MEXICO CITY--(BUSINESS WIRE)--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 2016.
The following financial information, unless otherwise indicated, is presented in accordance with International Financial Reporting Standards (IFRS).
Fourth Quarter and Full Year 2016 Highlights
- Total operating revenues reached Ps.6,469 million and Ps.23,512 million for the fourth quarter and full year, representing increases of 27.0% and 29.3% year over year, respectively.
- Non-ticket revenues were Ps.1,604 million and Ps.5,722 million for the fourth quarter and full year, up 38.0% and 41.3% year over year, respectively. Non-ticket revenues per passenger for the fourth quarter and full year were Ps.404 and Ps.381, increasing 13.2% and 12.9% year over year, respectively.
- Total operating revenues per available seat mile (TRASM) rose to Ps.144.1 cents and Ps.140.8 cents for the fourth quarter and full year, increasing of 7.4% and 8.8% year over year, respectively.
- Operating expenses per available seat mile (CASM) were Ps.133.5 cents and Ps.124.4 cents for the fourth quarter and full year, 16.3% and 11.5% higher year over year, respectively.
- Adjusted EBITDAR was Ps.2,207 million and Ps.8,866 for the fourth quarter and full year, for increase of 17.0% and 36.6% year over year, respectively. Adjusted EBITDAR margin for the fourth quarter and full year was 34.1% and a record 37.7%, a decrease in margin of 2.9 percentage points for the fourth quarter and an increase in margin of 2.0 percentage points for the full year.
- Operating income was Ps.473 million and Ps.2,740 million for the fourth quarter and full year, with an operating margin of 7.3% and 11.7%, respectively. Year over year, fourth quarter and full year operating margin decreased by 7.1 and 2.1 percentage points, respectively.
- Net income was Ps.973 million (Ps.0.96 per share / US$0.47 per ADS) and Ps.3,519 (Ps.3.48 per share / US$1.68 per ADS) for the fourth quarter and full year, respectively, with a net margin of 15.0% for both periods. Year over year the net margin for the fourth quarter and full year increased 2.2 and 1.4 percentage points, respectively.
- Net increase of cash and cash equivalents was Ps.78 million and Ps.1,914 million for the fourth quarter and full year, respectively. As of December 31, 2016, unrestricted cash and cash equivalents were Ps.7,071 million.
Volaris´ CEO Enrique Beltranena commented: “Considering the circumstances, 2016 was a great year for Volaris, reaching the milestones set forth for our airline in terms of network geographic diversification, profitability and the continued strengthening our financial position. We have built a resilient ULCC business model, well positioned to continue developing our region’s air travel market.”
Traffic Volume Growth Supported by Solid Demand Environment, Despite Exchange Rate and Fuel Price Pressures
- Air traffic volume increase: The Mexican DGAC reported overall passenger volume growth for Mexican carriers for the fourth quarter of 15%. Domestic passenger volume increased 14%, while international passenger volume increased 21%.
- Exchange rate volatility: The Mexican peso depreciated 18.4% year over year against the US dollar, from an average of Ps.16.75 pesos per US dollar in the fourth quarter 2015 to Ps.19.83 pesos per US dollar during the fourth quarter 2016.
- Higher fuel prices: The average economic fuel cost per gallon increased 31.8% year over year to Ps.34.6 per gallon (US$1.7) in the fourth quarter 2016.
Unit Revenue Improvements Driven by Volume and Non-Ticket Revenue Expansion
- Passenger traffic stimulation: Volaris booked 4.0 million passengers in the fourth quarter of 2016, up 21.9% year over year. Volaris traffic (measured in terms of revenue passenger miles, or RPMs) increased 20.3% for the same period.
- Unit revenue improvement and demand driven capacity growth: For the fourth quarter of 2016, TRASM increased 7.4%, with yield increasing 2.9%, year over year. During the fourth quarter, in terms of ASMs, domestic capacity grew 16.0%, while international capacity increased 23.7% responding to a strong demand from both markets. System load factor for the quarter and full year increased 1.4 and 3.5 percentage points year over year, reaching a record level for the fourth quarter and full year of 84.1% and 85.8%, respectively.
- Non-ticket revenues growth: Non-ticket revenues and non-ticket revenues per passenger increased 38.0% and 13.2% year over year for the fourth quarter of 2016, respectively. Non ticket revenue generation continues to grow with new product offerings such as priority boarding and additional insurance products. Moreover, we have enabled our products and services to be available after customers have checked in, promoting them on mobile channels with push notifications. We continue to expand our customer data analytics to fine tune our dynamic product pricing and increase reach for commission based revenues. Recently, due to regulatory changes we’ll charge for the first checked bag in flights to the USA and Puerto Rico, effective March 1st, 2017.
- New routes: In the fourth quarter 2016, Volaris began operations in four new routes, one domestic (Tijuana-Toluca) and three international (Mexico City – San Francisco, Denver – Monterrey and San Jose, Costa Rica – Guatemala).
Exchange Rate and Fuel Price Pressure
In the fourth quarter 2016, Volaris continued to experience pressure in US-dollar denominated costs, such as aircraft and engine rent expenses, international airport costs, and maintenance expenses due to the depreciation of the Mexican peso. The CASM for the fourth quarter was Ps.133.5 cents, a 16.3% increase compared to the fourth quarter 2015, mainly driven by FX and fuel price pressures.
Young and Fuel Efficient Fleet, Increasing Seats per Aircraft
During the fourth quarter, the Company incorporated six additional aircraft comprised of two A320s and four A321s. As of December 31, 2016, Volaris fleet was composed of 69 aircraft (15 A319s, 44 A320s and 10 A321s), with an average age of 4.2 years. At the end of the fourth quarter 2016 Volaris’ fleet had an average of 178 seats, 61% of which were in sharklet-equipped aircraft.
Solid Balance Sheet with Strong Liquidity and Low Leverage
The net increase in cash and cash equivalents was equal to Ps.78 million and Ps.1,914 million during the fourth quarter and full year, respectively. As of December 31, 2016, Volaris’ unrestricted cash and cash equivalents balance was Ps.7,071 million. Volaris had negative net debt (or a positive net cash position) of Ps.5,077 million and total equity of Ps.10,794 million.
Active in Fuel Risk Management
Volaris remains active in its fuel risk management program. Volaris utilized call options to hedge 53% of its fourth quarter 2016 fuel consumption, at an average strike price of US $1.99 per gallon, which combined with the 47% unhedged consumption, resulted in a blended average economic fuel cost of US$1.7 per gallon.
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:
Date: |
Mr. Enrique Beltranena, CEO Mr. Fernando Suárez, CFO
Friday, February 17, 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 on our website: | |||||
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 163 and its fleet from four to 69 aircraft. Volaris offers more than 331 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 seven 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.
Controladora Vuela Compañía de Aviación, S.A.B. de C.V. and Subsidiaries |
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Financial and Operating Indicators |
||||||||
Unaudited
(In Mexican pesos, except otherwise indicated) |
Three months (US Dollars)* |
Three months |
Three months |
Variance |
||||
Total operating revenues (millions) | 313 | 6,469 | 5,092 | 27.0% | ||||
Total operating expenses (millions) |
290 | 5,995 | 4,357 | 37.6% | ||||
EBIT (millions) | 23 | 473 | 736 | (35.7%) | ||||
EBIT margin | 7.3% | 7.3% | 14.4% | (7.1) pp | ||||
Adjusted EBITDA (millions) | 30 | 615 | 844 | (27.0%) | ||||
Adjusted EBITDA margin | 9.5% | 9.5% | 16.6% | (7.1) pp | ||||
Adjusted EBITDAR (millions) | 107 | 2,207 | 1,886 | 17.0% | ||||
Adjusted EBITDAR margin | 34.1% | 34.1% | 37.0% | (2.9) pp | ||||
Net income (millions) | 47 | 973 | 654 | 48.8% | ||||
Net margin | 15.0% | 15.0% | 12.8% | 2.2 pp | ||||
Earnings per share: | ||||||||
Basic (pesos) | 0.05 | 0.96 | 0.65 | 48.8% | ||||
Diluted (pesos) | 0.05 | 0.96 | 0.65 | 48.8% | ||||
Earnings per ADS: | ||||||||
Basic (pesos) | 0.47 | 9.62 | 6.46 | 48.8% | ||||
Diluted (pesos) | 0.47 | 9.62 | 6.46 | 48.8% | ||||
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) | - | 4,490 | 3,794 | 18.3% | ||||
Domestic | - | 3,083 | 2,657 | 16.0% | ||||
International | - | 1,407 | 1,137 | 23.7% | ||||
Revenue passenger miles (RPMs) (millions)(1) | - | 3,773 | 3,137 | 20.3% | ||||
Domestic | - | 2,634 | 2,220 | 18.7% | ||||
International | - | 1,139 | 917 | 24.2% | ||||
Load factor(2) | - | 84.1% | 82.7% | 1.4 pp | ||||
Domestic | - | 85.5% | 83.5% | 2.0 pp | ||||
International | - | 81.0% | 80.6% | 0.4 pp | ||||
Total operating revenue per ASM (TRASM) (cents)(1) | 7.0 | 144.1 | 134.2 | 7.4% | ||||
Passenger revenue per ASM (RASM) (cents)(1) | 5.2 | 108.3 | 103.6 | 4.6% | ||||
Passenger revenue per RPM (Yield) (cents)(1) | 6.2 | 128.9 | 125.3 | 2.9% | ||||
Average fare(2) | 59 | 1,228 | 1,208 | 1.6% | ||||
Non-ticket revenue per passenger (1) | 19.6 | 404 | 357 | 13.2% | ||||
Operating expenses per ASM (CASM) (cents)(1) | 6.5 | 133.5 | 114.8 | 16.3% | ||||
Operating expenses per ASM (CASM) ( US cents)(1) | - | 6.5 | 6.7 | (3.2%) | ||||
CASM ex fuel (cents)(1) | 4.5 | 93.6 | 84.3 | 11.0% | ||||
CASM ex fuel (US cents)(1) | - | 4.5 | 4.9 | (7.6%) | ||||
Booked passengers (thousands)(1) | - | 3,967 | 3,253 | 21.9% | ||||
Departures(1) | - | 26,650 | 23,344 | 14.2% | ||||
Block hours(1) | - | 71,305 | 61,928 | 15.1% | ||||
Fuel gallons consumed (millions) | - | 51.9 | 44.2 | 17.4% | ||||
Average economic fuel cost per gallon | 1.7 | 34.6 | 26.2 | 31.8% | ||||
Aircraft at end of period | - | 69 | 56 | 23.2% | ||||
Average aircraft utilization (block hours) | - | 12.6 | 12.9 | (2.5%) | ||||
Average exchange rate | - | 19.83 | 16.75 | 18.4% | ||||
End of period exchange rate | - | 20.66 | 17.21 | 20.1% | ||||
*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 Compañía de Aviación, S.A.B. de C.V. and Subsidiaries |
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Financial and Operating Indicators |
||||||||
Unaudited
(In Mexican pesos, except otherwise indicated) |
Twelve months (US Dollars)* |
Twelve months |
Twelve months |
Variance |
||||
Total operating revenues (millions) | 1,138 | 23,512 | 18,180 | 29.3% | ||||
Total operating expenses (millions) |
1,005 | 20,773 | 15,669 | 32.6% | ||||
EBIT (millions) | 133 | 2,740 | 2,510 | 9.1% | ||||
EBIT margin | 11.7% | 11.7% | 13.8% | (2.1) pp | ||||
Adjusted EBITDA (millions) | 159 | 3,276 | 2,967 | 10.4% | ||||
Adjusted EBITDA margin | 13.9% | 13.9% | 16.3% | (2.4) pp | ||||
Adjusted EBITDAR (millions) | 429 | 8,866 | 6,492 | 36.6% | ||||
Adjusted EBITDAR margin | 37.7% | 37.7% | 35.7% | 2.0 pp | ||||
Net income (millions) | 170 | 3,519 | 2,464 | 42.8% | ||||
Net margin | 15.0% | 15.0% | 13.6% | 1.4 pp | ||||
Earnings per share: | ||||||||
Basic (pesos) | 0.17 | 3.48 | 2.43 | 42.8% | ||||
Diluted (pesos) | 0.17 | 3.48 | 2.43 | 42.8% | ||||
Earnings per ADS: | ||||||||
Basic (pesos) | 1.68 | 34.78 | 24.35 | 42.8% | ||||
Diluted (pesos) | 1.68 | 34.78 | 24.35 | 42.8% | ||||
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) | - | 16,704 | 14,052 | 18.9% | ||||
Domestic | - | 11,595 | 9,845 | 17.8% | ||||
International | - | 5,109 | 4,207 | 21.4% | ||||
Revenue passenger miles (RPMs) (millions)(1) | - | 14,326 | 11,562 | 23.9% | ||||
Domestic | - | 10,008 | 8,125 | 23.2% | ||||
International | - | 4,318 | 3,437 | 25.6% | ||||
Load factor(2) | - | 85.8% | 82.3% | 3.5 pp | ||||
Domestic | - | 86.3% | 82.5% | 3.8 pp | ||||
International | - | 84.5% | 81.6% | 2.9 pp | ||||
Total operating revenue per ASM (TRASM) (cents)(1) | 6.8 | 140.8 | 129.4 | 8.8% | ||||
Passenger revenue per ASM (RASM) (cents)(1) | 5.2 | 106.5 | 100.6 | 5.9% | ||||
Passenger revenue per RPM (Yield) (cents)(1) | 6.0 | 124.2 | 122.2 | 1.6% | ||||
Average fare(2) | 58 | 1,189 | 1,181 | 0.7% | ||||
Non-ticket revenue per passenger (1) | 18.5 | 381 | 338 | 12.9% | ||||
Operating expenses per ASM (CASM) (cents)(1) | 6.0 | 124.4 | 111.5 | 11.5% | ||||
Operating expenses per ASM (CASM) ( US cents)(1) | - | 6.0 | 6.5 | (7.1%) | ||||
CASM ex fuel (cents)(1) | 4.4 | 90.0 | 77.9 | 15.5% | ||||
CASM ex fuel (US cents)(1) | - | 4.4 | 4.5 | (3.8%) | ||||
Booked passengers (thousands)(1) | - | 15,005 | 11,983 | 25.2% | ||||
Departures(1) | - | 101,811 | 87,931 | 15.8% | ||||
Block hours(1) | - | 271,204 | 230,569 | 17.6% | ||||
Fuel gallons consumed (millions) | - | 196.7 | 164.0 | 19.9% | ||||
Average economic fuel cost per gallon | 1.4 | 29.2 | 28.8 | 1.4% | ||||
Aircraft at end of period | - | 69 | 56 | 23.2% | ||||
Average aircraft utilization (block hours) | - | 12.8 | 12.7 | 1.0% | ||||
Average exchange rate | - | 18.66 | 15.85 | 17.7% | ||||
End of period exchange rate | - | 20.66 | 17.21 | 20.1% | ||||
*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 Compañía de Aviación, S.A.B. de C.V. and Subsidiaries |
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Consolidated Statement of Operations |
||||||||
Unaudited
(In millions of Mexican pesos) |
Three months (US Dollars)* |
Three months |
Three months |
Variance |
||||
Operating revenues: | ||||||||
Passenger | 235 | 4,864 | 3,930 | 23.8% | ||||
Non-ticket | 78 | 1,604 | 1,163 | 38.0% | ||||
313 | 6,469 | 5,092 | 27.0% | |||||
Other operating income | (6) | (127) | (51) | >100% | ||||
Fuel | 87 | 1,794 | 1,158 | 54.9% | ||||
Aircraft and engine rent expenses | 77 | 1,592 | 1,043 | 52.6% | ||||
Landing, take-off and navigation expenses | 42 | 866 | 712 | 21.6% | ||||
Salaries and benefits | 33 | 672 | 539 | 24.7% | ||||
Sales, marketing and distribution expenses | 21 | 437 | 339 | 29.1% | ||||
Maintenance expenses | 16 | 340 | 288 | 18.2% | ||||
Other operating expenses | 14 | 280 | 222 | 26.1% | ||||
Depreciation and amortization | 7 | 142 | 108 | 31.7% | ||||
Operating expenses | 290 | 5,995 | 4,357 | 37.6% | ||||
Operating income | 23 | 473 | 736 | (35.7%) | ||||
Finance income | 1 | 22 | 10 | >100% | ||||
Finance cost | (1) | (11) | (7) | 55.3% | ||||
Exchange gains, net | 41 | 855 | 178 | >100% | ||||
Comprehensive financing result | 42 | 866 | 181 | >100% | ||||
Income before income tax | 65 | 1,339 | 917 | 46.1% | ||||
Income tax expense | (18) | (366) | (263) | 39.2% | ||||
Net income | 47 | 973 | 654 | 48.8% | ||||
*Peso amounts were converted to U.S. dollars at end of period exchange rate for convenience purposes only. | ||||||||
Controladora Vuela Compañía de Aviación, S.A.B. de C.V. and Subsidiaries |
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Consolidated Statement of Operations |
||||||||
Unaudited
(In millions of Mexican pesos) |
Twelve months (US Dollars)* |
Twelve months |
Twelve months |
Variance |
||||
Operating revenues: | ||||||||
Passenger | 861 | 17,790 | 14,130 | 25.9% | ||||
Non-ticket | 277 | 5,722 | 4,049 | 41.3% | ||||
1,138 | 23,512 | 18,180 | 29.3% | |||||
Other operating income | (24) | (497) | (193) | >100% | ||||
Fuel | 278 | 5,741 | 4,721 | 21.6% | ||||
Aircraft and engine rent expenses | 271 | 5,590 | 3,525 | 58.6% | ||||
Landing, take-off and navigation expenses | 158 | 3,272 | 2,595 | 26.1% | ||||
Salaries and benefits | 117 | 2,420 | 1,903 | 27.2% | ||||
Sales, marketing and distribution expenses | 68 | 1,413 | 1,089 | 29.8% | ||||
Maintenance expenses | 65 | 1,344 | 875 | 53.7% | ||||
Other operating expenses | 46 | 952 | 698 | 36.5% | ||||
Depreciation and amortization | 26 | 537 | 457 | 17.5% | ||||
Operating expenses | 1,005 | 20,773 | 15,669 | 32.6% | ||||
Operating income | 133 | 2,740 | 2,510 | 9.1% | ||||
Finance income | 5 | 103 | 47 | >100% | ||||
Finance cost | (2) | (35) | (22) | 61.8% | ||||
Exchange gains, net | 105 | 2,170 | 967 | >100% | ||||
Comprehensive financing result | 108 | 2,237 | 992 | >100% | ||||
Income before income tax | 241 | 4,977 | 3,502 | 42.1% | ||||
Income tax expense | (71) | (1,457) | (1,038) | 40.3% | ||||
Net income | 170 | 3,519 | 2,464 | 42.8% | ||||
*Peso amounts were converted to U.S. dollars at end of period exchange rate for convenience purposes only | ||||||||
Controladora Vuela Compañía de Aviación, S.A.B. de C.V. and Subsidiaries |
Adjusted EBITAR Reconciliation |
The Company is providing a reconciliation of GAAP financial information to non-GAAP financial information as it believes that non-GAAP financial measures provide management and investors the ability to measure the performance of the Company on a consistent basis. These non-GAAP financial measures have limitations as an analytical tool.
Unaudited
(In millions of Mexican pesos) |
Three months (US Dollars)* |
Three months |
Three months |
Variance |
||||
Reconciliation: | ||||||||
Net income | 47 | 973 | 654 | 48.8% | ||||
Plus (minus): | ||||||||
Finance cost | 1 | 11 | 7 | 55.3% | ||||
Finance income | (1) | (22) | (10) | >100% | ||||
Provision for income tax | 18 | 366 | 263 | 39.2% | ||||
Depreciation and amortization | 7 | 142 | 108 | 31.7% | ||||
EBITDA | 71 | 1,470 | 1,021 | 44.0% | ||||
Exchange (gains) loss, net | (41) | (855) | (178) | >100% | ||||
Adjusted EBITDA | 30 | 615 | 844 | (27.0%) | ||||
Aircraft and engine rent expenses | 77 | 1,592 | 1,043 | 52.6% | ||||
Adjusted EBITDAR | 107 | 2,207 | 1,886 | 17.0% | ||||
*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 (US Dollars)* |
Twelve months |
Twelve months |
Variance |
||||
Reconciliation: | ||||||||
Net (loss) income | 170 | 3,519 | 2,464 | 42.8% | ||||
Plus (minus): | ||||||||
Finance cost | 2 | 35 | 22 | 61.8% | ||||
Finance income | (5) | (103) | (47) | >100% | ||||
Provision for income tax | 71 | 1,457 | 1,038 | 40.3% | ||||
Depreciation and amortization | 26 | 537 | 457 | 17.5% | ||||
EBITDA | 264 | 5,446 | 3,934 | 38.4% | ||||
Exchange (gains) loss, net | (105) | (2,170) | (967) | >100% | ||||
Adjusted EBITDA | 159 | 3,276 | 2,967 | 10.4% | ||||
Aircraft and engine rent expenses | 271 | 5,590 | 3,525 | 58.6% | ||||
Adjusted EBITDAR | 429 | 8,866 | 6,492 | 36.6% | ||||
*Peso amounts were converted to U.S. dollars at end of period exchange rate for convenience purposes only | ||||||||
Controladora Vuela Compañía de Aviación, S.A.B. de C.V. and Subsidiaries |
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Consolidated Statement of Financial Position |
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(In millions of Mexican pesos) |
December 31, 2016 (US Dollars)* |
December 31, 2016 |
December 31, 2015 |
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Assets | ||||||
Cash and cash equivalents | 342 | 7,071 | 5,157 | |||
Accounts receivable | 71 | 1,465 | 464 | |||
Inventories | 12 | 244 | 163 | |||
Prepaid expenses and other current assets | 76 | 1,563 | 585 | |||
Financial instruments | 26 | 544 | 10 | |||
Guarantee deposits | 56 | 1,153 | 861 | |||
Total current assets | 583 | 12,040 | 7,241 | |||
Rotable spare parts, furniture and equipment, net | 122 | 2,525 | 2,550 | |||
Intangible assets, net | 6 | 114 | 95 | |||
Financial instruments | 16 | 324 | 69 | |||
Deferred income taxes | 27 | 559 | 545 | |||
Guarantee deposits | 318 | 6,574 | 4,704 | |||
Other assets | 7 | 148 | 58 | |||
Total non-current assets | 496 | 10,245 | 8,020 | |||
Total assets | 1,078 | 22,285 | 15,261 | |||
Liabilities | ||||||
Unearned transportation revenue | 104 | 2,154 | 1,957 | |||
Accounts payable | 45 | 927 | 795 | |||
Accrued liabilities | 99 | 2,053 | 1,471 | |||
Other taxes and fees payable | 71 | 1,476 | 1,107 | |||
Income taxes payable | 34 | 699 | 338 | |||
Financial instruments | 1 | 14 | 44 | |||
Financial debt | 51 | 1,051 | 1,371 | |||
Other liabilities | 1 | 16 | 19 | |||
Total short-term liabilities | 406 | 8,391 | 7,103 | |||
Financial instruments | - | - | 11 | |||
Financial debt | 46 | 943 | 220 | |||
Accrued liabilities | 8 | 170 | 157 | |||
Other liabilities | 7 | 137 | 49 | |||
Employee benefits | 1 | 13 | 10 | |||
Deferred income taxes | 89 | 1,837 | 885 | |||
Total long-term liabilities | 150 | 3,100 | 1,333 | |||
Total liabilities | 556 | 11,490 | 8,436 | |||
Equity | ||||||
Capital stock | 144 | 2,974 | 2,974 | |||
Treasury shares | (4) | (83) | (91) | |||
Contributions for future capital increases | - | - | - | |||
Legal reserve | 2 | 38 | 38 | |||
Additional paid-in capital | 87 | 1,801 | 1,791 | |||
Retained earnings | 287 | 5,928 | 2,408 | |||
Accumulated other comprehensive losses | 7 | 137 | (295) | |||
Total equity | 522 | 10,794 | 6,825 | |||
Total liabilities and equity | 1,078 | 22,285 | 15,261 | |||
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 Compañía de Aviación, S.A.B. de C.V. and Subsidiaries |
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Consolidated Statement of Cash Flows – Cash Flow Data Summary |
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Unaudited
(In millions of Mexican pesos) |
Three months (US Dollars)* |
Three months |
Three months |
|||
Net cash flows (used in) provided by operating activities | (25) | (522) | 930 | |||
Net cash flows used in investing activities | (25) | (526) | (356) | |||
Net cash flows provided by financing activities | 38 | 785 | 127 | |||
(Decrease) increase in cash and cash equivalents | (13) | (263) | 700 | |||
Net foreign exchange differences on cash balance | 17 | 341 | 50 | |||
Cash and cash equivalents at beginning of period | 338 | 6,993 | 4,408 | |||
Cash and cash equivalents at end of period | 342 | 7,071 | 5,157 | |||
*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 (US Dollars)* |
Twelve months |
Twelve months |
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Net cash flows provided by operating activities | 47 | 979 | 3,070 | |||
Net cash flows used in investing activities | (1) | (28) | (601) | |||
Net cash flows provided by financing activities | 1 | 11 | 65 | |||
Increase in cash and cash equivalents | 47 | 962 | 2,533 | |||
Net foreign exchange differences on cash balance | 46 | 952 | 359 | |||
Cash and cash equivalents at beginning of period | 250 | 5,157 | 2,265 | |||
Cash and cash equivalents at end of period | 342 | 7,071 | 5,157 | |||
*Peso amounts were converted to U.S. dollars at end of period exchange rate for convenience purposes only | ||||||