Company: CTTRF
Filing Date: 2025-04-30
Form Type: 20-F
Source: 0001292814-25-001765
Chunk: 303

Company: Controladora Vuela Compania de Aviacion, S.A.B. de C.V.
Filing Date: 2025-04-30
Form: 20-F
Item: Item 19
Chunk 303
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 the Trust was constituted.  

  (5)      With effect from July 21, 2022, the Trust was constituted.  

  (6)      With effect from March 15, 2024, the Trust was constituted.  

  (7)      With effect from April 16, 2024, the Trust was constituted.  

Consolidation by control

  Name                                            Principal Activities                   Country  
  North Star Financing Limited (1) (2) (SPV)      Private company limited by shares      Ireland  
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  (1)      With effect from December 19, 2024, the private company limited by shares was constituted.  

  (2)      As of December 31, 2024, the Company does not hold an ownership interest in North Star Financing Limited. However, management has determined  

The financial statements of the subsidiaries are prepared
for the same reporting period as the parent Company, using consistent accounting policies.

Control is achieved when the Company is exposed, or has rights,
to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee.
Specifically, the Company controls an investee if, and only if, the Company has:

  (i)      Power over the investee (i.e., existing rights that give                    

  (ii)      Exposure, or rights, to variable returns from its involvement with the investee.  

  (iii)      The ability to use its power over the investee to affect its returns.  

When the Company has less than a majority of the voting or
similar rights of an investee, the Company considers all relevant facts and circumstances in assessing whether it has power over an investee,
including:

  (i)      The contractual arrangement with the other vote holders of the investee.  

  (ii)      Rights arising from other contractual arrangements.  

  (iii)      The Company’s voting rights and potential voting rights.  

The Company reassesses whether it controls an investee if
facts and circumstances indicate that there are changes to one or more of the three elements of control. Consolidation of a subsidiary
begins when the Company obtains control over the subsidiary and ceases when the Company loses control of the subsidiary. Assets, liabilities,
income and expenses of a subsidiary acquired or disposed of during the year are included in the consolidated financial statements from
the date the Company gains control