Volaris Reports Record 38% Adjusted EBITDAR Margin for the Full Year 2016

MEXICO CITY--()--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

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:

https://www.webcaster4.com/Webcast/Page/1174/17553

 

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

Financial and Operating Indicators

 
Unaudited

(In Mexican pesos, except otherwise indicated)

 

Three months
ended
December 31,
2016

(US Dollars)*

 

Three months
ended
December 31,
2016

 

Three months
ended
December 31,
2015

 

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

Financial and Operating Indicators

 
Unaudited

(In Mexican pesos, except otherwise indicated)

 

Twelve months
ended
December 31,
2016

(US Dollars)*

 

Twelve months
ended
December 31,
2016

 

Twelve months
ended
December 31,
2015

 

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

Consolidated Statement of Operations

 
Unaudited

(In millions of Mexican pesos)

 

Three months
ended December
31, 2016

(US Dollars)*

 

Three months
ended
December 31,
2016

 

Three months
ended
December 31,
2015

 

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

Consolidated Statement of Operations

 
Unaudited

(In millions of Mexican pesos)

 

Twelve months
ended
December 31,
2016

(US Dollars)*

 

Twelve months
ended
December 31,
2016

 

Twelve months
ended
December 31,
2015

 

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
ended December
31, 2016

(US Dollars)*

 

Three months
ended December
31, 2016

 

Three months
ended December
31, 2015

 

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
ended December
31, 2016

(US Dollars)*

 

Twelve months
ended December
31, 2016

 

Twelve months
ended December
31, 2015

 

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

Consolidated Statement of Financial Position

 
(In millions of Mexican pesos)  

December 31, 2016
Unaudited

(US Dollars)*

 

December 31, 2016
Unaudited

 

December 31, 2015
Audited

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

Consolidated Statement of Cash Flows – Cash Flow Data Summary

 
Unaudited

(In millions of Mexican pesos)

 

Three months
ended
December 31,
2016

(US Dollars)*

 

Three months
ended
December 31,
2016

 

Three months
ended
December 31,
2015

 
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
ended
December 31,
2016

(US Dollars)*

 

Twelve months
ended
December 31,
2016

 

Twelve months
ended
December 31,
2015

 
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
 

Contacts

Volaris
Investor Relations:
Andrés Pliego & Diana Martínez, +52 55 5261 6444
ir@volaris.com
or
Media:
Cynthia Llanos, +52 1 55 4577 0803
cllanos@gcya.net

Contacts

Volaris
Investor Relations:
Andrés Pliego & Diana Martínez, +52 55 5261 6444
ir@volaris.com
or
Media:
Cynthia Llanos, +52 1 55 4577 0803
cllanos@gcya.net