Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2020shares | |
Statement | |
Document Type | 20-F |
Entity Registrant Name | Central North Airport Group |
Entity Central Index Key | 0001378239 |
Document Period End Date | Dec. 31, 2020 |
Amendment Flag | false |
Current Fiscal Year End Date | --12-31 |
Entity Well-known Seasoned Issuer | Yes |
Entity Interactive Data Current | No |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Filer Category | Accelerated Filer |
Entity Emerging Growth Company | false |
Entity Incorporation, State or Country Code | O5 |
Entity Address, Address Line One | Ruffo Pérez Pliego del CastilloPlaza Metrópoli Patriotismo |
Entity Address, Address Line Two | Piso 5 Av. Patriotismo 201 Col. San Pedro de los Pinos |
Entity Address, City or Town | Benito Juárez Ciudad de México |
Document Fiscal Year Focus | 2020 |
Document Fiscal Period Focus | FY |
Entity Shell Company | false |
ICFR Auditor Attestation Flag | true |
Series B Class I | |
Statement | |
Entity Common Stock, Shares Outstanding | 340,345,556 |
Series B | |
Statement | |
Title of 12(b) Security | Series B shares |
Trading Symbol | OMAB |
Security Exchange Name | NASDAQ |
ADS | |
Statement | |
Title of 12(b) Security | American Depositary Shares (ADSs) each representing 8 Series B shares |
Trading Symbol | OMAB |
Security Exchange Name | NASDAQ |
Series BB Class I | |
Statement | |
Entity Common Stock, Shares Outstanding | 49,766,000 |
Consolidated Statements of Fina
Consolidated Statements of Financial Position $ in Thousands | Dec. 31, 2020USD ($) | Dec. 31, 2020MXN ($) | Dec. 31, 2019MXN ($) | Dec. 31, 2018MXN ($) |
Assets: | ||||
Cash and cash equivalents | $ 148,619,000 | $ 2,958,804 | $ 3,429,873 | $ 2,958,902 |
Other investments held to maturity | 19,657 | |||
Accounts receivable, net | 41,873,000 | 833,643 | 757,756 | 696,566 |
Recoverable taxes | 27,243,000 | 542,365 | 295,768 | 112,665 |
Advance Payment for constructions to related parties | 10,760,000 | 214,209 | 181,989 | 38,347 |
Advance Payments to contractors | 5,788,000 | 115,233 | 102,776 | 93,169 |
Other accounts receivable and prepaid expenses | 3,344,000 | 66,575 | 42,742 | 40,261 |
Total current assets | 237,626,000 | 4,730,829 | 4,810,904 | 3,959,567 |
Non-current assets: | ||||
Property, leasehold improvements and equipment, net | 135,643,000 | 2,700,469 | 2,647,101 | 2,670,262 |
Investment in airport concessions, net | 513,828,000 | 10,229,656 | 9,267,111 | 8,566,656 |
Rights of use of leased assets, net | 8,953,000 | 178,247 | 210,788 | |
Other assets, net | 1,739,000 | 34,621 | 44,053 | 77,060 |
Deferred income taxes | 15,961,000 | 317,758 | 297,004 | 316,939 |
Total non-current assets | 676,124,000 | 13,460,751 | 12,466,057 | 11,630,917 |
Total assets | 913,750,000 | 18,191,580 | 17,276,961 | 15,590,484 |
Current liabilities: | ||||
Current portion of long-term debt | 151,366,000 | 3,013,502 | 36,851 | 41,425 |
Current portion of major maintenance provision | 22,280,000 | 443,570 | 151,554 | 224,982 |
Current portion of financial leases | 1,334,000 | 26,553 | 72,320 | 12,948 |
Trade accounts payable | 10,249,000 | 204,048 | 196,791 | 203,999 |
Payable taxes and other accrued expenses | 18,594,000 | 370,188 | 590,262 | 515,160 |
Accounts payable to related parties | 8,424,000 | 167,704 | 187,515 | 226,202 |
Total current liabilities | 212,247,000 | 4,225,565 | 1,235,293 | 1,224,716 |
Non-current liabilities: | ||||
Long-term debt | 75,188,000 | 1,496,886 | 4,506,758 | 4,543,169 |
Major maintenance provision | 43,921,000 | 874,415 | 802,342 | 718,566 |
Guarantee deposits | 17,617,000 | 350,738 | 387,656 | 312,196 |
Labor obligations | 5,811,000 | 115,691 | 106,160 | 79,905 |
Financial leases | 8,449,000 | 168,210 | 148,540 | 15,858 |
Deferred income taxes | 6,722,000 | 133,828 | 202,717 | 184,147 |
Total non-current liabilities | 157,708,000 | 3,139,768 | 6,154,173 | 5,853,841 |
Total liabilities | 369,955,000 | 7,365,333 | 7,389,466 | 7,078,557 |
Commitment and contingencies | ||||
Shareholders’ equity | ||||
Common stock | 15,110,000 | 300,822 | 301,739 | 303,394 |
Additional paid-in capital | 1,496,000 | 29,786 | 29,786 | 29,786 |
Total Contributed capital | 16,606,000 | 330,608 | 331,525 | 333,180 |
Reserve for repurchase of shares | 75,344,000 | 1,500,000 | 1,257,454 | 1,466,016 |
Retained earnings | 443,257,000 | 8,824,666 | 8,121,937 | 6,534,804 |
Accumulated other comprehensive loss | (248,000) | (4,933) | 4,194 | 13,178 |
Total Earned capital | 518,353,000 | 10,319,733 | 9,383,585 | 8,013,998 |
Controlling interest | 534,959,000 | 10,650,341 | 9,715,110 | 8,347,178 |
Non-controlling interest | 8,836,000 | 175,906 | 172,385 | 164,749 |
Total shareholders’ equity | 543,795,000 | 10,826,247 | 9,887,495 | 8,511,927 |
Total liabilities and shareholders’ equity | $ 913,750,000 | $ 18,191,580 | $ 17,276,961 | $ 15,590,484 |
Consolidated Statements of Inco
Consolidated Statements of Income and Other Comprehensive Income $ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020USD ($)$ / sharesshares | Dec. 31, 2020MXN ($)$ / sharesshares | Dec. 31, 2019MXN ($)$ / sharesshares | Dec. 31, 2018MXN ($)$ / sharesshares | |
Revenues: | ||||
Aeronautical services | $ 147,803 | $ 2,942,558 | $ 5,752,662 | $ 5,140,052 |
Non-aeronautical services | 58,820 | 1,171,039 | 1,819,605 | 1,625,497 |
Construction services | 62,981 | 1,253,869 | 954,834 | 1,141,505 |
Total revenues | 269,604 | 5,367,466 | 8,527,101 | 7,907,054 |
Operating costs and expenses: | ||||
Cost of services, excluding depreciation and amortization | 38,474 | 765,958 | 954,207 | 977,896 |
Major maintenance provision | 19,717 | 392,531 | 292,324 | 248,636 |
Cost of construction | 62,981 | 1,253,869 | 954,834 | 1,141,505 |
Administrative expenses | 26,022 | 518,059 | 542,664 | 563,151 |
Right to use airport facilities | 10,006 | 199,202 | 363,561 | 319,180 |
Technical assistance fees | 4,077 | 81,164 | 150,108 | 172,610 |
Depreciation and amortization | 21,867 | 435,344 | 415,252 | 351,745 |
Other income, net | (7) | (129) | (1,155) | (205) |
Total operating costs and expenses | 183,137 | 3,645,998 | 3,671,795 | 3,774,518 |
Operating income | 86,466 | 1,721,468 | 4,855,306 | 4,132,536 |
Interest expense | 21,121 | 420,499 | 376,008 | 325,557 |
Interest income | (5,620) | (111,889) | (171,236) | (194,091) |
Exchange loss, net | (3,994) | (79,522) | 50,878 | 15,488 |
Total non-operating loss | 11,507 | 229,088 | 255,650 | 146,954 |
Income before income taxes | 74,960 | 1,492,380 | 4,599,656 | 3,985,582 |
Income tax expense | 19,815 | 394,501 | 1,372,222 | 1,121,403 |
Consolidated net income for the year | 55,145 | 1,097,879 | 3,227,434 | 2,864,179 |
Items that will not be subsequently reclassified to profit or loss: | ||||
Actuarial gain (loss) on labor obligations | (655) | (13,039) | (12,834) | 24,173 |
Income tax relating to actuarial loss (gain) on labor obligations | 196 | 3,912 | 3,850 | (4) |
Total other comprehensive income (loss) | (459) | (9,127) | (8,984) | 24,169 |
Total comprehensive income for the year | 54,686 | 1,088,752 | 3,218,450 | 2,888,348 |
Consolidated net income attributable to: | ||||
Controlling interest | 54,968 | 1,094,358 | 3,219,798 | 2,851,822 |
Non-controlling interest | 177 | 3,521 | 7,636 | 12,357 |
Comprehensive income attributable to: | ||||
Controlling interest | 54,509 | 1,085,231 | 3,210,814 | 2,875,991 |
Non-controlling interest | $ 177 | $ 3,521 | $ 7,636 | $ 12,357 |
Basic and diluted earnings per share of controlling interest | (per share) | $ 0.1409 | $ 2.8038 | $ 8.1984 | $ 7.2483 |
Weighted average shares outstanding | 390,313,970 | 390,313,970 | 392,736,827 | 393,446,466 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholder' Equity $ in Thousands, $ in Thousands | Common stockMXN ($)shares | Additional paid-in capitalMXN ($) | Total contributed capitalMXN ($) | Reserve for repurchase of sharesMXN ($) | Retained earningsMXN ($) | Accumulated other comprehensive incomeMXN ($) | Total earned capitalMXN ($) | Total controlling interestMXN ($) | Total non-controlling interestMXN ($) | USD ($) | MXN ($) |
Balances at Dec. 31, 2017 | $ 303,394 | $ 29,786 | $ 333,180 | $ 1,466,016 | $ 5,281,662 | $ (10,991) | $ 6,736,687 | $ 7,069,867 | $ 159,448 | $ 7,229,315 | |
Balances (in shares) at Dec. 31, 2017 | shares | 393,446,466 | ||||||||||
Dividends paid | (1,598,680) | (1,598,680) | (1,598,680) | (7,056) | (1,605,736) | ||||||
Consolidated comprehensive income | 2,851,822 | 24,169 | 2,875,991 | 2,875,991 | 12,357 | 2,888,348 | |||||
Balances at Dec. 31, 2018 | $ 303,394 | 29,786 | 333,180 | 1,466,016 | 6,534,804 | 13,178 | 8,013,998 | 8,347,178 | 164,749 | 8,511,927 | |
Balances (in shares) at Dec. 31, 2018 | shares | 393,446,466 | ||||||||||
Repurchase of shares, net | $ (1,655) | (1,655) | (242,546) | (242,546) | (244,201) | (244,201) | |||||
Repurchase of shares, net (in shares) | shares | (2,145,651) | ||||||||||
Dividends paid | (1,598,681) | (1,598,681) | (1,598,681) | (1,598,681) | |||||||
Increase in reserve for repurchase of shares | 33,984 | (33,984) | |||||||||
Consolidated comprehensive income | 3,219,798 | (8,984) | 3,210,814 | 3,210,814 | 7,636 | 3,218,450 | |||||
Balances at Dec. 31, 2019 | $ 301,739 | 29,786 | 331,525 | 1,257,454 | 8,121,937 | 4,194 | 9,383,585 | 9,715,110 | 172,385 | 9,887,495 | |
Balances (in shares) at Dec. 31, 2019 | shares | 391,300,815 | ||||||||||
Repurchase of shares, net | $ (917) | (917) | (149,083) | (149,083) | (150,000) | (150,000) | |||||
Repurchase of shares, net (in shares) | shares | (1,189,259) | ||||||||||
Increase in reserve for repurchase of shares | 391,629 | (391,629) | |||||||||
Consolidated comprehensive income | 1,094,358 | (9,127) | 1,085,231 | 1,085,231 | 3,521 | $ 54,686 | 1,088,752 | ||||
Balances at Dec. 31, 2020 | $ 300,822 | $ 29,786 | $ 330,608 | $ 1,500,000 | $ 8,824,666 | $ (4,933) | $ 10,319,733 | $ 10,650,341 | $ 175,906 | $ 543,795 | $ 10,826,247 |
Balances (in shares) at Dec. 31, 2020 | shares | 390,111,556 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows $ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020USD ($) | Dec. 31, 2020MXN ($) | Dec. 31, 2019MXN ($) | Dec. 31, 2018MXN ($) | |
Cash flows from operating activities: | ||||
Income before income taxes | $ 74,960 | $ 1,492,380 | $ 4,599,656 | $ 3,985,582 |
Adjustments for: | ||||
Depreciation and amortization | 21,867 | 435,344 | 415,252 | 351,745 |
Major maintenance provision | 19,717 | 392,531 | 292,324 | 248,636 |
Decrease in allowance for doubtful accounts | 921 | 18,342 | (241) | (5,960) |
Gain on sales of property and equipment | (270) | (5,380) | (1,162) | (205) |
Present value of major maintenance provision | 3,780 | 75,262 | 23,157 | (23,392) |
Interest income | (5,620) | (111,889) | (171,236) | (170,699) |
Interest expense | 17,341 | 345,237 | 352,851 | 325,557 |
Unrealized exchange rate fluctuation | (3,629) | (72,253) | 44,007 | 53,013 |
Profit (loss) after adjustments | 129,067 | 2,569,574 | 5,554,608 | 4,764,277 |
(Increase) decrease trade accounts receivable, net | (4,733) | (94,229) | (60,949) | (59,849) |
(Increase) decrease recoverable tax | (12,386) | (246,597) | (183,103) | 19,210 |
(Increase) decrease of repayment for contractors, other accounts receivable and prepaid expenses | (833) | (16,576) | (25,156) | 4,740 |
Increase (decrease) trade accounts payable | 371 | 7,384 | (26,880) | 61,653 |
(Decrease) increase payable taxes and other accrued expenses | 2,435 | 48,472 | 41,367 | (27,596) |
Income taxes paid | (37,565) | (747,867) | (1,324,834) | (995,258) |
Increase (decrease) related parties, net | (3,644) | (72,554) | (42,276) | 97,093 |
Major maintenance provision | (5,209) | (103,704) | (305,133) | (139,320) |
Increase guarantee deposits and labor obligations | (2,031) | (40,425) | 88,880 | (15,604) |
Net cash flows from operating activities | 65,472 | 1,303,478 | 3,716,524 | 3,709,346 |
Cash flows from investment activities: | ||||
Acquisition of property improvements | (7,936) | (157,992) | (57,103) | (211,230) |
Other non-current assets | (3) | (65) | (753) | (4,230) |
Proceeds from sale of property and equipment | 270 | 5,380 | 1,162 | 205 |
Acquisition of improvements in concessioned assets | (64,476) | (1,283,642) | (1,086,426) | (1,071,828) |
Other investments held to maturity | 19,657 | 29,681 | ||
Interest received | 5,620 | 111,889 | 171,236 | 169,029 |
Net cash flows used by investing activities | (66,525) | (1,324,430) | (952,227) | (1,088,373) |
Cash flow from financing activities: | ||||
Loans obtained from related parties | 2,104 | 41,895 | 14,700 | 46,550 |
Payment of long-term debt | (2,139) | (42,592) | (40,790) | (49,563) |
Interest paid | (16,117) | (320,866) | (327,309) | (323,070) |
Dividends paid | (1,598,681) | (1,605,736) | ||
Financial leases payments | (2,879) | (57,325) | (50,180) | (8,644) |
Repurchase of shares | (7,534) | (150,000) | (244,201) | |
Net cash used by financing activities | (26,565) | (528,888) | (2,246,461) | (1,940,463) |
Net increase (decrease) in cash and cash equivalents | (27,618) | (549,840) | 517,836 | 680,510 |
Effects of exchange rate changes on the foreign currency cash balance | 3,957 | 78,771 | (46,865) | (54,615) |
Cash and cash equivalents at the beginning of the year cash balance | 172,280 | 3,429,873 | 2,958,902 | 2,333,007 |
Cash and cash equivalents at the end of the year | 148,619 | 2,958,804 | 3,429,873 | 2,958,902 |
Non cash investing activities which are not reflected in the consolidated statements of cash flows: | ||||
Acquisition of property, leasehold improvements and equipment, including finance leases | 12 | 250 | 593 | 5,301 |
Acquisition of other assets | 265 | 610 | ||
Acquisition of improvements in concessioned assets | $ 1,474 | $ 29,342 | $ 29,068 | $ 22,094 |
Nature of business operations
Nature of business operations | 12 Months Ended |
Dec. 31, 2020 | |
Nature of business operations | |
Nature of business operations | 1. Nature of business operations Grupo Aeroportuario del Centro Norte, S. A. B. de C. V. (“GACN” or the “Company”), is a direct subsidiary of Servicios de Tecnología Aeroportuaria, S. A. de C.V. (“SETA”), the ultimate parent company. GACN is a holding company, whose subsidiaries are engaged in the administration, operation, and use of 13 airports under a concession granted by the Mexican Government through the Ministry of Communications and Transportation. The airports are located in the following cities: Monterrey, Acapulco, Mazatlán, Zihuatanejo, Ciudad Juárez, Reynosa, Chihuahua, Culiacán, Durango, San Luis Potosí, Tampico, Torreón, and Zacatecas. The Company also generates revenue from hotel services provided by Consorcio Grupo Hotelero T2, S.A. de C.V. (the Terminal 2 NH Hotel) and Consorcio Hotelero Aeropuerto Monterrey, S.A.P.I. de C.V. (the Hilton Garden Inn Hotel), located at Terminal 2 of the Mexico City International Airport and at Monterrey International Airport, respectively. The address of the Company’s corporate office is Patriotismo #201, 5 th Floor, San Pedro de los Pinos, Mexico City, Zip Code 03800. |
Significant events
Significant events | 12 Months Ended |
Dec. 31, 2020 | |
Significant events | |
Significant events | 2. Significant event 2021-2025 Master Development Programs On November 27, 2020, the 2021-2025 Master Development Programs for the 13 airports of the group were authorized by the Ministry of Communications and Transportation, through the Federal Civil Aviation Agency ("AFAC"). The Master Development Programs include major maintenance, minor expenses and capital investment for the expansion, improvement, modernization and maintenance of airport infrastructure and equipment according to national and international efficiency, operational and safety standards, considering the growth of estimated passenger traffic. The amount of the committed investment was Ps.11,979,621 in pesos with purchasing power as of December 31, 2019 (note 10). GACN’s Annual Shareholders’ Meeting At the Ordinary and Extraordinary General Stockholders’ Meeting held on July 7, 2020, the stockholders approved the cancellation of 3,659,417 series B shares representing the minimum or fixed capital stock. The shareholders also approved to increase the reserve for the repurchase of the Company’s shares to Ps.1,500,000, after taking into consideration the repurchase of shares during 2019 and the amounts used from January 1, 2020 to the day of the meeting. |
Basis of presentation and conso
Basis of presentation and consolidation | 12 Months Ended |
Dec. 31, 2020 | |
Basis of presentation and consolidation | |
Basis of presentation and consolidation | 3. Basis of presentation and consolidation a. Statement of compliance The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS), including amendments and interpretations, as issued by the International Accounting Standards Board (IASB). b. Consolidated statement of financial position According to the requirements of the Mexican National Banking and Securities Commission ( Comisión Nacional Bancaria y de Valores ), GACN must present as part of its basic consolidated financial statements, a third year in the consolidated statement of financial position. c. Basis of preparation The consolidated financial statements have been prepared on the historical cost basis; notwithstanding, fair value is disclosed in certain cases. In addition, the Company determines the fair value of certain financial instruments for disclosures purposes. i) Historical cost Historical cost is generally based on the fair value of the consideration given in exchange for goods and services. ii) Fair value Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, regardless of whether that price is directly observable or estimated using another valuation technique. In estimating the fair value of an asset or a liability, the Company takes into account the characteristics of the asset or liability if market participants would take those characteristics into account when pricing the asset or liability at the measurement date. Fair value for measurement and/or disclosure purposes in these consolidated financial statements is determined on such a basis, except for share-based payment transactions that are within the scope IAS 2, and valuations that have some similarities to fair value but are not fair value, such as the value in use in IAS 36. In addition, for financial reporting purposes, fair value measurements are categorized into Level 1, 2 or 3 based on the degree to which the inputs to the fair value measurements are observable and the significance of the inputs to the fair value measurement in its entirety, which are described as follows: Level 1: Inputs are quoted prices for identical assets or liabilities that the Company can access at the measurement date; Level 2: Inputs are inputs, other than quoted prices included within Level 1, that are observable for the asset or liability, either directly or indirectly; and Level 3: Inputs are unobservable inputs for the asset or liability. d. COVID-19 On March 11, 2020, the World Health Organization (WHO) declared a new strain of coronavirus (COVID-19) as a pandemic. COVID-19 resulted in travel restrictions imposed by governments of various countries, flight cancellations, and a marked decrease in demand for air travel by passengers, both domestically and internationally. On March 31, 2020, the Secretary of Health of the Government of Mexico issued a decree suspending all non-essential activities in Mexico until April 30, 2020, and on April 21, 2020, the suspension was extended to May 30 to mitigate the spread and transmission of COVID-19. Although under the March 31, 2020 decree, the airports were considered essential and remained in operation, passenger traffic suffered a severe drop because of the reduction in travel demand and in the supply of seats by airlines. On May 29, 2020, the Federal Government published a decree in which, beginning on June 1, a traffic light of epidemiological risk was established by regions (municipal or state) that determined the level of sanitary alert and the type of activities authorized to be carried out, which resulted in the beginning of a recovery trend in passenger traffic. As a result of the impact of COVID-19, in 2020 the sum of aeronautical and non-aeronautical revenues decreased 45.7% in 2020 compared to the previous year. e. Going concern The consolidated financial statements have been prepared by management assuming that the Company will continue to operate as a going concern. Derived from the uncertainty and duration of this pandemic, the Company analyzed, among others, the following considerations to determine that it will continue to operate as a going concern. · Despite the fact that COVID-19 has had a significant impact on the airline industry, by strongly reducing the demand for airline tickets and causing a consequent reduction in the capacity of seats offered by airlines, the Company generated a positive net income of $1,097,879. · A recovery in passenger demand is expected in 2021 and subsequent years, which will translate into an increase in the Company's revenue and profit levels. · Management considers that liquidity levels are healthy, and the Company's leverage is low. · The Company's credit ratings have not been downgraded since the beginning of the pandemic and as of the date of this report remain at the same level as they were in March 2020. · Management considers that it has adequate access to sources of capital and estimates that with the generation of resources from operations and its cash level, it will allow the Company to meet its operating, investment, and debt obligations. Therefore, management believes that the Company will continue as a going concern for the foreseeable future. f. Convenience translation Solely for convenience of readers, peso amounts included in the consolidated financial statements as of December 31, 2020 and for the year then ended have been translated into U.S. dollar amounts at the exchange rate of Ps.19.9087 pesos per U.S. dollar, as published by Banco de México, Such translation should not be construed as a representation that the Mexican peso amounts have been, could have been or could, in the future, be converted into U.S. dollars at such rate or any other rate. g. Reporting and functional currency The Mexican peso, legal currency of the United Mexican States is the currency in which the consolidated financial statements are presented (reporting currency) and the Company’s functional currency. Transactions in currencies other than the peso are recorded in accordance with established policies described in note 4 b. h. Consolidated statements of income and other comprehensive income The Company chose to present the consolidated statement of income and other comprehensive income in a single statement, as well as presenting operating income in such statement in accordance with practices in the industry. Costs and expenses were classified according to their nature. i. Statement of Cash Flows The Company presents the cash flows from operating activities using the indirect method, in which the profit or loss is adjusted to reflect the effect of transactions that do not require cash flow, including those associated with investment or financing activities. j. Principles of consolidation The consolidated financial statements incorporate the financial statements of GACN and its subsidiaries. Control is achieved when GACN or its subsidiaries: · Have power over the investee; · Are exposed, or have rights, to variable returns from involvement with the investee; and · Have the ability to use their power to affect their returns. The Company reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control listed above. When the Company has less than a majority of the voting rights of an investee, it has power over the investee when the voting rights are sufficient to give it the practical ability to direct the relevant activities of the investee unilaterally. The Company considers all relevant facts and circumstances in assessing whether or not the Company’s voting rights in an investee are sufficient to give it power, including: · The percentage of the Company’s holding of voting rights relative to the percentage and dispersion of holdings of the other vote holders; · Potential voting rights held by the Company, other vote holders or other parties; · Rights arising from other contractual arrangements; and · Any additional facts and circumstances that indicate that the Company has, or does not have, the current ability to direct the relevant activities at the time that decisions need to be made, including voting patterns at previous shareholders’ meetings. Consolidation of a subsidiary begins when the Company obtains control over the subsidiary and ceases when the Company loses control of the subsidiary. Specifically, income and expenses of a subsidiary acquired or disposed of during the year are included in the consolidated statement of income and other comprehensive income from the date the Company gains control until the date when the Company ceases to control the subsidiary. The income and each component of other comprehensive income are attributed to the Company’s owners and to the non-controlling interests. The non-controlling interests in equity of subsidiaries are presented separately as non-controlling interests in the consolidated statements of financial position, within the shareholders’ equity section, and the consolidated statements of income and other comprehensive income. The financial statements of companies that are included in the consolidation are prepared as of December 31 of each year. All intra-group transactions, balances, income and expenses are eliminated in full on consolidation. Note 11 sets forth the entities that are consolidated on the financial statements and the information related thereto. |
Significant accounting policies
Significant accounting policies | 12 Months Ended |
Dec. 31, 2020 | |
Significant accounting policies | |
Significant accounting policies | 4. Significant accounting policies The consolidated financial statements are prepared in accordance with IFRS. Preparation of financial statements under IFRS requires the Company’s management to make certain estimates and use assumptions to value certain of the items in the consolidated financial statements as well as their related disclosures required therein. The areas with a high degree of judgment and complexity or areas where assumptions and estimates are significant in the consolidated financial statements are described in note 5. The estimates are based on information available at the time the estimates are made, as well as the best knowledge and judgment of management based on experience and current events. However, actual results could differ from those estimates. The Company has implemented control procedures to ensure that its accounting policies are appropriate and are properly applied. Although actual results may differ from those estimates, the Company’s management believes that the estimates and assumptions used were adequate under the circumstances. The consolidation requirements, accounting policies and valuation methods used in preparing the consolidated financial statements as of and for the year ended December 31, 2020 were the same as those applied in the consolidated financial statements for 2019 and 2018, except for the standards and interpretations described in paragraph (a) (I) included below, which were applicable to the Company and were effective during 2020. a. Adoption of new and revised International Financial Reporting Standards I. Application of new and revised International Financing Reporting Standards (“IFRSs” or “IAS”) that are mandatorily effective for the accounting period beginning on or after 2020 In the current year, the Company applied new IFRSs issued by the IASB that are mandatorily effective for an accounting period beginning on or after January 1, 2020. i. Impact of the initial application of Interest Rate Benchmark Reform amendments to IFRS 9, IAS 39 and IFRS 7. In September 2019, the IASB issued the Interest Rate Benchmark Reform (Amendments to IFRS 9, IAS 39 and IFRS 7). These amendments modify specific hedge accounting requirements to allow hedge accounting to continue for affected hedges during the period of uncertainty before the hedged items or hedging instruments affected by the current interest rate benchmarks are amended as a result of the on-going interest rate benchmark reforms. The Company’s management determined that the application of these amendments did not have a material impact on the consolidated financial statements. ii. Impact of the initial application of Covid-19-Related Rent Concessions Amendment to IFRS 16 In May 2020, the IASB issued Covid-19-Related Rent Concessions (Amendment to IFRS 16) that provides practical relief to lessees in accounting for rent concessions occurring as a direct consequence of COVID-19, by introducing a practical expedient to IFRS 16. The practical expedient permits a lessee to elect not to assess whether a COVID-19-related rent concession is a lease modification. A lessee that makes this election shall account for any change in lease payments resulting from the COVID-19-related rent concession the same way it would account for the change applying IFRS 16 if the change were not a lease modification. The practical expedient applies only to rent concessions occurring as a direct consequence of COVID-19 and only if all of the following conditions are met: a. The change in lease payments results in revised consideration for the lease that is substantially the same as, or less than, the consideration for the lease immediately preceding the change; b. Any reduction in lease payments affects only payments originally due on or before June 30, 2021 (a rent concession meets this condition if it results in reduced lease payments on or before June 30, 2021or increased lease payments that extend after June 30, 2021); and c. There is no substantive change to other terms and conditions of the lease. The Company’s management determined that the application of these amendments did not have a material impact on the consolidated financial statements, since it did not receive rent concessions in the period. iii. Impact of the initial application of other new and amended IFRS Standards that are effective for the current year. In the current year, the Company has applied the below amendments to IFRS Standards and Interpretations issued by the Board that are effective for an annual period that begins on or after 1 January 2020. Their adoption has not had any material impact on the disclosures or on the amounts reported in these financial statements. Amendments to References to the Conceptual Framework in IFRS Standards The Company has adopted the amendments included in Amendments to References to the Conceptual Framework in IFRS Standards for the first time in the current year. The amendments include consequential amendments to affected Standards so that they refer to the new Framework. Not all amendments, however, update those pronouncements with regard to references to and quotes from the Framework so that they refer to the revised Conceptual Framework. Some pronouncements are only updated to indicate which version of the Framework they are referencing to (the IASC Framework adopted by the IASB in 2001, the IASB Framework of 2010, or the new revised Framework of 2018) or to indicate that definitions in the Standard have not been updated with the new definitions developed in the revised Conceptual Framework. The Standards which are amended are IFRS 2, IFRS 3, IFRS 6, IFRS 14, IAS 1, IAS 8, IAS 34, IAS 37, IAS 38, IFRIC 12, IFRIC 19, IFRIC 20, IFRIC 22, and SIC-32. Amendments to IFRS 3 Definition of a business The Company has adopted the amendments to IFRS 3 for the first time in the current year. The amendments clarify that while businesses usually have outputs, outputs are not required for an integrated set of activities and assets to qualify as a business. To be considered a business an acquired set of activities and assets must include, at a minimum, an input and a substantive process that together significantly contribute to the ability to create outputs. The amendments remove the assessment of whether market participants can replace any missing inputs or processes and continuing to produce outputs. The amendments also introduce additional guidance that helps to determine whether a substantive process has been acquired. The amendments introduce an optional concentration test that permits a simplified assessment of whether an acquired set of activities and assets is not a business. Under the optional concentration test, the acquired set of activities and assets is not a business if substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar assets. The amendments are applied prospectively to all business combinations and asset acquisitions for which the acquisition date is on or after 1 January 2020. Amendments to IAS 1 and IAS 8 Definition of material The Company has adopted the amendments to IAS 1 and IAS 8 for the first time in the current year. The amendments make the definition of material in IAS 1 easier to understand and are not intended to alter the underlying concept of materiality in IFRS Standards. The concept of 'obscuring' material information with immaterial information has been included as part of the new definition. The threshold for materiality influencing users has been changed from 'could influence' to 'could reasonably be expected to influence'. The definition of material in IAS 8 has been replaced by a reference to the definition of material in IAS 1. In addition, the IASB amended other Standards and the Conceptual Framework that contains a definition of 'material' or refer to the term ‘material’ to ensure consistency. II. New and revised IFRS Standards in issue but not yet effective At the date of authorization of these financial statements, the Company has not applied the following new and revised IFRS Standards that have been issued but are not yet effective: IFRS 10 and IAS 28 (amendments) Sale or Contribution of Assets between an Investor and its Associate or Joint Venture (3) Amendments to IAS 1 Classification of Liabilities as Current or Non-current. (2) Amendments to IFRS 3 Reference to the Conceptual Framework (1) Amendments to IAS 16 Property, Plant and Equipment—Proceeds before Intended Use (1) Amendments to IAS 37 Onerous Contracts – Cost of Fulfilling a Contract (1) Annuals Amendments a IFRS cycle del 2018 – 2020 Amendments to IFRS 1 First-time Adoption of International Financial Reporting Standards, IFRS 9 Financial Instruments, IFRS 16 Leases. 1) Effective for annual periods beginning on the January 1, 2022 2) Effective for annual periods beginning on January 1, 2023 3) Effective day has not yet been defined by the IASB. Management does not expect that the adoption of these and modifications will have a significant impact on the consolidated financial statements of the Company. b. Foreign currency transactions Foreign currency transactions are recorded at the exchange rate in effect at the date of the transaction date. Monetary assets and liabilities denominated in foreign currency are translated into Mexican pesos at the exchange rate prevailing at the end of the reporting period. Non-monetary items that are measured in terms of historical cost in a foreign currency are not retranslated. Exchange fluctuations are recorded in profit or loss, except for exchange differences on foreign currency borrowings relating to assets under construction for future productive use, which are included in the cost of those assets when they are regarded as an adjustment to interest costs on those foreign currency borrowings. c. Cash and cash equivalents Cash and cash equivalents consist mainly of bank deposits in checking accounts and short-term investments, highly liquid and easily convertible into cash, maturing within three months as of their acquisition date, which are subject to immaterial value change risks. Cash is stated at nominal value and cash equivalents are measured at fair value. d. Financial instruments Financial assets and financial liabilities are recognized in the Company’s statement of financial position when the Company becomes a party to the contractual provisions of the instrument. Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value through profit or loss) are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at fair value through profit or loss are recognized immediately in profit or loss. Financial assets All purchases or sales of financial assets in the ordinary course of business are recognized and derecognized on a trade date basis. Purchases or sales in the ordinary course of business are purchases or sales of financial assets that require delivery of assets within the time frame established by regulation or convention in the marketplace. All recognized financial assets are measured subsequently in their entirety at either amortized cost or fair value, depending on the classification of the financial assets. As of December 31 2020, 2019 and 2018, all of the Company’s financial assets have been recognized at amortized cost. i) Amortized cost and effective interest method The effective interest method is a method of calculating the amortized cost of a debt instrument and of allocating interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts (including all fees and amounts paid or received that form an integral part of the effective interest rate, transaction costs and other premiums or discounts) excluding expected credit losses, through the expected life of the debt instrument, or, where appropriate, a shorter period, to the gross carrying amount of the debt instrument on initial recognition. The amortized cost of a financial asset is the amount at which the financial asset is measured at initial recognition minus the principal repayments, plus the cumulative amortization using the effective interest method of any difference between that initial amount and the maturity amount, adjusted for any loss allowance. The gross carrying amount of a financial asset is the amortized cost of a financial asset before adjusting for any loss allowance. ii) Financial assets at fair value through other comprehensive income (FVTOCI) Financial assets at fair value through other comprehensive income are those whose business model is based on obtaining contractual cash flows and selling financial assets, in addition to their contractual conditions giving rise, on specified dates, to cash flows that they are only payments of the principal and interest on the outstanding principal amount. As of December 31, 2020, the Company does not have financial assets at fair value through other comprehensive income. iii) Financial assets at fair value through profit or loss (FVTPL) Financial assets are classified at fair value through profit or loss when the financial asset is held for trading or it is designated as fair value through profit or loss. As of December 31, 2020, 2019 and 2018, the Company does not have financial assets at fair value through profit. Impairment of financial assets The Company recognizes a loss allowance for expected credit losses on investments in debt instruments that are measured at amortized cost or at FVTOCI, trade receivables and contract assets. The amount of expected credit losses is updated at each reporting date to reflect changes in credit risk since initial recognition of the respective financial instrument. The Company recognizes lifetime expected credit losses (ECL) for trade receivables and contract assets. The expected credit losses on these financial assets are estimated using a provision matrix based on the Company’s historical credit loss experience, adjusted for factors that are specific to the debtors, including general economic conditions. For all other financial instruments, the Company recognizes lifetime ECL when there has been a significant increase in credit risk since initial recognition. However, if the credit risk on the financial instrument has not increased significantly since initial recognition, the Company measures the loss allowance for that financial instrument at an amount equal to 12-month ECL. Lifetime ECL represents the expected credit losses that will result from all possible default events over the expected life of a financial instrument. In contrast, 12-month ECL represents the portion of lifetime ECL that is expected to result from default events on a financial instrument that are possible within 12 months after the reporting date. Significant increase in credit risk In assessing whether the credit risk on a financial instrument has increased significantly since initial recognition, the Company compares the risk of a default occurring on the financial instrument at the reporting date with the risk of a default occurring on the financial instrument at the date of initial recognition. In making this assessment, the Company considers both quantitative and qualitative information that is reasonable and supportable, including historical experience and forward-looking information that is available without undue cost or effort. i) Definition of default The Company considers the following as constituting an event of default for internal credit risk management purposes as historical experience indicates that financial assets that meet either of the following criteria are generally not recoverable: · When there is a breach of financial covenants by the debtor; or · The information developed internally or obtained from external sources indicates that the debtor is unlikely to pay its creditors, including the Company, in full (without taking into account any collateral held by the Company). Irrespective of the above analysis, the Company considers that default has occurred when a financial asset is more than 90 days past due unless the Company has reasonable and supportable information to demonstrate that a more lagging default criterion is more appropriate. ii) Credit-impaired financial assets A financial asset is credit-impaired when one or more events that have a detrimental impact on the estimated future cash flows of that financial asset have occurred. iii) Write-off policy The Company writes off a financial asset when there is information indicating that the debtor is in severe financial difficulty and there is no realistic prospect of recovery, e.g. when the debtor has been placed under liquidation or bankruptcy proceedings. Any recoveries made are recognized in profit or loss. iv) Measurement and recognition of expected credit losses According to IFRS 9, the Company recognize a provision of expected credit losses in the financial assets such as trade receivables and other financial assets. The expected credit losses on these financial assets are estimated from the initial recognition of the asset at each reporting date, using as a reference the past experience of the Company’s credit losses, adjusted for factors that are specific to the debtors or groups of debtors, the general economic conditions and an assessment of both, management and conditions existing as of the reporting date, including the time value of money where appropriate. The measurement of expected credit losses is a function of the probability of default, loss due to a default (i.e. the magnitude of the loss if there is a default) and the exposure at default. The assessment of the probability of default and loss due to a default is based on historical data adjusted by forward-looking information as described above. As for the exposure at default, for financial assets, this is represented by the assets’ gross carrying amount at the reporting date. For financial assets, the expected credit loss is estimated as the difference between all contractual cash flows that are due to the Company in accordance with the contract and all the cash flows that the Company expects to receive, discounted at the original effective interest rate. Derecognition of financial assets The Company derecognizes a financial asset only when the contractual rights to the cash flows from the asset expires, or when it transfers to another entity the financial asset and substantially all the risks and rewards of ownership of the asset. On derecognition of a financial asset measured at amortized cost, the difference between the asset’s carrying amount and the sum of the consideration received and receivable is recognized in profit or loss. Financial liabilities and equity Classification as debt or equity Debt and equity instruments are classified as either financial liabilities or as equity in accordance with the substance of the contractual arrangements and the definitions of a financial liability and an equity instrument. Equity instruments An equity instrument is any contract that evidences a residual interest in the assets of an entity after deducting all of its liabilities. Equity instruments issued by the Company are recognized at the proceeds received, net of direct issue costs. The Company records a reserve for the repurchase of shares from amounts appropriated from retained earnings, to strengthen the supply and demand of its shares in the stock market, as permitted by Mexican Securities Law. The shareholders’ meeting authorizes the maximum disbursement for the repurchase of shares to be used for this activity in each period between said meeting and the following, in which the application of results is approved and made. At the time of a purchase, shares are converted into treasury shares and become part of the shareholders’ equity at the purchase price; one part of the capital stock to the historical value, and the remainder to the reserve to repurchase shares. Financial liabilities All financial liabilities are measured subsequently at amortized cost using the effective interest method or at FVTPL. Other financial liabilities Other financial liabilities, including loans, bond issuances and debt with lenders and trade creditors and other payables are valued initially at fair value, represented generally by the consideration transferred, net of transaction costs, and are subsequently measured at amortized cost using the effective interest method. Derecognition of financial liabilities The Company derecognizes financial liabilities when, and only when, the obligations are discharged, cancelled or they expire. The difference between the carrying amount of the financial liability derecognized and the consideration paid and payable is recognized in results. When a financial liability measured at amortized cost is modified without a derecognition, the Company recognizes a gain or loss in the modification, which is calculated as the difference between the amortized cost at the date of the refinancing and the cash flows with the new terms of financing discounted at the effective interest rate of the original debt. In addition, when the Company refinancing the transaction and the previous liability qualifies to be derecognized, the costs incurred in the refinancing are recognized immediately in results at the date of the termination of the previous financial liability. e. Property, leasehold improvements and equipment, net Expenditures for property, leasehold improvements and equipment acquired are carried at acquisition cost. Depreciation is recognized so as to write off the cost or deemed cost of assets (other than freehold land and properties under construction). Depreciation of property, leasehold improvements and equipment is calculated using the straight-line method over the useful life of the asset. Depreciation begins in the month in which the asset is placed in service. The useful lives of assets are as follows: Useful Life (years) Improvement in leased assets 20 Machinery and equipment 10 Furniture and office equipment 10 Transportation equipment 4 Computer equipment 3.3 The depreciation of property, leasehold improvements and equipment is recorded in results. Disposal of assets The gain or loss on the sale or retirement of an item of property and equipment is calculated as the difference between the proceeds from the sale and the carrying value of the asset, and is recognized in income when all risks and rewards of ownership of the asset is transferred to the buyer, which generally occurs when ownership of the asset is transferred to the buyer. Replacements or renewals of a component of property or equipment that extend the useful life of the asset, or its economic capacity are recognized as an increase to property and equipment, with the subsequent write-off or derecognition of the assets replaced or renewed. Construction in progress for leasehold improvement Construction in progress for leasehold improvement is carried at cost less any recognized impairment loss. Cost includes professional fees and, in the case of qualifying assets, borrowing costs capitalized in accordance with the Company’s accounting policy. Such properties are transferred to the appropriate categories of property and equipment when completed and ready for intended use. The depreciation of these assets, as well as other properties, begins when the assets are ready for use. Subsequent costs Subsequent costs form part of the value of the asset or are recognized as a separate asset only when it is probable that such disbursement represents an increase in productivity, capacity, efficiency or an extension of the life of the asset and the cost of the item can be determined reliably. All other expenses, including repairs and maintenance are recognized in comprehensive income as incurred. f. Leases As lessor Leases for which the Company is a lessor are classified as financial leases or operating leases. Whenever the terms of the lease transfer substantially all risks and rewards of ownership in the lessee, the contract is classified as a financial lease. All other leases are classified as operating leases. Rental income from operating leases is recognized on a straight-line basis over the term of the relevant lease. Amounts due from lessees under finance leases are recognized as receivables at the amount of the Company’s net investment in the leases. Finance lease income is allocated to accounting periods so as to reflect a constant periodic rate of return on the Group’s net investment outstanding in respect of the leases. As lessee The Company assesses whether a contract is or contains a lease, at inception of the contract. The Company recognizes a right-of-use asset and a corresponding lease liability with respect to all lease arrangements in which it is the lessee, except for short-term leases (defined as leases with a lease term of 12 months or less) and leases of low value assets (such as tablets and personal computers, small items of office furniture and telephones). For these leases, the Company recognizes the lease payments as an operating expense on a straight-line basis over the term of the lease unless another systematic basis is more representative of the time pattern in which economic benefits from the leased assets are consumed. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted by using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Company's incremental borrowing rate. Lease payments included in the measurement of the lease liability comprise in: · Fixed payments, (including in-substance fixed payments; ), less any lease incentives receivable; · Variable lease payments that depend on an index or a rate, initially measured using the index or rate as at the commencement date; · The amount expected to be payable by the lessee under a residual value guarantees; · The exercise price of purchase options if the lessee is reasonably certain to exercise the options, and · Payments of penalties for terminating the lease, if the lease term reflects the exercise of an option to terminate the lease. The lease liability is presented as a separate line in the consolidated statement of financial position. The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using the effective interest method) and by reducing the carrying amount to reflect the lease payments made. The Company remeasures the lease liability (and makes a corresponding adjustment to the related right-of-use asset) whenever: - The lease term has changed or there is a significant event or change in circumstances resulting in a change in the assessment of exercise of a purchase option, in which case the lease liability is remeasured by discounting the revised lease payments using a revised discount rate. - The lease payments change due to changes in an index or rate or a change in expected payment under a guaranteed residual value, in which cases the lease liability is remeasured by discounting the revised lease payments using an unchanged discount rate (unless the lease payments change is due to a change in a floating interest rate, in which case a revised discount rate is used). - A lease contract is modified and the lease modification is not accounted for as a separate lease, in which case the lease liability is remeasured based on the lease term of the modified lease by discounting the revised lease payments using a revised discount rate at the effective date of the modification. The Company did not make any such adjustments during the periods presented. Right-of-use assets Right-of-use assets are depreciated over the shorter period of lease term and useful life of the underlying asset. If a lease transfer’s ownership of the underlying asset or the cost of the right-of-use asset reflects that the Company expects to exercise a purchase option, the related right-of-use asset is depreciated over the useful life of the underlying asset. The depreciation starts at the commencement date of the lease. The right-of-use assets comprise the initial measurement of the corresponding lease liability, lease payments made at or before the commencement day, less any lease incentives received and any initial direct costs. They are subsequently measured at cost less accumulated depreciation and impairment losses. The right-of-use assets are presented as a separate line in the consolidated statement of financial position. The Company applies IAS 36 to determine whether a right-of-use asset is impaired and accounts for any identified impairment loss as described in the “Property, Plant and Equipment’ policy. g. Guarantee deposits Guarantee deposits correspond to amounts received from lessees to guarantee performance under the lease. They are recorded at cost and are either returned to tenants at the end of the lease term or recognized against services unpaid by tenants. Additionally, certain agreements were entered into with airlines, which established escrow deposits paid by the airlines to guarantee their obligation for payment of the amounts collected from passengers for the Airport Use Fee (Tarifa de Uso de Aeropuertos or “TUA”) and other airport services. If the payment obligations are not met, the Company may immediately exercise the guarantees and utilize the funds. The aforementioned escrow deposits are recorded at cost. h. Borrowing costs Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale. Investment income earned on the temporary investment of specific borrowings pending their expenditure on qualifying assets is deducted from the borrowing costs eligible for capitalization. All other borrowing costs are recognized in profit or loss in the period in which they are incurred. i. Investment in airport concessions This item consists of the rights paid to manage, operate and, in certain cases make capital investments to 13 airports based on a concession granted by the Mexican Government through the Ministry of Communications and Transportation, and to use their facilities, for a 50-year term. Investment in concessions includes the rights to use airport facilities of airport concessions and improvements to concessioned assets and represents the amount granted by the Ministry of Communications and Transportation to each airport concessions, plus improvements made to each individual concession since the time of grant. Under all concession arrangements, (i) the grantor controls or regulates what services the Company must provide with the infrastructure, to whom it must provide them, and at what price; and (ii) the grantor controls, through ownership, any significant residual interest in the infrastructure at the end of the term of the arrangement. Accordingly, the Company classifies the assets derived from the construction, administration and operation of the service concession arrangements either as intangible assets, financial assets (accounts receivable) or a combination of both. The Company classifies its concessioned assets as an intangible asset, including its improvements. An intangible asset results when the operator constructs or makes improvements and is allowed to operate the infrastructure for a fixed period after construction is complete, in which the future cash flows of the operator have not been specified, because they may vary depending on the use of the asset, and are therefore considered contingent. The cost of financing incurred during the construction period is capitalized. Investments in airport concessions are amortized on a straight-line basis over the term of the concession, which is 50 years, or from the date of capitalization of additions or improvements considering the remaining term of the concession. Revenues and costs related to construction or improvements to intangible assets subject to the Company’s airport concession with the government are recognized |
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 | 5. Critical accounting judgments and key sources of estimation uncertainty In applying the Company’s accounting policies, described in note 4, the Company’s management makes judgments, estimates and assumptions about the carrying amounts of assets and liabilities in the consolidated financial statements. The estimates and underlying assumptions are based on historical experience and other factors considered relevant. Actual results may differ from these estimates. Estimates and assumptions are reviewed on an ongoing basis. Adjustments to accounting estimates are recognized in the period in which the adjustment is made and future periods if the change affects both the current period and to subsequent periods. a. Critical accounting judgments Critical judgments, other than those involving estimations (see paragraph b), made by management throughout the process of applying the Company’s accounting policies that have a material effect on the consolidated financial statements, are presented below. · Evaluation of the existence of control on investments in subsidiaries (see note 11). · Defined benefit obligations to the Company’s employees are discounted at a rate set by reference to market rates at the end of the reference period of Mexican government bonds. · The Company is subject to transactions or contingent events over which it applies professional judgment to determine the probability of occurrence. Factors considered in this determination are the legal situation as of the date on which the estimation is made and the opinion of legal advisors. b. Key sources of estimation uncertainty Basic assumptions concerning the future and other key sources of uncertainty in the estimates made at the end of the reporting period, that have a significant risk of causing significant adjustments to the carrying amounts of assets and liabilities within the following financial year are as follows: · The Company performs an allowance for doubtful accounts analysis based on the expected credit losses required by IFRS 9, considering key factors such as the customers’ financial and operating situation, conditions of past due accounts and the economic conditions of the country. This estimate is reviewed periodically and the condition of past due accounts is determined considering the terms established in the agreements. · The Company’s long-lived assets correspond to concessions granted by the Mexican Government, properties, leasehold improvements and equipment. The Company reviews the carrying amounts of its long-lived assets to determine whether there are indications of impairment. · Despite of impact of the pandemic generated by COVID-19, the Company did not identify impairment with respect to the investment of the NH T2 Hotel recorded in improvements in leased assets, whose lease contract with Mexico City International Airport expires in 2029. The Company determined the recoverable amount of the cash-generating unit corresponding to NH T2 by estimating the value in use, which uses cash flow projections based on projections over the remaining life of the lease until 2029, discounted at an after-tax discount rate of between 10.2% to 11.2%. Over the projection period, management considers an occupancy rate of 53% in 2021, gradually recovering to an average of 82% by 2024 onwards. It is also estimated that the average fare would exceed 2019 levels in 2022 and would be updated mainly with inflation thereafter. The Company's management, based on value in use calculations, has not identified any impairment as the recoverable amount exceeds the carrying value of the cash generating unit by approximately 27%. Management estimates that the value in use considering an average rate reduction of 16.7% or an occupancy rate 1,230 basis points lower than estimated during the projection period would equal the carrying value of the cash generating unit. · The Company’s management reviews the estimated useful lives of property, leasehold improvements and equipment at the end of each annual period. Based on detailed analyses, the Company’s management could modify the useful life of certain assets of property, leasehold improvements and equipment. The degree of uncertainty associated with estimates of useful lives is related to market changes, use of assets and technological development. · Determining the recoverability of deferred tax assets. · The Company’s management determines and recognizes, based on estimates, the major maintenance provision as per concession contracts with the Mexican Government to maintain and restore the airports’ infrastructure, which affects the results of periods ranging from the moment concession infrastructure becomes available for use through the date on which the maintenance and/or repair works are performed. The Company also calculates the appropriate discount rate for determining the present value of expected expenses that are required to meet its obligations. The short- and long-term classification of the provision is based on the best estimate of the Company of the period in which the work is expected to be carried out. There is also a judgment in determining the accounting policy of recognition of this provision. Although these estimates were made based on the best information available as of December 31, 2020, 2019 and 2018 it is possible that future events may require the Company to modify (increase or decrease) the amounts in the coming years, which in such case would be applicable on a prospective basis by recognizing the effects of changes in estimates in the corresponding consolidated financial statements. |
Cash and cash equivalents
Cash and cash equivalents | 12 Months Ended |
Dec. 31, 2020 | |
Cash and cash equivalents. | |
Cash and cash equivalents | 6. Cash and cash equivalents Cash and cash equivalents are composed as follows: December 31, 2020 2019 2018 Cash Ps. 2,360,422 Ps. 2,916,936 Ps. 1,456,207 Cash equivalents: Bank notes 598,382 512,027 630,537 Commercial paper — — 217,074 Money market investment funds — 910 655,084 Ps. 2,958,804 Ps. 3,429,873 Ps. 2,958,902 |
Accounts receivable
Accounts receivable | 12 Months Ended |
Dec. 31, 2020 | |
Accounts receivable | |
Accounts receivable | 7. Accounts receivable a. The balance of accounts receivable is as follows: December 31, 2020 2019 2018 Receivables Ps. 854,402 Ps. 766,748 Ps. 728,552 Allowance for doubtful accounts (note 7 b.) (20,759) (8,992) (31,986) Ps. 833,643 Ps. 757,756 Ps. 696,566 Accounts receivables represent principally the passenger charges ( TUA ) paid by each passenger (other than diplomats, infants, and transit passengers) using the airports operated by the Company. These TUA are collected by airlines and subsequently paid to the Company. As of December 31, 2020, 2019 and 2018, amounts receivable for passenger charges amounted to Ps. 658,269. Ps. 625,246 and Ps.577,391, respectively. The Company’s management considers that the carrying amount of accounts receivable approximates its fair value given their short-term nature. No interest income is generated by any short-term account receivable. As of December 31, 2020, 2019 and 2018, the balance of the allowance for doubtful accounts was Ps.20,759, Ps.8,992 and Ps.31,986 respectively. The following tables set forth a percentage of the principal customers that compose the accounts receivable (before allowance for doubtful accounts) as well as the revenues generated from the Company’s principal customers, which may represent a potential credit risk for the Company if the counterparty had financial and operating difficulties that would prevent them from being able to settle amounts due to the Company. December 31, 2020 2019 2018 % % % Accounts receivable: Aeroenlaces Nacionales, S. A. de C. V. 33.00 21.16 23.76 Concesionaria Vuela Compañía de Aviación, S.A.P.I. de C.V. 28.10 27.40 24.20 Aerolitoral, S. A. de C. V. 8.98 20.88 21.47 Aerovías de México, S. A. de C.V. 4.74 6.70 7.15 Year ended December 31, 2020 2019 2018 % % % Revenues by client: Aerolitoral, S. A. de C. V. 10.49 13.26 14.99 Aeroenlaces Nacionales, S. A. de C. V. 21.07 17.79 16.84 ABC Aerolíneas, S. A. de C. V. 4.24 10.38 11.19 Concesionaria Vuela Compañía de Aviación, S. A. P. I. de C. V. 17.36 16.11 13.79 Aerovías de México, S. A. de C. V. 4.07 4.07 4.41 On June 30, 2020, Grupo Aeromexico, S.A.B. de C.V. and certain of its subsidiaries, including Aerolitoral, S.A. de C.V. and Aerovias de Mexico, S.A. de C.V. entered into reorganization proceedings under Chapter 11 of the U.S. Bankruptcy Law. As of December 31, 2020, and the date of issuance of the financial statements, both Aerolitoral, S.A. de C.V. and Aerovias de Mexico, S.A. de C.V. are substantially current in their payments with the Company and continue to operate the Company's Airports. During the last quarter of 2020, ABC Aerolíneas, S.A. de C.V. ceased operating at the Company's airports. The amount of accounts receivable from this customer at December 31, 2020 is not material. b. The changes in the allowance for doubtful accounts are as follows: December 31, 2020 2019 2018 Beginning balance Ps. 8,992 Ps. 31,986 Ps. 38,223 Increases(Decrease) 18,342 (241) (5,960) Cancelation (5,542) — — Write-off (1,033) (22,753) (277) Ending balance Ps. 20,759 Ps. 8,992 Ps. 31,986 The write-off of doubtful accounts is recognized once the Company has exhausted all means for collection of the account. The movements in the estimate for customer impairment in 2020, with the expected loss model used by the Company, are presented below: Airports Others Total Gross book value Ps. 784,108 Ps. 28,251 Ps. 812,359 Collateral 1,584,553 8,048 1,592,601 Probability of default in range 0% - 100 % 0% - 100% Loss due to default range 0% - 100% 0% - 100% Beginning balance of impairment of account receivable Ps. 8,847 Ps. 145 Ps. 8,992 (Decrease) increase in the provision 15,156 3,186 18,342 Cancelations (5,542) — (5,542) Write-off (1,033) — (1,033) Ending balance Ps. 17,428 Ps. 3,331 Ps. 20,759 |
Other accounts receivable and p
Other accounts receivable and prepaid expenses | 12 Months Ended |
Dec. 31, 2020 | |
Other accounts receivable and prepaid expenses. | |
Other accounts receivable and prepaid expenses | 8. Other accounts receivable and prepaid expenses Other accounts receivable and prepaid expenses are comprised as follows: December 31, 2020 2019 2018 Prepaid expenses Ps. 59,033 Ps. 33,310 Ps. 27,296 Guarantee deposits 6,167 5,897 5,897 Others 1,375 3,535 7,068 Ps. 66,575 Ps. 42,742 Ps. 40,261 |
Property, leasehold improvement
Property, leasehold improvements and equipment | 12 Months Ended |
Dec. 31, 2020 | |
Property, leasehold improvements and equipment | |
Property, leasehold improvements and equipment | 9. Property, leasehold improvements and equipment Property, leasehold improvements and equipment are as follows: December 31, 2020 2019 2018 Net carrying value: Land (see note 10) Ps. 1,709,508 Ps. 1,709,508 Ps. 1,709,508 Leasehold improvements 854,829 786,085 783,221 Machinery and equipment 72,867 83,611 99,194 Furniture and office equipment 27,940 35,105 42,674 Transportation equipment 287 1,555 25,326 Computer equipment 2,838 2,212 4,930 Construction in progress for leasehold improvements 32,200 29,025 5,409 Ps. 2,700,469 Ps. 2,647,101 Ps. 2,670,262 Construction Machinery Furniture in progress of Leasehold and and office Transportation Computer leasehold Cost Land improvements equipment equipment equipment equipment improvements Total Balance as of January 1, 2018 Ps. 1,709,508 Ps. 825,481 Ps. 201,114 Ps. 153,355 Ps. 61,043 Ps. 67,697 Ps. 22,341 Ps. 3,040,539 Acquisitions — 53,347 2,293 5,444 1,038 1,102 104,038 167,262 Disposals — — (321) — — (666) — (987) Transfers — 120,970 — — — — (120,970) — Other — — (127) (687) (351) (402) — (1,567) Balance as of December 31, 2018 1,709,508 999,798 202,959 158,112 61,730 67,731 5,409 3,205,247 Acquisitions — 49,345 3,386 2,168 — 869 80,290 136,058 Disposals — — — (525) — — — (525) Transfers — 9,403 — — (34,283) (430) (55,656) (80,966) Other — — — (20) (5,792) (595) (1,018) (7,425) Balance as of December 31, 2019 1,709,508 1,058,546 206,345 159,735 21,655 67,575 29,025 3,252,389 Acquisitions — — 8,380 440 — 3,973 134,821 147,614 Transfers — 130,420 — — — — (130,420) — Other — — — (206) — (3,097) (1,226) (4,529) Balance as of December 31, 2020 Ps. 1,709,508 Ps. 1,188,966 Ps. 214,725 Ps. 159,969 Ps. 21,655 Ps. 68,451 Ps. 32,200 Ps. 3,395,474 Construction in Furniture and progress of Accumulated Leasehold Machinery and office Transportation Computer leasehold depreciation improvements equipment equipment equipment equipment improvements Total Balance as of January 1, 2018 Ps. (164,892) Ps. (84,997) Ps. (106,242) Ps. (24,797) Ps. (58,214) Ps. — Ps. (439,142) Depreciation (51,685) (18,902) (9,883) (11,630) (5,655) — (97,755) Disposals — 134 — — 666 — 800 Other — — 687 23 402 — 1,112 Balance as of December 31, 2018 (216,577) (103,765) (115,438) (36,404) (62,801) — (534,985) Depreciation (55,884) (18,969) (9,729) (4,806) (3,051) — (92,439) Disposals — — 525 — — — 525 Other — — 12 21,110 489 — 21,611 Balance as of December 31, 2019 (272,461) (122,734) (124,630) (20,100) (65,363) — (605,288) Depreciation (61,676) (19,124) (7,720) (1,268) (2,532) — (92,320) Disposals — — — — — — — Other — — 321 — 2,282 — 2,603 Balance as of December 31, 2020 Ps. (334,137) Ps. (141,858) Ps. (132,029) Ps. (21,368) Ps. (65,613) Ps. — Ps. (695,005) |
Investment in airport concessio
Investment in airport concessions | 12 Months Ended |
Dec. 31, 2020 | |
Investment in airport concessions | |
Investment in airport concessions | 10. Investment in airport concessions The Company has concessions to operate, maintain and develop 13 airports in Mexico, which are concentrated in central and northern regions of the country. Each concession is for 50 years from November 1, 1998. The term of each of the Company’s concessions may be extended by the Ministry of Communications and Transportation under certain circumstances for a period not exceeding 50 years. As operators of 13 airports the Company earns revenue from airlines, passengers, and other users for using the airport facilities. The Company also earns revenues for commercial activities carried out at the airports, such as leasing of space to restaurants and other shops. Each airport concession agreement contains the following terms and basic conditions: a. The concessionaire has the right to manage, operate, maintain and use the airport facilities and carry out any construction, improvements or maintenance of the related facilities in accordance with its five-year period Master Development Program, and to provide airport, complementary and commercial services. b. The concessionaire will use the airport facilities only for the purposes specified in the concession agreement, will provide services in conformity with the law and applicable regulations and will be subject to inspections by the Ministry of Communications and Transportation. c. The concessionaire must pay a concession tax for the right to use airport facilities (currently 5% of the concessionaire’s annual gross revenues derived from the use of public property), in conformity with the Mexican Federal Duties Law. d. The Mexican Airport and Auxiliary Services Agency (Aeropuertos y Servicios Auxiliares) has the exclusive right to supply fuel at the concessionaire’s airports. e. The concessionaire must grant free access to specific airport areas to certain Mexican government agencies, so that they may carry out their activities within the airports. f. The concession may be revoked if the concessionaire breaches any of its obligations established in the concession title, as established in Article 26 and 27 of the Mexican Airport Law and in the concession title. The breach of certain concession terms may be cause for revocation if the Ministry of Communications and Transportation has applied sanctions in three different instances with respect to the same concession term. Since the concessionaire is part of an integrated economic group, the concessionaire and Grupo Aeroportuario del Centro Norte, S.A.B. de C.V, they will respond jointly and severally to the Ministry of Communications and Transportation, regarding the obligations contained in each of the concessions granted and as indicated in the concession title. The terms and conditions of each concession contract have been fulfilled in all important aspects during the years ended December 31, 2020, 2019 and 2018. Investments in airport concessions include: improvements to concessioned assets, rights to use airport facilities, and airport concessions. The total cost of the concession was assigned proportionally to rights to use airport facilities on the basis of the fair value of the assets determined by an independent appraiser. At any airport concession where the cost exceeded the fair value, the excess was recognized within the airport concessions line item. As of December 31, 2020, 2019 and 2018, the carrying value of the right to use airport facilities, airport concessions and improvement to concessioned assets classified as intangible assets are as follows: December 31, 2020 2019 2018 Projects completed and in operation: Airport concessions Ps. 605,643 Ps. 605,643 Ps. 605,643 Rights to use airport facilities 3,356,762 3,356,762 3,356,762 Improvements to concessioned assets (see note 15) 8,594,136 7,331,450 6,165,810 Improvements to concessioned assets in progress 615,246 624,063 834,868 Accumulated amortization (2,942,131) (2,650,807) (2,396,427) Ps. 10,229,656 Ps. 9,267,111 Ps. 8,566,656 The changes in investment in concessions are as follows: December 31, 2020 2019 2018 Investment in airport concessions Beginning balance Ps. 11,917,919 Ps. 10,963,084 Ps. 9,821,579 Increase 1,253,868 954,835 1,141,505 Ending balance 13,171,787 11,917,919 10,963,084 Amortization of airport concessions: Beginning balance (2,650,807) (2,396,427) (2,173,162) Increase (291,323) (254,380) (223,266) Ending balance (2,942,131) (2,650,807) (2,396,427) Net investment in airport concessions Ps. 10,229,656 Ps. 9,267,111 Ps. 8,566,656 Master Development Plan – The Company is obligated to carry out maintenance, improvements to concessioned assets and acquire fixed assets according to the Master Development Program. As mentioned in note 2, the Master Development Program for 2021-2025 is Ps.11,979,621 in pesos with purchasing power of December 31, 2019 and Ps.12,586,901 in pesos with purchasing power of December 31, 2020, as updated with the National Producer Price Index (INPPIC) of the construction industry, in accordance with the concession contract, which is anticipated to be carried out as follows: Amount Year 2021 2,565,502 2022 2,655,068 2023 2024 2025 2,235,465 12,586,901 The Master Development Program for the previous five-year period 2016-2020, was for Ps. 4,445,653, with purchasing power as of December 31, 2014, and Ps.6,303,586 with purchasing power as of December 31, 2020, as updated with the INPPIC, in accordance with the concession contract. The amount pending to be exercised as of December 31, 2020 is Ps.264,783, which will be exercised until the projects are completed. In 2009, the Company paid Ps.1,159,613 to acquire land strategically located adjacent to the Monterrey airport to allow for the airport’s future growth, including the construction of a second runway, which the Company intends to complete in the future. On December 4, 2012, the Monterrey airport received authorization from the AFAC to include Ps.386,538 (amount expressed in nominal pesos of 2009) in investments as part of Master Development Program for 2011-2015. Additionally, during the 2011 Master Development Program revision, Ps.77,306 was included due to an extraordinary adjustment in its maximum tariff under the Master Development Program. The remaining investment to be recognized for a cost of Ps.695,759 (amount expressed in 2009 nominal pesos), has been included in the indicative periods 2026-2035 of the approved Master Development Program. This amount may not be recognized by the Ministry of Communications and Transportation in the future. The final recovery amounts are adjusted annually based on INPPIC. The Company’s airports exclusively own the lands acquired, which are classified in the consolidated statements of financial position under the headings of property, leasehold improvements and equipment. The lands will remain classified under these headings until the negotiations with the AFAC have concluded. If the AFAC recognizes the land as part of the concession investment, it is estimated that the property will be transferred to the Mexican Government. At the time of such recognition, the Company shall derecognize the asset and recognize an inclusion of the same amount under investment in airport concessions (improvements in concessioned assets), which will be subject to amortization for the remaining period of the concession. The Company’s improvements to the airport facilities can be recognized by the AFAC as part of the investment in airport concession. The cost of airport improvements recognized by the AFAC that are part of the Company’s investment in concession assets is “recovered” in the form of adjustments to the maximum rates that the Company may charge for aeronautical services, which are regulated by the AFAC. |
Composition of GACN
Composition of GACN | 12 Months Ended |
Dec. 31, 2020 | |
Composition of GACN | |
Composition of GACN | 11. Composition of GACN a. The following tables set forth information about the composition of GACN as of December 31, 2020, 2019 and 2018: Place of Number of subsidiaries incorporation and December 31, Principal activity operation 2019, 2018, 2017 Airports Mexico 13 Hotels Mexico 2 Services Mexico 9 24 b. The consolidated subsidiaries are as follows: Name of subsidiary Ownership Percentage Airport services; Aeropuerto de Monterrey, S. A. de C. V. 100 % Aeropuerto de Acapulco, S. A. de C. V. 100 % Aeropuerto de Mazatlán, S. A. de C. V. 100 % Aeropuerto de Zihuatanejo, S. A. de C. V. 100 % Aeropuerto de Culiacán, S. A. de C. V. 100 % Aeropuerto de Ciudad Juárez, S. A. de C. V. 100 % Aeropuerto de Chihuahua, S. A. de C. V. 100 % Aeropuerto de Torreón, S. A. de C. V. 100 % Aeropuerto de Durango, S. A. de C. V. 100 % Aeropuerto de Tampico, S. A. de C. V. 100 % Aeropuerto de Reynosa, S. A. de C. V. 100 % Aeropuerto de Zacatecas, S. A. de C. V. 100 % Aeropuerto de San Luis Potosí, S. A. de C. V. 100 % Hotels and Services: Operadora de Aeropuertos del Centro Norte, S. A. de C. V. 100 % Servicios Aeroportuarios del Centro Norte, S. A. de C. V. 100 % Servicios Aero Especializados del Centro Norte, S. A. de C. V. 100 % OMA Logística, S. A. de C. V. (1) 100 % Holding Consorcio Grupo Hotelero T2, S. A. de C. V. (2) 100 % (1) Includes subsidiaries with interest in; OMA VYNMSA Aero Industrial Park, S.A. de C.V (VYNMSA) of which the Company owns 51% of the shares, Consorcio Hotelero Aeropuerto de Monterrey, S.A.P.I de C.V. with 85% and Servicios Hoteleros Aeropuerto de Monterrey, S.A. de C.V. with 85%. (2) Provides hotel services and includes its subsidiaries: Servicios Complementarios del Centro Norte S.A. de C.V., with 100% of the shares, Consorcio Grupo Hotelero T2, S.A. de C.V. and Servicios Corporativos Terminal 2, S.A. de C.V. with 90% of the shares. The Company has the majority of voting power at shareholders’ meetings of the subsidiaries and has control by virtue of its contractual right to appoint the board of directors of the companies, who are empowered to affect their relevant activities. As of December 31, 2020, 2019 and 2018, the Company has not made investments in shares of any structured or investment-related entity. |
Trade accounts payable
Trade accounts payable | 12 Months Ended |
Dec. 31, 2020 | |
Trade accounts payable | |
Trade accounts payable | 12. Trade accounts payable Trade accounts payable consist of the following: December 31, 2020 2019 2018 Suppliers and contractors Ps. 107,507 Ps. 140,806 Ps. 155,904 Customer advances 91,841 43,102 39,877 Statutory employee profit sharing 4,700 12,883 8,218 Ps. 204,048 Ps. 196,791 Ps. 203,999 |
Payable taxes and other accrued
Payable taxes and other accrued expenses | 12 Months Ended |
Dec. 31, 2020 | |
Payable taxes and other accrued expenses | |
Payable taxes and other accrued expenses | 13. Payable taxes and other accrued expenses Tax payable and other accrued expenses are comprised of the following: December 31, 2020 2019 2018 Accrued expenses Ps. 172,847 Ps. 202,363 Ps. 166,588 Taxes payable other than income tax 153,046 345,461 308,345 Accrued interest 44,295 42,438 40,227 Ps. 370,188 Ps. 590,262 Ps. 515,160 |
Short-term debt
Short-term debt | 12 Months Ended |
Dec. 31, 2020 | |
Short-term debt | |
Short-term debt | 14. Short-term debt As of December 31, 2020 the Company has short-term credit lines available with financial institutions for Ps.650,000, which are not in use. |
Long-term debt
Long-term debt | 12 Months Ended |
Dec. 31, 2020 | |
Long-term debt | |
Long-term debt | 15. Long-term debt The long-term debt with credit institutions, debt issuances and other marketable securities before amortization of financing commissions and is comprised as follows: December 31, 2020 2019 2018 Debt securities issued in the Mexican market on June 16, 2014, for Ps. 3,000,000, accruing interest at a fixed rate of 6.85%, for a 7-year term maturing on June 7, 2021. GACN and nine of the 13 airports guarantee the certificates, which represent a guarantee of 80% of consolidated EBITDA Ps. 3,000,000 Ps. 3,000,000 Ps. 3,000,000 Debt securities issued in the Mexican market on March 26, 2013, for Ps. 1,500,000, accruing interest at a fixed rate of 6.47%, for a 10-year term maturing on March 14, 2023. GACN and nine of the 13 airports guarantee the certificates, which represent a guarantee of 80% of consolidated EBITDA 1,500,000 1,500,000 1,500,000 Unsecured lines of credit with Private Export Funding Corporation (supported by Ex-Im Bank) in 2010 and 2011 for U.S.$ 25,365 thousand maturing on December 21, 2021. As December 31, 2020, 2019 and 2018, outstanding amounts were U.S.$ 678 thousand, U.S.$ 2,495 thousand and US.$ 4,583 thousand, respectively. Baggage screening equipment was pledged to secure the loan ⁽²⁾. The loan accrues interest at a three-month London Interbank Offered (“LIBOR”) rate plus 1.25 percentage points, with quarterly payments of principal. As of December 31, 2020, 2019 and 2018, the interest rate was 1.49%, 3.15% and 4.04%, respectively. 13,503 49,575 90,156 Line of credit with UPS Capital Business Credit (supported by Ex-Im Bank) for U.S.$ 3,120,000. The amount was drawn down upon in April 20, 2014, and the line of credit terminates on January 25, 2019. As of December 31, 2018, the outstanding balance was, U.S.$ 156 thousand. The line of credit is secured by firefighting equipment ⁽¹⁾. The loan bears interest at three-month LIBOR plus 2.65 percentage point with quarterly principal payments. As of December 31, 2018, the interest rate was 5.44%. — — 3,067 Total long-term debt 4,513,503 4,549,575 4,593,223 Less: Financing commissions (3,115) (5,966) (8,629) 4,510,388 4,543,609 4,584,594 Current portion long-term debt (3,013,502) (36,851) (41,425) Long-term debt Ps. 1,496,886 Ps. 4,506,758 Ps. 4,543,169 (1) Carrying value amounts to Ps. 266,181, Ps. 275,095 and Ps.284,008 as of December 31, 2020, 2019 and 2018, respectively, and is recorded in improvements to concessioned assets (note 10). The Company is not authorized to grant such equipment as collateral in other loans or sell them to another Company. Carrying values are Ps. 35,760 as of December 31, 2018, recorded as improvements to concessioned assets (note 10). The Company is not authorized to use these as collateral or sell them. The movement of the initial balance to the final balance of the bank loans for the years ended December 31, 2020, 2019 and 2018 correspond to debt principal payments of $42,592, $40,790 and $49,563, respectively, and the exchange (loss) gain effects of Ps. $(6,520), Ps. 2,858, and Ps. 1,601, respectively. There is no new loan or other movement associated with these loans. Maturity of long-term debt as of December 31, 2020, 2019 and 2018 is described in note 21. Outstanding long-term loans include certain restrictive clauses such as, but not limited to, limiting bank loans to subsidiaries, pledge provision, tax payments, other obligations, disposal of fixed assets and other noncurrent assets, as well as the obligation to maintain certain financial ratios. For the years ended December 31, 2020, 2019 and 2018, these restrictions were met. |
Major maintenance provision
Major maintenance provision | 12 Months Ended |
Dec. 31, 2020 | |
Major maintenance provision. | |
Major maintenance provision | 16. Major maintenance provision The Company has the obligation to perform major maintenance activities in its airports. The provision is recognized as accrued at an amount that represents the best estimate of the present value of future disbursements required to settle the obligation, at the date of the accompanying consolidated financial statements at a discount rate of 7.89%, 8.00% and 9.67% as of December 31, 2020, 2019 and 2018, respectively. As of December 31, 2020, 2019 and 2018, the composition and changes of the Company’s major maintenance provision was as follows: December 31, December 31, 2020 2019 Additions Disbursements Short-term Long-term Major maintenance of concessioned assets Ps. 953,896 Ps. 467,793 (1) Ps. (103,704) Ps. 443,570 Ps. 874,415 December 31, December 31, 2019 2018 Additions Disbursements Short-term Long-term Major maintenance of concessioned assets Ps. 943,548 Ps. 315,481 (1) Ps. (305,133) Ps. 151,554 Ps. 802,342 December 31, December 31, 2018 2017 Additions Disbursements Short-term Long-term Major maintenance of concessioned assets Ps. 857,624 Ps. 225,244 (1) Ps. (139,320) Ps. 224,982 Ps. 718,566 (1) Includes Ps. 75,262, Ps. 23,157 and Ps. (23,392), recognized as interest cost (income) in the consolidated statement of income and other comprehensive income, for the unwinding effect of the present value calculation as of December 31, 2020, 2019 and 2018, respectively. The provision for major maintenance as of December 31, 2020 reflects the update of such provision as a result of the approval in November 2020 of the Master Development Program for the period 2021-2025 as indicated in Note 2. |
Labor obligations
Labor obligations | 12 Months Ended |
Dec. 31, 2020 | |
Labor obligations | |
Labor obligations | 17. Labor obligations a. Defined c o ntribution plans The Company offers defined contribution plans for all employees who qualify. The plan assets are kept separate from the Company’s assets in funds kept in a trust under the control of trustees. If the employee leaves the plan before fully vesting, the trust will pay the employee up to 50% as of the fifth year in which he or she adhered to such plan and increase by 10% each year until reaching 100%. The total contributions to these plans based on the specific rates in the plan amounted to Ps.894, Ps.967, and Ps.1,454 in 2020, 2019 and 2018, respectively. A total of Ps.175, Ps.133 and Ps.541 in 2020, 2019 and 2018, respectively, is pending of payment to the trust. b. Defined benefit plans This liability for employees derives from a pension plan, seniority premiums benefits and termination benefits. Seniority premiums consist of a single payment equal to 12 days’ salary for each year of service based on the employee’s most recent salary, but without exceeding twice the current minimum wage established by law and the payments for the pension plan consist of an equivalent of 20 days for each year worked and 90 days based on the pensionable salary determined on actuarial calculations performed by external actuaries, using the projected unit credit. As of December 2011, the pension plan was modified, establishing an early retirement from age 60 for all employees with at least 10 years of service to the Company. The Mexican plans normally expose the Company to actuarial risks such as: investment risk, interest rate risk, longevity risk and salary risk. Investment risk The present value of the defined benefit plan obligations is calculated using a discount rate that is determined by long-term government bond yields. To select the discount rate, the yield rate of the bond is considered, which is similar to the duration of the obligations of the Company’s labor liabilities. The average days on which benefit payments are due and not the days that the bonus is due to expire are taken in to account, which means that the discount rate depends on the expectation of the flow of payments of the benefits plan. Interest risk A decrease in the interest rate of the bonds may increase the liabilities of the plan, however, this is partially offset by an increase in the plan’s debt investment performance. Longevity risk The present value of the defined benefit plan liability is calculated by reference to the best estimate of the mortality of plan participants both during and after their employment. An increase in the life expectancy of the plan participants will increase the plan’s liability. Salary risk The present value of the defined benefit plan liability is calculated by reference to the future salaries of plan participants. As such, an increase in the salary of the plan participants will increase the plan’s liability. There are no additional retirement benefit plans for qualifying employees. The actuarial calculation of the defined benefit obligation was calculated as of December 31, 2020, 2019 and 2018 by actuaries certified by the National School of Actuaries ( Colegio Nacional de Actuarios de México ). The present value of the defined benefit obligation, and the related current service cost and past service cost, were measured using the projected unit credit method. The principal assumptions used for the purposes of the actuarial valuations are as follows: Year ended December 31, 2020 2019 2018 Discount rate (see note 5 a.) 7.40 % 8.00 % 9.00 % Expected rate of salary increase 5.80 % 5.80 % 5.80 % Average longevity at retirement age for current pensioners (years) 12 14 13 Inflation 4.00 % 5.00 % 4.00 % The amounts recognized in the consolidated statement of income and other comprehensive income in respect of these defined benefit plans are as follows: Year ended December 31, 2020 2019 2018 Service cost: Current service cost Ps. 8,276 Ps. 7,465 Ps. 7,467 Net interest expense 8,490 7,156 7,677 Reductions and liquidations advance (9,131) — — Components of defined benefit costs recognized in profit or loss 7,635 14,621 15,144 Remeasurement on the net defined benefit liability: Actuarial gains and losses arising from changes in financial assumptions 2,653 (161) (10,131) Actuarial gains and losses arising from experience adjustments 10,386 12,995 (14,042) Components of defined benefit costs recognized in other comprehensive income (loss) 13,039 12,834 (24,173) Total Ps. 20,674 Ps. 27,455 Ps. (9,029) The current service cost and the net interest expense are included in the employee benefits expense in the consolidated statement of income and in other comprehensive income. The remeasurement of the net defined benefit liability is included in other comprehensive income. The amount included in the consolidated statement of financial position arising from the Company’s obligation in respect of its defined benefit plans is as follows: December 31, 2020 2019 2018 Present value of defined benefit obligations Ps. 115,691 Ps. 106,160 Ps. 79,905 Movements in the present value of the defined benefit obligation in the current year are as follows: December 31, 2020 2019 2018 Present value of defined benefit obligation as of January 1, Ps. 106,160 Ps. 79,905 Ps. 127,479 Current service cost 8,276 7,465 7,467 Interest cost 8,490 7,156 7,677 Reductions and Liquidations advance (9,131) — — Remeasurement (gains)/losses: Actuarial gains and losses arising from changes in financial and demographic assumptions 2,653 (161) (10,131) Actuarial gains and losses arising from experience adjustments 10,386 12,995 (14,042) Benefits paid (11,143) (1,200) (38,545) Present value of defined benefit obligation Ps. 115,691 Ps. 106,160 Ps. 79,905 Significant actuarial assumptions for the determination of the defined obligation are discount rate, expected salary increase and mortality. The sensitivity analyses below have been determined based on reasonably possible changes of the respective assumptions occurring at the end of the reporting period, while holding all other assumptions constant. If the discount rate increases (decreases) by 1%, the defined benefit obligation would decrease to Ps.17,706 (increase by Ps.10,053). If the expected salary growth increases (decreases) by 1%, the defined benefit obligation would increase to Ps. 15,962 (decrease by Ps. 16,177). The sensitivity analysis presented above may not be representative of the actual change in the defined benefit obligation as it is unlikely that the change in assumptions would occur in isolation of one another as some of the assumptions may be correlated. Furthermore, in presenting the above sensitivity analysis, the present value of the defined benefit obligation has been calculated using the projected unit credit method at the end of the reporting period, which is the same as that applied in calculating the defined benefit obligation liability recognized in the consolidated statement of financial position. There was no change in the methods and assumptions used in preparing the sensitivity analysis from prior years. There was no change in the process followed by the Company to manage its risks from prior periods. The average duration period of the benefit obligation as of December 31, 2020 is 11.78 years (2019: 13.97 years and 2018: 16.75 years). Expected cash flows from pension plans and seniority premium benefits for the next 10 years are as follows: Seniority premium Year Pensions plan benefits Total 2021 Ps. — Ps. 845 Ps. 845 2022 — 961 961 2023 551 1,179 1,730 2024 9,837 1,420 11,257 From 2025 and subsequently 43,161 14,016 57,177 Total Ps. 53,549 Ps. 18,421 Ps. 71,970 |
Right of use assets, net and le
Right of use assets, net and lease liability | 12 Months Ended |
Dec. 31, 2020 | |
Right of use assets, net and lease liability | |
Right of use assets, net and lease liability | 18. Right of use assets, net and lease liability As lessee Lease contracts entered into by the Company are as follows: In October 2008, the Company acquired the shares of Consorcio Grupo Hotelero T2, S.A. de C.V. As a result of this acquisition, the Company assumed the commitments established in the lease agreement signed with the Mexico City International Airport for a period of 20 years, to construct, prepare and operate a hotel, and manage commercial areas at Terminal 2 of the Mexico City International Airport, establishing a minimum guaranteed income (“MGI”) of Ps.31,171 annually as rent, or a royalty of the 18% of the hotel’s revenue, whichever is greater. The MGI will be adjusted on an annual basis using the NCPI. a. Cost Buildings Other Total Balance as of January 1, 2019 Ps. 213,342 Ps. 18,475 Ps. 231,817 Additions 10,732 5,508 16,240 Balance as of December 31, 2019 224,074 23,983 248,057 Additions Decreases Balance as of December 31, 2020 Ps. 232,790 Ps. 23,277 Ps. 256,067 Depreciation Balance as of January 1, 2020 Ps. Ps. Ps. Depreciation of the year Decreases - Balance as of December 31,2020 Ps. Ps. Ps. b. 2020 2019 Depreciation expense of right of use assets Ps. 41,348 37,269 Interest expense on lease liabilities 22,431 22,983 c. 2020 2019 Maturity analysis: Less than one year Ps. 26,553 72,320 Greater than 1 year and less than 3 years 55,134 73,975 Greater than 3 years 113,076 74,565 Total Ps. 194,763 220,860 The Company does not face a significant liquidity risk with respect to its lease liabilities. Lease liabilities are monitored through the Company's treasury department. d. As lessor Revenues from operating leases Mainly related to leases entered into by the Company, which are based on monthly rental payments that generally increase each year based on the NCPI, and/or the greater of a guaranteed minimum monthly rent plus a percentage of monthly income of the tenant. As of December 31, 2020, 2019 and 2018, the committed future rents to be received are as follows: Year ended December 31, 2020 2019 2018 Duration: Less than 1 year Ps. 444,523 Ps. 546,671 Ps. 562,681 Greater than 1 year and less than 5 years 753,230 843,404 1,002,351 Greater than 5 years 118,256 161,109 240,584 Total Ps. 1,316,009 Ps. 1,551,184 Ps. 1,805,616 Minimum lease payments in the table above do not include contingent rentals, such as increases by NCPI or increases by a percentage of the monthly income of the lessee. Contingent rental income recorded for the years ended December 31, 2020, 2019, and 2018 were Ps. 136,181, Ps. 229,727 and Ps. 204,172, respectively. As a result of the impact generated by the COVID-19 pandemic, the Company granted certain discounts to commercial tenants during the second half of the year, which were subject to certain conditions. These discounts were granted based on the decrease in passenger traffic at the Issuer's airports during the period. Accrued operating lease income is detailed in note 27. |
Income taxes
Income taxes | 12 Months Ended |
Dec. 31, 2020 | |
Income taxes | |
Income taxes | 19. Income taxes The Company is subject to Income Tax (“ISR”), whose tax rate was 30% for 2020, 2019 and 2018, and will continue to be 30% for later years. a. Income tax are as follows: Year ended December 31, 2020 2019 2018 Current ISR Ps. 480,232 Ps. 1,329,867 Ps. 1,113,712 Deferred ISR (85,731) 42,355 7,691 Income tax expense Ps. 394,501 Ps. 1,372,222 Ps. 1,121,403 b. As of December 31, 2020, 2019 and 2018, the principal items comprising the balance of the deferred ISR asset (liability) were: December 31, 2020 2019 2018 Liabilities: Provisions, allowances and labor obligations Ps. 244,982 Ps. 157,560 Ps. 163,406 Investment in airport concessions, property, leasehold improvements and equipment, net (426,325) (407,173) (401,735) Tax loss carryforwards (1) 15,883 14,937 25,563 Recoverable tax on assets (2) 28,619 28,619 28,619 Others 3,013 3,340 — Total liabilities Ps. (133,828) Ps. (202,717) Ps. (184,147) Assets: Provisions, allowances and labor obligations Ps. 230,532 Ps. 205,834 Ps. 188,294 Investments in airport concessions, property, leasehold improvements and equipment, net (172,806) (184,649) (179,805) Tax loss carryforwards (1) 268,930 285,045 308,450 Others (8,898) (9,226) — Total assets Ps. 317,758 Ps. 297,004 Ps. 316,939 Net deferred ISR asset Ps. 183,930 Ps. 94,287 Ps. 132,792 (1) As of December 31, 2020, 2019 and 2018, the Company recognized a deferred tax asset of Ps. 284,813, Ps. 299,982 and Ps. 334,013, respectively, corresponding to the tax losses generated by its subsidiaries. All subsidiaries of the Company expect to benefit from losses in future years based on projections of taxable income and various strategies with favorable tax consequences. (2) The Company recognized the IMPAC paid during 2002 through 2007. In 2013, the Company recognized the deferred tax asset, which it expects to recover subject to certain conditions established in the Income Tax Law. The updated amount as of December 31, 2020 was Ps. 28,619. c. The changes in deferred tax during the year are as follows: December 31, 2020 2019 2018 Beginning balance of deferred tax liability, net Ps. 94,287 Ps. 132,792 Ps. 150,953 Deferred ISR in profit or loss 85,731 (42,355) (7,691) Recoverable tax on assets — — (10,466) Income tax effects recognized in other comprehensive income 3,912 3,850 (4) Ending balance of deferred tax asset, net Ps. 183,930 Ps. 94,287 Ps. 132,792 d. The reconciliation of the statutory income tax rate and the effective income tax rate as a percentage of net income before income tax is as follows: Year ended December 31, 2020 2019 2018 Amount Rate % Amount Rate % Amount Rate % Income before income taxes Ps. 1,492,380 Ps. 4,599,656 Ps. 3,985,582 Current ISR 480,232 1,329,867 1,113,712 Deferred ISR (85,731) 42,355 7,691 Income tax expense and effective rate Ps. 394,501 26.43 % Ps. 1,372,222 29.83 % Ps. 1,121,403 28.14 % Add effects of permanent differences, primarily, non-deductible expenses and inflationary effects for financial and tax purposes. 53,213 3.57 % 7,675 0.17 % 74,272 1.86 % Statutory rate Ps. 447,714 30.00 % Ps. 1,379,897 30.00 % Ps. 1,195,675 30.00 % e. Each airport concession has received approval from the Ministry of Finance and Public Credit ( Secretaría de Hacienda y Crédito Público ) to carry forward their tax losses up to the earlier of the date of which such tax loss carryforwards are utilized by the airport or the date of expiration or liquidation of the concession. The base years and amounts as of December 31, 2020 are as follows: Tax loss Year of Origin carryforwards 2001 Ps. 5,999 2002 160,499 2003 197,796 2004 229,480 2005 28,073 2006 18,953 2007 78,672 2008 34,168 2009 5,648 2011 32,203 2012 56,125 2013 15,549 2018 5,370 2019 21,248 2020 25,011 Ps. 914,794 f. In addition to the tax loss carryforwards of the airport concessionaires aforementioned, the Company has tax losses of other subsidiaries other than its concessionaires in the amount of Ps.34,826 the duration of which is 10 years under the Income Tax Law, and the expiration date of which is between 2020 and 2028. g. In 2020, the Company utilized tax loss carryforwards in the amount of Ps.133,053. i. December 31, 2020 2019 2018 Contributed capital account Ps. 4,694,822 Ps. 4,584,512 Ps. 4,458,342 Net consolidated tax profit account 3,144,619 2,878,878 1,684,563 Total Ps. 7,839,441 Ps. 7,463,390 Ps. 6,142,905 j. Dividends paid from profits generated from January 1, 2014 to individuals residing in Mexico and residents abroad may be subject to additional income taxes of up to 10%, which shall be retained by the Company. |
Commitment and contingencies
Commitment and contingencies | 12 Months Ended |
Dec. 31, 2020 | |
Commitment and contingencies. | |
Commitment and contingencies | 20. Commitment and contingencies Commitment Guarantor — In 2014 and 2013, GACN issued long-term debt securities for the amount of Ps. 3,000,000 and Ps. 1,500,000 with terms of 7 and 10 years, respectively, under the 2011 program. The Company and nine of its airports are guarantors of the debt securities and must provide a minimum guarantee equal to 80% of EBITDA. The debt securities of $3,000,000 are presented in the financial statements as short-term debt, given their maturity in June 2021. Contingencies I. Property Tax In the past, various municipalities initiated certain administrative enforcement procedures against the Company for tax credits for property taxes on the real estate where the airports of said cities are located. The airports have filed nullity claims against said procedures, which are pending of resolution. Acapulco Airport: a) In May 2019, the Secretariat of Administration and Finance announced the agreement of the explanatory documents presented by the Acapulco Airport and noted that, having acquired the airport concession, the Acapulco Airport considered itself jointly and severally liable with respect to the tax credit required from ASA, so it was appropriate to require payment of the debt. A nullity claim was filed against this resolution and the Secretary of Communications and Transportation (SCT) was also called to trial as an interested third party. b) As of the date of these consolidated financial statements, the contingencies remain due to the fact that the lawsuits are still in effect, since the judgment on the merits to resolve these cases is still pending. However, in the event that the resolution of the trial is not favorable to the Acapulco Airport, it is considered that the economic repercussion of the trial would be borne by the Federal Government, by virtue of the foregoing and given that the Acapulco Airport estimates an unfavorable resolution to be unlikely, it has not recorded any provision in relation to these lawsuits. Culiacán Airport: In November 2018, the Revenue Department of the Municipal Treasury of Culiacán in the State of Sinaloa notified a resolution that determined Aeropuerto de Culiacán, S.A. de C.V. (“Culiacán Airport”) a tax credit in the amount of Ps. 5,764 for urban property tax for the periods from the 4th quarter of 2013 to the 3rd quarter of 2018. A claim for annulment was filed against this resolution and the SCT was also called to trial as an interested third party. As of the date of these consolidated financial statements, the contingencies remain due to the fact that the lawsuits are still in force, since the judgment on the merits to resolve these cases is still pending. However, in case the resolution of the trial is not favorable for the Culiacán Airport, it is estimated that the economic repercussion of the trial would be borne by the Federal Government, due to the above and given that the Culiacán Airport considers it unlikely to obtain an unfavorable resolution, has not recorded any provision in relation to these demands. Chihuahua Airport In September 2019, the Municipal Treasury of Chihuahua determined Aeropuerto de Chihuahua, S.A. de C.V. (Chihuahua Airport) tax credits for property tax, corresponding to two cadastral keys segregated by the municipal authority. By tax code 271-090-050, tax credits were determined for the period from the first two months of 1990 to the sixth quarter of 2014 for the amount of Ps. 95,411 and for the period from the first two months of 2015 to the fourth quarter of 2019 for the amount of Ps. 12,577. Tax credits for the period from the second two-month period of 2013 to the sixth two-month period of 2014 for the amount of Ps. 2,091 were determined by cadastral code 271-090-051, and for the period from the first two-month period of 2015 to the fourth two-month period of 2020 for the amount of Ps. 3,449. Nullity claims were filed against these resolutions, and the Secretary of Communications and Transportation was also called to trial as an interested third party. The trials are in process and no sentence has been passed. The procedural stages of the trials were completed and on August 20, 2020, November 24, 2020 and January 19, 2021, the rulings in favor of the airport were issued; the authority filed an amparo lawsuit to challenge two of the rulings issued, which are pending resolution. As of the date of these consolidated financial statements, the contingencies remain due to the fact that the lawsuits are still in force, since the judgment on the merits to resolve these cases is still pending. However, in the event that the resolution of the judgments is not favorable for the Chihuahua Airport, it is considered that the economic repercussion of the same would be in charge of the Federal Government, by virtue of the foregoing and given that the Chihuahua Airport estimates an unfavorable resolution unlikely, no provision has been recorded in relation to these claims. Tampico Airport In December 2019, the Directorate of Cadaster and Real Estate Taxes of Tampico, Tamaulipas, determined Aeropuerto de Tampico, S.A. de C.V. (“Tampico Airport”) a tax credit for property tax for the period from January 1999 to the date of the resolution (September 2019) in the amount of Ps. 18,840. A nullity claim was filed against this resolution in February 2020, and the Secretary of Communications and Transportation was also called to trial as an interested third party. The procedural stages of the trial were completed and on December 17, 2020 a favorable ruling was issued in favor of the airport. The municipal authority may challenge the ruling, and therefore the favorable ruling for the airport has not yet become final. As of the date of these consolidated financial statements, the contingencies are maintained due to the fact that the trial is still in force, since the judgment on the merits to resolve this case is still pending. However, in the event that the resolution of the trials is not favorable for the Tampico Airport, it is considered that the economic repercussion of the same would be the responsibility of the Federal Government, by virtue of the foregoing and given that the Tampico Airport considers an unfavorable resolution unlikely, no provision has been recorded in relation to these claims. II. Chihuahua Airport. In September 2019, the municipal authority of Chihuahua carried out verification visits at the commercial premises located at the Chihuahua Airport to request municipal operating licenses, likewise requiring the Chihuahua Airport to present its construction license. A request for amparo was filed against such requirements by the Chihuahua Airport, challenging the visit order and the unconstitutionality of the municipal regulations applied. The court issued a ruling in favor of the Chihuahua airport, indicating that the commercial spaces of the Chihuahua airport are under federal not municipal jurisdiction. The municipal authority challenged the judgment and as of the date of the financial statements, the resolution has not been issued in that instance, so the judgment continues in force since the judgment on the merits has not caused status. III. Ciudad Juárez Airport On November 15, 1995, parties purporting to be former owners of land comprising a portion of the Ciudad Juárez airport initiated legal proceedings against the Aeropuerto de Ciudad Juárez, S.A. de C.V. (“Ciudad Juárez Airport”) to reclaim the land (240 hectares), alleging that it was improperly transferred to the Mexican government. As an alternative to recovery of this land, the claimants also sought monetary damages of U.S.$120.0 million. Within the trial, the Company challenged the claims of the claimant based on the legitimacy of the possession derived from the Concession Agreement granted by the Ministry of Communications and Transportation. The Ministry of Communications and Transportation was called to trial in defense of the interests of the Mexican government. On July 8, 2016, the local court in Ciudad Juárez ruled that the claims against the Ciudad Juárez airport are inadmissible, and on October 21, 2017, the claimants filed an appeal before the Appellate Court in Chihuahua against the court’s determination. On July 31, 2017, the First Civil Court overturned the lower court’s decision and ruled in favor of the plaintiffs, requiring the Mexican government to pay restitution to the plaintiffs for their loss of property and in accordance with the lawsuit. The Mexican government filed a direct claim to appeal the decision, and on May 3, 2018, a favorable decision was issued, revoking the appealed decision, pursuant to which the claimant must return the title and payments claimed. The decision of the amparo trial was also favorable to the Ciudad Juárez airport as co-defendant. On May 25, 2018, the First Civil Chamber in Chihuahua issued, in compliance with the execution of the amparo decision, a new decision absolving the defendants of the payments claimed. This decision was appealed by the claimant in a direct amparo trial, requesting the Supreme Court of Justice of the Nation (“SCJN”) to resolve the matter definitively by exercising its authority to assert jurisdiction. However, the SCJN resolved not to exercise the power of attraction to hear the matter and ordered the return to the Collegiate Court for the resolution of the amparo trial. On January 2, 2020, the First Collegiate Circuit Court in Chihuahua issued the judgment in the amparo trial promoted by the plaintiff and denied the amparo requested by the plaintiff. Against the sentence, the plaintiff filed the appeal for review and the Collegiate Court ordered the file to be forwarded to the SCJN for resolution of the appeal. The review sentence is pending. As of the date of the consolidated financial statements, the contingencies are maintained due to the fact that there is still no decision to resolve the trial. However, in the event that the judgment is not favorable to the Ciudad Juarez Airport, the economic impact of the trial will be borne by the Mexican government, as established in the concession title. The Ciudad Juárez Airport has not recorded any provision in connection to these claims given that it does not expect an economic impact, even in case of an unfavorable resolution. Durango Airport On March 5, 2020, the Company was notified of the lawsuit filed against Aeropuerto de Durango, S.A. de C.V. ("Aeropuerto de Durango"), the Ministry of Communications and Transportation, the Government of the State of Durango and the Ministry of Agrarian, Territorial and Urban Development. The plaintiff sued for the nullity of the expropriation decree dated September 8, 1975, which affected an area of 40 hectares of the Durango Airport and claims the payment of compensation for the affected area, as well as the payment of damages for the undue use of the property. The trial hearing was held with the appearance of the parties and the evidentiary stage of the trial is pending. As of the date of the financial statements, the contingency is still in effect because the trial is still pending the judgment on the merits of the case. In the event that the resolution of the lawsuit is not favorable to Durango Airport, it is considered that the economic impact of the lawsuit will be borne by the Federal Government, as established in the concession title. Durango Airport has not recorded any provision in connection with this lawsuit. Reynosa Airport On October 16, 2020, the Company was notified of the lawsuit filed against the AFAC, in which Aeropuerto de Reynosa, S.A. de C.V. ("Aeropuerto de Reynosa") was called as Interested Third Party. The nullity of the administrative resolution dated February 7, 2020 issued by the AFAC in the Appeal for Review filed by the plaintiff is demanded in order for the AFAC to study the plaintiff's petition and recognize that the legal requirements for the reversion of the expropriation of 2.6 hectares included in the expropriation decrees of 1970 and 1971 have been met. Reynosa Airport appeared in the lawsuit and the continuation of the procedural stages is pending. The lawsuit does not include a financial claim; however, the contingency is maintained until the final judgment in the annulment lawsuit is issued and the challenged resolution is confirmed or, if applicable, a judgment is issued, the effects of which must be complied with by the AFAC. IV. Monterrey Airport On May 14, 2015, Banco Mercantil del Norte, S.A. (Banorte), acting as trustee, filed a lawsuit against Aeropuerto de Monterrey, S.A. de C.V. (“Monterrey Airport”) in relation to the ownership of land previously acquired by the Monterrey Airport and whose book value in our financial statements as of December 31, 2020 amounts to Ps. 266,850. Due to the lawsuit filed, the plaintiff exercised the plenary action for possession and claimed from the Monterrey Airport the legal non-existence of the sale documents, including the deed of sale of the property, the possession of the property allegedly owned by him, and the legal and material restitution of the claimed surface, with the improvements and rights that exist. Monterrey Airport appeared at the trial and asked to call the company DIAV, S.A. de C.V., as a defendant in its capacity as seller of the property in conflict. In the eventual affectation that the sentence could cause, DIAV, S.A. de C.V. appeared in court. On August 8, 2018, a final judgment of the trial was issued in which it was determined that the plaintiff did not prove his action and the claimed benefits were declared inadmissible. The plaintiff challenged this judgment by means of an appeal in both effects, likewise, the airport challenged the sentence, considering that the ruling incorrectly determined the lack of passive legitimacy of DIAV, S.A. de C.V. On July 25, 2019, the judgment was issued within the appeal and the ruling was unfavorable for Monterrey Airport, in the first instance the sentence was revoked and the Monterrey Airport was ordered to pay the benefits claimed. On August 21, 2019, the Monterrey Airport filed a direct application for amparo against the judgment, which was admitted for processing and is pending resolution by a Collegiate Circuit Court. In that amparo trial, the execution of the claimed sentence was suspended. The amount sought by the plaintiff is not quantified in the claim; however, it is maintained until the judgment of the amparo issued by the Monterrey Airport against the second instance judgment is definitively resolved. In the event that the resolution of the amparo judgment is not favorable for the Monterrey Airport, the economic repercussion must be borne by the seller of the land (DIAV, S. A. de C.V.), for which reason the Monterrey Airport has not recorded any provision in relation to with this claim. IV. Acapulco Airport On February 5, 2020, the Ministry of Finance of the State of Guerrero notified a tax credit against Aeropuerto de Acapulco, S.A. de C.V. (Aeropuerto de Acapulco) in the amount of Ps.24,813 for omitted ISR contributions and VAT payments for the period from January 1, 2015 to December 31, 2015. The credit was challenged through the Recurso de Revocación (the “Recurso”) and on July 23, 2020 the resolution was issued declaring the nullity of the tax credit and ordering the authority to reinstate the procedure since the tax credit was determined within a procedure flawed from its origin. Acapulco Airport filed a nullity action against the resolution to the “Recurso” since it would allow the authority to correct the deficiencies of the procedure, without respecting the requirements and terms of the tax audit procedure. The nullity lawsuit was admitted for processing and the authority appeared in the trial, the development of the procedural stages of the trial will continue. The Acapulco Airport has recorded a provision in relation to this claim. |
Financial risk management
Financial risk management | 12 Months Ended |
Dec. 31, 2020 | |
Financial risk management | |
Financial risk management | 21. Financial risk management a. Significant accounting policies The Company is exposed to risks that are managed through the implementation of systems and processes related to identification, measurement, limitation of concentration, and supervision. The basic principles defined by the Company in the establishment of its risk management policy are the following: · Compliance with Corporate Governance Standards. · Establishment, by each different business line and subsidiary, of risk management controls necessary to ensure that market transactions are conducted in accordance with the policies, rules and procedures of the Company. · Special attention to financial risk management, basically composed by interest rate, exchange rate, liquidity and credit risks. Risk management in the Company is mainly preventive and oriented to medium and long-term, risks taking into consideration the most probable scenarios of the variables affecting each risk. The details of the significant accounting policies and adopted methods (including recognition, valuation and basis of recognition of related income and expenses) for each class of financial asset, financial liability and equity instrument is disclosed in note 4. b. Categories of financial instruments and risk management policies The principal categories of financial instruments, are: December 31, Financial assets Risk classification 2020 2019 2018 Cash and cash equivalents and other investments held to maturity Credit and interest rate Ps. 2,948,804 Ps. 3,429,873 Ps. 2,978,559 Receivables, net Credit and exchange rate 833,643 757,756 696,566 December 31, Financial liabilities Risk classification 2020 2019 2018 Short-term and long-term debt Interest rate, exchange rate and liquidity Ps. 4,513,503 Ps. 4,549,575 Ps. 4,593,223 Trade accounts payable (1) Liquidity 204,048 196,791 203,999 Accrued interest Liquidity 44,295 42,438 40,227 Short-term and long-term financial leasing Liquidity 194,763 220,860 28,806 Accounts payable to related parties Liquidity 167,704 187,515 226,202 (1) Does not include the payments of employee statutory profit-sharing amounts, which were Ps. 4,700, Ps.12,883 and Ps. 8,218 as of December 31, 2020, 2019 and 2018, respectively. Based on the nature of its activities, the Company is exposed to different financial risks, mainly as a result of its ordinary business activities and its debt contracts entered into to finance its operating activities. The Company’s corporate treasury department provides services to the operating units to coordinate the entry into domestic and international markets and monitors and manages the financial risks relating to the operations of the Company. These risks include market risk (interest rate risk and foreign currency risk), credit risk and liquidity risk. Periodically, the Company’s management assesses risk exposure and reviews the alternatives for managing those risks, supervising and managing the financial risks through internal risk reports which analyze exposures by degree and magnitude of risks. The Board of Directors sets and monitors policies and procedures to measure and manage the risks to which the Company is exposed, which are described below. c. Market risk Interest rate risk management — This risk principally stems from changes in the future cash flows of debt entered into at variable interest rates (or with short-term maturity and presumable renewal) as a result of fluctuations in the market interest rates. The purpose of managing this risk is to lessen the impact in the cost of the debt due to fluctuations in such interest rates. As of December 31, 2020 and 2019, the Company had an approximate Ps. 4,513,503 and Ps. 4,594,575, respectively, in outstanding long-term debt, of which 99% had a fixed interest rate and 1.0% a variable interest rate. As of December 31, 2018, the Company had an approximate Ps. 4,593,223 in outstanding long-term debt, of which 98% had a fixed interest rate and 2.0% a variable interest rate. The contracted credit lines have interest payments at a variable rate, which exposes the Company to interest rate risk as a result of fluctuations in market interest rates. The risk exposure is mainly caused by the variations that could occur in the three-month LIBOR rate. The Company manages this risk by monitoring constantly the changes of such interest rates. In recent years, the three-month LIBOR has decreased. The three-month LIBOR was at its highest level on January 2, 2020 (1.91%) and its lowest level on December 9, 2020 (0.22%). Therefore, the Company has not entered into hedging instruments to hedge the risk of a rise in such interest rates. In the future, if the behavior of the referenced rates established in its debt instruments changes and trends upward, the Company may decide to enter into hedging instruments. Due to the Interest Rate Benchmark Reform, the Company has closely monitored the market and the output of various industry working groups managing the transition to the new benchmark interest rate. This includes announcements made by the IBOR regulators. The regulators have made it clear that, at the end of 2021, it will no longer seek to persuade, or compel, banks to submit to IBORs. For variable rate debt, the Company determined that modifications will not be necessary as the debt expires in 2021. Sensitivity analysis for interest rates — The following sensitivity analysis is based on the assumption of an unfavorable movement of basis points in interest rates, in the indicated amounts applicable to each category of floating rate financial liabilities. The Company determines its sensitivity by applying the hypothetical interest rate (reference rate increased at the rate specified plus surcharge) for each category of financial liabilities accruing interest at a variable rate. As of December 31, 2020, 2019 and 2018, the Company maintained long-term debt, including the current portion, which accrue interest at a variable rate, of Ps. 13,503, Ps. 49,575 and Ps. 93,223, respectively (see notes 14 and 15, which disclose the outstanding balances and interest rates of the Company’s financial instruments). A hypothetical, instantaneous and unfavorable 10% change in the three-month LIBOR interest rate applicable to the outstanding debt with variable rates would have resulted in an additional financing expense of approximately Ps. 40, Ps.179 and Ps.260 for 2020, 2019 and 2018, respectively. The increase was calculated for U.S. dollar debt based on the year-end exchange rate of each year (Ps.19.9087, Ps. 18.8727, and Ps. 19.6566 for 2020, 2019 and 2018, respectively). Exchange risk management – The Company performs transactions denominated in foreign currency; consequently, it is exposed to exchange rate risks, which are managed within the parameters of established and approved policies. The main risk related to the exchange rate involves changes in the value of the Mexican peso against the U.S. dollar. Historically, a portion of the revenues generated by the Company’s airports (mainly derived from TUA charged to international passengers) are linked to U.S. dollars, although such revenues are collected in pesos based on the average exchange rate of the previous month. Of the Company’s consolidated revenues (excluding construction services revenues), 13.20%, 15.95% and 15.69% were from TUA of international passengers in 2020, 2019 and 2018, respectively. Substantially all other revenues of the Company are denominated in pesos. Based on an appreciation of 10% of the peso against the U.S. dollar, the Company believes that its revenues would have decreased by Ps.54,293, Ps.120,798 and Ps.106,179 in 2020, 2019 and 2018, respectively. An appreciation of the Mexican peso against the U.S. dollar would reduce the U.S. dollar-denominated revenues and the Company’s obligations under U.S. dollar-denominated debt when expressed in pesos, whereas a depreciation of the peso against the U.S. dollar would increase the Company’s U.S. dollar-denominated revenues and obligations under debt agreements when expressed in pesos. For the year ended December 31, 2020, the peso depreciated against the U.S. dollar by 5.5%, relative to the exchange rates prevailing at the end of 2019. Foreign currency sensitivity analysis – The following sensitivity analyses are based on an instantaneous and unfavorable change in exchange rates which affect the foreign currencies in which the Company’s debt is expressed. These sensitivity analyses cover all the assets and liabilities denominated in foreign currency. Sensitivity is determined by applying a hypothetical exchange rate change to those items, including the outstanding debt expressed in foreign currency. As of December 31, 2020, 2019 and 2018, a hypothetical, instantaneous and unfavorable change of 10% in the exchange rate of the peso against the U.S. dollar, applicable in the Company’s asset (liability) positions net of U.S.$ 77,094, U.S.$69,149 and U.S.$53,944 (amounts in thousands) would have resulted in an estimated exchange (gain) loss of approximately Ps. (150,745), Ps.(130,503) and Ps.(106,035) as of December 31, 2020, 2019 and 2018, respectively. The carrying values of monetary assets and liabilities denominated in foreign currencies at the end of the reporting period are as follows (amounts in thousands): Liabilities Assets December 31, December 31, Currency 2020 2019 2018 2020 2019 2018 U.S. dollars U.S.$ (4,095) U.S.$ (10,059) U.S.$ (13,185) U.S.$ 81,189 U.S.$ 79,208 U.S.$ 67,129 The transactions in thousands of U.S. dollars for the years ended December 31, 2020, 2019 and 2018, are as follows: December 31, 2020 2019 2018 Technical assistance U.S.$ 3,766 U.S.$ 7,954 U.S.$ 8,781 Insurance 1,039 935 2,227 Purchase of machinery and maintenance 7,065 7,685 9,527 Software 2,152 443 437 Professional services, fees and subscriptions 1,786 702 2,147 Other 4,765 4,303 8,043 Pertinent exchange rate information at the date of the consolidated statements of financial position is as follows: December 31, 2020 2019 2018 U.S. dollar exchange rate As reported by the Mexican Central Bank Ps. 19.9087 Ps. 18.8727 Ps. 19.6566 As of March 24, 2021, the exchange rate as reported by the Mexican Central Bank was Ps. 20.5788. d. Credit risk Credit risk management — Credit risk refers to the risk whereby one of the parties defaults on its contractual obligations, thereby generating a financial loss for the Company. The objective of this risk management is to reduce its impact by reviewing the solvency of the Company’s potential customers. The creditworthiness of uncollected amounts is periodically evaluated estimates of recoverable amounts are reviewed, resulting in reserves for those amounts whose recovery is considered doubtful, with corresponding entries to the statements of income and other comprehensive income in the period of review. The credit risk has historically been very limited. The Company’s maximum credit risk exposure is presented in the amounts included in the table in subsection b) as well as within the past due but not impaired analysis of accounts receivable, included in note 7. The Company holds bonds and deposits that mitigate the credit risk, being the most relevant the guarantee deposits registered as a liability in the consolidated statements of financial position. The Company adopted a policy to only carry out transactions with solvent parties and obtain sufficient collateral where appropriate as a means of mitigating the risk of financial loss due to possible default. The Company trades only with entities that have the best possible risk rating. The credit exposure is reviewed and approved by senior management committees of the Company. The credit risk on cash and cash equivalents is limited because the counterparties are banks with high credit ratings assigned by credit rating agencies. Financial instruments that potentially expose the Company to credit risk consist mainly of accounts receivable. The customers balance is primarily comprised of TUA collected by airlines for each passenger traveling using air terminals and subsequently delivered to the Company. The Company has established three credit options: up to 60 days. These days are granted depending on the guarantee that the customer can provide. In case of default, customers will be subject to penalty interests and/or a legal collection process. For both credit customers and cash customers, there are established guarantees, which may include the following: trust, deposit, letter of credit, liquid credit, mortgage and collateral. As of December 31, 2020, 2019 and 2018, the allowance for doubtful accounts, principally related with accounts receivable, are the amounts described in note 7. e. Liquidity risk Management of liquidity risk – This risk is generated by temporary differences between the funding required by the Company to fulfill business investment commitments, debt maturities, current asset requirements, etc., and the origin of funds generated by the regular activities of the Company and different types of bank financing. Also, different economic or industry factors, such as financial crises or suspension of operations of any airline could affect the cash flow of the Company. The objective of the Company in the management of this risk is to maintain a balance between the flexibility, period and conditions of credit facilities contracted to manage short, medium and long-term funding requirements. In this regard, the Company’s use of project financing and debt with limited resources described in note 14 and the short-term financing for working capital of current assets are significant. The Executive Committee of the Company is ultimately responsible for liquidity management. This Committee has established an appropriate framework for liquidity management guidelines. The Company manages its liquidity risk by maintaining reserves, adequate financial facilities and adequate loans, while constantly monitoring projected and actual cash flows and reconciling the maturity profiles of financial assets and liabilities. Additionally, as mentioned in note 14, the Company has available credit lines for working capital. The following table shows the remaining contractual maturities of the Company’s financial liabilities with agreed repayment periods. This table has been prepared based on the projected non-discounted cash flows of financial liabilities at the date on which the Company will make payments. The table includes projected interest cash flows and capital repayments of financial debt included in the consolidated statement of financial position. To the extent that interest is accrued at variable rates, the non-discounted amount is derived from interest rate curves at the end of the reporting period. Contractual maturity is based on the earliest date when the Company must make the respective payment. 2028 and As of December 31, 2020 2021 2022-2024 2025-2027 subsequently Total Long-term debt Ps. 3,013,502 Ps. 1,500,001 Ps. — Ps. — Ps. 4,513,503 Interest (1) 188,641 118,077 — — 306,718 Trade accounts payable 204,048 — — — 204,048 Interest Payable 44,295 — — — 44,295 Lease Liabilities 26,553 168,210 — — 194,763 Accounts payable with related parties 167,704 — — — 167,704 Total Ps. 3,644,743 Ps. 1,786,288 Ps. — Ps. — Ps. 5,431,031 2027 and As of December 31, 2019 2020 2021-2023 2024-2026 subsequently Total Long-term debt Ps. 36,851 Ps. 4,512,724 Ps. — Ps. — Ps. 4,549,575 Interest (1) 308,630 306,760 — — 615,390 Trade accounts payable 256,228 — — — 256,228 Interest Payable 42,438 — — — 42,438 Lease Liabilities 72,320 73,975 46,893 27,672 220,860 Accounts payable with related parties 187,515 — — — 187,515 Total Ps. 903,982 Ps. 4,893,459 Ps. 46,893 Ps. 27,672 Ps. 5,872,006 2026 and As of December 31, 2018 2019 2020-2022 2023-2025 subsequently Total Long-term debt Ps. 41,425 Ps. 3,051,798 Ps. 1,500,000 Ps. — Ps. 4,593,223 Interest (1) 309,877 596,259 19,680 — 925,816 Trade accounts payable 208,729 — — — 208,729 Interest Payable 40,227 — — — 40,227 Accounts payable with related parties 226,202 — — — 226,202 Total Ps. 826,460 Ps. 3,648,057 Ps. 1,519,680 Ps. — Ps. 5,994,197 (1) The projected interest is determined, in the case of obligations with a variable rate, based on LIBOR and assuming an exchange rate of Ps.19.9087, Ps. 18.8727 and Ps. 19.6566 (as of December 31, 2020, 2019 and 2018, respectively) per U.S. $1.00. The amounts forming part of the debt contracted with credit institutions include fixed and variable rate instruments. Variable-rate financial liabilities are subject to change when variable interest rates differ from the estimated interest rates determined at the end of the reporting period based on their market value. The Company expects to meet its obligations under its liabilities with its operational cash flows and resources received from the maturity of its financial assets. Additionally, the Company has access to lines of credit with certain financial institutions. f. Financial instruments at fair value This note provides information about how the Company determines fair values of various financial assets and financial liabilities. Except as detailed in the following table, the Company considers that the carrying amounts of financial assets and financial liabilities recognized in the consolidated financial statements approximate their fair values due to their short-term maturities. Financial liabilities Long-term debt December 31, 2020 December 31, 2019 December 31, 2018 Book value Fair value Book value Fair value Book value Fair value Ps. 4,513,503 Ps. 4,524,746 Ps. 4,594,575 Ps. 4,517,336 Ps. 4,593,223 Ps. 4,326,267 Hierarchy of fair value as of December 31, 2020 Level 1 Level 2 Level 3 Total Financial liabilities: Long-term debt (1) Ps. 4,512,510 Ps. 12,236 Ps. — Ps. 4,524,746 Hierarchy of fair value as of December 31, 2019 Level 1 Level 2 Level 3 Total Financial liabilities Long-term debt (1) Ps. 4,371,570 Ps. 145,766 Ps. — Ps. 4,517,336 Hierarchy of fair value as of December 31, 2018 Level 1 Level 2 Level 3 Total Financial liabilities: Long-term debt (1) Ps. 4,129,695 Ps. 196,572 Ps. — Ps. 4,326,267 (1) The fair values of the financial assets and financial liabilities included in the level 2 category above have been determined in accordance with generally accepted pricing models based on a discounted cash flow analysis, with the most significant inputs being the discount rate that reflects the credit risk of counterparties. The fair value of the financial liabilities included in Level 1, corresponds to stock certificates listed on the Mexican Stock Exchange. |
Shareholders' equity
Shareholders' equity | 12 Months Ended |
Dec. 31, 2020 | |
Shareholders' equity | |
Shareholders' equity | 22. Shareholders’ equity a. Subscribed and paid-in capital stock as of December 31, 2020, 2019 and 2018, is comprised of ordinary, nominal shares, composed as follows: December 31, 2020 Number of Shares Contributed Capital Fixed capital: Series B Class I 340,345,556 Ps. 262,447 Series BB Class I 49,766,000 38,375 390,111,556 Ps. 300,822 December 31, 2019 Number of Shares Contributed Capital Fixed capital: Series B Class I 344,004,973 Ps. 265,269 Series BB Class I 49,766,000 38,375 Treasury Series B Class I shares (2,470,158) (1,905) 391,300,815 Ps. 301,739 December 31, 2018 Number of Shares Contributed Capital Fixed capital: Series B Class I 344,004,973 Ps. 265,269 Series BB Class I 49,766,000 38,375 Treasury Series B Class I shares (324,507) (250) 393,446,466 Ps. 303,394 b. At the Ordinary Shareholders’ Meetings held on July 7, 2020, April 29, 2019 and April 28, 2018, the results for the years ended December 31, 2019, 2018 and 2017, respectively, were approved. c. During 2020 and 2019, 1,189,250 and 2,145,651 shares were repurchased, respectively, for amount of Ps. 150,000 and Ps. 244,201, respectively. In 2018, there were no shares repurchases or sales. As of December 31, 2020, 2019, and 2018, the market price per share was Ps. 128.39, Ps.141.83 and Ps. 93.65, respectively. As of December 31, 2019, and 2018, the Company had in treasury repurchased shares in the amount of Ps. 244,201 and Ps. 34,234 such amount is represented by 2,470,158 and 324,507 Series B Class I shares. d. At the Ordinary General and Extraordinary Shareholders’ Meetings held on July 7, 2020 the shareholders approved the following: · It was approved to increase the reserve for the repurchase of the Company’s shares to $1,500,000, for which the total amount used for the repurchase of shares during 2019 was transferred, as well as the amount used from January 1, 2020 to the date of the Meeting. Likewise, it was approved to exercise up to said amount, in the period between the date of this Meeting and the date of the Meeting that approves the results of the 2020 fiscal year. · The cancellation of 3,659,417 Series B shares for a notional value of $2,822 held in the Company's treasury was approved. · The decrease of the fixed portion of the Company’s capital stock to $300,822, representing a total of 390,111,556 common shares, of which 49,766,000 shares correspond to Series BB and 340,345,556 correspond to Series B shares. e. At the Ordinary General Shareholders' Meeting held on April 29, 2019 the shareholders approved the following: § The payment of a cash dividend of Ps.1,600 million, to be paid in a single installment of Ps. 4.0633 per share (the amount effectively paid was Ps.1,598,680), corresponding to the shares outstanding less the treasury stock at the payment date (May 31, 2019); § It was approved to increase the share repurchase reserve to Ps.1,500,000, for which Ps. 33,984 of retain earnings are transferred to the reserve. f. At the Ordinary General Shareholders’ Meeting held on April 23, 2018 the shareholders approved the following: § The payment of a cash dividend of Ps.1,600 million, to be paid in a single installment of Ps. 4.0633 per share (the amount effectively paid was Ps.1,598,680), corresponding to the shares outstanding less the treasury stock at the payment date (May 30, 2018); § A share repurchase reserve of Ps.1,466 million and authorized use of up to that amount to repurchase Series B shares during 2019 and until the next annual meeting approves the 2019 result. g. Shareholders’ equity, except restated paid-in capital and tax-retained earnings, will be income tax on dividends by the Company to the effect upon the distribution rate. Any tax paid on such distribution may be credited against income tax for the year in which the tax on dividends and the following two years, against the tax for the year and interim payments thereof is paid. h. Retained earnings include the statutory legal reserve. Under the Mexican General Corporations Law, at least 5% of the year’s net profits must be placed in a legal reserve until the reserve equals an amount representing 20% of capital stock at par value. The legal reserve may be capitalized but may not be distributed unless the Company is dissolved, and must be replenished if it is reduced for any reason. As of December 31, 2020 and 2019 Ps. 60,729 and 2018 Ps.61,689, in each year. |
Accumulated other comprehensive
Accumulated other comprehensive loss | 12 Months Ended |
Dec. 31, 2020 | |
Accumulated other comprehensive loss | |
Accumulated other comprehensive loss | 23. Accumulated other comprehensive loss Accumulated other comprehensive loss is as follows: Labor obligations Amount Deferred taxes Total Balance as of January 1, 2018 Ps. (15,679) Ps. 4,688 Ps. (10,991) Movements of the year 24,173 (4) 24,169 Balance as of December 31, 2018 8,494 Ps. 4,684 Ps. 13,178 Movements of the year (12,834) 3,850 (8,984) Balance as of December 31, 2019 (4,340) 8,534 4,194 Movements of the year (13,039) 3,912 (9,127) Balance as of December 31, 2020 Ps. (17,379) Ps. 12,446 Ps. (4,933) |
Related party balances and tran
Related party balances and transactions | 12 Months Ended |
Dec. 31, 2020 | |
Related party balances and transactions | |
Related party balances and transactions | 24. Related party balances and transactions a. Advance payments for construction to related parties are as follows: December 31, 2020 2019 2018 ICA Constructora de Infraestructura, S.A. de C.V. (1) Ps. 7,964 Ps. 178,977 Ps. 28,363 ICA Constructora, S.A. de C.V. (1) 90,204 — 6,859 Autovía Golfo Centro, S.A. de C.V. (1) 110,312 — — VCD Construcción y Desarrollo, S.A.P.I. de C. V. (1) 5,729 3,012 3,125 Ps. 214,209 Ps. 181,989 Ps. 38,347 b. The accounts payable with related parties are as follows: December 31, Payable: 2020 2019 2018 Servicios de Tecnología Aeroportuaria, S.A. de C.V. (SETA) (1) Ps. — Ps. 80,504 Ps. 140,294 Operadora Nacional Hispana, S.A. de C.V. (1) 5,928 2,527 6,900 VCD Construcción y Desarrollo, S.A.P.I. de C.V. (1) 5,772 5,335 5,947 ICA Ingeniería S. A. de C. V. (1) 367 1,177 367 Actica Sistemas, S. de R.L. de C.V. (1) 3,971 3,972 5,588 Autovía Golfo Centro S.A. de C.V. 16,442 — — GGA Capital, S.A.P.I. de C.V. (1) 117,845 75,950 61,250 ICA Constructora de Infraestructura, S.A. de C.V. (1) — 16,652 5,222 ICA Constructora, S. A. de C. V. (1) 16,564 — — Grupo ICA Constructora. S.A. de C.V. (1) 794 794 — Grupo Hotelero Santa Fe, S. A. de C. V. (1) 21 604 634 Ps. 167,704 Ps. 187,515 Ps. 226,202 (1) Affiliated company The balance payable to GGA Capital, S.A.P.I. of C.V. for Ps. 117,845, Ps. 75,950 and Ps.61,250 corresponds to short term loans as of December 31, 2020, 2019 and 2018, respectively. Loans generated interest at a 91-day TIIE rate plus 3.5 percentage points, the interest rate was 7.7430% and 10.1412% and 11.8500%, respectively. c. The principal transactions with related parties performed in the normal course of business, are as follows: Year ended December 31, 2020 2019 2018 Capital Expenditures: Industrial warehouse Ps. 100,194 Ps. 43,599 Ps. 94,938 Financial Leases: Building 6,323 5,269 Expenses: Payments from technical assistance received 81,164 150,108 172,610 Administrative services 35,450 43,196 69,887 Maintenance 2,705 1,887 226 Interests 5,365 4,507 5,037 Revenues: Revenues from Leases — 72 258 Concessioned Assets Improvements and Major maintenance 564,563 553,405 359,736 Remuneration to directors and officers who sit on the Board of Directors and Executive, Audit, Corporate Governance, Finance and Sustainability Committees totaled Ps. 12,453, Ps.14,546 and Ps.23,950 for 2020, 2019 and 2018, respectively. Employee Benefits – Employee benefits granted to key management personnel of the Company were comprised solely of short-term benefits of Ps. 73,711 Ps.58,989 and Ps.96,344 in 2020, 2019 and 2018, respectively. Technical Assistance – On December 14, 2020, a Third Amending Agreement to the Technical Assistance and Technology Transfer Agreement with SETA was signed with a term through December 31, 2021, and automatic annual renewals thereafter. The annual consideration under the amendment is the greater of U.S. $ 3,766,000 (updated annually according to the U.S. consumer price index) and 3% of the Company’s consolidated EBITDA before payment of the technical assistance fee. For purposes of this calculation, consolidated EBITDA before technical assistance considers exclusively airport concessions and companies that directly or indirectly provide employee services to airports. In 2019 and 2018 the variable part of the consideration for this concept was greater than the fixed part of US$3,661 (thousand) and US$3,517 (thousand). In 2020 no variable part was generated in excess of the fixed part of US$3,766 (thousand). Pursuant to the Company’s bylaws, SETA (as holder of the Company’s Series “BB” shares) has the ability to appoint and remove the Company’s Chief Financial Officer, Chief Operating Officer and Commercial Director, the right to elect three members of the Company’s board of directors, and the right to veto certain actions requiring approval of the Company’s shareholders (including the payment of dividends and the right to appoint certain members of senior management). In the event of the termination of the technical assistance agreement, the Series “BB” shares will be converted into Series “B” shares resulting in the termination of these rights. If at any time after June 14, 2015, SETA were to hold less than 7.65% of the Company’s capital stock in the form of Series “BB” shares, such shares must be converted into Series “B” shares, which would cause SETA to lose all of its special rights. So long as SETA retains at least 7.65% of the Company’s capital stock in form of Series “BB” shares, all its special rights will remain in force. SETA holds 12.8% of GACN outstanding capital stock in the form of Series “BB” shares and, additionally holds 1.9% in the form of Series “B” shares. |
Operating segment data
Operating segment data | 12 Months Ended |
Dec. 31, 2020 | |
Operating segment data | |
Operating segment data | 25. Operating segment data The reportable segments are determined on the basis of which the Company internally reports its segment reporting to senior management for purposes of making operating decisions. Considering the same accounting basis described in note 4. The financial information of the holding company and its service companies, have been combined and included in the “other” column. Construction Depreciation Investments Aeronautical Non-aeronautical services and Operating Assets per Liabilities per Capital in airport December 31, 2020 revenues revenues revenues amortization income segment segment investments concessions Metropolitan Monterrey Ps. 1,278,255 Ps. 479,322 Ps. 802,470 Ps. 122,507 Ps. 445,952 Ps. 6,479,365 Ps. 1,367,347 Ps. 823,103 Ps. 3,870,329 Tourist Acapulco 117,218 27,159 29,409 44,780 21,587 1,414,504 449,606 29,561 1,257,321 Mazatlán 211,184 37,431 24,704 18,699 63,103 1,358,969 162,731 24,747 548,185 Zihuatanejo 98,645 18,360 45,984 19,091 12,961 623,522 130,925 45,984 553,611 Regional Chihuahua 215,728 46,049 30,679 25,274 50,038 942,529 172,428 32,225 707,619 Culiacan 359,562 51,732 68,142 20,887 92,341 1,176,640 208,282 68,142 628,208 Durango 79,515 11,083 50,203 8,259 10,220 361,233 130,170 50,534 253,402 San Luis Potosi 108,045 28,508 58,189 21,569 34,648 764,159 507,738 58,189 677,976 Tampico 74,330 17,414 67,530 9,920 10,157 459,542 173,952 67,530 385,514 Torreon 94,892 17,425 12,233 10,605 23,661 427,761 145,686 12,233 288,688 Zacatecas 71,292 10,512 7,480 8,024 20,756 278,600 104,243 7,480 212,775 Border Ciudad Juarez 199,685 37,736 27,949 12,717 60,241 685,696 251,677 32,311 376,574 Reynosa 58,010 11,500 55,366 9,553 9,171 724,866 445,447 55,366 596,461 Hotel NH T2 Hotel — 110,299 — 40,301 (8,609) 498,674 201,062 187 — Hilton Garden Inn — 32,614 — 11,430 (6,918) 297,470 31,397 3,628 — Industrial Park: VYNMSA — 56,454 — 23,621 24,082 494,223 277,183 107,952 — Other — 2,671,873 — 36,688 1,621,773 18,275,746 6,327,815 10,945 — Total 2,966,362 3,665,473 1,280,339 443,927 2,485,163 35,263,499 11,087,689 1,430,117 10,356,661 Eliminations (23,804) (2,494,434) (26,470) (8,583) (763,696) (17,071,919) (3,722,356) (28,634) (127,006) Consolidated Ps. 2,942,558 Ps. 1,171,039 Ps. 1,253,869 Ps. 435,344 Ps. 1,721,468 Ps. 18,191,580 Ps. 7,365,333 Ps. 1,401,483 Ps. 10,229,656 Construction Depreciation Investments Aeronautical Non-aeronautical services and Operating Assets per Liabilities per Capital in airport December 31, 2019 revenues revenues revenues amortization income segment segment investments concessions Metropolitan Monterrey Ps. 2,641,052 Ps. 726,685 Ps. 323,035 Ps. 111,020 Ps. 473,615 Ps. 5,715,147 Ps. 941,349 Ps. 331,393 Ps. 3,168,968 Tourist Acapulco 227,954 40,241 63,102 43,286 53,812 1,419,091 452,731 63,333 1,269,386 Mazatlán 321,313 52,857 34,573 17,514 52,626 1,261,473 153,667 34,573 541,430 Zihuatanejo 191,512 25,596 22,876 18,660 43,614 605,929 122,048 22,876 524,549 Regional Chihuahua 411,393 67,021 124,701 17,974 67,379 888,950 157,533 135,394 699,711 Culiacan 617,979 66,286 68,960 18,658 96,278 1,021,410 140,294 69,834 579,084 Durango 150,130 13,433 36,677 7,537 23,014 329,251 104,720 36,677 210,111 San Luis Potosi 174,340 35,631 110,743 12,857 27,938 736,196 470,919 110,743 639,981 Tampico 197,160 28,057 61,823 9,218 31,808 424,573 143,603 61,823 326,939 Torreon 201,446 23,683 18,343 9,883 31,658 394,575 129,541 18,639 285,823 Zacatecas 141,500 13,945 6,842 7,813 31,135 276,150 113,357 6,842 212,224 Border Ciudad Juarez 380,271 55,990 17,650 11,799 61,374 602,764 211,678 31,452 362,169 Reynosa 113,515 18,240 112,031 8,189 26,375 676,207 400,642 113,242 549,139 Hotel NH T2 Hotel — 255,393 — 39,546 77,325 518,590 201,012 9,190 — Hilton Garden Inn — 103,474 — 11,382 32,345 301,362 34,001 82 — Industrial Park: VYNMSA — 41,981 — 19,548 15,622 390,478 185,094 46,160 — Other — 5,651,607 — 50,368 4,891,268 17,432,325 6,554,142 3,194 — Total 5,769,565 7,220,120 1,001,356 415,252 6,037,186 32,994,471 10,516,331 1,095,447 9,369,514 Eliminations (16,903) (5,400,515) (46,522) — (1,181,880) (15,717,510) (3,126,865) (46,522) (102,403) Consolidated Ps. 5,752,662 Ps. 1,819,605 Ps. 954,834 Ps. 415,252 Ps. 4,855,306 Ps. 17,276,961 Ps. 7,389,466 Ps. 1,048,925 Ps. 9,267,111 Construction Depreciation Investments Aeronautical Non-aeronautical services and Operating Assets per Liabilities per Capital in airport December 31, 2018 revenues revenues revenues amortization income segment segment investments concessions Metropolitan Monterrey Ps. 2,447,993 Ps. 649,393 Ps. 232,698 Ps. 103,454 Ps. 815,055 Ps. 5,350,950 Ps. 742,350 Ps. 282,514 Ps. 2,935,333 Tourist Acapulco 182,663 34,279 279,099 33,125 43,460 1,415,909 467,444 279,099 1,246,261 Mazatlán 276,126 46,754 31,308 16,594 81,654 1,256,447 164,075 31,306 523,655 Zihuatanejo 167,578 22,934 13,534 18,266 43,595 617,071 117,245 13,587 518,134 Regional Chihuahua 364,755 56,128 141,546 13,462 103,980 874,960 170,457 141,908 590,944 Culiacan 539,540 57,313 33,888 17,408 145,767 978,514 153,687 34,035 526,881 Durango 112,310 10,822 13,788 6,558 29,339 294,355 76,831 13,788 179,567 San Luis Potosi 167,030 30,275 231,726 8,711 39,665 635,811 385,551 231,726 540,721 Tampico 190,502 26,891 26,169 8,604 47,618 333,070 75,739 26,169 273,340 Torreon 184,396 22,655 19,990 9,426 48,883 352,659 111,946 19,990 276,164 Zacatecas 105,626 11,935 9,655 7,460 27,667 261,320 86,236 9,656 212,093 Border Ciudad Juarez 310,892 45,287 9,096 11,631 89,551 496,472 153,823 9,096 353,807 Reynosa 106,867 14,810 144,830 7,909 30,104 567,054 309,368 153,562 443,771 Hotel NH T2 Hotel — 246,065 — 22,969 67,250 308,727 29,626 5,772 — Hilton Garden Inn — 100,051 — 10,840 28,973 248,633 7,260 5,208 — Industrial Park: VYNMSA — 28,190 — 14,260 8,276 344,931 139,277 97,153 — Other — 4,433,390 — 41,068 4,135,788 15,504,577 6,069,798 5,616 — Total 5,156,278 5,837,172 1,187,327 351,745 5,786,625 29,841,460 9,260,713 1,360,185 8,620,671 Eliminations (16,226) (4,211,675) (45,822) — (1,654,089) (14,250,976) (2,182,156) (45,822) (54,015) Consolidated Ps. 5,140,052 Ps. 1,625,497 Ps. 1,141,505 Ps. 351,745 Ps. 4,132,536 Ps. 15,590,484 Ps. 7,078,557 Ps. 1,314,363 Ps. 8,566,656 |
Revenues
Revenues | 12 Months Ended |
Dec. 31, 2020 | |
Revenues | |
Revenues | 26. Revenues According to the General Airports Law on Airports and its regulations, Company revenues are classified as aeronautical services and non-aeronautical services. Aeronautical services include those services provided to airlines and passengers as well as complementary services. Non-aeronautical services include those services that are not essential for operating an airport, such as the lease of commercial premises, restaurants and banks. Revenues generated by aeronautical services are under a price regulation system administered by the Ministry of Communications and Transportation for airport concessions, which establishes a maximum rate (TM) for each year in a five-year period. The TM is the maximum amount of revenue per “work load unit” that may be earned at an airport each year from regulated sources. Under this regulation, a work load unit is equivalent to one passenger (excluding transit passengers) or 100 kilograms (220 pounds) of cargo. Non-aeronautical services are not covered by the regulation system administered by the Ministry of Communications and Transportation. However, in some cases, they may be regulated by other authorities, as is the case with revenues generated from the operation of parking lots. Under the General Airports Law and its regulations, revenues generated from the operation of parking lots are considered aeronautical revenues. For purposes of these financial statements, such revenues are classified as non-aeronautical. Following is a detail of the composition of revenues of the Company, using the classification established by the General Airports Law and its related regulations, with the exception of non-aeronautical revenues as mentioned in the preceding paragraph: Year ended December 31, 2020 2019 2018 Aeronautical services: Domestic TUA Ps. 1,857,551 Ps. 3,776,401 Ps. 3,382,198 International TUA 542,933 1,207,989 1,061,793 Landing charges 147,387 229,919 205,787 Platform for embarking and disembarking 90,257 150,055 136,852 Aircraft parking charges on extended stay or overnight 31,905 35,910 36,402 Domestic and international passenger and carry-on baggage check 29,688 62,970 54,570 Aerocars and jetways 19,920 48,074 47,956 Other airport services, leases and regulated access rights ( 2 ) 222,917 241,344 214,494 Total revenues from aeronautical services Ps. 2,942,558 Ps. 5,752,662 Ps. 5,140,052 Year ended December 31, 2020 2019 2018 Non-aeronautical services: Commercial activities Car parking charges Ps. 126,818 Ps. 279,463 Ps. 244,461 Advertising (1)(2) 59,695 76,200 68,475 Retail operations (1)(2) 64,486 124,554 114,418 Food and beverage (1)(2) 87,499 144,374 120,828 Car rental operators (1)(2) 111,037 149,454 131,478 Time share developers (1)(2) 12,683 16,663 14,115 Financial services (2)(3) 7,853 10,367 9,255 Communication and services (1)(2) 17,800 16,006 15,551 Services to passenger 3,281 4,127 2,746 VIP lounges 36,538 51,176 36,649 Other services 44,300 43,542 36,607 Total revenue from commercial activities 571,990 915,926 794,583 Diversification activities: Hotel services 141,890 357,032 344,307 OMA Carga 183,382 194,936 177,396 Real estate services 16,499 18,181 16,352 Industrial services 51,272 39,451 26,340 Other services 7,547 4,966 4,061 Total diversification activities 400,590 614,566 568,456 Complementary activities : Leasing of space (1)(2) 85,729 83,477 74,887 Access rights 15,819 19,709 18,023 Documented baggage inspection 86,491 175,006 153,192 Other services (CUSS and CUTE) 10,420 10,921 16,356 Total of complimentary activities 198,459 289,113 262,458 Total revenue from non-aeronautical services Ps. 1,171,039 Ps. 1,819,605 Ps. 1,625,497 (1) These revenues are considered as commercial concessions. (2) Revenues from commercial concessions and complementary activities are generated principally based on the terms of Company’s operating lease agreements. Lease agreements are based on either a monthly rent (which generally increases each year based on the NCPI) and/or the greater of a monthly minimum guaranteed rent or a percentage of the lessee’s monthly revenues. Monthly rent and minimum guaranteed rent are included under the caption “Commercial concessions” above. Approximately 77%, of consolidated revenues for the years ended December 31, 2020 and 2019 and 2018 generated by the Monterrey, Acapulco, Mazatlán, Culiacán, Chihuahua, Ciudad Juárez, and San Luis de Potosí airports. |
Cost of services
Cost of services | 12 Months Ended |
Dec. 31, 2020 | |
Cost of services | |
Cost of services | 27. Cost of services The cost of services is as follows: Year ended December 31, 2020 2019 2018 Wages and salaries Ps. 227,076 Ps. 242,237 Ps. 231,753 Maintenance 124,563 177,191 152,583 Security and insurance 134,774 161,351 170,549 Utilities (electric, cleaning and water) 122,961 177,250 210,158 Building lease 2,543 15,683 44,359 Allowance for doubtful accounts 17,738 (241) (5,960) Cost of hotel service 30,650 85,706 65,853 Employee statutory profit sharing 1,917 236 1,099 Equipment lease, fees and others 103,736 94,794 107,502 Ps. 765,958 Ps. 954,207 Ps. 977,896 |
Subsequent event
Subsequent event | 12 Months Ended |
Dec. 31, 2020 | |
Subsequent event | |
Subsequent event | 28. Subsequent event Issuance OMA Debt On April 16, 2021, the Company issued Ps. 3,500,000 through 5- and 7-year term debt securities in the Mexican market. The 5-year debt security, with a principal amount of Ps. 1,000,000, accrues interest at a variable rate of 28-day TIIE plus 75 basis points with principal amount to be paid at maturity on April 10, 2026. The 7-year debt security, with a principal amount of Ps. 2,500,000, accrues interest at a fixed rate of 7.83% with principal amount to be paid at maturity on April 7, 2028. The proceeds of the issuances were used to redeem, on April 19, 2021, the Ps. 3,000,000 debt securities maturing in June 2021 and will fund eligible investments under the Company’s Master Development Program. 2021 Annual Shareholders’ Meeting The Annual Meeting for the Shareholders of the Company was held on April 21, 2021. The General Ordinary Shareholders’ Meeting approved the declaration and payment of a cash dividend to shareholders of up to Ps. 2,000 million and delegated to the Board of Directors the power to determine the amount to be paid out, which will come from accumulated earnings, as well as the date or dates and forms of payment. The declaration of the aforementioned dividend will become effective as of the date the Board makes its determination. |
Authorization for the issuance
Authorization for the issuance of the consolidated financial statements | 12 Months Ended |
Dec. 31, 2020 | |
Authorization for the issuance of the consolidated financial statements | |
Authorization for the issuance of the consolidated financial statements | 29. Authorization for the issuance of the consolidated financial statements The Company’s consolidated financial statements were authorized for issuance on April 30, 2021, by the Chief Executive Officer, Ricardo Dueñas Espriu and Ruffo Pérez Pliego del Castillo, General Director of Administration and Finance and, consequently do not reflect the events occurred after that date. |
Significant accounting polici_2
Significant accounting policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Significant accounting policies | |
Application of new and revised International Financial Reporting Standards | a. Adoption of new and revised International Financial Reporting Standards I. Application of new and revised International Financing Reporting Standards (“IFRSs” or “IAS”) that are mandatorily effective for the accounting period beginning on or after 2020 In the current year, the Company applied new IFRSs issued by the IASB that are mandatorily effective for an accounting period beginning on or after January 1, 2020. i. Impact of the initial application of Interest Rate Benchmark Reform amendments to IFRS 9, IAS 39 and IFRS 7. In September 2019, the IASB issued the Interest Rate Benchmark Reform (Amendments to IFRS 9, IAS 39 and IFRS 7). These amendments modify specific hedge accounting requirements to allow hedge accounting to continue for affected hedges during the period of uncertainty before the hedged items or hedging instruments affected by the current interest rate benchmarks are amended as a result of the on-going interest rate benchmark reforms. The Company’s management determined that the application of these amendments did not have a material impact on the consolidated financial statements. ii. Impact of the initial application of Covid-19-Related Rent Concessions Amendment to IFRS 16 In May 2020, the IASB issued Covid-19-Related Rent Concessions (Amendment to IFRS 16) that provides practical relief to lessees in accounting for rent concessions occurring as a direct consequence of COVID-19, by introducing a practical expedient to IFRS 16. The practical expedient permits a lessee to elect not to assess whether a COVID-19-related rent concession is a lease modification. A lessee that makes this election shall account for any change in lease payments resulting from the COVID-19-related rent concession the same way it would account for the change applying IFRS 16 if the change were not a lease modification. The practical expedient applies only to rent concessions occurring as a direct consequence of COVID-19 and only if all of the following conditions are met: a. The change in lease payments results in revised consideration for the lease that is substantially the same as, or less than, the consideration for the lease immediately preceding the change; b. Any reduction in lease payments affects only payments originally due on or before June 30, 2021 (a rent concession meets this condition if it results in reduced lease payments on or before June 30, 2021or increased lease payments that extend after June 30, 2021); and c. There is no substantive change to other terms and conditions of the lease. The Company’s management determined that the application of these amendments did not have a material impact on the consolidated financial statements, since it did not receive rent concessions in the period. iii. Impact of the initial application of other new and amended IFRS Standards that are effective for the current year. In the current year, the Company has applied the below amendments to IFRS Standards and Interpretations issued by the Board that are effective for an annual period that begins on or after 1 January 2020. Their adoption has not had any material impact on the disclosures or on the amounts reported in these financial statements. Amendments to References to the Conceptual Framework in IFRS Standards The Company has adopted the amendments included in Amendments to References to the Conceptual Framework in IFRS Standards for the first time in the current year. The amendments include consequential amendments to affected Standards so that they refer to the new Framework. Not all amendments, however, update those pronouncements with regard to references to and quotes from the Framework so that they refer to the revised Conceptual Framework. Some pronouncements are only updated to indicate which version of the Framework they are referencing to (the IASC Framework adopted by the IASB in 2001, the IASB Framework of 2010, or the new revised Framework of 2018) or to indicate that definitions in the Standard have not been updated with the new definitions developed in the revised Conceptual Framework. The Standards which are amended are IFRS 2, IFRS 3, IFRS 6, IFRS 14, IAS 1, IAS 8, IAS 34, IAS 37, IAS 38, IFRIC 12, IFRIC 19, IFRIC 20, IFRIC 22, and SIC-32. Amendments to IFRS 3 Definition of a business The Company has adopted the amendments to IFRS 3 for the first time in the current year. The amendments clarify that while businesses usually have outputs, outputs are not required for an integrated set of activities and assets to qualify as a business. To be considered a business an acquired set of activities and assets must include, at a minimum, an input and a substantive process that together significantly contribute to the ability to create outputs. The amendments remove the assessment of whether market participants can replace any missing inputs or processes and continuing to produce outputs. The amendments also introduce additional guidance that helps to determine whether a substantive process has been acquired. The amendments introduce an optional concentration test that permits a simplified assessment of whether an acquired set of activities and assets is not a business. Under the optional concentration test, the acquired set of activities and assets is not a business if substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar assets. The amendments are applied prospectively to all business combinations and asset acquisitions for which the acquisition date is on or after 1 January 2020. Amendments to IAS 1 and IAS 8 Definition of material The Company has adopted the amendments to IAS 1 and IAS 8 for the first time in the current year. The amendments make the definition of material in IAS 1 easier to understand and are not intended to alter the underlying concept of materiality in IFRS Standards. The concept of 'obscuring' material information with immaterial information has been included as part of the new definition. The threshold for materiality influencing users has been changed from 'could influence' to 'could reasonably be expected to influence'. The definition of material in IAS 8 has been replaced by a reference to the definition of material in IAS 1. In addition, the IASB amended other Standards and the Conceptual Framework that contains a definition of 'material' or refer to the term ‘material’ to ensure consistency. II. New and revised IFRS Standards in issue but not yet effective At the date of authorization of these financial statements, the Company has not applied the following new and revised IFRS Standards that have been issued but are not yet effective: IFRS 10 and IAS 28 (amendments) Sale or Contribution of Assets between an Investor and its Associate or Joint Venture (3) Amendments to IAS 1 Classification of Liabilities as Current or Non-current. (2) Amendments to IFRS 3 Reference to the Conceptual Framework (1) Amendments to IAS 16 Property, Plant and Equipment—Proceeds before Intended Use (1) Amendments to IAS 37 Onerous Contracts – Cost of Fulfilling a Contract (1) Annuals Amendments a IFRS cycle del 2018 – 2020 Amendments to IFRS 1 First-time Adoption of International Financial Reporting Standards, IFRS 9 Financial Instruments, IFRS 16 Leases. 1) Effective for annual periods beginning on the January 1, 2022 2) Effective for annual periods beginning on January 1, 2023 3) Effective day has not yet been defined by the IASB. Management does not expect that the adoption of these and modifications will have a significant impact on the consolidated financial statements of the Company. |
Foreign currency transactions | a. Foreign currency transactions Foreign currency transactions are recorded at the exchange rate in effect at the date of the transaction date. Monetary assets and liabilities denominated in foreign currency are translated into Mexican pesos at the exchange rate prevailing at the end of the reporting period. Non-monetary items that are measured in terms of historical cost in a foreign currency are not retranslated. Exchange fluctuations are recorded in profit or loss, except for exchange differences on foreign currency borrowings relating to assets under construction for future productive use, which are included in the cost of those assets when they are regarded as an adjustment to interest costs on those foreign currency borrowings. |
Cash and cash equivalents | a. Cash and cash equivalents Cash and cash equivalents consist mainly of bank deposits in checking accounts and short-term investments, highly liquid and easily convertible into cash, maturing within three months as of their acquisition date, which are subject to immaterial value change risks. Cash is stated at nominal value and cash equivalents are measured at fair value. |
Financial instruments | a. Financial instruments Financial assets and financial liabilities are recognized in the Company’s statement of financial position when the Company becomes a party to the contractual provisions of the instrument. Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value through profit or loss) are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at fair value through profit or loss are recognized immediately in profit or loss. |
Financial assets | Financial assets All purchases or sales of financial assets in the ordinary course of business are recognized and derecognized on a trade date basis. Purchases or sales in the ordinary course of business are purchases or sales of financial assets that require delivery of assets within the time frame established by regulation or convention in the marketplace. All recognized financial assets are measured subsequently in their entirety at either amortized cost or fair value, depending on the classification of the financial assets. As of December 31 2020, 2019 and 2018, all of the Company’s financial assets have been recognized at amortized cost. i) Amortized cost and effective interest method The effective interest method is a method of calculating the amortized cost of a debt instrument and of allocating interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts (including all fees and amounts paid or received that form an integral part of the effective interest rate, transaction costs and other premiums or discounts) excluding expected credit losses, through the expected life of the debt instrument, or, where appropriate, a shorter period, to the gross carrying amount of the debt instrument on initial recognition. The amortized cost of a financial asset is the amount at which the financial asset is measured at initial recognition minus the principal repayments, plus the cumulative amortization using the effective interest method of any difference between that initial amount and the maturity amount, adjusted for any loss allowance. The gross carrying amount of a financial asset is the amortized cost of a financial asset before adjusting for any loss allowance. ii) Financial assets at fair value through other comprehensive income (FVTOCI) Financial assets at fair value through other comprehensive income are those whose business model is based on obtaining contractual cash flows and selling financial assets, in addition to their contractual conditions giving rise, on specified dates, to cash flows that they are only payments of the principal and interest on the outstanding principal amount. As of December 31, 2020, the Company does not have financial assets at fair value through other comprehensive income. iii) Financial assets at fair value through profit or loss (FVTPL) Financial assets are classified at fair value through profit or loss when the financial asset is held for trading or it is designated as fair value through profit or loss. As of December 31, 2020, 2019 and 2018, the Company does not have financial assets at fair value through profit. Impairment of financial assets The Company recognizes a loss allowance for expected credit losses on investments in debt instruments that are measured at amortized cost or at FVTOCI, trade receivables and contract assets. The amount of expected credit losses is updated at each reporting date to reflect changes in credit risk since initial recognition of the respective financial instrument. The Company recognizes lifetime expected credit losses (ECL) for trade receivables and contract assets. The expected credit losses on these financial assets are estimated using a provision matrix based on the Company’s historical credit loss experience, adjusted for factors that are specific to the debtors, including general economic conditions. For all other financial instruments, the Company recognizes lifetime ECL when there has been a significant increase in credit risk since initial recognition. However, if the credit risk on the financial instrument has not increased significantly since initial recognition, the Company measures the loss allowance for that financial instrument at an amount equal to 12-month ECL. Lifetime ECL represents the expected credit losses that will result from all possible default events over the expected life of a financial instrument. In contrast, 12-month ECL represents the portion of lifetime ECL that is expected to result from default events on a financial instrument that are possible within 12 months after the reporting date. Significant increase in credit risk In assessing whether the credit risk on a financial instrument has increased significantly since initial recognition, the Company compares the risk of a default occurring on the financial instrument at the reporting date with the risk of a default occurring on the financial instrument at the date of initial recognition. In making this assessment, the Company considers both quantitative and qualitative information that is reasonable and supportable, including historical experience and forward-looking information that is available without undue cost or effort. i) Definition of default The Company considers the following as constituting an event of default for internal credit risk management purposes as historical experience indicates that financial assets that meet either of the following criteria are generally not recoverable: · When there is a breach of financial covenants by the debtor; or · The information developed internally or obtained from external sources indicates that the debtor is unlikely to pay its creditors, including the Company, in full (without taking into account any collateral held by the Company). Irrespective of the above analysis, the Company considers that default has occurred when a financial asset is more than 90 days past due unless the Company has reasonable and supportable information to demonstrate that a more lagging default criterion is more appropriate. ii) Credit-impaired financial assets A financial asset is credit-impaired when one or more events that have a detrimental impact on the estimated future cash flows of that financial asset have occurred. iii) Write-off policy The Company writes off a financial asset when there is information indicating that the debtor is in severe financial difficulty and there is no realistic prospect of recovery, e.g. when the debtor has been placed under liquidation or bankruptcy proceedings. Any recoveries made are recognized in profit or loss. iv) Measurement and recognition of expected credit losses According to IFRS 9, the Company recognize a provision of expected credit losses in the financial assets such as trade receivables and other financial assets. The expected credit losses on these financial assets are estimated from the initial recognition of the asset at each reporting date, using as a reference the past experience of the Company’s credit losses, adjusted for factors that are specific to the debtors or groups of debtors, the general economic conditions and an assessment of both, management and conditions existing as of the reporting date, including the time value of money where appropriate. The measurement of expected credit losses is a function of the probability of default, loss due to a default (i.e. the magnitude of the loss if there is a default) and the exposure at default. The assessment of the probability of default and loss due to a default is based on historical data adjusted by forward-looking information as described above. As for the exposure at default, for financial assets, this is represented by the assets’ gross carrying amount at the reporting date. For financial assets, the expected credit loss is estimated as the difference between all contractual cash flows that are due to the Company in accordance with the contract and all the cash flows that the Company expects to receive, discounted at the original effective interest rate. Derecognition of financial assets The Company derecognizes a financial asset only when the contractual rights to the cash flows from the asset expires, or when it transfers to another entity the financial asset and substantially all the risks and rewards of ownership of the asset. On derecognition of a financial asset measured at amortized cost, the difference between the asset’s carrying amount and the sum of the consideration received and receivable is recognized in profit or loss. Financial liabilities and equity Classification as debt or equity Debt and equity instruments are classified as either financial liabilities or as equity in accordance with the substance of the contractual arrangements and the definitions of a financial liability and an equity instrument. Equity instruments An equity instrument is any contract that evidences a residual interest in the assets of an entity after deducting all of its liabilities. Equity instruments issued by the Company are recognized at the proceeds received, net of direct issue costs. The Company records a reserve for the repurchase of shares from amounts appropriated from retained earnings, to strengthen the supply and demand of its shares in the stock market, as permitted by Mexican Securities Law. The shareholders’ meeting authorizes the maximum disbursement for the repurchase of shares to be used for this activity in each period between said meeting and the following, in which the application of results is approved and made. At the time of a purchase, shares are converted into treasury shares and become part of the shareholders’ equity at the purchase price; one part of the capital stock to the historical value, and the remainder to the reserve to repurchase shares. Financial liabilities All financial liabilities are measured subsequently at amortized cost using the effective interest method or at FVTPL. Other financial liabilities Other financial liabilities, including loans, bond issuances and debt with lenders and trade creditors and other payables are valued initially at fair value, represented generally by the consideration transferred, net of transaction costs, and are subsequently measured at amortized cost using the effective interest method. Derecognition of financial liabilities The Company derecognizes financial liabilities when, and only when, the obligations are discharged, cancelled or they expire. The difference between the carrying amount of the financial liability derecognized and the consideration paid and payable is recognized in results. When a financial liability measured at amortized cost is modified without a derecognition, the Company recognizes a gain or loss in the modification, which is calculated as the difference between the amortized cost at the date of the refinancing and the cash flows with the new terms of financing discounted at the effective interest rate of the original debt. In addition, when the Company refinancing the transaction and the previous liability qualifies to be derecognized, the costs incurred in the refinancing are recognized immediately in results at the date of the termination of the previous financial liability. |
Property, leasehold improvements and equipment, net | a. Property, leasehold improvements and equipment, net Expenditures for property, leasehold improvements and equipment acquired are carried at acquisition cost. Depreciation is recognized so as to write off the cost or deemed cost of assets (other than freehold land and properties under construction). Depreciation of property, leasehold improvements and equipment is calculated using the straight-line method over the useful life of the asset. Depreciation begins in the month in which the asset is placed in service. The useful lives of assets are as follows: Useful Life (years) Improvement in leased assets 20 Machinery and equipment 10 Furniture and office equipment 10 Transportation equipment 4 Computer equipment 3.3 The depreciation of property, leasehold improvements and equipment is recorded in results. Disposal of assets The gain or loss on the sale or retirement of an item of property and equipment is calculated as the difference between the proceeds from the sale and the carrying value of the asset, and is recognized in income when all risks and rewards of ownership of the asset is transferred to the buyer, which generally occurs when ownership of the asset is transferred to the buyer. Replacements or renewals of a component of property or equipment that extend the useful life of the asset, or its economic capacity are recognized as an increase to property and equipment, with the subsequent write-off or derecognition of the assets replaced or renewed. Construction in progress for leasehold improvement Construction in progress for leasehold improvement is carried at cost less any recognized impairment loss. Cost includes professional fees and, in the case of qualifying assets, borrowing costs capitalized in accordance with the Company’s accounting policy. Such properties are transferred to the appropriate categories of property and equipment when completed and ready for intended use. The depreciation of these assets, as well as other properties, begins when the assets are ready for use. Subsequent costs Subsequent costs form part of the value of the asset or are recognized as a separate asset only when it is probable that such disbursement represents an increase in productivity, capacity, efficiency or an extension of the life of the asset and the cost of the item can be determined reliably. All other expenses, including repairs and maintenance are recognized in comprehensive income as incurred. |
Leases | a. Leases As lessor Leases for which the Company is a lessor are classified as financial leases or operating leases. Whenever the terms of the lease transfer substantially all risks and rewards of ownership in the lessee, the contract is classified as a financial lease. All other leases are classified as operating leases. Rental income from operating leases is recognized on a straight-line basis over the term of the relevant lease. Amounts due from lessees under finance leases are recognized as receivables at the amount of the Company’s net investment in the leases. Finance lease income is allocated to accounting periods so as to reflect a constant periodic rate of return on the Group’s net investment outstanding in respect of the leases. As lessee The Company assesses whether a contract is or contains a lease, at inception of the contract. The Company recognizes a right-of-use asset and a corresponding lease liability with respect to all lease arrangements in which it is the lessee, except for short-term leases (defined as leases with a lease term of 12 months or less) and leases of low value assets (such as tablets and personal computers, small items of office furniture and telephones). For these leases, the Company recognizes the lease payments as an operating expense on a straight-line basis over the term of the lease unless another systematic basis is more representative of the time pattern in which economic benefits from the leased assets are consumed. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted by using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Company's incremental borrowing rate. Lease payments included in the measurement of the lease liability comprise in: · Fixed payments, (including in-substance fixed payments; ), less any lease incentives receivable; · Variable lease payments that depend on an index or a rate, initially measured using the index or rate as at the commencement date; · The amount expected to be payable by the lessee under a residual value guarantees; · The exercise price of purchase options if the lessee is reasonably certain to exercise the options, and · Payments of penalties for terminating the lease, if the lease term reflects the exercise of an option to terminate the lease. The lease liability is presented as a separate line in the consolidated statement of financial position. The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using the effective interest method) and by reducing the carrying amount to reflect the lease payments made. The Company remeasures the lease liability (and makes a corresponding adjustment to the related right-of-use asset) whenever: - The lease term has changed or there is a significant event or change in circumstances resulting in a change in the assessment of exercise of a purchase option, in which case the lease liability is remeasured by discounting the revised lease payments using a revised discount rate. - The lease payments change due to changes in an index or rate or a change in expected payment under a guaranteed residual value, in which cases the lease liability is remeasured by discounting the revised lease payments using an unchanged discount rate (unless the lease payments change is due to a change in a floating interest rate, in which case a revised discount rate is used). - A lease contract is modified and the lease modification is not accounted for as a separate lease, in which case the lease liability is remeasured based on the lease term of the modified lease by discounting the revised lease payments using a revised discount rate at the effective date of the modification. The Company did not make any such adjustments during the periods presented. Right-of-use assets Right-of-use assets are depreciated over the shorter period of lease term and useful life of the underlying asset. If a lease transfer’s ownership of the underlying asset or the cost of the right-of-use asset reflects that the Company expects to exercise a purchase option, the related right-of-use asset is depreciated over the useful life of the underlying asset. The depreciation starts at the commencement date of the lease. The right-of-use assets comprise the initial measurement of the corresponding lease liability, lease payments made at or before the commencement day, less any lease incentives received and any initial direct costs. They are subsequently measured at cost less accumulated depreciation and impairment losses. The right-of-use assets are presented as a separate line in the consolidated statement of financial position. The Company applies IAS 36 to determine whether a right-of-use asset is impaired and accounts for any identified impairment loss as described in the “Property, Plant and Equipment’ policy. |
Guarantee deposits | a. Guarantee deposits Guarantee deposits correspond to amounts received from lessees to guarantee performance under the lease. They are recorded at cost and are either returned to tenants at the end of the lease term or recognized against services unpaid by tenants. Additionally, certain agreements were entered into with airlines, which established escrow deposits paid by the airlines to guarantee their obligation for payment of the amounts collected from passengers for the Airport Use Fee (Tarifa de Uso de Aeropuertos or “TUA”) and other airport services. If the payment obligations are not met, the Company may immediately exercise the guarantees and utilize the funds. The aforementioned escrow deposits are recorded at cost. |
Borrowing costs | a. Borrowing costs Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale. Investment income earned on the temporary investment of specific borrowings pending their expenditure on qualifying assets is deducted from the borrowing costs eligible for capitalization. All other borrowing costs are recognized in profit or loss in the period in which they are incurred. |
Investment in airport concessions | a. Investment in airport concessions This item consists of the rights paid to manage, operate and, in certain cases make capital investments to 13 airports based on a concession granted by the Mexican Government through the Ministry of Communications and Transportation, and to use their facilities, for a 50-year term. Investment in concessions includes the rights to use airport facilities of airport concessions and improvements to concessioned assets and represents the amount granted by the Ministry of Communications and Transportation to each airport concessions, plus improvements made to each individual concession since the time of grant. Under all concession arrangements, (i) the grantor controls or regulates what services the Company must provide with the infrastructure, to whom it must provide them, and at what price; and (ii) the grantor controls, through ownership, any significant residual interest in the infrastructure at the end of the term of the arrangement. Accordingly, the Company classifies the assets derived from the construction, administration and operation of the service concession arrangements either as intangible assets, financial assets (accounts receivable) or a combination of both. The Company classifies its concessioned assets as an intangible asset, including its improvements. An intangible asset results when the operator constructs or makes improvements and is allowed to operate the infrastructure for a fixed period after construction is complete, in which the future cash flows of the operator have not been specified, because they may vary depending on the use of the asset, and are therefore considered contingent. The cost of financing incurred during the construction period is capitalized. Investments in airport concessions are amortized on a straight-line basis over the term of the concession, which is 50 years, or from the date of capitalization of additions or improvements considering the remaining term of the concession. Revenues and costs related to construction or improvements to intangible assets subject to the Company’s airport concession with the government are recognized as revenue based on the percentage of completion method associated with the related construction costs. The Company classified current construction projects as part of improvements to concessioned assets in progress (contract assets). |
Impairment of tangible and intangible assets | a. Impairment of tangible and intangible assets Management periodically evaluates the impairment of long-lived assets in order to determine whether there is evidence that those assets have suffered an impairment loss. If impairment indicators exist, the recoverable amount of assets is determined, with the help of independent experts, to determine the extent of the impairment loss, if any. Intangible assets with indefinite useful life and intangible assets not yet available for use are tested for impairment at least annually, and whenever there is an indication that the asset may be impaired. Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognized immediately in profit or loss. When an impairment subsequently reverses, the Company reverses a portion or all of the impairment losses recognized in prior periods. When an impairment loss is reversed, the carrying amount of the asset is increased to the revised estimated value of its recoverable amount, only to the extent that the increased carrying amount does not exceed the carrying amount that would have been calculated if no impairment loss had been initially recognized for the asset in prior years. A reversal of an impairment loss is recognized immediately in profit or loss. The Company considers that each airport individually cannot be considered as a “cash generating unit” to determine the extent of the loss impairment, since the tender for the concession was made by the Mexican Government as a package of 13 airports. Therefore, licensees are obligated to operate them regardless of the results generated individually. Considering the above, the evaluation of a possible impairment loss is performed taking into account the net assets of the 13 airports taken as a whole, while the hotels and industrial park are evaluated individually. |
Provisions | a. Provisions Provisions are recognized when the Company has a present obligation (legal or constructive) as a result of a past event, when it is probable that the Company will be required to settle the obligation, and when a reliable estimate can be made of the amount of the obligation. The amount recognized as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties associated with the obligation. When a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows, (when the effect of the time value of money is material). The main provision recognized by the Company is for major maintenance for its concessioned assets, which is classified as current or noncurrent based on the estimated time period over which it expects to settle the obligation. l. The Company is required to perform major maintenance activities to its airports as established by the concession provided by the Mexican Government, in order to preserve the infrastructure in optimal working condition. The estimated major maintenance costs are considered in the Company’s Master Development Program, which is reviewed and updated every five years. The Company recognizes and measures the contractual obligations of major maintenance of infrastructure when accrued according to IAS 37 ( Provisions, Contingent Liabilities and Contingent Assets ) and IFRS Interpretation Committee 12 ( Service Concession Arrangements ), a portion is recorded as short-term and the remainder as long-term depending on the period in which the maintenance is expected to be performed. These contractual obligations to maintain and restore the infrastructure of airports are recognized as a provision in the consolidated statements of financial position and in the expenses of the current fiscal year, pursuant to estimates that are required to comply with the present obligation at the end of the reporting period. When the effect of the time value of money is material, the amount of the provision equals the present value of the expenditures expected to be required to settle the obligation. The carrying amount of the provision increases each period to reflect the passage of time and this increase is recognized as an expense. After initial recognition, provisions are reviewed at the end of each reporting period and adjusted to reflect current best estimates. Adjustments to provisions arise from three sources: (i) revisions to estimated cash flows (both in amount and timing); (ii) changes to present value due to the passage of time; and (iii) revisions of discount rates to reflect prevailing current market conditions. In periods following the initial recognition and measurement of the maintenance provision at its present value, the provision is revised to reflect estimated cash flows being closer to the measurement date. The unwinding of the discount relating to the passage of time is recognized as a financing cost and the revision of estimates of the amount and timing of cash flows is a remeasurement of the provision and charged or credited as an operating item within the consolidated statements of income and other comprehensive income. |
Income taxes | m. Income tax expense represents the sum of the tax currently and deferred tax. Current tax is determined based on taxable profit, which differs from profit as reported in the consolidated statement of income and other comprehensive income because of items of income or expense that are taxable or deductible in periods different from when they are recognized in accounting profit. Deferred income taxes are recognized for the applicable temporary differences resulting from comparing the accounting and tax values of assets and liabilities plus any future benefits from tax loss carry forwards. Except as mentioned in the following paragraph, deferred tax liabilities are recognized for all taxable temporary differences and deferred tax assets are recognized for all deductible temporary differences and the expected benefit of tax losses. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax liabilities are recognized for taxable temporary differences associated with investments in subsidiaries, except where the Company is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax assets arising from deductible temporary differences associated with such investments and interests are only recognized to the extent that it is probable that there will be sufficient taxable profits against which to utilize the benefits of the temporary differences and they are expected to reverse in the foreseeable future. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realized, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities. The Company determined recoverability of its deferred tax assets for each subsidiary based on its projections of future taxable income, which include the Master Development Program and the maximum rates for the period 2021-2025 approved by the Ministry of Communications and Transportation. Current and deferred income taxes are recognized as income or expense in profit or net loss, except when they relate to items recognized outside of profit or loss, as in the case of items of other comprehensive income, or other shareholders’ equity items, in which case the tax is recognized in other comprehensive income as part of the equity item involved. Assets and deferred tax liabilities are offset when a legal right to offset assets with liabilities exists and when they relate to income taxes relating to the same tax authorities and the Company intends to liquidate its assets and liabilities on a net basis. |
Employee benefits | n. Short-term employee benefits A liability is recognized for benefits accruing to employees in respect of wages and salaries, annual leave and sick leave in the period the related service is rendered at the undiscounted amount of the benefits expected to be paid in exchange for that service. Certain subsidiaries are subject to payment of statutory employee profit sharing and is recorded in the results of the year in which it is incurred and presented under cost and administrative expenses in the consolidated statements of income and other comprehensive income. As a result of the Income Tax Law of 2014, as of December 31, 2020, 2019 and 2018, the PTU is determined based on taxable income according to section I of article 9 of the same Law. Liabilities recognized in respect of short-term employee benefits are measured at the undiscounted amount of the benefits expected to be paid in exchange for the related services. Benefits from retirement and termination Payments to defined contribution retirement benefit plans are recognized as an expense when employees have rendered service entitling them to the contributions. For defined benefit retirement benefit plans, the cost of providing benefits is determined using the projected unit credit method, with actuarial valuations being carried out at the end of each annual reporting period. Remeasurement, comprising actuarial gains and losses, the effect of the changes to the asset ceiling (if applicable) and the return on plan assets (excluding interest), is reflected immediately in the consolidated financial statements with a charge or credit recognized in other comprehensive income in the period in which they occur. Remeasurement recognized in other comprehensive income may be reclassified directly to retained earnings but will not be reclassified to profit or loss. Past service cost is recognized in profit or loss in the period of a plan amendment. Net interest is calculated by applying the discount rate at the beginning of the period to the net defined benefit liability or asset. Defined benefit costs are categorized as follows: · Service cost (including current service cost, past service cost, as well as gains and losses on curtailments and settlements) · Net interest expense or income · Remeasurement The Company presents the first two components of defined benefit costs in the consolidated statements of income and other comprehensive income in the line items cost of services and administrative expenses. Curtailment gains and losses are accounted for as past service costs. The retirement benefit obligation recognized in the consolidated statement of financial position represents the actual deficit or surplus in the Company’s defined benefit plans. Any surplus resulting from this calculation is limited to the present value of any economic benefits available in the form of refunds from the plans or reductions in future contributions to the plans. A liability for a termination benefits is recognized at the earlier of when the Company can no longer withdraw the offer of the termination benefit and when the Company recognizes any related restructuring costs. |
Revenue recognition | o. The revenues are recognized at the fair value of the consideration received or receivable, net of any discount. The Company applies a 5-step approach to revenue recognition: · Step 1: Identify the contract(s) with a customer · Step 2: Identify the performance obligations in the contract · Step 3: Determine the transaction price · Step 4: Allocate the transaction price to the performance obligations in the contract · Step 5: Recognize revenue when (or as) the entity satisfies a performance obligation Under IFRS 15, an entity recognizes revenue when (or as) a performance obligation is satisfied, i.e. when “control” of the goods or services underlying the particular performance obligation is transferred to the customer. Revenues are mainly generated from the delivery of aeronautical and non-aeronautical services. Aeronautical services Consist mainly of revenues generated from activities related to services provided to airlines and passengers. These revenues are subject to a system of prices regulated by the Ministry of Communications and Transportation, which establishes a maximum rate for such aeronautical and complementary services provided at each airport. Such revenues are recognized when the related services are rendered. With the objective of increasing demand for aeronautical traffic at its airports, the Company implemented an incentive program to its airline customers linked to an increase in airline traffic and the opening of new routes, which is subject to certain restrictions. These incentives are recorded as a reduction of revenues over the period they are provided to clients (see note 27). Non-aeronautical services Consist mainly of the leasing of commercial spaces in airport terminals (different from spaces occupied by airlines that are essential for their operation), revenues from the operation of parking lots, advertising, fees from access to third parties that provide catering services and other services at airports. Spaces in the airport terminals are rented through operating lease agreements that contain either fixed monthly rent (increased annually based on the National Consumer Price Index (“NCPI”)) or fees based on a minimum monthly fee or a percentage of the monthly income of the lessee, whichever is higher (contingent rent). The fixed portion of lease revenues is recognized when the services are rendered or based on the terms of the related lease. Contingent rentals received from the percentage of monthly sales from the Company’s leases are recognized in income once the contingency is met. Therefore, during the year, the percentage of lessee monthly revenues is recognized in the following month, once the Company has received information related to its tenants’ revenues. Though each year reported includes twelve months of revenues, this accounting treatment results in a one-month lag with respect to the commercial revenues for those tenants whose stated percentage of monthly income is greater than the minimum monthly fee. However, the Company monitors the effect of this one-month lag at each reporting date and does not believe such effect to be material to its reported results. The Company’s policy for recognition of revenue from operating leases is described in detail, in subparagraph g) of this note (the Company as lessor). Hotel services revenues Revenues are recognized when the services are rendered. Construction services and costs of improvements to concessioned assets Under IFRIC 12 ( Service Concession Arrangements ), the Company recognizes revenues and costs for improvements to the airport concession according to the percentage of completion method derived from the improvements made to the airports and that are included in the Master Development Program. Construction service revenues related to the airport concession are determined based on the exchange between the Company and the government, as the Company constructs or improves the airports based on the Master Development Program, and the government grants the Company the right to obtain revenues from the airport services rendered in return for those construction services. The cost for construction services is determined according to the cost the Company would incur in the construction or improvements based on the investments included in the Master Development Program, for which, through a tender offer, the Company contracts third parties to perform. The revenue amount and cost are equivalent, because the Company does not obtain any profit margin for the construction, and consider that the costs incurred are paid at market prices. |
Basic and diluted earnings per share | p. Basic earnings per share are computed by dividing net income of the controlling interest by the weighted average number of common shares outstanding during the year. The Company does not have potentially dilutive shares. |
Significant accounting polici_3
Significant accounting policies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Significant accounting policies | |
Summary of useful lives of assets | Useful Life (years) Improvement in leased assets 20 Machinery and equipment 10 Furniture and office equipment 10 Transportation equipment 4 Computer equipment 3.3 |
Cash and cash equivalents (Tabl
Cash and cash equivalents (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Cash and cash equivalents. | |
Cash and cash equivalent | December 31, 2020 2019 2018 Cash Ps. 2,360,422 Ps. 2,916,936 Ps. 1,456,207 Cash equivalents: Bank notes 598,382 512,027 630,537 Commercial paper — — 217,074 Money market investment funds — 910 655,084 Ps. 2,958,804 Ps. 3,429,873 Ps. 2,958,902 |
Accounts receivable (Tables)
Accounts receivable (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Accounts receivable | |
Schedule of accounts receivable | December 31, 2020 2019 2018 Receivables Ps. 854,402 Ps. 766,748 Ps. 728,552 Allowance for doubtful accounts (note 7 b.) (20,759) (8,992) (31,986) Ps. 833,643 Ps. 757,756 Ps. 696,566 |
Schedule of percentage of principal customers among total accounts receivable | December 31, 2020 2019 2018 % % % Accounts receivable: Aeroenlaces Nacionales, S. A. de C. V. 33.00 21.16 23.76 Concesionaria Vuela Compañía de Aviación, S.A.P.I. de C.V. 28.10 27.40 24.20 Aerolitoral, S. A. de C. V. 8.98 20.88 21.47 Aerovías de México, S. A. de C.V. 4.74 6.70 7.15 |
Schedule of percentage of revenue from principal customers | Year ended December 31, 2020 2019 2018 % % % Revenues by client: Aerolitoral, S. A. de C. V. 10.49 13.26 14.99 Aeroenlaces Nacionales, S. A. de C. V. 21.07 17.79 16.84 ABC Aerolíneas, S. A. de C. V. 4.24 10.38 11.19 Concesionaria Vuela Compañía de Aviación, S. A. P. I. de C. V. 17.36 16.11 13.79 Aerovías de México, S. A. de C. V. 4.07 4.07 4.41 |
Schedule of changes in allowance for doubtful accounts | December 31, 2020 2019 2018 Beginning balance Ps. 8,992 Ps. 31,986 Ps. 38,223 Increases(Decrease) 18,342 (241) (5,960) Cancelation (5,542) — — Write-off (1,033) (22,753) (277) Ending balance Ps. 20,759 Ps. 8,992 Ps. 31,986 |
Schedule of aging of trade accounts receivable past due but not reserved | Airports Others Total Gross book value Ps. 784,108 Ps. 28,251 Ps. 812,359 Collateral 1,584,553 8,048 1,592,601 Probability of default in range 0% - 100 % 0% - 100% Loss due to default range 0% - 100% 0% - 100% Beginning balance of impairment of account receivable Ps. 8,847 Ps. 145 Ps. 8,992 (Decrease) increase in the provision 15,156 3,186 18,342 Cancelations (5,542) — (5,542) Write-off (1,033) — (1,033) Ending balance Ps. 17,428 Ps. 3,331 Ps. 20,759 |
Other accounts receivable and_2
Other accounts receivable and prepaid expenses (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Other accounts receivable and prepaid expenses. | |
Schedule of other accounts receivable and prepaid expenses | December 31, 2020 2019 2018 Prepaid expenses Ps. 59,033 Ps. 33,310 Ps. 27,296 Guarantee deposits 6,167 5,897 5,897 Others 1,375 3,535 7,068 Ps. 66,575 Ps. 42,742 Ps. 40,261 |
Property, leasehold improveme_2
Property, leasehold improvements and equipment (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Property, leasehold improvements and equipment | |
Schedule of property, leasehold improvements and equipment | December 31, 2020 2019 2018 Net carrying value: Land (see note 10) Ps. 1,709,508 Ps. 1,709,508 Ps. 1,709,508 Leasehold improvements 854,829 786,085 783,221 Machinery and equipment 72,867 83,611 99,194 Furniture and office equipment 27,940 35,105 42,674 Transportation equipment 287 1,555 25,326 Computer equipment 2,838 2,212 4,930 Construction in progress for leasehold improvements 32,200 29,025 5,409 Ps. 2,700,469 Ps. 2,647,101 Ps. 2,670,262 Construction Machinery Furniture in progress of Leasehold and and office Transportation Computer leasehold Cost Land improvements equipment equipment equipment equipment improvements Total Balance as of January 1, 2018 Ps. 1,709,508 Ps. 825,481 Ps. 201,114 Ps. 153,355 Ps. 61,043 Ps. 67,697 Ps. 22,341 Ps. 3,040,539 Acquisitions — 53,347 2,293 5,444 1,038 1,102 104,038 167,262 Disposals — — (321) — — (666) — (987) Transfers — 120,970 — — — — (120,970) — Other — — (127) (687) (351) (402) — (1,567) Balance as of December 31, 2018 1,709,508 999,798 202,959 158,112 61,730 67,731 5,409 3,205,247 Acquisitions — 49,345 3,386 2,168 — 869 80,290 136,058 Disposals — — — (525) — — — (525) Transfers — 9,403 — — (34,283) (430) (55,656) (80,966) Other — — — (20) (5,792) (595) (1,018) (7,425) Balance as of December 31, 2019 1,709,508 1,058,546 206,345 159,735 21,655 67,575 29,025 3,252,389 Acquisitions — — 8,380 440 — 3,973 134,821 147,614 Transfers — 130,420 — — — — (130,420) — Other — — — (206) — (3,097) (1,226) (4,529) Balance as of December 31, 2020 Ps. 1,709,508 Ps. 1,188,966 Ps. 214,725 Ps. 159,969 Ps. 21,655 Ps. 68,451 Ps. 32,200 Ps. 3,395,474 Construction in Furniture and progress of Accumulated Leasehold Machinery and office Transportation Computer leasehold depreciation improvements equipment equipment equipment equipment improvements Total Balance as of January 1, 2018 Ps. (164,892) Ps. (84,997) Ps. (106,242) Ps. (24,797) Ps. (58,214) Ps. — Ps. (439,142) Depreciation (51,685) (18,902) (9,883) (11,630) (5,655) — (97,755) Disposals — 134 — — 666 — 800 Other — — 687 23 402 — 1,112 Balance as of December 31, 2018 (216,577) (103,765) (115,438) (36,404) (62,801) — (534,985) Depreciation (55,884) (18,969) (9,729) (4,806) (3,051) — (92,439) Disposals — — 525 — — — 525 Other — — 12 21,110 489 — 21,611 Balance as of December 31, 2019 (272,461) (122,734) (124,630) (20,100) (65,363) — (605,288) Depreciation (61,676) (19,124) (7,720) (1,268) (2,532) — (92,320) Disposals — — — — — — — Other — — 321 — 2,282 — 2,603 Balance as of December 31, 2020 Ps. (334,137) Ps. (141,858) Ps. (132,029) Ps. (21,368) Ps. (65,613) Ps. — Ps. (695,005) |
Investment in airport concess_2
Investment in airport concessions (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Investment in airport concessions | |
Schedule of carrying value and changes in concessioned assets | December 31, 2020 2019 2018 Projects completed and in operation: Airport concessions Ps. 605,643 Ps. 605,643 Ps. 605,643 Rights to use airport facilities 3,356,762 3,356,762 3,356,762 Improvements to concessioned assets (see note 15) 8,594,136 7,331,450 6,165,810 Improvements to concessioned assets in progress 615,246 624,063 834,868 Accumulated amortization (2,942,131) (2,650,807) (2,396,427) Ps. 10,229,656 Ps. 9,267,111 Ps. 8,566,656 The changes in investment in concessions are as follows: December 31, 2020 2019 2018 Investment in airport concessions Beginning balance Ps. 11,917,919 Ps. 10,963,084 Ps. 9,821,579 Increase 1,253,868 954,835 1,141,505 Ending balance 13,171,787 11,917,919 10,963,084 Amortization of airport concessions: Beginning balance (2,650,807) (2,396,427) (2,173,162) Increase (291,323) (254,380) (223,266) Ending balance (2,942,131) (2,650,807) (2,396,427) Net investment in airport concessions Ps. 10,229,656 Ps. 9,267,111 Ps. 8,566,656 |
Schedule of contractual obligations under development plan | Amount Year 2021 2,565,502 2022 2,655,068 2023 2024 2025 2,235,465 12,586,901 |
Composition of GACN (Tables)
Composition of GACN (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Composition of GACN | |
Schedule of information about the composition of GACN | Place of Number of subsidiaries incorporation and December 31, Principal activity operation 2019, 2018, 2017 Airports Mexico 13 Hotels Mexico 2 Services Mexico 9 24 |
Schedule of consolidated subsidiaries | Name of subsidiary Ownership Percentage Airport services; Aeropuerto de Monterrey, S. A. de C. V. 100 % Aeropuerto de Acapulco, S. A. de C. V. 100 % Aeropuerto de Mazatlán, S. A. de C. V. 100 % Aeropuerto de Zihuatanejo, S. A. de C. V. 100 % Aeropuerto de Culiacán, S. A. de C. V. 100 % Aeropuerto de Ciudad Juárez, S. A. de C. V. 100 % Aeropuerto de Chihuahua, S. A. de C. V. 100 % Aeropuerto de Torreón, S. A. de C. V. 100 % Aeropuerto de Durango, S. A. de C. V. 100 % Aeropuerto de Tampico, S. A. de C. V. 100 % Aeropuerto de Reynosa, S. A. de C. V. 100 % Aeropuerto de Zacatecas, S. A. de C. V. 100 % Aeropuerto de San Luis Potosí, S. A. de C. V. 100 % Hotels and Services: Operadora de Aeropuertos del Centro Norte, S. A. de C. V. 100 % Servicios Aeroportuarios del Centro Norte, S. A. de C. V. 100 % Servicios Aero Especializados del Centro Norte, S. A. de C. V. 100 % OMA Logística, S. A. de C. V. (1) 100 % Holding Consorcio Grupo Hotelero T2, S. A. de C. V. (2) 100 % (1) Includes subsidiaries with interest in; OMA VYNMSA Aero Industrial Park, S.A. de C.V (VYNMSA) of which the Company owns 51% of the shares, Consorcio Hotelero Aeropuerto de Monterrey, S.A.P.I de C.V. with 85% and Servicios Hoteleros Aeropuerto de Monterrey, S.A. de C.V. with 85%. (2) Provides hotel services and includes its subsidiaries: Servicios Complementarios del Centro Norte S.A. de C.V., with 100% of the shares, Consorcio Grupo Hotelero T2, S.A. de C.V. and Servicios Corporativos Terminal 2, S.A. de C.V. with 90% of the shares. |
Trade accounts payable (Tables)
Trade accounts payable (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Trade accounts payable | |
Schedule of trade accounts payable | December 31, 2020 2019 2018 Suppliers and contractors Ps. 107,507 Ps. 140,806 Ps. 155,904 Customer advances 91,841 43,102 39,877 Statutory employee profit sharing 4,700 12,883 8,218 Ps. 204,048 Ps. 196,791 Ps. 203,999 |
Payable taxes and other accru_2
Payable taxes and other accrued expenses (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Payable taxes and other accrued expenses | |
Schedule of tax payable and other accrued expenses | December 31, 2020 2019 2018 Accrued expenses Ps. 172,847 Ps. 202,363 Ps. 166,588 Taxes payable other than income tax 153,046 345,461 308,345 Accrued interest 44,295 42,438 40,227 Ps. 370,188 Ps. 590,262 Ps. 515,160 |
Long-term debt (Tables)
Long-term debt (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Long-term debt | |
Schedule of long-term debt | December 31, 2020 2019 2018 Debt securities issued in the Mexican market on June 16, 2014, for Ps. 3,000,000, accruing interest at a fixed rate of 6.85%, for a 7-year term maturing on June 7, 2021. GACN and nine of the 13 airports guarantee the certificates, which represent a guarantee of 80% of consolidated EBITDA Ps. 3,000,000 Ps. 3,000,000 Ps. 3,000,000 Debt securities issued in the Mexican market on March 26, 2013, for Ps. 1,500,000, accruing interest at a fixed rate of 6.47%, for a 10-year term maturing on March 14, 2023. GACN and nine of the 13 airports guarantee the certificates, which represent a guarantee of 80% of consolidated EBITDA 1,500,000 1,500,000 1,500,000 Unsecured lines of credit with Private Export Funding Corporation (supported by Ex-Im Bank) in 2010 and 2011 for U.S.$ 25,365 thousand maturing on December 21, 2021. As December 31, 2020, 2019 and 2018, outstanding amounts were U.S.$ 678 thousand, U.S.$ 2,495 thousand and US.$ 4,583 thousand, respectively. Baggage screening equipment was pledged to secure the loan ⁽²⁾. The loan accrues interest at a three-month London Interbank Offered (“LIBOR”) rate plus 1.25 percentage points, with quarterly payments of principal. As of December 31, 2020, 2019 and 2018, the interest rate was 1.49%, 3.15% and 4.04%, respectively. 13,503 49,575 90,156 Line of credit with UPS Capital Business Credit (supported by Ex-Im Bank) for U.S.$ 3,120,000. The amount was drawn down upon in April 20, 2014, and the line of credit terminates on January 25, 2019. As of December 31, 2018, the outstanding balance was, U.S.$ 156 thousand. The line of credit is secured by firefighting equipment ⁽¹⁾. The loan bears interest at three-month LIBOR plus 2.65 percentage point with quarterly principal payments. As of December 31, 2018, the interest rate was 5.44%. — — 3,067 Total long-term debt 4,513,503 4,549,575 4,593,223 Less: Financing commissions (3,115) (5,966) (8,629) 4,510,388 4,543,609 4,584,594 Current portion long-term debt (3,013,502) (36,851) (41,425) Long-term debt Ps. 1,496,886 Ps. 4,506,758 Ps. 4,543,169 (1) Carrying value amounts to Ps. 266,181, Ps. 275,095 and Ps.284,008 as of December 31, 2020, 2019 and 2018, respectively, and is recorded in improvements to concessioned assets (note 10). The Company is not authorized to grant such equipment as collateral in other loans or sell them to another Company. Carrying values are Ps. 35,760 as of December 31, 2018, recorded as improvements to concessioned assets (note 10). The Company is not authorized to use these as collateral or sell them. |
Major maintenance provision (Ta
Major maintenance provision (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Major maintenance provision. | |
Schedule of composition and changes of major maintenance provision | December 31, December 31, 2020 2019 Additions Disbursements Short-term Long-term Major maintenance of concessioned assets Ps. 953,896 Ps. 467,793 (1) Ps. (103,704) Ps. 443,570 Ps. 874,415 December 31, December 31, 2019 2018 Additions Disbursements Short-term Long-term Major maintenance of concessioned assets Ps. 943,548 Ps. 315,481 (1) Ps. (305,133) Ps. 151,554 Ps. 802,342 December 31, December 31, 2018 2017 Additions Disbursements Short-term Long-term Major maintenance of concessioned assets Ps. 857,624 Ps. 225,244 (1) Ps. (139,320) Ps. 224,982 Ps. 718,566 (1) Includes Ps. 75,262, Ps. 23,157 and Ps. (23,392), recognized as interest cost (income) in the consolidated statement of income and other comprehensive income, for the unwinding effect of the present value calculation as of December 31, 2020, 2019 and 2018, respectively. The provision for major maintenance as of December 31, 2020 reflects the update of such provision as a result of the approval in November 2020 of the Master Development Program for the period 2021-2025 as indicated in Note 2. |
Labor obligations (Tables)
Labor obligations (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Labor obligations | |
Schedule of principal assumptions for actuarial valuations | Year ended December 31, 2020 2019 2018 Discount rate (see note 5 a.) 7.40 % 8.00 % 9.00 % Expected rate of salary increase 5.80 % 5.80 % 5.80 % Average longevity at retirement age for current pensioners (years) 12 14 13 Inflation 4.00 % 5.00 % 4.00 % |
Schedule of amounts recognized in the statement of income and other comprehensive income | Year ended December 31, 2020 2019 2018 Service cost: Current service cost Ps. 8,276 Ps. 7,465 Ps. 7,467 Net interest expense 8,490 7,156 7,677 Reductions and liquidations advance (9,131) — — Components of defined benefit costs recognized in profit or loss 7,635 14,621 15,144 Remeasurement on the net defined benefit liability: Actuarial gains and losses arising from changes in financial assumptions 2,653 (161) (10,131) Actuarial gains and losses arising from experience adjustments 10,386 12,995 (14,042) Components of defined benefit costs recognized in other comprehensive income (loss) 13,039 12,834 (24,173) Total Ps. 20,674 Ps. 27,455 Ps. (9,029) |
Schedule of the amount included in the consolidated statement of financial position arising from the Company’s obligation in respect of its defined benefit plans | December 31, 2020 2019 2018 Present value of defined benefit obligations Ps. 115,691 Ps. 106,160 Ps. 79,905 |
Schedule of movements in the present value of the defined benefit obligation | December 31, 2020 2019 2018 Present value of defined benefit obligation as of January 1, Ps. 106,160 Ps. 79,905 Ps. 127,479 Current service cost 8,276 7,465 7,467 Interest cost 8,490 7,156 7,677 Reductions and Liquidations advance (9,131) — — Remeasurement (gains)/losses: Actuarial gains and losses arising from changes in financial and demographic assumptions 2,653 (161) (10,131) Actuarial gains and losses arising from experience adjustments 10,386 12,995 (14,042) Benefits paid (11,143) (1,200) (38,545) Present value of defined benefit obligation Ps. 115,691 Ps. 106,160 Ps. 79,905 |
Schedule of expected cash flows from pension plans and seniority premium benefits | Seniority premium Year Pensions plan benefits Total 2021 Ps. — Ps. 845 Ps. 845 2022 — 961 961 2023 551 1,179 1,730 2024 9,837 1,420 11,257 From 2025 and subsequently 43,161 14,016 57,177 Total Ps. 53,549 Ps. 18,421 Ps. 71,970 |
Right of use assets, net and _2
Right of use assets, net and lease liability (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Right of use assets, net and lease liability | |
Summary of the right-of-use assets and the lease liability | Cost Buildings Other Total Balance as of January 1, 2019 Ps. 213,342 Ps. 18,475 Ps. 231,817 Additions 10,732 5,508 16,240 Balance as of December 31, 2019 224,074 23,983 248,057 Additions Decreases Balance as of December 31, 2020 Ps. 232,790 Ps. 23,277 Ps. 256,067 Depreciation Balance as of January 1, 2020 Ps. Ps. Ps. Depreciation of the year Decreases - Balance as of December 31,2020 Ps. Ps. Ps. |
Schedule of payments recognized as cost and expense | 2020 2019 Depreciation expense of right of use assets Ps. 41,348 37,269 Interest expense on lease liabilities 22,431 22,983 |
Schedule of operating lease commitments as lessee | 2020 2019 Maturity analysis: Less than one year Ps. 26,553 72,320 Greater than 1 year and less than 3 years 55,134 73,975 Greater than 3 years 113,076 74,565 Total Ps. 194,763 220,860 |
Schedule of operating lease commitments as lessor | Year ended December 31, 2020 2019 2018 Duration: Less than 1 year Ps. 444,523 Ps. 546,671 Ps. 562,681 Greater than 1 year and less than 5 years 753,230 843,404 1,002,351 Greater than 5 years 118,256 161,109 240,584 Total Ps. 1,316,009 Ps. 1,551,184 Ps. 1,805,616 |
Income taxes (Tables)
Income taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Income taxes | |
Schedule of current and deferred tax expense | Income tax are as follows: Year ended December 31, 2020 2019 2018 Current ISR Ps. 480,232 Ps. 1,329,867 Ps. 1,113,712 Deferred ISR (85,731) 42,355 7,691 Income tax expense Ps. 394,501 Ps. 1,372,222 Ps. 1,121,403 |
Schedule comprising the balance of the deferred ISR asset and (liability) | As of December 31, 2020, 2019 and 2018, the principal items comprising the balance of the deferred ISR asset (liability) were: December 31, 2020 2019 2018 Liabilities: Provisions, allowances and labor obligations Ps. 244,982 Ps. 157,560 Ps. 163,406 Investment in airport concessions, property, leasehold improvements and equipment, net (426,325) (407,173) (401,735) Tax loss carryforwards (1) 15,883 14,937 25,563 Recoverable tax on assets (2) 28,619 28,619 28,619 Others 3,013 3,340 — Total liabilities Ps. (133,828) Ps. (202,717) Ps. (184,147) Assets: Provisions, allowances and labor obligations Ps. 230,532 Ps. 205,834 Ps. 188,294 Investments in airport concessions, property, leasehold improvements and equipment, net (172,806) (184,649) (179,805) Tax loss carryforwards (1) 268,930 285,045 308,450 Others (8,898) (9,226) — Total assets Ps. 317,758 Ps. 297,004 Ps. 316,939 Net deferred ISR asset Ps. 183,930 Ps. 94,287 Ps. 132,792 (1) As of December 31, 2020, 2019 and 2018, the Company recognized a deferred tax asset of Ps. 284,813, Ps. 299,982 and Ps. 334,013, respectively, corresponding to the tax losses generated by its subsidiaries. All subsidiaries of the Company expect to benefit from losses in future years based on projections of taxable income and various strategies with favorable tax consequences. (2) The Company recognized the IMPAC paid during 2002 through 2007. In 2013, the Company recognized the deferred tax asset, which it expects to recover subject to certain conditions established in the Income Tax Law. The updated amount as of December 31, 2020 was Ps. 28,619. |
Schedule of changes in deferred tax | The changes in deferred tax during the year are as follows: December 31, 2020 2019 2018 Beginning balance of deferred tax liability, net Ps. 94,287 Ps. 132,792 Ps. 150,953 Deferred ISR in profit or loss 85,731 (42,355) (7,691) Recoverable tax on assets — — (10,466) Income tax effects recognized in other comprehensive income 3,912 3,850 (4) Ending balance of deferred tax asset, net Ps. 183,930 Ps. 94,287 Ps. 132,792 |
Reconciliation of statutory income tax rate and the effective income tax rate as a percentage of net income before income tax | The reconciliation of the statutory income tax rate and the effective income tax rate as a percentage of net income before income tax is as follows: Year ended December 31, 2020 2019 2018 Amount Rate % Amount Rate % Amount Rate % Income before income taxes Ps. 1,492,380 Ps. 4,599,656 Ps. 3,985,582 Current ISR 480,232 1,329,867 1,113,712 Deferred ISR (85,731) 42,355 7,691 Income tax expense and effective rate Ps. 394,501 26.43 % Ps. 1,372,222 29.83 % Ps. 1,121,403 28.14 % Add effects of permanent differences, primarily, non-deductible expenses and inflationary effects for financial and tax purposes. 53,213 3.57 % 7,675 0.17 % 74,272 1.86 % Statutory rate Ps. 447,714 30.00 % Ps. 1,379,897 30.00 % Ps. 1,195,675 30.00 % |
Schedule of tax losses carried forward | Each airport concession has received approval from the Ministry of Finance and Public Credit ( Secretaría de Hacienda y Crédito Público ) to carry forward their tax losses up to the earlier of the date of which such tax loss carryforwards are utilized by the airport or the date of expiration or liquidation of the concession. The base years and amounts as of December 31, 2020 are as follows: Tax loss Year of Origin carryforwards 2001 Ps. 5,999 2002 160,499 2003 197,796 2004 229,480 2005 28,073 2006 18,953 2007 78,672 2008 34,168 2009 5,648 2011 32,203 2012 56,125 2013 15,549 2018 5,370 2019 21,248 2020 25,011 Ps. 914,794 |
Schedule of the balances of shareholders’ equity tax accounts | December 31, 2020 2019 2018 Contributed capital account Ps. 4,694,822 Ps. 4,584,512 Ps. 4,458,342 Net consolidated tax profit account 3,144,619 2,878,878 1,684,563 Total Ps. 7,839,441 Ps. 7,463,390 Ps. 6,142,905 |
Financial risk management (Tabl
Financial risk management (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Financial risk management | |
Schedule of principal categories of financial instruments | December 31, Financial assets Risk classification 2020 2019 2018 Cash and cash equivalents and other investments held to maturity Credit and interest rate Ps. 2,948,804 Ps. 3,429,873 Ps. 2,978,559 Receivables, net Credit and exchange rate 833,643 757,756 696,566 December 31, Financial liabilities Risk classification 2020 2019 2018 Short-term and long-term debt Interest rate, exchange rate and liquidity Ps. 4,513,503 Ps. 4,549,575 Ps. 4,593,223 Trade accounts payable (1) Liquidity 204,048 196,791 203,999 Accrued interest Liquidity 44,295 42,438 40,227 Short-term and long-term financial leasing Liquidity 194,763 220,860 28,806 Accounts payable to related parties Liquidity 167,704 187,515 226,202 (1) Does not include the payments of employee statutory profit-sharing amounts, which were Ps. 4,700, Ps.12,883 and Ps. 8,218 as of December 31, 2020, 2019 and 2018, respectively. |
Schedule of carrying values of monetary assets and liabilities denominated in foreign currencies | Liabilities Assets December 31, December 31, Currency 2020 2019 2018 2020 2019 2018 U.S. dollars U.S.$ (4,095) U.S.$ (10,059) U.S.$ (13,185) U.S.$ 81,189 U.S.$ 79,208 U.S.$ 67,129 |
Schedule of transactions in U.S. dollars | December 31, 2020 2019 2018 Technical assistance U.S.$ 3,766 U.S.$ 7,954 U.S.$ 8,781 Insurance 1,039 935 2,227 Purchase of machinery and maintenance 7,065 7,685 9,527 Software 2,152 443 437 Professional services, fees and subscriptions 1,786 702 2,147 Other 4,765 4,303 8,043 |
Schedule of pertinent exchange rate information | December 31, 2020 2019 2018 U.S. dollar exchange rate As reported by the Mexican Central Bank Ps. 19.9087 Ps. 18.8727 Ps. 19.6566 |
Schedule of remaining contractual maturities of financial liabilities with agreed repayment periods | 2028 and As of December 31, 2020 2021 2022-2024 2025-2027 subsequently Total Long-term debt Ps. 3,013,502 Ps. 1,500,001 Ps. — Ps. — Ps. 4,513,503 Interest (1) 188,641 118,077 — — 306,718 Trade accounts payable 204,048 — — — 204,048 Interest Payable 44,295 — — — 44,295 Lease Liabilities 26,553 168,210 — — 194,763 Accounts payable with related parties 167,704 — — — 167,704 Total Ps. 3,644,743 Ps. 1,786,288 Ps. — Ps. — Ps. 5,431,031 2027 and As of December 31, 2019 2020 2021-2023 2024-2026 subsequently Total Long-term debt Ps. 36,851 Ps. 4,512,724 Ps. — Ps. — Ps. 4,549,575 Interest (1) 308,630 306,760 — — 615,390 Trade accounts payable 256,228 — — — 256,228 Interest Payable 42,438 — — — 42,438 Lease Liabilities 72,320 73,975 46,893 27,672 220,860 Accounts payable with related parties 187,515 — — — 187,515 Total Ps. 903,982 Ps. 4,893,459 Ps. 46,893 Ps. 27,672 Ps. 5,872,006 2026 and As of December 31, 2018 2019 2020-2022 2023-2025 subsequently Total Long-term debt Ps. 41,425 Ps. 3,051,798 Ps. 1,500,000 Ps. — Ps. 4,593,223 Interest (1) 309,877 596,259 19,680 — 925,816 Trade accounts payable 208,729 — — — 208,729 Interest Payable 40,227 — — — 40,227 Accounts payable with related parties 226,202 — — — 226,202 Total Ps. 826,460 Ps. 3,648,057 Ps. 1,519,680 Ps. — Ps. 5,994,197 (1) The projected interest is determined, in the case of obligations with a variable rate, based on LIBOR and assuming an exchange rate of Ps.19.9087, Ps. 18.8727 and Ps. 19.6566 (as of December 31, 2020, 2019 and 2018, respectively) per U.S. $1.00. |
Schedule of fair value and carrying value of long term debt | December 31, 2020 December 31, 2019 December 31, 2018 Book value Fair value Book value Fair value Book value Fair value Ps. 4,513,503 Ps. 4,524,746 Ps. 4,594,575 Ps. 4,517,336 Ps. 4,593,223 Ps. 4,326,267 Hierarchy of fair value as of December 31, 2020 Level 1 Level 2 Level 3 Total Financial liabilities: Long-term debt (1) Ps. 4,512,510 Ps. 12,236 Ps. — Ps. 4,524,746 Hierarchy of fair value as of December 31, 2019 Level 1 Level 2 Level 3 Total Financial liabilities Long-term debt (1) Ps. 4,371,570 Ps. 145,766 Ps. — Ps. 4,517,336 Hierarchy of fair value as of December 31, 2018 Level 1 Level 2 Level 3 Total Financial liabilities: Long-term debt (1) Ps. 4,129,695 Ps. 196,572 Ps. — Ps. 4,326,267 The fair values of the financial assets and financial liabilities included in the level 2 category above have been determined in accordance with generally accepted pricing models based on a discounted cash flow analysis, with the most significant inputs being the discount rate that reflects the credit risk of counterparties. |
Shareholders' equity (Tables)
Shareholders' equity (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Shareholders' equity | |
Schedule of subscribed and paid-in capital stock | December 31, 2020 Number of Shares Contributed Capital Fixed capital: Series B Class I 340,345,556 Ps. 262,447 Series BB Class I 49,766,000 38,375 390,111,556 Ps. 300,822 December 31, 2019 Number of Shares Contributed Capital Fixed capital: Series B Class I 344,004,973 Ps. 265,269 Series BB Class I 49,766,000 38,375 Treasury Series B Class I shares (2,470,158) (1,905) 391,300,815 Ps. 301,739 December 31, 2018 Number of Shares Contributed Capital Fixed capital: Series B Class I 344,004,973 Ps. 265,269 Series BB Class I 49,766,000 38,375 Treasury Series B Class I shares (324,507) (250) 393,446,466 Ps. 303,394 |
Accumulated other comprehensi_2
Accumulated other comprehensive loss (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Accumulated other comprehensive loss | |
Schedule of accumulated other comprehensive income | Labor obligations Amount Deferred taxes Total Balance as of January 1, 2018 Ps. (15,679) Ps. 4,688 Ps. (10,991) Movements of the year 24,173 (4) 24,169 Balance as of December 31, 2018 8,494 Ps. 4,684 Ps. 13,178 Movements of the year (12,834) 3,850 (8,984) Balance as of December 31, 2019 (4,340) 8,534 4,194 Movements of the year (13,039) 3,912 (9,127) Balance as of December 31, 2020 Ps. (17,379) Ps. 12,446 Ps. (4,933) |
Related party balances and tr_2
Related party balances and transactions (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Related party balances and transactions | |
Schedule of repayments for construction to related parties | December 31, 2020 2019 2018 ICA Constructora de Infraestructura, S.A. de C.V. (1) Ps. 7,964 Ps. 178,977 Ps. 28,363 ICA Constructora, S.A. de C.V. (1) 90,204 — 6,859 Autovía Golfo Centro, S.A. de C.V. (1) 110,312 — — VCD Construcción y Desarrollo, S.A.P.I. de C. V. (1) 5,729 3,012 3,125 Ps. 214,209 Ps. 181,989 Ps. 38,347 |
Schedule of accounts payable with related parties | December 31, Payable: 2020 2019 2018 Servicios de Tecnología Aeroportuaria, S.A. de C.V. (SETA) (1) Ps. — Ps. 80,504 Ps. 140,294 Operadora Nacional Hispana, S.A. de C.V. (1) 5,928 2,527 6,900 VCD Construcción y Desarrollo, S.A.P.I. de C.V. (1) 5,772 5,335 5,947 ICA Ingeniería S. A. de C. V. (1) 367 1,177 367 Actica Sistemas, S. de R.L. de C.V. (1) 3,971 3,972 5,588 Autovía Golfo Centro S.A. de C.V. 16,442 — — GGA Capital, S.A.P.I. de C.V. (1) 117,845 75,950 61,250 ICA Constructora de Infraestructura, S.A. de C.V. (1) — 16,652 5,222 ICA Constructora, S. A. de C. V. (1) 16,564 — — Grupo ICA Constructora. S.A. de C.V. (1) 794 794 — Grupo Hotelero Santa Fe, S. A. de C. V. (1) 21 604 634 Ps. 167,704 Ps. 187,515 Ps. 226,202 (1) Affiliated company |
Schedule of principal transactions with related parties performed in the normal course of business | Year ended December 31, 2020 2019 2018 Capital Expenditures: Industrial warehouse Ps. 100,194 Ps. 43,599 Ps. 94,938 Financial Leases: Building 6,323 5,269 Expenses: Payments from technical assistance received 81,164 150,108 172,610 Administrative services 35,450 43,196 69,887 Maintenance 2,705 1,887 226 Interests 5,365 4,507 5,037 Revenues: Revenues from Leases — 72 258 Concessioned Assets Improvements and Major maintenance 564,563 553,405 359,736 |
Operating segment data (Tables)
Operating segment data (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Operating segment data | |
Schedule of operating segment data | Construction Depreciation Investments Aeronautical Non-aeronautical services and Operating Assets per Liabilities per Capital in airport December 31, 2020 revenues revenues revenues amortization income segment segment investments concessions Metropolitan Monterrey Ps. 1,278,255 Ps. 479,322 Ps. 802,470 Ps. 122,507 Ps. 445,952 Ps. 6,479,365 Ps. 1,367,347 Ps. 823,103 Ps. 3,870,329 Tourist Acapulco 117,218 27,159 29,409 44,780 21,587 1,414,504 449,606 29,561 1,257,321 Mazatlán 211,184 37,431 24,704 18,699 63,103 1,358,969 162,731 24,747 548,185 Zihuatanejo 98,645 18,360 45,984 19,091 12,961 623,522 130,925 45,984 553,611 Regional Chihuahua 215,728 46,049 30,679 25,274 50,038 942,529 172,428 32,225 707,619 Culiacan 359,562 51,732 68,142 20,887 92,341 1,176,640 208,282 68,142 628,208 Durango 79,515 11,083 50,203 8,259 10,220 361,233 130,170 50,534 253,402 San Luis Potosi 108,045 28,508 58,189 21,569 34,648 764,159 507,738 58,189 677,976 Tampico 74,330 17,414 67,530 9,920 10,157 459,542 173,952 67,530 385,514 Torreon 94,892 17,425 12,233 10,605 23,661 427,761 145,686 12,233 288,688 Zacatecas 71,292 10,512 7,480 8,024 20,756 278,600 104,243 7,480 212,775 Border Ciudad Juarez 199,685 37,736 27,949 12,717 60,241 685,696 251,677 32,311 376,574 Reynosa 58,010 11,500 55,366 9,553 9,171 724,866 445,447 55,366 596,461 Hotel NH T2 Hotel — 110,299 — 40,301 (8,609) 498,674 201,062 187 — Hilton Garden Inn — 32,614 — 11,430 (6,918) 297,470 31,397 3,628 — Industrial Park: VYNMSA — 56,454 — 23,621 24,082 494,223 277,183 107,952 — Other — 2,671,873 — 36,688 1,621,773 18,275,746 6,327,815 10,945 — Total 2,966,362 3,665,473 1,280,339 443,927 2,485,163 35,263,499 11,087,689 1,430,117 10,356,661 Eliminations (23,804) (2,494,434) (26,470) (8,583) (763,696) (17,071,919) (3,722,356) (28,634) (127,006) Consolidated Ps. 2,942,558 Ps. 1,171,039 Ps. 1,253,869 Ps. 435,344 Ps. 1,721,468 Ps. 18,191,580 Ps. 7,365,333 Ps. 1,401,483 Ps. 10,229,656 Construction Depreciation Investments Aeronautical Non-aeronautical services and Operating Assets per Liabilities per Capital in airport December 31, 2019 revenues revenues revenues amortization income segment segment investments concessions Metropolitan Monterrey Ps. 2,641,052 Ps. 726,685 Ps. 323,035 Ps. 111,020 Ps. 473,615 Ps. 5,715,147 Ps. 941,349 Ps. 331,393 Ps. 3,168,968 Tourist Acapulco 227,954 40,241 63,102 43,286 53,812 1,419,091 452,731 63,333 1,269,386 Mazatlán 321,313 52,857 34,573 17,514 52,626 1,261,473 153,667 34,573 541,430 Zihuatanejo 191,512 25,596 22,876 18,660 43,614 605,929 122,048 22,876 524,549 Regional Chihuahua 411,393 67,021 124,701 17,974 67,379 888,950 157,533 135,394 699,711 Culiacan 617,979 66,286 68,960 18,658 96,278 1,021,410 140,294 69,834 579,084 Durango 150,130 13,433 36,677 7,537 23,014 329,251 104,720 36,677 210,111 San Luis Potosi 174,340 35,631 110,743 12,857 27,938 736,196 470,919 110,743 639,981 Tampico 197,160 28,057 61,823 9,218 31,808 424,573 143,603 61,823 326,939 Torreon 201,446 23,683 18,343 9,883 31,658 394,575 129,541 18,639 285,823 Zacatecas 141,500 13,945 6,842 7,813 31,135 276,150 113,357 6,842 212,224 Border Ciudad Juarez 380,271 55,990 17,650 11,799 61,374 602,764 211,678 31,452 362,169 Reynosa 113,515 18,240 112,031 8,189 26,375 676,207 400,642 113,242 549,139 Hotel NH T2 Hotel — 255,393 — 39,546 77,325 518,590 201,012 9,190 — Hilton Garden Inn — 103,474 — 11,382 32,345 301,362 34,001 82 — Industrial Park: VYNMSA — 41,981 — 19,548 15,622 390,478 185,094 46,160 — Other — 5,651,607 — 50,368 4,891,268 17,432,325 6,554,142 3,194 — Total 5,769,565 7,220,120 1,001,356 415,252 6,037,186 32,994,471 10,516,331 1,095,447 9,369,514 Eliminations (16,903) (5,400,515) (46,522) — (1,181,880) (15,717,510) (3,126,865) (46,522) (102,403) Consolidated Ps. 5,752,662 Ps. 1,819,605 Ps. 954,834 Ps. 415,252 Ps. 4,855,306 Ps. 17,276,961 Ps. 7,389,466 Ps. 1,048,925 Ps. 9,267,111 Construction Depreciation Investments Aeronautical Non-aeronautical services and Operating Assets per Liabilities per Capital in airport December 31, 2018 revenues revenues revenues amortization income segment segment investments concessions Metropolitan Monterrey Ps. 2,447,993 Ps. 649,393 Ps. 232,698 Ps. 103,454 Ps. 815,055 Ps. 5,350,950 Ps. 742,350 Ps. 282,514 Ps. 2,935,333 Tourist Acapulco 182,663 34,279 279,099 33,125 43,460 1,415,909 467,444 279,099 1,246,261 Mazatlán 276,126 46,754 31,308 16,594 81,654 1,256,447 164,075 31,306 523,655 Zihuatanejo 167,578 22,934 13,534 18,266 43,595 617,071 117,245 13,587 518,134 Regional Chihuahua 364,755 56,128 141,546 13,462 103,980 874,960 170,457 141,908 590,944 Culiacan 539,540 57,313 33,888 17,408 145,767 978,514 153,687 34,035 526,881 Durango 112,310 10,822 13,788 6,558 29,339 294,355 76,831 13,788 179,567 San Luis Potosi 167,030 30,275 231,726 8,711 39,665 635,811 385,551 231,726 540,721 Tampico 190,502 26,891 26,169 8,604 47,618 333,070 75,739 26,169 273,340 Torreon 184,396 22,655 19,990 9,426 48,883 352,659 111,946 19,990 276,164 Zacatecas 105,626 11,935 9,655 7,460 27,667 261,320 86,236 9,656 212,093 Border Ciudad Juarez 310,892 45,287 9,096 11,631 89,551 496,472 153,823 9,096 353,807 Reynosa 106,867 14,810 144,830 7,909 30,104 567,054 309,368 153,562 443,771 Hotel NH T2 Hotel — 246,065 — 22,969 67,250 308,727 29,626 5,772 — Hilton Garden Inn — 100,051 — 10,840 28,973 248,633 7,260 5,208 — Industrial Park: VYNMSA — 28,190 — 14,260 8,276 344,931 139,277 97,153 — Other — 4,433,390 — 41,068 4,135,788 15,504,577 6,069,798 5,616 — Total 5,156,278 5,837,172 1,187,327 351,745 5,786,625 29,841,460 9,260,713 1,360,185 8,620,671 Eliminations (16,226) (4,211,675) (45,822) — (1,654,089) (14,250,976) (2,182,156) (45,822) (54,015) Consolidated Ps. 5,140,052 Ps. 1,625,497 Ps. 1,141,505 Ps. 351,745 Ps. 4,132,536 Ps. 15,590,484 Ps. 7,078,557 Ps. 1,314,363 Ps. 8,566,656 |
Revenues (Tables)
Revenues (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Revenues | |
Schedule of composition of revenues | Year ended December 31, 2020 2019 2018 Aeronautical services: Domestic TUA Ps. 1,857,551 Ps. 3,776,401 Ps. 3,382,198 International TUA 542,933 1,207,989 1,061,793 Landing charges 147,387 229,919 205,787 Platform for embarking and disembarking 90,257 150,055 136,852 Aircraft parking charges on extended stay or overnight 31,905 35,910 36,402 Domestic and international passenger and carry-on baggage check 29,688 62,970 54,570 Aerocars and jetways 19,920 48,074 47,956 Other airport services, leases and regulated access rights ( 2 ) 222,917 241,344 214,494 Total revenues from aeronautical services Ps. 2,942,558 Ps. 5,752,662 Ps. 5,140,052 Year ended December 31, 2020 2019 2018 Non-aeronautical services: Commercial activities Car parking charges Ps. 126,818 Ps. 279,463 Ps. 244,461 Advertising (1)(2) 59,695 76,200 68,475 Retail operations (1)(2) 64,486 124,554 114,418 Food and beverage (1)(2) 87,499 144,374 120,828 Car rental operators (1)(2) 111,037 149,454 131,478 Time share developers (1)(2) 12,683 16,663 14,115 Financial services (2)(3) 7,853 10,367 9,255 Communication and services (1)(2) 17,800 16,006 15,551 Services to passenger 3,281 4,127 2,746 VIP lounges 36,538 51,176 36,649 Other services 44,300 43,542 36,607 Total revenue from commercial activities 571,990 915,926 794,583 Diversification activities: Hotel services 141,890 357,032 344,307 OMA Carga 183,382 194,936 177,396 Real estate services 16,499 18,181 16,352 Industrial services 51,272 39,451 26,340 Other services 7,547 4,966 4,061 Total diversification activities 400,590 614,566 568,456 Complementary activities : Leasing of space (1)(2) 85,729 83,477 74,887 Access rights 15,819 19,709 18,023 Documented baggage inspection 86,491 175,006 153,192 Other services (CUSS and CUTE) 10,420 10,921 16,356 Total of complimentary activities 198,459 289,113 262,458 Total revenue from non-aeronautical services Ps. 1,171,039 Ps. 1,819,605 Ps. 1,625,497 (1) These revenues are considered as commercial concessions. (2) Revenues from commercial concessions and complementary activities are generated principally based on the terms of Company’s operating lease agreements. Lease agreements are based on either a monthly rent (which generally increases each year based on the NCPI) and/or the greater of a monthly minimum guaranteed rent or a percentage of the lessee’s monthly revenues. Monthly rent and minimum guaranteed rent are included under the caption “Commercial concessions” above. |
Cost of services (Tables)
Cost of services (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Cost of services | |
Schedule of cost of services | Year ended December 31, 2020 2019 2018 Wages and salaries Ps. 227,076 Ps. 242,237 Ps. 231,753 Maintenance 124,563 177,191 152,583 Security and insurance 134,774 161,351 170,549 Utilities (electric, cleaning and water) 122,961 177,250 210,158 Building lease 2,543 15,683 44,359 Allowance for doubtful accounts 17,738 (241) (5,960) Cost of hotel service 30,650 85,706 65,853 Employee statutory profit sharing 1,917 236 1,099 Equipment lease, fees and others 103,736 94,794 107,502 Ps. 765,958 Ps. 954,207 Ps. 977,896 |
Nature of business operations (
Nature of business operations (Details) | Dec. 31, 2020item |
Nature of business operations | |
Number of airports under a concession granted | 13 |
Significant events (Details)
Significant events (Details) $ in Thousands | Jul. 07, 2020USD ($)shares | Dec. 31, 2019MXN ($) | Dec. 31, 2018MXN ($) | Nov. 27, 2020item |
Significant events | ||||
Dividends paid | $ 1,598,681 | $ 1,605,736 | ||
Number of airports authorized by A F A C | item | 13 | |||
Share repurchase reserve approved | $ 1,500,000 | |||
Master Development Plan | ||||
Significant events | ||||
Capital commitments | $ 11,979,621 | |||
Series B Class I | ||||
Significant events | ||||
Number of shares cancelled | shares | 3,659,417 |
Basis of presentation and con_2
Basis of presentation and consolidation (Details) $ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020USD ($)$ / shares | Dec. 31, 2020MXN ($)$ / shares | Dec. 31, 2019MXN ($) | Dec. 31, 2018MXN ($) | |
Convenience translation | ||||
Percentage of increase (decrease) in revenue | 45.70% | 45.70% | ||
Positive net income | $ 55,145 | $ 1,097,879 | $ 3,227,434 | $ 2,864,179 |
Exchange rate | 19.9087 | 19.9087 |
Significant accounting polici_4
Significant accounting policies (Details) | 12 Months Ended |
Dec. 31, 2020 | |
Improvement in leased assets | |
Property, leasehold improvements and equipment, net | |
Useful Life (years) | 20 years |
Machinery and equipment | |
Property, leasehold improvements and equipment, net | |
Useful Life (years) | 10 years |
Furniture and office equipment | |
Property, leasehold improvements and equipment, net | |
Useful Life (years) | 10 years |
Transportation equipment | |
Property, leasehold improvements and equipment, net | |
Useful Life (years) | 4 years |
Computer equipment | |
Property, leasehold improvements and equipment, net | |
Useful Life (years) | 3 years 3 months 18 days |
Significant accounting polici_5
Significant accounting policies - Investment in airport concessions (Details) | 12 Months Ended |
Dec. 31, 2020item | |
Investment in airport concessions. | |
Number of airports under a concession granted | 13 |
Concession period granted by the Mexican Government through the Ministry of Communications and Transportation, and to use their facilities (in years) | 50 years |
Provisions | |
Period for estimated major maintenance costs review and updation | 5 years |
Revenue recognition | |
Time lag with respect to the commercial revenues for those tenants whose stated percentage of monthly income is greater than the minimum monthly fee (in months) | 1 month |
Critical accounting judgments_2
Critical accounting judgments and key sources of estimation uncertainty (Details) - Terminal T2 NH Hotel | 12 Months Ended |
Dec. 31, 2020 | |
Critical accounting judgments and key sources of estimation uncertainty | |
Percentage of occupancy rate | 53.00% |
Expected average tax recovery percentage | 82.00% |
Percentage of carrying value of cash generating unit | 27.00% |
Percentage of average rate reduction | 16.70% |
Bottom of range | |
Critical accounting judgments and key sources of estimation uncertainty | |
After-tax discount rate | 10.20% |
Percentage of occupancy rate | 12.30% |
Top of range | |
Critical accounting judgments and key sources of estimation uncertainty | |
After-tax discount rate | 11.20% |
Cash and cash equivalents (Deta
Cash and cash equivalents (Details) $ in Thousands, $ in Thousands | Dec. 31, 2020USD ($) | Dec. 31, 2020MXN ($) | Dec. 31, 2019USD ($) | Dec. 31, 2019MXN ($) | Dec. 31, 2018MXN ($) | Dec. 31, 2017MXN ($) |
Cash and cash equivalents | ||||||
Cash | $ 2,360,422 | $ 2,916,936 | $ 1,456,207 | |||
Total cash and cash equivalents | $ 148,619 | 2,958,804 | $ 172,280 | 3,429,873 | 2,958,902 | $ 2,333,007 |
Bank notes | ||||||
Cash and cash equivalents | ||||||
Cash equivalents | $ 598,382 | 512,027 | 630,537 | |||
Commercial paper | ||||||
Cash and cash equivalents | ||||||
Cash equivalents | 217,074 | |||||
Money market investment funds | ||||||
Cash and cash equivalents | ||||||
Cash equivalents | $ 910 | $ 655,084 |
Accounts receivable (Details)
Accounts receivable (Details) $ in Thousands, $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2020MXN ($) | Dec. 31, 2020USD ($) | Dec. 31, 2020MXN ($) | Dec. 31, 2019MXN ($) | Dec. 31, 2018MXN ($) | Dec. 31, 2017MXN ($) | |
Accounts receivable | ||||||
Receivables | $ 854,402 | $ 766,748 | $ 728,552 | |||
Allowance for doubtful accounts (note 7 b.) | (20,759) | (8,992) | (31,986) | $ (38,223) | ||
Net receivables | $ 41,873 | 833,643 | 757,756 | 696,566 | ||
Accounts receivable for passenger charges | $ 658,269 | $ 625,246 | $ 577,391 | |||
Interest income from accounts receivable | $ 0 |
Accounts receivable - Percentag
Accounts receivable - Percentage of revenues by client (Details) - MXN ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Accounts Receivable | ||||
Allowance for doubtful accounts | $ 20,759 | $ 8,992 | $ 31,986 | $ 38,223 |
Aeroenlaces Nacionales, S. A. de C. V. | ||||
Accounts Receivable | ||||
Percentage of entity's accounts receivable | 33.00% | 21.16% | 23.76% | |
Percentage of entity's revenue | 21.07% | 17.79% | 16.84% | |
Concesionaria Vuela Compañía de Aviacion, S.A.P.I. de C.V. | ||||
Accounts Receivable | ||||
Percentage of entity's accounts receivable | 28.10% | 27.40% | 24.20% | |
Percentage of entity's revenue | 17.36% | 16.11% | 13.79% | |
ABC Aerolíneas, S. A. de C. V. | ||||
Accounts Receivable | ||||
Percentage of entity's revenue | 4.24% | 10.38% | 11.19% | |
Aerolitoral, S. A. de C. V. | ||||
Accounts Receivable | ||||
Percentage of entity's accounts receivable | 8.98% | 20.88% | 21.47% | |
Percentage of entity's revenue | 10.49% | 13.26% | 14.99% | |
Aerovías de México, S. A. de C.V. | ||||
Accounts Receivable | ||||
Percentage of entity's accounts receivable | 4.74% | 6.70% | 7.15% | |
Percentage of entity's revenue | 4.07% | 4.07% | 4.41% |
Accounts receivable - Change in
Accounts receivable - Change in allowances (Details) - MXN ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Accounts receivable | |||
Beginning balance | $ 8,992 | $ 31,986 | $ 38,223 |
Increases (Decrease) | 18,342 | (241) | (5,960) |
Cancelation | (5,542) | ||
Write-off | (1,033) | (22,753) | (277) |
Ending balance | $ 20,759 | $ 8,992 | $ 31,986 |
Accounts receivable - Aging of
Accounts receivable - Aging of accounts receivables (Details) - MXN ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Account receivable | |||
Beginning balance | $ 8,992 | $ 31,986 | $ 38,223 |
(Decrease) increase in the provision | 18,342 | (241) | (5,960) |
Cancelation | (5,542) | ||
Write-off | (1,033) | (22,753) | (277) |
Ending balance | 20,759 | 8,992 | $ 31,986 |
Financial assets past due but not impaired | |||
Account receivable | |||
Gross book value | 812,359 | ||
Collateral | 1,592,601 | ||
Beginning balance | 8,992 | ||
(Decrease) increase in the provision | 18,342 | ||
Cancelation | (5,542) | ||
Write-off | (1,033) | ||
Ending balance | 20,759 | 8,992 | |
Financial assets past due but not impaired | Airports | |||
Account receivable | |||
Gross book value | 784,108 | ||
Collateral | 1,584,553 | ||
Beginning balance | 8,847 | ||
(Decrease) increase in the provision | 15,156 | ||
Cancelation | (5,542) | ||
Write-off | (1,033) | ||
Ending balance | $ 17,428 | 8,847 | |
Financial assets past due but not impaired | Airports | Bottom of range | |||
Account receivable | |||
Probability of default in range | 0.00% | ||
Loss due to default range | 0.00% | ||
Financial assets past due but not impaired | Airports | Top of range | |||
Account receivable | |||
Probability of default in range | 100.00% | ||
Loss due to default range | 100.00% | ||
Financial assets past due but not impaired | Others | |||
Account receivable | |||
Gross book value | $ 28,251 | ||
Collateral | 8,048 | ||
Beginning balance | 145 | ||
(Decrease) increase in the provision | 3,186 | ||
Ending balance | $ 3,331 | $ 145 | |
Financial assets past due but not impaired | Others | Bottom of range | |||
Account receivable | |||
Probability of default in range | 0.00% | ||
Loss due to default range | 0.00% | ||
Financial assets past due but not impaired | Others | Top of range | |||
Account receivable | |||
Probability of default in range | 100.00% | ||
Loss due to default range | 100.00% |
Other accounts receivable and_3
Other accounts receivable and prepaid expenses (Details) $ in Thousands, $ in Thousands | Dec. 31, 2020USD ($) | Dec. 31, 2020MXN ($) | Dec. 31, 2019MXN ($) | Dec. 31, 2018MXN ($) |
Other accounts receivable and prepaid expenses. | ||||
Prepaid expenses | $ 59,033 | $ 33,310 | $ 27,296 | |
Guarantee deposits | 6,167 | 5,897 | 5,897 | |
Others | 1,375 | 3,535 | 7,068 | |
Total | $ 3,344 | $ 66,575 | $ 42,742 | $ 40,261 |
Property, leasehold improveme_3
Property, leasehold improvements and equipment (Details) $ in Thousands, $ in Thousands | Dec. 31, 2020USD ($) | Dec. 31, 2020MXN ($) | Dec. 31, 2019MXN ($) | Dec. 31, 2018MXN ($) |
Property, leasehold improvements and equipment, net | ||||
Property, plant and equipment | $ 135,643 | $ 2,700,469 | $ 2,647,101 | $ 2,670,262 |
Land | ||||
Property, leasehold improvements and equipment, net | ||||
Property, plant and equipment | 1,709,508 | 1,709,508 | 1,709,508 | |
Leasehold improvements | ||||
Property, leasehold improvements and equipment, net | ||||
Property, plant and equipment | 854,829 | 786,085 | 783,221 | |
Machinery and equipment | ||||
Property, leasehold improvements and equipment, net | ||||
Property, plant and equipment | 72,867 | 83,611 | 99,194 | |
Furniture and office equipment | ||||
Property, leasehold improvements and equipment, net | ||||
Property, plant and equipment | 27,940 | 35,105 | 42,674 | |
Transportation equipment | ||||
Property, leasehold improvements and equipment, net | ||||
Property, plant and equipment | 287 | 1,555 | 25,326 | |
Computer equipment | ||||
Property, leasehold improvements and equipment, net | ||||
Property, plant and equipment | 2,838 | 2,212 | 4,930 | |
Construction in progress for leasehold improvements | ||||
Property, leasehold improvements and equipment, net | ||||
Property, plant and equipment | $ 32,200 | $ 29,025 | $ 5,409 |
Property, leasehold improveme_4
Property, leasehold improvements and equipment - Roll-forward - Cost (Details) $ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020USD ($) | Dec. 31, 2020MXN ($) | Dec. 31, 2019MXN ($) | Dec. 31, 2018MXN ($) | |
Property, leasehold improvements and equipment, net | ||||
Property, plant and equipment at beginning of period | $ 2,647,101 | $ 2,670,262 | ||
Property, plant and equipment at end of period | $ 135,643 | 2,700,469 | 2,647,101 | $ 2,670,262 |
Cost | ||||
Property, leasehold improvements and equipment, net | ||||
Property, plant and equipment at beginning of period | 3,252,389 | 3,205,247 | 3,040,539 | |
Acquisitions | 147,614 | 136,058 | 167,262 | |
Disposals | (525) | (987) | ||
Transfers | (80,966) | |||
Other | (4,529) | (7,425) | (1,567) | |
Property, plant and equipment at end of period | 3,395,474 | 3,252,389 | 3,205,247 | |
Accumulated depreciation | ||||
Property, leasehold improvements and equipment, net | ||||
Property, plant and equipment at beginning of period | (605,288) | (534,985) | (439,142) | |
Depreciation | (92,320) | (92,439) | (97,755) | |
Disposals | 525 | 800 | ||
Other | 2,603 | 21,611 | 1,112 | |
Property, plant and equipment at end of period | (695,005) | (605,288) | (534,985) | |
Land | ||||
Property, leasehold improvements and equipment, net | ||||
Property, plant and equipment at beginning of period | 1,709,508 | 1,709,508 | ||
Property, plant and equipment at end of period | 1,709,508 | 1,709,508 | 1,709,508 | |
Land | Cost | ||||
Property, leasehold improvements and equipment, net | ||||
Property, plant and equipment at beginning of period | 1,709,508 | 1,709,508 | 1,709,508 | |
Property, plant and equipment at end of period | 1,709,508 | 1,709,508 | 1,709,508 | |
Leasehold improvements | ||||
Property, leasehold improvements and equipment, net | ||||
Property, plant and equipment at beginning of period | 786,085 | 783,221 | ||
Property, plant and equipment at end of period | 854,829 | 786,085 | 783,221 | |
Leasehold improvements | Cost | ||||
Property, leasehold improvements and equipment, net | ||||
Property, plant and equipment at beginning of period | 1,058,546 | 999,798 | 825,481 | |
Acquisitions | 49,345 | 53,347 | ||
Transfers | 130,420 | 9,403 | 120,970 | |
Property, plant and equipment at end of period | 1,188,966 | 1,058,546 | 999,798 | |
Leasehold improvements | Accumulated depreciation | ||||
Property, leasehold improvements and equipment, net | ||||
Property, plant and equipment at beginning of period | (272,461) | (216,577) | (164,892) | |
Depreciation | (61,676) | (55,884) | (51,685) | |
Property, plant and equipment at end of period | (334,137) | (272,461) | (216,577) | |
Machinery and equipment | ||||
Property, leasehold improvements and equipment, net | ||||
Property, plant and equipment at beginning of period | 83,611 | 99,194 | ||
Property, plant and equipment at end of period | 72,867 | 83,611 | 99,194 | |
Machinery and equipment | Cost | ||||
Property, leasehold improvements and equipment, net | ||||
Property, plant and equipment at beginning of period | 206,345 | 202,959 | 201,114 | |
Acquisitions | 8,380 | 3,386 | 2,293 | |
Disposals | (321) | |||
Other | (127) | |||
Property, plant and equipment at end of period | 214,725 | 206,345 | 202,959 | |
Machinery and equipment | Accumulated depreciation | ||||
Property, leasehold improvements and equipment, net | ||||
Property, plant and equipment at beginning of period | (122,734) | (103,765) | (84,997) | |
Depreciation | (19,124) | (18,969) | (18,902) | |
Disposals | 134 | |||
Property, plant and equipment at end of period | (141,858) | (122,734) | (103,765) | |
Furniture and office equipment | ||||
Property, leasehold improvements and equipment, net | ||||
Property, plant and equipment at beginning of period | 35,105 | 42,674 | ||
Property, plant and equipment at end of period | 27,940 | 35,105 | 42,674 | |
Furniture and office equipment | Cost | ||||
Property, leasehold improvements and equipment, net | ||||
Property, plant and equipment at beginning of period | 159,735 | 158,112 | 153,355 | |
Acquisitions | 440 | 2,168 | 5,444 | |
Disposals | (525) | |||
Other | (206) | (20) | (687) | |
Property, plant and equipment at end of period | 159,969 | 159,735 | 158,112 | |
Furniture and office equipment | Accumulated depreciation | ||||
Property, leasehold improvements and equipment, net | ||||
Property, plant and equipment at beginning of period | (124,630) | (115,438) | (106,242) | |
Depreciation | (7,720) | (9,729) | (9,883) | |
Disposals | 525 | |||
Other | 321 | 12 | 687 | |
Property, plant and equipment at end of period | (132,029) | (124,630) | (115,438) | |
Transportation equipment | ||||
Property, leasehold improvements and equipment, net | ||||
Property, plant and equipment at beginning of period | 1,555 | 25,326 | ||
Property, plant and equipment at end of period | 287 | 1,555 | 25,326 | |
Transportation equipment | Cost | ||||
Property, leasehold improvements and equipment, net | ||||
Property, plant and equipment at beginning of period | 21,655 | 61,730 | 61,043 | |
Acquisitions | 1,038 | |||
Transfers | (34,283) | |||
Other | (5,792) | (351) | ||
Property, plant and equipment at end of period | 21,655 | 21,655 | 61,730 | |
Transportation equipment | Accumulated depreciation | ||||
Property, leasehold improvements and equipment, net | ||||
Property, plant and equipment at beginning of period | (20,100) | (36,404) | (24,797) | |
Depreciation | (1,268) | (4,806) | (11,630) | |
Other | 21,110 | 23 | ||
Property, plant and equipment at end of period | (21,368) | (20,100) | (36,404) | |
Computer equipment | ||||
Property, leasehold improvements and equipment, net | ||||
Property, plant and equipment at beginning of period | 2,212 | 4,930 | ||
Property, plant and equipment at end of period | 2,838 | 2,212 | 4,930 | |
Computer equipment | Cost | ||||
Property, leasehold improvements and equipment, net | ||||
Property, plant and equipment at beginning of period | 67,575 | 67,731 | 67,697 | |
Acquisitions | 3,973 | 869 | 1,102 | |
Disposals | (666) | |||
Transfers | (430) | |||
Other | (3,097) | (595) | (402) | |
Property, plant and equipment at end of period | 68,451 | 67,575 | 67,731 | |
Computer equipment | Accumulated depreciation | ||||
Property, leasehold improvements and equipment, net | ||||
Property, plant and equipment at beginning of period | (65,363) | (62,801) | (58,214) | |
Depreciation | (2,532) | (3,051) | (5,655) | |
Disposals | 666 | |||
Other | 2,282 | 489 | 402 | |
Property, plant and equipment at end of period | (65,613) | (65,363) | (62,801) | |
Construction in progress for leasehold improvements | ||||
Property, leasehold improvements and equipment, net | ||||
Property, plant and equipment at beginning of period | 29,025 | 5,409 | ||
Property, plant and equipment at end of period | 32,200 | 29,025 | 5,409 | |
Construction in progress for leasehold improvements | Cost | ||||
Property, leasehold improvements and equipment, net | ||||
Property, plant and equipment at beginning of period | 29,025 | 5,409 | 22,341 | |
Acquisitions | 134,821 | 80,290 | 104,038 | |
Transfers | (130,420) | (55,656) | (120,970) | |
Other | (1,226) | (1,018) | ||
Property, plant and equipment at end of period | $ 32,200 | $ 29,025 | $ 5,409 |
Investments in airport concessi
Investments in airport concessions (Details) | 12 Months Ended |
Dec. 31, 2020item | |
Disclosure of detailed information about intangible assets [line items] | |
Number of airports under a concession granted | 13 |
Airport concessions | |
Disclosure of detailed information about intangible assets [line items] | |
Number of airports under a concession granted | 13 |
Term of concession arrangement | 50 years |
Maximum extension term of concession arrangement | 50 years |
Term of master development program | 5 years |
Concessionaire tax rate | 5.00% |
Investments in airport conces_2
Investments in airport concessions - Carrying value and changes (Details) $ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020USD ($) | Dec. 31, 2020MXN ($) | Dec. 31, 2019MXN ($) | Dec. 31, 2018MXN ($) | |
Reconciliation of changes in intangible assets other than goodwill | ||||
Investment in concessions at beginning of period | $ 9,267,111 | $ 8,566,656 | ||
Investment in concessions at end of period | $ 513,828 | 10,229,656 | 9,267,111 | $ 8,566,656 |
Cost | ||||
Reconciliation of changes in intangible assets other than goodwill | ||||
Investment in concessions at beginning of period | 11,917,919 | 10,963,084 | 9,821,579 | |
Increase | 1,253,868 | 954,835 | 1,141,505 | |
Investment in concessions at end of period | 13,171,787 | 11,917,919 | 10,963,084 | |
Depreciation | ||||
Reconciliation of changes in intangible assets other than goodwill | ||||
Investment in concessions at beginning of period | (2,650,807) | (2,396,427) | (2,173,162) | |
Increase | (291,323) | (254,380) | (223,266) | |
Investment in concessions at end of period | (2,942,131) | (2,650,807) | (2,396,427) | |
Airport concessions | Cost | ||||
Reconciliation of changes in intangible assets other than goodwill | ||||
Investment in concessions at beginning of period | 605,643 | 605,643 | ||
Investment in concessions at end of period | 605,643 | 605,643 | 605,643 | |
Rights to use airport facilities | Cost | ||||
Reconciliation of changes in intangible assets other than goodwill | ||||
Investment in concessions at beginning of period | 3,356,762 | 3,356,762 | ||
Investment in concessions at end of period | 3,356,762 | 3,356,762 | 3,356,762 | |
Improvements to concessioned assets | Cost | ||||
Reconciliation of changes in intangible assets other than goodwill | ||||
Investment in concessions at beginning of period | 7,331,450 | 6,165,810 | ||
Investment in concessions at end of period | 8,594,136 | 7,331,450 | 6,165,810 | |
Improvements To Concessioned Assets In Progress | Cost | ||||
Reconciliation of changes in intangible assets other than goodwill | ||||
Investment in concessions at beginning of period | 624,063 | 834,868 | ||
Investment in concessions at end of period | $ 615,246 | $ 624,063 | $ 834,868 |
Investments in airport conces_3
Investments in airport concessions - Master Development Plan (Details) - Master Development Plan - MXN ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 04, 2012 | Dec. 31, 2009 |
Disclosure of detailed information about intangible assets [line items] | ||||
Master development program obligations using 2014 values | $ 4,445,653 | |||
Master development program obligations using 2020 values | 6,303,586 | |||
Maintenance amount yet to be exercised | 264,783 | |||
Master development program obligations | 12,586,901 | $ 11,979,621 | ||
Land acquired that may potentially be included as investment in airport concessions | 695,759 | $ 1,159,613 | ||
Land acquired that was authorized to be included as investment in airport concessions | $ 386,538 | |||
Land acquired that represents an additional amount authorized to be included as investment in airport concessions | $ 77,306 | |||
Capital commitments | $ 11,979,621 | |||
2021 | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Master development program obligations | 2,565,502 | |||
2022 | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Master development program obligations | 2,655,068 | |||
2023 | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Master development program obligations | 2,620,741 | |||
2024 | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Master development program obligations | 2,510,125 | |||
2025 | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Master development program obligations | $ 2,235,465 |
Composition of GACN (Details)
Composition of GACN (Details) | Dec. 31, 2020item |
Disclosure of transactions between related parties [line items] | |
Number of subsidiaries | 24 |
Airports | |
Disclosure of transactions between related parties [line items] | |
Number of subsidiaries | 13 |
Hotels | |
Disclosure of transactions between related parties [line items] | |
Number of subsidiaries | 2 |
Services | |
Disclosure of transactions between related parties [line items] | |
Number of subsidiaries | 9 |
Composition of GACN - Consolida
Composition of GACN - Consolidated subsidiaries (Details) | 12 Months Ended | 36 Months Ended |
Dec. 31, 2020 | Dec. 31, 2020 | |
Aeropuerto de Monterrey, S. A. de C. V. | ||
Disclosure of transactions between related parties [line items] | ||
Ownership percentage | 100.00% | |
Aeropuerto de Acapulco, S. A. de C. V. | ||
Disclosure of transactions between related parties [line items] | ||
Ownership percentage | 100.00% | |
Aeropuerto de Mazatlan, S. A. de C. V. | ||
Disclosure of transactions between related parties [line items] | ||
Ownership percentage | 100.00% | |
Aeropuerto de Zihuatanejo, S. A. de C. V. | ||
Disclosure of transactions between related parties [line items] | ||
Ownership percentage | 100.00% | |
Aeropuerto de Culiacan, S. A. de C. V. | ||
Disclosure of transactions between related parties [line items] | ||
Ownership percentage | 100.00% | |
Aeropuerto de Ciudad Juarez, S. A. de C. V. | ||
Disclosure of transactions between related parties [line items] | ||
Ownership percentage | 100.00% | |
Aeropuerto de Chihuahua, S. A. de C. V. | ||
Disclosure of transactions between related parties [line items] | ||
Ownership percentage | 100.00% | |
Aeropuerto de Torreon, S. A. de C. V. | ||
Disclosure of transactions between related parties [line items] | ||
Ownership percentage | 100.00% | |
Aeropuerto de Durango, S. A. de C. V. | ||
Disclosure of transactions between related parties [line items] | ||
Ownership percentage | 100.00% | |
Aeropuerto de Tampico, S. A. de C. V. | ||
Disclosure of transactions between related parties [line items] | ||
Ownership percentage | 100.00% | |
Aeropuerto de Reynosa, S. A. de C. V. | ||
Disclosure of transactions between related parties [line items] | ||
Ownership percentage | 100.00% | |
Aeropuerto de Zacatecas, S. A. de C. V. | ||
Disclosure of transactions between related parties [line items] | ||
Ownership percentage | 100.00% | |
Aeropuerto de San Luis Potosi, S. A. de C. V. | ||
Disclosure of transactions between related parties [line items] | ||
Ownership percentage | 100.00% | |
Operadora de Aeropuertos del Centro Norte, S. A. de C. V. | ||
Disclosure of transactions between related parties [line items] | ||
Ownership percentage | 100.00% | |
Servicios Aeroportuarios del Centro Norte, S. A. de C. V. | ||
Disclosure of transactions between related parties [line items] | ||
Ownership percentage | 100.00% | |
Servicios Aero Especializados del Centro Norte, S. A. de C. V. | ||
Disclosure of transactions between related parties [line items] | ||
Ownership percentage | 100.00% | |
OMA Logistica, S. A. de C. V. | ||
Disclosure of transactions between related parties [line items] | ||
Ownership percentage | 100.00% | |
Holding Consorcio Grupo Hotelero T2, S. A. de C. V. | ||
Disclosure of transactions between related parties [line items] | ||
Ownership percentage | 100.00% | |
Hotels | OMA VYNMSA Aero Industrial Park | ||
Disclosure of transactions between related parties [line items] | ||
Ownership percentage | 51.00% | |
Hotels | Consorcio Hotelero Aeropuerto de Monterrey, S.A.P.I de C.V. | ||
Disclosure of transactions between related parties [line items] | ||
Ownership percentage | 85.00% | |
Hotels | Servicios Hoteleros Aeropuerto de Monterrey, S.A. de C.V. | ||
Disclosure of transactions between related parties [line items] | ||
Ownership percentage | 85.00% | |
Hotels | Servicios Complementarios del Centro Norte, S.A. de C.V. | ||
Disclosure of transactions between related parties [line items] | ||
Ownership percentage | 100.00% | |
Hotels | Servicios Corporativos Terminal 2, S.A. de C.V. | ||
Disclosure of transactions between related parties [line items] | ||
Ownership percentage | 90.00% |
Trade accounts payable (Details
Trade accounts payable (Details) $ in Thousands, $ in Thousands | Dec. 31, 2020USD ($) | Dec. 31, 2020MXN ($) | Dec. 31, 2019MXN ($) | Dec. 31, 2018MXN ($) |
Trade accounts payable | ||||
Suppliers and contractors | $ 107,507 | $ 140,806 | $ 155,904 | |
Customer advances | 91,841 | 43,102 | 39,877 | |
Statutory employee profit sharing | 4,700 | 12,883 | 8,218 | |
Trade accounts payable | $ 10,249 | $ 204,048 | $ 196,791 | $ 203,999 |
Payable taxes and other accru_3
Payable taxes and other accrued expenses (Details) - MXN ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Payable taxes and other accrued expenses | |||
Accrued expenses | $ 172,847 | $ 202,363 | $ 166,588 |
Taxes payable other than income tax | 153,046 | 345,461 | 308,345 |
Accrued interest | 44,295 | 42,438 | 40,227 |
Total payable taxes and other accrued expenses | $ 370,188 | $ 590,262 | $ 515,160 |
Short-term debt (Details)
Short-term debt (Details) $ in Thousands | Dec. 31, 2020MXN ($) |
Short-term line of credit | |
Short-term debt | |
Short-term credit lines available amount | $ 650,000 |
Long-term debt (Details)
Long-term debt (Details) $ in Thousands | Jun. 16, 2014MXN ($)item | Mar. 26, 2013MXN ($)item | Dec. 31, 2020USD ($)item | Dec. 31, 2020MXN ($) | Dec. 31, 2019MXN ($) | Dec. 31, 2018MXN ($) | Dec. 31, 2014USD ($)item | Dec. 31, 2013MXN ($) | Dec. 31, 2020MXN ($)item | Dec. 31, 2019USD ($) | Dec. 31, 2019MXN ($) | Dec. 31, 2018USD ($) | Dec. 31, 2018MXN ($) | Dec. 31, 2014MXN ($)item | Apr. 20, 2014USD ($) | Dec. 31, 2011USD ($) |
Long-term debt | ||||||||||||||||
Total long-term debt | $ 4,513,503 | $ 4,549,575 | $ 4,593,223 | |||||||||||||
Less: Financing commissions | (3,115) | (5,966) | (8,629) | |||||||||||||
Net long-term debt | 4,510,388 | 4,543,609 | 4,584,594 | |||||||||||||
Current portion of long-term debt | $ (151,366,000) | $ (3,000,000) | (3,013,502) | (36,851) | (41,425) | |||||||||||
Long-term debt | 75,188,000 | $ 1,496,886 | 4,506,758 | 4,543,169 | ||||||||||||
Principal amount | $ 42,592,000 | $ 40,790,000 | $ 49,563,000 | |||||||||||||
Number of airports guaranteeing the certificates | item | 9 | 9 | ||||||||||||||
Number of airports | item | 13 | 13 | ||||||||||||||
Percentage of airports guaranteeing the certificates (as a percent) | 80.00% | 80.00% | ||||||||||||||
Exchange loss, net | $ 3,994,000 | $ 79,522 | $ (50,878) | $ (15,488) | ||||||||||||
Debt securities issued in the Mexican market on June 16, 2014 | ||||||||||||||||
Long-term debt | ||||||||||||||||
Total long-term debt | $ 3,000,000 | 3,000,000 | 3,000,000 | |||||||||||||
Principal amount | $ 3,000,000 | $ 3,000,000 | ||||||||||||||
Interest rate (as a percent) | 6.85% | |||||||||||||||
Term of loan | 7 years | 7 years | ||||||||||||||
Number of airports guaranteeing the certificates | item | 9 | |||||||||||||||
Number of airports | item | 13 | |||||||||||||||
Percentage of airports guaranteeing the certificates (as a percent) | 80.00% | |||||||||||||||
Debt securities issued in the Mexican market on March 26, 2013 | ||||||||||||||||
Long-term debt | ||||||||||||||||
Total long-term debt | 1,500,000 | 1,500,000 | 1,500,000 | |||||||||||||
Principal amount | $ 1,500,000 | $ 1,500,000 | ||||||||||||||
Interest rate (as a percent) | 6.47% | |||||||||||||||
Term of loan | 10 years | 10 years | ||||||||||||||
Number of airports guaranteeing the certificates | item | 9 | |||||||||||||||
Number of airports | item | 13 | |||||||||||||||
Percentage of airports guaranteeing the certificates (as a percent) | 80.00% | |||||||||||||||
Unsecured lines of credit with Private Export Funding Corporation | ||||||||||||||||
Long-term debt | ||||||||||||||||
Total long-term debt | $ 13,503 | $ 49,575 | $ 90,156 | |||||||||||||
Maximum borrowing capacity | $ 25,365,000 | |||||||||||||||
Interest rate (as a percent) | 1.49% | 1.49% | 3.15% | 3.15% | 4.04% | 4.04% | ||||||||||
Outstanding amount | $ 678,000 | $ 2,495,000 | $ 4,583,000 | |||||||||||||
Spread on interest rate basis | 1.25% | |||||||||||||||
Line of credit with UPS Capital Business Credit | ||||||||||||||||
Long-term debt | ||||||||||||||||
Total long-term debt | $ 3,067 | |||||||||||||||
Maximum borrowing capacity | $ 3,120,000,000 | |||||||||||||||
Interest rate (as a percent) | 5.44% | 5.44% | ||||||||||||||
Outstanding amount | $ 156,000 | |||||||||||||||
Spread on interest rate basis | 2.65% | |||||||||||||||
Firefighting equipment carrying value recorded as improvements to concessioned assets | $ 266,181 | $ 275,095 | $ 284,008 | |||||||||||||
Unsecured lines of credit with Private Export Funding Corporation and Unsecured line of credit with UPS Capital Business Credit | ||||||||||||||||
Long-term debt | ||||||||||||||||
Baggage screening equipment carrying value recorded as improvements to concessioned assets | $ 35,760 | |||||||||||||||
Bank Loans | ||||||||||||||||
Long-term debt | ||||||||||||||||
Exchange loss, net | $ (6,520) | $ 2,858 | $ 1,601 |
Major maintenance provision (De
Major maintenance provision (Details) $ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020USD ($) | Dec. 31, 2020MXN ($) | Dec. 31, 2019MXN ($) | Dec. 31, 2018MXN ($) | |
Major maintenance provision. | ||||
Discount rate | 7.89% | 7.89% | 8.00% | 9.67% |
Major maintenance of concessioned assets | $ 953,896 | $ 943,548 | $ 857,624 | |
Additions | 467,793 | 315,481 | 225,244 | |
Disbursements | $ (5,209) | (103,704) | (305,133) | (139,320) |
Short-term | 443,570 | 151,554 | 224,982 | |
Long-term | 43,921 | 874,415 | 802,342 | 718,566 |
Present value of major maintenance provision | $ 3,780 | $ 75,262 | $ 23,157 | $ (23,392) |
Labor obligations (Details)
Labor obligations (Details) - MXN ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Dec. 31, 2011 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Labor obligations | ||||
Defined contribution plan, vesting percentage through fifth year | 50.00% | |||
Defined contribution plan, annual vesting percentage after fifth year | 10.00% | |||
Defined contribution plan, vesting percentage subsequent years | 100.00% | |||
Defined contribution plan, expense | $ 894 | $ 967 | $ 1,454 | |
Defined contribution plan, payable to trust | $ 175 | $ 133 | $ 541 | |
Defined benefit plan | ||||
Labor obligations | ||||
Seniority premiums singe payment equivalent, in days | 12 days | |||
Maximum seniority premiums singe payment equivalent, in days | 20 days | |||
Maximum single payment equivalent based on pensionable salary, in days | 90 days | |||
Early retirement age | 60 years | |||
Minimum service term for early retirement | 10 years |
Labor obligations - Actuarial a
Labor obligations - Actuarial assumptions (Details) - Defined benefit plan - item | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Labor obligations | |||
Discount rate | 7.40% | 8.00% | 9.00% |
Expected rate of salary increase | 5.80% | 5.80% | 5.80% |
Average longevity at retirement age for current pensioners (in years) | 12 | 14 | 13 |
Inflation | 4.00% | 5.00% | 4.00% |
Labor obligations - Amounts rec
Labor obligations - Amounts recognized in statement of income and other comprehensive income (Details) $ in Thousands, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2020USD ($) | Dec. 31, 2020MXN ($) | Dec. 31, 2019MXN ($) | Dec. 31, 2018MXN ($) | Dec. 31, 2020MXN ($) | |
Remeasurement on the net defined benefit liability: | |||||
Components of defined benefit costs recognized in other comprehensive income (loss) | $ 655 | $ 13,039 | $ 12,834 | $ (24,173) | |
Present value of defined benefit obligations | $ 5,811 | 106,160 | 79,905 | $ 115,691 | |
Defined benefit plan | |||||
Service cost: | |||||
Current service cost | 8,276 | 7,465 | 7,467 | ||
Net interest expense | 8,490 | 7,156 | 7,677 | ||
Reductions and liquidations advance | (9,131) | ||||
Components of defined benefit costs recognized in profit and loss | 7,635 | 14,621 | 15,144 | ||
Remeasurement on the net defined benefit liability: | |||||
Actuarial gains and losses arising from changes in financial assumptions | 2,653 | (161) | (10,131) | ||
Actuarial gains and losses arising from experience adjustments | 10,386 | 12,995 | (14,042) | ||
Components of defined benefit costs recognized in other comprehensive income (loss) | 13,039 | 12,834 | (24,173) | ||
Total | $ 20,674 | 27,455 | (9,029) | ||
Present value of defined benefit obligations | $ 106,160 | $ 79,905 | $ 115,691 |
Labor obligations - Movements i
Labor obligations - Movements in defined benefit obligation (Details) - Defined benefit plan - MXN ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Changes in net defined benefit liability (asset) [abstract] | |||
Current service cost | $ 8,276 | $ 7,465 | $ 7,467 |
Interest cost | 8,490 | 7,156 | 7,677 |
Reductions and liquidations advance | (9,131) | ||
Remeasurement (gains)/losses: | |||
Actuarial gains and losses arising from changes in financial and demographic assumptions | (2,653) | 161 | 10,131 |
Actuarial gains and losses arising from experience assumptions | (10,386) | (12,995) | 14,042 |
Present value of defined benefit obligation | |||
Changes in net defined benefit liability (asset) [abstract] | |||
Present value of defined benefit obligation at beginning of period | 106,160 | 79,905 | 127,479 |
Current service cost | 8,276 | 7,465 | 7,467 |
Interest cost | 8,490 | 7,156 | 7,677 |
Reductions and liquidations advance | (9,131) | ||
Remeasurement (gains)/losses: | |||
Actuarial gains and losses arising from changes in financial and demographic assumptions | 2,653 | (161) | (10,131) |
Actuarial gains and losses arising from experience assumptions | 10,386 | 12,995 | (14,042) |
Benefits paid | (11,143) | (1,200) | (38,545) |
Present value of defined benefit obligation at end of period | $ 115,691 | $ 106,160 | $ 79,905 |
Labor obligations - Sensitivity
Labor obligations - Sensitivity analysis (Details) - MXN ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |||
Average duration period of the benefit obligation | 11 years 9 months 11 days | 13 years 11 months 19 days | 16 years 9 months |
Actuarial assumption of discount rates | |||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |||
Increase in actuarial assumption (as a percent) | 1.00% | ||
Decrease in actuarial assumption (as a percent) | 100.00% | ||
Increase in benefit obligation | $ 10,053 | ||
Decrease in benefit obligation | $ 17,706 | ||
Actuarial assumption of expected rates of salary increases | |||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |||
Increase in actuarial assumption (as a percent) | 1.00% | ||
Decrease in actuarial assumption (as a percent) | 1.00% | ||
Increase in benefit obligation | $ 15,962 | ||
Decrease in benefit obligation | $ 16,177 |
Labor obligations - Expected ca
Labor obligations - Expected cash flows (Details) $ in Thousands | Dec. 31, 2020MXN ($) |
Labor obligations | |
Total | $ 71,970 |
2021 | |
Labor obligations | |
Total | 845 |
2022 | |
Labor obligations | |
Total | 961 |
2023 | |
Labor obligations | |
Total | 1,730 |
2024 | |
Labor obligations | |
Total | 11,257 |
From 2025 and subsequently | |
Labor obligations | |
Total | 57,177 |
Defined benefit plan | |
Labor obligations | |
Total | 53,549 |
Defined benefit plan | 2023 | |
Labor obligations | |
Total | 551 |
Defined benefit plan | 2024 | |
Labor obligations | |
Total | 9,837 |
Defined benefit plan | From 2025 and subsequently | |
Labor obligations | |
Total | 43,161 |
Seniority premium benefits | |
Labor obligations | |
Total | 18,421 |
Seniority premium benefits | 2021 | |
Labor obligations | |
Total | 845 |
Seniority premium benefits | 2022 | |
Labor obligations | |
Total | 961 |
Seniority premium benefits | 2023 | |
Labor obligations | |
Total | 1,179 |
Seniority premium benefits | 2024 | |
Labor obligations | |
Total | 1,420 |
Seniority premium benefits | From 2025 and subsequently | |
Labor obligations | |
Total | $ 14,016 |
Right of use assets, net and _3
Right of use assets, net and lease liability - As Lessee (Details) $ in Thousands, $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Oct. 31, 2008MXN ($) | Dec. 31, 2020USD ($) | Dec. 31, 2020MXN ($) | Dec. 31, 2019MXN ($) | |
Disclosure of quantitative information about right-of-use assets [line items] | ||||
Beginning Balance | $ 210,788 | |||
Beginning Balance | 248,057 | $ 231,817 | ||
Additions | 10,540 | 16,240 | ||
Decreases | (2,530) | |||
Depreciation | (41,348) | (37,269) | ||
Ending Balance | 256,067 | 248,057 | ||
Ending Balance | $ 8,953 | 178,247 | 210,788 | |
Operating lease commitments by lessee | 194,763 | 220,860 | ||
Cash outflow for leases | 57,325 | 57,061 | ||
Depreciation | ||||
Disclosure of quantitative information about right-of-use assets [line items] | ||||
Beginning Balance | (37,269) | |||
Decreases | 797 | |||
Depreciation | (41,348) | |||
Ending Balance | (77,820) | (37,269) | ||
Buildings | ||||
Disclosure of quantitative information about right-of-use assets [line items] | ||||
Beginning Balance | 224,074 | 213,342 | ||
Additions | 9,771 | 10,732 | ||
Decreases | (1,055) | |||
Ending Balance | 232,790 | 224,074 | ||
Buildings | Depreciation | ||||
Disclosure of quantitative information about right-of-use assets [line items] | ||||
Beginning Balance | (30,803) | |||
Depreciation | (31,463) | |||
Ending Balance | (62,266) | (30,803) | ||
Other | ||||
Disclosure of quantitative information about right-of-use assets [line items] | ||||
Beginning Balance | 23,983 | 18,475 | ||
Additions | 769 | 5,508 | ||
Decreases | (1,475) | |||
Ending Balance | 23,277 | 23,983 | ||
Other | Depreciation | ||||
Disclosure of quantitative information about right-of-use assets [line items] | ||||
Beginning Balance | (6,466) | |||
Decreases | 797 | |||
Depreciation | (9,885) | |||
Ending Balance | (15,554) | (6,466) | ||
2021 | ||||
Disclosure of quantitative information about right-of-use assets [line items] | ||||
Operating lease commitments by lessee | 26,553 | 72,320 | ||
Greater than 1 year and less than 3 years | ||||
Disclosure of quantitative information about right-of-use assets [line items] | ||||
Operating lease commitments by lessee | 55,134 | 73,975 | ||
Greater than 3 years | ||||
Disclosure of quantitative information about right-of-use assets [line items] | ||||
Cash outflow for leases | $ 113,076 | $ 74,565 | ||
Mexico City International Airport | ||||
Disclosure of quantitative information about right-of-use assets [line items] | ||||
Term of contract | 20 years | |||
Minimum guaranteed income | $ 31,171 | |||
Royalty of hotel revenue (as a percent) | 18.00% |
Right of use assets, net and _4
Right of use assets, net and lease liability - Consolidated Profit and Loss (Details) - MXN ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Right of use assets, net and lease liability | ||
Depreciation expense of right of use asset | $ 41,348 | $ 37,269 |
Interest expense on lease liabilities | $ 22,431 | $ 22,983 |
Right of use assets, net and _5
Right of use assets, net and lease liability - As Lessor (Details) - MXN ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of maturity analysis of finance lease payments receivable [line items] | |||
Operating lease commitments by lessor | $ 1,316,009 | $ 1,551,184 | $ 1,805,616 |
Contingent rental income | 136,181 | 229,727 | 204,172 |
2021 | |||
Disclosure of maturity analysis of finance lease payments receivable [line items] | |||
Operating lease commitments by lessor | 444,523 | 546,671 | 562,681 |
Greater than 1 year and less than 5 years | |||
Disclosure of maturity analysis of finance lease payments receivable [line items] | |||
Operating lease commitments by lessor | 753,230 | 843,404 | 1,002,351 |
Greater than 5 years | |||
Disclosure of maturity analysis of finance lease payments receivable [line items] | |||
Operating lease commitments by lessor | $ 118,256 | $ 161,109 | $ 240,584 |
Income taxes (Details)
Income taxes (Details) $ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020USD ($) | Dec. 31, 2020MXN ($) | Dec. 31, 2019MXN ($) | Dec. 31, 2018MXN ($) | |
Income taxes | ||||
Statutory rate (as a percent) | 30.00% | 30.00% | 30.00% | 30.00% |
Current ISR | $ 480,232 | $ 1,329,867 | $ 1,113,712 | |
Deferred ISR | (85,731) | 42,355 | 7,691 | |
Income tax expense | $ 19,815 | $ 394,501 | $ 1,372,222 | $ 1,121,403 |
Income taxes - Deferred assets
Income taxes - Deferred assets and (liabilities) (Details) $ in Thousands, $ in Thousands | Dec. 31, 2020USD ($) | Dec. 31, 2020MXN ($) | Dec. 31, 2019MXN ($) | Dec. 31, 2018MXN ($) | Dec. 31, 2017MXN ($) |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||||
Deferred tax liabilities | $ 6,722 | $ 133,828 | $ 202,717 | $ 184,147 | |
Deferred tax assets | $ 15,961 | 317,758 | 297,004 | 316,939 | |
Net deferred ISR asset | 183,930 | 94,287 | 132,792 | $ 150,953 | |
Provisions, allowances and labor obligations | |||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||||
Deferred tax liabilities | 244,982 | 157,560 | 163,406 | ||
Deferred tax assets | 230,532 | 205,834 | 188,294 | ||
Leasehold improvements | |||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||||
Deferred tax liabilities | (426,325) | (407,173) | (401,735) | ||
Deferred tax assets | (172,806) | (184,649) | (179,805) | ||
Tax loss carryforwards | |||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||||
Deferred tax liabilities | 15,883 | 14,937 | 25,563 | ||
Deferred tax assets | 268,930 | 285,045 | 308,450 | ||
Recoverable tax on assets | |||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||||
Deferred tax liabilities | 28,619 | 28,619 | 28,619 | ||
Others | |||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||||
Deferred tax liabilities | 3,013 | 3,340 | |||
Deferred tax assets | (8,898) | (9,226) | |||
Other subsidiary losses | |||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||||
Deferred tax assets | $ 284,813 | $ 299,982 | $ 334,013 |
Income taxes - Changes in defer
Income taxes - Changes in deferred tax (Details) - MXN ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Reconciliation of changes in deferred tax liability (asset) [abstract] | |||
Beginning balance of deferred tax liability, net | $ 94,287 | $ 132,792 | $ 150,953 |
Deferred ISR in profit or loss | 85,731 | (42,355) | (7,691) |
Recoverable tax on assets | (10,466) | ||
Income tax effects recognized in other comprehensive income | 3,912 | 3,850 | (4) |
Ending balance of deferred tax asset, net | $ 183,930 | $ 94,287 | $ 132,792 |
Income taxes - Reconciliation o
Income taxes - Reconciliation of the statutory income tax rate and effective income tax rate (Details) $ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020USD ($) | Dec. 31, 2020MXN ($) | Dec. 31, 2019MXN ($) | Dec. 31, 2018MXN ($) | |
Reconciliation of statutory income tax rate and the effective income tax rate as a percentage of net income before income tax | ||||
Income before income taxes | $ 74,960 | $ 1,492,380 | $ 4,599,656 | $ 3,985,582 |
Current ISR | 480,232 | 1,329,867 | 1,113,712 | |
Deferred ISR | (85,731) | 42,355 | 7,691 | |
Income tax expense | $ 19,815 | 394,501 | 1,372,222 | 1,121,403 |
Add effects of permanent differences, primarily, non-deductible expenses and inflationary effects for financial and tax purposes. | 53,213 | 7,675 | 74,272 | |
Statutary rate | $ 447,714 | $ 1,379,897 | $ 1,195,675 | |
Effective rate (as a percent) | 26.43% | 26.43% | 29.83% | 28.14% |
Add effects of permanent differences, primarily, non-deductible expenses and inflationary effects for financial and tax purposes. (as a percent) | 3.57% | 3.57% | 0.17% | 1.86% |
Statutory rate (as a percent) | 30.00% | 30.00% | 30.00% | 30.00% |
Income taxes - Tax loss carryfo
Income taxes - Tax loss carryforwards (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2020MXN ($) | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Tax loss carryforwards | $ 914,794 |
Tax loss carryforwards utilized | 133,053 |
Other subsidiary losses | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Tax loss carryforwards | $ 34,826 |
Duration of tax losses | 10 years |
2001 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Tax loss carryforwards | $ 5,999 |
2002 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Tax loss carryforwards | 160,499 |
2003 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Tax loss carryforwards | 197,796 |
2004 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Tax loss carryforwards | 229,480 |
2005 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Tax loss carryforwards | 28,073 |
2006 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Tax loss carryforwards | 18,953 |
2007 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Tax loss carryforwards | 78,672 |
2008 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Tax loss carryforwards | 34,168 |
2009 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Tax loss carryforwards | 5,648 |
2011 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Tax loss carryforwards | 32,203 |
2012 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Tax loss carryforwards | 56,125 |
2013 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Tax loss carryforwards | 15,549 |
2018 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Tax loss carryforwards | 5,370 |
2019 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Tax loss carryforwards | 21,248 |
2020 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Tax loss carryforwards | $ 25,011 |
Income taxes - Shareholders' eq
Income taxes - Shareholders' equity tax accounts (Details) - MXN ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Balances of shareholders' equity tax accounts | |||
Total shareholders' equity tax accounts | $ 7,839,441 | $ 7,463,390 | $ 6,142,905 |
Contributed capital account | |||
Balances of shareholders' equity tax accounts | |||
Total shareholders' equity tax accounts | 4,694,822 | 4,584,512 | 4,458,342 |
Net consolidated tax profit account | |||
Balances of shareholders' equity tax accounts | |||
Total shareholders' equity tax accounts | $ 3,144,619 | $ 2,878,878 | $ 1,684,563 |
Income taxes - Dividend tax (De
Income taxes - Dividend tax (Details) | 12 Months Ended |
Dec. 31, 2020 | |
Income taxes | |
Maximum additional income taxes dividends may be subject to (as a percent) | 10.00% |
Commitment and contingencies (D
Commitment and contingencies (Details) $ in Thousands | Jun. 16, 2014MXN ($)item | Mar. 26, 2013MXN ($)item | Dec. 31, 2014USD ($)item | Dec. 31, 2013MXN ($) | Dec. 31, 2020USD ($) | Dec. 31, 2020MXN ($) | Dec. 31, 2019USD ($) | Dec. 31, 2019MXN ($) | Dec. 31, 2018USD ($) | Dec. 31, 2018MXN ($) | Dec. 31, 2014MXN ($)item |
Commitment and contingencies | |||||||||||
Principal amount | $ | $ 42,592,000 | $ 40,790,000 | $ 49,563,000 | ||||||||
Number of airports guaranteeing the certificates | item | 9 | 9 | |||||||||
Percentage of airports guaranteeing the certificates (as a percent) | 80.00% | 80.00% | |||||||||
Current portion of long-term debt | $ 3,000,000 | $ 151,366,000 | $ 3,013,502 | $ 36,851 | $ 41,425 | ||||||
Debt securities issued in the Mexican market on June 16, 2014 | |||||||||||
Commitment and contingencies | |||||||||||
Principal amount | $ | $ 3,000,000 | $ 3,000,000 | |||||||||
Term of loan | 7 years | 7 years | |||||||||
Number of airports guaranteeing the certificates | item | 9 | ||||||||||
Percentage of airports guaranteeing the certificates (as a percent) | 80.00% | ||||||||||
Debt securities issued in the Mexican market on March 26, 2013 | |||||||||||
Commitment and contingencies | |||||||||||
Principal amount | $ | $ 1,500,000 | $ 1,500,000 | |||||||||
Term of loan | 10 years | 10 years | |||||||||
Number of airports guaranteeing the certificates | item | 9 | ||||||||||
Percentage of airports guaranteeing the certificates (as a percent) | 80.00% |
Commitment and contingencies -
Commitment and contingencies - Property tax (Details) $ in Thousands, $ in Millions | Oct. 16, 2020ha | Mar. 05, 2020ha | Nov. 15, 1995USD ($)ha | Dec. 31, 2014MXN ($) | Dec. 31, 2019MXN ($) | Sep. 30, 2018MXN ($) | Nov. 30, 2020MXN ($) | Sep. 30, 2019MXN ($) | Feb. 28, 2019MXN ($) | Mar. 31, 2019MXN ($) | Dec. 31, 2014MXN ($) | Dec. 31, 2020MXN ($) | Feb. 05, 2020MXN ($) |
Ciudad Juarex Airport - Conflict with ownership of certain land | |||||||||||||
Commitment and contingencies | |||||||||||||
Loss contingency damages | $ 120 | ||||||||||||
Area of land in claim | ha | 240 | ||||||||||||
Municipality of Acapulco | |||||||||||||
Commitment and contingencies | |||||||||||||
Proof of payment requested by authorities | $ 27,012 | ||||||||||||
Loss contingency damages | $ 27,012 | ||||||||||||
Culiacán Airport | |||||||||||||
Commitment and contingencies | |||||||||||||
Loss contingency damages | $ 5,764 | ||||||||||||
Chihuahua Airport | |||||||||||||
Commitment and contingencies | |||||||||||||
Loss contingency damages | $ 2,091 | $ 12,577 | $ 3,449 | $ 95,411 | |||||||||
Aeropuerto de Tampico, S. A. de C. V. | |||||||||||||
Commitment and contingencies | |||||||||||||
Loss contingency damages | $ 18,840 | ||||||||||||
Monterrey Airport - Conflict with ownership of certain land | |||||||||||||
Commitment and contingencies | |||||||||||||
Book value of land acquired | $ 266,850 | ||||||||||||
Durango Airport | |||||||||||||
Commitment and contingencies | |||||||||||||
Area of land in claim | ha | 40 | ||||||||||||
Reynosa Airport | |||||||||||||
Commitment and contingencies | |||||||||||||
Area of land in claim | ha | 2.6 | ||||||||||||
Acapulco Airport | |||||||||||||
Commitment and contingencies | |||||||||||||
Unused tax credits for which no deferred tax asset recognised | $ 24,813 |
Financial risk management - Cat
Financial risk management - Categories of financial instruments and risk management policies (Details) - MXN ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Credit and interest rate | Cash and cash equivalents and other investments held to maturity | |||
Financial risk management | |||
Financial Assets | $ 2,948,804 | $ 3,429,873 | $ 2,978,559 |
Credit and exchange rate | Receivables, net | |||
Financial risk management | |||
Financial Assets | 833,643 | 757,756 | 696,566 |
Interest rate, exchange rate and liquidity | Short-term and long-term debt | |||
Financial risk management | |||
Financial Liabilities | 4,513,503 | 4,549,575 | 4,593,223 |
Liquidity | Trade accounts payable | |||
Financial risk management | |||
Financial Liabilities | 204,048 | 196,791 | 203,999 |
Employee statutory profit-sharing payable | 4,700 | 12,883 | 8,218 |
Liquidity | Accrued interest | |||
Financial risk management | |||
Financial Liabilities | 44,295 | 42,438 | 40,227 |
Liquidity | Short-term and long-term financial leasing | |||
Financial risk management | |||
Financial Liabilities | 194,763 | 220,860 | 28,806 |
Liquidity | Accounts payable to related parties | |||
Financial risk management | |||
Financial Liabilities | $ 167,704 | $ 187,515 | $ 226,202 |
Financial risk management - Int
Financial risk management - Interest rate risk management (Details) - MXN ($) $ in Thousands | Dec. 31, 2020 | Dec. 09, 2020 | Jan. 02, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Financial risk management | |||||
Long-term debt | $ 4,513,503 | $ 4,549,575 | $ 4,593,223 | ||
Interest rate risk | |||||
Financial risk management | |||||
Long-term debt | $ 4,513,503 | $ 4,594,575 | $ 4,593,223 | ||
Percent of long-term debt with fixed interest rate (as a percent) | 98.00% | ||||
Interest rate (as a percent) | 2.00% | ||||
Interest rate risk | Three-month LIBOR | Top of range | |||||
Financial risk management | |||||
Interest rate (as a percent) | 1.91% | ||||
Interest rate risk | Three-month LIBOR | Bottom of range | |||||
Financial risk management | |||||
Interest rate (as a percent) | 0.22% | ||||
Interest rate risk | Fixed interest rate | |||||
Financial risk management | |||||
Percent of long-term debt with fixed interest rate (as a percent) | 99.00% | 99.00% | |||
Interest rate (as a percent) | 1.00% | 1.00% |
Financial risk management - Sen
Financial risk management - Sensitivity analysis for interest rates (Details) $ in Thousands | Dec. 31, 2020MXN ($)$ / shares | Dec. 31, 2019MXN ($)$ / shares | Dec. 31, 2018MXN ($)$ / shares |
Financial risk management | |||
Accrued interest | $ 13,503 | $ 49,575 | $ 93,223 |
U.S. Dollar | |||
Financial risk management | |||
Exchange rate | $ / shares | 19.9087 | 18.8727 | 19.6566 |
Three-month LIBOR | |||
Financial risk management | |||
Hypothetical unfavorable change in interest rate (as a percent) | 10.00% | 10.00% | 10.00% |
Hypothetical increase in financing expense through unfavorable change in debt variable interest rates | $ 40 | $ 179 | $ 260 |
Financial risk management - Exc
Financial risk management - Exchange risk management (Details) - MXN ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Financial risk management | |||
Percent of revenue (excluding construction revenue) from TUA of international passengers (as a percent) | 13.20% | 15.95% | 15.69% |
Appreciation rate of the peso to U.S. Dollar (as a percent) | 10.00% | 10.00% | 10.00% |
Projected decrease in revenue due to appreciation rate of peso to U.S. dollar | $ 54,293 | $ 120,798 | $ 106,179 |
Depreciation of peso to U.S. Dollar (as a percent) | 5.50% |
Financial risk management - For
Financial risk management - Foreign currency sensitivity analysis (Details) $ in Thousands, $ in Thousands | 12 Months Ended | ||||||
Dec. 31, 2020USD ($)$ / $$ / shares | Dec. 31, 2019USD ($)$ / $$ / shares | Dec. 31, 2018USD ($)$ / $$ / shares | Mar. 24, 2021$ / shares | Dec. 31, 2020MXN ($)$ / $$ / shares | Dec. 31, 2019MXN ($)$ / $$ / shares | Dec. 31, 2018MXN ($)$ / $$ / shares | |
Financial risk management | |||||||
Liability positions net in foreign currencies | $ 77,094 | ||||||
Carrying values of monetary assets and liabilities denominated in foreign currencies | |||||||
Liabilities denominated in foreign currencies | (369,955) | $ (7,365,333) | $ (7,389,466) | $ (7,078,557) | |||
Assets per segment | $ 913,750 | $ 18,191,580 | $ 17,276,961 | $ 15,590,484 | |||
U.S. Dollar | |||||||
Interbank exchange rate | |||||||
Exchange rate | $ / shares | 19.9087 | 18.8727 | 19.6566 | 19.9087 | 18.8727 | 19.6566 | |
Currency risk | |||||||
Financial risk management | |||||||
Unfavorable change in exchange rate of peso against U.S. dollar (as a percent) | 10.00% | 10.00% | 10.00% | 10.00% | 10.00% | 10.00% | |
Liability positions net in foreign currencies | $ 69,149 | $ 53,944 | |||||
Estimated exchange rate (gain) loss from unfavorable change in exchange rate | $ (150,745) | $ (130,503) | $ (106,035) | ||||
Transactions in U.S. dollars | |||||||
Technical assistance | $ 3,766 | 7,954 | 8,781 | ||||
Insurance | 1,039 | 935 | 2,227 | ||||
Purchase of machinery and maintenance | 7,065 | 7,685 | 9,527 | ||||
Software | 2,152 | 443 | 437 | ||||
Professional services, fees and subscriptions | 1,786 | 702 | 2,147 | ||||
Other | 4,765 | 4,303 | 8,043 | ||||
Currency risk | U.S. Dollar | |||||||
Carrying values of monetary assets and liabilities denominated in foreign currencies | |||||||
Liabilities denominated in foreign currencies | (4,095) | (10,059) | (13,185) | ||||
Assets per segment | $ 81,189 | $ 79,208 | $ 67,129 | ||||
Interbank exchange rate | |||||||
Exchange rate | 19.9087 | 18.8727 | 19.6566 | 20.5788 | 19.9087 | 18.8727 | 19.6566 |
Financial risk management - Cre
Financial risk management - Credit risk (Details) | 12 Months Ended |
Dec. 31, 2020item | |
Financial risk management | |
Number of credit options | 3 |
60 days | 60 days |
Financial risk management - Liq
Financial risk management - Liquidity risk (Details) $ in Thousands, $ in Thousands | Dec. 31, 2020USD ($)$ / shares | Dec. 31, 2020MXN ($)$ / shares | Dec. 31, 2019MXN ($)$ / shares | Dec. 31, 2018MXN ($)$ / shares |
Financial risk management | ||||
Long-term debt | $ 4,513,503 | $ 4,549,575 | $ 4,593,223 | |
Interest | 13,503 | 49,575 | 93,223 | |
Total liabilities | $ 369,955 | $ 7,365,333 | $ 7,389,466 | $ 7,078,557 |
U.S. Dollar | ||||
Financial risk management | ||||
Exchange rate | $ / shares | 19.9087 | 19.9087 | 18.8727 | 19.6566 |
Liquidity | ||||
Financial risk management | ||||
Long-term debt | $ 4,513,503 | $ 4,549,575 | $ 4,593,223 | |
Interest | 306,718 | 615,390 | 925,816 | |
Trade accounts payable | 204,048 | 256,228 | 208,729 | |
Interest Payable | 44,295 | 42,438 | 40,227 | |
Lease Liabilities | 194,763 | 220,860 | ||
Accounts payable with related parties | 167,704 | 187,515 | 226,202 | |
Total liabilities | 5,431,031 | 5,872,006 | 5,994,197 | |
Liquidity | 2021 | ||||
Financial risk management | ||||
Long-term debt | 3,013,502 | 36,851 | 41,425 | |
Interest | 188,641 | 308,630 | 309,877 | |
Trade accounts payable | 204,048 | 256,228 | 208,729 | |
Interest Payable | 44,295 | 42,438 | 40,227 | |
Lease Liabilities | 26,553 | 72,320 | ||
Accounts payable with related parties | 167,704 | 187,515 | 226,202 | |
Total liabilities | 3,644,743 | 903,982 | 826,460 | |
Liquidity | Later than one year and not later than four years | ||||
Financial risk management | ||||
Long-term debt | 1,500,001 | 4,512,724 | 3,051,798 | |
Interest | 118,077 | 306,760 | 596,259 | |
Lease Liabilities | 168,210 | 73,975 | ||
Total liabilities | $ 1,786,288 | 4,893,459 | 3,648,057 | |
Liquidity | Later than four years and not later than seven years | ||||
Financial risk management | ||||
Long-term debt | 1,500,000 | |||
Interest | 19,680 | |||
Lease Liabilities | 46,893 | |||
Total liabilities | 46,893 | $ 1,519,680 | ||
Liquidity | Later than seven years | ||||
Financial risk management | ||||
Lease Liabilities | 27,672 | |||
Total liabilities | $ 27,672 |
Financial risk management - Fin
Financial risk management - Financial instruments at fair value (Details) - MXN ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Financial Instruments at fair value | |||
Total long-term debt | $ 4,513,503 | $ 4,549,575 | $ 4,593,223 |
Book Value | |||
Financial Instruments at fair value | |||
Total long-term debt | 4,513,503 | 4,594,575 | 4,593,223 |
Fair Value | |||
Financial Instruments at fair value | |||
Total long-term debt | 4,524,746 | 4,517,336 | 4,326,267 |
Level 1 | Fair Value | |||
Financial Instruments at fair value | |||
Total long-term debt | 4,512,510 | 4,371,570 | 4,129,695 |
Level 2 | Fair Value | |||
Financial Instruments at fair value | |||
Total long-term debt | $ 12,236 | $ 145,766 | $ 196,572 |
Shareholders' equity - Subscrib
Shareholders' equity - Subscribed and paid-in capital (Details) $ in Thousands, $ in Thousands | Dec. 31, 2020USD ($)shares | Dec. 31, 2020MXN ($)shares | Dec. 31, 2019MXN ($)shares | Dec. 31, 2018MXN ($)shares | Dec. 31, 2017shares |
Disclosure of classes of share capital [line items] | |||||
Contributed Capital | $ 15,110 | $ 300,822 | $ 301,739 | $ 303,394 | |
Series B Class I | |||||
Disclosure of classes of share capital [line items] | |||||
Number of Shares, outstanding | 340,345,556 | 340,345,556 | 344,004,973 | 344,004,973 | |
Contributed Capital | $ | $ 262,447 | $ 265,269 | $ 265,269 | ||
Series BB Class I | |||||
Disclosure of classes of share capital [line items] | |||||
Number of Shares, outstanding | 49,766,000 | 49,766,000 | 49,766,000 | 49,766,000 | |
Contributed Capital | $ | $ 38,375 | $ 38,375 | $ 38,375 | ||
Treasury Series B Class I | |||||
Disclosure of classes of share capital [line items] | |||||
Number of Shares, held in treasury | 390,111,556 | 390,111,556 | (2,470,158) | (324,507) | |
Contributed capital, held in treasury | $ | $ 300,822 | $ (1,905) | $ (250) | ||
Common stock | |||||
Disclosure of classes of share capital [line items] | |||||
Number of Shares, outstanding | 390,111,556 | 390,111,556 | 391,300,815 | 393,446,466 | 393,446,466 |
Contributed Capital | $ 300,822 | $ 301,739 | $ 303,394 |
Shareholders' equity - Shares r
Shareholders' equity - Shares repurchased (Details) - MXN ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Shares repurchased | |||
Shares repurchased (in shares) | 1,189,250 | 2,145,651 | 0 |
Purchase of treasury shares | $ (150,000) | $ (244,201) | |
Market price per share | $ 128.39 | $ 141.83 | $ 93.65 |
Purchase of treasury shares | $ 150,000 | $ 244,201 | |
Treasury Series B Class I | |||
Shares repurchased | |||
Purchase of treasury shares | $ 244,201 | $ 34,234 | |
Treasury shares held (in shares) | (390,111,556) | 2,470,158 | 324,507 |
Shareholders' equity - Addition
Shareholders' equity - Additional Equity Activity (Details) $ / shares in Units, $ in Thousands, $ in Thousands | May 31, 2019MXN ($) | Apr. 29, 2019MXN ($)$ / shares | May 30, 2018MXN ($) | Apr. 23, 2018MXN ($)$ / shares | Dec. 31, 2020USD ($)shares | Dec. 31, 2020MXN ($)shares | Jul. 07, 2020MXN ($) | Dec. 31, 2019MXN ($)shares | Dec. 31, 2018MXN ($)shares | Dec. 31, 2017shares |
Dividends | ||||||||||
Dividends approved | $ 1,600,000 | $ 1,600,000 | ||||||||
Dividends per share | $ / shares | $ 4.0633 | $ 4.0633 | ||||||||
Dividends paid | $ 1,598,680 | $ 1,598,680 | ||||||||
Period during which tax on dividend distributions and interim payments can be credited against income tax | 2 years | |||||||||
Equity reserves | ||||||||||
Reserve for repurchase of shares | $ 1,500,000 | $ 1,466,000 | $ 75,344 | $ 1,500,000 | $ 1,500,000 | $ 1,257,454 | $ 1,466,016 | |||
Contributed Capital | $ 15,110 | 300,822 | 301,739 | 303,394 | ||||||
Transfer to capital redemption reserve | $ 33,984 | |||||||||
Percentage of annual net profits required to be reserved to legal reserve fund | 5.00% | |||||||||
Percentage of share capital stock at par value required to be maintained in legal reserve fund | 20.00% | |||||||||
Legal reserve fund not available for distribution | 60,729 | 61,689 | ||||||||
Series B Class I | ||||||||||
Equity reserves | ||||||||||
Number of treasury shares cancelled | shares | 3,659,417 | |||||||||
Cancellation of treasury shares | $ 2,822 | |||||||||
Contributed Capital | $ 262,447 | $ 265,269 | $ 265,269 | |||||||
Number of Shares, outstanding | shares | 340,345,556 | 340,345,556 | 344,004,973 | 344,004,973 | ||||||
Series BB Class I | ||||||||||
Equity reserves | ||||||||||
Contributed Capital | $ 38,375 | $ 38,375 | $ 38,375 | |||||||
Number of Shares, outstanding | shares | 49,766,000 | 49,766,000 | 49,766,000 | 49,766,000 | ||||||
Common stock | ||||||||||
Equity reserves | ||||||||||
Contributed Capital | $ 300,822 | $ 301,739 | $ 303,394 | |||||||
Number of Shares, outstanding | shares | 390,111,556 | 390,111,556 | 391,300,815 | 393,446,466 | 393,446,466 |
Accumulated other comprehensi_3
Accumulated other comprehensive loss (Details) $ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020USD ($) | Dec. 31, 2020MXN ($) | Dec. 31, 2019MXN ($) | Dec. 31, 2018MXN ($) | |
Accumulated other comprehensive loss | ||||
Balance, Pre-tax | $ (4,340) | $ 8,494 | $ (15,679) | |
Movements of the year, Pre-tax | $ (655) | (13,039) | (12,834) | 24,173 |
Balance, Pre-tax | (17,379) | (4,340) | 8,494 | |
Balance, Deferred taxes | 8,534 | 4,684 | 4,688 | |
Movements of the year, Deferred taxes | 196 | 3,912 | 3,850 | (4) |
Balance, Deferred taxes | 12,446 | 8,534 | 4,684 | |
Balance, Net of tax | 4,194 | 13,178 | (10,991) | |
Movements of the year, Net of tax | (9,127) | (8,984) | 24,169 | |
Balance, Net of tax | $ (248) | $ (4,933) | $ 4,194 | $ 13,178 |
Related party balances and tr_3
Related party balances and transactions (Details) $ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020USD ($) | Dec. 31, 2019MXN ($) | Dec. 31, 2020MXN ($) | Dec. 31, 2018MXN ($) | |
Related party balances and transactions | ||||
Advance Payment for constructions to related parties | $ 10,760 | $ 181,989 | $ 214,209 | $ 38,347 |
Accounts payable to related parties | $ 8,424 | 187,515 | 167,704 | 226,202 |
ICA Constructora de Infraestructura, S.A. de C.V. | ||||
Related party balances and transactions | ||||
Advance Payment for constructions to related parties | 178,977 | 7,964 | 28,363 | |
Accounts payable to related parties | 16,652 | 5,222 | ||
ICA Constructora, S.A. de C.V. | ||||
Related party balances and transactions | ||||
Advance Payment for constructions to related parties | 90,204 | 6,859 | ||
Accounts payable to related parties | 16,564 | |||
Actica Sistemas, S. de R.L. de C.V. | ||||
Related party balances and transactions | ||||
Accounts payable to related parties | 3,972 | 3,971 | 5,588 | |
Autovia Golfo Centro, S.A. de C.V. | ||||
Related party balances and transactions | ||||
Advance Payment for constructions to related parties | 110,312 | |||
Accounts payable to related parties | 16,442 | |||
VCD Construccion y Desarrollo, S.A.P.I. de C.V. | ||||
Related party balances and transactions | ||||
Advance Payment for constructions to related parties | 3,012 | 5,729 | 3,125 | |
Accounts payable to related parties | 5,335 | 5,772 | 5,947 | |
Servicios de Tecnologia Aeroportuaria, S.A. de C.V. “SETA” | ||||
Related party balances and transactions | ||||
Accounts payable to related parties | 80,504 | 140,294 | ||
Operadora Nacional Hispana, S.A. de C.V. | ||||
Related party balances and transactions | ||||
Accounts payable to related parties | 2,527 | 5,928 | 6,900 | |
ICA Ingenieria S. A. de C. V. | ||||
Related party balances and transactions | ||||
Accounts payable to related parties | 1,177 | 367 | 367 | |
GGA Capital, S.A.P.I. de C.V. | ||||
Related party balances and transactions | ||||
Accounts payable to related parties | $ 75,950 | $ 117,845 | $ 61,250 | |
Interest rate basis | 91-day TIIE rate | 91-day TIIE rate | ||
Spread on interest rate basis | 3.50% | 3.50% | 3.50% | |
Interest rate (as a percent) | 7.743% | 10.1412% | 7.743% | 11.85% |
Grupo ICA Constructora, S.A. de C.V. | ||||
Related party balances and transactions | ||||
Accounts payable to related parties | $ 794 | $ 794 | ||
Grupo Hotelero Santa Fe, S. A. de C. V. | ||||
Related party balances and transactions | ||||
Accounts payable to related parties | $ 604 | $ 21 | $ 634 |
Related party balances and tr_4
Related party balances and transactions - Principal transactions (Details) $ in Thousands, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2020USD ($) | Dec. 31, 2020MXN ($) | Dec. 31, 2019MXN ($) | Dec. 31, 2018MXN ($) | Dec. 31, 2020MXN ($) | |
Related party balances and transactions | |||||
Intangible assets other than goodwill | $ 513,828 | $ 9,267,111 | $ 8,566,656 | $ 10,229,656 | |
Additions to right-of-use assets | $ 10,540 | 16,240 | |||
Technical assistance fees | 4,077 | 81,164 | 150,108 | 172,610 | |
Administrative services | 26,022 | 518,059 | 542,664 | 563,151 | |
Maintenance | 19,717 | 392,531 | 292,324 | 248,636 | |
Interests | $ 21,121 | 420,499 | 376,008 | 325,557 | |
Buildings | |||||
Related party balances and transactions | |||||
Additions to right-of-use assets | 9,771 | 10,732 | |||
Other | |||||
Related party balances and transactions | |||||
Additions to right-of-use assets | 769 | 5,508 | |||
Related parties | |||||
Related party balances and transactions | |||||
Technical assistance fees | 81,164 | 150,108 | 172,610 | ||
Administrative services | 35,450 | 43,196 | 69,887 | ||
Maintenance | 2,705 | 1,887 | 226 | ||
Interests | 5,365 | 4,507 | 5,037 | ||
Revenues from Leases | 72 | 258 | |||
Improvements and Major maintenance | 564,563 | 553,405 | 359,736 | ||
Related parties | Buildings | |||||
Related party balances and transactions | |||||
Additions to right-of-use assets | 6,323 | 5,269 | |||
Related parties | Industrial warehouse | |||||
Related party balances and transactions | |||||
Capital Investment | $ 100,194 | $ 43,599 | $ 94,938 |
Related party balances and tr_5
Related party balances and transactions - Short-term promissory note (Details) $ in Thousands, $ in Thousands | Dec. 14, 2020MXN ($) | Jun. 14, 2015 | Dec. 31, 2020USD ($)item | Dec. 31, 2020MXN ($)item | Dec. 31, 2019USD ($) | Dec. 31, 2019MXN ($) | Dec. 31, 2018USD ($) | Dec. 31, 2018MXN ($) |
Disclosure of transactions between related parties [line items] | ||||||||
Short-term employee benefits | $ 73,711 | $ 58,989 | $ 96,344 | |||||
Number of members | item | 3 | 3 | ||||||
Servicios de Tecnologia Aeroportuaria, S.A. de C.V. “SETA” | ||||||||
Disclosure of transactions between related parties [line items] | ||||||||
Technical assistance annual consideration | $ 3,766,000 | |||||||
Percentage of ebitda before payment of technical assistance fee for next two years | 3.00% | |||||||
Increase in variable consideration than fixed technical assistance fee | $ 3,661 | $ 3,517 | ||||||
Increase (decrease) in variable consideration than fixed technical assistance fee | $ 3,766 | |||||||
Threshold percentage of shares held by related party to trigger conversion of shares | 7.65% | |||||||
Minimum percentage of shares held by related party to not trigger conversion of shares | 7.65% | |||||||
Directors and officers | ||||||||
Disclosure of transactions between related parties [line items] | ||||||||
Remuneration | $ 12,453 | $ 14,546 | $ 23,950 | |||||
CONOISA | ||||||||
Disclosure of transactions between related parties [line items] | ||||||||
Ownership interest indirectly held | 1.90% | 1.90% | ||||||
Empresas ICA | Servicios de Tecnologia Aeroportuaria, S.A. de C.V. “SETA” | ||||||||
Disclosure of transactions between related parties [line items] | ||||||||
Partner ownership interest | 12.80% | 12.80% |
Operating segment data (Details
Operating segment data (Details) $ in Thousands, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2020USD ($) | Dec. 31, 2020MXN ($) | Dec. 31, 2019MXN ($) | Dec. 31, 2018MXN ($) | Dec. 31, 2020MXN ($) | |
Operating segment data | |||||
Aeronautical revenues | $ 147,803 | $ 2,942,558 | $ 5,752,662 | $ 5,140,052 | |
Non-aeronautical revenues | 58,820 | 1,171,039 | 1,819,605 | 1,625,497 | |
Construction services revenues | 62,981 | 1,253,869 | 954,834 | 1,141,505 | |
Depreciation and amortization | 21,867 | 435,344 | 415,252 | 351,745 | |
Operating income | 86,466 | 1,721,468 | 4,855,306 | 4,132,536 | |
Assets per segment | 913,750 | 17,276,961 | 15,590,484 | $ 18,191,580 | |
Liabilities per segment | 369,955 | 7,389,466 | 7,078,557 | 7,365,333 | |
Capital investments | 1,048,925 | 1,314,363 | 1,401,483 | ||
Investment in airport concessions | $ 513,828 | 9,267,111 | 8,566,656 | 10,229,656 | |
Operating segments | |||||
Operating segment data | |||||
Aeronautical revenues | 2,966,362 | 5,769,565 | 5,156,278 | ||
Non-aeronautical revenues | 3,665,473 | 7,220,120 | 5,837,172 | ||
Construction services revenues | 1,280,339 | 1,001,356 | 1,187,327 | ||
Depreciation and amortization | 443,927 | 415,252 | 351,745 | ||
Operating income | 2,485,163 | 6,037,186 | 5,786,625 | ||
Assets per segment | 32,994,471 | 29,841,460 | 35,263,499 | ||
Liabilities per segment | 10,516,331 | 9,260,713 | 11,087,689 | ||
Capital investments | 1,095,447 | 1,360,185 | 1,430,117 | ||
Investment in airport concessions | 9,369,514 | 8,620,671 | 10,356,661 | ||
Operating segments | Monterrey | |||||
Operating segment data | |||||
Aeronautical revenues | 1,278,255 | 2,641,052 | 2,447,993 | ||
Non-aeronautical revenues | 479,322 | 726,685 | 649,393 | ||
Construction services revenues | 802,470 | 323,035 | 232,698 | ||
Depreciation and amortization | 122,507 | 111,020 | 103,454 | ||
Operating income | 445,952 | 473,615 | 815,055 | ||
Assets per segment | 5,715,147 | 5,350,950 | 6,479,365 | ||
Liabilities per segment | 941,349 | 742,350 | 1,367,347 | ||
Capital investments | 331,393 | 282,514 | 823,103 | ||
Investment in airport concessions | 3,168,968 | 2,935,333 | 3,870,329 | ||
Operating segments | Acapulco | |||||
Operating segment data | |||||
Aeronautical revenues | 117,218 | 227,954 | 182,663 | ||
Non-aeronautical revenues | 27,159 | 40,241 | 34,279 | ||
Construction services revenues | 29,409 | 63,102 | 279,099 | ||
Depreciation and amortization | 44,780 | 43,286 | 33,125 | ||
Operating income | 21,587 | 53,812 | 43,460 | ||
Assets per segment | 1,419,091 | 1,415,909 | 1,414,504 | ||
Liabilities per segment | 452,731 | 467,444 | 449,606 | ||
Capital investments | 63,333 | 279,099 | 29,561 | ||
Investment in airport concessions | 1,269,386 | 1,246,261 | 1,257,321 | ||
Operating segments | Mazatlan | |||||
Operating segment data | |||||
Aeronautical revenues | 211,184 | 321,313 | 276,126 | ||
Non-aeronautical revenues | 37,431 | 52,857 | 46,754 | ||
Construction services revenues | 24,704 | 34,573 | 31,308 | ||
Depreciation and amortization | 18,699 | 17,514 | 16,594 | ||
Operating income | 63,103 | 52,626 | 81,654 | ||
Assets per segment | 1,261,473 | 1,256,447 | 1,358,969 | ||
Liabilities per segment | 153,667 | 164,075 | 162,731 | ||
Capital investments | 34,573 | 31,306 | 24,747 | ||
Investment in airport concessions | 541,430 | 523,655 | 548,185 | ||
Operating segments | Zihuatanejo | |||||
Operating segment data | |||||
Aeronautical revenues | 98,645 | 191,512 | 167,578 | ||
Non-aeronautical revenues | 18,360 | 25,596 | 22,934 | ||
Construction services revenues | 45,984 | 22,876 | 13,534 | ||
Depreciation and amortization | 19,091 | 18,660 | 18,266 | ||
Operating income | 12,961 | 43,614 | 43,595 | ||
Assets per segment | 605,929 | 617,071 | 623,522 | ||
Liabilities per segment | 122,048 | 117,245 | 130,925 | ||
Capital investments | 22,876 | 13,587 | 45,984 | ||
Investment in airport concessions | 524,549 | 518,134 | 553,611 | ||
Operating segments | Chihuahua | |||||
Operating segment data | |||||
Aeronautical revenues | 215,728 | 411,393 | 364,755 | ||
Non-aeronautical revenues | 46,049 | 67,021 | 56,128 | ||
Construction services revenues | 30,679 | 124,701 | 141,546 | ||
Depreciation and amortization | 25,274 | 17,974 | 13,462 | ||
Operating income | 50,038 | 67,379 | 103,980 | ||
Assets per segment | 888,950 | 874,960 | 942,529 | ||
Liabilities per segment | 157,533 | 170,457 | 172,428 | ||
Capital investments | 135,394 | 141,908 | 32,225 | ||
Investment in airport concessions | 699,711 | 590,944 | 707,619 | ||
Operating segments | Culiacan | |||||
Operating segment data | |||||
Aeronautical revenues | 359,562 | 617,979 | 539,540 | ||
Non-aeronautical revenues | 51,732 | 66,286 | 57,313 | ||
Construction services revenues | 68,142 | 68,960 | 33,888 | ||
Depreciation and amortization | 20,887 | 18,658 | 17,408 | ||
Operating income | 92,341 | 96,278 | 145,767 | ||
Assets per segment | 1,021,410 | 978,514 | 1,176,640 | ||
Liabilities per segment | 140,294 | 153,687 | 208,282 | ||
Capital investments | 69,834 | 34,035 | 68,142 | ||
Investment in airport concessions | 579,084 | 526,881 | 628,208 | ||
Operating segments | Durango | |||||
Operating segment data | |||||
Aeronautical revenues | 79,515 | 150,130 | 112,310 | ||
Non-aeronautical revenues | 11,083 | 13,433 | 10,822 | ||
Construction services revenues | 50,203 | 36,677 | 13,788 | ||
Depreciation and amortization | 8,259 | 7,537 | 6,558 | ||
Operating income | 10,220 | 23,014 | 29,339 | ||
Assets per segment | 329,251 | 294,355 | 361,233 | ||
Liabilities per segment | 104,720 | 76,831 | 130,170 | ||
Capital investments | 36,677 | 13,788 | 50,534 | ||
Investment in airport concessions | 210,111 | 179,567 | 253,402 | ||
Operating segments | San Luis Potosi | |||||
Operating segment data | |||||
Aeronautical revenues | 108,045 | 174,340 | 167,030 | ||
Non-aeronautical revenues | 28,508 | 35,631 | 30,275 | ||
Construction services revenues | 58,189 | 110,743 | 231,726 | ||
Depreciation and amortization | 21,569 | 12,857 | 8,711 | ||
Operating income | 34,648 | 27,938 | 39,665 | ||
Assets per segment | 736,196 | 635,811 | 764,159 | ||
Liabilities per segment | 470,919 | 385,551 | 507,738 | ||
Capital investments | 110,743 | 231,726 | 58,189 | ||
Investment in airport concessions | 639,981 | 540,721 | 677,976 | ||
Operating segments | Tampico | |||||
Operating segment data | |||||
Aeronautical revenues | 74,330 | 197,160 | 190,502 | ||
Non-aeronautical revenues | 17,414 | 28,057 | 26,891 | ||
Construction services revenues | 67,530 | 61,823 | 26,169 | ||
Depreciation and amortization | 9,920 | 9,218 | 8,604 | ||
Operating income | 10,157 | 31,808 | 47,618 | ||
Assets per segment | 424,573 | 333,070 | 459,542 | ||
Liabilities per segment | 143,603 | 75,739 | 173,952 | ||
Capital investments | 61,823 | 26,169 | 67,530 | ||
Investment in airport concessions | 326,939 | 273,340 | 385,514 | ||
Operating segments | Torreon | |||||
Operating segment data | |||||
Aeronautical revenues | 94,892 | 201,446 | 184,396 | ||
Non-aeronautical revenues | 17,425 | 23,683 | 22,655 | ||
Construction services revenues | 12,233 | 18,343 | 19,990 | ||
Depreciation and amortization | 10,605 | 9,883 | 9,426 | ||
Operating income | 23,661 | 31,658 | 48,883 | ||
Assets per segment | 394,575 | 352,659 | 427,761 | ||
Liabilities per segment | 129,541 | 111,946 | 145,686 | ||
Capital investments | 18,639 | 19,990 | 12,233 | ||
Investment in airport concessions | 285,823 | 276,164 | 288,688 | ||
Operating segments | Zacatecas | |||||
Operating segment data | |||||
Aeronautical revenues | 71,292 | 141,500 | 105,626 | ||
Non-aeronautical revenues | 10,512 | 13,945 | 11,935 | ||
Construction services revenues | 7,480 | 6,842 | 9,655 | ||
Depreciation and amortization | 8,024 | 7,813 | 7,460 | ||
Operating income | 20,756 | 31,135 | 27,667 | ||
Assets per segment | 276,150 | 261,320 | 278,600 | ||
Liabilities per segment | 113,357 | 86,236 | 104,243 | ||
Capital investments | 6,842 | 9,656 | 7,480 | ||
Investment in airport concessions | 212,224 | 212,093 | 212,775 | ||
Operating segments | Ciudad Juarez | |||||
Operating segment data | |||||
Aeronautical revenues | 199,685 | 380,271 | 310,892 | ||
Non-aeronautical revenues | 37,736 | 55,990 | 45,287 | ||
Construction services revenues | 27,949 | 17,650 | 9,096 | ||
Depreciation and amortization | 12,717 | 11,799 | 11,631 | ||
Operating income | 60,241 | 61,374 | 89,551 | ||
Assets per segment | 602,764 | 496,472 | 685,696 | ||
Liabilities per segment | 211,678 | 153,823 | 251,677 | ||
Capital investments | 31,452 | 9,096 | 32,311 | ||
Investment in airport concessions | 362,169 | 353,807 | 376,574 | ||
Operating segments | Reynosa | |||||
Operating segment data | |||||
Aeronautical revenues | 58,010 | 113,515 | 106,867 | ||
Non-aeronautical revenues | 11,500 | 18,240 | 14,810 | ||
Construction services revenues | 55,366 | 112,031 | 144,830 | ||
Depreciation and amortization | 9,553 | 8,189 | 7,909 | ||
Operating income | 9,171 | 26,375 | 30,104 | ||
Assets per segment | 676,207 | 567,054 | 724,866 | ||
Liabilities per segment | 400,642 | 309,368 | 445,447 | ||
Capital investments | 113,242 | 153,562 | 55,366 | ||
Investment in airport concessions | 549,139 | 443,771 | 596,461 | ||
Operating segments | NH T2 Hotel | |||||
Operating segment data | |||||
Non-aeronautical revenues | 110,299 | 255,393 | 246,065 | ||
Depreciation and amortization | 40,301 | 39,546 | 22,969 | ||
Operating income | (8,609) | 77,325 | 67,250 | ||
Assets per segment | 518,590 | 308,727 | 498,674 | ||
Liabilities per segment | 201,012 | 29,626 | 201,062 | ||
Capital investments | 9,190 | 5,772 | 187 | ||
Operating segments | Hilton Garden Inn | |||||
Operating segment data | |||||
Non-aeronautical revenues | 32,614 | 103,474 | 100,051 | ||
Depreciation and amortization | 11,430 | 11,382 | 10,840 | ||
Operating income | (6,918) | 32,345 | 28,973 | ||
Assets per segment | 301,362 | 248,633 | 297,470 | ||
Liabilities per segment | 34,001 | 7,260 | 31,397 | ||
Capital investments | 82 | 5,208 | 3,628 | ||
Operating segments | VYNMSA | |||||
Operating segment data | |||||
Non-aeronautical revenues | 56,454 | 41,981 | 28,190 | ||
Depreciation and amortization | 23,621 | 19,548 | 14,260 | ||
Operating income | 24,082 | 15,622 | 8,276 | ||
Assets per segment | 390,478 | 344,931 | 494,223 | ||
Liabilities per segment | 185,094 | 139,277 | 277,183 | ||
Capital investments | 46,160 | 97,153 | 107,952 | ||
Operating segments | Other | |||||
Operating segment data | |||||
Non-aeronautical revenues | 2,671,873 | 5,651,607 | 4,433,390 | ||
Depreciation and amortization | 36,688 | 50,368 | 41,068 | ||
Operating income | 1,621,773 | 4,891,268 | 4,135,788 | ||
Assets per segment | 17,432,325 | 15,504,577 | 18,275,746 | ||
Liabilities per segment | 6,554,142 | 6,069,798 | 6,327,815 | ||
Capital investments | 3,194 | 5,616 | 10,945 | ||
Eliminations | |||||
Operating segment data | |||||
Aeronautical revenues | (23,804) | (16,903) | (16,226) | ||
Non-aeronautical revenues | (2,494,434) | (5,400,515) | (4,211,675) | ||
Construction services revenues | (26,470) | (46,522) | (45,822) | ||
Depreciation and amortization | (8,583) | ||||
Operating income | $ (763,696) | (1,181,880) | (1,654,089) | ||
Assets per segment | (15,717,510) | (14,250,976) | (17,071,919) | ||
Liabilities per segment | (3,126,865) | (2,182,156) | (3,722,356) | ||
Capital investments | (46,522) | (45,822) | (28,634) | ||
Investment in airport concessions | $ (102,403) | $ (54,015) | $ (127,006) |
Revenues (Details)
Revenues (Details) $ in Thousands, $ in Thousands | 12 Months Ended | |||||||
Dec. 31, 2020item | Dec. 31, 2020itemlb | Dec. 31, 2020itemkg | Dec. 31, 2020item | Dec. 31, 2020USD ($)item | Dec. 31, 2020MXN ($)item | Dec. 31, 2019MXN ($) | Dec. 31, 2018MXN ($) | |
Revenues | ||||||||
Time period that maximum rates for airport concessions are established | 5 years | |||||||
Number of passengers that a work load unit is equivalent to | item | 1 | 1 | 1 | 1 | 1 | 1 | ||
Weight of cargo that a work load unit is equivalent to | 220 | 100 | ||||||
Aeronautical services: | ||||||||
Domestic TUA | $ 1,857,551 | $ 3,776,401 | $ 3,382,198 | |||||
International TUA | 542,933 | 1,207,989 | 1,061,793 | |||||
Landing charges | 147,387 | 229,919 | 205,787 | |||||
Platform for embarking and disembarking | 90,257 | 150,055 | 136,852 | |||||
Aircraft parking charges on extended stay or overnight | 31,905 | 35,910 | 36,402 | |||||
Domestic and international passenger and carry-on baggage check | 29,688 | 62,970 | 54,570 | |||||
Aerocars and jetways | 19,920 | 48,074 | 47,956 | |||||
Other airport services, leases and regulated access rights | 222,917 | 241,344 | 214,494 | |||||
Total revenues from aeronautical services | $ 147,803 | 2,942,558 | 5,752,662 | 5,140,052 | ||||
Commercial activities | ||||||||
Car parking charges | 126,818 | 279,463 | 244,461 | |||||
Advertising | 59,695 | 76,200 | 68,475 | |||||
Retail operations | 64,486 | 124,554 | 114,418 | |||||
Food and beverage | 87,499 | 144,374 | 120,828 | |||||
Car rental operators | 111,037 | 149,454 | 131,478 | |||||
Time share developers | 12,683 | 16,663 | 14,115 | |||||
Financial services | 7,853 | 10,367 | 9,255 | |||||
Communication and services | 17,800 | 16,006 | 15,551 | |||||
Services to passengers | 3,281 | 4,127 | 2,746 | |||||
VIP lounges | 36,538 | 51,176 | 36,649 | |||||
Other services | 44,300 | 43,542 | 36,607 | |||||
Total revenue from commercial activities | 571,990 | 915,926 | 794,583 | |||||
Diversification activities: | ||||||||
Hotel services | 141,890 | 357,032 | 344,307 | |||||
OMA Carga | 183,382 | 194,936 | 177,396 | |||||
Real estate services | 16,499 | 18,181 | 16,352 | |||||
Industrial services | 51,272 | 39,451 | 26,340 | |||||
Other services | 7,547 | 4,966 | 4,061 | |||||
Total diversification activities | 400,590 | 614,566 | 568,456 | |||||
Complementary activities: | ||||||||
Leasing of space | 85,729 | 83,477 | 74,887 | |||||
Access rights | 15,819 | 19,709 | 18,023 | |||||
Documented baggage inspection | 86,491 | 175,006 | 153,192 | |||||
Other services (CUSS and CUTE) | 10,420 | 10,921 | 16,356 | |||||
Total of complimentary activities | 198,459 | 289,113 | 262,458 | |||||
Total revenue from non-aeronautical services | $ 58,820 | $ 1,171,039 | $ 1,819,605 | $ 1,625,497 | ||||
Percentage of revenues generated by the Monterrery, Acapulco, Mazatlan, Culiacan, Chihuahua, Ciudad Juarez and Zihuatanejo airports | 77.00% | 77.00% | 77.00% |
Cost of services (Details)
Cost of services (Details) - MXN ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Cost of services | |||
Wages and salaries | $ 227,076 | $ 242,237 | $ 231,753 |
Maintenance | 124,563 | 177,191 | 152,583 |
Security and insurance | 134,774 | 161,351 | 170,549 |
Utilities (electric, cleaning and water) | 122,961 | 177,250 | 210,158 |
Building lease | 2,543 | 15,683 | 44,359 |
Allowance for doubtful accounts | 17,738 | (241) | (5,960) |
Cost of hotel service | 30,650 | 85,706 | 65,853 |
Employee statutory profit sharing | 1,917 | 236 | 1,099 |
Equipment lease, fees and others | 103,736 | 94,794 | 107,502 |
Cost of services | $ 765,958 | $ 954,207 | $ 977,896 |
Subsequent event (Details)
Subsequent event (Details) $ in Thousands, $ in Thousands | Apr. 21, 2021MXN ($) | Apr. 16, 2021MXN ($) | Apr. 19, 2021MXN ($) | Dec. 31, 2020USD ($) | Dec. 31, 2020MXN ($) | Dec. 31, 2019USD ($) | Dec. 31, 2019MXN ($) | Dec. 31, 2018USD ($) | Dec. 31, 2018MXN ($) |
Subsequent event | |||||||||
Principal amount | $ 42,592 | $ 40,790 | $ 49,563 | ||||||
Long-term debt | $ 4,510,388 | $ 4,543,609 | $ 4,584,594 | ||||||
Debt Maturing on April 10, 2026 and April 7, 2028 | |||||||||
Subsequent event | |||||||||
Principal amount | $ 3,500,000 | ||||||||
Debt Maturing on April 10, 2026 | |||||||||
Subsequent event | |||||||||
Principal amount | $ 1,000,000 | ||||||||
Term of loan | 5 years | ||||||||
Interest rate basis | 28-day TIIE | ||||||||
Spread on interest rate basis | 0.75% | ||||||||
Debt Maturing on April 7, 2028 | |||||||||
Subsequent event | |||||||||
Principal amount | $ 2,500,000 | ||||||||
Interest rate (as a percent) | 7.83% | ||||||||
Term of loan | 7 years | ||||||||
Debt Maturing on June 2021 | |||||||||
Subsequent event | |||||||||
Long-term debt | $ 3,000,000 | ||||||||
Declaration of Dividend | |||||||||
Subsequent event | |||||||||
Cash dividend approved | $ 2,000 |