MEXICO CITY, Mexico,
April 22, 2021 /PRNewswire/
-- Volaris* (NYSE: VLRS and BMV: VOLAR), the ultra-low-cost
airline serving Mexico,
the United States of America and
Central America, today announces its financial results for the
first quarter 2021.
The following financial information, unless otherwise
indicated, is presented in accordance with the International
Financial Reporting Standards (IFRS).
First Quarter 2021 Highlights
The main results for the first quarter are described as
follows:
- Total operating revenues were Ps.6,403 million for the first
quarter, a decrease of 18.2% year over year.
- Total ancillary revenues were Ps.3,279 million for the first
quarter, an increase of 10.1% year over year. Total ancillary
revenues per passenger for the first quarter reached Ps.768, an
increase of 36.0% year over year. Total ancillary revenues
represented 51.2% of total operating revenues for the first quarter
2021, increasing 13.1 percentage points with respect to the same
period of last year.
- Total operating revenues per available seat mile (TRASM) were
Ps.121.1 cents for the first quarter,
a decrease of 6.0% year over year.
- Operating expenses per available seat mile (CASM) were
Ps.134.0 cents for the first quarter,
an increase of 8.0% year over year; with an average economic fuel
cost per gallon of Ps.39.1 for the first quarter, a decrease of
5.5% year over year.
- Operating expenses per available seat mile excluding fuel,
(CASM ex fuel) reached Ps.97.0 cents
for the first quarter, an increase of 18.2% year over year; with an
average exchange rate depreciation of the Mexican peso against the
U.S. dollar by 2.2% year over year.
- Operating loss was Ps.739 million for the first quarter, a
decrease compared with the operating income of Ps.308 million for
the same period of last year. Operating loss margin for the
first quarter was (11.5%), compared with an operating income margin
of 3.9% for the same period of last year.
- Net loss was Ps.733 million (Ps.0.63 loss per share /
U.S.$0.31 loss per ADS), a negative
net margin of (11.4%) for the first quarter.
- At the close of the first quarter, the Mexican peso depreciated
3.3% against the U.S. dollar (Ps.20.60 per U.S. dollar) with
respect to the exchange rate at the close of the previous quarter
(Ps.19.95 per U.S. dollar). The Company booked a net foreign
exchange gain of Ps.247 million derived from our U.S. dollar net
monetary liability position.
- During the first quarter of 2021, the net cash flow generated
by operating activities was Ps.752 million. The net cash flow used
in investing activities reached Ps.191 million. The net cash flow
used in financing activities was Ps.2,181 million, which included
Ps.2,136 million of aircraft rental payments. The positive net
foreign exchange difference was Ps.234 million, thus having a net
decrease of cash and cash equivalents in the first quarter of
Ps.1,620 million. As of March 31,
2021, cash and cash equivalents were Ps.8,718 million.
- Since the COVID-19 pandemic started, the Company has
implemented multiple actions under a "liquidity preservation plan",
with significant results achieved during 2020. In the first quarter
of 2021, the focus has been to combine further payment deferrals
with an optimization of the fleet plan for the post COVID-19
traffic requirements. During the first quarter of 2021, the Company
targeted an additional working capital relief of US$100 million. As of today, Volaris has reached
agreements for US$87 million for the
period of 2021 to 2023.
- The Company plans to incorporate 8 additional A320NEO aircraft
in 2021 through straight operating leases. These will be in
addition to the three aircraft that are still to be received in
2021 from Volaris order book with Airbus.
- On April 16th, 2021, the Company
received the Famous Brand Declaration from the Mexican Institute of
Industrial Property ("IMPI") for the "Volaris" brand, which is the
first trademark within the Mexican aviation industry declared as a
Famous Brand by IMPI.
Fuel Price reduction and Peso Depreciation
- Fuel price reduction: The average economic fuel
cost per gallon decreased 5.5% in the first quarter of 2021, year
over year, reaching Ps.39.1 per gallon (U.S.$1.9).
- Peso depreciation: The Mexican peso depreciated
2.2% against the U.S. dollar year over year, from an average
exchange rate of Ps.19.88 per U.S. dollar in the first quarter of
2020 to Ps.20.32 per U.S. dollar during the first quarter of 2021.
At the end of the first quarter of 2021, the Mexican peso (Ps.20.60
per U.S. dollar) appreciated 12.4% with respect to the exchange
rate at the end of the same period of the last year (Ps.23.51 per
U.S. dollar).
Passenger Traffic Contraction and Ancillary Revenue
Growth
- Passenger traffic contraction: Volaris booked 4.3
million passengers in the first quarter of 2021, a decrease of
19.1% year over year. Volaris traffic (measured in terms of revenue
passenger miles, or RPMs) decreased 18.7% year over year. System
load factor during the first quarter decreased 6.6 percentage
points year over year, reaching 78.1%.
- Total ancillary revenue growth: For the first quarter of
2021, total ancillary revenue increased 10.1% year over year. Total
ancillary revenue per passenger in the first quarter of 2021
increased 36.0% year over year. The total ancillary revenue
continues to grow with new and mature products, appealing to
customers' needs, representing 51.2% of total operating revenue of
the first quarter, an increase of 13.1 percentage points year over
year.
- TRASM decrease: For the first quarter of 2021,
TRASM decreased 6% year over year. During the first quarter of
2021, the total capacity, in terms of ASMs, decreased 11.7% year
over year.
Total Unit Cost Control
- CASM and CASM ex fuel in the first quarter of 2021 reached
Ps.134.0 cents (U.S.$6.59 cents) and Ps.97.0
cents (U.S.$4.78 cents),
respectively. This represented an increase of 8.0% and an increase
of 18.2%, respectively, year over year; mainly driven by the
decrease in the capacity in terms of ASMs and the average exchange
rate depreciation of the Mexican peso against the U.S. dollar of
2.2%.
Young and Fuel-Efficient Consumption Fleet
- During the first quarter of 2021, the Company incorporated one
new A320 NEO aircraft to its fleet. As of March 31, 2021, Volaris' fleet was composed of 87
aircraft (6 A319s, 65 A320s and 16 A321s), with an average age of
5.5 years. At the end of the first quarter of 2021, Volaris' fleet
had an average of 188 seats per aircraft, 79% of our aircraft were
sharklet-equipped, and 36% were NEO.
Solid Balance Sheet and Liquidity with Net Cash Flow
Generated by Operating Activities
- As of March 31, 2021, cash and
cash equivalents were Ps.8,718 million, representing 42% of last
twelve months operating revenue. Volaris registered a negative net
debt (or a positive net cash position) of Ps.3,240 million
(excluding the lease liability recognized under IFRS16) and total
equity of Ps.1,154 million.
- During the first quarter of 2021, the net cash flow generated
by operating activities was Ps.752 million. The net cash flow used
in investing activities reached Ps.191 million. The net cash flow
used in financing activities was Ps.2,181 million, which included
Ps.2,136 million of aircraft rental payments. The positive net
foreign exchange difference was Ps.234 million, thus having a net
decrease of cash and cash equivalents in the first quarter of
Ps.1,620 million.
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.
Conference Call/Webcast Details:
Presenters for the
Company:
Date:
|
Mr. Enrique
Beltranena, President & CEO
Mr. Holger
Blankenstein, Airline Commercial and Operation EVP
Mr. Jaime Pous, Chief
Financial Officer
Friday, April 23,
2021
|
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/vlrs210219KKfUd2nS.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 170 and its fleet from four to 87 aircraft.
Volaris offers more than 410 daily flight segments on routes that
connect 43 cities in Mexico and 25
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 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 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
& Renato Duarte Salomone/
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. y Subsidiarias
|
Financial and
Operating Indicators
|
|
Unaudited
(In Mexican pesos,
except otherwise indicated)
|
Three
months
ended March
31,
2021
(US
Dollars)*
|
Three months
ended March
31, 2021
|
Three months
ended March
31, 2020
|
Variance
(%)
|
Total operating
revenues (millions)
|
311
|
6,403
|
7,824
|
(18.2%)
|
Total operating
expenses (millions)
|
347
|
7,142
|
7,517
|
(5.0%)
|
EBIT
(millions)
|
(36)
|
(739)
|
308
|
NA
|
EBIT
margin
|
(11.5%)
|
(11.5%)
|
3.9%
|
(15.5) pp
|
Depreciation and
amortization (millions)
|
75
|
1,555
|
1,442
|
7.8%
|
Aircraft and engine
variable lease expenses (millions)
|
23
|
468
|
375
|
24.8%
|
Net loss
(millions)
|
(36)
|
(733)
|
(1,493)
|
(50.9%)
|
Net loss
margin
|
(11.4%)
|
(11.4%)
|
(19.1%)
|
7.7pp
|
Loss per
share:
|
|
|
|
|
Basic
(pesos)
|
(0.03)
|
(0.63)
|
(1.48)
|
(57.4%)
|
Diluted
(pesos)
|
(0.03)
|
(0.63)
|
(1.48)
|
(57.4%)
|
Loss per
ADS:
|
|
|
|
|
Basic
(pesos)
|
(0.31)
|
(6.29)
|
(14.76)
|
(57.4%)
|
Diluted
(pesos)
|
(0.31)
|
(6.29)
|
(14.76)
|
(57.4%)
|
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)
|
-
|
5,380
|
6,095
|
(11.7%)
|
Domestic
|
-
|
4,038
|
4,253
|
(5.0%)
|
International
|
-
|
1,342
|
1,843
|
(27.2%)
|
Revenue passenger
miles (RPMs) (millions) (1)
|
-
|
4,202
|
5,166
|
(18.7%)
|
Domestic
|
-
|
3,256
|
3,660
|
(11.0%)
|
International
|
-
|
946
|
1,506
|
(37.2%)
|
Load factor
(2)
|
-
|
78.1%
|
84.7%
|
(6.6) pp
|
Domestic
|
-
|
80.6%
|
86.1%
|
(5.4) pp
|
International
|
-
|
70.5%
|
81.7%
|
(11.2) pp
|
Total operating
revenue per ASM (TRASM) (cents) (1)
(5)
|
5.9
|
121.1
|
128.8
|
(6.0%)
|
Total ancillary
revenue per passenger (4) (5)
|
37.3
|
768
|
564
|
36.0%
|
Total operating
revenue per passenger (5)
|
74.0
|
1,526
|
1,488
|
2.5%
|
Operating expenses
per ASM (CASM) (cents) (1) (5)
|
6.50
|
134.0
|
124.1
|
8.0%
|
Operating expenses
per ASM (CASM) (US cents) (1) (3) (5)
|
-
|
6.59
|
6.24
|
5.6%
|
CASM ex fuel
(cents) (1) (5)
|
4.71
|
97.0
|
82.1
|
18.2%
|
CASM ex fuel (US
cents) (1) (3) (5)
|
-
|
4.78
|
4.13
|
15.7%
|
Booked passengers
(thousands) (1)
|
-
|
4,271
|
5,277
|
(19.1%)
|
Departures (1)
|
-
|
28,962
|
33,661
|
(14.0%)
|
Block
hours (1)
|
-
|
73,171
|
86,637
|
(15.5%)
|
Fuel gallons consumed
(millions)
|
-
|
50.8
|
61.9
|
(17.9%)
|
Average economic fuel
cost per gallon (5)
|
1.9
|
39.1
|
41.4
|
(5.5%)
|
Aircraft at end of
period
|
-
|
87
|
82
|
6.1%
|
Average aircraft
utilization (block hours)
|
-
|
10.6
|
12.8
|
(17.3%)
|
Average exchange
rate
|
-
|
20.32
|
19.88
|
2.2%
|
End of period
exchange rate
|
-
|
20.60
|
23.51
|
(12.4%)
|
*Peso amounts were
converted to U.S. dollars at end of period exchange rate for
convenience purposes only.
(1) Includes scheduled and
chartered.
(3) Dollar amounts were converted at average exchange
rate of each period.
|
(2) Includes
scheduled.
(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, 2021
|
Three
months
ended
March
31,
2021
|
Three
months
ended
March
31,
2020
|
Variance
|
(In millions of
Mexican pesos)
|
(US Dollars)
*
|
(%)
|
Operating
revenues:
|
|
|
|
|
Passenger
revenues
|
298
|
6,130
|
7,548
|
(18.8%)
|
Fare
revenues
|
157
|
3,238
|
4,874
|
(33.6%)
|
Other passenger
revenues
|
140
|
2,893
|
2,675
|
8.2%
|
|
|
|
|
|
Non-passenger
revenues
|
19
|
386
|
304
|
27.1%
|
Other
non-passenger revenues
|
16
|
331
|
247
|
33.8%
|
Cargo
|
3
|
55
|
56
|
(2.2%)
|
|
|
|
|
|
Non-derivatives
financial instruments
|
(5)
|
(113)
|
(27)
|
>100%
|
|
|
|
|
|
Total operating
revenues
|
311
|
6,403
|
7,824
|
(18.2%)
|
|
|
|
|
|
Other operating
income
|
(3)
|
(59)
|
(121)
|
(51.6%)
|
Fuel expense, net
(1)
|
93
|
1,922
|
2,513
|
(23.5%)
|
Depreciation of right
of use assets
|
63
|
1,302
|
1,234
|
5.5%
|
Landing, take-off and
navigation expenses
|
59
|
1,212
|
1,478
|
(18.0%)
|
Sales, marketing and
distribution expenses
|
17
|
355
|
363
|
(2.2%)
|
Salaries and
benefits
|
47
|
972
|
940
|
3.5%
|
Aircraft and engine
variable lease expenses
|
23
|
468
|
375
|
24.8%
|
Maintenance
expenses
|
21
|
423
|
234
|
81.0%
|
Other operating
expenses
|
14
|
295
|
293
|
0.4%
|
Depreciation and
amortization
|
12
|
253
|
209
|
21.3%
|
Operating
expenses
|
347
|
7,142
|
7,517
|
(5.0%)
|
|
|
|
|
|
Operating (loss)
income
|
(36)
|
(739)
|
308
|
NA
|
|
|
|
|
|
Finance
income
|
1
|
12
|
49
|
(75.8%)
|
Finance
cost
|
(28)
|
(567)
|
(656)
|
(13.6%)
|
Exchange gain (loss),
net
|
12
|
247
|
(1,834)
|
NA
|
Comprehensive
financing result
|
(15)
|
(308)
|
(2,441)
|
(87.4%)
|
|
|
|
|
|
Loss before income
tax
|
(51)
|
(1,047)
|
(2,133)
|
(50.9%)
|
Income tax
benefit
|
15
|
314
|
640
|
(50.9%)
|
Net
loss
|
(36)
|
(733)
|
(1,493)
|
(50.9%)
|
|
|
|
|
|
* Peso amounts were
converted to U.S. dollars at end of period exchange rate for
convenience purposes only.
(1) 1Q
2021 and 1Q 2020 figures include a benefit from non-derivatives
financial instruments by an amount of Ps.66 million and Ps.48
million, respectively.
|
Controladora Vuela
Compañía de Aviación, S.A.B. de C.V. y Subsidiarias
|
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, 2021
(US
Dollars)*
|
Three months
ended March
31, 2021
|
Three months
ended March
31, 2020
|
Variance
(%)
|
(In millions of
Mexican pesos)
|
|
|
|
|
|
Other passenger
revenues
|
140
|
2,893
|
2,675
|
8.2%
|
Non-passenger
revenues
|
19
|
386
|
304
|
27.1%
|
Total ancillary
revenues
|
159
|
3,279
|
2,979
|
10.1%
|
|
|
|
|
|
Booked passengers
(thousands)
|
-
|
4,271
|
5,277
|
(19.1%)
|
|
|
|
|
|
Total ancillary
revenue per passenger
|
37
|
768
|
564
|
36.0%
|
|
|
|
|
|
* 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. y Subsidiarias
|
Consolidated
Statement of Financial Position
|
|
(In millions of
Mexican pesos)
|
March 31, 2021
Unaudited
|
March 31, 2021
Unaudited
|
December 31,
2020 Audited
|
|
(US
Dollars)*
|
|
Assets
|
|
|
|
|
Cash and cash
equivalents
|
423
|
8,718
|
10,103
|
|
Accounts
receivable
|
106
|
2,181
|
2,027
|
|
Inventories
|
13
|
276
|
279
|
|
Prepaid expenses and
other current assets
|
53
|
1,090
|
850
|
|
Financial
instruments
|
-
|
-
|
-
|
|
Guarantee
deposits
|
61
|
1,257
|
1,142
|
|
Total current
assets
|
656
|
13,522
|
14,402
|
|
Rotable spare parts,
furniture and equipment, net
|
354
|
7,288
|
7,281
|
|
Right of use
assets
|
1,631
|
33,603
|
34,316
|
|
Intangible assets,
net
|
9
|
182
|
192
|
|
Financial
instruments
|
-
|
1
|
-
|
|
Deferred income
taxes
|
167
|
3,440
|
3,129
|
|
Guarantee
deposits
|
441
|
9,086
|
8,425
|
|
Other
assets
|
5
|
100
|
119
|
|
Other long- term
assets
|
16
|
334
|
325
|
|
Total non-current
assets
|
2,622
|
54,033
|
53,787
|
|
Total
assets
|
3,279
|
67,555
|
68,189
|
|
Liabilities
|
|
|
|
|
Unearned
transportation revenue
|
306
|
6,310
|
5,851
|
|
Accounts
payable
|
73
|
1,500
|
2,365
|
|
Accrued
liabilities
|
125
|
2,571
|
2,356
|
|
Lease
liabilities
|
327
|
6,743
|
6,484
|
|
Other taxes and fees
payable
|
120
|
2,469
|
2,236
|
|
Income taxes
payable
|
-
|
2
|
4
|
|
Financial
instruments
|
-
|
-
|
10
|
|
Financial
debt
|
134
|
2,759
|
1,559
|
|
Other
liabilities
|
9
|
179
|
101
|
|
Total short-term
liabilities
|
1,094
|
22,534
|
20,966
|
|
Financial
debt
|
132
|
2,718
|
3,796
|
|
Accrued
liabilities
|
3
|
56
|
67
|
|
Lease
liabilities
|
1,837
|
37,858
|
37,646
|
|
Other
liabilities
|
145
|
2,980
|
2,668
|
|
Employee
benefits
|
3
|
54
|
51
|
|
Deferred income
taxes
|
10
|
200
|
200
|
|
Total long-term
liabilities
|
2,129
|
43,867
|
44,427
|
|
Total
liabilities
|
3,223
|
66,401
|
65,393
|
|
Equity
|
|
|
|
|
Capital
stock
|
166
|
3,426
|
3,426
|
|
Treasury
shares
|
(11)
|
(224)
|
(224)
|
|
Contributions for
future capital increases
|
-
|
-
|
-
|
|
Legal
reserve
|
14
|
291
|
291
|
|
Additional paid-in
capital
|
228
|
4,706
|
4,720
|
|
Retained
losses
|
(223)
|
(4,588)
|
(3,855)
|
|
Accumulated other
comprehensive losses (1)
|
(119)
|
(2,457)
|
(1,562)
|
|
Total
equity
|
56
|
1,154
|
2,796
|
|
Total liabilities
and equity
|
3,279
|
67,555
|
68,189
|
|
|
|
|
|
|
Total shares
outstanding fully diluted
|
|
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 March
31, 2021 and December 31, 2020 the figures include a negative
foreign exchange effect of Ps.2,483 million and negative
foreign exchange
effect of Ps.1,577, respectively, related to non-derivative
financial instruments.
|
|
|
|
Controladora Vuela
Compañía de Aviación, S.A.B. de C.V. y Subsidiarias
|
Consolidated
Statement of Cash Flows – Cash Flow Data Summary
|
|
Unaudited
|
Three
months
ended March 31,
2021
|
Three
months
ended March
31,
2021
|
Three months
ended March 31,
2020
|
(In millions of
Mexican pesos)
|
(US
Dollars)*
|
|
|
|
|
Net cash flow
generated by operating activities
|
37
|
752
|
2,819
|
Net cash flow used in
investing activities
|
(9)
|
(191)
|
(37)
|
Net cash flow used in
financing activities**
|
(106)
|
(2,181)
|
(1,869)
|
(Decrease)
increase in cash and cash equivalents
|
(79)
|
(1,620)
|
913
|
Net foreign exchange
differences
|
11
|
234
|
1,765
|
Cash and cash
equivalents at beginning of period
|
490
|
10,103
|
7,980
|
Cash and cash
equivalents at end of period
|
423
|
8,718
|
10,658
|
|
|
|
|
* Peso amounts were
converted to U.S. dollars at end of period exchange rate for
convenience purposes only.
|
**Includes aircraft
rental payments of Ps.2,136 million and Ps.1,819 million for the
three months ended period March 31, 2021 and 2020,
respectively.
|
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SOURCE Volaris