Volaris Reports Third Quarter 2017 Results: 11% Net Margin
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 third quarter 2017.
The following financial information, unless otherwise indicated, is presented in accordance with International Financial Reporting Standards (IFRS).
Third Quarter 2017 Highlights
- Total operating revenues were Ps.6,582 million for the third quarter, a decrease of 2.2% year over year, notwithstanding the negative impact of the natural disasters and a soft fare environment during the quarter.
- Non-ticket revenues now represent 27% of the total operating revenues, increasing 5 percentage points year over year, partially compensating the average fare decline. Non-ticket revenues were Ps.1,809 million for the third quarter, an increase of 18.6% year over year. Non-ticket revenues per passenger were Ps.434 for the third quarter, increasing 12.8% year over year.
- Total operating revenues per available seat mile (TRASM), had a sequential improvement of 6.8% quarter over quarter, reaching Ps.137.7 cents for the third quarter, and a decrease of 11.2% year over year.
- Operating expenses per available seat mile (CASM) decreased 5.0% year over year, to Ps.124.4 cents for the third quarter; with an average exchange rate of Ps.17.82, a year over year decrease of 4.8%, and despite an average economic fuel cost per gallon of Ps.31.8, representing an increase of 3.0% year over year.
- Operating expenses excluding fuel, per available seat mile (CASM ex fuel) decreased 6.2% year over year, to Ps.88.9 cents for the third quarter.
- Operating income was Ps.634 million, representing 9.6% of operating margin for the third quarter, a 9.0 percentage points higher than the previous quarter, and 5.9 percentage points lower year over year.
- Net income was Ps.731 million (Ps.0.72 per share / US$0.40 per ADS) for the third quarter, with a net margin of 11.1%.
- As of September 30, 2017, cash and cash equivalents were Ps.5,373 million.
Volaris' CEO Enrique Beltranena commented: “During the third quarter, demand and traffic patterns, despite a competitive fare environment, had been sequentially improving, but in September, natural disasters in Mexico and in the region temporarily interrupted such recovery. We continued to drive non-ticket revenue growth, managed capacity prudently and reinforced our cost control discipline, reversing the negative cost trend. These actions positions Volaris with a defendable and resilient business model in a challenging environment.”
Resilient Macroeconomics and Exchange Rate Appreciation Partially Offset Fuel Price Pressures
- Stable macroeconomics and domestic consumer demand: The macroeconomic indicators in Mexico continued to be solid, with same store sales increasing 5.6%1 during September, remittances increasing 9%2 year over year in July and August, and the Mexican General Economic Activity Indicator (IGAE) increased 2.2%3 year over year in August of 2017
- Air traffic volume increase: The Mexican DGAC reported overall passenger volume growth for Mexican carriers of 7.4% year over year in July and August; domestic overall passenger volume increased 6.1%, while international overall passenger volume increased 12.0%.
- Exchange rate volatility: The Mexican peso appreciated 4.8% year over year against the U.S. dollar, from an average exchange rate of Ps.18.72 pesos per US dollar in the third quarter 2016 to Ps.17.82 pesos per U.S. dollar during the third quarter 2017.
- Higher fuel prices: The average economic fuel cost per gallon increased 3.0%, year over year, to Ps.31.8 per gallon (US$1.75) in the third quarter 2017.
- Natural disasters: During the month, Hurricanes Irma and Maria, tropical storms Max and Lidia in the Pacific, and two earthquakes that impacted 11 states in Mexico, affected operations with approximately 50 flights cancelled in eight airports, also triggering a decline in bookings for the period. Volaris worked in coordination with the federal, state, and local authorities to assist people that were stranded. We also helped our customers with free of charge changes in itineraries.
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)
Strengthened ULCC Model with Further Non-Ticket Revenue Growth
- Passenger traffic stimulation: Volaris booked 4.2 million passengers in the third quarter of 2017, up 5.2% year over year. Volaris traffic (measured in terms of revenue passenger miles, or RPMs) increased 7.9% for the same period. System load factor during the quarter decreased 1.7 percentage points year over year to 86.2%.
- Competitive market environment pressured yields partially offset by non-ticket revenue: For the third quarter of 2017, yield and TRASM decreased 15.0% and 11.2% year over year, respectively. During the third quarter, domestic capacity, in terms of ASMs, increased 9.3% year over year, while international capacity increased 11.7% year over year.
- Non-ticket revenue growth: Non-ticket revenues and non-ticket revenues per passenger for the third quarter of 2017 increased 18.6% and 12.8% 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. We also increased our commission revenues from travel related products, such as a new hotel selection step in the purchasing process, cruise packages and car rentals. Non-ticket revenues now represent 27% of the total operating revenues for the quarter.
- New routes: In the third quarter 2017, Volaris began operations in two new international routes (Mexico City – San Antonio, Texas and Mexico City – San Jose, Costa Rica).
Tight Cost Controls, Despite Fuel Price Pressure
CASM and CASM ex fuel for the third quarter were Ps. 124.4 (US 6.8 cents) and Ps.88.9 cents (US 4.9 cents), respectively. These represented decreases of 5.0% and 6.2%, respectively; mainly driven by tightening cost controls and average exchange rate appreciation of 4.8%. At the end of the third quarter, the Mexican peso also depreciated 1.7% with respect to the end of previous quarter, leading to a net exchange rate gain of Ps.125 million as result of our U.S. dollar net monetary asset position.
Youngest and Most Fuel-efficient Fleet in Mexico
During the third quarter 2017, the Company incorporated the second A320NEO to its fleet. As of September 30, 2017, Volaris’ fleet was composed of 67 aircraft (12 A319s, 45 A320s and 10 A321s), with an average age of 4.6 years, the youngest fleet among Mexican carriers. At the end of the third quarter 2017, Volaris’ fleet had an average of 180 seats, 64% of which were in sharklet-equipped aircraft.
Solid Balance Sheet and Good Liquidity
As of September 30, 2017, cash and cash equivalents were Ps.5,373 million, representing 22% of last twelve month operating revenues. Volaris registered negative net debt (or a positive net cash position) of Ps.2,981 million and total equity of Ps.9,502 million.
Active in Fuel Risk Management
Volaris’ fuel risk management program provided protection from fuel prices increases, with 59% of its third quarter fuel consumption hedged, at an average strike price of US$1.44 per gallon, and resulting in a positive net settlement of Ps.2,6 million for the quarter. This hedged portion, combined with the 41% unhedged consumption, resulted in a blended average economic fuel cost of US$1.75 per gallon.
Central America Operations
On September 21, 2017 Volaris Costa Rica obtained approval from U.S. Department of Transportation to operate from Central America to the U.S., subject to operations and maintenance certifications by the Federal Aviation Administration.
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:
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Presenters for the Company:
Date: |
Mr. Enrique Beltranena, CEO Mr. Fernando Suárez, CFO
Wednesday, October 25th, 2017 |
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| Time: | 10:00 am U.S. EDT (9:00 am Mexico City Time) | ||||
| United States dial in (toll free): | 1-800-311-9408 | ||||
| Mexico dial in (toll free): | 0-1-800-847-7666 | ||||
| Brazil dial in (toll free): | 0800-282-5781 | ||||
| International dial in: | +1-334-323-7224 | ||||
| Participant entry number: | 83342 | ||||
| Webcast will be available at: | |||||
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 beginning operations in March 2006, Volaris has increased its routes from five to more than 164 and its fleet from four to 69 aircraft. Volaris offers more than 306 daily flight segments on routes that connect 40 cities in Mexico and 28 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. 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 or beliefs concerning future events. When used in this release, the words "expects," "estimates," "plans," "anticipates," "indicates," "believes," "forecast," "guidance," "outlook," "may," "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. All forward-looking statements in this release are based upon information available to the Company on the date of this release. The Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise. 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.
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Controladora Vuela Compañía de Aviación, S.A.B. de C.V. and Subsidiaries Financial and Operating Indicators |
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| Unaudited |
Three months |
Three months |
Three months |
Variance |
||||||||
|
(In Mexican pesos, except otherwise indicated) |
(US Dollars)* | (%) | ||||||||||
| Total operating revenues (millions) | 362 | 6,582 | 6,731 | (2.2%) | ||||||||
| Total operating expenses (millions) | 327 | 5,948 | 5,688 | 4.6% | ||||||||
| Operating income (millions) | 35 | 634 | 1,043 | (39.2%) | ||||||||
| Operating margin | 9.6% | 9.6% | 15.5% | (5.9) pp | ||||||||
| Depreciation and amortization | 8 | 150 | 136 | 9.9% | ||||||||
| Aircraft and engine rent expense | 76 | 1,384 | 1,486 | (6.9%) | ||||||||
| Net income (millions) | 40 | 731 | 1,010 | (27.6%) | ||||||||
| Net margin | 11.1% | 11.1% | 15.0% | (3.9) pp | ||||||||
| Earnings per share: | ||||||||||||
| Basic (pesos) | 0.04 | 0.72 | 1.00 | (27.6%) | ||||||||
| Diluted (pesos) | 0.04 | 0.72 | 1.00 | (27.6%) | ||||||||
| Earnings per ADS: | ||||||||||||
| Basic (pesos) | 0.40 | 7.22 | 9.98 | (27.6%) | ||||||||
| Diluted (pesos) | 0.40 | 7.22 | 9.98 | (27.6%) | ||||||||
| 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) | - | 4,780 | 4,342 | 10.1% | ||||||||
| Domestic | - | 3,240 | 2,963 | 9.3% | ||||||||
| International | - | 1,541 | 1,380 | 11.7% | ||||||||
| Revenue passenger miles (RPMs) (millions) (1) | - | 4,119 | 3,818 | 7.9% | ||||||||
| Domestic | - | 2,852 | 2,634 | 8.3% | ||||||||
| International | - | 1,267 | 1,183 | 7.0% | ||||||||
| Load factor (2) | - | 86.2% | 87.9% | (1.7) pp | ||||||||
| Domestic | - | 88.1% | 88.9% | (0.8) pp | ||||||||
| International | - | 82.2% | 85.8% | (3.6) pp | ||||||||
| Total operating revenue per ASM (TRASM) (cents) (1) | 7.6 | 137.7 | 155.0 | (11.2%) | ||||||||
| Passenger revenue per ASM (RASM) (cents) (1) | 5.5 | 99.9 | 119.9 | (16.7%) | ||||||||
| Passenger revenue per RPM (Yield) (cents) (1) | 6.4 | 115.9 | 136.4 | (15.0%) | ||||||||
| Average fare (2) | 63 | 1,146 | 1,316 | (12.9%) | ||||||||
| Non-ticket revenue per passenger (1) | 23.8 | 434 | 384 | 12.8% | ||||||||
| Operating expenses per ASM (CASM) (cents) (1) | 6.8 | 124.4 | 131.0 | (5.0%) | ||||||||
| Operating expenses per ASM (CASM) (US cents) (1) | - | 6.8 | 6.7 | 1.8% | ||||||||
| CASM ex fuel (cents) (1) | 4.9 | 88.9 | 94.8 | (6.2%) | ||||||||
| CASM ex fuel (US cents) (1) | - | 4.9 | 4.9 | 0.6% | ||||||||
| Booked passengers (thousands) (1) | - | 4,173 | 3,968 | 5.2% | ||||||||
| Departures (1) | - | 26,999 | 26,181 | 3.1% | ||||||||
| Block hours (1) | - | 73,725 | 69,509 | 6.1% | ||||||||
| Fuel gallons consumed (millions) | - | 53.4 | 51.0 | 4.7% | ||||||||
| Average economic fuel cost per gallon | 1.75 | 31.8 | 30.8 | 3.0% | ||||||||
| Aircraft at end of period | - | 67 | 65 | 3.1% | ||||||||
| Average aircraft utilization (block hours) | - | 12.5 | 13.0 | (4.0%) | ||||||||
| Average exchange rate | - | 17.82 | 18.72 | (4.8%) | ||||||||
| End of period exchange rate | - | 18.20 | 19.50 | (6.7%) | ||||||||
| *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 | ||||||||||||
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Controladora Vuela Compañía de Aviación, S.A.B. de C.V. and Subsidiaries Financial and Operating Indicators |
||||||||||||
| Unaudited |
Nine months |
Nine months |
Nine months |
Variance | ||||||||
| (In Mexican pesos, except otherwise indicated) | (US Dollars)* | (%) | ||||||||||
| Total operating revenues (millions) | 1,001 | 18,220 | 17,044 | 6.9% | ||||||||
| Total operating expenses (millions) | 1,007 | 18,319 | 14,777 | 24.0% | ||||||||
| Operating income (millions) | (5) | (99) | 2,267 | NA | ||||||||
| Operating margin | (0.5%) | (0.5%) | 13.3% | (13.8) pp | ||||||||
| Depreciation and amortization | 23 | 418 | 394 | 5.9% | ||||||||
| Aircraft and engine rent expense | 245 | 4,461 | 3,999 | 11.6% | ||||||||
| Net (loss) income (millions) | (63) | (1,150) | 2,546 | NA | ||||||||
| Net margin | (6.3%) | (6.3%) | 14.9% | (21.2) pp | ||||||||
| Earnings per share: | ||||||||||||
| Basic (pesos) | (0.06) | (1.14) | 2.52 | NA | ||||||||
| Diluted (pesos) | (0.06) | (1.14) | 2.52 | NA | ||||||||
| Earnings per ADS: | ||||||||||||
| Basic (pesos) | (0.62) | (11.37) | 25.16 | NA | ||||||||
| Diluted (pesos) | (0.62) | (11.37) | 25.16 | 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) | - | 13,966 | 12,214 | 14.3% | ||||||||
| Domestic | - | 9,379 | 8,512 | 10.2% | ||||||||
| International | - | 4,588 | 3,703 | 23.9% | ||||||||
| Revenue passenger miles (RPMs) (millions) (1) | - | 11,875 | 10,553 | 12.5% | ||||||||
| Domestic | - | 8,165 | 7,373 | 10.7% | ||||||||
| International | - | 3,710 | 3,179 | 16.7% | ||||||||
| Load factor (2) | - | 85.0% | 86.4% | (1.4) pp | ||||||||
| Domestic | - | 87.1% | 86.6% | (0.5) pp | ||||||||
| International | - | 80.8% | 85.9% | (5.1) pp | ||||||||
| Total operating revenue per ASM (TRASM) (cents) (1) | 7.2 | 130.5 | 139.5 | (6.5%) | ||||||||
| Passenger revenue per ASM (RASM) (cents) (1) | 5.1 | 93.4 | 105.8 | (11.7%) | ||||||||
| Passenger revenue per RPM (Yield) (cents) (1) | 6.0 | 109.9 | 122.5 | (10.3%) | ||||||||
| Average fare (2) | 59 | 1,074 | 1,175 | (8.6%) | ||||||||
| Non-ticket revenue per passenger (1) | 23.3 | 424 | 373 | 13.6% | ||||||||
| Operating expenses per ASM (CASM) (cents) (1) | 7.2 | 131.2 | 121.0 | 8.4% | ||||||||
| Operating expenses per ASM (CASM) (US cents) (1) | - | 7.2 | 6.2 | 16.2% | ||||||||
| CASM ex fuel (cents) (1) | 5.1 | 93.3 | 88.7 | 5.3% | ||||||||
| CASM ex fuel (US cents) (1) | - | 5.1 | 4.5 | 12.8% | ||||||||
| Booked passengers (thousands) (1) | - | 12,200 | 11,038 | 10.5% | ||||||||
| Departures (1) | - | 80,182 | 75,161 | 6.7% | ||||||||
| Block hours (1) | - | 217,562 | 199,898 | 8.8% | ||||||||
| Fuel gallons consumed (millions) | - | 157.2 | 144.8 | 8.5% | ||||||||
| Average economic fuel cost per gallon | 1.8 | 33.6 | 27.3 | 23.3% | ||||||||
| Aircraft at end of period | - | 67 | 65 | 3.1% | ||||||||
| Average aircraft utilization (block hours) | - | 12.5 | 12.9 | (3.1%) | ||||||||
| Average exchange rate | - | 18.93 | 18.26 | 3.6% | ||||||||
| End of period exchange rate | - | 18.20 | 19.50 | (6.7%) | ||||||||
| *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 |
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Controladora Vuela Compañía de Aviación, S.A.B. de C.V. and Subsidiaries Consolidated Statement of Operations |
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| Unaudited |
Three months ended |
Three months |
Three months |
Variance | ||||||||
| (In millions of Mexican pesos) | (US Dollars)* | (%) | ||||||||||
| Operating revenues: | ||||||||||||
| Passenger | 262 | 4,773 | 5,206 | (8.3%) | ||||||||
| Non-ticket | 99 | 1,809 | 1,525 | 18.6% | ||||||||
| 362 | 6,582 | 6,731 | (2.2%) | |||||||||
| Other operating income | - | (8) | (1) | >100% | ||||||||
| Fuel | 93 | 1,698 | 1,574 | 7.9% | ||||||||
| Aircraft and engine rent expense | 76 | 1,384 | 1,486 | (6.9%) | ||||||||
| Landing, take-off and navigation expenses | 54 | 989 | 892 | 10.8% | ||||||||
| Salaries and benefits | 38 | 695 | 604 | 15.1% | ||||||||
| Sales, marketing and distribution expenses | 26 | 468 | 381 | 22.8% | ||||||||
| Maintenance expenses | 18 | 324 | 358 | (9.6%) | ||||||||
| Other operating expenses | 14 | 249 | 257 | (3.2%) | ||||||||
| Depreciation and amortization | 8 | 150 | 136 | 9.9% | ||||||||
| Operating expenses | 327 | 5,948 | 5,688 | 4.6% | ||||||||
| Operating income | 35 | 634 | 1,043 | (39.2%) | ||||||||
| Finance income | 2 | 30 | 27 | 10.7% | ||||||||
| Finance cost | (1) | (20) | (9) | >100% | ||||||||
| Exchange gain, net | 7 | 125 | 382 | (67.2%) | ||||||||
| Comprehensive financing result | 7 | 135 | 400 | (66.2%) | ||||||||
| Income before income tax | 42 | 769 | 1,443 | (46.7%) | ||||||||
| Income tax expense | (2) | (39) | (433) | (91.0%) | ||||||||
| Net income | 40 | 731 | 1,010 | (27.6%) | ||||||||
| *Peso amounts were converted to U.S. dollars at end of period exchange rate for convenience purposes only. | ||||||||||||
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Controladora Vuela Compañía de Aviación, S.A.B. de C.V. and Subsidiaries Consolidated Statement of Operations |
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| Unaudited |
Nine months |
Nine months |
Nine months |
Variance | ||||||||
| (In millions of Mexican pesos) | (US Dollars)* | (%) | ||||||||||
| Operating revenues: | ||||||||||||
| Passenger | 717 | 13,050 | 12,926 | 1.0% | ||||||||
| Non-ticket | 284 | 5,170 | 4,118 | 25.5% | ||||||||
| 1,001 | 18,220 | 17,044 | 6.9% | |||||||||
| Other operating income | (1) | (19) | (370) | (94.9%) | ||||||||
| Fuel | 290 | 5,284 | 3,948 | 33.8% | ||||||||
| Aircraft and engine rent expense | 245 | 4,461 | 3,999 | 11.6% | ||||||||
| Landing, take-off and navigation expenses | 166 | 3,029 | 2,406 | 25.9% | ||||||||
| Salaries and benefits | 116 | 2,108 | 1,748 | 20.6% | ||||||||
| Sales, marketing and distribution expenses | 67 | 1,212 | 976 | 24.2% | ||||||||
| Maintenance expenses | 57 | 1,037 | 1,004 | 3.3% | ||||||||
| Other operating expenses | 43 | 788 | 673 | 17.2% | ||||||||
| Depreciation and amortization | 23 | 418 | 394 | 5.9% | ||||||||
| Operating expenses | 1,007 | 18,319 | 14,777 | 24.0% | ||||||||
| Operating (loss) income | (5) | (99) | 2,267 | NA | ||||||||
| Finance income | 4 | 73 | 81 | (10.1%) | ||||||||
| Finance cost | (3) | (62) | (24) | >100% | ||||||||
| Exchange (loss) gain, net | (87) | (1,578) | 1,315 | NA | ||||||||
| Comprehensive financing result | (86) | (1,567) | 1,371 | NA | ||||||||
| (Loss) income before income tax | (92) | (1,667) | 3,638 | NA | ||||||||
| Income tax benefit (expense) | 28 | 517 | (1,092) | NA | ||||||||
| Net (loss) income | (63) | (1,150) | 2,546 | NA | ||||||||
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*Peso amounts were converted to U.S. dollars at end of period exchange rate for convenience purposes only |
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Controladora Vuela Compañía de Aviación, S.A.B. de C.V. and Subsidiaries Consolidated Statement of Financial Position |
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| (In millions of Mexican pesos) |
September 30, 2017 |
September 30, 2017 |
December 31, 2016 |
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| (US Dollars)* | |||||||||
| Assets | |||||||||
| Cash and cash equivalents | 295 | 5,373 | 7,071 | ||||||
| Accounts receivable | 78 | 1,418 | 963 | ||||||
| Inventories | 15 | 273 | 244 | ||||||
| Prepaid expenses and other current assets | 65 | 1,180 | 1,563 | ||||||
| Financial instruments | 20 | 368 | 544 | ||||||
| Guarantee deposits | 72 | 1,303 | 1,167 | ||||||
| Total current assets | 545 | 9,915 | 11,551 | ||||||
| Rotable spare parts, furniture and equipment, net | 195 | 3,548 | 2,525 | ||||||
| Intangible assets, net | 9 | 157 | 114 | ||||||
| Financial instruments | 2 | 36 | 324 | ||||||
| Deferred income taxes | 35 | 640 | 559 | ||||||
| Guarantee deposits | 326 | 5,941 | 6,560 | ||||||
| Other assets | 7 | 128 | 148 | ||||||
| Total non-current assets | 574 | 10,450 | 10,231 | ||||||
| Total assets | 1,119 | 20,365 | 21,782 | ||||||
| Liabilities | |||||||||
| Unearned transportation revenue | 135 | 2,453 | 2,154 | ||||||
| Accounts payable | 48 | 875 | 927 | ||||||
| Accrued liabilities | 104 | 1,884 | 1,785 | ||||||
| Other taxes and fees payable | 70 | 1,267 | 1,476 | ||||||
| Income taxes payable | 4 | 67 | 196 | ||||||
| Financial instruments | - | 7 | 14 | ||||||
| Financial debt | 82 | 1,491 | 1,051 | ||||||
| Other liabilities | 14 | 255 | 284 | ||||||
| Total short-term liabilities | 456 | 8,298 | 7,888 | ||||||
| Financial instruments | - | - | - | ||||||
| Financial debt | 49 | 900 | 943 | ||||||
| Accrued liabilities | 7 | 123 | 170 | ||||||
| Other liabilities | 10 | 183 | 137 | ||||||
| Employee benefits | 1 | 16 | 13 | ||||||
| Deferred income taxes | 74 | 1,344 | 1,837 | ||||||
| Total long-term liabilities | 141 | 2,566 | 3,100 | ||||||
| Total liabilities | 597 | 10,863 | 10,988 | ||||||
| Equity | |||||||||
| Capital stock | 163 | 2,974 | 2,974 | ||||||
| Treasury shares | (5) | (83) | (83) | ||||||
| Contributions for future capital increases | - | - | - | ||||||
| Legal reserve | 16 | 291 | 38 | ||||||
| Additional paid-in capital | 99 | 1,807 | 1,801 | ||||||
| Retained earnings | 249 | 4,525 | 5,928 | ||||||
| Accumulated other comprehensive losses | (1) | (12) | 137 | ||||||
| Total equity | 522 | 9,502 | 10,794 | ||||||
| Total liabilities and equity | 1,119 | 20,365 | 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 | |||||||||
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Controladora Vuela Compañía de Aviación, S.A.B. de C.V. and Subsidiaries Consolidated Statement of Cash Flows – Cash Flow Data Summary |
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| Unaudited |
Three |
Three
|
Three
|
||||||
| (In millions of Mexican pesos) | (US Dollars)* | ||||||||
| Cash flows provided from operating activities before changes in working capital | 54 | 978 | 1,325 | ||||||
| Net cash flow (used in) operating activities | (21) | (385) | (22) | ||||||
| Net cash flow (used in) investing activities | (31) | (565) | (268) | ||||||
| Net cash flow provided by financing activities | 15 | 268 | 145 | ||||||
| (Decrease) in cash and cash equivalents | (37) | (681) | (146) | ||||||
| Net foreign exchange differences | 4 | 73 | 209 | ||||||
| Cash and cash equivalents at beginning of period | 329 | 5,981 | 6,930 | ||||||
| Cash and cash equivalents at end of period | 295 | 5,373 | 6,993 | ||||||
| *Peso amounts were converted to U.S. dollars at end of period exchange rate for convenience purposes only | |||||||||
| Unaudited |
Nine months |
Nine |
Nine |
||||||
| (In millions of Mexican pesos) | (US Dollars)* | ||||||||
| Cash flows provided from operating activities before changes in working capital | (19) | (354) | 2,867 | ||||||
| Net cash flow (used in) provided by operating activities | (7) | (131) | 1,501 | ||||||
| Net cash flow (used in) provided by investing activities | (77) | (1,409) | 498 | ||||||
| Net cash flow provided by (used in) financing activities | 29 | 533 | (774) | ||||||
| (Decrease) increase in cash and cash equivalents | (55) | (1,006) | 1,225 | ||||||
| Net foreign exchange differences | (38) | (692) | 611 | ||||||
| Cash and cash equivalents at beginning of period | 389 | 7,071 | 5,157 | ||||||
| Cash and cash equivalents at end of period | 295 | 5,373 | 6,993 | ||||||
| *Peso amounts were converted to U.S. dollars at end of period exchange rate for convenience purposes only | |||||||||
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