | ||
Mexico | Three months | |||
Expected loss rate: | |||
Expected credit loss rate | 0.02% | 0.02% | |
Accounts receivables | $ 59,819 | $ 1,012 | |
Impairment provision | $ 784 | ||
Mexico | Six months | |||
Expected loss rate: | |||
Expected credit loss rate | 19.20% | 0.02% | |
Accounts receivables | $ 14,292 | $ 1,733 | |
Impairment provision | $ 2,744 | ||
Mexico | One year | |||
Expected loss rate: | |||
Expected credit loss rate | 100.00% | 100.00% | |
Accounts receivables | $ 66,816 | $ 126 | |
Impairment provision | $ 66,816 | ||
Mexico | More than 365 | |||
Expected loss rate: | |||
Expected credit loss rate | 100.00% | 100.00% | |
Accounts receivables | $ 129,056 | $ 128,930 | |
Impairment provision | 129,056 | 128,930 | |
Puerto Rico (Aerostar) | |||
Expected loss rate: | |||
Impairment provision | $ 88,331 | $ 37,489 | |
Puerto Rico (Aerostar) | Current | |||
Expected loss rate: | |||
Expected credit loss rate | 5.40% | 1.00% | |
Accounts receivables | $ 444,515 | $ 159,796 | |
Impairment provision | $ 23,984 | 1,599 | |
Puerto Rico (Aerostar) | Three months | |||
Expected loss rate: | |||
Expected credit loss rate | 5.10% | ||
Accounts receivables | $ 60,421 | 97,697 | |
Impairment provision | $ 3,084 | $ 3,611 | |
Puerto Rico (Aerostar) | Three months | Minimum | |||
Expected loss rate: | |||
Expected credit loss rate | 2.50% | ||
Puerto Rico (Aerostar) | Three months | Maximum | |||
Expected loss rate: | |||
Expected credit loss rate | 5.00% | ||
Puerto Rico (Aerostar) | Six months | |||
Expected loss rate: | |||
Expected credit loss rate | 43.70% | 15.00% | |
Accounts receivables | $ 3,702 | $ 2,176 | |
Impairment provision | $ 1,619 | $ 544 | |
Puerto Rico (Aerostar) | One year | |||
Expected loss rate: | |||
Expected credit loss rate | 88.00% | 50.00% | |
Accounts receivables | $ 4,896 | $ 712 | |
Impairment provision | $ 4,284 | $ 499 | |
Puerto Rico (Aerostar) | More than 365 | |||
Expected loss rate: | |||
Expected credit loss rate | 100.00% | 100.00% | |
Accounts receivables | $ 55,360 | $ 31,236 | |
Impairment provision | 55,360 | 31,236 | |
Colombia (Airplan) | |||
Expected loss rate: | |||
Impairment provision | $ 58,452 | $ 25,347 | |
Colombia (Airplan) | Current | |||
Expected loss rate: | |||
Expected credit loss rate | 0.83% | 0.83% | |
Colombia (Airplan) | Three months | |||
Expected loss rate: | |||
Expected credit loss rate | 0.70% | 0.83% | |
Accounts receivables | $ 73,865 | $ 114,858 | |
Impairment provision | $ 516 | $ 953 | |
Colombia (Airplan) | Six months | |||
Expected loss rate: | |||
Expected credit loss rate | 0.83% | 0.83% | |
Accounts receivables | $ 1,610 | $ 52,410 | |
Impairment provision | $ 110 | $ 435 | |
Colombia (Airplan) | One year | |||
Expected loss rate: | |||
Expected credit loss rate | 100.00% | 100.00% | |
Accounts receivables | $ 37,214 | $ 15,357 | |
Impairment provision | $ 25,593 | $ 15,357 | |
Colombia (Airplan) | More than 365 | |||
Expected loss rate: | |||
Expected credit loss rate | 100.00% | 100.00% | |
Accounts receivables | $ 32,233 | $ 8,602 | |
Impairment provision | $ 32,233 | $ 8,602 |
Accounts receivable - Net_ Addi
Accounts receivable - Net: Additional information (Details) - MXN ($) | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 30, 2020 | Apr. 01, 2020 | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Trade and other current receivables | $ 1,358,227,000 | $ 1,003,793,000 | ||
Points to add interest rate | 1.25% | 1.25% | ||
Increase in impairment allowance for accounts receivable | $ 154,417 | $ 154,417,000 | ||
Accounts receivables | 1,458,653,000 | 1,195,559,000 | ||
Unimpaired past due | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Accounts receivables | 474,854,000 | 580,914,000 | ||
Unimpaired past due | Three months | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Accounts receivables | 189,721,000 | 209,003,000 | ||
Unimpaired past due | Later than one year | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Accounts receivables | 217,085,000 | 264,682,000 | ||
Passenger fees | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Trade and other current receivables | $ 547,810,000 | $ 615,223,000 | ||
Banco Popular De Puerto Rico | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Points to add interest rate | 0.50% | 0.50% | ||
Mexico | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Points to add interest rate | 7.00% | |||
Notes received pledged | $ 185,140,000 | |||
Term of guaranteed notes receivable | 1 year 6 months | |||
Increase in impairment allowance for accounts receivable | $ 70,470,000 | |||
Accounts receivables | 65,452,000 | |||
Colombia (Airplan) | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Notes received pledged | 60,617,000 | |||
Increase in impairment allowance for accounts receivable | 33,105,000 | |||
Puerto Rico (Aerostar) | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Increase in impairment allowance for accounts receivable | $ 50,842,000 | |||
International passenger traffic (in percent) | 70.00% | |||
Domestic traffic (in percent) | 80.00% | 85.00% |
Land, furniture and equipment_3
Land, furniture and equipment - Net: (Details) - MXN ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Land, furniture and equipment: | ||
Beginning balance | $ 520,623 | $ 558,480 |
Foreign currency translation | 1,852 | |
Additions | 28,056 | |
Disposals transfers | (67,765) | |
Ending balance | 504,385 | 520,623 |
Land | ||
Land, furniture and equipment: | ||
Beginning balance | 302,323 | 302,323 |
Ending balance | 302,323 | 302,323 |
Furniture equipment | ||
Land, furniture and equipment: | ||
Beginning balance | 110,620 | 83,466 |
Foreign currency translation | 515 | (270) |
Additions | 5,927 | 27,424 |
Ending balance | 117,062 | 110,620 |
Machinery | ||
Land, furniture and equipment: | ||
Beginning balance | 106,843 | 80,511 |
Foreign currency translation | 4,013 | (3,869) |
Additions | 32,762 | 46,571 |
Disposals transfers | (16,370) | |
Ending balance | 143,618 | 106,843 |
Computer equipment | ||
Land, furniture and equipment: | ||
Beginning balance | 52,973 | 45,812 |
Foreign currency translation | 931 | 980 |
Additions | 17,667 | 6,181 |
Ending balance | 71,571 | 52,973 |
Transportation equipment | ||
Land, furniture and equipment: | ||
Beginning balance | 30,318 | 22,064 |
Foreign currency translation | 1,420 | (1,295) |
Additions | 1,531 | 9,549 |
Ending balance | 33,269 | 30,318 |
Improvements to leased premises | ||
Land, furniture and equipment: | ||
Beginning balance | 59,158 | 60,640 |
Foreign currency translation | 569 | 5,040 |
Additions | 3,723 | 4,615 |
Disposals transfers | (11,137) | |
Ending balance | 63,450 | 59,158 |
Equipment in transit | ||
Land, furniture and equipment: | ||
Beginning balance | 68,142 | |
Foreign currency translation | (377) | |
Disposals transfers | (67,765) | |
Gross carrying amount | ||
Land, furniture and equipment: | ||
Beginning balance | 520,623 | 490,338 |
Foreign currency translation | 7,047 | 2,229 |
Additions | (23,285) | 28,056 |
Ending balance | 504,385 | 520,623 |
Accumulated depreciation | ||
Land, furniture and equipment: | ||
Beginning balance | (141,612) | (104,478) |
Foreign currency translation | (401) | 1,643 |
Additions | (84,895) | (66,284) |
Disposals transfers | (27,507) | |
Ending balance | $ (226,908) | $ (141,612) |
Land, furniture and equipment_4
Land, furniture and equipment - Net: Additional information (Details) - MXN ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Land, furniture and equipment: | |||
Depreciation expense | $ 84,895 | $ 66,284 | $ 44,298 |
Mexico | |||
Land, furniture and equipment: | |||
Depreciation expense right-of-use assets | 6,689 | 6,653 | |
Aerostar | |||
Land, furniture and equipment: | |||
Depreciation expense | 72,474 | 54,524 | 40,410 |
Airplan | |||
Land, furniture and equipment: | |||
Depreciation expense | $ 1,834 | $ 1,506 | $ 1,066 |
Land, furniture and equipment_5
Land, furniture and equipment - Net: Right-of-use assets of leasing assets (Details) $ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020USD ($) | Dec. 31, 2020MXN ($) | Dec. 31, 2019MXN ($) | Jan. 01, 2019 | |
Disclosure of quantitative information about right-of-use assets [line items] | ||||
Weighted average interest rates of the lessee applied to lease liabilities | 9.20% | 9.04% | ||
Current lease liabilities | $ 17,236 | $ 20,422 | ||
Right-of-use assets with property leases | 9,513 | 14,774 | ||
Lease liabilities | $ 17,260 | $ 20,422 | ||
Corporate offices | ||||
Disclosure of quantitative information about right-of-use assets [line items] | ||||
Lease term of contract | 5 years | 5 years | ||
Amount of monthly operating lease payments | $ 23,549 | $ 469 | ||
Number of months rent for security deposit | 2 months | 2 months | ||
Transportation equipment | ||||
Disclosure of quantitative information about right-of-use assets [line items] | ||||
Lease term of contract | 48 months | 48 months | ||
Percentage of default monthly interest rate in th event of nonpayment of lease payment | 3.00% | 3.00% |
Intangible assets, airport co_3
Intangible assets, airport concessions and goodwill - Net: - Movements of intangible assets of airport concessions (Details) - MXN ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Intangible assets: | ||
Intangible assets and goodwill | $ 49,126,038 | $ 49,586,322 |
Foreign currency translation | 1,321,875 | (1,309,886) |
Additions | 1,734,398 | |
Additions | 849,602 | |
Intangible assets and goodwill | 52,182,311 | 49,126,038 |
Accumulated amortization | ||
Intangible assets: | ||
Intangible assets and goodwill | 10,395,094 | 8,703,731 |
Foreign currency translation | (79,297) | 33,462 |
Additions | (1,849,871) | (1,770,613) |
Intangible assets and goodwill | (14,061,413) | 10,395,094 |
Concessions (Regulated Activity) | ||
Intangible assets: | ||
Intangible assets and goodwill | 50,586,636 | 49,961,253 |
Foreign currency translation | 1,059,370 | (961,446) |
Additions | 107,144 | 591,315 |
Disposals transfers | 932,376 | 995,514 |
Intangible assets and goodwill | 52,685,526 | 50,586,636 |
Contracts assets | ||
Intangible assets: | ||
Intangible assets and goodwill | 978,060 | 671,496 |
Foreign currency translation | 1,295 | |
Additions | 3,036,386 | 1,236,196 |
Disposals transfers | (311,676) | (929,632) |
Intangible assets and goodwill | 3,704,065 | 978,060 |
Contractor advance | ||
Intangible assets: | ||
Intangible assets and goodwill | 696,696 | |
Additions | 355,809 | 762,578 |
Disposals transfers | (620,700) | (65,882) |
Intangible assets and goodwill | 431,805 | 696,696 |
Licences and ODC | ||
Intangible assets: | ||
Intangible assets and goodwill | 279,797 | 249,671 |
Additions | 84,930 | 30,126 |
Intangible assets and goodwill | 364,727 | 279,797 |
Commercial Right's (Unregulated Activity) | ||
Intangible assets: | ||
Intangible assets and goodwill | 6,149,729 | 6,531,631 |
Foreign currency translation | 340,507 | (381,902) |
Intangible assets and goodwill | 6,490,236 | 6,149,729 |
Goodwill | Gross carrying amount | ||
Intangible assets: | ||
Intangible assets and goodwill | 2,567,365 | 2,567,365 |
Intangible assets and goodwill | $ 2,567,365 | $ 2,567,365 |
Intangible assets, airport co_4
Intangible assets, airport concessions and goodwill - Net: - Allocation of goodwill (Details) - MXN ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure by geographical areas: | ||
Goodwill | $ 2,567,365 | $ 2,567,365 |
Colombia (Airplan) | ||
Disclosure by geographical areas: | ||
Goodwill | 1,509,714 | 1,509,714 |
Puerto Rico (Aerostar) | ||
Disclosure by geographical areas: | ||
Goodwill | $ 1,057,651 | $ 1,057,651 |
Intangible assets, airport co_5
Intangible assets, airport concessions and goodwill - Net: - Impairment tests (Details) - MXN ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure by geographical areas: | ||
Goodwill (Note 1.1) | $ 2,567,365 | $ 2,567,365 |
Puerto Rico (Aerostar) | ||
Disclosure by geographical areas: | ||
Goodwill (Note 1.1) | $ 1,057,651 | $ 1,057,651 |
Intangible assets, airport co_6
Intangible assets, airport concessions and goodwill - Net: - CGU with a significant amount of goodwill (Details) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Colombia (Airplan) | ||
Disclosure by geographical areas: | ||
Discount rate | 6.92% | 9.66% |
Operating costs and expenses annual average | 3.00% | 5.25% |
Departing passenger growth rate | 6.70% | |
Passenger growth rate in the recovery period of each CGU. | 52.16% | |
Recovery period (years) | 3 years | |
Average growth rate of passengers in the period | ||
After the recovery of passengers for each CGU | 4.90% | |
Hierarchy level of the fair value of the recoverable value of the CGU | 3 | |
Puerto Rico (Aerostar) | ||
Disclosure by geographical areas: | ||
Discount rate | 9.54% | 9.60% |
Operating costs and expenses annual average | 3.00% | 4.45% |
Departing passenger growth rate | 2.50% | |
Passenger growth rate in the recovery period of each CGU. | 19.37% | |
Recovery period (years) | 5 years | |
Average growth rate of passengers in the period | ||
After the recovery of passengers for each CGU | 1.70% | |
Hierarchy level of the fair value of the recoverable value of the CGU | 3 | |
Mexico | ||
Disclosure by geographical areas: | ||
Discount rate | 12.20% | |
Operating costs and expenses annual average | 3.00% | |
Passenger growth rate in the recovery period of each CGU. | 34.80% | |
Recovery period (years) | 5 years | |
Average growth rate of passengers in the period | ||
After the recovery of passengers for each CGU | 2.30% | |
Hierarchy level of the fair value of the recoverable value of the CGU | 3 |
Intangible assets, airport co_7
Intangible assets, airport concessions and goodwill - Net: - Additional information (Details) $ in Thousands, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2020USD ($) | Dec. 31, 2020MXN ($) | Dec. 31, 2019MXN ($) | Dec. 31, 2018MXN ($) | Dec. 31, 2020MXN ($) | |
Disclosure by geographical areas: | |||||
Amortisation expense | $ 1,820,239 | $ 1,750,239 | $ 1,694,252 | ||
Amortization commercial rights | $ 181,545 | $ 172,020 | 179,199 | ||
Explanation of value assigned to key assumption | Taking the base scenario and applying a sensitivity analysis to the discount rate by +1% or -1% in each CGU, cash flow projections would have generated an effect of an excess of Ps.8,375,900 and Ps.18,213,261, respectively in Mexico, $563,239 and Ps.4,995,314 in Aerostar, respectively, and Ps.1,273,721 and Ps.1,857,402 in Airplan, respectively. | Taking the base scenario and applying a sensitivity analysis to the discount rate by +1% or -1% in each CGU, cash flow projections would have generated an effect of an excess of Ps.8,375,900 and Ps.18,213,261, respectively in Mexico, $563,239 and Ps.4,995,314 in Aerostar, respectively, and Ps.1,273,721 and Ps.1,857,402 in Airplan, respectively. | |||
Impairment testing on all CGUs considering the entire value of intangible assets, airport concessions and goodwill | $ 52,182,311 | ||||
Original concession period for operating rights | 50 years | 50 years | |||
Airplan | |||||
Disclosure by geographical areas: | |||||
Original concession period for operating rights | 40 years | 40 years | |||
Minimum | Airplan | |||||
Disclosure by geographical areas: | |||||
Original concession period for operating rights | 24 years | 24 years | |||
Positive | |||||
Disclosure by geographical areas: | |||||
Expected probability-weighted cash flow | 10.00% | 10.00% | |||
Base | |||||
Disclosure by geographical areas: | |||||
Expected probability-weighted cash flow | 65.00% | 65.00% | |||
Negative | |||||
Disclosure by geographical areas: | |||||
Expected probability-weighted cash flow | 25.00% | 25.00% | |||
CGU Mexico | |||||
Disclosure by geographical areas: | |||||
Explanation of period over which management has projected cash flows | P28Y | P28Y | |||
CGU Mexico | Positive | |||||
Disclosure by geographical areas: | |||||
Percentage applied to passenger traffic | 5.00% | 5.00% | |||
Amount in excess of cash flow projections | $ 8,375,900 | ||||
CGU Mexico | Negative | |||||
Disclosure by geographical areas: | |||||
Percentage applied to passenger traffic | 5.00% | 5.00% | |||
Amount in excess of cash flow projections | 18,213,261 | ||||
CGU Aerostar | |||||
Disclosure by geographical areas: | |||||
Explanation of period over which management has projected cash flows | P32Y | P32Y | |||
Explanation of value assigned to key assumption | If the discount rate applied to the cash flow projections of this CGU had been + 1% or -1% (instead of 9.60%), management's estimate would have had the following effects, an excess of the flows of cash against the carrying amount of Ps.3,937,096 and Ps.9,876,930, respectively. | ||||
Cash payments | $ 2,500 | ||||
CGU Aerostar | Positive | |||||
Disclosure by geographical areas: | |||||
Percentage applied to passenger traffic | 10.00% | 10.00% | |||
Amount in excess of cash flow projections | $ 563,239 | $ 3,937,096 | |||
CGU Aerostar | Negative | |||||
Disclosure by geographical areas: | |||||
Percentage applied to passenger traffic | 10.00% | 10.00% | |||
Amount in excess of cash flow projections | 9,876,930 | 4,995,314 | |||
CGU Airplan | |||||
Disclosure by geographical areas: | |||||
Period elapsed from date of execution of certificate of commencement of execution | 12 years | 12 years | |||
Explanation of value assigned to key assumption | If the discount rate applied to the cash flow projections of this CGU had been + 1% or -1% (instead of 9.66)%, Management's estimate would have had the following effects, an excess of the flows of cash against the carrying amount of Ps.615,993 and Ps.1,102,280, respectively. | If the discount rate applied to the cash flow projections of this CGU had been + 1% or -1% (instead of 9.66)%, Management's estimate would have had the following effects, an excess of the flows of cash against the carrying amount of Ps.615,993 and Ps.1,102,280, respectively. | |||
CGU Airplan | Positive | |||||
Disclosure by geographical areas: | |||||
Percentage applied to passenger traffic | 10.00% | 10.00% | |||
Amount in excess of cash flow projections | 615,993 | 1,273,721 | |||
CGU Airplan | Negative | |||||
Disclosure by geographical areas: | |||||
Percentage applied to passenger traffic | 10.00% | 10.00% | |||
Amount in excess of cash flow projections | 1,102,280 | $ 1,857,402 | |||
Licences | |||||
Disclosure by geographical areas: | |||||
Amortisation expense | $ 29,632 | 20,374 | 22,191 | ||
Colombia (Airplan) | |||||
Disclosure by geographical areas: | |||||
Amortisation expense | 357,934 | 384,169 | 351,885 | ||
Amortization commercial rights | $ 101,795 | 96,455 | $ 100,479 | ||
Percent of obligation to pay consideration on gross income | 19.00% | 19.00% | 19.00% | ||
Puerto Rico (Aerostar) | |||||
Disclosure by geographical areas: | |||||
Amortisation expense | $ 492,505 | 433,328 | $ 406,261 | ||
Percent of obligation to pay consideration on gross income | 5.00% | ||||
Mexico | |||||
Disclosure by geographical areas: | |||||
Amortisation expense | $ 686,460 | $ 664,267 | $ 656,428 |
Accounts payable and accrued _3
Accounts payable and accrued expenses (Details) - MXN ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Accounts payable and accrued expenses: | ||
Suppliers | $ 353,885 | $ 245,100 |
Taxes payable | 57,174 | 175,573 |
Use rights of assets under concession | 5,070 | 269,916 |
Accounts payable to related parties (Note 14.1) | 53,256 | 97,312 |
Lease payable (Note 7.1) | 17,236 | 20,422 |
Salaries payable | 128,105 | 149,452 |
Sundry creditors for services provided | 640,068 | 803,746 |
Accounts payable to contractors | 343,610 | 37,809 |
Accounts payable and accrued expenses | $ 1,598,404 | $ 1,799,330 |
Bank loans_ Credit lines (Detai
Bank loans: Credit lines (Details) $ in Thousands | 12 Months Ended | ||||||||
Dec. 31, 2020MXN ($) | Dec. 31, 2019MXN ($) | Dec. 31, 2020COP ($) | Dec. 31, 2020MXN ($) | Sep. 11, 2020COP ($) | Sep. 11, 2020MXN ($) | Jun. 29, 2020MXN ($) | Dec. 31, 2019COP ($) | Dec. 31, 2019MXN ($) | |
Bank loans: | |||||||||
Credit line used | $ 7,135,795 | $ 7,054,546 | |||||||
Principle amortization | (245,520) | (152,047) | |||||||
Commissions and interest - Net | $ 37,895 | $ 10,453 | |||||||
Short Term | 808,515 | 238,235 | |||||||
Long-Term | 6,641,941 | 6,488,569 | |||||||
Long- term | 6,119,655 | 6,674,717 | |||||||
Fair value | 6,400,498 | 6,712,834 | |||||||
Mexico | |||||||||
Bank loans: | |||||||||
Credit line used | 3,980,000 | 4,000,000 | |||||||
Principle amortization | (20,000) | ||||||||
Commissions and interest - Net | 11,210 | (7,532) | |||||||
Short Term | 322,209 | 23,998 | |||||||
Long- term | 3,649,001 | 3,968,470 | |||||||
Fair value | 3,947,277 | 4,090,050 | |||||||
Colombia (Airplan) | |||||||||
Bank loans: | |||||||||
Credit line used | $ 375,525,853 | 2,956,708 | $ 11,612,000,000 | $ 67,041 | $ 402,597,463 | 3,054,546 | |||
Principle amortization | (225,520) | (152,047) | |||||||
Commissions and interest - Net | 26,670 | 17,985 | |||||||
Short Term | 287,204 | 214,237 | |||||||
Long- term | 2,470,654 | 2,706,247 | |||||||
Fair value | 2,254,033 | 2,622,784 | |||||||
Santandar | |||||||||
Bank loans: | |||||||||
Credit line used | 2,000,000 | 2,000,000 | |||||||
Commissions and interest - Net | (5,133) | (7,933) | |||||||
Long- term | 1,994,867 | 1,992,067 | |||||||
Fair value | 1,989,862 | 2,044,664 | |||||||
BBVA Bancomer, S. A. | |||||||||
Bank loans: | |||||||||
Credit line used | 1,980,000 | 2,000,000 | |||||||
Principle amortization | (20,000) | ||||||||
Commissions and interest - Net | 16,343 | 401 | |||||||
Short Term | 322,209 | 23,998 | |||||||
Long- term | 1,654,134 | 1,976,403 | |||||||
Fair value | 1,957,415 | 2,045,386 | |||||||
Bancolombia | |||||||||
Bank loans: | |||||||||
Credit line used | 125,250,000 | 984,985 | 137,250,000 | 1,041,415 | |||||
Principle amortization | (69,959) | (51,834) | |||||||
Commissions and interest - Net | 9,410 | 6,474 | |||||||
Short Term | 81,758 | 73,067 | |||||||
Long- term | 842,678 | 922,987 | |||||||
Fair value | 752,072 | 894,131 | |||||||
Bancolombia one | |||||||||
Bank loans: | |||||||||
Credit line used | 8,128,400 | 67,697 | |||||||
Principle amortization | (20,309) | ||||||||
Commissions and interest - Net | 91 | ||||||||
Short Term | 47,479 | ||||||||
Fair value | 47,957 | ||||||||
Banco Popular De Puerto Rico | |||||||||
Bank loans: | |||||||||
Credit line used | 10,000 | 199,087 | |||||||
Commissions and interest - Net | 15 | ||||||||
Short Term | 199,102 | ||||||||
Fair value | 199,188 | ||||||||
Banco Popular De Puerto Rico | Mexico | |||||||||
Bank loans: | |||||||||
Credit line used | $ 1,500,000 | ||||||||
CorpBanca Columbia | |||||||||
Bank loans: | |||||||||
Credit line used | 85,170,000 | 670,111 | 93,330,000 | 708,472 | |||||
Principle amortization | (47,572) | (35,247) | |||||||
Commissions and interest - Net | 7,511 | 5,503 | |||||||
Short Term | 55,565 | 49,657 | |||||||
Long- term | 574,485 | 629,071 | |||||||
Fair value | 511,409 | 608,009 | |||||||
Banco Davivienda | |||||||||
Bank loans: | |||||||||
Credit line used | 75,149,985 | 591,130 | 82,349,995 | 624,983 | |||||
Principle amortization | (41,975) | (31,101) | |||||||
Commissions and interest - Net | 6,098 | 4,332 | |||||||
Short Term | 49,012 | 43,799 | |||||||
Long- term | 506,241 | 554,416 | |||||||
Fair value | 451,243 | 536,479 | |||||||
Banco de Bogota | |||||||||
Bank loans: | |||||||||
Credit line used | 30,894,211 | 242,820 | 33,854,211 | 256,744 | |||||
Principle amortization | (17,256) | (12,786) | |||||||
Commissions and interest - Net | 1,893 | 1,106 | |||||||
Short Term | 20,227 | 18,014 | |||||||
Long- term | 207,230 | 227,049 | |||||||
Fair value | 185,511 | 220,552 | |||||||
Banco de Occidente | |||||||||
Bank loans: | |||||||||
Credit line used | 30,894,228 | 242,818 | 33,854,228 | 256,742 | |||||
Principle amortization | (17,256) | (12,786) | |||||||
Commissions and interest - Net | 1,758 | 1,098 | |||||||
Short Term | 20,100 | 18,014 | |||||||
Long- term | 207,220 | 227,040 | |||||||
Fair value | 185,511 | 220,552 | |||||||
Banco Popular | |||||||||
Bank loans: | |||||||||
Credit line used | 6,679,029 | 52,292 | 7,319,029 | 55,309 | |||||
Principle amortization | (3,731) | (2,765) | |||||||
Commissions and interest - Net | (213) | (348) | |||||||
Short Term | 4,475 | 4,023 | |||||||
Long- term | 43,873 | 48,174 | |||||||
Fair value | 40,110 | 47,687 | |||||||
Banco AV Villas | |||||||||
Bank loans: | |||||||||
Credit line used | 6,680,000 | 52,558 | 7,320,000 | 55,566 | |||||
Principle amortization | (3,731) | (2,764) | |||||||
Commissions and interest - Net | 589 | 432 | |||||||
Short Term | 4,358 | 3,895 | |||||||
Long- term | 45,058 | 49,339 | |||||||
Fair value | 40,110 | 47,687 | |||||||
Servicios Financieros | |||||||||
Bank loans: | |||||||||
Credit line used | $ 6,680,000 | 52,297 | $ 7,320,000 | 55,315 | |||||
Principle amortization | (3,731) | (2,764) | |||||||
Commissions and interest - Net | $ (467) | $ (612) | |||||||
Short Term | 4,230 | 3,768 | |||||||
Long- term | 43,869 | 48,171 | |||||||
Fair value | $ 40,110 | $ 47,687 |
Bank loans_ Syndicated loan (De
Bank loans: Syndicated loan (Details) $ in Thousands | Dec. 31, 2020COP ($) | Dec. 31, 2020MXN ($) | Dec. 31, 2019MXN ($) |
Bank loans: | |||
Borrowings | $ 440,000,000 | $ 13,900,346 | $ 13,712,893 |
Bancolombia | |||
Bank loans: | |||
Borrowings | 150,000,000 | ||
CorpBanca Columbia | |||
Bank loans: | |||
Borrowings | 102,000,000 | ||
Banco AV Villas | |||
Bank loans: | |||
Borrowings | 8,000,000 | ||
Banco Davivienda | |||
Bank loans: | |||
Borrowings | 90,000,000 | ||
Banco de Bogota | |||
Bank loans: | |||
Borrowings | 37,000,000 | ||
Banco de Occidente | |||
Bank loans: | |||
Borrowings | 37,000,000 | ||
Banco Popular | |||
Bank loans: | |||
Borrowings | 8,000,000 | ||
Servicios Financieros | |||
Bank loans: | |||
Borrowings | $ 8,000,000 |
Bank loans_ Additional informat
Bank loans: Additional information (Details) $ in Thousands | Dec. 30, 2020USD ($) | Sep. 11, 2020COP ($) | Jun. 29, 2020MXN ($) | Oct. 19, 2017MXN ($) | Jun. 02, 2015COP ($) | Jun. 02, 2015MXN ($) | Oct. 31, 2017MXN ($) | Dec. 31, 2020MXN ($) | Dec. 31, 2019COP ($) | Dec. 31, 2019MXN ($) | Dec. 31, 2018MXN ($) | Dec. 30, 2020MXN ($) | Sep. 11, 2020MXN ($) | Apr. 01, 2020 | Dec. 18, 2015USD ($) | Dec. 18, 2015MXN ($) |
Bank loans: | ||||||||||||||||
Increase (decrease) in fair value measurement, liabilities | $ 605,382 | $ 535,125,402 | $ 3,408,442 | |||||||||||||
Bank loans paid | $ 440,000,000,000 | $ 2,897,404 | $ 243,998 | $ 152,047 | $ 3,090,124 | |||||||||||
Proceeds from borrowings, classified as financing activities | $ 306,241 | |||||||||||||||
Borrowings, adjustment to interest rate basis | 1.25% | 1.25% | 1.25% | |||||||||||||
Mexico | ||||||||||||||||
Bank loans: | ||||||||||||||||
Borrowings, adjustment to interest rate basis | 7.00% | |||||||||||||||
Colombia (Airplan) | ||||||||||||||||
Bank loans: | ||||||||||||||||
Borrowings, Term | 1 year | |||||||||||||||
BBVA Bancomer, S. A. | ||||||||||||||||
Bank loans: | ||||||||||||||||
Notional amount | $ 1,500,000 | |||||||||||||||
Bank loans paid | $ 2,000,000 | |||||||||||||||
Borrowings, interest rate basis | 28-Day Interbank Equilibrium Interest Rate (28 Day TIIE) | TIIE rate of 28 days plus 1.25 points. | ||||||||||||||
Borrowings, adjustment to interest rate basis | 1.50% | |||||||||||||||
Santandar | ||||||||||||||||
Bank loans: | ||||||||||||||||
Notional amount | $ 2,000,000 | |||||||||||||||
Bancolombia | ||||||||||||||||
Bank loans: | ||||||||||||||||
Notional amount | $ 11,612,000 | $ 67,041 | ||||||||||||||
Borrowings, interest rate basis | DTF rate plus | |||||||||||||||
Borrowings, adjustment to interest rate basis | 1.70% | 1.70% | ||||||||||||||
Borrowings, interest rate | 4.43% | 4.43% | ||||||||||||||
Banco Popular De Puerto Rico | ||||||||||||||||
Bank loans: | ||||||||||||||||
Notional amount | $ 20,000 | $ 399,010 | $ 10,000 | $ 239,200 | ||||||||||||
Borrowings, adjustment to interest rate basis | 0.50% | 0.50% | 0.50% | |||||||||||||
Borrowings, Term | 3 years | |||||||||||||||
Unused credit line (in percent) | 0.15% | |||||||||||||||
Banco Popular De Puerto Rico | Mexico | ||||||||||||||||
Bank loans: | ||||||||||||||||
Borrowings, Term | 18 months |
Long-term debt_ (Details)
Long-term debt: (Details) $ in Thousands, $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2020USD ($) | Dec. 31, 2020MXN ($) | Dec. 31, 2019USD ($) | Dec. 31, 2019MXN ($) | Dec. 31, 2020MXN ($) | Dec. 31, 2019MXN ($) | |
Long-term debt: | ||||||
Long | $ 6,641,941 | $ 6,488,569 | ||||
Fair value | 6,400,498 | 6,712,834 | ||||
Senior secured notes due on March 22, 2035 | ||||||
Long-term debt: | ||||||
Credit line | $ 400,000 | $ 400,000 | 7,011,281 | 6,843,134 | ||
Interest | $ (10,577) | $ (39,105) | $ (10,152) | $ (43,193) | ||
Short | 330,235 | 311,372 | ||||
Long | 6,641,941 | 6,488,569 | ||||
Fair value | $ 7,697,476 | $ 7,082,022 |
Long-term debt_ Additional info
Long-term debt: Additional information (Details) $ in Thousands | May 22, 2013MXN ($) | Dec. 31, 2020USD ($) | Dec. 31, 2020MXN ($) | Dec. 31, 2019USD ($) | Dec. 31, 2019MXN ($) | Jun. 24, 2015USD ($) | Jun. 24, 2015MXN ($) | Dec. 31, 2013USD ($) | Dec. 31, 2013MXN ($) |
Aerostar | |||||||||
Long-term debt: | |||||||||
Notional amount | $ 350,000 | $ 4,471,000,000 | |||||||
Borrowings, interest rate | 6.75% | 6.75% | |||||||
Aerostar | |||||||||
Long-term debt: | |||||||||
Proportion of interest in subsidiary | 60.00% | ||||||||
Senior secured notes due on March 22, 2035 | |||||||||
Long-term debt: | |||||||||
Notional amount | $ 400,000 | $ 7,011,281,000 | $ 400,000 | $ 6,843,134,000 | |||||
Borrowings, interest rate | 5.75% | ||||||||
Debt Instrument, Quoted Yield | 2.39% | ||||||||
Spread Credit | 336 | ||||||||
Senior secured notes due on March 22, 2035 | Aerostar | |||||||||
Long-term debt: | |||||||||
Notional amount | $ 50,000 | $ 737,000,000 |
Stockholders' Equity_ (Details)
Stockholders' Equity: (Details) - MXN ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Stockholders' Equity | ||
Total shares | 300,000,000 | 300,000,000 |
Capital stock | $ 7,767,276 | $ 7,767,276 |
B Series | ||
Stockholders' Equity | ||
Total shares | 277,050,000 | 277,050,000 |
Capital stock | $ 7,173,079 | $ 7,173,079 |
BB Series | ||
Stockholders' Equity | ||
Total shares | 22,950,000 | 22,950,000 |
Capital stock | $ 594,197 | $ 594,197 |
Stockholders' Equity_ Additiona
Stockholders' Equity: Additional information (Details) - MXN ($) $ in Thousands | Apr. 23, 2020 | Apr. 24, 2019 | Apr. 26, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Stockholders' Equity | ||||||
Capital stock | $ 7,767,276 | $ 7,767,276 | ||||
Capital redemption reserve | $ 11,554,572 | 11,554,572 | ||||
Dividends paid, classified as financing activities | $ 2,463,000 | $ 3,000,000 | $ 2,034,000 | 3,000,000 | $ 2,034,000 | |
Dividend Declared, Tax on Dividends, Percentage | 42.86% | |||||
Retained earnings | $ 12,131,610 | 10,438,563 | ||||
Additional paid-in capital | 45,258,134 | 42,825,290 | ||||
Capital Contribution | 14,759,918 | 12,900,414 | ||||
Fixed Capital Shares [Member] | ||||||
Stockholders' Equity | ||||||
Capital stock | 1,000 | 1,000 | ||||
Variable Capital Shares [Member] | ||||||
Stockholders' Equity | ||||||
Capital stock | $ 7,766,276 | $ 7,766,276 |
Income tax incurred and defer_3
Income tax incurred and deferred: IT Provision (Details) - MXN ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure by geographical areas: | |||
Deferred IT | $ 932 | $ 932 | |
IT provision | $ 729,155 | 1,978,102 | 1,795,961 |
Mexico | |||
Disclosure by geographical areas: | |||
Current IT | 631,471 | 1,864,384 | 1,766,083 |
Deferred IT | 117,924 | 57,023 | 13,116 |
IT provision | 749,395 | 1,921,407 | 1,779,199 |
Puerto Rico (Aerostar) | |||
Disclosure by geographical areas: | |||
Current IT | (16) | 433 | |
Deferred IT | 42,546 | 38,146 | 33,879 |
IT provision | 42,530 | 38,579 | 33,879 |
Colombia (Airplan) | |||
Disclosure by geographical areas: | |||
Current IT | 2,916 | 110,910 | (20,098) |
Deferred IT | (65,686) | (92,794) | 2,981 |
IT provision | $ (62,770) | $ 18,116 | $ (17,117) |
Income tax incurred and defer_4
Income tax incurred and deferred: Reconciliation (Details) - MXN ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2014 | |
Disclosure of geographical areas [line items] | ||||||
Consolidated income before IT and joint venture equity method: | $ 2,855,692 | $ 7,661,741 | $ 6,916,699 | |||
Consolidated income before IT and joint venture equity method: | 2,855,692 | 7,661,737 | 6,916,699 | |||
Net (loss) income before taxes of Airplan and Aerostar | (65,672) | (843,352) | (297,179) | |||
Net (loss) income before taxes of subsidiaries in Mexico not subject to IT | 4,337 | (100,793) | (89,685) | |||
Income before provisions for income taxes | $ 2,794,357 | $ 6,717,596 | $ 6,529,835 | |||
Statutory IT rate | 30.00% | 30.00% | 30.00% | 30.00% | ||
IT that would result from applying the IT rate to book profit before income taxes | $ 838,307 | $ 2,015,279 | $ 1,958,951 | |||
Non-deductible items and other permanent differences | 10,496 | 11,941 | 15,126 | |||
Annual adjustment for tax inflation | (18,958) | (12,783) | 12,101 | |||
Accounting disconnect inflation | (80,450) | (93,030) | (189,237) | |||
Other non-taxable earnings | (17,742) | |||||
IT provision | $ 729,155 | $ 1,978,102 | $ 1,795,961 | |||
Effective IT rate | 26.00% | 29.00% | 28.00% | |||
Puerto Rico (Aerostar) | ||||||
Disclosure of geographical areas [line items] | ||||||
Statutory IT rate | 10.00% | |||||
Effect by difference in rate of IT | $ 42,530 | $ 38,579 | $ 33,879 | |||
IT provision | $ 42,530 | $ 38,579 | $ 33,879 | |||
Colombia (Airplan) | ||||||
Disclosure of geographical areas [line items] | ||||||
Statutory IT rate | 30.00% | 31.00% | 32.00% | 33.00% | 33.00% | |
Effect by difference in rate of IT | $ (62,770) | $ 18,116 | $ (17,117) | |||
IT provision | $ (62,770) | $ 18,116 | $ (17,117) |
Income tax incurred and defer_5
Income tax incurred and deferred: Temporary differences (Details) - MXN ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Income tax: | |||
Net deferred tax assets | $ 260,202 | $ 257,512 | |
Deferred tax liability (asset) | 3,165,145 | 3,004,584 | $ 3,081,668 |
Later than one year | |||
Income tax: | |||
Deferred tax liabilities | 3,425,347 | 3,262,096 | |
Temporary differences | |||
Income tax: | |||
Net deferred tax assets | 31,019 | 48,079 | |
Fair Value of Long term Debt | |||
Income tax: | |||
Net deferred tax assets | 162,574 | 175,137 | |
Allowance for doubtful accounts | |||
Income tax: | |||
Net deferred tax assets | 66,609 | 34,296 | |
Deferred tax liability (asset) | (66,609) | (34,296) | $ (36,874) |
Fixed and intangible assets | |||
Income tax: | |||
Deferred tax liabilities | 3,198,632 | 2,974,108 | |
Temporary assets | |||
Income tax: | |||
Deferred tax liabilities | 226,106 | 287,172 | |
Amortization of expenses | |||
Income tax: | |||
Deferred tax liabilities | 609 | 816 | |
Colombia (Airplan) | Fixed and intangible assets | |||
Income tax: | |||
Deferred tax liabilities | 647,571 | 695,212 | |
Puerto Rico (Aerostar) | Fixed and intangible assets | |||
Income tax: | |||
Deferred tax liabilities | $ 1,032,799 | $ 942,519 |
Income tax incurred and defer_6
Income tax incurred and deferred: Movement (Details) - MXN ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Income tax: | ||
Beginning Balances | $ 3,004,584 | $ 3,081,668 |
IFRS 16 adoption adjustment Conversion revaluation effect Airplan and Aerostar | 65,777 | (79,459) |
Increase (decrease) in deferred tax liability (asset) | 94,784 | 2,375 |
Ending Balances | 3,165,145 | 3,004,584 |
Colombia (Airplan) | ||
Income tax: | ||
Increase (decrease) in deferred tax liability (asset) | (65,686) | (92,794) |
Mexico | ||
Income tax: | ||
Increase (decrease) in deferred tax liability (asset) | 117,924 | 57,023 |
Puerto Rico (Aerostar) | ||
Income tax: | ||
Increase (decrease) in deferred tax liability (asset) | 42,546 | 38,146 |
Allowance for doubtful accounts | ||
Income tax: | ||
Beginning Balances | (34,296) | (36,874) |
Increase (decrease) in deferred tax liability (asset) | (32,313) | 2,578 |
Ending Balances | (66,609) | (34,296) |
Allowance for doubtful accounts | Colombia (Airplan) | ||
Income tax: | ||
Increase (decrease) in deferred tax liability (asset) | (11,390) | 2,467 |
Allowance for doubtful accounts | Mexico | ||
Income tax: | ||
Increase (decrease) in deferred tax liability (asset) | (20,923) | 111 |
Concessioned assets | ||
Income tax: | ||
Beginning Balances | 3,016,922 | 3,079,749 |
Increase (decrease) in deferred tax liability (asset) | 84,970 | (62,827) |
Ending Balances | 3,101,892 | 3,016,922 |
Concessioned assets | Colombia (Airplan) | ||
Income tax: | ||
Increase (decrease) in deferred tax liability (asset) | (73,994) | (161,556) |
Concessioned assets | Mexico | ||
Income tax: | ||
Increase (decrease) in deferred tax liability (asset) | 115,197 | 60,315 |
Concessioned assets | Puerto Rico (Aerostar) | ||
Income tax: | ||
Increase (decrease) in deferred tax liability (asset) | 43,767 | 38,414 |
Unrealised foreign exchange gains (losses) | ||
Income tax: | ||
Beginning Balances | (42,814) | 60,008 |
IFRS 16 adoption adjustment Conversion revaluation effect Airplan and Aerostar | 141,236 | (102,370) |
Increase (decrease) in deferred tax liability (asset) | (1,682) | (452) |
Ending Balances | 96,740 | (42,814) |
Unrealised foreign exchange gains (losses) | Colombia (Airplan) | ||
Income tax: | ||
Increase (decrease) in deferred tax liability (asset) | (461) | (184) |
Unrealised foreign exchange gains (losses) | Puerto Rico (Aerostar) | ||
Income tax: | ||
Increase (decrease) in deferred tax liability (asset) | (1,221) | (268) |
Other temporary differences | ||
Income tax: | ||
Beginning Balances | 64,772 | (21,215) |
IFRS 16 adoption adjustment Conversion revaluation effect Airplan and Aerostar | (75,456) | 22,911 |
Increase (decrease) in deferred tax liability (asset) | 43,809 | 63,076 |
Ending Balances | 33,125 | 64,772 |
Other temporary differences | Colombia (Airplan) | ||
Income tax: | ||
Increase (decrease) in deferred tax liability (asset) | 20,159 | 66,479 |
Other temporary differences | Mexico | ||
Income tax: | ||
Increase (decrease) in deferred tax liability (asset) | $ 23,650 | $ (3,403) |
Income tax incurred and defer_7
Income tax incurred and deferred: Aerostar Tax loss Carry forwards (Details) $ in Thousands | Dec. 31, 2020USD ($) |
Income tax: | |
Unused tax losses for which no deferred tax asset recognised | $ 191,699 |
Tax loss Year 2012 Expiring in 2022 | |
Income tax: | |
Unused tax losses for which no deferred tax asset recognised | 7,085 |
Tax loss Year 2013 Expiring in 2023 | |
Income tax: | |
Unused tax losses for which no deferred tax asset recognised | 37,256 |
Tax loss Year 2014 Expiring in 2024 | |
Income tax: | |
Unused tax losses for which no deferred tax asset recognised | 25,545 |
Tax loss Year 2015 Expiring in 2025 | |
Income tax: | |
Unused tax losses for which no deferred tax asset recognised | 28,520 |
Tax loss Year 2016 Expiring in 2026 | |
Income tax: | |
Unused tax losses for which no deferred tax asset recognised | 27,745 |
Tax Loss Year 2017 Expiring In 2027 | |
Income tax: | |
Unused tax losses for which no deferred tax asset recognised | 22,248 |
Tax Loss Year 2018 Expiring In 2028 | |
Income tax: | |
Unused tax losses for which no deferred tax asset recognised | 10,600 |
Tax Loss Year 2019 Expiring In 2029 | |
Income tax: | |
Unused tax losses for which no deferred tax asset recognised | 1,975 |
Tax Loss Year 2020 Expiring In 2030 | |
Income tax: | |
Unused tax losses for which no deferred tax asset recognised | $ 30,725 |
Income tax incurred and defer_8
Income tax incurred and deferred: Temporal differences (Details) - MXN ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2014 | |
Income tax incurred and deferred: | ||||
Undistributed utilities | $ 3,200,543 | $ 3,424,951 | ||
Tax rate | 30.00% | 30.00% | 30.00% | 30.00% |
Deferred income tax liabilities unrecognized with the previous temporary differences | $ 960,163 | $ 1,027,485 |
Income tax incurred and defer_9
Income tax incurred and deferred: Additional information (Details) $ in Thousands, $ in Thousands | 12 Months Ended | ||||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020MXN ($) | Dec. 31, 2019MXN ($) | Dec. 31, 2018COP ($) | Dec. 31, 2018MXN ($) | Dec. 31, 2014 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||||||
Share of profit (loss) of associates accounted for using equity method | $ 2,163,740 | $ 6,119,361 | $ 5,984,043 | ||||
Tax benefit arising from previously unrecognised tax loss, tax credit or temporary difference of prior period used to reduce current tax expense | $ 41,977 | $ 36,613 | $ 3,196 | ||||
Applicable tax rate | 30.00% | 30.00% | 30.00% | 30.00% | 30.00% | ||
Asset Tax, percentage Refundable | 10.00% | ||||||
Investments rate of return | 20.00% | ||||||
Tax expense (income) | $ 729,155 | $ 1,978,102 | $ 1,795,961 | ||||
Asset tax | 932 | 932 | |||||
Income taxes recovery | 32,017 | 21,121 | |||||
Current tax assets, current | $ 631,999 | 230,030 | |||||
Number of previous years of AT paid | 10 years | ||||||
Aerostar | |||||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||||||
Share of profit (loss) of associates accounted for using equity method | 42,770 | ||||||
Tax benefit arising from previously unrecognised tax loss, tax credit or temporary difference of prior period used to reduce current tax expense | $ 6,604,040 | ||||||
Airplan | |||||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||||||
Share of profit (loss) of associates accounted for using equity method | $ 9,133 | $ 325,349 | |||||
Applicable tax rate | 33.00% | 33.00% | |||||
Current tax expense (income) | $ 2,916 | $ 107,365 | $ 31,298 | ||||
Colombia (Airplan) | |||||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||||||
Applicable tax rate | 30.00% | 31.00% | 32.00% | 33.00% | 33.00% | 33.00% | |
Current tax expense (income) | $ 2,916 | $ 110,910 | $ (20,098) | ||||
Applicable tax rate, surcharge | 6.00% | 6.00% | 6.00% | ||||
Profit (loss) from continuing operations | $ 800,000 | ||||||
Tax expense (income) | (62,770) | $ 18,116 | $ (17,117) | ||||
Asset tax | $ (65,686) | (92,794) | 2,981 | ||||
Percentage Of Net Income on Net Worth | 3.50% | ||||||
Percentage Of Presumptive Income | 0.00% | 0.50% | |||||
Puerto Rico (Aerostar) | |||||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||||||
Applicable tax rate | 10.00% | ||||||
Current tax expense (income) | $ (16) | 433 | |||||
Tax expense (income) | 42,530 | 38,579 | 33,879 | ||||
Asset tax | $ 42,546 | $ 38,146 | $ 33,879 |
Balances and transactions wit_3
Balances and transactions with related parties: Receivable/Payable (Details) - MXN ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Related parties: | ||
Accounts receivable | $ 197 | $ 284 |
Payables to related parties | (53,795) | (97,312) |
Payables to related parties, net | (53,598) | (97,028) |
Autobuses de Oriente | ||
Related parties: | ||
Accounts receivable | 197 | 284 |
Payables to related parties | (127) | |
Inversiones y Tecnicas Aeroportuarias, S. A. de C. V. | ||
Related parties: | ||
Payables to related parties | (53,257) | (96,769) |
Key Management | ||
Related parties: | ||
Payables to related parties | $ (411) | $ (543) |
Balances and transactions wit_4
Balances and transactions with related parties: Transactions (Details) - MXN ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Related parties: | |||
Revenue | $ 12,624,731 | $ 16,821,638 | $ 15,410,241 |
Technical assistance (Note 15.4) | (175,615) | (404,086) | (386,249) |
Leasing | (6,304) | (5,232) | |
Autobuses de Oriente | |||
Related parties: | |||
Revenue | 7,968 | 14,349 | 14,455 |
Autobuses Golfo Pacfico | |||
Related parties: | |||
Revenue | 4,862 | 7,290 | 7,014 |
Coordinados de Mxico de Oriente, S. A. de C. V. | |||
Related parties: | |||
Revenue | 164 | 157 | 150 |
Related parties | |||
Related parties: | |||
Leasing | (6,061) | (5,340) | (5,232) |
Cleaning services | $ (11,848) | $ (11,544) | $ (10,854) |
Balances and transactions wit_5
Balances and transactions with related parties: Compensation of key personnel (Details) - Key Management - MXN ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Related parties: | |||
Short-term salaries and other benefits paid to key personnel (Note 18.17) | $ 137,272 | $ 109,747 | $ 119,202 |
Directors' remuneration expense | $ 8,571 | $ 9,146 | $ 8,695 |
Balances and transactions wit_6
Balances and transactions with related parties: Additional information (Details) - MXN ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of transactions between related parties [line items] | |||
Explanation of nature and extent of renewal and termination options | The agreement is for an initial term of 15 years and renews automatically for subsequent five year periods, unless one of the parts issues the other a cancellation notice within a determined term prior to the programmed expiration date. The Company can only exercise its termination right through a resolution of the shareholders | ||
Explanation of significant terms of service concession arrangement that may affect amount, timing and certainty of future cash flows | In accordance with the contract, the Company agreed to pay an annual compensation equivalent to the higher of a fixed amount or 5% of the consolidated income of the Company before deducting the compensation for technical assistance and before the comprehensive financial result, IT, depreciation and amortization, determined in accordance with financial reporting standards applicable in Mexico. Beginning in 2003, the minimum fixed amount is of USD2,000 (approximately Ps.37,700). | ||
Key management personnel compensation | $ 66,083 | $ 41,411 | $ 53,268 |
Technical assistance amount | 175,615 | 404,086 | 386,249 |
Aerostar and Airplan | |||
Disclosure of transactions between related parties [line items] | |||
Key management personnel compensation | 15,650 | 17,381 | 16,350 |
Inversiones y Tecnicas Aeroportuarias, S. A. de C. V. | |||
Disclosure of transactions between related parties [line items] | |||
Technical assistance amount | $ 175,615 | $ 404,086 | $ 386,249 |
Commitments and contingencies_2
Commitments and contingencies: Future payments (Details) $ in Thousands | Dec. 31, 2020MXN ($) |
Commitments: | |
Minimum lease payments payable under non-cancellable operating lease | $ 24,848 |
2019 | |
Commitments: | |
Minimum lease payments payable under non-cancellable operating lease | 5,626 |
Later than one year | |
Commitments: | |
Minimum lease payments payable under non-cancellable operating lease | $ 19,222 |
Commitments and contingencies_3
Commitments and contingencies: Investment commitments (Details) $ in Thousands | Dec. 31, 2020MXN ($) |
Disclosure of non-adjusting events after reporting period [line items] | |
Contractual capital commitments | $ 8,260,774 |
2021 | |
Disclosure of non-adjusting events after reporting period [line items] | |
Contractual capital commitments | 5,460,586 |
2022 | |
Disclosure of non-adjusting events after reporting period [line items] | |
Contractual capital commitments | 1,907,832 |
2023 | |
Disclosure of non-adjusting events after reporting period [line items] | |
Contractual capital commitments | $ 892,356 |
Commitments and contingencies_4
Commitments and contingencies: Additional information (Details) $ in Thousands | Aug. 21, 2019MXN ($) | Sep. 20, 2017USD ($) | Mar. 21, 2015USD ($) | Mar. 21, 2015MXN ($) | Dec. 31, 2020USD ($)room | Dec. 31, 2020MXN ($)room | Dec. 31, 2019USD ($)D | Dec. 31, 2019MXN ($)D | Dec. 31, 2018MXN ($) | Sep. 30, 2020MXN ($) | Aug. 19, 2020MXN ($) |
Commitments and contingencies: | |||||||||||
Contingent rents recognised as expense | $ 23,550 | $ 469 | |||||||||
Leasing | $ 6,304 | $ 5,232 | |||||||||
Number of hotel rooms | room | 450 | 450 | |||||||||
Service expenses | $ 29,700,000 | $ 275,206 | 325,613 | $ 310,065 | |||||||
Insurance revenue | $ 7,300,000 | 158,906 | $ 15,700,000 | 289,822 | |||||||
Other income | 158,881 | 204,719 | $ 134,637 | ||||||||
Restricted cash and cash equivalents | $ 5,055 | $ 165,622 | |||||||||
Number of days extension for concession contracts | D | 541 | 541 | |||||||||
Percentage of amortization of concessionaries per year | 15.00% | 15.00% | |||||||||
Estimated financial effect | $ 73,000 | ||||||||||
Deferment investments | $ 2,292,355 | $ 2,292,355 | |||||||||
Maximum | |||||||||||
Commitments and contingencies: | |||||||||||
Period that Amparo proceedings will resolve | 2 years | ||||||||||
Aeropuerto de Cancun | |||||||||||
Commitments and contingencies: | |||||||||||
Estimated financial effect | $ 865,000 | ||||||||||
Aeropuerto de Cancun | Legal proceedings contingent liability | |||||||||||
Commitments and contingencies: | |||||||||||
Legal proceedings provision | $ 116,000 |
Summary of the main accountin_4
Summary of the main accounting policies: Consolidation (Details) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Aeropuerto de Cancun | ||
Subsidiary | ||
Proportion of interest in subsidiary | 100.00% | 100.00% |
Aeropuerto de Cozumel, S. A. de C. V. | ||
Subsidiary | ||
Proportion of interest in subsidiary | 100.00% | 100.00% |
Aeropuerto de Mrida, S. A. de C. V. | ||
Subsidiary | ||
Proportion of interest in subsidiary | 100.00% | 100.00% |
Aeropuerto de Huatulco, S. A. de C. V. | ||
Subsidiary | ||
Proportion of interest in subsidiary | 100.00% | 100.00% |
Aeropuerto de Oaxaca, S. A. de C. V. | ||
Subsidiary | ||
Proportion of interest in subsidiary | 100.00% | 100.00% |
Aeropuerto de Veracruz, S. A. de C. V. | ||
Subsidiary | ||
Proportion of interest in subsidiary | 100.00% | 100.00% |
Aeropuerto de Villahermosa, S. A. de C. V. | ||
Subsidiary | ||
Proportion of interest in subsidiary | 100.00% | 100.00% |
Aeropuerto de Tapachula, S. A. de C. V. | ||
Subsidiary | ||
Proportion of interest in subsidiary | 100.00% | 100.00% |
Aeropuerto de Minatitln, S. A. de C. V. | ||
Subsidiary | ||
Proportion of interest in subsidiary | 100.00% | 100.00% |
Cancun Airport Services, S. A. de C. V. | ||
Subsidiary | ||
Proportion of interest in subsidiary | 100.00% | 100.00% |
Aerostar Airport Holdings, LLC | ||
Subsidiary | ||
Proportion of interest in subsidiary | 60.00% | 60.00% |
Sociedad Operadora de Aeropuertos Centro Norte, S.A. | ||
Subsidiary | ||
Proportion of interest in subsidiary | 100.00% | 100.00% |
RH Asur, S. A. de C. V. | ||
Subsidiary | ||
Proportion of interest in subsidiary | 100.00% | 100.00% |
Servicios Aeroportuarios del Sureste, S. A. de C. V. | ||
Subsidiary | ||
Proportion of interest in subsidiary | 100.00% | 100.00% |
Asur FBO, S. A. de C. V. | ||
Subsidiary | ||
Proportion of interest in subsidiary | 100.00% | 100.00% |
Caribbean Logistics, S. A. de C. V. | ||
Subsidiary | ||
Proportion of interest in subsidiary | 100.00% | 100.00% |
Cargo RF, S. A. de C. V | ||
Subsidiary | ||
Proportion of interest in subsidiary | 100.00% | 100.00% |
Summary of the main accountin_5
Summary of the main accounting policies: Condensed statement of financial position (Details) - MXN ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Consolidated Statements of Financial Position | ||||
Cash and cash equivalents | $ 5,192,628 | $ 6,192,679 | $ 4,584,507 | $ 4,677,454 |
Restricted cash and cash equivalents | 5,055 | 165,622 | ||
Other current assets | 221,792 | 160,905 | ||
Total current assets | 7,716,049 | 7,845,856 | ||
Financial liabilities: | ||||
Current liabilities | (2,767,087) | (2,560,020) | ||
Land, furniture and equipment | 504,385 | 520,623 | 558,480 | |
Long-term debt | (6,641,941) | (6,488,569) | ||
Deferred income tax | (3,165,145) | (3,004,584) | (3,081,668) | |
Shareholders' equity | 41,693,206 | 38,771,177 | 36,681,389 | $ 33,688,301 |
Consolidated Statements of Comprehensive Income | ||||
Revenue | 12,624,731 | 16,821,638 | 15,410,241 | |
Other income | 158,881 | 204,719 | 134,637 | |
Deferred income tax | (932) | (932) | ||
Net (loss) income for the year | 2,126,537 | 5,683,635 | 5,119,806 | |
Foreign currency translation | 800,638 | (588,575) | 116,059 | |
Total comprehensive income | 2,922,029 | 5,089,788 | 5,240,557 | |
Aerostar Airport Holdings, LLC | ||||
Consolidated Statements of Financial Position | ||||
Cash and cash equivalents | 804,634 | 698,466 | 868,095 | |
Restricted cash and cash equivalents | 5,055 | 165,622 | 47,332 | |
Other current assets | 566,031 | 133,992 | 175,479 | |
Total current assets | 1,375,720 | 998,080 | 1,090,906 | |
Financial liabilities: | ||||
Current liabilities | (606,433) | (672,943) | (640,785) | |
Working capital | 769,287 | 325,137 | 450,121 | |
Land, furniture and equipment | 151,971 | 160,186 | 174,450 | |
Intangible assets, airport concessions - Net | 13,535,370 | 12,956,965 | 13,587,071 | |
Other long term assets | 32,578 | 16,759 | 544 | |
Long-term debt | (7,171,278) | (6,799,941) | (7,282,268) | |
Accounts payable to the Company | (104,065) | (372,798) | (1,152,805) | |
Other long-term liabilities | (19,864) | (19,783) | (21,609) | |
Deferred income tax | (448,829) | (371,984) | (330,999) | |
Shareholders' equity | 6,745,170 | 5,894,541 | 5,424,505 | |
Consolidated Statements of Comprehensive Income | ||||
Revenue | 2,902,238 | 3,306,149 | 3,025,267 | |
Operating costs and expenses | (1,956,081) | (2,270,055) | (2,098,323) | |
Other income | 158,906 | 204,074 | 134,637 | |
Comprehensive financial cost - Net | (495,443) | (485,037) | (538,268) | |
Deferred income tax | (60,684) | (55,781) | (62,252) | |
Net (loss) income for the year | 548,936 | 699,350 | 461,061 | |
Foreign currency translation | (301,695) | (229,314) | (5,772) | |
Total comprehensive income | $ 247,241 | $ 470,036 | $ 455,289 |
Summary of the main accountin_6
Summary of the main accounting policies: Land, furniture and equipment (Details) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Furniture equipment | Minimum | ||
Land, furniture and equipment: | ||
Useful life measured as period of time, property, plant and equipment | 10 years | 10 years |
Furniture equipment | Maximum | ||
Land, furniture and equipment: | ||
Useful life measured as period of time, property, plant and equipment | 20 years | 20 years |
Machinery | Minimum | ||
Land, furniture and equipment: | ||
Useful life measured as period of time, property, plant and equipment | 10 years | 10 years |
Machinery | Maximum | ||
Land, furniture and equipment: | ||
Useful life measured as period of time, property, plant and equipment | 20 years | 20 years |
Computer equipment | Minimum | ||
Land, furniture and equipment: | ||
Useful life measured as period of time, property, plant and equipment | 20 years | 20 years |
Computer equipment | Maximum | ||
Land, furniture and equipment: | ||
Useful life measured as period of time, property, plant and equipment | 33 years | 33 years |
Transportation equipment | Minimum | ||
Land, furniture and equipment: | ||
Useful life measured as period of time, property, plant and equipment | 20 years | 20 years |
Transportation equipment | Maximum | ||
Land, furniture and equipment: | ||
Useful life measured as period of time, property, plant and equipment | 25 years | 25 years |
Improvements to leased premises | ||
Land, furniture and equipment: | ||
Useful life measured as period of time, property, plant and equipment | 10 years | 10 years |
Summary of the main accountin_7
Summary of the main accounting policies: Licenses and commercial direct operation (Details) | 12 Months Ended |
Dec. 31, 2020 | |
Licences and ODC | |
Disclosure of detailed information about intangible assets [line items] | |
Useful lives or amortisation rates, intangible assets other than goodwill | 29 years |
ODC | |
Disclosure of detailed information about intangible assets [line items] | |
Useful lives or amortisation rates, intangible assets other than goodwill | 29 years |
Commercial Right's (Unregulated Activity) | Aerostar | |
Disclosure of detailed information about intangible assets [line items] | |
Useful lives or amortisation rates, intangible assets other than goodwill | 34 years |
Commercial Right's (Unregulated Activity) | Airplan | |
Disclosure of detailed information about intangible assets [line items] | |
Useful lives or amortisation rates, intangible assets other than goodwill | 13 years |
Summary of the main accountin_8
Summary of the main accounting policies: Additional information (Details) $ in Thousands, $ in Thousands, shares in Millions | Feb. 20, 2020USD ($) | Dec. 31, 2020MXN ($)$ / sharesshares | Dec. 31, 2019MXN ($)$ / sharesshares | Dec. 31, 2018MXN ($) | Dec. 31, 2014 | Apr. 12, 2021 | Feb. 20, 2020MXN ($) |
Revenue From Regulated Services | |||||||
Closing foreign exchange rate | 19.91 | 18.86 | 20.305 | ||||
Gain (loss) that relates to identifiable assets acquired or liabilities assumed in business combination and is of such size, nature or incidence that disclosure is relevant to understanding combined entity's financial statements | $ 7,029,200 | ||||||
Investments in joint ventures accounted for using equity method | $ 8,466 | ||||||
Restricted cash and cash equivalents | $ 5,055 | $ 165,622 | |||||
Original concession period for operating rights | 50 years | ||||||
Concession period for operating rights | 28 years | ||||||
Applicable tax rate | 30.00% | 30.00% | 30.00% | 30.00% | |||
Termination benefits expense | $ 2,382 | $ 1,922 | $ 1,595 | ||||
Income from continuing operations attributable to owners of parent | $ 1,972,319 | $ 5,465,822 | $ 4,987,601 | ||||
Weighted average number of ordinary shares outstanding | shares | 300 | 300 | |||||
Basic earnings per share | $ / shares | $ 6.5744 | $ 18.22 | |||||
Airport Development Group, LLC | |||||||
Revenue From Regulated Services | |||||||
Percentage Of Equity Interest Acquired | 50.00% | ||||||
Investments in joint ventures accounted for using equity method | $ 500 | $ 10,556 | |||||
Airplan | |||||||
Revenue From Regulated Services | |||||||
Closing foreign exchange rate | $ / shares | 171.530 | 173.630 | |||||
Original concession period for operating rights | 40 years | ||||||
Concession period for operating rights | 12 years | ||||||
Applicable tax rate | 33.00% | 33.00% | |||||
Airplan | Minimum | |||||||
Revenue From Regulated Services | |||||||
Original concession period for operating rights | 24 years | ||||||
Aerostar | |||||||
Revenue From Regulated Services | |||||||
Closing foreign exchange rate | $ / shares | 19.91 | 18.86 | |||||
Restricted cash and cash equivalents | $ 5,055 | $ 26,849 | |||||
Original concession period for operating rights | 40 years | ||||||
Concession period for operating rights | 33 years | ||||||
Aerostar | |||||||
Revenue From Regulated Services | |||||||
Applicable tax rate | 10.00% | 10.00% |
Financial risk management_ Exch
Financial risk management: Exchange rate risk (Details) - MXN ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Financial risk management: | ||
Asset | $ 60,411,211 | $ 57,515,881 |
Liability | (18,718,005) | (18,744,704) |
Exchange rate risk | ||
Financial risk management: | ||
Asset | 88,426 | 164,370 |
Liability | (5,578) | (4,853) |
Net assets at period closing | $ 82,848 | $ 159,517 |
Financial risk management_ Liqu
Financial risk management: Liquidity position (Details) $ in Thousands, $ in Thousands | Dec. 30, 2020 | Sep. 11, 2020 | Jun. 29, 2020 | Apr. 23, 2020MXN ($) | Apr. 01, 2020USD ($) | Apr. 01, 2020MXN ($) | Apr. 24, 2019MXN ($) | Apr. 26, 2018MXN ($) | Jun. 02, 2015COP ($) | Jun. 02, 2015MXN ($) | Oct. 31, 2017MXN ($) | Dec. 31, 2020MXN ($) | Dec. 31, 2019MXN ($) | Dec. 31, 2018MXN ($) | Dec. 31, 2021MXN ($) | Dec. 31, 2020COP ($) | Dec. 31, 2020USD ($) | Dec. 31, 2020MXN ($) | Sep. 30, 2020MXN ($) | Aug. 19, 2020MXN ($) | Dec. 31, 2017MXN ($) |
Disclosure of risk management strategy related to hedge accounting [line items] | |||||||||||||||||||||
Cash and equivalents | $ 6,192,679 | $ 4,584,507 | $ 5,192,628 | $ 4,677,454 | |||||||||||||||||
Total Debt | 13,712,893 | $ 440,000,000 | 13,900,346 | ||||||||||||||||||
Debt term short | 549,607 | 1,138,750 | |||||||||||||||||||
Debt term long | 13,163,286 | 12,761,596 | |||||||||||||||||||
Deferment investments | $ 2,292,355 | $ 2,292,355 | |||||||||||||||||||
Dividends | $ 2,463,000 | $ 3,000,000 | $ 2,034,000 | 3,000,000 | 2,034,000 | ||||||||||||||||
Disposal of loans | $ 440,000,000,000 | $ 2,897,404 | $ 243,998 | 152,047 | $ 3,090,124 | ||||||||||||||||
Mexico | |||||||||||||||||||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||||||||||||||||||
Cash and equivalents | 4,991,567 | 4,058,495 | |||||||||||||||||||
Total Debt | 3,992,467 | 3,971,210 | |||||||||||||||||||
Debt term short | 23,998 | 322,209 | |||||||||||||||||||
Debt term long | 3,968,469 | 3,649,001 | |||||||||||||||||||
Deferment investments | $ 2,292,355 | ||||||||||||||||||||
Loans received | 1,500,000 | ||||||||||||||||||||
Puerto Rico (Aerostar) | |||||||||||||||||||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||||||||||||||||||
Cash and equivalents | 698,466 | 804,634 | |||||||||||||||||||
Total Debt | 6,799,941 | 7,171,278 | |||||||||||||||||||
Debt term short | 311,372 | 529,337 | |||||||||||||||||||
Debt term long | 6,488,569 | 6,641,941 | |||||||||||||||||||
Term of loan | 3 years | ||||||||||||||||||||
Disposal of loans | $ 10,000 | $ 239,200 | |||||||||||||||||||
Colombia (Airplan) | |||||||||||||||||||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||||||||||||||||||
Cash and equivalents | 502,646 | 329,499 | |||||||||||||||||||
Total Debt | 2,920,485 | 2,757,858 | |||||||||||||||||||
Debt term short | 214,237 | 287,204 | |||||||||||||||||||
Debt term long | 2,706,248 | 2,470,654 | |||||||||||||||||||
Term of loan | 1 year | ||||||||||||||||||||
Liquidity risk [member] | |||||||||||||||||||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||||||||||||||||||
Cash and equivalents | $ 6,192,679 | 5,192,628 | |||||||||||||||||||
Forecast | Mexico | |||||||||||||||||||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||||||||||||||||||
Deferment investments | $ 5,460,586 | ||||||||||||||||||||
BBVA Bancomer, S. A. | |||||||||||||||||||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||||||||||||||||||
Disposal of loans | $ 2,000,000 | ||||||||||||||||||||
BBVA Bancomer, S. A. | Liquidity risk [member] | |||||||||||||||||||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||||||||||||||||||
Total Debt | 1,500,000 | ||||||||||||||||||||
Bancolombia | Liquidity risk [member] | |||||||||||||||||||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||||||||||||||||||
Total Debt | $ 20,000 | $ 399,010 | |||||||||||||||||||
Banco Popular De Puerto Rico | |||||||||||||||||||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||||||||||||||||||
Term of loan | 3 years | ||||||||||||||||||||
Banco Popular De Puerto Rico | Mexico | |||||||||||||||||||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||||||||||||||||||
Term of loan | 18 months |
Financial risk management_ Li_2
Financial risk management: Liquidity risk (Details) - MXN ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Long-term debt | $ 6,641,941 | $ 6,488,569 |
Accounts payable and accrued expenses (Note 9) | 1,598,404 | 1,799,330 |
Three months | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Bank loans and interest | 11,176 | 14,639 |
Long-term debt | 114,420 | 111,676 |
Suppliers | 353,806 | 245,100 |
Accounts payable and accrued expenses (Note 9) | 1,187,345 | 1,378,657 |
Later than three months and not later than one year [member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Bank loans and interest | 797,339 | 223,596 |
Long-term debt | 215,815 | 199,696 |
2021 | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Bank loans and interest | 2,238,558 | 228,073 |
Long-term debt | 233,123 | 204,492 |
Later than two years and not later than five years [member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Bank loans and interest | 3,881,097 | 6,446,644 |
Long-term debt | $ 6,408,818 | $ 6,284,077 |
Financial risk management_ Shor
Financial risk management: Short term liquidity (Details) - MXN ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Financial risk management: | ||
Current assets | $ 7,716,049 | $ 7,845,856 |
Current liabilities | 2,767,087 | 2,560,020 |
Short term position (liquidity) | $ 4,948,962 | $ 5,285,836 |
Financial risk management_ Addi
Financial risk management: Additional information (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020MXN ($) | Dec. 31, 2019MXN ($) | Dec. 31, 2018 | Apr. 12, 2021 | |
Revenue From Regulated Services | ||||
Borrowings, adjustment to interest rate basis | 1.25% | 1.25% | ||
Closing foreign exchange rate | 19.91 | 18.86 | 20.305 | |
Foreign exchange gain (loss) | $ 81,500 | $ 150,400 | ||
Receivables due from related parties | 197 | $ 284 | ||
Additional allowance recognised in profit or loss, allowance account for credit losses of financial assets | $ 128,000 | |||
Percentage of increase decrease in foreign exchange rate | 5.00% | 5.00% | ||
Cancun Airport Services, S. A. de C. V. | ||||
Revenue From Regulated Services | ||||
Percentage of entity's revenue | 49.90% | 55.02% | ||
Grupo Mexicana | ||||
Revenue From Regulated Services | ||||
Receivables due from related parties | $ 128,000 | |||
Mexico | ||||
Revenue From Regulated Services | ||||
Borrowings, adjustment to interest rate basis | 7.00% | |||
Notes received pledged | $ 185,140 | |||
Colombia (Airplan) | ||||
Revenue From Regulated Services | ||||
Notes received pledged | $ 60,617 |
Critical accounting judgments_2
Critical accounting judgments and key sources of estimation uncertainty: (Details) - MXN ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Ifrs Statement [Line Items] | ||
Expected Revenue From Airplan | $ 17,540,245 | $ 19,217,035 |
Original concession period for operating rights | 50 years | |
Airplan | ||
Ifrs Statement [Line Items] | ||
Original concession period for operating rights | 40 years | |
Minimum | Airplan | ||
Ifrs Statement [Line Items] | ||
Original concession period for operating rights | 24 years |
Consolidated statements of ca_4
Consolidated statements of cash flows: (Details) $ in Thousands, $ in Thousands | Jun. 02, 2015COP ($) | Jun. 02, 2015MXN ($) | Dec. 31, 2020MXN ($) | Dec. 31, 2019MXN ($) | Dec. 31, 2018MXN ($) |
Disclosure Of Consolidated Statements Of Cash Flows [Line Items] | |||||
Bank loans (Note 10) | $ 808,515 | $ 238,235 | |||
Bank loans (Note 10) | 6,119,655 | 6,674,717 | |||
Long-term debt (Note 11) | 6,641,941 | 6,488,569 | |||
Interest expense | 926,312 | 1,084,293 | $ 1,230,651 | ||
Proceeds from bank loans | 306,241 | ||||
Interest paid | (962,993) | (1,064,764) | (1,139,071) | ||
Bank loans paid (Note 10) | $ (440,000,000) | $ (2,897,404) | (243,998) | (152,047) | (3,090,124) |
Long-term debt | |||||
Disclosure Of Consolidated Statements Of Cash Flows [Line Items] | |||||
Accounts payable | 330,235 | 311,372 | 324,590 | ||
Long-term debt (Note 11) | 6,641,941 | 6,488,569 | 6,957,678 | ||
Non-current portion of non-current secured bank loans received | 6,799,941 | 7,282,268 | 7,489,465 | ||
Interest expense | 450,806 | 444,028 | 475,110 | ||
Interest paid | (476,927) | (486,164) | (646,418) | ||
Bank loans paid (Note 10) | (253,925) | (205,308) | |||
Foreign currency translation | 452,281 | (234,883) | (35,889) | ||
Non-current portion of non-current secured bank loans received | 6,972,176 | 6,799,941 | 7,282,268 | ||
Bank Loans | |||||
Disclosure Of Consolidated Statements Of Cash Flows [Line Items] | |||||
Bank loans (Note 10) | 808,515 | 238,235 | 175,515 | ||
Bank loans (Note 10) | 6,119,655 | 6,674,717 | 7,042,598 | ||
Non-current portion of non-current secured bank loans received | 6,912,952 | 7,218,113 | 10,494,853 | ||
Interest expense | 398,899 | 601,873 | 696,641 | ||
Proceeds from bank loans | 306,241 | ||||
Interest paid | (466,066) | (578,600) | (492,653) | ||
Bank loans paid (Note 10) | (245,520) | (152,047) | (3,090,124) | ||
Foreign currency translation | 21,664 | (176,387) | (166,301) | ||
Exchange (income) / loss on foreign currency | (224,303) | ||||
Non-current portion of non-current secured bank loans received | $ 6,928,170 | $ 6,912,952 | $ 7,218,113 |
Subsequent Event_ Investment co
Subsequent Event: Investment commitments (Details) - MXN ($) $ in Thousands | Apr. 07, 2021 | Dec. 31, 2020 |
Disclosure of non-adjusting events after reporting period [line items] | ||
Contractual capital commitments | $ 8,260,774 | |
COVID-19 | ||
Disclosure of non-adjusting events after reporting period [line items] | ||
Contractual capital commitments | $ 5,315,429 | |
2021 | ||
Disclosure of non-adjusting events after reporting period [line items] | ||
Contractual capital commitments | 5,460,586 | |
2021 | COVID-19 | ||
Disclosure of non-adjusting events after reporting period [line items] | ||
Contractual capital commitments | 3,064,148 | |
2022 | ||
Disclosure of non-adjusting events after reporting period [line items] | ||
Contractual capital commitments | 1,907,832 | |
2022 | COVID-19 | ||
Disclosure of non-adjusting events after reporting period [line items] | ||
Contractual capital commitments | 1,793,811 | |
2023 | ||
Disclosure of non-adjusting events after reporting period [line items] | ||
Contractual capital commitments | $ 892,356 | |
2023 | COVID-19 | ||
Disclosure of non-adjusting events after reporting period [line items] | ||
Contractual capital commitments | $ 457,470 |
Subsequent Event_ (Details)
Subsequent Event: (Details) $ in Thousands, $ in Thousands | Mar. 03, 2021MXN ($) | Feb. 19, 2021MXN ($) | Feb. 18, 2021USD ($) | Feb. 18, 2021MXN ($) | May 12, 2020USD ($) | May 12, 2020MXN ($) | Dec. 31, 2020USD ($) | Dec. 31, 2020MXN ($) |
Puerto Rico (Aerostar) | ||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||
Amount Of Grant offer, CARES ACT | $ 33,417 | $ 717,590 | $ 33,417 | $ 717,590 | ||||
Impact on revenue from operations | Puerto Rico (Aerostar) | ||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||
Amount Of Grant offer, CARES ACT | $ 10,577 | $ 210,574 | ||||||
Agreements With Third Parties | ||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||
Advance payment agreed to pay by FONATUR | $ 50,000 | |||||||
Total consideration for sale of land | 286,283 | |||||||
Remaining balance to be paid before july1, 2021 | $ 236,283 | |||||||
Initial Payment received for sale of land | $ 50,000 |