MEXICO CITY, Oct. 21, 2021 /PRNewswire/ -- Controladora Vuela
Compañía de Aviación, S.A.B. de C.V. (NYSE: VLRS and BMV: VOLAR)
("Volaris" or "The Company"), the ultra-low-cost airline serving
Mexico, the United States of America, Central and
South America, today announces its financial results for the
third quarter 20211.
Third Quarter 2021 Highlights
(All metrics are
compared to 3Q 2019 unless otherwise noted)
Volaris reported double-digit growth in revenue and EBITDAR in
the third quarter, due to its resilient business model and
disciplined growth strategy.
- Total operating revenue of Ps.12,804 million, a 35%
increase. Total revenue per available seat mile (TRASM)
increased 12% to Ps.168 cents.
- Operating expenses of Ps.9,682 million, a 24%
increase. Operating expenses per available seat mile (CASM)
remained unchanged at US$6.33 cents,
while CASM ex-fuel increased 2% to US$4.09 cents.
- Net income of Ps.1,515 million with a net margin of
11.8%. Earnings per share of Ps.1.30 and earnings per ADS of
US$0.64.
- EBITDAR of Ps.5,235 million, increased 59% with an
EBITDAR margin of 40.9%, an increase of 6.3 percentage
points.
- Cash generation of Ps.1,965 million with a cash and
cash equivalents position of Ps.12,668 million or US$624 million, representing 33% of the last
twelve months total operating revenue.
- Net debt-to-LTM EBITDAR ratio of 2.8 times, the lowest
level in Volaris' history.
"We demonstrated, again, Volaris' agility and ability to
adapt to a challenging demand environment by redeploying capacity
to the appropriate markets and by stimulating
demand. Moreover, we delivered strong quarterly results
in line with the ambitious goals we had set for the third quarter.
We were able to obtain these results thanks to our dedicated family
of ambassadors and to our loyal and experienced management team,"
said Enrique Beltranena, President
& Chief Executive Officer. "Our ultra-low-cost business model
has proven resilient in difficult times and continues to have
significant room for further growth," Enrique added.
Third Quarter 2021 Financial and Operations
Highlights
(All metrics are compared to 3Q 2019 unless
otherwise noted)
|
Third
Quarter
|
Consolidated
Financial Highlights
|
2021
|
2019
|
Var.
|
Total Operating
Revenue (Ps. million)
|
12,804
|
9,502
|
35%
|
TRASM (Ps.
cents)
|
168
|
150
|
12%
|
ASMs (million,
scheduled & charter)
|
7,667
|
6,341
|
21%
|
Load
Factor (scheduled, RPMs/ASMs)
|
85.4%
|
85.1%
|
0.3 pp
|
Passengers (thousand, scheduled &
charter)
|
6,650
|
5,620
|
18%
|
Fleet (end of
period)
|
94
|
80
|
14
|
Operating Expenses
(Ps. million)
|
9,682
|
7,799
|
24%
|
CASM (US$
cents)
|
6.33
|
6.36
|
0%
|
CASM excl. fuel (US$
cents)
|
4.09
|
3.99
|
2%
|
Operating income
(EBIT) (Ps. million)
|
3,123
|
1,703
|
83%
|
% EBIT
Margin
|
24.4%
|
17.9%
|
6.5 pp
|
Net income (Ps.
million)
|
1,515
|
713
|
112%
|
% Net income
margin
|
11.8%
|
7.5%
|
4.3 pp
|
EBITDAR (Ps.
million)
|
5,235
|
3,291
|
59%
|
% EBITDAR
Margin
|
40.9%
|
34.6%
|
6.3 pp
|
Net debt-to-LTM
EBITDAR
|
2.8x
|
4.0x
|
-1.2x
|
Total operating revenue was Ps.12,804 million, a 35%
increase, driven by higher capacity, healthy load factors and
stronger unit revenue per passenger. However, demand slowed in the
second half of the quarter due to an increase of Covid-19 (Delta
variant) cases in Mexico and
the United States.
Volaris booked 6.7 million passengers in the quarter, an
increase of 18%. Domestic and international passengers increased
19% and 17%, respectively; while total capacity, in terms of
available seat miles (ASMs), increased 21% to 7.7 billion. Load
factor reached 85.4%, above pre-pandemic levels.
TRASM of Ps.168 cents represented a 12% increase. Average
base fare was Ps.1,134, a decrease of 2%. Ancillary revenue per
passenger was Ps.805, a 49% increase, due to the continued growth
of new and traditional products, such as First Baggage, Seat
Selection and More Flexibility. Ancillary revenue represented
42% of total operating revenue, compared to 32% in the same period
of 2019. Finally, total revenue per passenger increased 14% to
Ps.1,939.
Operating expenses were Ps.9,682 million, a 24%
increase, mainly due to capacity growth and the incorporation of
new aircraft. The average economic fuel cost per gallon grew 3% to
Ps.46.0 per gallon (US$2.30), which
totaled a CASM of US$6.33 cents,
essentially in line with the same period of 2019. CASM ex-fuel
increased 2% to US$4.09 cents.
Comprehensive financing result increased 40% driven
by a foreign exchange loss of Ps.234 million, and an increase of
26% of financial cost mainly related to the increase in the
Company's fleet. The Mexican peso depreciated 3% against the US
dollar, from an average exchange rate of Ps.19.42 per US dollar in
the third quarter of 2019 to Ps.20.01 per US dollar during the
third quarter of 2021. At the end of the third quarter of 2021, the
Mexican peso (Ps.20.31 per US dollar) depreciated 3% compared to
the exchange rate at the end of the second quarter of 2021
(Ps.19.80 per US dollar).
Income tax expense was Ps.649 million, compared to
Ps.306 million in the third quarter of 2019.
Net income was Ps.1,515 million with a net margin of
11.8%. Earnings per share totaled Ps.1.30 and earnings per ADS were
US$0.64.
EBITDAR was Ps.5,235 million, an increase of 59%,
due to capacity growth and higher unit revenues. EBITDAR margin was
40.9%, an increase of 6.3 percentage points.
Balance Sheet, Liquidity and Capital Allocation
During the third quarter 2021 Volaris generated Ps.1,965 million in
cash. As of September 30, cash and
cash equivalents were Ps.12,668 million or US$624 million, representing 33% of the last
twelve months total operating revenue. Net cash flow provided by
operating activities was Ps.4,220 million, while cash outflows in
investing and financing activities were Ps.379 million and Ps.1,876
million, respectively. Positive net foreign exchange difference was
Ps.169 million.
As of October 13, 2021, the
Company issued Ps.1,500 million of 5-year asset backed trust notes
(CEBUR) in Mexico linked to
sustainability performance goals, one of the first of its kind for
the industry in Latin America; the
proceeds will be used to finance the company's sustainable growth.
The sustainable objective set by the company is to reduce 35.4%
emissions of gCO2/RPK by 2030. Moreover, Volaris'
sustainability-linked bond framework received a second opinion from
Sustainalytics, considering an ambitious Sustainability Performance
Target, with a very strong Key Performance Indicator.
As of the quarter end, net debt was Ps.39,461 million, which
included Ps.5,301 million of financial debt, Ps.46,828 million of
leasing liabilities, less cash and cash equivalents of Ps. 12,668
million. The net debt-to-LTM EBITDAR ratio was 2.8 times, compared
to 4.0 times in the same period of 2019 and 4.5 times in 2Q
2021.
4Q 2021 Outlook
Despite of the recent headwinds of
Covid-19, we expect to continue with our disciplined growth
strategy for the rest of the year and 2022. With respect to 2019,
we expect to grow capacity (ASMs) between 26% to 29% for the fourth
quarter. Furthermore, we expect an EBITDAR margin between 31% to
34% for the fourth quarter. Finally, we expect cash and cash
equivalents for 2021 year-end balance as percentage of last twelve
months´ revenues at approximately 30%, maintaining net debt-to-LTM
EBITDAR below 3.0 times. This outlook assumes no pandemic-related
or other material disruptions to Volaris' business and an average
economic fuel cost of US$2.45 to
US$2.70 per gallon.
Fleet
During the third quarter, the Company
incorporated two new A320neo aircraft to its fleet. As of
September 30, 2021, Volaris' fleet
was composed of 94 aircraft (6 A319s, 72 A320s and 16 A321s), with
an average age of 5.6 years. Volaris' fleet had an average of 188
seats per aircraft. 81% of its aircraft are sharklet-equipped and
40% are New Engine Option (NEO) models. The Company reaffirms its
plans to end 2021 with 101 aircraft and closing the year 2022 with
113 aircraft.
Investors are urged to carefully read the Company's periodic
reports filed with or provided to the Securities and Exchange
Commission, for additional information regarding the
Company.
Investor Relations Contact:
María Elena Rodríguez /
Félix Martínez / ir@volaris.com
Media Contact:
Gabriela Fernández /
gabriela.fernandez@volaris.com
Conference call and webcast
details
Date:
|
Friday, October
22nd, 2021
|
Time:
|
9:00 am Mexico
City (CT) / 10:00 am New York (USA) (ET)
|
United States dial
in:
|
+1-844-204-8586
|
Mexico dial
in:
|
+52-55-8880-8040
|
International dial
in:
|
+1-412-317-6346
|
Participant
code:
|
Volaris
|
Webcast &
video presentation:
|
https://webcastlite.mziq.com/cover.html?webcastId=dcb83e09-887e-4056-9223-0409ba22d74a
|
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, Central and
South 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 5 to more than 183 and its fleet from 4 to 96 aircraft.
Volaris offers more than 450 daily flight segments on routes that
connect 43 cities in Mexico and 27
cities in the United States,
Central and South 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, Central and South
America. Volaris has received the ESR Award for Social
Corporate Responsibility for eleven 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 several
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 revenue; 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.
Controladora Vuela
Compañía de Aviación, S.A.B. de C.V. and Subsidiaries
Financial and Operating Indicators
(All metrics are compared to 2019 unless otherwise
noted)
|
Unaudited
(In Mexican pesos, except otherwise indicated)
|
Three months ended
September 30, 2021
(US Dollars)*
|
Three months ended
September 30, 2021
|
Three months ended
September 30, 2019
|
Variance
|
Total operating
revenues (millions)
|
631
|
12,804
|
9,502
|
34.8%
|
Total operating
expenses (millions)
|
477
|
9,682
|
7,799
|
24.1%
|
EBIT
(millions)
|
154
|
3,123
|
1,703
|
83.4%
|
EBIT
margin
|
24.4%
|
24.4%
|
17.9%
|
6.5 pp
|
Depreciation and
amortization (millions)
|
83
|
1,681
|
1,363
|
23.3%
|
Aircraft and engine
variable lease expenses (millions)
|
21
|
431
|
226
|
90.9%
|
Net income
(millions)
|
75
|
1,515
|
713
|
112.5%
|
Net income
margin
|
11.8%
|
11.8%
|
7.5%
|
4.3 pp
|
Earnings per
share:
|
|
|
|
|
Basic
|
0.06
|
1.30
|
0.70
|
84.4%
|
Diluted
|
0.06
|
1.30
|
0.70
|
84.4%
|
Earnings per
ADS:
|
|
|
|
|
Basic
|
0.64
|
13.00
|
7.05
|
84.4%
|
Diluted
|
0.64
|
13.00
|
7.05
|
84.4%
|
Weighted average
shares outstanding:
|
|
|
|
|
Basic
|
-
|
1,165,976,677
|
1,011,876,677
|
15.2%
|
Diluted
|
-
|
1,165,976,677
|
1,011,876,677
|
15.2%
|
Available seat miles
(ASMs) (millions) (1)
|
-
|
7,667
|
6,341
|
20.9%
|
Domestic
|
-
|
5,397
|
4,328
|
24.7%
|
International
|
-
|
2,270
|
2,014
|
12.7%
|
Revenue passenger
miles (RPMs) (millions) (1)
|
-
|
6,551
|
5,398
|
21.4%
|
Domestic
|
-
|
4,714
|
3,785
|
24.5%
|
International
|
-
|
1,837
|
1,613
|
13.9%
|
Load factor
(2)
|
-
|
85.4%
|
85.1%
|
0.3 pp
|
Domestic
|
-
|
87.3%
|
87.5%
|
(0.1) pp
|
International
|
-
|
80.9%
|
80.1%
|
0.9 pp
|
Total operating
revenue per ASM (TRASM) (cents) (1)(5)
|
8.3
|
168.2
|
150.3
|
11.9%
|
Total ancillary
revenue per passenger (4)(5)
|
39.6
|
805
|
539
|
49.3%
|
Total operating
revenue per passenger (5)
|
95.5
|
1,939
|
1,696
|
14.3%
|
Operating expenses
per ASM (CASM) (cents) (1)(5)
|
6.2
|
126.6
|
123.4
|
2.6%
|
Operating expenses
per ASM (CASM) (US cents) (1)(3)(5)
|
-
|
6.33
|
6.36
|
(0.4%)
|
CASM ex fuel
(cents) (1)(5)
|
4.0
|
81.8
|
77.5
|
5.5%
|
CASM ex fuel (US
cents) (1)(3)(5)
|
-
|
4.09
|
3.99
|
2.4%
|
Booked passengers
(thousands) (1)
|
-
|
6,650
|
5,620
|
18.3%
|
Departures
(1)
|
-
|
41,820
|
35,777
|
16.9%
|
Block hours
(1)
|
-
|
105,202
|
90,323
|
16.5%
|
Fuel gallons consumed
(millions)
|
-
|
74.7
|
64.9
|
15.1%
|
Average economic fuel
cost per gallon (5)
|
2.3
|
46.0
|
44.9
|
2.6%
|
Aircraft at end of
period
|
-
|
94
|
80
|
17.5%
|
Average aircraft
utilization (block hours)
|
-
|
13.0
|
13.2
|
(1.3%)
|
Average exchange
rate
|
-
|
20.01
|
19.42
|
3.0%
|
End of period
exchange rate
|
-
|
20.31
|
19.64
|
3.4%
|
*Peso amounts were
converted to U.S. dollars at end of period exchange rate for
convenience purposes only.
(1) Includes schedule and charter.
(2) Includes schedule.
(3) Dollar amounts were converted at average exchange rate of each
period.
(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 Financial and Operating Indicators
(All metrics are compared to 2020 unless otherwise
noted)
|
Unaudited
(In Mexican pesos, except otherwise indicated)
|
Three months ended
September 30, 2021
(US Dollars)*
|
Three months ended
September 30, 2021
|
Three months ended
September 30, 2020
|
Variance
|
|
|
|
|
|
Total operating
revenues (millions)
|
631
|
12,804
|
4,724
|
171.1%
|
Total operating
expenses (millions)
|
477
|
9,682
|
6,951
|
39.3%
|
EBIT
(millions)
|
154
|
3,123
|
(2,227)
|
N/A
|
EBIT
margin
|
24.4%
|
24.4%
|
(47.1%)
|
71.5 pp
|
Depreciation and
amortization (millions)
|
83
|
1,681
|
1,509
|
11.4%
|
Aircraft and engine
variable lease expenses (millions)
|
21
|
431
|
537
|
(19.8%)
|
Net income (loss)
(millions)
|
75
|
1,515
|
(2,175)
|
N/A
|
Net income (loss)
margin
|
11.8%
|
11.8%
|
(46.0%)
|
57.9 pp
|
Earnings (loss)
per share:
|
|
|
|
|
Basic
|
0.06
|
1.30
|
(2.15)
|
N/A
|
Diluted
|
0.06
|
1.30
|
(2.15)
|
N/A
|
Earnings (loss)
per ADS:
|
|
|
|
|
Basic
|
0.64
|
13.00
|
(21.50)
|
N/A
|
Diluted
|
0.64
|
13.00
|
(21.50)
|
N/A
|
Weighted average
shares outstanding:
|
|
|
|
|
Basic
|
-
|
1,165,976,677
|
1,011,876,677
|
15.2%
|
Diluted
|
-
|
1,165,976,677
|
1,011,876,677
|
15.2%
|
Available seat miles
(ASMs) (millions) (1)
|
-
|
7,667
|
4,763
|
61.0%
|
Domestic
|
-
|
5,397
|
3,685
|
46.5%
|
International
|
-
|
2,270
|
1,078
|
110.5%
|
Revenue passenger
miles (RPMs) (millions) (1)
|
-
|
6,551
|
3,496
|
87.4%
|
Domestic
|
-
|
4,714
|
2,711
|
73.9%
|
International
|
-
|
1,837
|
785
|
134.0%
|
Load factor
(2)
|
-
|
85.4%
|
73.4%
|
12.1 pp
|
Domestic
|
-
|
87.3%
|
73.6%
|
13.8 pp
|
International
|
-
|
80.9%
|
72.8%
|
8.1 pp
|
Total operating
revenue per ASM (TRASM) (cents) (1)(5)
|
8.3
|
168.2
|
102.8
|
63.6%
|
Total ancillary
revenue per passenger (4)(5)
|
39.6
|
805
|
614
|
31.0%
|
Total operating
revenue per passenger (5)
|
95.5
|
1,939
|
1,411
|
37.4%
|
Operating expenses
per ASM (CASM) (cents) (1)(5)
|
6.2
|
126.6
|
149.2
|
(15.1%)
|
Operating expenses
per ASM (CASM) (US cents) (1)(3)(5)
|
-
|
6.33
|
6.75
|
(6.2%)
|
CASM ex fuel (cents)
(1)(5)
|
4.0
|
81.8
|
111.3
|
(26.5%)
|
CASM ex fuel (US
cents) (1)(3)(5)
|
-
|
4.09
|
5.03
|
(18.8%)
|
Booked passengers
(thousands) (1)
|
-
|
6,650
|
3,470
|
91.7%
|
Departures
(1)
|
-
|
41,820
|
24,721
|
69.2%
|
Block hours
(1)
|
-
|
105,202
|
62,678
|
67.8%
|
Fuel gallons consumed
(millions)
|
-
|
74.7
|
44.9
|
66.5%
|
Average economic fuel
cost per gallon (5)
|
2.3
|
46.0
|
40.2
|
14.6%
|
Aircraft at end of
period
|
-
|
94
|
84
|
11.9%
|
Average aircraft
utilization (block hours)
|
-
|
13.0
|
10.6
|
23.1%
|
Average exchange
rate
|
-
|
20.01
|
22.11
|
(9.5%)
|
End of period
exchange rate
|
-
|
20.31
|
22.46
|
(9.6%)
|
*Peso amounts were
converted to U.S. dollars at end of period exchange rate for
convenience purposes only.
(1) Includes schedule and charter.
(2) Includes schedule.
(3) Dollar amounts were converted at average exchange rate of each
period.
(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
Financial and Operating Indicators
(All metrics are compared to 2020 unless otherwise
noted)
|
Unaudited
(In Mexican pesos, except otherwise indicated)
|
Nine months ended
September 30, 2021
(US
Dollars)*
|
Nine months ended
September 30, 2021
|
Nine months ended
September 30, 2020
|
Variance
|
Total operating
revenues (millions)
|
1,512
|
30,708
|
14,074
|
118.2%
|
Total operating
expenses (millions)
|
1,264
|
25,674
|
18,287
|
40.4%
|
EBIT
(millions)
|
248
|
5,035
|
(4,213)
|
N/A
|
EBIT
margin
|
16.4%
|
16.4%
|
(29.9%)
|
46.3 pp
|
Depreciation and
amortization (millions)
|
236
|
4,799
|
4,402
|
9.0%
|
Aircraft and engine
rent expenses (millions)
|
68
|
1,381
|
1,338
|
3.2%
|
Net income (loss)
(millions)
|
114
|
2,320
|
(5,191)
|
N/A
|
Net income (loss)
margin
|
7.6%
|
7.6%
|
(36.9%)
|
44.4 pp
|
Earnings (loss)
per share:
|
|
|
|
|
Basic
|
0.10
|
1.99
|
(5.13)
|
N/A
|
Diluted
|
0.10
|
1.99
|
(5.13)
|
N/A
|
Earnings (loss)
per ADS:
|
|
|
|
|
Basic
|
0.98
|
19.90
|
(51.30)
|
N/A
|
Diluted
|
0.98
|
19.90
|
(51.30)
|
N/A
|
Weighted average
shares outstanding:
|
|
|
|
|
Basic
|
-
|
1,165,976,677
|
1,011,876,677
|
15.2%
|
Diluted
|
-
|
1,165,976,677
|
1,011,876,677
|
15.2%
|
Available seat miles
(ASMs) (millions) (1)
|
-
|
20,074
|
12,295
|
63.3%
|
Domestic
|
-
|
14,447
|
9,140
|
58.1%
|
International
|
-
|
5,627
|
3,156
|
78.3%
|
Revenue passenger
miles (RPMs) (millions) (1)
|
-
|
16,835
|
9,800
|
71.8%
|
Domestic
|
-
|
12,394
|
7,307
|
69.6%
|
International
|
-
|
4,440
|
2,493
|
78.1%
|
Load factor
(2)
|
-
|
83.9%
|
79.7%
|
4.2 pp
|
Domestic
|
-
|
85.8%
|
79.9%
|
5.8 pp
|
International
|
-
|
78.9%
|
79.0%
|
(0.1) pp
|
Total operating
revenue per ASM (TRASM) (cents) (1)(5)
|
7.6
|
154.5
|
116.4
|
32.7%
|
Total ancillary
revenue per passenger (4)(5)
|
38.8
|
788
|
591
|
33.4%
|
Total operating
revenue per passenger (5)
|
89.2
|
1,811
|
1,453
|
24.6%
|
Operating expenses
per ASM (CASM) (cents) (1)(5)
|
6.3
|
128.5
|
151.4
|
(15.1%)
|
Operating expenses
per ASM (CASM) (US cents) (1)(3)(5)
|
-
|
6.39
|
6.95
|
(8.1%)
|
CASM ex fuel (cents)
(1)(5)
|
4.3
|
86.9
|
111.2
|
(21.9%)
|
CASM ex fuel (US
cents) (1)(3)(5)
|
-
|
4.32
|
5.10
|
(15.5%)
|
Booked passengers
(thousands) (1)
|
-
|
17,124
|
9,852
|
73.8%
|
Departures
(1)
|
-
|
109,440
|
66,167
|
65.4%
|
Block hours
(1)
|
-
|
275,096
|
168,788
|
63.0%
|
Fuel gallons consumed
(millions)
|
-
|
194.5
|
119.9
|
62.3%
|
Average economic fuel
cost per gallon (5)
|
2.1
|
43.0
|
41.2
|
4.4%
|
Aircraft at end of
period
|
-
|
94
|
84
|
11.9%
|
Average aircraft
utilization (block hours)
|
-
|
12.2
|
11.1
|
10.4%
|
Average exchange
rate
|
-
|
20.13
|
21.79
|
(7.6%)
|
End of period
exchange rate
|
-
|
20.31
|
22.46
|
(9.6%)
|
*Peso amounts were
converted to U.S. dollars at end of period exchange rate for
convenience purposes only.
(1) Includes schedule and charter.
(2) Includes schedule.
(3) Dollar amounts were converted at average exchange rate of each
period.
(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
(All metrics are
compared to 2020 unless otherwise noted)
|
|
Unaudited
(In millions of Mexican pesos)
|
Three months ended
September 30, 2021
(US Dollars)*
|
Three months ended
September 30, 2021
|
Three months ended
September 30, 2020
|
Variance
|
|
Operating
revenues:
|
|
|
|
|
|
Passenger
revenues
|
613
|
12,445
|
4,640
|
168.2%
|
|
Fare
revenues
|
371
|
7,542
|
2,764
|
172.9%
|
|
Other
passenger revenues
|
241
|
4,903
|
1,876
|
161.4%
|
|
|
|
|
|
|
|
Non-passenger revenues
|
22
|
447
|
255
|
75.4%
|
|
Other
non-passenger revenues
|
19
|
389
|
206
|
89.1%
|
|
Cargo
|
3
|
58
|
49
|
18.0%
|
|
|
|
|
|
|
|
Non-derivatives
financial instruments
|
(4)
|
(88)
|
(171)
|
(48.6%)
|
|
|
|
|
|
|
|
Total operating
revenues
|
631
|
12,804
|
4,724
|
171.1%
|
|
|
|
|
|
|
|
Other operating
income
|
(2)
|
(44)
|
(267)
|
(83.5%)
|
|
Fuel expense, net
(1)
|
168
|
3,410
|
1,648
|
106.9%
|
|
Landing, take-off and
navigation expenses
|
75
|
1,528
|
1,028
|
48.7%
|
|
Depreciation of right
of use assets
|
69
|
1,410
|
1,278
|
10.4%
|
|
Salaries and
benefits
|
61
|
1,236
|
865
|
42.8%
|
|
Sales, marketing and
distribution expenses
|
28
|
577
|
964
|
(40.1%)
|
|
Maintenance
expenses
|
25
|
507
|
315
|
61.0%
|
|
Aircraft and engine
variable lease expenses
|
21
|
431
|
537
|
(19.8%)
|
|
Other operating
expenses
|
18
|
357
|
352
|
1.2%
|
|
Depreciation and
amortization
|
13
|
270
|
231
|
17.1%
|
|
Operating
expenses
|
477
|
9,682
|
6,951
|
39.3%
|
|
|
|
|
|
|
|
Operating income
(loss)
|
154
|
3,123
|
(2,227)
|
N/A
|
|
|
|
|
|
|
|
Finance
income
|
1
|
20
|
17
|
21.4%
|
|
Finance
cost
|
(37)
|
(744)
|
(730)
|
1.9%
|
|
Exchange (loss) gain,
net
|
(12)
|
(234)
|
186
|
N/A
|
|
Comprehensive
financing result
|
(47)
|
(958)
|
(527)
|
81.7%
|
|
|
|
|
|
|
|
Income (loss)
before income tax
|
107
|
2,165
|
(2,754)
|
N/A
|
|
Income tax (expense)
benefit
|
(32)
|
(649)
|
579
|
N/A
|
|
Net income
(loss)
|
75
|
1,515
|
(2,175)
|
N/A
|
|
|
|
|
|
|
|
* Peso amounts were
converted to U.S. dollars at end of period exchange rate for
convenience purposes only.
(1) 3Q 2021 and 3Q 2020 figures include a benefit from
non-derivatives financial instruments by an amount of Ps.26.9
million and Ps.153.5 million, respectively.
|
|
Controladora Vuela
Compañía de Aviación, S.A.B. de C.V. and
Subsidiaries
Consolidated
Statement of Operations
(All metrics are
compared to 2020 unless otherwise noted)
|
Unaudited
(In millions of
Mexican pesos)
|
Nine months ended
September 30, 2021
(US
Dollars)*
|
Nine months ended
September 30, 2021
|
Nine months ended
September 30, 2020
|
Variance
|
|
Operating
revenues:
|
|
|
|
|
|
Passenger
revenues
|
1,464
|
29,720
|
13,624
|
118.1%
|
|
Fare
revenues
|
862
|
17,508
|
8,491
|
106.2%
|
|
Other
passenger revenues
|
601
|
12,212
|
5,133
|
137.9%
|
|
|
|
|
|
|
|
Non-passenger revenues
|
63
|
1,287
|
688
|
87.1%
|
|
Other
non-passenger revenues
|
55
|
1,114
|
555
|
100.6%
|
|
Cargo
|
9
|
173
|
132
|
30.5%
|
|
|
|
|
|
|
|
Non-derivatives
instruments
|
(15)
|
(298)
|
(237)
|
25.7%
|
|
|
|
|
|
|
|
Total operating
revenues
|
1,512
|
30,708
|
14,074
|
118.2%
|
|
|
|
|
|
|
|
Other operating
income
|
(8)
|
(153)
|
(568)
|
(73.1%)
|
|
Fuel expense, net
(1)
|
406
|
8,239
|
4,614
|
78.6%
|
|
Landing, take-off and
navigation expenses
|
210
|
4,267
|
2,943
|
45.0%
|
|
Depreciation of right
of use assets
|
198
|
4,030
|
3,752
|
7.4%
|
|
Salaries and
benefits
|
166
|
3,370
|
2,470
|
36.4%
|
|
Maintenance
expenses
|
70
|
1,415
|
714
|
98.2%
|
|
Sales, marketing and
distribution expenses
|
70
|
1,413
|
1,506
|
(6.2%)
|
|
Aircraft and engine
variable lease expenses
|
68
|
1,381
|
1,338
|
3.2%
|
|
Other operating
expenses
|
46
|
943
|
869
|
8.4%
|
|
Depreciation and
amortization
|
38
|
769
|
650
|
18.3%
|
|
Operating
expenses
|
1,264
|
25,674
|
18,287
|
40.4%
|
|
|
|
|
|
|
|
Operating income
(loss)
|
248
|
5,035
|
(4,213)
|
N/A
|
|
|
|
|
|
|
|
Finance
income
|
3
|
53
|
93
|
(42.9%)
|
|
Finance
cost
|
(96)
|
(1,950)
|
(2,523)
|
(22.7%)
|
|
Exchange gain (loss),
net
|
9
|
177
|
(419)
|
N/A
|
|
Comprehensive
financing result
|
(85)
|
(1,720)
|
(2,849)
|
(39.6%)
|
|
|
|
|
|
|
|
Income (loss)
before income tax
|
163
|
3,315
|
(7,062)
|
N/A
|
|
Income tax (expense)
benefit
|
(49)
|
(994)
|
1,872
|
N/A
|
|
Net income
(loss)
|
114
|
2,320
|
(5,191)
|
N/A
|
|
|
|
|
|
|
|
* Peso amounts were
converted to U.S. dollars at end of period exchange rate for
convenience purposes only.
(1) September YTD 2021 and September YTD 2020 figures include a
benefit from non-derivatives financial instruments by an amount of
Ps.127.4 million and Ps. 324.9 million, respectively.
|
|
Controladora Vuela
Compañía de Aviación, S.A.B. de C.V. and
Subsidiaries
Reconciliation of
total ancillary revenue per passenger
(All metrics are compared to 2020 unless otherwise
noted)
The following table
shows quarterly additional detail about the components of total
ancillary revenue:
|
Unaudited
(In millions of
Mexican pesos)
|
Three months ended
September 30, 2021
(US Dollars)*
|
Three months ended
September 30, 2021
|
Three months ended
September 30, 2020
|
Variance
|
|
|
|
|
|
|
|
|
|
|
Other passenger
revenues
|
241
|
4,903
|
1,876
|
161.4%
|
Non-passenger
revenues
|
22
|
447
|
255
|
75.4%
|
Total ancillary
revenues
|
263
|
5,350
|
2,131
|
151.1%
|
|
|
|
|
|
Booked passengers
(thousands) (1)
|
-
|
6,650
|
3,470
|
91.7%
|
|
|
|
|
|
Total ancillary
revenue per passenger
|
40
|
805
|
614
|
31.0%
|
|
|
|
|
|
* Peso amounts were
converted to U.S. dollars at end of period exchange rate for
convenience purposes only.
(1) Includes schedule
and
charter.
|
Controladora Vuela
Compañía de Aviación, S.A.B. de C.V. and
Subsidiaries
Reconciliation of
total ancillary revenue per passenger
(All metrics are compared to 2020 unless otherwise
noted)
The following table
shows the first nine months of the year additional detail about the
components of total ancillary revenue:
|
Unaudited
(In millions of
Mexican pesos)
|
Nine months ended
September 30, 2021
(US Dollars)*
|
Nine months ended
September 30, 2021
|
Nine months ended
September 30, 2020
|
Variance
|
|
|
|
|
|
Other passenger
revenues
|
601
|
12,212
|
5,133
|
137.9%
|
Non-passenger
revenues
|
63
|
1,287
|
688
|
87.1%
|
Total ancillary
revenues
|
664
|
13,499
|
5,821
|
131.9%
|
|
|
|
|
|
Booked passengers
(thousands) (1)
|
-
|
17,124
|
9,852
|
73.8%
|
|
|
|
|
|
Total ancillary
revenue per passenger
|
39
|
788
|
591
|
33.4%
|
|
|
|
|
|
* Peso amounts were
converted to U.S. dollars at end of period exchange rate for
convenience purposes only.
(1) Includes schedule
and
charter.
|
Controladora Vuela
Compañía de Aviación, S.A.B. de C.V. and
Subsidiaries
Consolidated
Statement of Financial Position
(All metrics are compared to 2020 unless otherwise
noted)
|
|
(In millions of
Mexican pesos)
|
September 30,
2021
Unaudited
(US Dollars)*
|
September 30,
2021
Unaudited
|
December 31,
2020
Audited
|
|
Assets
|
|
|
|
|
Cash and cash
equivalents
|
624
|
12,668
|
10,103
|
|
Accounts
receivable
|
137
|
2,792
|
2,027
|
|
Inventories
|
14
|
286
|
279
|
|
Prepaid expenses and
other current assets
|
42
|
855
|
850
|
|
Financial
instruments
|
-
|
-
|
-
|
|
Guarantee
deposits
|
80
|
1,632
|
1,142
|
|
Total current
assets
|
898
|
18,232
|
14,402
|
|
Rotable spare parts,
furniture and equipment, net
|
397
|
8,066
|
7,281
|
|
Right of use
assets
|
1,823
|
37,010
|
34,316
|
|
Intangible assets,
net
|
8
|
161
|
192
|
|
Financial
instruments
|
-
|
2
|
-
|
|
Deferred income
taxes
|
105
|
2,136
|
3,129
|
|
Guarantee
deposits
|
455
|
9,239
|
8,425
|
|
Other
assets
|
4
|
74
|
119
|
|
Other long- term
assets
|
17
|
352
|
325
|
|
Total non-current
assets
|
2,809
|
57,041
|
53,787
|
|
Total
assets
|
3,707
|
75,273
|
68,189
|
|
Liabilities
|
|
|
|
|
Unearned
transportation revenue
|
312
|
6,330
|
5,851
|
|
Accounts
payable
|
90
|
1,833
|
2,365
|
|
Accrued
liabilities
|
182
|
3,690
|
2,356
|
|
Lease
liabilities
|
287
|
5,823
|
6,484
|
|
Other taxes and fees
payable
|
132
|
2,671
|
2,236
|
|
Income taxes
payable
|
-
|
2
|
4
|
|
Financial
instruments
|
-
|
-
|
10
|
|
Financial
debt
|
218
|
4,430
|
1,559
|
|
Other
liabilities
|
8
|
159
|
101
|
|
Total short-term
liabilities
|
1,228
|
24,939
|
20,966
|
|
Financial
debt
|
43
|
871
|
3,796
|
|
Accrued
liabilities
|
13
|
264
|
67
|
|
Lease
liabilities
|
2,019
|
41,005
|
37,646
|
|
Other
liabilities
|
161
|
3,272
|
2,668
|
|
Employee
benefits
|
3
|
59
|
51
|
|
Deferred income
taxes
|
10
|
203
|
200
|
|
Total long-term
liabilities
|
2,249
|
45,674
|
44,427
|
|
Total
liabilities
|
3,477
|
70,613
|
65,393
|
|
Equity
|
|
|
|
|
Capital
stock
|
169
|
3,426
|
3,426
|
|
Treasury
shares
|
(9)
|
(187)
|
(224)
|
|
Contributions for
future capital increases
|
-
|
-
|
-
|
|
Legal
reserve
|
14
|
291
|
291
|
|
Additional paid-in
capital
|
230
|
4,677
|
4,720
|
|
Retained
losses
|
(76)
|
(1,535)
|
(3,855)
|
|
Accumulated other
comprehensive losses (1)
|
(99)
|
(2,011)
|
(1,562)
|
|
Total
equity
|
229
|
4,660
|
2,796
|
|
Total liabilities
and equity
|
3,707
|
75,273
|
68,189
|
|
|
|
|
|
|
Weighted average
shares outstanding
|
|
1,165,976,677
|
1,165,976,677
|
|
* Peso amounts were
converted to U.S. dollars at end of period exchange rate for
convenience purposes only.
(1) As of September 30, 2021, and December 31, 2020, the figures
include a negative foreign exchange effect of Ps.2,043 million and
negative
foreign exchange effect of Ps.1,577 million, respectively, related
to non-derivative financial instruments.
|
|
Controladora Vuela
Compañía de Aviación, S.A.B. de C.V. and
Subsidiaries
Consolidated
Statement of Cash Flows – Cash Flow Data Summary
(All metrics are compared to 2020 unless otherwise
noted)
|
|
Unaudited
(In millions of Mexican pesos)
|
Three months ended
September 30, 2021
(US Dollars)*
|
Three months ended
September 30, 2021
|
Three months ended
September 30, 2020
|
|
|
|
|
|
|
Net cash flow
provided by (used in) operating activities
|
208
|
4,220
|
(113)
|
|
Net cash flow used in
investing activities
|
(19)
|
(379)
|
(179)
|
|
Net cash flow used in
financing activities **
|
(92)
|
(1,876)
|
(1,357)
|
|
Increase
(decrease) in cash and cash equivalents
|
97
|
1,965
|
(1,649)
|
|
Net foreign exchange
differences
|
8
|
169
|
(163)
|
|
Cash and cash
equivalents at beginning of period
|
519
|
10,534
|
10,013
|
|
Cash and cash
equivalents at end of period
|
624
|
12,668
|
8,202
|
|
*Peso amounts were
converted to U.S. dollars at end of period exchange rate for
convenience purposes only
**Includes aircraft rental payments of Ps.1,716 million and
Ps.1,724 million for the three months ended period September 30,
2021, and 2020, respectively.
|
|
Controladora Vuela
Compañía de Aviación, S.A.B. de C.V. and
Subsidiaries
Consolidated
Statement of Cash Flows – Cash Flow Data Summary
(All metrics are compared to 2020 unless otherwise
noted)
|
Unaudited
(In millions of
Mexican pesos)
|
Nine months ended
September 30, 2021
(US
Dollars)*
|
Nine months ended
September 30, 2021
|
Nine months ended
September 30, 2020
|
|
|
|
|
Net cash flow
provided by operating activities
|
531
|
10,779
|
3,290
|
Net cash flow used in
investing activities
|
(66)
|
(1,345)
|
(145)
|
Net cash flow used in
financing activities **
|
(346)
|
(7,017)
|
(4,405)
|
Increase
(decrease) in cash and cash equivalents
|
119
|
2,417
|
(1,260)
|
Net foreign exchange
differences
|
7
|
148
|
1,482
|
Cash and cash
equivalents at beginning of period
|
498
|
10,103
|
7,980
|
Cash and cash
equivalents at end of period
|
624
|
12,668
|
8,202
|
* Peso amounts were
converted to U.S. dollars at end of period exchange rate for
convenience purposes only.
**Includes aircraft rental payments of Ps.6,753 million and
Ps.4,350 million for the Nine months ended period September 30,
2021, and 2020, respectively.
|
1The financial information, unless otherwise
indicated, is presented in accordance with the International
Financial Reporting Standards (IFRS).
View original
content:https://www.prnewswire.com/news-releases/volaris-reports-financial-results-for-the-third-quarter-2021-301406099.html
SOURCE Controladora Vuela Compania de Aviacion, S.A.B. de C.V. -
Volaris