MEXICO CITY, April 23, 2020 /PRNewswire/ -- Volaris* (NYSE:
VLRS and BMV: VOLAR), the ultra-low-cost airline serving
Mexico, the United States and Central
America, today announces its financial results for the first
quarter 2020.
The following financial information, unless otherwise
indicated, is presented in accordance with the International
Financial Reporting Standards (IFRS).
First Quarter 2020 Highlights
- Total operating revenues were Ps.7,824 million for the first
quarter, an increase of 8.8% year over year.
- Total ancillary revenues were Ps.2,978 million for the first
quarter, an increase of 16.2% year over year. Total ancillary
revenues per passenger for the first quarter reached Ps.564, an
increase of 9.3% year over year. Total ancillary revenues
represented 38.1% of total operating revenues for the first quarter
2020, increasing 2.5 percentage points with respect to the same
period of last year.
- Total operating revenues per available seat mile (TRASM) were
Ps.128.8 cents for the first quarter,
an increase of 2.1% year over year.
- Operating expenses per available seat mile (CASM) were
Ps.124.1 cents for the first quarter,
a decrease of 1.2% year over year; with an average economic fuel
cost per gallon of Ps.41.4 for the first quarter, a decrease of
10.1% year over year.
- Operating expenses per available seat mile excluding fuel,
(CASM ex fuel) reached Ps.82.1 cents
for the first quarter, an increase of 4.4% year over year; with an
average exchange rate depreciation of the Mexican peso against the
U.S. dollar by 3.4% year over year.
- Operating income was Ps.308 million for the first quarter, a
significant increase compared with the operating income of Ps.26
million for the same period of last year. Operating margin for the
first quarter was 3.9%, an improvement in margin of 3.5 percentage
points year over year.
- Net loss was Ps.1,493 million (Ps.1.48 loss per share /
U.S.$0.63 loss per ADS), for a
negative net margin of (19.1%) for the first quarter.
- At the close of the first quarter, the Mexican peso depreciated
24.8% against the U.S. dollar (Ps.23.51 per U.S. dollar) with
respect to the exchange rate at the close of the previous quarter
(Ps.18.85 per U.S. dollar). The Company booked a net foreign
exchange loss of Ps.1,834 million derived from our U.S. dollar net
monetary liability position.
- During the first quarter of 2020, the net cash flow generated
by operating activities were Ps.2,819 million. The net cash flow
used in investing activities reached Ps.37 million. The net cash
flow used in financing activities were Ps.1,869 million, which
included Ps.1,819 million of aircraft rental payments. The positive
net foreign exchange difference was Ps.1,765 million, thus having a
net increase of cash and cash equivalents in the first quarter of
Ps.2,678 million. As of March 31,
2020, cash and cash equivalents were Ps.10,658 million.
- At the end of March 2020, the
Company began to experience a significant drop in the demand for
air travel which has seriously affected the entire aviation
industry as a result of the pandemic caused by the SARS-CoV-2
(COVID-19).
- On March 24, 2020, the Company
announced a decrease in capacity measured by available seat miles
(ASMs) for the months of March and April
2020 of approximately 50% versus the scheduled originally
published. On March 30, 2020, the
Mexican government through the General Health Council (GHG)
declared a health emergency due to force majeure, which will be in
effect until April 30, 2020. As a
result, on March 31, 2020 Volaris
announced an additional capacity reduction for the month of
April 2020, which results in a
decrease of approximately 80% versus the originally scheduled
capacity.
- On April 21, 2020, the GHG
announced that Mexico is in "Phase
3" of the spread of the COVID-19, the most serious stage, as
transmission of the virus is intensifying. Mexico has extended governmental restrictions
to contain the COVID-19 until May 30,
2020 and plans to begin easing up restrictions from
June 1, 2020 onwards if the current
measures are successful. As result, Volaris will carry out a
capacity reduction for the month of May
2020 of approximately 90% versus the originally scheduled
capacity.
- While our business and the airline industry have begun to
experience material adverse impacts due to COVID-19, as of the date
thereof, it is not yet possible to determine when the adverse
effects of COVID-19 will abate and the extent to which they will
further decrease demand for air travel, which could continue to
materially and negatively affect our business, results of
operations and financial condition.
Fuel Price reduction and Peso Depreciation
- Fuel price reduction: The average economic fuel
cost per gallon decreased 10.1% in the first quarter of 2020, year
over year, reaching Ps.41.4 per gallon (U.S.$1.8).
- Peso depreciation: The Mexican peso depreciated
3.4% against the U.S. dollar year over year, from an average
exchange rate of Ps.19.22 per U.S. dollar in the first quarter of
2019 to Ps.19.88 per U.S. dollar during the first quarter of 2020.
At the end of the first quarter of 2020, the Mexican peso (Ps.23.51
per U.S. dollar) depreciated 21.3% with respect to the exchange
rate at the end of the same period of the last year (Ps.19.38 per
U.S. dollar).
Passenger Traffic Stimulation, Ancillary Revenue Expansion,
and Positive TRASM Growth
- Passenger traffic stimulation: Volaris booked 5.3
million passengers in the first quarter of 2020, an increase of
6.3% year over year. Volaris traffic (measured in terms of revenue
passenger miles, or RPMs) increased 8.9% year over year. System
load factor during the first quarter increased 1.5 percentage
points year over year, reaching 84.7%.
- Total ancillary revenue growth: For the first quarter of
2020, total ancillary revenue increased 16.2% year over year. Total
ancillary revenue per passenger in the first quarter of 2020
increased 9.3% year over year. The total ancillary revenue
generation continues to grow with new and mature products,
appealing to customers' needs, representing 38.1% of total
operating revenue of the first quarter, an increase of 2.5
percentage points year over year.
- Positive TRASM growth: For the first quarter of
2020, TRASM increased 2.1% year over year. During the first quarter
of 2020, the total capacity, in terms of ASMs, increased 6.9% year
over year.
Total Unit Cost Reduction despite Peso
depreciation
- CASM and CASM ex fuel in the first quarter of 2020 reached
Ps.124.1 (U.S.$5.28 cents) and
Ps.82.1 cents (U.S.$3.49), respectively. This represented a decrease
of 1.2% and an increase of 4.4%, respectively, year over year;
mainly driven by cost control discipline, the average exchange rate
depreciation of the Mexican peso against the U.S. dollar of 3.4%,
and the average economic fuel cost per gallon decreased 10.1%.
Young and Fuel-Efficient Consumption Fleet
- During the first quarter of 2020, the Company did not
incorporate additional aircraft to its fleet. As of March 31, 2020, Volaris' fleet was composed of 82
aircraft (8 A319s, 58 A320s and 16 A321s), with an average age of
5.3 years. At the end of the first quarter of 2020, Volaris' fleet
had an average of 187 seats per aircraft, 77% of our aircraft were
sharklet-equipped, and 28% were NEO.
Net cash flows generated by operating activities
- During the first quarter of 2020, the net cash flow generated
by operating activities were Ps.2,819 million. The net cash flow
used in investing activities reached Ps.37 million. The net cash
flow used in financing activities were Ps.1,869 million, which
included Ps.1,819 million of aircraft rental payments. The positive
net foreign exchange difference was Ps.1,765 million, thus having a
net increase of cash and cash equivalents in the first quarter of
Ps.2,678 million. As of March 31,
2020, cash and cash equivalents were Ps.10,658 million,
representing 30.1% of last twelve months of the operating revenue.
Volaris registered a negative net debt (or a positive net cash
position) of Ps.4,817 million (excluding lease liability recognized
under the IFRS16 adoption).
- During 2019, the Company established hedges on its U.S. dollar
denominated revenues, through a non-derivative financial
instrument, using the lease liabilities denominated in U.S. dollar
as a hedge instrument. These hedging's relationships were
designated as a cash flow hedge of forecasted revenues to mitigate
the volatility of the foreign exchange variation arising from the
revaluation of its lease liabilities. During the first quarter
2020, the impacts of these hedges was Ps.27 million, which has been
presented as part of the total operating revenue.
- Additionally, during 2019, the Company established hedges on a
portion of its forecasted fuel expense, through a non-derivative
financial instrument, using as a hedge instrument a portion of its
U.S. dollar denominated monetary assets. These hedging's
relationships were designated as a cash flow hedge of forecasted
fuel expense to mitigate the volatility of the foreign exchange
variation arising from the revaluation of this portion of U.S.
dollar denominated monetary asset. During the first quarter 2020,
the impacts of these hedges was Ps.48 million, which has been
presented as part of the total fuel expense.
- For the hedging relationships described before, the effective
portion of the hedging instrument's changes in fair value is
recognized in Other Comprehensive Income or OCI. The accounting
records corresponding to the recycling of the OCI, are done in
accordance with IFRS 9. This mean, to reclassify the OCI through
the accounts of Results in the same period of in which the
expecting hedging for cash flows affect the result of the period.
As of March 31, 2020, OCI include a
negative foreign exchange effect of Ps.6,590 million.
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:
|
|
|
Mr. Enrique
Beltranena, President & CEO
|
|
Mr. Holger
Blankenstein, Airline Commercial and Operation EVP
|
|
Ms. Sonia Jerez
Burdeus, VP & CFO
|
Date:
|
Friday, April 24,
2020
|
Time:
|
10:00 am U.S. EDT
(9:00 am Mexico City Time)
|
United States dial in
(toll free):
|
1-877-830-2576
|
Mexico dial in (toll
free):
|
001-800-514-6145
|
Brazil dial in (toll
free):
|
0800-891-6744
|
International dial
in:
|
+
1-785-424-1726
|
Participant
passcode:
|
VOLARIS
|
Webcast will be
available at:
|
https://services.choruscall.com/links/vlrs2004246b1P1U0S.html
|
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 the beginning of operations in March 2006, Volaris has increased its routes from
five to more than 98 and its fleet from four to 82 aircraft.
Volaris offers more than 130 daily flight segments on routes that
connect 40 cities in Mexico and 6
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 and leisure travelers in Mexico, the United
States and Central America.
Volaris has received the ESR Award for Social Corporate
Responsibility for ten 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, beliefs or projections
concerning future events and financial trends affecting the
financial condition of our business. When used in this release, the
words "expects," "intends," "estimates," "predicts," "plans,"
"anticipates," "indicates," "believes," "forecast," "guidance,"
"potential," "outlook," "may," "continue," "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. Forward-looking statements should not be
read as a guarantee or assurance of future performance or results
and will not necessarily be accurate indications of the times at,
or by, which such performance or results will be achieved.
Forward-looking statements are based on information available at
the time those statements are made and/or management's good faith
belief as of that time with respect to future events and are
subject to risks and uncertainties that could cause actual
performance or results to differ materially from those expressed in
or suggested by the forward-looking
statements. 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. All forward-looking statements attributable to
us or persons acting on our behalf are expressly qualified in their
entirety by the cautionary statements set forth above.
Forward-looking statements speak only as of the date of this
release. You should not put undue reliance on any
forward-looking statements. We assume no obligation to update
forward-looking statements to reflect actual results, changes in
assumptions or changes in other factors affecting forward-looking
information, except to the extent required by applicable law.
If we update one or more forward-looking statements, no inference
should be drawn that we will make additional updates with respect
to those or other forward-looking statements.
Investor Relations Contact:
Maria Elena Rodríguez
& Andrea González / Investor Relations / ir@volaris.com / +52
55 5261 6444
Media Contact:
Gabriela Fernández / volaris@gcya.net
/ +52 55 5246 0100
Controladora Vuela
Compañía de Aviación, S.A.B. de C.V. and
Subsidiaries
|
Financial and
Operating Indicators
|
|
|
|
|
|
Unaudited
|
Three months
ended March 31,
2020
|
Three months
ended March
31, 2020
|
Three months
ended
March 31,
2019
|
Variance
|
(In Mexican pesos,
except otherwise indicated)
|
(US
Dollars)*
|
(%)
|
Total operating
revenues (millions)
|
333
|
7,824
|
7,192
|
8.8%
|
Total operating
expenses (millions)
|
320
|
7,517
|
7,166
|
4.9%
|
EBIT
(millions)
|
13
|
308
|
26
|
>100%
|
EBIT
margin
|
3.9%
|
3.9%
|
0.4%
|
3.5 pp
|
Depreciation and
amortization
|
61
|
1,442
|
1,292
|
11.6%
|
Aircraft and engine
variable lease expenses
|
16
|
375
|
227
|
65.0%
|
Net (loss) income
(millions)
|
(64)
|
(1,493)
|
519
|
NA
|
Net (loss) income
margin
|
(19.1%)
|
(19.1%)
|
7.2%
|
(26.3) pp
|
(Loss) income per
share:
|
|
|
|
|
Basic
(pesos)
|
(0.06)
|
(1.48)
|
0.51
|
NA
|
Diluted
(pesos)
|
(0.06)
|
(1.48)
|
0.51
|
NA
|
(Loss) income per
ADS:
|
|
|
|
|
Basic
(pesos)
|
(0.63)
|
(14.76)
|
5.13
|
NA
|
Diluted
(pesos)
|
(0.63)
|
(14.76)
|
5.13
|
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)
|
-
|
6,095
|
5,704
|
6.9%
|
Domestic
|
-
|
4,253
|
3,971
|
7.1%
|
International
|
-
|
1,842
|
1,733
|
6.3%
|
Revenue passenger
miles (RPMs) (millions) (1)
|
-
|
5,166
|
4,744
|
8.9%
|
Domestic
|
-
|
3,660
|
3,386
|
8.1%
|
International
|
-
|
1,506
|
1,358
|
10.9%
|
Load factor
(2)
|
-
|
84.7%
|
83.2%
|
1.5 pp
|
Domestic
|
-
|
86.1%
|
85.3%
|
0.8 pp
|
International
|
-
|
81.7%
|
78.6%
|
3.1 pp
|
Total operating
revenue per ASM (TRASM) (cents) (1)
(5)
|
5.5
|
128.8
|
126.1
|
2.1%
|
Total ancillary
revenue per passenger (4) (5)
|
24.0
|
564
|
517
|
9.3%
|
Total operating
revenue per passenger (5)
|
63.3
|
1,488
|
1,449
|
2.6%
|
Operating expenses
per ASM (CASM) (cents) (1) (5)
|
5.28
|
124.1
|
125.7
|
(1.2%)
|
Operating expenses
per ASM (CASM) (US cents) (3) (5)
|
-
|
6.24
|
6.54
|
(4.5%)
|
CASM ex fuel
(cents) (1) (5)
|
3.49
|
82.1
|
78.6
|
4.4%
|
CASM ex fuel (US
cents) (3) (5)
|
-
|
4.13
|
4.09
|
1.0%
|
Booked passengers
(thousands) (1)
|
-
|
5,277
|
4,962
|
6.3%
|
Departures (1)
|
-
|
33,661
|
32,198
|
4.5%
|
Block
hours (1)
|
-
|
86,638
|
82,848
|
4.6%
|
Fuel gallons consumed
(millions)
|
-
|
61.9
|
58.3
|
6.1%
|
Average economic fuel
cost per gallon (5)
|
1.8
|
41.4
|
46.0
|
(10.1%)
|
Aircraft at end of
period
|
-
|
82
|
78
|
5.1%
|
Average aircraft
utilization (block hours)
|
-
|
12.8
|
12.7
|
0.6%
|
Average exchange
rate
|
-
|
19.88
|
19.22
|
3.4%
|
End of period
exchange rate
|
-
|
23.51
|
19.38
|
21.3%
|
*Peso amounts were
converted to U.S. dollars at end of period exchange rate for
convenience purposes only
(1) Includes schedule and
charter
(3) Dollar amounts were converted at average exchange
rate of each period
|
(2) Includes
schedule
(4) Includes "Other passenger
revenues" and "Non-passenger revenues"
(5) Excludes non-derivatives
financial instruments
|
Controladora Vuela
Compañía de Aviación, S.A.B. de C.V. and
Subsidiaries
|
Consolidated
Statement of Operations
|
|
|
|
|
|
Unaudited
|
Three months
ended March 31,
2020
|
Three
months ended
March
31,
2020
|
Three
months
ended
March
31,
2019
|
Variance
|
(In millions of
Mexican pesos)
|
(US Dollars)
*
|
(%)
|
Operating
revenues:
|
|
|
|
|
Passenger
revenues
|
321
|
7,548
|
6,976
|
8.2%
|
Fare
revenues
|
207
|
4,874
|
4,629
|
5.3%
|
Other passenger
revenues
|
114
|
2,675
|
2,347
|
14.0%
|
|
|
|
|
|
Non-passenger
revenues
|
13
|
304
|
216
|
40.4%
|
Other
non-passenger revenues
|
11
|
247
|
154
|
60.5%
|
Cargo
|
2
|
56
|
62
|
(9.3%)
|
|
|
|
|
|
Non-derivatives
financial instruments
|
(1)
|
(27)
|
-
|
>100%
|
|
|
|
|
|
Total operating
revenues
|
333
|
7,824
|
7,192
|
8.8%
|
|
|
|
|
|
Other operating
income
|
(5)
|
(121)
|
-
|
>100%
|
Fuel expense, net
(1)
|
107
|
2,513
|
2,683
|
(6.3%)
|
Landing, take-off and
navigation expenses
|
63
|
1,478
|
1,232
|
19.9%
|
Depreciation of right
of use assets
|
52
|
1,234
|
1,156
|
6.8%
|
Salaries and
benefits
|
40
|
940
|
852
|
10.4%
|
Aircraft and engine
variable lease expenses
|
16
|
375
|
227
|
65.0%
|
Sales, marketing and
distribution expenses
|
15
|
363
|
271
|
33.8%
|
Maintenance
expenses
|
10
|
234
|
353
|
(33.9%)
|
Other operating
expenses
|
12
|
293
|
256
|
14.6%
|
Depreciation and
amortization
|
9
|
209
|
136
|
53.0%
|
Operating
expenses
|
320
|
7,517
|
7,166
|
4.9%
|
|
|
|
|
|
Operating
income
|
13
|
308
|
26
|
>100%
|
|
|
|
|
|
Finance
income
|
2
|
49
|
38
|
30.2%
|
Finance
cost
|
(28)
|
(656)
|
(503)
|
30.6%
|
Exchange (loss) gain,
net
|
(78)
|
(1,834)
|
1,154
|
NA
|
Comprehensive
financing result
|
(104)
|
(2,441)
|
689
|
NA
|
|
|
|
|
|
(Loss) income
before income tax
|
(91)
|
(2,133)
|
715
|
NA
|
Income tax benefit
(expense)
|
27
|
640
|
(196)
|
NA
|
Net (loss)
income
|
(64)
|
(1,493)
|
519
|
NA
|
|
|
|
|
|
* Peso amounts were
converted to U.S. dollars at end of period exchange rate for
convenience purposes only
(1) 1Q 2020 figures include a benefit
from non-derivatives financial instruments by an amount of Ps.48.2
million
|
Controladora Vuela
Compañía de Aviación, S.A.B. de C.V. and
Subsidiaries
|
Reconciliation of
total ancillary revenue per passenger
|
|
The following table
shows quarterly additional detail about the components of total
ancillary revenue:
|
|
|
|
|
|
Unaudited
|
Three months
ended March 31,
2020
(US
Dollars)*
|
Three months
ended March
31, 2020
|
Three months
ended March
31, 2019
|
Variance
(%)
|
(In millions of
Mexican pesos)
|
|
|
|
|
|
Other passenger
revenues
|
114
|
2,675
|
2,347
|
14.0%
|
Non-passenger
revenues
|
13
|
304
|
216
|
40.4%
|
Total ancillary
revenues
|
127
|
2,978
|
2,563
|
16.2%
|
|
|
|
|
|
Booked passengers
(thousands)
|
-
|
5,277
|
4,962
|
6.3%
|
|
|
|
|
|
Total ancillary
revenue per passenger
|
24
|
564
|
517
|
9.3%
|
|
|
|
|
|
|
|
|
|
|
* 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)
|
March 31, 2020
Unaudited
|
March 31, 2020
Unaudited
|
December 31,
2019
Audited
|
(US
Dollars)*
|
Assets
|
|
|
|
Cash and cash
equivalents
|
453
|
10,658
|
7,980
|
Accounts
receivable
|
89
|
2,094
|
2,320
|
Inventories
|
12
|
291
|
302
|
Prepaid expenses and
other current assets
|
35
|
823
|
781
|
Financial
instruments
|
-
|
8
|
134
|
Guarantee
deposits
|
41
|
969
|
600
|
Total current
assets
|
631
|
14,843
|
12,117
|
Rotable spare parts,
furniture and equipment, net
|
318
|
7,476
|
7,385
|
Right of use
assets
|
1,407
|
33,072
|
34,129
|
Intangible assets,
net
|
7
|
165
|
167
|
Financial
instruments
|
-
|
2
|
3
|
Deferred income
taxes
|
118
|
2,775
|
1,543
|
Guarantee
deposits
|
452
|
10,634
|
7,644
|
Other
assets
|
6
|
151
|
166
|
Other long- term
assets
|
7
|
176
|
141
|
Total non-current
assets
|
2,316
|
54,450
|
51,178
|
Total
assets
|
2,947
|
69,293
|
63,295
|
Liabilities
|
|
|
|
Unearned
transportation revenue
|
190
|
4,465
|
3,680
|
Accounts
payable
|
163
|
3,825
|
1,656
|
Accrued
liabilities
|
107
|
2,525
|
2,532
|
Lease
liabilities
|
255
|
5,998
|
4,721
|
Other taxes and fees
payable
|
116
|
2,735
|
2,102
|
Income taxes
payable
|
-
|
2
|
141
|
Financial
instruments
|
73
|
1,706
|
-
|
Financial
debt
|
123
|
2,885
|
2,086
|
Other
liabilities
|
12
|
288
|
407
|
Total short-term
liabilities
|
1,039
|
24,429
|
17,324
|
Financial
instruments
|
2
|
43
|
-
|
Financial
debt
|
126
|
2,957
|
2,890
|
Accrued
liabilities
|
3
|
73
|
91
|
Lease
liabilities
|
1,846
|
43,406
|
35,797
|
Other
liabilities
|
89
|
2,101
|
1,470
|
Employee
benefits
|
2
|
42
|
38
|
Deferred income
taxes
|
7
|
156
|
156
|
Total long-term
liabilities
|
2,075
|
48,777
|
40,441
|
Total
liabilities
|
3,114
|
73,205
|
57,765
|
Equity
|
|
|
|
Capital
stock
|
126
|
2,974
|
2,974
|
Treasury
shares
|
(7)
|
(174)
|
(170)
|
Contributions for
future capital increases
|
-
|
-
|
-
|
Legal
reserve
|
12
|
291
|
291
|
Additional paid-in
capital
|
79
|
1,862
|
1,880
|
Retained (losses)
earnings
|
(45)
|
(1,055)
|
438
|
Accumulated other
comprehensive income (losses) (1)
|
(332)
|
(7,809)
|
116
|
Total
equity
|
(166)
|
(3,912)
|
5,530
|
Total liabilities
and equity
|
2,947
|
69,293
|
63,295
|
|
|
|
|
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
|
|
(1) As of March 31, 2020 the figures
include a negative foreign exchange effect of Ps.6,590 million
related to non-derivatives financial
instruments
|
Controladora Vuela
Compañía de Aviación, S.A.B. de C.V. and
Subsidiaries
|
Consolidated
Statement of Cash Flows – Cash Flow Data Summary
|
|
|
|
|
Unaudited
|
Three
months
ended March
31,
2020
|
Three
months
ended March
31,
2020
|
Three months
ended March 31,
2019
|
(In millions of
Mexican pesos)
|
(US
Dollars)*
|
|
|
|
|
Net cash flow
generated by operating activities
|
120
|
2,819
|
3,731
|
Net cash flow used in
investing activities
|
(2)
|
(37)
|
(378)
|
Net cash flow used in
financing activities**
|
(79)
|
(1,869)
|
(2,063)
|
Increase in cash
and cash equivalents
|
39
|
913
|
1,290
|
Net foreign exchange
differences
|
75
|
1,765
|
(82)
|
Cash and cash
equivalents at beginning of period
|
339
|
7,980
|
5,863
|
Cash and cash
equivalents at end of period
|
453
|
10,658
|
7,071
|
|
|
|
|
* Peso amounts were
converted to U.S. dollars at end of period exchange rate for
convenience purposes only
|
|
**Includes aircraft
rental payments of Ps.1,819 million and Ps.1,548 million for the
three months ended period March 31, 2020 and 2019,
respectively
|
View original
content:http://www.prnewswire.com/news-releases/volaris-reports-first-quarter-2020-results-3-9-operating-margin-up-3-5-percentage-points-and-2-1-trasm-increase-year-over-year-301046565.html
SOURCE Volaris