Company: CTTRF
Filing Date: 2025-04-30
Form Type: 20-F
Source: 0001292814-25-001765
Chunk: 301

Company: Controladora Vuela Compania de Aviacion, S.A.B. de C.V.
Filing Date: 2025-04-30
Form: 20-F
Item: Item 19
Chunk 301
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 shares of the Company concluded the conversion of all Series B Shares into57,513,873Series A Shares represented by Ordinary
Participation Certificates (Certificados de Participación Ordinarios) in the form of the corresponding American Depositary
Shares.

The accompanying consolidated financial statements and notes were approved by the
Company's Board of Directors on April 23, 2025, and by the Annual General Ordinary Shareholder´s Meeting of the Company on April
28, 2025. These consolidated financial statements were also approved for issuance in the Company's annual report on Form 20-F by the Company's
Chief Executive Officer, Enrique J. Beltranena Mejicano, and Chief Financial Officer, Jaime E. Pous Fernández, on April 29, 2025,
and subsequent events were considered through that date.

a) Basis of preparation

Statement of compliance

These consolidated financial statements, which comprise the
financial statements of the Company as of December 31, 2024 and 2023 and for the years ended December 31, 2024, 2023 and 2022, were prepared
in accordance with IFRS Accounting Standards (“ IFRS” International Financial Reporting Standards) as issued by the International
Accounting Standards Board(“ IASB”).

The presentation currency of the Company’s consolidated
financial statements is the U. S. dollar. All values in the consolidated financial statements are rounded to the nearest thousand (US$000),
except when otherwise indicated.

The Company has consistently applied its accounting policies
to all periods presented in these consolidated financial statements and provide comparative information in respect of the previous period.

Basis of measurement and presentation

The accompanying consolidated financial statements have been
prepared under the historical-cost convention, except for derivative financial instruments that are measured at fair value.

The preparation of the consolidated financial statements in
accordance with IFRS requires management to make estimates and assumptions that affect the amounts reported in the accompanying consolidated
financial statements and notes. Actual results could differ from those estimates.

Presentation currency and definition of terms

The consolidated financial statements and the accompanying
notes are presented in U. S. dollars, except when specific reference is made to a different currency. When reference is made to U. S. dollars
or “$,” it means dollars of the United States. All amounts in the consolidated financial statements and the accompanying notes
are stated in thousands, except when references are made to earnings or loss per share and/or prices per share. When reference is