Volaris Reports Fourth Quarter 2017 Results
OREANDA-NEWS. Volaris* (NYSE:VLRS and BMV:VOLAR), the ultra-low-cost airline serving Mexico, the United States and Central America, today announced its financial results for the fourth quarter and full year 2017.
The following financial information, unless otherwise indicated, is presented in accordance with International Financial Reporting Standards (IFRS).
Fourth Quarter and Full Year 2017 Highlights
- Total operating revenues were Ps.6,626 million and Ps.24,845 million for the fourth quarter and full year, an increase of 2.4% and 5.7% year over year, respectively.
- Non-ticket revenues were Ps.1,884 million and Ps. 7,054 million for the fourth quarter and full year, an increase of 17.4% and 23.3% year over year, respectively. Non-ticket revenues per passenger for the fourth quarter and full year were Ps.446 and Ps.429, increasing 10.2% and 12.6% year over year, respectively. Non-ticket revenues represent 28.4% of the total operating revenues for the fourth quarter.
- Total operating revenues per available seat mile (TRASM) were Ps.135.4 cents and Ps.131.7 for the fourth quarter and full year, a decrease of 6.0% and 6.4% year over year, respectively.
- Operating expenses per available seat mile (CASM) were Ps.133.0 cents and Ps.131.6 cents for the fourth quarter and full year, a decrease of 0.4% and increase of 5.8% year over year, respectively; with an average economic fuel cost per gallon were Ps.37.0 and Ps.34.5 for the fourth quarter and full year, an increase of 6.9% and 18.1% year over year, respectively.
- Operating expenses excluding fuel, per available seat mile (CASM ex fuel) were Ps.92.7 cents and Ps.93.2 cents for the fourth quarter and full year, a decrease of 1.0% and increase of 3.5% year over year, respectively.
- Operating income was Ps.118 million and Ps.19 million for the fourth quarter and full year, a decrease of 75.1% and 99.3% year over year, respectively. Operating margin for the fourth quarter and full year was 1.8% and 0.1%, a decrease in margin of 5.5 percentage points and 11.6 percentage points year over year, respectively.
- Net income was Ps.555 million (Ps.0.55 per share / US$0.28 per ADS) and a net loss of Ps.595 million (Ps.(0.59) per share / US$(0.30) per ADS) for the fourth quarter and full year, respectively, with a net margin of 8.4% and (2.4%) for the fourth quarter and full year, respectively.
- Net increase in cash flow provided by operating activities were Ps.1,116 million and Ps.986 million for the fourth quarter and full year, respectively. Year over year the cash and cash equivalents for the fourth quarter and full year increase Ps.1,578 million and decrease Ps.120 million, respectively; despite the net foreign exchange differences represent an increase of Ps.448 million and decrease of Ps.244 million for the fourth quarter and full year, respectively. As of December 31, 2017, unrestricted cash and cash equivalents were Ps.6,951 million.
Volaris? CEO Enrique Beltranena commented: “During 2017, Volaris faced a challenging year with factors ranging from the macroeconomic environment to softer demand environment. We continue prudently managing capacity and executing our ULCC model to stimulate market demand. We are absolutely committed to continue driving unit costs down which enables us to offer the most competitive fares in the market”.
Stable Macroeconomics and Exchange Rate Appreciation Partially Offset Fuel Price Pressures
- Stable macroeconomics and domestic consumer demand: The macroeconomic indicators in Mexico during full year are stable, with same store sales1 increasing 4.5% year over year; remittances2 increasing in fourth quarter and full year 8.2% and 6.6% year over year, respectively; and the Mexican General Economic Activity Indicator3 (IGAE) increasing 0.9% and 1.7% year over year in October and November of 2017, respectively.
- Air traffic volume increase: The Mexican DGAC reported overall passenger volume growth for Mexican carriers of 6.7% year over year for the fourth quarter; domestic overall passenger volume increased 4.8%, while international overall passenger volume increased 13.3%.
- Exchange rate volatility: The Mexican peso appreciated 4.5% year over year against the U.S. dollar, from an average exchange rate of Ps.19.83 pesos per US dollar in the fourth quarter 2016 to Ps.18.93 pesos per U.S. dollar during the fourth quarter 2017.
- Higher fuel prices: The average economic fuel cost per gallon increased 6.9% and 18.1% year over year to Ps.37.0 per gallon (US$1.9) and Ps.34.5 per gallon (US$1.7) in the fourth quarter and full year, respectively.
Strengthened ULCC Model with Further Non-Ticket Revenue Growth
- Passenger traffic stimulation: Volaris booked 4.2 million passengers in the fourth quarter 2017 and 16.4 million passengers in full year 2017, up 6.5% and 9.5% year over year. Volaris traffic (measured in terms of revenue passenger miles, or RPMs) increased 7.1% and 11.1% for the same period, respectively. System load factor during the quarter and full year decreased 1.5 percentage points and 1.4 percentage points to 82.6% and 84.4% year over year, respectively.
- Non-ticket revenue growth: Non-ticket revenues for the fourth quarter and full year 2017 increased 17.4% and 23.3% year over year, respectively. Non-ticket revenues per passenger for the fourth quarter of 2017 and full year increased 10.2% and 12.6% year over year, respectively. Non-ticket revenue generation continues to grow with improved revenues from first checked bag fees for international flights, and better uptakes of ancillary combos. Non-ticket revenues represent 28.4% of the total operating revenues for the quarter.
- Competitive market environment pressured yields partially offset by non-ticket revenue: For the fourth quarter and full year, yield decreased 9.0% and 10.0% year over year, respectively. For the fourth quarter and full year, TRASM decreased 6.0% and 6.4% year over year, respectively. During the fourth quarter and full year, the total capacity, in terms of ASMs, increased 9.0% and 12.9% year over year, respectively.
- New routes: In the fourth quarter 2017, Volaris began operations in four new domestic routes ( Huatulco, Oaxaca to Monterrey, Nuevo Leon; Cozumel, Quintana Roo to Monterrey, Nuevo Leon; Monterrey, Nuevo Leon to Mexicali Baja California and Morelia, Michoacan to Mexicali, Baja California) and nine new international routes (Chicago O’Hare to Huatulco, Oaxaca; Chicago O’Hare to Zihuatanejo, Guerrero; Los Angeles, California to Puerto Vallarta, Jalisco; Ciudad de Guatemala, Guatemala to Tijuana, Baja California; San Salvador, El Salvador to Tijuana, Baja California; Fresno, California to Morelia Michoacan; San Jose, California to Morelia Michoacan; San Jose, California to Zacatecas, Zacatecas and Los Angeles, California to Acapulco, Guerrero).
Cost Control and Discipline, Despite Fuel Price Pressure
- CASM and CASM ex fuel for the fourth quarter were Ps. 133.0 (US$6.7 cents) and Ps.92.7 cents (US$4.7 cents), respectively. These represented decreases of 0.4% and 1.0%, respectively; mainly driven by tightening cost controls and average exchange rate appreciation of 4.5%. At the end of the fourth quarter, the Mexican peso also depreciated 8.4% with respect to the end of previous quarter, leading to a net exchange rate gain of Ps.784 million as result of our U.S. dollar net monetary asset position.
Youngest and Most Fuel-efficient Fleet in Mexico
- During the fourth quarter 2017, the Company incorporated four A320NEO to its fleet. As of December 31, 2017, Volaris’ fleet was composed of 71 aircraft (12 A319s, 49 A320s and 10 A321s), with an average age of 4.6 years, the youngest fleet among Mexican carriers and one of the youngest fleet in the Americas. At the end of the fourth quarter 2017, Volaris’ fleet had an average of 180 seats, 65% of which were in sharklet-equipped aircraft.
Solid Balance Sheet and Good Liquidity
- As of December 31, 2017, cash and cash equivalents were Ps.6,951 million, representing 28% of last twelve months operating revenues. Volaris registered negative net debt (or a positive net cash position) of Ps.3,468 million and total equity of Ps.10,163 million.
Active in Fuel Risk Management
- Volaris’ fuel risk management program provided protection from fuel prices increases, with 59% of its fourth quarter fuel consumption hedged, at an average strike price of US$1.40 per gallon, and resulting in a positive net settlement of Ps.102.9 million for the quarter. This hedged portion, combined with the 41% unhedged consumption, resulted in a blended average economic fuel cost of US$1.87 per gallon.
Codeshare Agreement with Frontier
- On January 16, 2018, Volaris and Frontier Airlines (Frontier) signed the first codeshare agreement in history between two ultra-low-cost airlines. Volaris customers will gain access to new cities in the U.S. beyond our current destinations, and Frontier customers will gain first-time access to new destinations in Mexico. Volaris currently serves 24 destinations in the U.S. and 40 in Mexico, of which 21 coincide with Frontier destinations in both countries. With this codeshare, Volaris and Frontier will offer customers the ability to purchase the lowest fares across an extensive and well-served network.
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.
About Volaris:
*Controladora Vuela Compa??a de Aviaci?n, 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 beginning operations in March 2006, Volaris has increased its routes from five to more than 173 and its fleet from four to 71 aircraft. Volaris offers more than 323 daily flight segments on routes that connect 40 cities in Mexico and 27 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 people and leisure travelers in Mexico and to select destinations in the United States and Central America. Volaris has received the ESR Award for Social Corporate Responsibility for eight consecutive years.
|
Controladora Vuela Compa??a de Aviaci?n, S.A.B. de C.V. and Subsidiaries |
|||||||||||||
|
Unaudited |
Three months |
Three months |
Three months |
Varianc |
|||||||||
| Total operating revenues (millions) | 336 | 6,626 | 6,469 | 2.4% | |||||||||
| Total operating expenses (millions) | 330 | 6,508 | 5,995 | 8.5% | |||||||||
| Operating income (millions) | 6 | 118 | 473 | (75.1%) | |||||||||
| Operating margin | 1.8% | 1.8% | 7.3% | (5.5) pp | |||||||||
| Depreciation and amortization | 7 | 131 | 142 | (7.8%) | |||||||||
| Aircraft and engine rent expense | 82 | 1,612 | 1,592 | 1.3% | |||||||||
| Net income (millions) | 28 | 555 | 973 | (42.9%) | |||||||||
| Net income margin | 8.4% | 8.4% | 15.0% | (6.6) pp | |||||||||
| Earnings per share: | |||||||||||||
| Basic (pesos) | 0.03 | 0.55 | 0.96 | (42.9%) | |||||||||
| Diluted (pesos) | 0.03 | 0.55 | 0.96 | (42.9%) | |||||||||
| Earnings per ADS: | |||||||||||||
| Basic (pesos) | 0.28 | 5.49 | 9.62 | (42.9%) | |||||||||
| Diluted (pesos) | 0.28 | 5.49 | 9.62 | (42.9%) | |||||||||
| 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) | - | 4,895 | 4,490 | 9.0% | |||||||||
| Domestic | - | 3,361 | 3,083 | 9.0% | |||||||||
| International | - | 1,533 | 1,407 | 9.0% | |||||||||
| Revenue passenger miles (RPMs) (millions) (1) | - | 4,042 | 3,773 | 7.1% | |||||||||
| Domestic | - | 2,889 | 2,634 | 9.7% | |||||||||
| International | - | 1,153 | 1,139 | 1.2% | |||||||||
| Load factor (2) | - | 82.6% | 84.1% | (1.5) pp | |||||||||
| Domestic | - | 85.9% | 85.5% | 0.4 pp | |||||||||
| International | - | 75.2% | 81.0% | (5.8) pp | |||||||||
| Total operating revenue per ASM (TRASM) (cents) (1) | 6.9 | 135.4 | 144.1 | (6.0%) | |||||||||
| Passenger revenue per ASM (RASM) (cents) (1) | 4.9 | 96.9 | 108.3 | (10.6%) | |||||||||
| Passenger revenue per RPM (Yield) (cents) (1) | 5.9 | 117.3 | 128.9 | (9.0%) | |||||||||
| Average fare (2) | 57 | 1,123 | 1,228 | (8.5%) | |||||||||
| Non-ticket revenue per passenger (1) | 22.6 | 446 | 404 | 10.2% | |||||||||
| Operating expenses per ASM (CASM) (cents) (1) | 6.7 | 133.0 | 133.5 | (0.4%) | |||||||||
| Operating expenses per ASM (CASM) (US cents) (1) | - | 6.7 | 6.5 | 4.3% | |||||||||
| CASM ex fuel (cents) (1) | 4.7 | 92.7 | 93.6 | (1.0%) | |||||||||
| CASM ex fuel (US cents) (1) | - | 4.7 | 4.5 | 3.7% | |||||||||
| Booked passengers (thousands) (1) | - | 4,226 | 3,967 | 6.5% | |||||||||
| Departures (1) | - | 27,878 | 26,650 | 4.6% | |||||||||
| Block hours (1) | - | 76,079 | 71,305 | 6.7% | |||||||||
| Fuel gallons consumed (millions) | - | 53.3 | 51.9 | 2.8% | |||||||||
| Average economic fuel cost per gallon | 1.87 | 37.0 | 34.6 | 6.9% | |||||||||
| Aircraft at end of period | - | 71 | 69 | 2.9% | |||||||||
| Average aircraft utilization (block hours) | - | 12.8 | 12.6 | 1.8% | |||||||||
| Average exchange rate | - | 18.93 | 19.83 | (4.5%) | |||||||||
| End of period exchange rate | - | 19.74 | 20.66 | (4.5%) | |||||||||
| *Peso amounts were converted to U.S. dollars at end of period exchange rate for convenience purposes only | |||||||||||||
| (1) Includes schedule + charter | |||||||||||||
| (2) Includes schedule | |||||||||||||
|
Controladora Vuela Compa??a de Aviaci?n, S.A.B. de C.V. and Subsidiaries |
|||||||||||||
|
Unaudited |
Twelve months |
Twelve |
Twelve |
Variance |
|||||||||
| Total operating revenues (millions) | 1,259 | 24,845 | 23,512 | 5.7% | |||||||||
| Total operating expenses (millions) | 1,258 | 24,827 | 20,773 | 19.5% | |||||||||
| Operating income (millions) | 1 | 19 | 2,740 | (99.3%) | |||||||||
| Operating margin | 0.1% | 0.1% | 11.7% | (11.6) pp | |||||||||
| Depreciation and amortization | 28 | 549 | 537 | 2.3% | |||||||||
| Aircraft and engine rent expense | 308 | 6,073 | 5,590 | 8.6% | |||||||||
| Net (loss) income (millions) | (30) | (595) | 3,519 | NA | |||||||||
| Net (loss) income margin | (2.4%) | (2.4%) | 15.0% | (17.4) pp | |||||||||
| (Loss) earnings per share: | |||||||||||||
| Basic (pesos) | (0.03) | (0.59) | 3.48 | NA | |||||||||
| Diluted (pesos) | (0.03) | (0.59) | 3.48 | NA | |||||||||
| (Loss) earnings per ADS: | |||||||||||||
| Basic (pesos) | (0.30) | (5.88) | 34.78 | NA | |||||||||
| Diluted (pesos) | (0.30) | (5.88) | 34.78 | 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) | - | 18,861 | 16,704 | 12.9% | |||||||||
| Domestic | - | 12,740 | 11,595 | 9.9% | |||||||||
| International | - | 6,121 | 5,109 | 19.8% | |||||||||
| Revenue passenger miles (RPMs) (millions) (1) | - | 15,917 | 14,326 | 11.1% | |||||||||
| Domestic | - | 11,054 | 10,008 | 10.5% | |||||||||
| International | - | 4,863 | 4,318 | 12.6% | |||||||||
| Load factor (2) | - | 84.4% | 85.8% | (1.4) pp | |||||||||
| Domestic | - | 86.8% | 86.3% | 0.5 pp | |||||||||
| International | - | 79.4% | 84.5% | (5.1) pp | |||||||||
| Total operating revenue per ASM (TRASM) (cents) (1) | 6.7 | 131.7 | 140.8 | (6.4%) | |||||||||
| Passenger revenue per ASM (RASM) (cents) (1) | 4.8 | 94.3 | 106.5 | (11.4%) | |||||||||
| Passenger revenue per RPM (Yield) (cents) (1) | 5.7 | 111.8 | 124.2 | (10.0%) | |||||||||
| Average fare (2) | 55 | 1,086 | 1,189 | (8.6%) | |||||||||
| Non-ticket revenue per passenger (1) | 21.8 | 429 | 381 | 12.6% | |||||||||
| Operating expenses per ASM (CASM) (cents) (1) | 6.7 | 131.6 | 124.4 | 5.8% | |||||||||
| Operating expenses per ASM (CASM) (US cents) (1) | - | 6.7 | 6.0 | 10.8% | |||||||||
| CASM ex fuel (cents) (1) | 4.7 | 93.2 | 90.0 | 3.5% | |||||||||
| CASM ex fuel (US cents) (1) | - | 4.7 | 4.4 | 8.4% | |||||||||
| Booked passengers (thousands) (1) | - | 16,427 | 15,005 | 9.5% | |||||||||
| Departures (1) | - | 108,060 | 101,811 | 6.1% | |||||||||
| Block hours (1) | - | 293,642 | 271,204 | 8.3% | |||||||||
| Fuel gallons consumed (millions) | - | 210.5 | 196.7 | 7.0% | |||||||||
| Average economic fuel cost per gallon | 1.75 | 34.5 | 29.2 | 18.1% | |||||||||
| Aircraft at end of period | - | 71 | 69 | 2.9% | |||||||||
| Average aircraft utilization (block hours) | - | 12.6 | 12.8 | (1.8%) | |||||||||
| Average exchange rate | - | 18.93 | 18.66 | 1.5% | |||||||||
| End of period exchange rate | - | 19.74 | 20.66 | (4.5%) | |||||||||
| *Peso amounts were converted to U.S. dollars at end of period exchange rate for convenience purposes only. | |||||||||||||
| (1) Includes schedule + charter | |||||||||||||
| (2) Includes schedule | |||||||||||||
|
Controladora Vuela Compa??a de Aviaci?n, S.A.B. de C.V. and Subsidiaries |
|||||||||||||
| Unaudited (In millions of Mexican pesos) |
Three months ended |
Three months |
Three months |
Variance |
|||||||||
| Operating revenues: | |||||||||||||
| Passenger | 240 | 4,742 | 4,864 | (2.5%) | |||||||||
| Non-ticket | 95 | 1,884 | 1,604 | 17.4% | |||||||||
| 336 | 6,626 | 6,469 | 2.4% | ||||||||||
| Other operating income | (4) | (78) | (127) | (38.5%) | |||||||||
| Fuel | 100 | 1,972 | 1,794 | 9.9% | |||||||||
| Aircraft and engine rent expense | 82 | 1,612 | 1,592 | 1.3% | |||||||||
| Landing, take-off and navigation expenses | 50 | 981 | 866 | 13.3% | |||||||||
| Salaries and benefits | 36 | 715 | 672 | 6.5% | |||||||||
| Sales, marketing and distribution expenses | 24 | 479 | 437 | 9.6% | |||||||||
| Maintenance expenses | 20 | 396 | 340 | 16.4% | |||||||||
| Other operating expenses | 15 | 300 | 280 | 7.2% | |||||||||
| Depreciation and amortization | 7 | 131 | 142 | (7.8%) | |||||||||
| Operating expenses | 330 | 6,508 | 5,995 | 8.5% | |||||||||
| Operating income | 6 | 118 | 473 | (75.1%) | |||||||||
| Finance income | 2 | 33 | 22 | 52.5% | |||||||||
| Finance cost | (1) | (24) | (11) | >100% | |||||||||
| Exchange gain, net | 40 | 784 | 855 | (8.3%) | |||||||||
| Comprehensive financing result | 40 | 793 | 866 | (8.4%) | |||||||||
| Income before income tax | 46 | 911 | 1,339 | (32.0%) | |||||||||
| Income tax expense | (18) | (356) | (366) | (2.8%) | |||||||||
| Net income | 28 | 555 | 973 | (42.9%) | |||||||||
| *Peso amounts were converted to U.S. dollars at end of period exchange rate for convenience purposes only. | |||||||||||||
|
Controladora Vuela Compa??a de Aviaci?n, S.A.B. de C.V. and Subsidiaries |
|||||||||||||
|
Unaudited |
Twelve months |
Twelve months |
Twelve months |
Variance |
|||||||||
| Operating revenues: | |||||||||||||
| Passenger | 901 | 17,791 | 17,790 | 0.0% | |||||||||
| Non-ticket | 357 | 7,054 | 5,722 | 23.3% | |||||||||
| 1,259 | 24,845 | 23,512 | 5.7% | ||||||||||
| Other operating income | (5) | (97) | (497) | (80.5%) | |||||||||
| Fuel | 368 | 7,256 | 5,741 | 26.4% | |||||||||
| Aircraft and engine rent expense | 308 | 6,073 | 5,590 | 8.6% | |||||||||
| Landing, take-off and navigation expenses | 203 | 4,010 | 3,272 | 22.6% | |||||||||
| Salaries and benefits | 143 | 2,824 | 2,420 | 16.7% | |||||||||
| Sales, marketing and distribution expenses | 86 | 1,692 | 1,413 | 19.7% | |||||||||
| Maintenance expenses | 73 | 1,433 | 1,344 | 6.6% | |||||||||
| Other operating expenses | 55 | 1,088 | 952 | 14.3% | |||||||||
| Depreciation and amortization | 28 | 549 | 537 | 2.3% | |||||||||
| Operating expenses | 1,258 | 24,827 | 20,773 | 19.5% | |||||||||
| Operating income | 1 | 19 | 2,740 | (99.3%) | |||||||||
| Finance income | 5 | 106 | 103 | 3.1% | |||||||||
| Finance cost | (4) | (86) | (35) | >100% | |||||||||
| Exchange (loss) gain, net | (40) | (794) | 2,170 | NA | |||||||||
| Comprehensive financing result | (39) | (774) | 2,237 | NA | |||||||||
| (Loss) income before income tax | (38) | (756) | 4,977 | NA | |||||||||
| Income tax benefit (expense) | 8 | 161 | (1,457) | NA | |||||||||
| Net (loss) income | (30) | (595) | 3,519 | NA | |||||||||
|
*Peso amounts were converted to U.S. dollars at end of period exchange rate for convenience purposes only |
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Controladora Vuela Compa??a de Aviaci?n, S.A.B. de C.V. and Subsidiaries |
||||||||||
| (In millions of Mexican pesos) |
December 31, 2017 |
December 31, 2017 |
December 31, 2016 Audited |
|||||||
| Assets | ||||||||||
| Cash and cash equivalents | 352 | 6,951 | 7,071 | |||||||
| Accounts receivable | 73 | 1,449 | 963 | |||||||
| Inventories | 15 | 295 | 244 | |||||||
| Prepaid expenses and other current assets | 39 | 768 | 1,563 | |||||||
| Financial instruments | 25 | 497 | 544 | |||||||
| Guarantee deposits | 69 | 1,353 | 1,167 | |||||||
| Total current assets | 573 | 11,313 | 11,551 | |||||||
| Rotable spare parts, furniture and equipment, net | 222 | 4,376 | 2,525 | |||||||
| Intangible assets, net | 10 | 190 | 114 | |||||||
| Financial instruments | - | - | 324 | |||||||
| Deferred income taxes | 28 | 562 | 559 | |||||||
| Guarantee deposits | 309 | 6,098 | 6,560 | |||||||
| Other assets | 6 | 126 | 148 | |||||||
| Total non-current assets | 575 | 11,353 | 10,231 | |||||||
| Total assets | 1,149 | 22,666 | 21,782 | |||||||
| Liabilities | ||||||||||
| Unearned transportation revenue | 110 | 2,162 | 2,154 | |||||||
| Accounts payable | 57 | 1,118 | 927 | |||||||
| Accrued liabilities | 104 | 2,051 | 1,785 | |||||||
| Other taxes and fees payable | 63 | 1,245 | 1,476 | |||||||
| Income taxes payable | 6 | 111 | 196 | |||||||
| Financial instruments | - | - | 14 | |||||||
| Financial debt | 122 | 2,404 | 1,051 | |||||||
| Other liabilities | 14 | 281 | 284 | |||||||
| Total short-term liabilities | 475 | 9,372 | 7,888 | |||||||
| Financial debt | 55 | 1,079 | 943 | |||||||
| Accrued liabilities | 10 | 200 | 170 | |||||||
| Other liabilities | 11 | 217 | 137 | |||||||
| Employee benefits | 1 | 19 | 13 | |||||||
| Deferred income taxes | 82 | 1,616 | 1,837 | |||||||
| Total long-term liabilities | 159 | 3,131 | 3,100 | |||||||
| Total liabilities | 634 | 12,503 | 10,988 | |||||||
| Equity | ||||||||||
| Capital stock | 151 | 2,974 | 2,974 | |||||||
| Treasury shares | (4) | (85) | (83) | |||||||
| Contributions for future capital increases | - | - | - | |||||||
| Legal reserve | 15 | 291 | 38 | |||||||
| Additional paid-in capital | 91 | 1,805 | 1,801 | |||||||
| Retained earnings | 257 | 5,080 | 5,928 | |||||||
| Accumulated other comprehensive losses | 5 | 99 | 137 | |||||||
| Total equity | 515 | 10,163 | 10,794 | |||||||
| Total liabilities and equity | 1,149 | 22,666 | 21,782 | |||||||
| 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 | ||||||||||
|
Controladora Vuela Compa??a de Aviaci?n, S.A.B. de C.V. and Subsidiaries |
||||||||||
| Unaudited |
Three months ended |
Three months |
Three months |
|||||||
| (In millions of Mexican pesos) | (US Dollars)* | |||||||||
| Net cash flow provided by (used in) operating activities | 57 | 1,116 | (522) | |||||||
| Net cash flow used in investing activities | (43) | (852) | (526) | |||||||
| Net cash flow provided by financing activities | 44 | 865 | 785 | |||||||
| Increase (decrease) in cash and cash equivalents | 57 | 1,130 | (263) | |||||||
| Net foreign exchange differences | 23 | 448 | 341 | |||||||
| Cash and cash equivalents at beginning of period | 272 | 5,373 | 6,993 | |||||||
| Cash and cash equivalents at end of period | 352 | 6,951 | 7,071 | |||||||
| *Peso amounts were converted to U.S. dollars at end of period exchange rate for convenience purposes only | ||||||||||
| Unaudited (In millions of Mexican pesos) |
Twelve months |
Twelve months |
Twelve months |
|||||||
| Net cash flow provided by operating activities | 50 | 986 | 979 | |||||||
| Net cash flow used in investing activities | (115) | (2,260) | (28) | |||||||
| Net cash flow provided by financing activities | 71 | 1,398 | 11 | |||||||
| Increase in cash and cash equivalents | 6 | 124 | 962 | |||||||
| Net foreign exchange differences | (12) | (244) | 952 | |||||||
| Cash and cash equivalents at beginning of period | 358 | 7,071 | 5,157 | |||||||
| Cash and cash equivalents at end of period | 352 | 6,951 | 7,071 | |||||||
| *Peso amounts were converted to U.S. dollars at end of period exchange rate for convenience purposes only | ||||||||||
1 Source: Asociaci?n Nacional de Tiendas de Autoservicio y Departamentales, A. C. (ANTAD)
2 Source: Banco de M?xico (BANXICO)
3 Source: Instituto Nacional de Estad?stica y Geograf?a (INEGI)
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