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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Volaris Aviation Holding | NYSE:VLRS | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 8.38 | 0 | 01:00:00 |
MEXICO CITY, Feb. 25, 2020 /PRNewswire/ -- Volaris* (NYSE: VLRS and BMV: VOLAR), the ultra-low-cost airline serving Mexico, the United States and Central America, today announces its financial results for the fourth quarter 2019.
The following financial information, unless otherwise indicated, is presented in accordance with the International Financial Reporting Standards (IFRS).
Fourth Quarter 2019 Highlights
Stable Macroeconomics and Domestic Consumer Demand, with Peso Appreciation and Fuel Price Reduction
Passenger Traffic Stimulation, Further Ancillary Revenue Expansion, and Positive TRASM Growth
Total Unit Cost Reduction, with Peso Appreciation and Fuel Price Reduction
Young and Fuel-Efficient Consumption Fleet
Solid Balance Sheet and Good Liquidity
Transition to IFRS 16
Consolidated Statements of Financial Position | ||||||
As of January 1st, | As of | As of | ||||
Assets | ||||||
Property, plant and equipment | Ps. | 23,713,036 | Ps. | 25,084,329 | Ps. | 31,994,579 |
Deferred income tax | 2,999,021 | 2,603,243 | 2,718,850 | |||
Prepaid expenses | ( 266,959) | - | - | |||
Liabilities | ||||||
Lease liabilities | Ps. | 32,711,793 | Ps. | 32,523,704 | Ps. | 39,565,146 |
Other liabilities | 929,431 | 1,159,594 | 1,400,371 | |||
Deferred income tax | 20,564 | 23,548 | 27,568 | |||
Equity | ||||||
Retained Earnings | Ps. | 7,216,690 | Ps. | 6,019,274 | Ps. | 6,279,656 |
Consolidated Statements of Operations | ||||
For the year ended | For the year ended | |||
Depreciation expense | Ps. | 3,526,128 | Ps. | 4,128,328 |
Operating lease expense | (4,807,379) | (5,543,655) | ||
Operating income | (1,281,251) | (1,415,327) | ||
Financial costs | 1,428,924 | 1,755,978 | ||
Foreign exchange (gain) loss | (1,476,890) | 31,315 | ||
Income tax expense (benefit) | 392,795 | (111,587) | ||
Net (income) loss | Ps. | (936,422) | Ps. | 260,379 |
Investors are urged to carefully read the Company's periodic reports filed with or furnished to the Securities and Exchange Commission, for additional information regarding the Company.
Conference Call/Webcast Details: | |
Presenters for the Company: | Mr. Enrique Beltranena, President & CEO |
Mr. Holger Blankenstein, Airline EVP | |
Ms. Sonia Jerez Burdeus, VP & CFO | |
Date: | Wednesday, February 26, 2020 |
Time: | 10:00 am U.S. EDT (9:00 am Mexico City Time) |
United States dial in (toll free): | 1-877-830-2576 |
Mexico dial in (toll free): | 001-800-514-6145 |
Brazil dial in (toll free): | 0-800-891-6744 |
International dial in: | + 1-785-424-1726 |
Participant passcode: | VOLARIS |
Webcast will be available at: | https://services.choruscall.com/links/vlrs2002248AUE8lsj.html |
About Volaris:
*Controladora Vuela Compañía de Aviación, S.A.B. de C.V. ("Volaris" or the "Company") (NYSE: VLRS and BMV: VOLAR), is an ultra-low-cost carrier, with point-to-point operations, serving Mexico, the United States and Central America. Volaris offers low base fares to build its market, providing quality service and extensive customer choice. Since the beginning of operations in March 2006, Volaris has increased its routes from five to more than 187 and its fleet from four to 82 aircraft. Volaris offers more than 400 daily flight segments on routes that connect 40 cities in Mexico and 25 cities in the United States and Central America with the youngest fleet in Mexico. Volaris targets passengers who are visiting friends and relatives, cost-conscious business and leisure travelers in Mexico, the United States and Central America. Volaris has received the ESR Award for Social Corporate Responsibility for ten consecutive years. For more information, please visit: www.volaris.com.
Forward-looking Statements:
Statements in this release contain various forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which represent the Company's expectations, beliefs or projections concerning future events and financial trends affecting the financial condition of our business. When used in this release, the words "expects," "intends," "estimates," "predicts," "plans," "anticipates," "indicates," "believes," "forecast," "guidance," "potential," "outlook," "may," "continue," "will," "should," "seeks," "targets" and similar expressions are intended to identify forward-looking statements. Similarly, statements that describe the Company's objectives, plans or goals, or actions the Company may take in the future, are forward-looking statements. Forward-looking statements include, without limitation, statements regarding the Company's intentions and expectations regarding the delivery schedule of aircraft on order, announced new service routes and customer savings programs. Forward-looking statements should not be read as a guarantee or assurance of future performance or results and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved. Forward-looking statements are based on information available at the time those statements are made and/or management's good faith belief as of that time with respect to future events and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements. Forward-looking statements are subject to a number of factors that could cause the Company's actual results to differ materially from the Company's expectations, including the competitive environment in the airline industry; the Company's ability to keep costs low; changes in fuel costs; the impact of worldwide economic conditions on customer travel behavior; the Company's ability to generate non-ticket revenues; and government regulation. Additional information concerning these, and other factors is contained in the Company's Securities and Exchange Commission filings. All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the cautionary statements set forth above. Forward-looking statements speak only as of the date of this release. You should not put undue reliance on any forward-looking statements. We assume no obligation to update forward-looking statements to reflect actual results, changes in assumptions or changes in other factors affecting forward-looking information, except to the extent required by applicable law. If we update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements.
Investor Relations Contact:
Maria Elena Rodríguez & Andrea González / Investor Relations / ir@volaris.com / +52 55 5261 6444
Media Contact:
Gabriela Fernández / volaris@gcya.net / +52 55 5246 0100
Controladora Vuela Compañía de Aviación, S.A.B. de C.V. and Subsidiaries | ||||
Financial and Operating Indicators | ||||
Unaudited (In Mexican pesos, except otherwise indicated) | Three months (US Dollars)* | Three months | Three months | Variance (%) |
Total operating revenues (millions) | 516 | 9,729 | 7,909 | 23.0% |
Total operating expenses (millions) | 412 | 7,762 | 7,133 | 8.8% |
EBIT (millions) | 104 | 1,967 | 776 | >100% |
EBIT margin | 20.2% | 20.2% | 9.8% | 10.4 pp |
Depreciation and amortization | 76 | 1,439 | 1,257 | 14.5% |
Aircraft and engine rent expense | 8 | 142 | 100 | 42.4% |
Net income (loss) (millions) | 68 | 1,287 | (610) | NA |
Net income (loss) margin | 13.2% | 13.2% | (7.7%) | 20.9 pp |
Income (loss) per share: | ||||
Basic (pesos) | 0.07 | 1.27 | (0.60) | NA |
Diluted (pesos) | 0.07 | 1.27 | (0.60) | NA |
Income (loss) per ADS: | ||||
Basic (pesos) | 0.68 | 12.72 | (6.02) | NA |
Diluted (pesos) | 0.68 | 12.72 | (6.02) | NA |
Weighted average shares outstanding: | ||||
Basic | - | 1,011,876,677 | 1,011,876,677 | 0.0% |
Diluted | - | 1,011,876,677 | 1,011,876,677 | 0.0% |
Available seat miles (ASMs) (millions) (1) | - | 6,300 | 5,472 | 15.1% |
Domestic | - | 4,343 | 3,832 | 13.3% |
International | - | 1,957 | 1,640 | 19.4% |
Revenue passenger miles (RPMs) (millions) (1) | - | 5,521 | 4,731 | 16.7% |
Domestic | - | 3,888 | 3,429 | 13.4% |
International | - | 1,633 | 1,303 | 25.4% |
Load factor (2) | - | 87.6% | 86.5% | 1.1 pp |
Domestic | - | 89.5% | 89.5% | 0.0 pp |
International | - | 83.5% | 79.4% | 4.1 pp |
Total operating revenue per ASM (TRASM) (cents) (1) (5) | 8.2 | 155.0 | 144.5 | 7.2% |
Total ancillary revenue per passenger (4) (5) | 29.5 | 557 | 512 | 8.8% |
Total operating revenue per passenger (5) | 90.3 | 1,701 | 1,594 | 6.8% |
Operating expenses per ASM (CASM) (cents) (1) (5) | 6.55 | 123.5 | 130.3 | (5.3%) |
Operating expenses per ASM (CASM) (US cents) (3) (5) | - | 6.40 | 6.57 | (2.6%) |
CASM ex fuel (cents) (1) (5) | 4.03 | 76.0 | 77.6 | (2.1%) |
CASM ex fuel (US cents) (3) (5) | - | 3.94 | 3.92 | 0.7% |
Booked passengers (thousands) (1) | - | 5,738 | 4,963 | 15.6% |
Departures (1) | - | 35,261 | 30,844 | 14.3% |
Block hours (1) | - | 89,714 | 84,569 | 6.1% |
Fuel gallons consumed (millions) | - | 65.2 | 58.7 | 11.1% |
Average economic fuel cost per gallon (5) | 2.4 | 45.8 | 49.1 | (6.8%) |
Aircraft at end of period | - | 82 | 77 | 6.5% |
Average aircraft utilization (block hours) | - | 12.8 | 13.1 | (2.6%) |
Average exchange rate | - | 19.28 | 19.83 | (2.8%) |
End of period exchange rate | - | 18.85 | 19.68 | (4.3%) |
*Peso amounts were converted to U.S. dollars at end of period exchange rate for convenience purposes only | ||||
(1) Includes schedule and charter | (3) Dollar amounts were converted at average exchange rate of each period | |||
(2) Includes schedule | (4) Includes "Other passenger revenues" and "Non-passenger revenues" | |||
(5) Excludes non-derivatives financial instruments |
Controladora Vuela Compañía de Aviación, S.A.B. de C.V. and Subsidiaries | ||||
Financial and Operating Indicators | ||||
Unaudited (In Mexican pesos, except otherwise indicated) | Twelve months (US Dollars)* | Twelve months | Twelve months December 31, | Variance |
Total operating revenues (millions) | 1,844 | 34,753 | 27,305 | 27.3% |
Total operating expenses (millions) | 1,613 | 30,397 | 26,770 | 13.5% |
EBIT (millions) | 231 | 4,355 | 535 | >100% |
EBIT margin | 12.5% | 12.5% | 2.0% | 10.5 pp |
Depreciation and amortization | 288 | 5,429 | 4,629 | 17.3% |
Aircraft and engine rent expense | 48 | 911 | 871 | 4.5% |
Net income (loss) (millions) | 140 | 2,639 | (943) | NA |
Net income (loss) margin | 7.6% | 7.6% | (3.5%) | 11.1 pp |
Income (loss) per share: | ||||
Basic (pesos) | 0.14 | 2.61 | (0.93) | NA |
Diluted (pesos) | 0.14 | 2.61 | (0.93) | NA |
Income (loss) per ADS: | ||||
Basic (pesos) | 1.38 | 26.08 | (9.32) | NA |
Diluted (pesos) | 1.38 | 26.08 | (9.32) | NA |
Weighted average shares outstanding: | ||||
Basic | - | 1,011,876,677 | 1,011,876,677 | 0.0% |
Diluted | - | 1,011,876,677 | 1,011,876,677 | 0.0% |
Available seat miles (ASMs) (millions) (1) | - | 24,499 | 21,010 | 16.6% |
Domestic | - | 16,891 | 14,519 | 16.3% |
International | - | 7,607 | 6,490 | 17.2% |
Revenue passenger miles (RPMs) (millions) (1) | - | 21,032 | 17,748 | 18.5% |
Domestic | - | 14,871 | 12,655 | 17.5% |
International | - | 6,162 | 5,093 | 21.0% |
Load factor (2) | - | 85.9% | 84.5% | 1.4 pp |
Domestic | - | 88.0% | 87.2% | 0.8 pp |
International | - | 81.0% | 78.5% | 2.5 pp |
Total operating revenue per ASM (TRASM) (cents) (1) (5) | 7.5 | 142.2 | 130.0 | 9.4% |
Total ancillary revenue per passenger (4) (5) | 28.2 | 532 | 479 | 11.0% |
Total operating revenue per passenger (5) | 84.1 | 1,585 | 1,484 | 6.8% |
Operating expenses per ASM (CASM) (cents) (1) (5) | 6.60 | 124.3 | 127.4 | (2.4%) |
Operating expenses per ASM (CASM) (US cents) (3) (5) | - | 6.45 | 6.62 | (2.6%) |
CASM ex fuel (cents) (1) (5) | 4.07 | 76.6 | 79.2 | (3.2%) |
CASM ex fuel (US cents) (3) (5) | - | 3.98 | 4.12 | (3.4%) |
Booked passengers (thousands) (1) | - | 21,975 | 18,396 | 19.5% |
Departures (1) | - | 138,084 | 117,920 | 17.1% |
Block hours (1) | - | 350,572 | 322,054 | 8.9% |
Fuel gallons consumed (millions) | - | 251.8 | 227.4 | 10.7% |
Average economic fuel cost per gallon (5) | 2.5 | 46.4 | 44.6 | 4.1% |
Aircraft at end of period | - | 82 | 77 | 6.5% |
Average aircraft utilization (block hours) | - | 12.9 | 13.2 | (2.0%) |
Average exchange rate | - | 19.26 | 19.24 | 0.1% |
End of period exchange rate | - | 18.85 | 19.68 | (4.3%) |
*Peso amounts were converted to U.S. dollars at end of period exchange rate for convenience purposes only | ||||
(1) Includes schedule and charter | (3) Dollar amounts were converted at average exchange rate of each period | |||
(2) Includes schedule | (4) Includes "Other passenger revenues" and "Non-passenger revenues" | |||
(5) Excludes non-derivatives financial instruments |
Controladora Vuela Compañía de Aviación, S.A.B. de C.V. and Subsidiaries | ||||
Consolidated Statement of Operations | ||||
Unaudited | Three months | Three months ended December 31, 2019 | Three months ended December 31, | Variance |
Operating revenues: | ||||
Passenger revenues | 500 | 9,414 | 7,643 | 23.2% |
Fare revenues | 349 | 6,568 | 5,370 | 22.3% |
Other passenger revenues (1) | 151 | 2,846 | 2,273 | 25.2% |
Non-passenger revenues | 19 | 349 | 265 | 31.5% |
Other non-passenger revenues (1) | 15 | 285 | 194 | 46.7% |
Cargo | 3 | 64 | 71 | (10.2%) |
Non-derivatives financial instruments | (2) | (33) | - | NA |
Total operating revenues | 516 | 9,729 | 7,909 | 23.0% |
Other operating income | (3) | (63) | (147) | (57.1%) |
Total fuel expense, net (2) | 158 | 2,972 | 2,885 | 3.0% |
Depreciation and amortization | 76 | 1,439 | 1,257 | 14.5% |
Landing, take-off and navigation expenses | 73 | 1,384 | 1,156 | 19.8% |
Salaries and benefits | 51 | 953 | 795 | 19.8% |
Maintenance expenses | 19 | 360 | 387 | (6.9%) |
Sales, marketing and distribution expenses | 22 | 409 | 422 | (3.1%) |
Aircraft and engine rent expense | 8 | 142 | 100 | 42.4% |
Other operating expenses | 9 | 165 | 278 | (40.7%) |
Operating expenses | 412 | 7,762 | 7,133 | 8.8% |
Operating income | 104 | 1,967 | 776 | >100% |
Finance income | 3 | 55 | 44 | 24.1% |
Finance cost | (36) | (675) | (496) | 36.2% |
Exchange gain (loss), net | 24 | 456 | (1,137) | NA |
Comprehensive financing result | (9) | (164) | (1,588) | (89.6%) |
Income (loss) before income tax | 96 | 1,803 | (812) | NA |
Income tax (expense) benefit | (27) | (516) | 203 | NA |
Net income (loss) | 68 | 1,287 | (610) | NA |
* Peso amounts were converted to U.S. dollars at end of period exchange rate for convenience purposes only (1) 4Q 2018 figures include a reclassification from "Other non-passenger revenues" to "Other passenger revenues" of Ps.54 million, as result of the (2) 4Q 2019 figures include a benefit from non-derivatives financial instruments by an amount of Ps.17 million |
Controladora Vuela Compañía de Aviación, S.A.B. de C.V. and Subsidiaries | ||||
Consolidated Statement of Operations | ||||
Unaudited (In millions of Mexican pesos) | Twelve months (US Dollars) * | Twelve months ended December 31, | Twelve months | Variance (%) |
Operating revenues: | ||||
Passenger revenues | 1,788 | 33,699 | 26,380 | 27.7% |
Fare revenues | 1,227 | 23,130 | 18,488 | 25.1% |
Other passenger revenues (1) | 561 | 10,569 | 7,892 | 33.9% |
Non-passenger revenues | 60 | 1,126 | 925 | 21.8% |
Other non-passenger revenues (1) | 48 | 898 | 697 | 28.7% |
Cargo | 12 | 229 | 227 | 0.6% |
Non-derivatives financial instruments | (4) | (73) | - | NA |
Total operating revenues | 1,844 | 34,753 | 27,305 | 27.3% |
Other operating income | (17) | (327) | (622) | (47.4%) |
Total fuel expense, net (2) | 617 | 11,626 | 10,135 | 14.7% |
Depreciation and amortization | 288 | 5,429 | 4,629 | 17.3% |
Landing, take-off and navigation expenses | 271 | 5,108 | 4,573 | 11.7% |
Salaries and benefits | 191 | 3,601 | 3,125 | 15.2% |
Maintenance expenses | 79 | 1,488 | 1,498 | (0.6%) |
Sales, marketing and distribution expenses | 77 | 1,448 | 1,501 | (3.6%) |
Aircraft and engine rent expense | 48 | 911 | 871 | 4.5% |
Other operating expenses | 59 | 1,113 | 1,059 | 5.1% |
Operating expenses | 1,613 | 30,397 | 26,770 | 13.5% |
Operating income | 231 | 4,355 | 535 | >100% |
Finance income | 11 | 208 | 153 | 36.2% |
Finance cost | (120) | (2,270) | (1,876) | 21.0% |
Exchange gain (loss), net | 76 | 1,441 | (104) | NA |
Comprehensive financing result | (33) | (622) | (1,827) | (66.0%) |
Income (loss) before income tax | 198 | 3,734 | (1,293) | NA |
Income tax (expense) benefit | (58) | (1,095) | 350 | NA |
Net income (loss) | 140 | 2,639 | (943) | NA |
* Peso amounts were converted to U.S. dollars at end of period exchange rate for convenience purposes only (1) December YTD 2018 figures include a reclassification from "Other non-passenger revenues" to "Other passenger revenues" of Ps.271 million, (2) December YTD 2019 figures include a benefit from non-derivatives financial instruments by an amount of Ps.57 million |
Controladora Vuela Compañía de Aviación, S.A.B. de C.V. and Subsidiaries | ||||
Reconciliation of total ancillary revenue per passenger | ||||
The following table shows quarterly additional detail about the components of total ancillary revenue: | ||||
Unaudited
(In millions of Mexican pesos) | Three months (US Dollars)* | Three months | Three months | Variance (%) |
Other passenger revenues (1) | 151 | 2,846 | 2,273 | 25.2% |
Non-passenger revenues (1) | 19 | 349 | 265 | 31.5% |
Total ancillary revenues | 170 | 3,195 | 2,539 | 25.8% |
Booked passengers (thousands) | - | 5,738 | 4,963 | 15.6% |
Total ancillary revenue per passenger | 29.5 | 557 | 512 | 8.8% |
* Peso amounts were converted to U.S. dollars at end of period exchange rate for convenience purposes only | ||||
(1) 4Q 2018 figures include a reclassification from "Other non-passenger revenues" to "Other passenger revenues" of Ps.54 million, as result of the | ||||
The following table shows the December YTD additional detail about the components of total ancillary revenue: | ||||
Unaudited
(In millions of Mexican pesos) | Twelve months (US Dollars)* | Twelve months | Twelve months | Variance (%) |
Other passenger revenues (1) | 561 | 10,569 | 7,892 | 33.9% |
Non-passenger revenues (1) | 60 | 1,126 | 925 | 21.8% |
Total ancillary revenues | 621 | 11,696 | 8,817 | 32.6% |
Booked passengers (thousands) | - | 21,975 | 18,396 | 19.5% |
Total ancillary revenue per passenger | 28.2 | 532 | 479 | 11.0% |
* Peso amounts were converted to U.S. dollars at end of period exchange rate for convenience purposes only | ||||
(1) December YTD 2018 figures include a reclassification from "Other non-passenger revenues" to "Other passenger revenues" of Ps.271 million, as |
Controladora Vuela Compañía de Aviación, S.A.B. de C.V. and Subsidiaries | |||
Consolidated Statement of Financial Position | |||
(In millions of Mexican pesos) | December 31, 2019 (US Dollars)* | December 31, 2019 | December 31, 2018 |
Assets | |||
Cash and cash equivalents | 423 | 7,980 | 5,863 |
Accounts receivable | 123 | 2,320 | 1,467 |
Inventories | 16 | 302 | 297 |
Prepaid expenses and other current assets | 41 | 781 | 443 |
Financial instruments | 7 | 134 | 62 |
Guarantee deposits | 32 | 600 | 791 |
Total current assets | 643 | 12,117 | 8,923 |
Rotable spare parts, furniture and equipment, net | 392 | 7,385 | 5,782 |
Right of use assets | 1,814 | 34,190 | 31,995 |
Intangible assets, net | 9 | 167 | 179 |
Financial instruments | - | 3 | - |
Deferred income taxes | 78 | 1,462 | 3,312 |
Guarantee deposits | 406 | 7,644 | 6,337 |
Other assets | 9 | 166 | 155 |
Other accounts receivable | 7 | 141 | 74 |
Total non-current assets | 2,715 | 51,160 | 47,834 |
Total assets | 3,358 | 63,277 | 56,757 |
Liabilities | |||
Unearned transportation revenue | 195 | 3,680 | 2,439 |
Accounts payable | 88 | 1,656 | 1,103 |
Accrued liabilities | 136 | 2,557 | 2,318 |
Lease liabilities | 250 | 4,721 | 4,976 |
Other taxes and fees payable | 112 | 2,102 | 1,932 |
Income taxes payable | 7 | 141 | 4 |
Financial instruments | - | - | 123 |
Financial debt | 111 | 2,086 | 1,212 |
Other liabilities | 22 | 407 | 26 |
Deferred income taxes | - | - | 28 |
Total short-term liabilities | 921 | 17,349 | 14,161 |
Financial debt | 153 | 2,890 | 2,311 |
Accrued liabilities | 7 | 128 | 137 |
Lease liabilities | 1,900 | 35,797 | 34,589 |
Other liabilities | 78 | 1,470 | 1,820 |
Employee benefits | 2 | 38 | 18 |
Deferred income taxes | 8 | 156 | 1,095 |
Total long-term liabilities | 2,148 | 40,478 | 39,971 |
Total liabilities | 3,069 | 57,827 | 54,132 |
Equity | |||
Capital stock | 158 | 2,974 | 2,974 |
Treasury shares | (9) | (167) | (123) |
Contributions for future capital increases | - | - | - |
Legal reserve | 15 | 291 | 291 |
Additional paid-in capital | 100 | 1,877 | 1,837 |
Retained earnings (losses) | 19 | 358 | (2,281) |
Accumulated other comprehensive income (losses) (1) | 6 | 116 | (73) |
Total equity | 289 | 5,450 | 2,625 |
Total liabilities and equity | 3,358 | 63,277 | 56,757 |
Total shares outstanding fully diluted | 1,011,876,677 | 1,011,876,677 | |
* Peso amounts were converted to U.S. dollars at end of period exchange rate for convenience purposes only | |||
(1) As of December 31, 2019, the figures include a negative foreign exchange effect of Ps.14 million related to non-derivatives financial instruments |
Controladora Vuela Compañía de Aviación, S.A.B. de C.V. and Subsidiaries | |||
Consolidated Statement of Cash Flows – Cash Flow Data Summary | |||
Unaudited (In millions of Mexican pesos) | Three months ended December (US Dollars)* | Three months ended December | Three months |
Net cash flow generated by operating activities | 118 | 2,228 | 1,693 |
Net cash flow used in investing activities | (44) | (823) | (748) |
Net cash flow used in financing activities** | (51) | (960) | (1,440) |
Increase (decrease) in cash and cash equivalents | 24 | 445 | (495) |
Net foreign exchange differences | (15) | (275) | 277 |
Cash and cash equivalents at beginning of period | 414 | 7,810 | 6,082 |
Cash and cash equivalents at end of period | 423 | 7,980 | 5,863 |
* Peso amounts were converted to U.S. dollars at end of period exchange rate for convenience purposes only | |||
**Includes aircraft rental payments of Ps.1,713 million and Ps.1,591 million for the three months ended period December 31, 2019 and 2018, |
Controladora Vuela Compañía de Aviación, S.A.B. de C.V. and Subsidiaries | ||||
Consolidated Statement of Cash Flows – Cash Flow Data Summary | ||||
Unaudited (In millions of Mexican pesos) | Twelve months ended December 31, (US Dollars)* | Twelve months | Twelve months | |
Net cash flow generated by operating activities | 502 | 9,469 | 6,277 | |
Net cash flow used in investing activities | (100) | (1,879) | (1,389) | |
Net cash flow used in financing activities** | (276) | (5,199) | (1) (5,946) | |
Increase (decrease) in cash and cash equivalents | 127 | 2,391 | (1,059) | |
Net foreign exchange differences | (15) | (274) | (29) | |
Cash and cash equivalents at beginning of period | 311 | 5,863 | 6,951 | |
Cash and cash equivalents at end of period | 423 | 7,980 | 5,863 | |
* Peso amounts were converted to U.S. dollars at end of period exchange rate for convenience purposes only | ||||
**Includes aircraft rental payments of Ps.6,500 million and Ps.5,711 million for the twelve months ended period December 31, 2019 and 2018, respectively | ||||
(1) Includes inflows of Ps.1,500 million related to the issuance of 15,000,000 asset backed trust notes (certificados bursátiles fiduciarios) |
Controladora Vuela Compañía de Aviación, S.A.B. de C.V. and Subsidiaries | |||||
The following table shows unaudited adjusted balances after the adoption of IFRS 16 "Leases", on the quarterly statements of operations for each quarter of 2018. These recast amounts were derived from unaudited financial statements included in the quarterly reports on Form 6-K during the year ended December 31, 2018. | |||||
Unaudited adjusted figures* | |||||
Three months | Three months June 30, 2018 | Three months | Three months | Full Year 2018 | |
(In millions of Mexican pesos) | |||||
Operating revenues: | |||||
Passenger revenues | 5,610 | 5,989 | 7,138 | 7,643 | 26,380 |
Fare revenues | 3,886 | 4,136 | 5,096 | 5,370 | 18,488 |
Other passenger revenues (1) | 1,724 | 1,853 | 2,042 | 2,273 | 7,892 |
Non-passenger revenues | 240 | 240 | 179 | 265 | 925 |
Other non-passenger revenues (1) | 192 | 187 | 124 | 194 | 697 |
Cargo | 48 | 53 | 55 | 71 | 227 |
Total operating revenues | 5,850 | 6,229 | 7,317 | 7,909 | 27,305 |
Other operating income | (1) | (231) | (243) | (147) | (622) |
Fuel | 2,175 | 2,445 | 2,630 | 2,885 | 10,135 |
Landing, take-off and navigation expenses | 1,122 | 1,148 | 1,147 | 1,156 | 4,573 |
Depreciation and amortization | 1,073 | 1,136 | 1,163 | 1,257 | 4,629 |
Salaries and benefits | 746 | 750 | 834 | 795 | 3,125 |
Sales, marketing and distribution expenses | 357 | 382 | 340 | 422 | 1,501 |
Maintenance expenses | 346 | 376 | 389 | 387 | 1,498 |
Aircraft and engine rent expense | 362 | 150 | 259 | 100 | 871 |
Other operating expenses | 258 | 283 | 240 | 278 | 1,059 |
Operating expenses | 6,439 | 6,439 | 6,759 | 7,133 | 26,770 |
Operating (loss) income | (589) | (210) | 558 | 776 | 535 |
Operating margin | (10.1%) | (3.4%) | 7.6% | 9.8% | 2.0% |
Finance income | 34 | 38 | 37 | 44 | 153 |
Finance cost | (413) | (461) | (506) | (496) | (1,876) |
Exchange gain (loss), net | 1,563 | (1,926) | 1,396 | (1,137) | (104) |
Comprehensive financing result | 1,184 | (2,350) | 927 | (1,588) | (1,827) |
Income (loss) before income tax | 595 | (2,560) | 1,484 | (812) | (1,293) |
Income tax (expense) benefit | (177) | 747 | (423) | 203 | 350 |
Net income (loss) | 417 | (1,811) | 1,061 | (610) | (943) |
Earnings (loss) per share: | |||||
Basic (pesos) | 0.41 | (1.79) | 1.05 | (0.60) | (0.93) |
Diluted (pesos) | 0.41 | (1.79) | 1.05 | (0.60) | (0.93) |
Earnings (loss) per ADS: | |||||
Basic (pesos) | 4.12 | (17.90) | 10.49 | (6.02) | (9.32) |
Diluted (pesos) | 4.12 | (17.90) | 10.49 | (6.02) | (9.32) |
(1) The annual figures of 2018 include a reclassification from "Other non-passenger revenues" to "Other passenger revenues" of Ps.271 million, as result of the | |||||
*Small revisions to the previously estimated amounts reported for the prior year and quarters have been made upon completion of our implementation of IFRS |
Controladora Vuela Compañía de Aviación, S.A.B. de C.V. and Subsidiaries | ||||||
The following table shows quarterly unaudited adjustments made due to the adoption of IFRS 16 "Leases", on the statements of operations for 2018. | ||||||
Unaudited adjusted figures* (In millions of Mexican pesos) | Full Year 2018 | Three months | Three months | Three months | Three months | Full Year 2018 |
Operating revenues: | ||||||
Passenger revenues | 26,380 | - | - | - | - | 26,380 |
Fare revenues | 18,488 | - | - | - | - | 18,488 |
Other passenger revenues (1) | 7,892 | - | - | - | - | 7,892 |
Non-passenger revenues | 925 | - | - | - | - | 925 |
Cargo | 227 | - | - | - | - | 227 |
Other non-passenger revenues (1) | 697 | - | - | - | - | 697 |
Total operating revenues | 27,305 | - | - | - | - | 27,305 |
Other operating income | (622) | - | - | - | - | (622) |
Fuel | 10,135 | - | - | - | - | 10,135 |
Aircraft and engine rent expense | 6,315 | (1,234) | (1,355) | (1,333) | (1,522) | 871 |
Landing, take-off and navigation expenses | 4,583 | (2) | (2) | (3) | (3) | 4,573 |
Salaries and benefits | 3,125 | - | - | - | - | 3,125 |
Maintenance expenses | 1,518 | (5) | (5) | (5) | (5) | 1,498 |
Sales, marketing and distribution expenses | 1,501 | - | - | - | - | 1,501 |
Other operating expenses | 1,130 | (17) | (18) | (18) | (18) | 1,059 |
Depreciation and amortization | 501 | 940 | 1,013 | 1,048 | 1,127 | 4,629 |
Operating expenses | 28,186 | (318) | (367) | (311) | (421) | 26,770 |
Operating (loss) income | (881) | 318 | 367 | 311 | 421 | 535 |
Operating margin | (3.2%) | 2.0% | ||||
Finance income | 153 | - | - | - | - | 153 |
Finance cost | (120) | (380) | (430) | (441) | (505) | (1,876) |
Exchange (loss) gain, net | (72) | 2,255 | (2,579) | 1,814 | (1,521) | (104) |
Comprehensive financing result | (40) | 1,875 | (3,009) | 1,373 | (2,026) | (1,827) |
(Loss) income before income tax | (921) | 2,193 | (2,642) | 1,684 | (1,605) | (1,293) |
Income tax benefit (expense) | 238 | (656) | 794 | (504) | 478 | 350 |
Net (loss) income | (683) | 1,537 | (1,848) | 1,180 | (1,127) | (943) |
Basic (loss) earnings per share | (0.67) | 1.52 | (1.83) | 1.17 | (1.11) | (0.93) |
Diluted (loss) earnings per share | (0.67) | 1.52 | (1.83) | 1.17 | (1.11) | (0.93) |
(1) The annual figures of 2018 include a reclassification from "Other non-passenger revenues" to "Other passenger revenues" of Ps.271 million, as result of the IFRS 15 adoption | ||||||
*Small revisions to the previously estimated amounts reported for the prior year and quarters have been made upon completion of our implementation of IFRS 16 during 2019 |
Controladora Vuela Compañía de Aviación, S.A.B. de C.V. and Subsidiaries | |||||
The following table shows unaudited balances before the adoption of IFRS 16 "Leases", on the quarterly statements of | |||||
Unaudited | |||||
Three (Reported) | Three (Reported) | Three (Reported) | Three (Reported) | Full Year (Reported) | |
(In millions of Mexican pesos) | |||||
Operating revenues: | |||||
Passenger revenues | 5,610 | 5,990 | 7,138 | 7,643 | 26,381 |
Fare revenues | 3,886 | 4,137 | 5,096 | 5,370 | 18,489 |
Other passenger revenues (1) | 1,724 | 1,853 | 2,042 | 2,273 | 7,892 |
Non-passenger revenues | 240 | 240 | 179 | 265 | 924 |
Other non-passenger revenues (1) | 192 | 187 | 124 | 194 | 697 |
Cargo | 49 | 53 | 55 | 71 | 227 |
Total operating revenues | 5,850 | 6,230 | 7,316 | 7,909 | 27,305 |
Other operating income | (1) | (231) | (243) | (147) | (622) |
Fuel | 2,175 | 2,445 | 2,631 | 2,885 | 10,135 |
Aircraft and engine rent expense | 1,596 | 1,504 | 1,593 | 1,622 | 6,315 |
Landing, take-off and navigation expenses | 1,125 | 1,150 | 1,150 | 1,158 | 4,583 |
Salaries and benefits | 746 | 750 | 834 | 795 | 3,125 |
Sales, marketing and distribution expenses | 357 | 382 | 340 | 422 | 1,501 |
Maintenance expenses | 351 | 381 | 393 | 392 | 1,518 |
Other operating expenses | 274 | 301 | 257 | 297 | 1,130 |
Depreciation and amortization | 132 | 124 | 115 | 130 | 501 |
Operating expenses | 6,757 | 6,805 | 7,070 | 7,554 | 28,186 |
Operating (loss) income | (906) | (575) | 246 | 355 | (881) |
Operating margin | (15.5%) | (9.2%) | 3.4% | 4.5% | (3.2%) |
Finance income | 34 | 37 | 37 | 45 | 153 |
Finance cost | (34) | (31) | (64) | 8 | (120) |
Exchange (loss) gain, net | (691) | 653 | (419) | 384 | (73) |
Comprehensive financing result | (691) | 660 | (446) | 437 | (40) |
(Loss) income before income tax | (1,597) | 85 | (200) | 792 | (921) |
Income tax benefit (expense) | 479 | (47) | 81 | (276) | 238 |
Net (loss) income | (1,118) | 38 | (119) | 516 | (683) |
(Loss) earnings per share: | |||||
Basic (pesos) | (1.10) | 0.04 | (0.12) | 0.51 | (0.67) |
Diluted (pesos) | (1.10) | 0.04 | (0.12) | 0.51 | (0.67) |
(Loss) earnings per ADS: | |||||
Basic (pesos) | (11.05) | 0.38 | (1.18) | 5.10 | (6.75) |
Diluted (pesos) | (11.05) | 0.38 | (1.18) | 5.10 | (6.75) |
(1) The annual figures of 2018 include a reclassification from "Other non-passenger revenues" to "Other passenger revenues" of Ps.271 million, as |
Controladora Vuela Compañía de Aviación, S.A.B. de C.V. and Subsidiaries | |||
Consolidated Statement of Financial Position | |||
The following table shows unaudited annual adjustments made due to the adoption of IFRS 16 "Leases", on the | |||
Unaudited adjusted figures*
| |||
(In millions of Mexican pesos) | December 31, 2018 (Reported) | IFRS 16 Adjustments | December 31, 2018 |
Assets | |||
Cash and cash equivalents | 5,863 | - | 5,863 |
Accounts receivable | 1,467 | - | 1,467 |
Inventories | 297 | - | 297 |
Prepaid expenses and other current assets | 710 | (267) | 443 |
Financial instruments | 62 | - | 62 |
Guarantee deposits | 791 | - | 791 |
Total current assets | 9,190 | (267) | 8,923 |
Rotable spare parts, furniture and equipment, net | 5,782 | - | 5,782 |
Right of use assets | - | 31,995 | 31,995 |
Intangible assets, net | 179 | - | 179 |
Deferred income taxes | 593 | 2,719 | 3,312 |
Guarantee deposits | 6,337 | - | 6,337 |
Other assets | 155 | - | 155 |
Other accounts receivable | 74 | - | 74 |
Total non-current assets | 13,121 | 34,714 | 47,834 |
Total assets | 22,311 | 34,447 | 56,757 |
Liabilities | |||
Unearned transportation revenue | 2,439 | - | 2,439 |
Accounts payable | 1,103 | - | 1,103 |
Accrued liabilities | 2,318 | - | 2,318 |
Lease liabilities | - | 4,976 | 4,976 |
Other taxes and fees payable | 1,932 | - | 1,932 |
Income taxes payable | 4 | - | 4 |
Financial instruments | 123 | - | 123 |
Financial debt | 1,212 | - | 1,212 |
Other liabilities | 118 | (92) | 26 |
Deferred income taxes | - | 28 | 28 |
Total short-term liabilities | 9,249 | 4,912 | 14,161 |
Financial debt | 2,311 | - | 2,311 |
Accrued liabilities | 137 | - | 137 |
Lease liabilities | - | 34,589 | 34,589 |
Other liabilities | 328 | 1,492 | 1,820 |
Employee benefits | 18 | - | 18 |
Deferred income taxes | 1,096 | - | 1,095 |
Total long-term liabilities | 3,890 | 36,081 | 39,971 |
Total liabilities | 13,139 | 40,993 | 54,132 |
Equity | |||
Capital stock | 2,974 | - | 2,974 |
Treasury shares | (123) | - | (123) |
Contributions for future capital increases | - | - | - |
Legal reserve | 291 | - | 291 |
Additional paid-in capital | 1,837 | - | 1,837 |
Retained earnings (losses) | 4,266 | (6,547) | (2,281) |
Accumulated other comprehensive losses | (73) | - | (73) |
Total equity | 9,172 | (6,547) | 2,625 |
Total liabilities and equity | 22,311 | 34,446 | 56,757 |
Total shares outstanding fully diluted | 1,011,876,677 | 1,011,876,677 | |
*Small revisions to the previously estimated amounts reported for the prior year and quarters have been made upon completion |
Controladora Vuela Compañía de Aviación, S.A.B. de C.V. and Subsidiaries | |||
Consolidated Statement of Cash Flows – Cash Flow Data Summary | |||
The following table shows fourth quarter unaudited adjustments made due to the adoption of IFRS 16 "Leases", on the | |||
Unaudited adjusted figures* | |||
Three months ended (Reported) | Adjustments | Three months | |
(In millions of Mexican pesos) | |||
Net cash flow generated by operating activities | 102 | 1,591 | 1,693 |
Net cash flow used in investing activities | (748) | - | (748) |
Net cash flow generated (used in) financing activities | 151 | (1,591) | (1,440) |
Decrease in cash and cash equivalents | (495) | - | (495) |
Net foreign exchange differences | 277 | - | 277 |
Cash and cash equivalents at beginning of period | 6,082 | - | 6,082 |
Cash and cash equivalents at end of period | 5,863 | - | 5,863 |
*Small revisions to the previously estimated amounts reported for the prior year and quarters have been made upon completion of our implementation of IFRS 16 during 2019 | |||
The following table shows the YTD December 2018 unaudited adjustments made due to the adoption of IFRS 16 | |||
Unaudited adjusted figures* |
Adjustments | Twelve months | |
(In millions of Mexican pesos) | Twelve months (Reported) | ||
Net cash flow generated by operating activities | 566 | 5,711 | 6,277 |
Net cash flow used in investing activities | (1,389) | - | (1,389) |
Net cash flow used in financing activities | (235) | (5,711) | (5,946) |
Decrease in cash and cash equivalents | (1,059) | - | (1,059) |
Net foreign exchange differences | (29) | - | (29) |
Cash and cash equivalents at beginning of period | 6,951 | - | 6,951 |
Cash and cash equivalents at end of period | 5,863 | - | 5,863 |
*Small revisions to the previously estimated amounts reported for the prior year and quarters have been made upon completion of our implementation of IFRS 16 during 2019 |
[1] Source: Asociación Nacional de Tiendas de Autoservicio y Departamentales, A. C. (ANTAD)
[2] Source: Banco de México (BANXICO)
[3] Source: Instituto Nacional de Estadística y Geografía (INEGI)
View original content:http://www.prnewswire.com/news-releases/volaris-reports-fourth-quarter-2019-results-20-2-operating-margin-up-10-4-percentage-points-and-7-2-trasm-increase-year-over-year-301011320.html
SOURCE Volaris
Copyright 2020 PR Newswire
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