MEXICO CITY, Feb. 15, 2022 /PRNewswire/ -- Grupo Aeromexico S.A.B. de C.V. ("Aeromexico") (BMV: AEROMEX), today reported its unaudited consolidated results for the fourth quarter 2021.
KEY FINANCIAL HIGHLIGHTS FOR THE FOURTH QUARTER 2021
- On June 30th, 2020 Aeromexico announced that it and certain of its affiliates filed voluntary Chapter 11 petitions in the United States ("Chapter 11") to implement a financial restructuring, while continuing to serve customers. The Company intended to use the Chapter 11 process to strengthen its financial position and liquidity, protect and preserve its operations and assets and implement necessary operational changes to address the impact of the ongoing COVID-19 pandemic.
- On January 28th 2022,Aeroméxico informed that the hearing to consider confirmation of the Joint Plan of Reorganization of the Company and its subsidiaries that are debtors in the Company's Chapter 11 voluntary financial restructuring process (the "Plan") successfully concluded, and the Bankruptcy Court formally announced that it confirmed the Plan.
- Grupo Aeromexico's fourth quarter capacity, measured in available seat kilometers (ASKs), increased by 5.8% compared to third quarter 2021, primarily driven by a sequential recovery in domestic and international markets. Total ASKs for the fourth quarter decreased by 19.1% compared to the fourth quarter 2019 due to the impact of the COVID-19 pandemic.
- Grupo Aeromexico's fourth quarter 2021 revenue reached $15.4 billion pesos, a 16.1% increase compared to the third quarter of 2021 and a 10.8% decrease versus 2019. During the quarter, revenue per ASK (RASK) reached $1.501 pesos, a 9.8% increase compared to third quarter 2021 and 10.3% above the fourth quarter 2019.
- The Company recognized restructuring costs of $10.6 billion pesos. These restructuring costs included, among others, accruals for recognition of certain creditors' claims of $10.9 billion, most of which will not represent cash outflows under the Chapter 11 exit Plan to be completed during the first quarter of 2022. Claims are primarily related to fleet leases, loans, financing and union agreements.
- EBITDAR excluding restructuring costs and one-off items amounted to $5.0 billion pesos, an improvement of $1.8 billion pesos versus third quarter of 2021 and a $343 million pesos increase compared to the fourth quarter 2019.
- Fourth quarter 2021 operating profit excluding restructuring costs and special items reached $1.5 billion pesos, an improvement of $1.6 billion pesos compared to third quarter 2021 and a decrease of $216 million pesos with respect to 2019.
- Cost per ASK (CASK), excluding fuel and restructuring costs, was $0.046 dollars, a 0.1% decrease compared to third quarter 2021 and 7.6% lower than in the same period of 2019. This CASK excluding fuel reduction reflects the Company's structural cost efficiency achievements despite a 19.1% lower capacity.
- Aeromexico's cash position as of December 31st, 2021, amounted to $20.0 billion pesos, equivalent to approximately $967 million dollars. Excluding restricted cash, Aeromexico's cash balance amounted to $19.4 billion pesos, equivalent to $935 million dollars. During the quarter, the Company generated $1.5 billion pesos of operating cash flow.
- As at December 31st, 2021, Aeromexico's operating fleet comprised 133 aircraft, a 9% increase compared to the third quarter of 2021.
Grupo Aeroméxico confirms that its voluntary process of financial restructuring under Chapter 11 of the legislation of the United States of America, will be carried out in an orderly manner while it continues operating and offering services to its customers with the same quality that characterizes it, contracting from its suppliers the goods and services required for its operation.
This press release contains certain forward-looking statements that reflect the current views and/or expectations of the Company and its management with respect to its performance, business and future events. We use words such as "believe," "anticipate," "plan," "expect,", "intend," "target," "estimate," "project," "predict," "forecast," "guideline," "should" and other similar expressions to identify forward-looking statements, but they are not the only way we identify such statements. Such statements are subject to a number of risks, uncertainties and assumptions. We caution you that a number of important factors could cause actual results to differ materially from the plans, objectives, expectations, estimates and intentions expressed in this release. The Company is under no obligation and expressly disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
About Grupo Aeromexico
Grupo Aeromexico, S.A.B. de C.V. is a holding company whose subsidiaries are engaged in commercial aviation in Mexico and the promotion of passenger loyalty programs. Aeroméxico, Mexico's global airline, has its main operations center in Terminal 2 of the Mexico City International Airport. Its destination network has reach in Mexico, the United States, Canada, Central America, South America, Asia and Europe. The Group's current operating fleet include Boeing 787 and 737 aircraft, as well as the latest generation Embraer 190. Aeroméxico is a founding partner of SkyTeam, an alliance that celebrates 20 years and offers connectivity in more than 170 countries, through the 19 partner airlines. Aeroméxico created and implemented a Health and Hygiene Management System (SGSH) to protect its clients and collaborators at all stages of its operation.
SOURCE Grupo Aeromexico S.A.B. de C.V.
Share this article