MEXICO CITY, Feb. 24, 2022 /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
fourth quarter and full year 2021[1].
Fourth Quarter 2021 Highlights
(All metrics are
compared to 4Q 2019 unless otherwise noted)
Volaris, due to its disciplined growth strategy, reported
double-digit growth in revenue and EBITDAR in the fourth quarter,
built a strong liquidity position and improved its balance
sheet.
- Total operating revenue of Ps.13,954 million, a 43%
increase. Total revenue per available seat mile (TRASM)
increased 13% to Ps.176 cents.
- Operating expenses of Ps.10,922 million, a 41%
increase. Operating expenses per available seat mile (CASM)
increased 3% to US$6.60 cents, while
CASM ex-fuel grew 3% to US$4.08
cents.
- Net loss of Ps.200 million, impacted by a one-off,
non-cash accounting charge of Ps.2,251 million (US$109 million) related to the termination of a
non-derivative financial instrument as a result of the change in
the functional currency. Earnings per share of negative Ps.0.17 and
earnings per ADS of negative US$0.08.
- Adjusted net income (excluding the one-off,
non-cash accounting charge related to the termination of a
non-derivative financial instrument) of Ps.1,559 million, a 21%
increase. Adjusted earnings per share of Ps.1.34 and adjusted
earnings per ADS of US$0.65.
- EBITDAR of Ps.5,161 million, a 45% increase, with an
EBITDAR margin of 37.0%, an increase of 0.5 percentage
points.
- Cash generation of Ps.2,587 million (includes the
issuance of VOLARCB 21L) with a cash and cash equivalents position
of Ps.15,255 million or US$741
million, representing 34% of the last twelve months total
operating revenue. On October
13th, 2021, Volaris issued successfully its
first sustainability-linked asset backed trust notes (VOLARCB 21L)
for an amount of Ps.1,500 million.
- Net debt-to-LTM EBITDAR ratio of 2.5 times, the lowest
level in Volaris' history.
- As of December 31st,
2021, the Company changed its functional currency from the
Mexican Peso to the US Dollar.
Full Year 2021 Highlights
(All metrics are compared
to FY 2019 unless otherwise noted)
Volaris reported a solid 2021, driven by a continued recovery of
passenger demand in the Company´s markets, as well as its
disciplined growth strategy.
- Total operating revenue of Ps.44,662 million, a 29%
increase. Total revenue per available seat mile (TRASM)
increased 13% to Ps.161 cents.
- Operating expenses of Ps.36,596 million, a 20%
increase. Operating expenses per available seat mile (CASM)
remained unchanged at US$6.45 cents,
while CASM ex-fuel increased 7% to US$4.25 cents.
- Net income of Ps.2,121 million with a net margin of
4.7%. Earnings per share of Ps.1.82 and earnings per ADS of
US$0.88. As a result of the change in
the functional currency, the Company recorded a one-off, non-cash
accounting charge related to the termination of a non-derivative
financial instrument of Ps.2,251 million (US$109 million).
- Adjusted net income (excluding the one-off, non-cash
accounting charge related to the termination of a non-derivative
financial instrument) of Ps.3,879 million, a 47% increase. Adjusted
earnings per share of Ps.3.33 and earnings per ADS of US$1.62.
- EBITDAR of Ps.16,375 million, increased 53% with an
EBITDAR margin of 36.7%, an increase of 5.9 percentage
points.
- Cash generation of Ps.5,152 million with a
cash and cash equivalents position of Ps.15,255 million or
US$741 million.
"In 2021, despite the demand uncertainty associated with
Covid-19, we were able to report a strong performance. This
highlights our team's ability to manage and adapt to changing
market dynamics. Thanks to our devoted family of ambassadors and
our experienced management team, we are now reaping the rewards of
our joint effort," said Enrique
Beltranena, President & Chief Executive Officer. "Going
forward we will continue to focus on executing our growth strategy.
This centers upon catering to the travel demands of a large,
growing middle class in Mexico,
focusing on longer-haul bus substitution, and growth in our
international markets. Our resilient ultra-low-cost business model
positions us well for success in these markets." Enrique added.
Fourth Quarter and Full Year 2021 Financial and Operations
Highlights
(All metrics are compared to 4Q and full year
2019 unless otherwise noted)
|
Fourth
Quarter
|
Full
Year
|
Consolidated
Financial Highlights
|
2021
|
2019
|
Var.
|
2021
|
2019
|
Var.
|
Total Operating
Revenue (Ps. million)
|
13,954
|
9,729
|
43%
|
44,662
|
34,753
|
29%
|
TRASM (Ps.
cents)
|
176
|
155
|
13%
|
161
|
142
|
13%
|
ASMs (million,
scheduled & charter)
|
8,022
|
6,300
|
27%
|
28,097
|
24,499
|
15%
|
Load Factor
(scheduled, RPMs/ASMs)
|
86.9%
|
87.6%
|
-0.8 pp
|
84.7%
|
85.9%
|
-1.2 pp
|
Passengers (thousand,
scheduled & charter)
|
7,281
|
5,738
|
27%
|
24,405
|
21,975
|
11%
|
Fleet (end of
period)
|
101
|
82
|
19
|
101
|
82
|
19
|
Total Operating
Expenses (Ps. million)
|
10,922
|
7,762
|
41%
|
36,596
|
30,397
|
20%
|
CASM (US$
cents)
|
6.60
|
6.40
|
3%
|
6.45
|
6.45
|
0%
|
CASM excl. fuel (US$
cents)
|
4.08
|
3.94
|
3%
|
4.25
|
3.98
|
7%
|
Operating income
(EBIT) (Ps. million)
|
3,032
|
1,967
|
54%
|
8,066
|
4,355
|
85%
|
% EBIT
Margin
|
21.7%
|
20.2%
|
1.5 pp
|
18.1%
|
12.5%
|
5.5 pp
|
Net (loss) income
(Ps. million)
|
(200)
|
1,287
|
N/A
|
2,121
|
2,639
|
(20%)
|
% Net (loss) income
margin
|
-1.4%
|
13.2%
|
-14.7 pp
|
4.7%
|
7.6%
|
-2.8 pp
|
Adjusted Net
income(1) (Ps.
million)
|
1,559
|
1,287
|
21%
|
3,879
|
2,639
|
47%
|
% Adjusted Net income
margin
|
11.2%
|
13.2%
|
-2.0 pp
|
8.7%
|
7.6%
|
1.1 pp
|
EBITDAR (Ps.
million)
|
5,161
|
3,549
|
45%
|
16,375
|
10,696
|
53%
|
% EBITDAR
Margin
|
37.0%
|
36.5%
|
0.5 pp
|
36.7%
|
30.8%
|
5.9 pp
|
Net debt-to-LTM
EBITDAR
|
2.5x
|
3.5x
|
-1.0x
|
2.5x
|
3.5x
|
-1.0x
|
1) Excludes the one-off, non-cash accounting charge
related to the termination of a non-derivative financial
instrument.
Total operating revenue in the quarter was Ps.13,954
million, a 43% increase, driven by higher capacity, healthy load
factors and stronger unit revenue per passenger. Moreover, demand
remained relatively strong at the end of the quarter despite the
increase of Covid-19 cases (Omicron variant) in our markets.
Volaris transported 7.3 million passengers in the quarter, an
increase of 27%. Domestic and international passengers increased
29% and 19%, respectively; while total capacity, in terms of
available seat miles (ASMs), increased 27% to 8.0 billion. Load
factor reached 86.9%, slightly below pre-pandemic levels.
TRASM of Ps.176 cents represented a 13% increase. Average base
fare was Ps.1,125, a decrease of 2%. Ancillary revenue per
passenger was Ps.810, a 45% 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 33% in the same period of
2019. Finally, total operating revenue per passenger increased 14%
to Ps.1,935.
For full year 2021, Volaris reported a total operating revenue
of Ps.44,662 million, an increase of 29% as compared to 2019
levels. This performance demonstrates the Company's ability to
increase capacity while improving load factors and unit revenue
despite the changing demand environment throughout the year
resulting from the different waves of Covid.
Total operating expenses in the quarter were
Ps.10,992 million, a 41% increase, driven by capacity growth and
the incorporation of new fuel-efficient aircraft. The average
economic fuel cost per gallon increased 16% to Ps.53.1 per gallon
(US$2.58) in the period. CASM totaled
US$6.60 cents, 3% higher when
compared to same period of 2019. CASM ex-fuel increased 3% to
US$4.08 cents.
For full year 2021, Volaris posted total operating expenses of
Ps.36,596 million, an increase of 20% as compared to 2019 levels,
driven by higher capacity growth and the incorporation of new
aircraft to the fleet.
Comprehensive financing result represented a loss of
Ps.3,632 million in fourth quarter of 2021, compared to a loss of
Ps.164 million in the same period of 2019. This result was
significantly impacted by a one-off, non-cash accounting charge
related to the termination of a non-derivative financial instrument
that generated a foreign exchange loss of Ps.2,251 million or
US$109 million. Volaris determined
that the currency which most reflects its operations is the US
Dollar. As a result of this change, Volaris also concluded that the
hedging strategies related to non-derivative financial instruments
will no longer be effective and must be termination.
In the fourth quarter, the Mexican peso depreciated 8% against
the US dollar to an average of Ps.20.75 per US dollar. At the end
of the quarter, the Mexican peso stood at Ps.20.58 per US dollar, a
1% depreciation compared to the exchange rate at the end of the
third quarter of 2021.
For the full year 2021, Volaris reported a comprehensive
financing loss of Ps.5,352 million as compared to a loss of Ps.662
million posted in 2019. As mentioned above, in the fourth quarter
of 2021, Volaris recorded a one-off, non-cash accounting charge of
Ps. 2,251 million related to the termination of a non-derivative
financial instrument as a result of the change in the functional
currency as of December 31, 2021
Income tax benefit was Ps.400 million, compared to
the expense of Ps.516 million posted in the fourth quarter of
2019.
For full year 2021, Volaris reported an income tax expense of
Ps.594 million, compared to the expense of Ps.1,095 registered in
2019.
Net loss in the quarter stood at Ps.200 million,
impacted by the aforementioned one-off accounting charge related to
the termination of a non-derivative financial instrument of
Ps.2,251 million or US$109 million,
with earnings per share of negative Ps.0.17 and earnings per ADS of
negative US$0.08. Adjusted net income
(excluding the one-off related to the termination of a
non-derivative financial instrument) reached Ps.1,559 million, a
21% increase, with adjusted earnings per share of Ps.1.34 and
adjusted earnings per ADS of US$0.65.
For the full year 2021, Volaris posted a net income of Ps.2,121
million, equivalent to a 20% annual decrease, with earnings per
share of Ps.1.82 and earnings per ADS of US$0.88. Excluding the one-time accounting charge
associated with the change in the functional currency, adjusted net
income reached Ps.3,879 million, a 47% increase compared to 2019.
Adjusted earnings per share and adjusted earnings per ADS totaled
Ps.3.33 and US$1.62,
respectively.
EBITDAR was Ps.5,161 million, an increase of 45%,
due to capacity growth, higher unit revenues, and effective cost
control. EBITDAR margin was 37.0%, an increase of 0.5 percentage
points.
For full year 2021, Volaris registered an EBITDAR of Ps.16,375
million, an increase of 53% compared to 2019, driven by improving
our unit revenues and cost control discipline. EBITDAR margin was
36.7%, an increase of 5.9 percentage points.
Balance Sheet, Liquidity and Capital Allocation
During the fourth quarter, Volaris generated Ps.2,587 million in
cash, including the issuance of its first sustainability-linked
asset backed trust notes (VOLARCB 21L). As of December 31st, cash and cash equivalents were
Ps.15,255 million or US$741 million,
representing 34% of the last twelve months total operating revenue.
Net cash flow provided by operating activities was Ps.5,090
million, while cash outflows in investing and financing activities
were Ps.1,385 million and Ps.1,812 million, respectively. Positive
net foreign exchange difference was Ps.694 million. On October 13th, 2021, Volaris issued successfully
its first sustainability-linked asset backed trust notes (VOLARCB
21L) for an amount of Ps.1,500 million.
For full year 2021, Volaris generated Ps.5,152 million in cash.
Net cash flow provided by operating activities was Ps.15,869
million, while cash outflows in investing and financing activities
were Ps.2,731 million and Ps.8,828 million, respectively. Positive
net foreign exchange difference was Ps.842 million.
As of the year, net debt was Ps.40,672 million, which included
Ps.6,277 million of financial debt, Ps.49,650 million of leasing
liabilities, less cash and cash equivalents of Ps.15,255 million.
The net debt-to-LTM EBITDAR ratio was 2.5 times, compared to 3.5
times in the same period of 2019 and 2.8 times in third quarter of
2021.
As of December 31st, 2021, Volaris
and its main subsidiary have changed their functional currency from
the Mexican Peso to the US Dollar. According to IAS 21
the functional currency is the currency of the primary
economic environment in which the entity operates; in other words,
the currency in which Volaris measures and records its
transactions. As a result of the recent developments in the
Company's operational environment, the way it measures its business
performance, the determination of the selling fares based on US
Dollar, the increase of operations in the international market, and
that most of Volaris´ cost is determined and denominated in US
dollars, the Company concluded that the currency that most reflects
its operations is the US Dollar. The change of this new functional
currency was made on a prospectively basis with no restatement
of previous periods.
Volaris believes the measurement of the financial information
with the new functional currency will mitigate the impact of the
Mexican Peso volatility over its financial results and improves the
comparability with other companies in the market.
2022 Outlook
Volaris expects to continue with
its disciplined growth strategy for the rest of the year. Assuming
no significant unexpected disruptions related to COVID-19 or other
macroeconomics impacts to the business, the Company expects to grow
capacity (ASMs) in the mid-twenties compared to 2021. Furthermore,
it expects total operating revenue in the range of US$2.6 to US$2.8
billion. Finally, the Company anticipates capex in the range
of US$140 to US$145 million. This outlook assumes a FX USD/MXN
of Ps.20.80 to Ps.21.10.
Fleet
During the fourth quarter, the Company
incorporated seven new A320neo aircraft to its fleet. As of
December 31, 2021, Volaris' fleet was
composed of 101 aircraft (6 A319s, 79 A320s and 16 A321s), with an
average age of 5.4 years. Volaris' fleet had an average of 187
seats per aircraft. 82% of its aircraft are sharklet-equipped and
45% are New Engine Option (NEO) models. The Company plans to end
2022 approximately with 115 aircraft.
On November 15th, 2021, Volaris
signed a new purchase order with Airbus for 39 A321neo aircraft, in
order to secure its growth in the second half of the decade. In
addition to the acquisition of these 39 aircraft, Volaris agreed
with Airbus to convert 20 aircraft in its current order contract
from A320neo to A321neos.
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:
Félix Martínez / Naara
Cortés Gallardo / ir@volaris.com
Media Contact:
Gabriela Fernández /
gabriela.fernandez@volaris.com
Conference call and webcast
details
Date:
|
Friday, February
25th, 2022
|
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=423f690b-ffe2-401e-9603-561864dcb46d
|
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 184 and its fleet from 4 to 102
aircraft. Volaris offers more than 500 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 US Securities Act of 1933, as
amended, and Section 21E of the US 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 US 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
December 31, 2021 (US Dollars)*
|
Three months ended
December 31, 2021
|
Three months ended
December 31, 2019
|
Variance
|
|
|
|
|
Total operating
revenues (millions)
|
678
|
13,954
|
9,729
|
43.4%
|
|
|
Total operating
expenses (millions)
|
531
|
10,922
|
7,762
|
40.7%
|
|
|
EBIT
(millions)
|
147
|
3,032
|
1,967
|
54.1%
|
|
|
EBIT
margin
|
21.7%
|
21.7%
|
20.2%
|
1.5 pp
|
|
|
Depreciation and
amortization (millions)
|
89
|
1,823
|
1,389
|
31.3%
|
|
|
Aircraft and engine
variable lease expenses (millions)
|
15
|
306
|
193
|
58.4%
|
|
|
Net (loss) income
(millions)
|
(10)
|
(200)
|
1,287
|
N/A
|
|
|
Net (loss) income
margin
|
(1.4%)
|
(1.4%)
|
13.2%
|
-14.7 pp
|
|
|
(Loss) earnings
per share:
|
|
|
|
|
|
|
Basic
|
(0.01)
|
(0.17)
|
1.27
|
N/A
|
|
|
Diluted
|
(0.01)
|
(0.17)
|
1.27
|
N/A
|
|
|
(Loss) earnings
per ADS:
|
|
|
|
|
|
|
Basic
|
(0.08)
|
(1.71)
|
12.72
|
N/A
|
|
|
Diluted
|
(0.08)
|
(1.71)
|
12.72
|
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)
|
-
|
8,022
|
6,300
|
27.3%
|
|
|
Domestic
|
-
|
5,652
|
4,343
|
30.2%
|
|
|
International
|
-
|
2,370
|
1,957
|
21.1%
|
|
|
Revenue passenger
miles (RPMs) (millions) (1)
|
-
|
6,968
|
5,521
|
26.2%
|
|
|
Domestic
|
-
|
5,076
|
3,888
|
30.6%
|
|
|
International
|
-
|
1,892
|
1,633
|
15.8%
|
|
|
Load factor
(2)
|
-
|
86.9%
|
87.6%
|
-0.8 pp
|
|
|
Domestic
|
-
|
89.8%
|
89.5%
|
0.3
pp
|
|
|
International
|
-
|
79.8%
|
83.4%
|
-3.6 pp
|
|
|
Total operating
revenue per ASM (TRASM) (cents) (1)(5)
|
8.5
|
175.6
|
155.0
|
13.3%
|
|
|
Total ancillary
revenue per passenger (4)(5)
|
39.3
|
810
|
557
|
45.4%
|
|
|
Total operating
revenue per passenger (5)
|
94.0
|
1,935
|
1,701
|
13.7%
|
|
|
Operating expenses
per ASM (CASM) (cents) (1)(5)
|
6.6
|
136.8
|
123.5
|
10.8%
|
|
|
Operating expenses
per ASM (CASM) (US cents) (1)(3)(5)
|
-
|
6.60
|
6.40
|
3.0%
|
|
|
CASM ex fuel (cents)
(1)(5)
|
4.1
|
84.6
|
76.0
|
11.2%
|
|
|
CASM ex fuel (US
cents) (1)(3)(5)
|
-
|
4.08
|
3.94
|
3.4%
|
|
|
Booked passengers
(thousands) (1)
|
-
|
7,281
|
5,738
|
26.9%
|
|
|
Departures
(1)
|
-
|
44,473
|
35,261
|
26.1%
|
|
|
Block hours
(1)
|
-
|
111,656
|
89,714
|
24.5%
|
|
|
Fuel gallons consumed
(millions)
|
-
|
79.0
|
65.2
|
21.1%
|
|
|
Average economic fuel
cost per gallon (5)
|
2.58
|
53.1
|
45.8
|
15.8%
|
|
|
Aircraft at end of
period
|
-
|
101
|
82
|
23.2%
|
|
|
Average aircraft
utilization (block hours)
|
-
|
13.31
|
12.8
|
4.3%
|
|
|
Average exchange
rate
|
-
|
20.75
|
19.28
|
7.6%
|
|
|
End of period
exchange rate
|
-
|
20.58
|
18.85
|
9.2%
|
|
|
*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
Financial and Operating Indicators
(All metrics are compared to 2020 unless otherwise noted)
Unaudited
(In Mexican pesos, except otherwise indicated)
|
Three months ended
December 31, 2021
(US Dollars) *
|
Three months ended
December 31, 2021
|
Three months ended
December 31, 2020
|
Variance
|
|
|
|
|
Total operating
revenues (millions)
|
678
|
13,954
|
8,086
|
72.6%
|
|
|
Total operating
expenses (millions)
|
531
|
10,922
|
7,126
|
53.3%
|
|
|
EBIT
(millions)
|
147
|
3,032
|
960
|
215.9%
|
|
|
EBIT
margin
|
21.7%
|
21.7%
|
11.9%
|
9.9 pp
|
|
|
Depreciation and
amortization (millions)
|
89
|
1,823
|
1,546
|
17.9%
|
|
|
Aircraft and engine
variable lease expenses (millions)
|
15
|
306
|
507
|
(39.7%)
|
|
|
Net (loss) income
(millions)
|
(10)
|
(200)
|
897
|
N/A
|
|
|
Net (loss) income
margin
|
(1.4%)
|
(1.4%)
|
11.1%
|
(12.5 pp)
|
|
|
(Loss) earnings
per share:
|
|
|
|
|
|
|
Basic
|
(0.01)
|
(0.17)
|
0.85
|
N/A
|
|
|
Diluted
|
(0.01)
|
(0.17)
|
0.85
|
N/A
|
|
|
(Loss) earnings
per ADS:
|
|
|
|
|
|
|
Basic
|
(0.08)
|
(1.71)
|
8.54
|
N/A
|
|
|
Diluted
|
(0.08)
|
(1.71)
|
8.54
|
N/A
|
|
|
Weighted average
shares outstanding:
|
|
|
|
|
|
|
Basic
|
-
|
1,165,976,677
|
1,050,401,677
|
11.0%
|
|
|
Diluted
|
-
|
1,165,976,677
|
1,050,401,677
|
11.0%
|
|
|
Available seat miles
(ASMs) (millions) (1)
|
-
|
8,022
|
5,979
|
34.2%
|
|
|
Domestic
|
-
|
5,652
|
4,307
|
31.2%
|
|
|
International
|
-
|
2,370
|
1,673
|
41.7%
|
|
|
Revenue passenger
miles (RPMs) (millions) (1)
|
-
|
6,968
|
4,797
|
45.3%
|
|
|
Domestic
|
-
|
5,076
|
3,594
|
41.2%
|
|
|
International
|
-
|
1,892
|
1,203
|
57.3%
|
|
|
Load factor
(2)
|
-
|
86.9%
|
80.2%
|
6.6 pp
|
|
|
Domestic
|
-
|
89.8%
|
83.5%
|
6.4
pp
|
|
|
International
|
-
|
79.8%
|
71.9%
|
7.9 pp
|
|
|
Total operating
revenue per ASM (TRASM) (cents) (1)(5)
|
8.5
|
175.6
|
138.1
|
27.1%
|
|
|
Total ancillary
revenue per passenger (4)(5)
|
39.3
|
810
|
798
|
1.5%
|
|
|
Total operating
revenue per passenger (5)
|
94.0
|
1,935
|
1,699
|
13.9%
|
|
|
Operating expenses
per ASM (CASM) (cents) (1)(5)
|
6.6
|
136.8
|
120.6
|
13.5%
|
|
|
Operating expenses
per ASM (CASM) (US cents) (1)(3)(5)
|
-
|
6.60
|
5.84
|
12.8%
|
|
|
CASM ex fuel (cents)
(1)(5)
|
4.1
|
84.6
|
85.3
|
(0.8%)
|
|
|
CASM ex fuel (US
cents) (1)(3)(5)
|
-
|
4.08
|
4.13
|
(1.4%)
|
|
|
Booked passengers
(thousands) (1)
|
-
|
7,281
|
4,861
|
49.8%
|
|
|
Departures
(1)
|
-
|
44,473
|
31,652
|
40.5%
|
|
|
Block hours
(1)
|
-
|
111,656
|
80,163
|
39.3%
|
|
|
Fuel gallons consumed
(millions)
|
-
|
79.0
|
56.8
|
39.2%
|
|
|
Average economic fuel
cost per gallon (5)
|
2.6
|
53.1
|
37.2
|
42.7%
|
|
|
Aircraft at end of
period
|
-
|
101
|
86
|
17.4%
|
|
|
Average aircraft
utilization (block hours)
|
-
|
13.3
|
11.8
|
13.1%
|
|
|
Average exchange
rate
|
-
|
20.75
|
20.63
|
0.6%
|
|
|
End of period
exchange rate
|
-
|
20.58
|
19.95
|
3.2%
|
|
|
*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
Financial and Operating Indicators
(All metrics are compared to 2020 unless otherwise noted)
Unaudited
(In Mexican pesos, except otherwise indicated)
|
Twelve months
ended December 31, 2021
|
Twelve months
ended December 31, 2021
|
Twelve months
ended December 31, 2020
|
Variance
|
|
|
(US Dollars)
*
|
|
|
Total operating
revenues (millions)
|
2,170
|
44,662
|
22,160
|
101.5%
|
|
|
Total operating
expenses (millions)
|
1,778
|
36,596
|
25,413
|
44.0%
|
|
|
EBIT
(millions)
|
392
|
8,066
|
(3,254)
|
N/A
|
|
|
EBIT
margin
|
18.1%
|
18.1%
|
(14.7%)
|
32.7 pp
|
|
|
Depreciation and
amortization (millions)
|
322
|
6,622
|
5,947
|
11.3%
|
|
|
Aircraft and engine
rent expenses (millions)
|
82
|
1,687
|
1,845
|
(8.6%)
|
|
|
Net income (loss)
(millions)
|
103
|
2,121
|
(4,294)
|
N/A
|
|
|
Net income (loss)
margin
|
4.7%
|
4.7%
|
(19.4%)
|
24.1 pp
|
|
|
Earnings (loss)
per share:
|
|
|
|
|
|
|
Basic
|
0.09
|
1.82
|
(4.20)
|
N/A
|
|
|
Diluted
|
0.09
|
1.82
|
(4.20)
|
N/A
|
|
|
Earnings (loss)
per ADS:
|
|
|
|
|
|
|
Basic
|
0.88
|
18.19
|
(42.03)
|
N/A
|
|
|
Diluted
|
0.88
|
18.19
|
(42.03)
|
N/A
|
|
|
Weighted average
shares outstanding:
|
|
|
|
|
|
|
Basic
|
-
|
1,165,976,677
|
1,021,560,557
|
14.1%
|
|
|
Diluted
|
-
|
1,165,976,677
|
1,021,560,557
|
14.1%
|
|
|
Available seat miles
(ASMs) (millions) (1)
|
-
|
28,097
|
18,275
|
53.7%
|
|
|
Domestic
|
-
|
20,099
|
13,446
|
49.5%
|
|
|
International
|
-
|
7,997
|
4,829
|
65.6%
|
|
|
Revenue passenger
miles (RPMs) (millions) (1)
|
-
|
23,802
|
14,597
|
63.1%
|
|
|
Domestic
|
-
|
17,470
|
10,900
|
60.3%
|
|
|
International
|
-
|
6,332
|
3,696
|
71.3%
|
|
|
Load factor
(2)
|
-
|
84.7%
|
79.9%
|
4.8 pp
|
|
|
Domestic
|
-
|
86.9%
|
81.1%
|
5.9
pp
|
|
|
International
|
-
|
79.2%
|
76.5%
|
2.6
pp
|
|
|
Total operating
revenue per ASM (TRASM) (cents) (1)(5)
|
7.8
|
160.5
|
123.5
|
30.0%
|
|
|
Total ancillary
revenue per passenger (4)(5)
|
38.6
|
795
|
659
|
20.6%
|
|
|
Total operating
revenue per passenger (5)
|
89.8
|
1,848
|
1,534
|
20.4%
|
|
|
Operating expenses
per ASM (CASM) (cents) (1)(5)
|
6.4
|
130.9
|
141.3
|
(7.4%)
|
|
|
Operating expenses
per ASM (CASM) (US cents) (1)(3)(5)
|
-
|
6.45
|
6.57
|
(1.8%)
|
|
|
CASM ex fuel (cents)
(1)(5)
|
4.2
|
86.2
|
102.7
|
(16.1%)
|
|
|
CASM ex fuel (US
cents) (1)(3)(5)
|
-
|
4.25
|
4.78
|
(11.1%)
|
|
|
Booked passengers
(thousands) (1)
|
-
|
24,405
|
14,712
|
65.9%
|
|
|
Departures
(1)
|
-
|
153,913
|
97,819
|
57.3%
|
|
|
Block hours
(1)
|
-
|
386,752
|
248,952
|
55.4%
|
|
|
Fuel gallons consumed
(millions)
|
-
|
273.5
|
176.6
|
54.8%
|
|
|
Average economic fuel
cost per gallon (5)
|
2.2
|
45.9
|
39.9
|
15.0%
|
|
|
Aircraft at end of
period
|
-
|
101
|
86
|
17.4%
|
|
|
Average aircraft
utilization (block hours)
|
-
|
12.5
|
11.3
|
10.9%
|
|
|
Average exchange
rate
|
-
|
20.28
|
21.50
|
(5.6%)
|
|
|
End of period
exchange rate
|
-
|
20.58
|
19.95
|
3.2%
|
|
|
*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
(All metrics are compared to 2020 unless otherwise noted)
Unaudited
(In millions of Mexican pesos)
|
Three months ended
December 31, 2021
(US Dollars) *
|
Three months ended
December 31, 2021
|
Three months ended
December 31, 2020
|
Variance
|
|
|
|
|
Operating
revenues:
|
|
|
|
|
|
|
Passenger
revenues
|
660
|
13,577
|
7,863
|
72.7%
|
|
|
Fare
revenues
|
398
|
8,195
|
4,382
|
87.0%
|
|
|
Other
passenger revenues
|
261
|
5,382
|
3,481
|
54.6%
|
|
|
|
|
|
|
|
|
|
Non-passenger revenues
|
25
|
513
|
397
|
29.3%
|
|
|
Other
non-passenger revenues
|
22
|
444
|
327
|
35.8%
|
|
|
Cargo
|
3
|
69
|
70
|
(1.5%)
|
|
|
|
|
|
|
|
|
|
Non-derivatives
financial instruments
|
(7)
|
(136)
|
(174)
|
(21.7%)
|
|
|
|
|
|
|
|
|
|
Total operating
revenues
|
678
|
13,954
|
8,086
|
72.6%
|
|
|
|
|
|
|
|
|
|
Other operating
income
|
(3)
|
(65)
|
(162)
|
(59.8%)
|
|
|
Fuel expense, net
(1)
|
201
|
4,137
|
2,027
|
104.1%
|
|
|
Landing, take-off and
navigation expenses
|
85
|
1,754
|
1,148
|
52.7%
|
|
|
Salaries and
benefits
|
72
|
1,487
|
983
|
51.2%
|
|
|
Depreciation of right
of use assets
|
70
|
1,433
|
1,297
|
10.5%
|
|
|
Sales, marketing, and
distribution expenses
|
27
|
549
|
335
|
63.8%
|
|
|
Maintenance
expenses
|
26
|
537
|
454
|
18.4%
|
|
|
Aircraft and engine
variable lease expenses
|
15
|
306
|
507
|
(39.7%)
|
|
|
Depreciation and
amortization
|
19
|
390
|
249
|
56.9%
|
|
|
Other operating
expenses
|
19
|
394
|
288
|
36.9%
|
|
|
Operating
expenses
|
531
|
10,922
|
7,126
|
53.3%
|
|
|
|
|
|
|
|
|
|
Operating
income
|
147
|
3,032
|
960
|
215.9%
|
|
|
|
|
|
|
|
|
|
Finance
income
|
1
|
18
|
8
|
119.3%
|
|
|
Finance
cost
|
(43)
|
(882)
|
(495)
|
78.2%
|
|
|
Exchange (loss) gain,
net (2)
|
(134)
|
(2,768)
|
889
|
N/A
|
|
|
Comprehensive
financing result
|
(176)
|
(3,632)
|
403
|
N/A
|
|
|
|
|
|
|
|
|
|
(Loss) income
before income tax
|
(29)
|
(600)
|
1,362
|
N/A
|
|
|
Income tax benefit
(expense)
|
19
|
400
|
(465)
|
N/A
|
|
|
Net (loss)
income
|
(10)
|
(200)
|
897
|
N/A
|
|
|
|
|
|
|
|
|
|
* Peso amounts were
converted to U.S. dollars at end of period exchange rate for
convenience purposes only.
(1) 4Q 2021 and 4Q 2020 figures include a benefit from
non-derivatives financial instruments by an amount of Ps.54.7
million and Ps.84.2 million, respectively.
(2) 4Q 2021 figures include termination non-derivative financial
instrument by an amount of Ps.2,251 million.
|
|
|
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
|
Twelve months
ended December 31, 2021
|
Twelve months
ended December 31, 2021
|
Twelve months
ended December 31, 2020 (Audited)
|
Variance
|
|
|
(In millions of
Mexican pesos)
|
(US Dollars)
*
|
|
|
Operating
revenues:
|
|
|
|
|
|
|
Passenger
revenues
|
2,103
|
43,297
|
21,487
|
101.5%
|
|
|
Fare
revenues
|
1,249
|
25,703
|
12,873
|
99.7%
|
|
|
Other
passenger revenues
|
855
|
17,594
|
8,613
|
104.3%
|
|
|
|
|
|
|
|
|
|
Non-passenger revenues
|
87
|
1,799
|
1,084
|
65.9%
|
|
|
Other
non-passenger revenues
|
76
|
1,558
|
882
|
76.6%
|
|
|
Cargo
|
12
|
241
|
202
|
19.5%
|
|
|
|
|
|
|
|
|
|
Non-derivatives
financial instruments
|
(21)
|
(435)
|
(411)
|
5.7%
|
|
|
|
|
|
|
|
|
|
Total operating
revenues
|
2,170
|
44,662
|
22,160
|
101.5%
|
|
|
|
|
|
|
|
|
|
Other operating
income
|
(11)
|
(218)
|
(730)
|
(70.2%)
|
|
|
Fuel expense, net
(1)
|
601
|
12,376
|
6,641
|
86.4%
|
|
|
Landing, take-off and
navigation expenses
|
293
|
6,021
|
4,091
|
47.2%
|
|
|
Depreciation of right
of use assets
|
265
|
5,463
|
5,049
|
8.2%
|
|
|
Salaries and
benefits
|
236
|
4,857
|
3,453
|
40.6%
|
|
|
Sales, marketing, and
distribution expenses
|
95
|
1,962
|
1,841
|
6.6%
|
|
|
Maintenance
expenses
|
95
|
1,952
|
1,168
|
67.2%
|
|
|
Aircraft and engine
variable lease expenses
|
82
|
1,687
|
1,845
|
(8.6%)
|
|
|
Other operating
expenses
|
65
|
1,337
|
1,157
|
15.5%
|
|
|
Depreciation and
amortization
|
56
|
1,159
|
898
|
29.0%
|
|
|
Operating
expenses
|
1,778
|
36,596
|
25,413
|
44.0%
|
|
|
|
|
|
|
|
|
|
Operating income
(loss)
|
392
|
8,066
|
(3,254)
|
N/A
|
|
|
|
|
|
|
|
|
|
Finance
income
|
3
|
72
|
102
|
(29.5%)
|
|
|
Finance
cost
|
(138)
|
(2,832)
|
(3,018)
|
(6.2%)
|
|
|
Exchange (loss) gain,
net (2)
|
(126)
|
(2,591)
|
471
|
N/A
|
|
|
Comprehensive
financing result
|
(260)
|
(5,352)
|
(2,446)
|
118.8%
|
|
|
|
|
|
|
|
|
|
Income (loss)
before income tax
|
132
|
2,714
|
(5,700)
|
N/A
|
|
|
Income tax (expense)
benefit
|
(29)
|
(594)
|
1,406
|
N/A
|
|
|
Net income
(loss)
|
103
|
2,121
|
(4,294)
|
N/A
|
|
|
|
|
|
|
|
|
|
* Peso amounts were
converted to U.S. dollars at end of period exchange rate for
convenience purposes only.
(1) December YTD 2021 and December YTD 2020 figures include a
benefit from non-derivatives financial instrument by an amount of
Ps.182.2 million and Ps.409.2 million, respectively.
(2) December YTD 2021 figures include termination non-derivative
financial instrument by an amount of Ps.2,251 million.
|
|
|
|
|
|
|
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
|
Three months ended
December 31, 2021
(US Dollars) *
|
Three months ended
December 31, 2021
|
Three months ended
December 31, 2020
|
Variance
|
|
|
(In millions of
Mexican pesos)
|
|
|
|
|
|
|
|
|
|
Other passenger
revenues
|
261
|
5,382
|
3,481
|
54.6%
|
|
|
Non-passenger
revenues
|
25
|
513
|
397
|
29.3%
|
|
|
Total ancillary
revenues
|
286
|
5,895
|
3,877
|
52.0%
|
|
|
|
|
|
|
|
|
|
Booked passengers
(thousands) (1)
|
-
|
7,281
|
4,861
|
49.8%
|
|
|
|
|
|
|
|
|
|
Total ancillary
revenue per passenger
|
39
|
810
|
798
|
1.5%
|
|
|
|
|
|
|
|
|
|
* 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 twelve months of the year
additional detail about the components of total ancillary
revenue:
Unaudited
|
Twelve months
ended December 31, 2021
(US Dollars) *
|
Twelve months
ended December 31, 2021
|
Twelve months
ended December 31, 2020 (Audited)
|
Variance
|
|
|
(In millions of
Mexican pesos)
|
|
|
|
|
|
|
|
|
|
Other passenger
revenues
|
855
|
17,594
|
8,613
|
104.3%
|
|
|
Non-passenger
revenues
|
87
|
1,799
|
1,084
|
65.9%
|
|
|
Total ancillary
revenues
|
942
|
19,394
|
9,698
|
100.0%
|
|
|
|
|
|
|
|
|
|
Booked passengers
(thousands) (1)
|
-
|
24,405
|
14,712
|
65.9%
|
|
|
|
|
|
|
|
|
|
Total ancillary
revenue per passenger
|
39
|
795
|
659
|
20.6%
|
|
|
|
|
|
|
|
|
|
* 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)
|
December 31,
2021
Unaudited
(US Dollars) *
|
December 31,
2021
Unaudited
|
December 31,
2020
Audited
|
|
|
|
|
Assets
|
|
|
|
|
|
Cash and cash
equivalents
|
741
|
15,255
|
10,103
|
|
|
Accounts receivable,
net
|
106
|
2,184
|
2,027
|
|
|
Inventories
|
14
|
296
|
279
|
|
|
Prepaid expenses and
other current assets
|
40
|
823
|
850
|
|
|
Financial
instruments
|
-
|
-
|
-
|
|
|
Guarantee
deposits
|
79
|
1,626
|
1,142
|
|
|
Total current
assets
|
981
|
20,184
|
14,402
|
|
|
Rotable spare parts,
furniture and equipment, net
|
455
|
9,357
|
7,281
|
|
|
Right of use
assets
|
1,917
|
39,463
|
34,316
|
|
|
Intangible assets,
net
|
13
|
260
|
192
|
|
|
Financial
instruments
|
1
|
29
|
-
|
|
|
Deferred income
taxes
|
141
|
2,908
|
3,129
|
|
|
Guarantee
deposits
|
455
|
9,373
|
8,425
|
|
|
Other
assets
|
5
|
106
|
119
|
|
|
Other long- term
assets
|
21
|
423
|
325
|
|
|
Total non-current
assets
|
3,008
|
61,919
|
53,787
|
|
|
Total
assets
|
3,988
|
82,103
|
68,189
|
|
|
Liabilities
|
|
|
|
|
|
Unearned
transportation revenue
|
304
|
6,257
|
5,851
|
|
|
Accounts
payable
|
119
|
2,444
|
2,365
|
|
|
Accrued
liabilities
|
178
|
3,666
|
2,356
|
|
|
Lease
Liabilities
|
284
|
5,842
|
6,484
|
|
|
Other taxes and fees
payable
|
131
|
2,700
|
2,236
|
|
|
Income taxes
payable
|
4
|
86
|
4
|
|
|
Financial
instruments
|
-
|
-
|
10
|
|
|
Financial
debt
|
197
|
4,053
|
1,559
|
|
|
Other
liabilities
|
35
|
713
|
101
|
|
|
Total short-term
liabilities
|
1,252
|
25,761
|
20,966
|
|
|
Financial
debt
|
108
|
2,224
|
3,796
|
|
|
Accrued
liabilities
|
1
|
30
|
67
|
|
|
Lease
Liabilities
|
2,128
|
43,808
|
37,646
|
|
|
Other
liabilities
|
167
|
3,436
|
2,668
|
|
|
Employee
benefits
|
4
|
82
|
51
|
|
|
Deferred income
taxes
|
11
|
230
|
200
|
|
|
Total long-term
liabilities
|
2,419
|
49,810
|
44,427
|
|
|
Total
liabilities
|
3,671
|
75,571
|
65,393
|
|
|
Equity
|
|
|
|
|
|
Capital
stock
|
166
|
3,426
|
3,426
|
|
|
Treasury
shares
|
(10)
|
(209)
|
(224)
|
|
|
Contributions for
future capital increases
|
-
|
-
|
-
|
|
|
Legal
reserve
|
14
|
291
|
291
|
|
|
Additional paid-in
capital
|
230
|
4,741
|
4,720
|
|
|
Retained
losses
|
(84)
|
(1,735)
|
(3,855)
|
|
|
Accumulated other
comprehensive income (loss) (1)
|
1
|
18
|
(1,562)
|
|
|
Total
equity
|
317
|
6,532
|
2,796
|
|
|
Total liabilities
and equity
|
3,988
|
82,103
|
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 December 31, 2021, the figures do not include the exchange
rate loss of Ps. 2,251 million resulting from the termination of
the non-derivative financial instrument because of the change of
the functional currency. As of December 31, 2020, the figures
include an exchange rate loss of Ps.1,577 million, related to
non-derivative financial instrument.
|
|
|
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
December 31, 2021
(US Dollars) *
|
Three months ended
December 31, 2021
|
Three months ended
December 31, 2020
|
|
|
|
|
|
|
|
|
|
|
Net cash flow
provided by operating activities
|
247
|
5,090
|
1,070
|
|
|
Net cash flow (used
in) provided by investing activities
|
(67)
|
(1,385)
|
77
|
|
|
Net cash flow (used
in) provided by financing activities **
|
(88)
|
(1,812)
|
1,364
|
|
|
Increase in cash
and cash equivalents
|
92
|
1,893
|
2,511
|
|
|
Net foreign exchange
differences
|
34
|
694
|
(609)
|
|
|
Cash and cash
equivalents at beginning of period
|
615
|
12,668
|
8,202
|
|
|
Cash and cash
equivalents at end of period
|
741
|
15,255
|
10,103
|
|
|
*Peso amounts were
converted to U.S. dollars at end of period exchange rate for
convenience purposes only.
**Includes aircraft rental payments of Ps.2,556 million and
Ps.1,761 million for the three months ended period December 31,
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
|
Twelve months
ended December 31, 2021
|
Twelve months
ended December 31, 2021
|
Twelve months
ended December 31, 2020 (Audited)
|
(In millions of
Mexican pesos)
|
(US Dollars)
*
|
|
|
|
|
Net cash flow
provided by operating activities
|
771
|
15,869
|
4,359
|
Net cash flow used in
investing activities
|
(133)
|
(2,731)
|
(68)
|
Net cash flow used in
financing activities **
|
(429)
|
(8,828)
|
(3,041)
|
Increase in cash
and cash equivalents
|
209
|
4,310
|
1,251
|
Net foreign exchange
differences
|
41
|
842
|
873
|
Cash and cash
equivalents at beginning of year
|
491
|
10,103
|
7,980
|
Cash and cash
equivalents at end of year
|
741
|
15,255
|
10,103
|
* Peso amounts were
converted to U.S. dollars at end of period exchange rate for
convenience purposes only.
**Includes aircraft rental payments of Ps.9,308 million and
Ps.6,111 million for the twelve months ended period December 31,
2021 and 2020, respectively.
|
[1] The financial information, unless otherwise
indicated, is presented in accordance with the International
Financial Reporting Standards (IFRS).
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SOURCE Volaris