Volaris Reports Solid Fourth Quarter 2014 Margin Expansion, Reaching Adjusted EBITDAR Margin of 31% and Operating Margin of 11%
MEXICO CITY, Feb. 25, 2015 /PRNewswire/ -- Volaris* (NYSE: VLRS and BMV: VOLAR), the ultra-low-cost airline serving Mexico and the United States, today announced its financial results for the fourth quarter and full year 2014.
The following financial information, unless otherwise indicated, is presented in accordance with International Financial Reporting Standards (IFRS).
Fourth Quarter and Full Year 2014 Highlights
- Total operating revenues were Ps.3,958 million and Ps.14,037 million for the fourth quarter and full year, respectively, an increase of 24.3% and 8.0% year over year, respectively.
- Non-ticket revenues increased 81.2% and 45.0% for the fourth quarter and full year, year over year, respectively. Non-ticket revenue per passenger increased 60.7% and 32.2%, reaching Ps.313 and Ps.279 (US$21 and US$19), for the fourth quarter and full year, respectively.
- Total operating revenue per available seat mile (TRASM) increased to Ps.130.5 cents and Ps.118.7 cents for the fourth quarter and full year, respectively, an increase of 20.7% and a decrease of 0.5% year over year, respectively.
- Operating expenses per available seat mile (CASM) increased 1.5% and 0.5% for the fourth quarter and full year, year over year, respectively, reaching Ps.116.4 cents and Ps.116.9 cents (US$7.9 cents and US$7.9 cents). CASM expressed in US cents decreased 9.9% and 10.7% for the fourth quarter and full year, year over year, respectively. CASM excluding fuel expressed in US dollars reached US$4.9 cents for the full year 2014.
- Adjusted EBITDAR for the fourth quarter was Ps.1,239 million, a 156.1% increase year over year with an Adjusted EBITDAR margin of 31.3%, a margin increase of 16.1 percentage points. Adjusted EBITDAR for the full year was Ps.3,081 million, a 9.8% increase year over year with an Adjusted EBITDAR margin of 22.0%, a margin increase of 0.4 percentage points.
- EBIT reached Ps.426 million with an operating margin of 10.8% for the fourth quarter, a margin improvement of 17.0 percentage points. EBIT reached Ps.204 million with an operating margin of 1.5% for the full year, a margin decrease of 0.9 percentage points.
- Net income reached Ps.703 million (Ps.0.69 per share / US$0.47 per ADS) and net margin of 17.8% for the fourth quarter, a net margin improvement of 20.9 percentage points. Net income reached Ps.605 million (Ps.0.60 per share / US$0.41 per ADS) and net margin of 4.3% for the full year, a net margin improvement of 2.3 percentage points.
- During the fourth quarter the net increase of cash and cash equivalents was Ps.342 million mainly driven by the resources provided by operating activities of Ps.470 million. Unrestricted cash and cash equivalents was Ps.2,265 million, representing 16% of last twelve month revenues.
Volaris CEO Enrique Beltranena commented: "The network adjustments and non-ticket revenue growth strategy together with a continuous focus on cost control produced fourth quarter adjusted EBITDAR, operating, and net margin expansions. We continue to see improvement in the market environment as industry capacity discipline drives a stronger fare environment. We also foresee potential benefits in 2015 from lower fuel costs and the continuation of non-ticket revenue growth".
Improving Macroeconomic Environment
- The Mexican macroeconomic environment:
- GDP growth for the full year 2014 was 2.1%.
- Consumer confidence increased 4.7% and 4.3% year over year in November and December of 2014, respectively.
- The Mexican General Economic Activity Indicator (IGAE) increased 2.04% in November of 2014 compared to the same period in 2013.
- Exchange rate volatility: The Mexican peso depreciated 6.2% year over year against the US dollar, as the exchange rate devalued from an average of Ps.13.03 pesos per US dollar in the fourth quarter of 2013 to Ps.13.84 pesos per US dollar during the fourth quarter of 2014.
- Lower fuel prices: The average economic fuel cost per gallon decreased 10.4% year over year in the fourth quarter of 2014, reaching Ps.35.6 (US$2.4) per gallon.
Volaris Continuous Focus on Capacity Management Results in Unit Revenue Improvement
- Unit revenue improvement and capacity management: TRASM and yield increased 20.7% and 6.5% for the fourth quarter year over year, respectively, as a result of a strong international revenue environment and recovering domestic market pricing conditions. Domestic capacity decreased 0.7%, reflecting capacity discipline and supporting yield recovery, while international capacity increased 14.0%, responding to a stronger fare environment.
- Non-ticket revenues growth: Non-ticket revenues excluding cargo per passenger increased 85.6% year over year for the fourth quarter. Our innovative revenue management techniques allow us to maximize revenue and our smart buyers are clearly understanding our business model by purchasing ancillaries early in the travel process. For example, we implemented ancillary bundles and new travel related products in the booking process.
- Air traffic volume increase: The Mexican Direccion General de Aeronautica Civil (DGAC) reported an overall passenger increase for Mexican carriers of 9.0% for 2014 and Volaris market share among Mexican carriers remained at 23.0% in both domestic and international markets, the second largest among them.
- New routes launch: In the fourth quarter only, Volaris opened 18 routes (nine domestic and nine international), focusing on our VFR customer base, both in the domestic and the Mexico-US market. During 2014, Volaris opened 36 new point-to-point routes (24 domestic and 12 international).
Fourth Quarter Operating Revenues: Managing Capacity for Profitability Leading to Solid Revenue Indicators
Volaris booked 2.6 million passengers in the fourth quarter 2014, a 12.7% year over year growth rate. Volaris traffic (measured in terms of revenue passenger miles, or RPMs) increased 7.9%.
Volaris' total operating revenues were Ps.3,958 million, an increase of 24.3% year over year. Yield increased 6.5% year over year.
During the fourth quarter 2014, our non-ticket revenues and non-ticket revenue per passenger reached Ps.818 million and Ps.313 (US$21), respectively. Non-ticket revenues per passenger increased 60.7%.
Passenger revenue per available seat mile (RASM) increased 11.6%, and total operating revenue per available seat mile (TRASM) was 20.7% higher, as a result of an improving fare environment and stronger non-ticket revenues.
Maintaining Cost Discipline: Early Tailwinds from Fuel Savings, Despite Exchange Rate Impact on Unit Costs
CASM for the fourth quarter 2014 was Ps.116.4 cents (US$7.9 cents), a 1.5% increase compared to the fourth quarter of 2013, driven by a higher average exchange rate during the quarter and lower capacity growth reflecting capacity discipline. On a US dollar basis, our CASM in the fourth quarter decreased 9.9% compared to the same period in 2013. CASM excluding fuel expressed in US dollars reached US$4.9 cents for the full year 2014.
As a result of our expanding operations into the US, our revenues denominated in US dollars in the fourth quarter reached 29%, continuing to build a natural hedge from the exchange rate perspective.
In the fourth quarter Volaris experienced pressures in US dollar denominated costs such as aircraft rents, international airport costs, and maintenance expenses. However, Volaris managed to offset most of these increases with efficiencies in salaries and benefits costs and landing, take-off and navigation expenses.
Young and Fuel Efficient Fleet
As of December 31, 2014, the Company´s fleet was comprised of 50 aircraft (32 A320s and 18 A319s), with an average age of 4 years. We expect to end 2015 with 55 aircraft, including our first two A321s in the second quarter of 2015. Volaris closed 2014 with the largest narrow body fleet among Mexican airlines.
Positive Cash Flow Generation, Strong Balance Sheet and Good Liquidity
During the fourth quarter the net increase of cash and cash equivalents was Ps.342 million mainly driven by the resources provided by operating activities of Ps.470 million.
As of December 31, 2014, Volaris had Ps.2,265 million in unrestricted cash and cash equivalents, representing 16% of last twelve month revenues. The Company recorded negative net debt (or a positive net cash position) of Ps.1,017 million and total equity was Ps.4,470 million.
During the fourth quarter 2014, Volaris incurred capital expenditures of Ps.372 million, which included pre-delivery payments for future deliveries of aircraft net of refunds of Ps.189 million and acquisitions of rotable spare parts, furniture and equipment of Ps.183 million.
Active in Fuel Risk Management
Volaris has continued to remain active in its fuel risk management program with a combination of financial instruments including Jet Fuel swaps and purchase of call options. In the fourth quarter Volaris hedged 26% of fuel consumption at an average price of US$2.80 per gallon and combined with the 74% unhedged consumption resulted in a blended average economic fuel cost of US $2.42 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:
Volaris will conduct a conference call to discuss these results on February 26, 2015, at 11:00 a.m. EST. A live audio webcast of the conference call will be available to the public on a listen-only basis at http://ir.volaris.com
About Volaris:
Controladora Vuela Compania de Aviacion, S.A.B. de C.V. ("Volaris" or the "Company") (NYSE: VLRS and BMV: VOLAR), is an ultra-low-cost carrier (ULCC), with point-to-point operations, serving Mexico and the United States. 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 130 and its fleet from four to 51 aircraft. Volaris offers more than 235 daily flight segments on routes that connect 38 cities in Mexico and 19 cities in the United States with the youngest aircraft 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. Volaris has received the ESR Award for Social Corporate Responsibility for five 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 Compania de Aviacion, S.A.B. de C.V. and Subsidiaries Financial and Operating Indicators |
||||
| Unaudited |
Three months |
Three months |
Three months ended December 31, |
Variance |
| Total operating revenues (millions) |
269 |
3,958 |
3,184 |
24.3% |
| Total operating expenses (millions) |
240 |
3,532 |
3,381 |
4.5% |
| EBIT (millions) |
29 |
426 |
(197) |
NA |
| EBIT margin |
10.8% |
10.8% |
(6.2%) |
17.0 pp |
| Adjusted EBITDA (millions) |
38 |
564 |
(111) |
NA |
| Adjusted EBITDA margin |
14.2% |
14.2% |
(3.5%) |
17.7 pp |
| Adjusted EBITDAR (millions) |
84 |
1,239 |
484 |
>100% |
| Adjusted EBITDAR margin |
31.3% |
31.3% |
15.2% |
16.1 pp |
| Net income (loss) (millions) |
48 |
703 |
(97) |
NA |
| Net margin |
17.8% |
17.8% |
(3.1%) |
20.9 pp |
| Earnings per share: |
||||
| Basic |
0.05 |
0.69 |
(0.10) |
NA |
| Diluted |
0.05 |
0.69 |
(0.10) |
NA |
| Earnings per ADS: |
||||
| Basic |
0.47 |
6.95 |
(0.96) |
NA |
| Diluted |
0.47 |
6.95 |
(0.96) |
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) |
- |
3,033 |
2,946 |
3.0% |
| Domestic |
- |
2,191 |
2,207 |
(0.7%) |
| International |
- |
842 |
739 |
14.0% |
| Revenue passenger miles (RPMs) (millions) |
- |
2,512 |
2,329 |
7.9% |
| Domestic |
- |
1,824 |
1,760 |
3.7% |
| International |
- |
688 |
569 |
20.9% |
| Load factor |
- |
82.8% |
79.1% |
3.7 pp |
| Domestic |
- |
83.3% |
79.7% |
3.6 pp |
| International |
- |
81.7% |
77.0% |
4.7 pp |
| Total operating revenue per ASM (TRASM) (cents) |
8.9 |
130.5 |
108.1 |
20.7% |
| Passenger revenue per ASM (RASM) (cents) |
7.0 |
103.5 |
92.8 |
11.6% |
| Passenger revenue per RPM (Yield) (cents) |
8.5 |
125.0 |
117.3 |
6.5% |
| Average fare |
81.5 |
1,200 |
1,177 |
2.0% |
| Non-ticket revenue per passenger |
21.2 |
313 |
195 |
60.7% |
| Non-ticket revenue excluding cargo per passenger |
19.9 |
293 |
158 |
85.6% |
| Operating expenses per ASM (CASM) (cents) |
7.9 |
116.4 |
114.8 |
1.5% |
| Operating expenses per ASM (CASM) ( US cents) |
- |
7.9 |
8.8** |
(9.9%) |
| CASM ex fuel (cents) |
5.1 |
74.4 |
68.3 |
9.0% |
| CASM ex fuel (US cents) |
- |
5.1 |
5.2** |
(3.2%) |
| Booked passengers (thousands) |
- |
2,617 |
2,321 |
12.7% |
| Departures |
- |
19,476 |
18,274 |
6.6% |
| Block hours |
- |
50,519 |
48,966 |
3.2% |
| Fuel gallons consumed (millions) |
- |
35.8 |
34.5 |
3.9% |
| Average economic fuel cost per gallon |
2.4 |
35.6 |
39.8 |
(10.4%) |
| Aircraft at end of period |
- |
50 |
44 |
13.6% |
| Average aircraft utilization (block hours) |
- |
12.4 |
12.9 |
(4.3) |
| Average exchange rate |
- |
13.84 |
13.03 |
6.2% |
| *Convenience translation to period-end U.S. dollars (Ps.14.7180). **Convenience translation to period-end U.S. dollars (Ps.13.0765) |
||||
| Controladora Vuela Compania de Aviacion, S.A.B. de C.V. and Subsidiaries Financial and Operating Indicators |
||||
| Unaudited |
Year Ended |
Year Ended |
Year Ended December 31, 2013 |
Variance |
| Total operating revenues (millions) |
954 |
14,037 |
13,002 |
8.0% |
| Total operating expenses (millions) |
940 |
13,833 |
12,685 |
9.0% |
| EBIT (millions) |
14 |
204 |
317 |
(35.7%) |
| EBIT margin |
1.5% |
1.5% |
2.4% |
(0.9) pp |
| Adjusted EBITDA (millions) |
37 |
547 |
619 |
(11.7%) |
| Adjusted EBITDA margin |
3.9% |
3.9% |
4.8% |
(0.9) pp |
| Adjusted EBITDAR (millions) |
209 |
3,081 |
2,806 |
9.8% |
| Adjusted EBITDAR margin |
22.0% |
22.0% |
21.6% |
0.4 pp |
| Net income (millions) |
41 |
605 |
265 |
>100% |
| Net margin |
4.3% |
4.3% |
2.0% |
2.3 pp |
| Earnings per share: |
||||
| Basic |
0.04 |
0.60 |
0.31 |
92.7% |
| Diluted |
0.04 |
0.60 |
0.31 |
92.7% |
| Earnings per ADS: |
||||
| Basic |
0.41 |
5.98 |
3.10 |
92.7% |
| Diluted |
0.41 |
5.98 |
3.10 |
92.7% |
| Weighted average shares outstanding: |
||||
| Basic |
- |
1,011,876,677 |
865,579,397 |
16.9% |
| Diluted |
- |
1,011,876,677 |
865,579,397 |
16.9% |
| Available seat miles (ASMs) (millions) |
- |
11,830 |
10,899 |
8.5% |
| Domestic |
- |
8,749 |
8,270 |
5.8% |
| International |
- |
3,081 |
2,629 |
17.2% |
| Revenue passenger miles (RPMs) (millions) |
- |
9,723 |
9,003 |
8.0% |
| Domestic |
- |
7,128 |
6,801 |
4.8% |
| International |
- |
2,595 |
2,202 |
17.8% |
| Load factor |
- |
82.2% |
82.6% |
(0.4) pp |
| Domestic |
- |
81.5% |
82.2% |
(0.7) pp |
| International |
- |
84.2% |
83.8% |
0.4 pp |
| Total operating revenue per ASM (TRASM) (cents) |
8.1 |
118.7 |
119.3 |
(0.5%) |
| Passenger revenue per ASM (RASM) (cents) |
6.5 |
95.5 |
102.0 |
(6.3%) |
| Passenger revenue per RPM (Yield) (cents) |
7.9 |
116.3 |
123.5 |
(5.9%) |
| Average fare |
78.3 |
1,152 |
1,243 |
(7.3%) |
| Non-ticket revenue per passenger |
18.9 |
279 |
211 |
32.2% |
| Non-ticket revenue excluding cargo per passenger |
17.4 |
256 |
170 |
50.3% |
| Operating expenses per ASM (CASM) (cents) |
7.9 |
116.9 |
116.4 |
0.5% |
| Operating expenses per ASM (CASM) (US cents) |
- |
7.9 |
8.9** |
(10.7%) |
| CASM ex fuel (cents) |
4.9 |
71.6 |
69.7 |
2.7% |
| CASM ex fuel (US cents) |
- |
4.9 |
5.3** |
(8.8%) |
| Booked passengers (thousands) |
- |
9,809 |
8,942 |
9.7% |
| Departures |
- |
74,659 |
68,716 |
8.6% |
| Block hours |
- |
196,467 |
183,211 |
7.2% |
| Fuel gallons consumed (millions) |
- |
138.5 |
129.1 |
7.3% |
| Average economic fuel cost per gallon |
2.6 |
38.7 |
39.4 |
(1.7%) |
| Aircraft at end of period |
- |
50 |
44 |
13.6% |
| Average aircraft utilization (block hours) |
- |
12.4 |
12.5 |
(0.3) |
| Average exchange rate |
- |
13.30 |
12.77 |
4.2% |
| *Convenience translation to period-end U.S. dollars (Ps.14.7180). **Convenience translation to period-end U.S. dollars (Ps.13.0765) |
||||
| Controladora Vuela Compania de Aviacion, S.A.B. de C.V. and Subsidiaries Consolidated Statement of Operations |
||||
| Unaudited |
Three months |
Three months |
Three months ended December 31, 2013 |
Variance |
| Operating revenues: |
||||
| Passenger |
213 |
3,140 |
2,732 |
14.9% |
| Non-ticket |
56 |
818 |
452 |
81.2% |
| 269 |
3,958 |
3,184 |
24.3% |
|
| Other operating income |
(1) |
(13) |
(79) |
(83.2%) |
| Fuel |
87 |
1,276 |
1,370 |
(6.8%) |
| Aircraft and engine rent expense |
46 |
675 |
595 |
13.5% |
| Landing, take-off and navigation expenses |
33 |
488 |
507 |
(3.7%) |
| Salaries and benefits |
27 |
402 |
420 |
(4.1%) |
| Sales, marketing and distribution expenses |
15 |
227 |
179 |
26.9% |
| Maintenance expenses |
13 |
192 |
142 |
34.8% |
| Other operating expenses |
10 |
148 |
161 |
(8.6%) |
| Depreciation and amortization |
9 |
138 |
86 |
60.7% |
| Operating expenses |
240 |
3,532 |
3,381 |
4.5% |
| Operating income (loss) |
29 |
426 |
(197) |
NA |
| Finance income |
- |
6 |
5 |
22.5% |
| Finance cost |
(1) |
(9) |
(5) |
69.6% |
| Exchange gain, net |
23 |
336 |
21 |
>100% |
| Comprehensive financing result |
23 |
334 |
21 |
>100% |
| Income (loss) before income tax |
52 |
760 |
(176) |
NA |
| Income tax (expense) benefit |
(4) |
(57) |
79 |
NA |
| Net income (loss) |
48 |
703 |
(97) |
NA |
| Attribution of net income (loss) |
||||
| Equity holders of the parent |
48 |
703 |
(97) |
NA |
| Non-controlling interest |
- |
- |
- |
|
| Net income (loss) |
48 |
703 |
(97) |
NA |
| *Convenience translation to period-end U.S. dollars (Ps.14.7180) |
||||
| Controladora Vuela Compania de Aviacion, S.A.B. de C.V. and Subsidiaries Consolidated Statement of Operations |
||||
| Unaudited |
Year Ended |
Year Ended |
Year Ended December 31, 2013 |
Variance |
| Operating revenues: |
||||
| Passenger |
768 |
11,303 |
11,117 |
1.7% |
| Non-ticket |
186 |
2,733 |
1,885 |
45.0% |
| 954 |
14,037 |
13,002 |
8.0% |
|
| Other operating income |
(2) |
(22) |
(111) |
(80.1%) |
| Fuel |
364 |
5,364 |
5,086 |
5.5% |
| Aircraft and engine rent expense |
172 |
2,535 |
2,187 |
15.9% |
| Landing, take-off and navigation expenses |
140 |
2,066 |
1,924 |
7.4% |
| Salaries and benefits |
107 |
1,577 |
1,563 |
0.8% |
| Sales, marketing and distribution expenses |
56 |
817 |
704 |
16.1% |
| Maintenance expenses |
45 |
665 |
572 |
16.2% |
| Other operating expenses |
33 |
490 |
459 |
6.9% |
| Depreciation and amortization |
23 |
343 |
302 |
13.6% |
| Operating expenses |
940 |
13,833 |
12,685 |
9.0% |
| Operating income |
14 |
204 |
317 |
(35.7%) |
| Finance income |
2 |
23 |
25 |
(5.3%) |
| Finance cost |
(2) |
(32) |
(126) |
(74.3%) |
| Exchange gain, net |
30 |
449 |
66 |
>100% |
| Comprehensive financing result |
30 |
440 |
(35) |
NA |
| Income before income tax |
44 |
644 |
283 |
>100% |
| Income tax expense |
(3) |
(39) |
(18) |
>100% |
| Net income |
41 |
605 |
265 |
>100% |
| Attribution of net income: |
||||
| Equity holders of the parent |
41 |
605 |
269 |
>100% |
| Non-controlling interest |
- |
- |
(3) |
NA |
| Net income |
41 |
605 |
265 |
>100% |
| *Convenience translation to period-end U.S. dollars (Ps.14.7180) |
||||
| Controladora Vuela Compania de Aviacion, S.A.B. de C.V. and Subsidiaries Consolidated Statement of Financial Position |
||||
| (In millions of Mexican pesos) |
December 31, |
December 31, |
December 31, |
|
| (US Dollars)* |
||||
| Assets |
||||
| Cash and cash equivalents |
154 |
2,265 |
2,451 |
|
| Accounts receivable |
30 |
449 |
602 |
|
| Inventories |
9 |
140 |
114 |
|
| Prepaid expenses and other current assets |
15 |
228 |
323 |
|
| Financial instruments |
4 |
63 |
11 |
|
| Guarantee deposits |
37 |
545 |
499 |
|
| Total current assets |
251 |
3,689 |
4,000 |
|
| Rotable spare parts, furniture and equipment, net |
151 |
2,223 |
1,341 |
|
| Intangible assets, net |
5 |
73 |
79 |
|
| Financial instruments |
- |
5 |
- |
|
| Deferred income tax |
22 |
328 |
305 |
|
| Guarantee deposits |
241 |
3,541 |
2,603 |
|
| Other assets |
3 |
46 |
49 |
|
| Total assets |
673 |
9,905 |
8,378 |
|
| Liabilities |
||||
| Unearned transportation revenue |
97 |
1,421 |
1,393 |
|
| Accounts payable |
34 |
506 |
537 |
|
| Accrued liabilities |
76 |
1,122 |
1,033 |
|
| Taxes and fees payable |
46 |
677 |
599 |
|
| Financial instruments |
14 |
211 |
32 |
|
| Financial debt |
56 |
823 |
268 |
|
| Other liabilities |
1 |
9 |
9 |
|
| Total short-term liabilities |
324 |
4,768 |
3,872 |
|
| Financial instruments |
3 |
42 |
74 |
|
| Financial debt |
29 |
425 |
294 |
|
| Accrued liabilities |
10 |
144 |
138 |
|
| Other liabilities |
1 |
21 |
11 |
|
| Employee benefits |
1 |
8 |
5 |
|
| Deferred income taxes |
2 |
27 |
22 |
|
| Total liabilities |
369 |
5,435 |
4,415 |
|
| Equity |
||||
| Capital stock |
202 |
2,974 |
2,974 |
|
| Treasury shares |
(8) |
(115) |
(108) |
|
| Contributions for future capital increases |
- |
- |
- |
|
| Legal reserve |
3 |
38 |
38 |
|
| Additional paid-in capital |
121 |
1,787 |
1,786 |
|
| Accumulated losses |
(4) |
(56) |
(661) |
|
| Accumulated other comprehensive losses |
(11) |
(158) |
(66) |
|
| Total equity |
304 |
4,470 |
3,962 |
|
| Total liabilities and equity |
673 |
9,905 |
8,378 |
|
| Total shares outstanding fully diluted |
1,011,876,677 |
1,011,876,677 |
||
| *Convenience translation to period-end U.S. dollars (Ps.14.7180) |
||||
| Controladora Vuela Compania de Aviacion, S.A.B. de C.V. and Subsidiaries Consolidated Statement of Cash Flows – Cash Flow Data Summary |
|||
| Unaudited |
Three months 2014 |
Three months |
Three months ended December 31, 2013 |
| Net cash flow provided by (used in) operating activities |
32 |
470 |
(395) |
| Net cash flow used in investing activities |
(25) |
(372) |
(288) |
| Net cash flow provided by financing activities |
17 |
245 |
154 |
| Increase (decrease) in cash and cash equivalents |
23 |
342 |
(529) |
| Net foreign exchange differences |
7 |
108 |
6 |
| Cash and cash equivalents at beginning of period |
123 |
1,814 |
2,974 |
| Cash and cash equivalents at end of period |
154 |
2,265 |
2,451 |
| *Convenience translation to period-end U.S. dollars (Ps.14.7180) |
|||
| Unaudited |
Year Ended |
Year Ended |
Year Ended December 31, 2013 |
| Net cash flow provided by operating activities |
23 |
334 |
39 |
| Net cash flow used in investing activities |
(81) |
(1,185) |
(312) |
| Net cash flow provided by financing activities |
36 |
525 |
1,861 |
| (Decrease) increase in cash and cash equivalents |
(22) |
(326) |
1,587 |
| Net foreign exchange differences |
10 |
141 |
41 |
| Cash and cash equivalents at beginning of period |
167 |
2,451 |
822 |
| Cash and cash equivalents at end of period |
154 |
2,265 |
2,451 |
| *Convenience translation to period-end U.S. dollars (Ps.14.7180) |
|||
SOURCE Volaris
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