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 2015.
*Controladora Vuela Compañía de Aviación, S.A.B. de C.V.
The following financial information, unless otherwise indicated,
is presented in accordance with International Financial Reporting
Standards (IFRS).
Third Quarter 2015 Highlights
- Total operating revenues were Ps.5,220
million for the third quarter, an increase of 30.7% year over
year.
- Non-ticket revenues were Ps.1,063
million for the third quarter, an increase of 43.3% year over year.
Non-ticket revenue per passenger for the third quarter was Ps.319,
increasing 13.2% year over year.
- Total operating revenue per available
seat mile (TRASM) rose to Ps.134.4 cents for the third quarter, an
increase of 5.4% year over year.
- Operating expenses per available seat
mile (CASM) were Ps.106.6 cents for the third quarter, a decrease
of 8.1% year over year.
- Adjusted EBITDAR was Ps.2,121 million
for the third quarter, an increase of 95.5% year over year with an
Adjusted EBITDAR margin of 40.6%, a margin expansion of 13.4
percentage points.
- Operating income was Ps.1,080 million
for the third quarter, with an operating margin of 20.7%, a year
over year operating margin improvement of 11.7 percentage
points.
- Net income was Ps.1,152 million
(Ps.1.14 per share / US$0.67 per ADS) with a net margin of 22.1%
for the third quarter, a year over year net margin improvement of
13.4 percentage points.
- Net increase of cash and cash
equivalents was Ps.380 million for the third quarter, mainly driven
by cash flow from operating activities of Ps.243 million.
Unrestricted cash and cash equivalents was Ps.4,408 million,
representing 26% of the last twelve month total operating
revenues.
Volaris´ CEO Enrique Beltranena commented: “During the third
quarter Volaris responded to an increase in demand by accelerating
its capacity growth, driven by higher fleet utilization thanks to
its network flexibility and agility. Volaris’ ULCC model continues
to penetrate the domestic and international markets, resulting in a
strong quarter from commercial, operational and financial
standpoints.”
Macroeconomic Environment Improves, but FX Volatile. Strong
Traffic Volume Growth
- The Mexican macroeconomic environment:
- GDP growth for the second quarter 2015
of 2.2% year over year.
- Consumer confidence increased 4.1%,
1.8% and 0.8% year over year in June, July and August of 2015,
respectively.
- The Mexican General Economic Activity
Indicator (IGAE) increased 2.0% year over year in July of
2015.
- Exchange rate volatility: The Mexican
peso depreciated 25.1% year over year against the US dollar, as the
exchange rate devalued from an average of Ps.13.11 pesos per US
dollar in the third quarter 2014 to Ps.16.41 pesos per US dollar
during the third quarter 2015.
- Lower fuel prices: The average economic
fuel cost per gallon decreased 27.2% year over year in the third
quarter 2015 to Ps.28.61 per gallon (US$1.68).
- Air traffic volume increase: The
Mexican DGAC reported an overall passenger volume growth for
Mexican carriers of 17.1% during July and August 2015 year over
year. Domestic passenger volume increased 13.8%, while
international increased 30.9%.
Unit Revenue Improvements driven by Non-Ticket Revenue Growth
and Improved Revenue Management
- Unit revenue improvement and demand
driven capacity growth: TRASM and yield increased 5.4% and 3.4%
for the third quarter year over year, respectively, as a result of
a stable domestic and international fare environment. In terms of
ASMs, domestic capacity grew 16.8%, reflecting increasing market
demand and associated yield recovery, while international capacity
increased 44.2%.
- Non-ticket revenue growth:
Non-ticket revenues per passenger increased 13.2% year over year
for the third quarter, as the company implemented changes in
ancillary products pricing, a new travel insurance product, as well
as new payment options.
- New routes: In the third
quarter, Volaris launched five new routes (one domestic and four
international).
Operating Revenue Growth from Solid Traffic and Capacity
Management
Volaris booked 3.3 million passengers in the third quarter, a
26.6% year over year growth. Volaris traffic (measured in terms of
revenue passenger miles, or RPMs) increased 23.6% for the same
period. Volaris’ passenger market share, the second largest among
Mexican carriers and first in the low cost segment, was 25.9% in
the bimester of July and August in both domestic and international
markets.
Volaris’ total operating revenues were Ps.5,220 million in the
third quarter, an increase of 30.7% year over year. Non-ticket
revenue and non-ticket revenue per passenger reached Ps.1,063
million and Ps.319 in the third quarter, respectively, an increase
of 43.3% and 13.2% year over year, respectively.
Fuel Savings Offset Exchange Rate Pressures
In the third quarter, Volaris continued to experience pressures
in US-dollar denominated costs such as aircraft rents,
international airport costs, and maintenance expenses due to the
depreciation of the Mexican peso.
Despite these challenges, the CASM for the third quarter was
Ps.106.6 cents, an 8.1% decrease compared to the third quarter
2014, mainly driven by lower fuel prices.
Young and Fuel Efficient Fleet
As of September 30, 2015, Volaris fleet was comprised of 55
aircraft (35 A320s, 18 A319s and 2 A321s), with an average age of
4.4 years. Volaris expects to end the year with 56 aircraft.
Strong Cash Flow Generation, Solid Balance Sheet and Good
Liquidity
The net increase of cash and cash equivalents was Ps.380 million
during the third quarter, mainly driven by the resources provided
by operating activities of Ps.243 million.
As of September 30, 2015, Volaris had a balance of Ps.4,408
million in unrestricted cash and cash equivalents, representing 26%
of the last twelve month operating revenues. Volaris recorded
negative net debt (or a positive net cash position) of Ps.2,954
million and total equity of Ps.6,196 million.
During the third quarter, Volaris incurred capital expenditures
of Ps.262 million, which included pre-delivery payments for
acquisition of aircraft and rotable spare parts, furniture and
equipment for Ps.244 million and intangibles assets for Ps.18
million. These acquisitions were offset by reimbursements of
aircraft pre-delivery payments of Ps.270 million, and proceeds from
disposals of rotable spare parts, furniture and equipment of Ps.78
million.
Active in Fuel Risk Management
Volaris has continued to remain active in its fuel risk
management program. Volaris hedged 45% of its third quarter fuel
consumption at an average strike price of US $2.07 per gallon,
which combined with the 55% unhedged consumption, resulted in a
blended average economic fuel cost of US$1.68 per gallon for the
quarter.
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 October 20, 2015, at 10:00 a.m. EDT (9:00 a.m. Mexico City). 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 Compañía de Aviación, 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, 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 139 and its fleet from four to 55 aircraft. Volaris offers
more than 230 daily flight segments on routes that connect 38
destinations in Mexico, 21 destinations in the United States and 2
in Central America 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 and Central America.
Volaris has received the ESR Award for Social Corporate
Responsibility for six 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
Three monthsended
September30, 2015
Three
monthsendedSeptember 30,2015
Three
monthsendedSeptember 30,2014
Variance (In Mexican pesos, except otherwise
indicated) (US Dollars)* (%) Total operating
revenues (millions) 307 5,220 3,995 30.7%
Total operating expenses (millions)
243 4,140 3,634 13.9%
EBIT (millions)
63 1,080 361 >100% EBIT margin 20.7%
20.7% 9.0% 11.7 pp Adjusted EBITDA (millions) 71 1,200 447 >100%
Adjusted EBITDA margin 23.0% 23.0% 11.2% 11.8 pp
Adjusted
EBITDAR (millions) 125 2,121 1,085
95.5% Adjusted EBITDAR margin 40.6% 40.6% 27.2% 13.4 pp
Net income (millions) 68 1,152 347
>100% Net income margin 22.1% 22.1% 8.7% 13.4 pp
Earnings per share: Basic (pesos) 0.07 1.14 0.34 >100%
Diluted (pesos) 0.07 1.14 0.34 >100%
Earnings per ADS:
Basic (pesos) 0.67 11.38 3.43 >100% Diluted (pesos) 0.67 11.38
3.43 >100%
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)
- 3,883 3,132 24.0%
Domestic
- 2,699 2,310 16.8% International - 1,184 821 44.2%
Revenue passenger miles (RPMs)
(millions)(1)
- 3,226 2,611 23.6% Domestic - 2,242 1,901 18.0% International -
984 710 38.6%
Load factor(2)
- 83.1% 83.4% (0.3) pp Domestic - 83.1% 82.3% 0.8 pp International
- 83.0% 86.5% (3.5) pp
Total operating revenue per ASM (TRASM)
(cents)(1)
7.9 134.4 127.6 5.4%
Passenger revenue per ASM (RASM)
(cents)(1)
6.3 107.0 103.9 3.1%
Passenger revenue per RPM (Yield)
(cents)(1)
7.6 128.8 124.6 3.4%
Average fare(2)
73.3 1,247 1,233 1.1%
Non-ticket revenue per passenger (1)
18.7 319 281 13.2%
Non-ticket revenue excluding cargo per
passenger(1)
17.9 305 261 16.7%
Operating expenses per ASM (CASM)
(cents)(1)
6.3 106.6 116.0 (8.1%)
Operating expenses per ASM (CASM) (US
cents)(1)
- 6.3* 8.6** (27.3%)
CASM ex fuel (cents)(1)
4.3 73.1 69.6 5.1%
CASM ex fuel (US cents)(1)
- 4.3* 5.2** (16.9%)
Booked passengers (thousands)(1)
- 3,338 2,638 26.6%
Departures(1)
- 24,087 19,862 21.3%
Block hours(1)
- 62,878 51,894 21.2% Fuel gallons consumed (millions) - 45.5 37.0
23.0% Average economic fuel cost per gallon 1.7 28.6 39.3 (27.2%)
Aircraft at end of period - 55 48 14.6% Average aircraft
utilization (block hours) - 13.1 12.5 5.3% Average exchange rate
- 16.40 13.11 25.1% *Peso amounts were
converted to U.S. dollars at the rate of Ps.17.0073 for convenience
purposes only **Peso amounts were converted to U.S. dollars at the
rate of Ps.13.4541 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
Nine monthsended
September30, 2015
Nine
monthsendedSeptember30, 2015
Nine monthsendedSeptember
30,2014
Variance (In Mexican pesos, except otherwise
indicated) (US Dollars)* (%) Total operating
revenues (millions) 770 13,087 10,078 29.9%
Total operating expenses (millions)
665 11,312 10,301 9.8%
EBIT (millions) 104
1,775 (222) NA EBIT margin 13.6% 13.6% (2.2%)
15.8 pp Adjusted EBITDA (millions) 125 2,124 (17) NA Adjusted
EBITDA margin 16.2% 16.2% (0.2%) 16.4 pp
Adjusted EBITDAR
(millions) 271 4,606 1,842 >100%
Adjusted EBITDAR margin 35.2% 35.2% 18.3% 16.9 pp
Net income
(loss) (millions) 106 1,810 (98) NA
Net income (loss) margin 13.8% 13.8% (1.0%) 14.8 pp
Earnings per
share: Basic (pesos) 0.11 1.79 (0.10) NA Diluted (pesos) 0.11
1.79 (0.10) NA
Earnings per ADS: Basic (pesos) 1.05 17.89
(0.97) NA Diluted (pesos) 1.05 17.89 (0.97) 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)
- 10,258 8,797 16.6% Domestic - 7,188 6,558 9.6% International -
3,070 2,239 37.1%
Revenue passenger miles (RPMs)
(millions)(1)
- 8,425 7,211 16.8% Domestic - 5,905 5,304 11.3% International -
2,520 1,907 32.2%
Load factor(2)
- 82.1% 82.0% 0.1 pp
Domestic
- 82.1% 80.9% 1.3 pp International - 82.0%
85.2% (3.2) pp
Total operating revenue per ASM (TRASM)
(cents)(1)
7.5 127.6 114.6 11.4%
Passenger revenue per ASM (RASM)
(cents)(1)
5.8 99.4 92.8 7.2%
Passenger revenue per RPM (Yield)
(cents)(1)
7.1 121.1 113.2 6.9%
Average fare(2)
69 1,171 1,135 3.1%
Non-ticket revenue per passenger (1)
19.4 331 266 24.2%
Non-ticket revenue excluding cargo per
passenger(1)
18.5 315 242 29.9%
Operating expenses per ASM (CASM)
(cents)(1)
6.5 110.3 117.1 (5.8%)
Operating expenses per ASM (CASM) (US
cents)(1)
- 6.5* 8.7 ** (25.5%)
CASM ex fuel (cents)(1)
4.4 75.5 70.6 7.0%
CASM ex fuel (US cents)(1)
- 4.4* 5.2** (15.4%)
Booked passengers (thousands)(1)
- 8,730 7,192 21.4%
Departures(1)
- 64,587 55,183 17.0%
Block hours(1)
- 168,641 145,945 15.6% Fuel gallons consumed (millions) - 119.9
102.7 16.7% Average economic fuel cost per gallon 1.7 29.7 39.8
(25.3%) Aircraft at end of period - 55 48 14.6% Average aircraft
utilization (block hours) - 12.6 12.4 1.3% Average exchange rate
- 15.55 13.12 18.6% *Peso amounts were
converted to U.S. dollars at the rate of Ps.17.0073 for convenience
purposes only. **Peso amounts were converted to U.S. dollars at the
rate of Ps.13.4541 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
Three monthsended
September30, 2015
Three
monthsendedSeptember 30,2015
Three
monthsendedSeptember 30,2014
Variance (In millions of Mexican pesos) (US
Dollars)* (%) Operating revenues: Passenger 244
4,156 3,253 27.8% Non-ticket 63 1,063 742 43.3%
307
5,220 3,995 30.7% Other operating
income (5) (82) (5) >100% Fuel 77 1,303 1,455 (10.5%) Aircraft
and engine rent expense 54 921 637 44.5% Landing, take-off and
navigation expenses 41 703 532 32.3% Salaries and benefits 29 492
395 24.5% Sales, marketing and distribution expenses 18 303 238
27.2% Maintenance expenses 12 208 167 24.5% Other operating
expenses 10 172 127 35.3% Depreciation and amortization 7 121 87
39.4%
Operating expenses 243 4,140
3,634 13.9% Operating income 63
1,080 361 >100% Finance income 1 15
7 >100% Finance cost - (5) (9) (47.4%) Exchange gain, net 33 556
116 >100%
Comprehensive financing result 34
566 113 >100% Income before
income tax 97 1,646 474 >100%
Income tax expense (29) (494) (127) >100%
Net income
68 1,152 347
>100% *Peso amounts were converted to U.S. dollars at the
rate of Ps.17.0073 for convenience purposes only.
Controladora Vuela Compañía de
Aviación, S.A.B. de C.V. and Subsidiaries
Consolidated Statement of Operations
Unaudited
Nine monthsended
September30, 2015
Nine monthsendedSeptember
30,2015
Nine monthsendedSeptember
30,2014
Variance (In millions of Mexican pesos) (US
Dollars)* (%) Operating revenues: Passenger 600
10,201 8,163 25.0% Non-ticket 170 2,887 1,915 50.7%
770
13,087 10,078 29.9% Other operating
income (8) (143) (9) >100% Fuel 209 3,563 4,088 (12.8%) Aircraft
and engine rent expense 146 2,483 1,860 33.5% Landing, take-off and
navigation expenses 111 1,884 1,577 19.4% Salaries and benefits 80
1,364 1,174 16.2% Sales, marketing and distribution expenses 44 750
590 27.1% Maintenance expenses 35 587 473 24.1% Other operating
expenses 28 476 342 39.0% Depreciation and amortization 21 349 205
70.2%
Operating expenses 665 11,312
10,301 9.8% Operating income (loss)
104 1,775 (222) NA Finance
income 2 37 17 >100% Finance cost (1) (15) (23) (36.3%) Exchange
gain, net 46 789 112 >100%
Comprehensive financing result
48 811 106 >100% Income
(loss) before income tax 152 2,586 (116)
NA Income tax (expense) benefit (46) (776) 18 NA
Net
income (loss) 106 1,810
(98) NA *Peso amounts were converted to U.S.
dollars at the rate of Ps.17.0073 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)
September 30,
2015Unaudited
September 30,
2015Unaudited
December 31, 2014Audited
(US Dollars)* Assets Cash and cash equivalents 259
4,408 2,265 Accounts receivable 17 295 449 Inventories 9 156 140
Prepaid expenses and other current assets 20 342 228 Financial
instruments 2 40 63 Guarantee deposits 40 680 545
Total current
assets 348 5,921 3,689 Rotable spare
parts, furniture and equipment, net 134 2,273 2,223 Intangible
assets, net 5 77 73 Financial instruments 4 65 5 Deferred income
tax 39 661 328 Guarantee deposits 275 4,680 3,541 Other assets 4 66
46
Total non-current assets 460 7,822
6,216 Total assets 808 13,743
9,905 Liabilities Unearned transportation revenue 112
1,898 1,421 Accounts payable 42 710 506 Accrued liabilities 73
1,237 1,122 Taxes and fees payable 103 1,745 677 Financial
instruments 3 48 211 Financial debt 67 1,145 823 Other liabilities
- 5 9
Total short-term liabilities 399 6,789
4,768 Financial instruments 1 23 42 Financial debt 18 309
425 Accrued liabilities 11 192 144 Other liabilities 2 42 21
Employee benefits 1 10 8 Deferred income tax 11 181 27
Total
long-term liabilities 45 757 667 Total
liabilities 444 7,546 5,435 Equity
Capital stock 175 2,974 2,974 Treasury shares (7) (115) (115)
Contributions for future capital increases - - - Legal reserve 2 38
38 Additional paid-in capital 105 1,790 1,787 Accumulated incomes
(losses) 103 1,754 (56) Accumulated other comprehensive losses (14)
(245) (158)
Total equity 364 6,196
4,470 Total liabilities and equity 808
13,743 9,905 Total shares outstanding fully
diluted
1,011,876,677
1,011,876,677 *Peso amounts were converted to U.S. dollars
at the rate of Ps.17.0073 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
Three monthsended
September30, 2015
Three
monthsendedSeptember 30,2015
Three
monthsendedSeptember 30,2014
(In millions of Mexican pesos) (US Dollars)* Net cash
flow provided by (used in) operating activities 14 243 (42) Net
cash flow provided by (used in) investing activities 5 86 (370) Net
cash flow (used in) provided by financing activities (10) (176) 96
Increase (decrease) in cash and cash equivalents 9
154 (316) Net foreign exchange differences 13 226 42
Cash and cash equivalents at beginning of period 237 4,028 2,088
Cash and cash equivalents at end of period 259
4,408 1,814 *Peso amounts were
converted to U.S. dollars at the rate of Ps.17.0073 for convenience
purposes only
Unaudited
Nine monthsended
September30, 2015
Nine monthsendedSeptember
30,2015
Nine monthsended
September30, 2014
(In millions of Mexican pesos) (US Dollars)* Net cash
flow provided by (used in) operating activities 126 2,140 (136) Net
cash flow used in investing activities (14) (245) (813) Net cash
flow (used in) provided by financing activities (4) (61) 280
Increase (decrease) in cash and cash equivalents 108
1,833 (669) Net foreign exchange differences 18 309
32 Cash and cash equivalents at beginning of period 133 2,265 2,451
Cash and cash equivalents at end of period 259
4,408 1,814 *Peso amounts were
converted to U.S. dollars at the rate of Ps.17.0073 for convenience
purposes only
View source
version on businesswire.com: http://www.businesswire.com/news/home/20151019006670/en/
for VolarisInvestor Relations:Andrés Pliego,
+52-55-5261-6444Investor
Relationsir@volaris.comorMedia:Cynthia Llanos,
+52-1-55-4577-0803cllanos@gcya.net
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