MEXICO CITY, July 15, 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, and Central
America, today announces its financial results for the second
quarter 2021[1].
Second Quarter 2021 Highlights
(All metrics are
compared to 2Q 2019 unless otherwise noted)
Volaris reported a strong second quarter with double-digit
growth in revenue and EBITDAR, driven by a continued recovery of
passenger demand in the Company´s markets.
- Total operating revenue of Ps.11,501 million, a 38%
increase. Total revenue per available seat mile (TRASM)
increased 22% to Ps.165 cents.
- Operating expenses of Ps.8,850 million, a 15%
increase. Operating expenses per available seat mile (CASM)
decreased 3% to US$ 6.31 cents, while
CASM ex-fuel increased 8% to US$ 4.22
cents.
- Net income of Ps.1,538 million with a net margin of
13.4%. Earnings per share of Ps.1.32 and earnings per ADS of
US$ 0.67.
- EBITDAR of Ps.4,696 million, increased 103% with an
EBITDAR margin of 40.8%, an expansion of 13.1 percentage
points.
- Cash generation of Ps.2,072 million with a cash and
cash equivalents position of Ps.10,534 million or US$ 532 million, representing 44% of the last
twelve months operating revenue.
- Net debt-to-EBITDAR ratio of 4.5 times, back to
pre-pandemic levels.
"I am proud of what our team was able to achieve in the second
quarter 2021, delivering considerable improvement in almost all
operating and financial metrics. We were able to significantly
increase capacity while improving TRASM and maintaining our cost
control discipline. This efficient growth allowed us to more than
double EBITDAR compared to the second quarter of 2019," said
Enrique Beltranena, President &
Chief Executive Officer. "We have demonstrated yet again that the
Volaris business model is sound and can deliver superior results in
various market conditions. Our team has taken the opportunities
that presented themselves from the CoVID-19 pandemic and come out
stronger in the market." Enrique added.
Second Quarter 2021 Financial and Operations
Highlights
(All metrics are compared to 2Q 2019 unless
otherwise noted)
|
Second
Quarter
|
Consolidated
Financial Highlights
|
2021
|
2019
|
%
Var.
|
Total Revenue (Ps.
million)
|
11,501
|
8,329
|
38%
|
TRASM (Ps.
cents)
|
165
|
136
|
22%
|
ASMs (million,
scheduled & charter)
|
7,028
|
6,154
|
14%
|
Load
Factor (scheduled, RPMs/ASMs)
|
86.6%
|
87.3%
|
(0.7) pp
|
Passengers (thousand, scheduled &
charter)
|
6,202
|
5,654
|
10%
|
Fleet (end of
period)
|
92
|
78
|
14
|
Operating Expenses
(Ps. million)
|
8,850
|
7,670
|
15%
|
CASM (US$
cents)
|
6.31
|
6.53
|
(3%)
|
CASM excl. fuel (US$
cents)
|
4.22
|
3.89
|
8%
|
Operating income
(EBIT) (Ps. million)
|
2,651
|
659
|
302%
|
% EBIT
Margin
|
23.0%
|
7.9%
|
15.1 pp
|
Net income (Ps.
million)
|
1,538
|
119
|
1,188%
|
% Net income
margin
|
13.4%
|
1.4%
|
12.0 pp
|
EBITDAR (Ps.
million)
|
4,696
|
2,310
|
103%
|
% EBITDAR
Margin
|
40.8%
|
27.7%
|
13.1 pp
|
Net
debt-to-EBITDAR
|
4.5x
|
4.4x
|
0.1x
|
Total operating revenue was Ps.11,501 million, a 38%
increase, driven by higher capacity, healthy load factors and
stronger unit revenue per passenger. Demand in the quarter was
exceptionally strong both in the transborder and Mexican domestic
market.
Volaris booked 6.2 million passengers in the quarter, an
increase of 10%. Domestic and international passengers increased 9%
and 11%, respectively; while total capacity, in terms of available
seat miles (ASMs), increased 14% to 7.0 billion. Load factor
reached 86.6%, back to pre-pandemic levels.
TRASM of Ps.165 cents, increased 22%. Average base fare was
Ps.1,086, an increase of 13%. Ancillary revenue per passenger was
Ps.785, a 53% increase, due to the continued growth of new and
mature products, such as More Flexibility, Combo Business and
Combo Health. Ancillary revenue represented 42% of total
operating revenue, compared to 35% in the same period of 2019.
Finally, total revenue per passenger increased 27% to Ps.1,870.
Operating expenses were Ps.8,850 million, a 15%
increase, mainly impacted by maintenance and redelivery expenses.
CASM ex-fuel increased 8% to US$ 4.22
cents. The average economic fuel cost per gallon declined
13% to Ps.42.6 per gallon (US$ 2.2),
which totaled a CASM decrease of 3% to US$
6.31 cents.
Comprehensive financing result decreased 2% driven
by a foreign exchange gain of Ps.164 million, despite an increase
of 23% of financial cost mainly related to the increase in the
Company's fleet. The Mexican peso depreciated 5% against the US
dollar, from an average exchange rate of Ps.19.12 per US dollar in
the second quarter of 2019 to Ps.20.05 per US dollar during the
second quarter of 2021. At the end of the second quarter of 2021,
the Mexican peso (Ps.19.80 per US dollar) appreciated 4% compared
to the exchange rate at the end of the first quarter of 2021
(Ps.20.60 per US dollar).
Income tax expense was Ps.659 million, compared to
Ps.78 million in the second quarter of 2019.
Net income was Ps.1,538 million with a net margin of
13.4%. Earnings per share totaled Ps.1.32 and earnings per ADS were
US$ 0.67.
EBITDAR was Ps.4,696 million, an increase of 103%
due to capacity increase, higher unit revenues, and tight cost
controls. EBITDAR margin was 40.8%, an increase of 13.1 percentage
points.
Balance Sheet, Liquidity and Capital Allocation
During the second quarter 2021 Volaris generated cash flow of
Ps.2,072 million. As of June 30, cash
and cash equivalents were Ps.10,534 million or US$ 532 million, representing 44% of the last
twelve months operating revenue. The net cash flow generated by
operating activities was Ps.5,807 million, while cash outflows in
investing and financing activities were Ps.776 million and Ps.2,959
million, respectively. Negative net foreign exchange difference was
Ps.255 million.
As of June 30, 2021, the Company
had only $18 million dollars
outstanding of the working capital relief received on goods and
services during 2020. By the end of the second quarter, the
Company's suppliers and accrued liabilities were equal to 62 days
of operating expenses.
As of the quarter end, net debt was Ps.39,849 million, which
included Ps.5,332 million of financial debt, Ps.45,051 million of
leasing liabilities, less cash and cash equivalents of Ps.10,534
million. The Company registered a negative adjusted net debt of
Ps.5,202 million (excluding lease liability recognized under the
IFRS16). The net debt-to-EBITDAR ratio was 4.5 times, in line with
2Q 2019.
Fleet
During the second quarter, the Company incorporated 5 new
A320neo aircraft to its fleet. As of June
30, 2021, Volaris' fleet was composed of 92 aircraft (6
A319s, 70 A320s and 16 A321s), with an average age of 5.4 years.
Volaris' fleet had an average of 188 seats per aircraft. 80% of its
aircraft are sharklet-equipped and 39% are New Engine Option (NEO)
models.
The Company plans to incorporate 25 A320neo family aircraft
to its fleet in the next 18 months, ending 2021 with 101 aircraft
and closing the year 2022 with 113 aircraft. Volaris anticipates
the percentage of A320neo family aircraft of its fleet to be 54% by
year end 2022, aligned to the Company's sustainability
strategy.
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/ +52 55 3104 5264
Conference call and webcast
details
Date:
|
Friday, July 16,
2021
|
Time:
|
9:00 am Mexico
City (CT) / 10:00 am New York (USA) (ET)
|
United States dial
in:
|
+1-412-317-6378 or
+1-844-204-8586
|
Mexico dial
in:
|
+52-55-8880-8040
|
International dial
in:
|
+1-412-317-6378
|
Participant
code:
|
Volaris
|
Webcast &
video presentation:
|
https://webcastlite.mziq.com/cover.html?webcastId=fb8ba57c-7f6d-42fa-abb0-7c4b8acdd791
|
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
5 to more than 180 and its fleet from 4 to 93 aircraft. Volaris
offers more than 450 daily flight segments on routes that connect
43 cities in Mexico and 28 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 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
|
Three
months
ended June 30,
2021
|
Three months
ended June 30,
2021
|
Three months
ended June 30,
2019
|
Variance
|
(Mexican pesos,
except otherwise indicated)
|
(US
Dollars)*
|
(%)
|
Total operating
revenue (millions)
|
581
|
11,501
|
8,329
|
38.1%
|
Total operating
expenses (millions)
|
447
|
8,850
|
7,670
|
15.4%
|
EBIT
(millions)
|
134
|
2,651
|
659
|
302.0%
|
EBIT
margin
|
23.0%
|
23.0%
|
7.9%
|
15.1 pp
|
Depreciation and
amortization (millions)
|
79
|
1,563
|
1,335
|
17.1%
|
Aircraft and engine
variable lease expenses (millions)
|
24
|
482
|
316
|
52.8%
|
Net income
(millions)
|
78
|
1,538
|
119
|
1,187.9%
|
Net income
margin
|
13.4%
|
13.4%
|
1.4%
|
12.0 pp
|
Earnings per
share:
|
|
|
|
|
Basic
(pesos)
|
0.07
|
1.32
|
0.12
|
1,017.7%
|
Diluted
(pesos)
|
0.07
|
1.32
|
0.12
|
1,017.7%
|
Earnings per
ADS:
|
|
|
|
|
Basic
(pesos)
|
0.67
|
13.19
|
1.18
|
1,017.7%
|
Diluted
(pesos)
|
0.67
|
13.19
|
1.18
|
1,017.7%
|
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)
|
-
|
7,028
|
6,154
|
14.2%
|
Domestic
|
-
|
5,012
|
4,250
|
17.9%
|
International
|
-
|
2,016
|
1,904
|
5.9%
|
Revenue passenger
miles (RPMs) (millions) (1)
|
-
|
6,082
|
5,370
|
13.3%
|
Domestic
|
-
|
4,424
|
3,812
|
16.1%
|
International
|
-
|
1,658
|
1,558
|
6.4%
|
Load factor
(2)
|
-
|
86.6%
|
87.3%
|
(0.7) pp
|
Domestic
|
-
|
88.3%
|
89.7%
|
(1.4) pp
|
International
|
-
|
82.3%
|
81.9%
|
0.4 pp
|
Total operating
revenue per ASM (TRASM) (cents) (1)
(5)
|
8.3
|
165.0
|
135.5
|
21.8%
|
Total ancillary
revenue per passenger (4) (5)
|
39.6
|
785
|
514
|
52.6%
|
Total operating
revenue per passenger (5)
|
94.4
|
1,870
|
1,475
|
26.8%
|
Operating expenses
per ASM (CASM) (cents) (1) (5)
|
6.4
|
126.4
|
124.9
|
1.3%
|
Operating expenses
per ASM (CASM) (US cents) (1) (3) (5)
|
-
|
6.3
|
6.5
|
(3.2%)
|
CASM ex fuel
(cents) (1) (5)
|
4.3
|
84.6
|
74.5
|
13.6%
|
CASM ex fuel (US
cents) (1) (3) (5)
|
-
|
4.2
|
3.9
|
8.3%
|
Booked passengers
(thousands) (1)
|
-
|
6,202
|
5,654
|
9.7%
|
Departures (1)
|
-
|
38,658
|
34,848
|
10.9%
|
Block
hours (1)
|
-
|
96,721
|
87,686
|
10.3%
|
Fuel gallons consumed
(millions)
|
-
|
69.1
|
63.4
|
9.0%
|
Average economic fuel
cost per gallon (5)
|
2.2
|
42.6
|
48.9
|
(12.9%)
|
Aircraft at end of
period
|
-
|
92
|
78
|
17.9%
|
Average aircraft
utilization (block hours)
|
-
|
12.9
|
13.1
|
(1.1%)
|
Average exchange
rate
|
-
|
20.05
|
19.12
|
4.8%
|
End of period
exchange rate
|
-
|
19.80
|
19.17
|
3.3%
|
*Peso amounts were
converted to US 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 revenue" and
"Non-passenger revenue".
(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
|
Three
months
ended June 30,
2021
|
Three months
ended June 30,
2021
|
Three months
ended June 30,
2020
|
Variance
|
(Mexican pesos,
except otherwise indicated)
|
(US
Dollars)*
|
(%)
|
Total operating
revenue (millions)
|
581
|
11,501
|
1,526
|
653.7%
|
Total operating
expenses (millions)
|
447
|
8,850
|
3,820
|
131.7%
|
EBIT
(millions)
|
134
|
2,651
|
(2,294)
|
NA
|
EBIT
margin
|
23.0%
|
23.0%
|
(150.4%)
|
173.4 pp
|
Depreciation and
amortization (millions)
|
79
|
1,563
|
1,451
|
7.8%
|
Aircraft and engine
variable lease expenses (millions)
|
24
|
482
|
426
|
13.2%
|
Net income (loss)
(millions)
|
78
|
1,538
|
(1,523)
|
NA
|
Net income (loss)
margin
|
13.4%
|
13.4%
|
(99.8%)
|
113.2 pp
|
Earnings (loss)
per share:
|
|
|
|
|
Basic
(pesos)
|
0.07
|
1.32
|
(1.50)
|
NA
|
Diluted
(pesos)
|
0.07
|
1.32
|
(1.50)
|
NA
|
Earnings (loss)
per ADS:
|
|
|
|
|
Basic
(pesos)
|
0.67
|
13.19
|
(15.05)
|
NA
|
Diluted
(pesos)
|
0.67
|
13.19
|
(15.05)
|
NA
|
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)
|
-
|
7,028
|
1,437
|
389.0%
|
Domestic
|
-
|
5,012
|
1,202
|
316.8%
|
International
|
-
|
2,016
|
235
|
758.7%
|
Revenue passenger
miles (RPMs) (millions) (1)
|
-
|
6,082
|
1,138
|
434.2%
|
Domestic
|
-
|
4,424
|
936
|
372.7%
|
International
|
-
|
1,658
|
202
|
718.5%
|
Load factor
(2)
|
-
|
86.6%
|
79.2%
|
7.3 pp
|
Domestic
|
-
|
88.3%
|
77.8%
|
10.4 pp
|
International
|
-
|
82.3%
|
86.3%
|
(4.0) pp
|
Total operating
revenue per ASM (TRASM) (cents) (1)
(5)
|
8.3
|
165.0
|
108.9
|
51.6%
|
Total ancillary
revenue per passenger (4) (5)
|
39.6
|
785
|
644
|
22.0%
|
Total operating
revenue per passenger (5)
|
94.4
|
1,870
|
1,417
|
32.0%
|
Operating expenses
per ASM (CASM) (cents) (1) (5)
|
6.4
|
126.4
|
274.4
|
(53.9%)
|
Operating expenses
per ASM (CASM) (US cents) (1) (3) (5)
|
-
|
6.3
|
11.7
|
(46.3%)
|
CASM ex fuel
(cents) (1) (5)
|
4.3
|
84.6
|
234.3
|
(63.9%)
|
CASM ex fuel (US
cents) (1) (3) (5)
|
-
|
4.2
|
10.0
|
(57.9%)
|
Booked passengers
(thousands) (1)
|
-
|
6,202
|
1,105
|
461.4%
|
Departures (1)
|
-
|
38,658
|
7,785
|
396.6%
|
Block
hours (1)
|
-
|
96,721
|
19,472
|
396.7%
|
Fuel gallons consumed
(millions)
|
-
|
69.1
|
13.1
|
425.9%
|
Average economic fuel
cost per gallon (5)
|
2.2
|
42.6
|
43.8
|
(2.8%)
|
Aircraft at end of
period
|
-
|
92
|
82
|
12.2%
|
Average aircraft
utilization (block hours)
|
-
|
12.9
|
7.7
|
68.0%
|
Average exchange
rate
|
-
|
20.05
|
23.37
|
(14.2%)
|
End of period
exchange rate
|
-
|
19.80
|
22.97
|
(13.8%)
|
*Peso amounts were
converted to US 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 revenue" and
"Non-passenger revenue".
(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
|
Six
months
ended June 30,
2021
|
Six months
ended
June 30,
2021
|
Six months
ended
June 30,
2020
|
Variance
|
(Mexican pesos,
except otherwise indicated)
|
(US
Dollars)*
|
(%)
|
Total operating
revenues (millions)
|
904
|
17,904
|
9,350
|
91.5%
|
Total operating
expenses (millions)
|
808
|
15,992
|
11,337
|
41.1%
|
EBIT
(millions)
|
97
|
1,912
|
(1,986)
|
NA
|
EBIT
margin
|
10.7%
|
10.7%
|
(21.2%)
|
31.9 pp
|
Depreciation and
amortization (millions)
|
157
|
3,118
|
2,893
|
7.8%
|
Aircraft and engine
rent expenses (millions)
|
48
|
950
|
801
|
18.6%
|
Net income (loss)
(millions)
|
41
|
805
|
(3,016)
|
NA
|
Net income (loss)
margin
|
4.5%
|
4.5%
|
(32.3%)
|
36.7 pp
|
Earnings (loss)
per share:
|
|
|
|
|
Basic
(pesos)
|
0.03
|
0.69
|
(2.98)
|
NA
|
Diluted
(pesos)
|
0.03
|
0.69
|
(2.98)
|
NA
|
Earnings (loss)
per ADS:
|
|
|
|
|
Basic
(pesos)
|
0.35
|
6.90
|
(29.80)
|
NA
|
Diluted
(pesos)
|
0.35
|
6.90
|
(29.80)
|
NA
|
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)
|
-
|
12,407
|
7,533
|
64.7%
|
Domestic
|
-
|
9,050
|
5,455
|
65.9%
|
International
|
-
|
3,357
|
2,078
|
61.5%
|
Revenue passenger
miles (RPMs) (millions) (1)
|
-
|
10,284
|
6,304
|
63.1%
|
Domestic
|
-
|
7,680
|
4,596
|
67.1%
|
International
|
-
|
2,604
|
1,708
|
52.5%
|
Load factor
(2)
|
-
|
82.9%
|
83.7%
|
(0.8) pp
|
Domestic
|
-
|
84.9%
|
84.2%
|
0.6 pp
|
International
|
-
|
77.5%
|
82.2%
|
(4.7) pp
|
Total operating
revenue per ASM (TRASM) (cents) (1)(5)
|
7.4
|
146.0
|
125.0
|
16.8%
|
Total ancillary
revenue per passenger (4)(5)
|
39.3
|
778
|
578
|
34.6%
|
Total operating
revenue per passenger (5)
|
87.3
|
1,730
|
1,475
|
17.2%
|
Operating expenses
per ASM (CASM) (cents) (1)(5)
|
6.5
|
129.7
|
152.8
|
(15.1%)
|
Operating expenses
per ASM (CASM) (US cents) (1)(3)(5)
|
-
|
6.4
|
7.1
|
(9.1%)
|
CASM ex fuel (cents)
(1)(5)
|
4.5
|
90.0
|
111.1
|
(19.0%)
|
CASM ex fuel (US
cents) (1)(3)(5)
|
-
|
4.5
|
5.1
|
(13.3%)
|
Booked passengers
(thousands) (1)
|
-
|
10,474
|
6,382
|
64.1%
|
Departures
(1)
|
-
|
67,620
|
41,446
|
63.2%
|
Block hours
(1)
|
-
|
169,893
|
106,110
|
60.1%
|
Fuel gallons consumed
(millions)
|
-
|
119.9
|
75.0
|
59.8%
|
Average economic fuel
cost per gallon (5)
|
2.1
|
41.1
|
41.8
|
(1.6%)
|
Aircraft at end of
period
|
-
|
92
|
82
|
12.2%
|
Average aircraft
utilization (block hours)
|
-
|
11.8
|
11.4
|
3.5%
|
Average exchange
rate
|
-
|
20.18
|
21.62
|
(6.7%)
|
End of period
exchange rate
|
-
|
19.80
|
22.97
|
(13.8%)
|
*Peso amounts were
converted to US 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 revenue" and
"Non-passenger revenue".
(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
|
Three months
ended
June 30, 2021
|
Three
months
ended
June
30,
2021
|
Three
months
ended
June
30,
2020
|
Variance
|
(In millions of
Mexican pesos)
|
(US Dollars)
*
|
(%)
|
Operating
revenue:
|
|
|
|
|
Passenger
revenue
|
563
|
11,145
|
1,436
|
676.1%
|
Fare
revenue
|
340
|
6,729
|
854
|
688.2%
|
Other passenger
revenue
|
223
|
4,416
|
582
|
658.4%
|
|
|
|
|
|
Non-passenger
revenue
|
23
|
453
|
129
|
251.5%
|
Other
non-passenger revenue
|
20
|
394
|
102
|
284.9%
|
Cargo
|
3
|
59
|
27
|
122.9%
|
|
|
|
|
|
Non-derivatives
financial instruments
|
(5)
|
(98)
|
(39)
|
149.7%
|
|
|
|
|
|
Total operating
revenue
|
581
|
11,501
|
1,526
|
653.7%
|
|
|
|
|
|
Other operating
income
|
(3)
|
(50)
|
(180)
|
(72.2%)
|
Fuel expense, net
(1)
|
147
|
2,907
|
452
|
542.8%
|
Depreciation of right
of use assets
|
67
|
1,318
|
1,240
|
6.2%
|
Landing, take-off,
and navigation expenses
|
77
|
1,528
|
438
|
249.1%
|
Sales, marketing, and
distribution expenses
|
24
|
481
|
179
|
168.2%
|
Salaries and
benefits
|
59
|
1,162
|
665
|
74.7%
|
Aircraft and engine
variable lease expenses
|
24
|
482
|
426
|
13.2%
|
Maintenance
expenses
|
25
|
485
|
166
|
193.0%
|
Other operating
expenses
|
15
|
292
|
224
|
30.3%
|
Depreciation and
amortization
|
12
|
245
|
210
|
16.7%
|
Operating
expenses
|
447
|
8,850
|
3,820
|
131.7%
|
|
|
|
|
|
Operating income
(loss)
|
134
|
2,651
|
(2,294)
|
NA
|
|
|
|
|
|
Finance
income
|
1
|
21
|
27
|
(22.9%)
|
Finance
cost
|
(32)
|
(639)
|
(1,137)
|
(43.9%)
|
Exchange gain,
net
|
8
|
164
|
1,229
|
(86.7%)
|
Comprehensive
financing result
|
(23)
|
(454)
|
119
|
NA
|
|
|
|
|
|
Income (loss)
before income tax
|
111
|
2,197
|
(2,175)
|
NA
|
Income tax (expense)
benefit
|
(33)
|
(659)
|
653
|
NA
|
Net income
(loss)
|
78
|
1,538
|
(1,523)
|
NA
|
|
|
|
|
|
* Peso amounts were
converted to US dollars at end of period exchange rate for
convenience purposes only.
(1) 2Q 2021 and 2Q 2020 figures
include a benefit from non-derivatives financial instruments by an
amount of Ps.34.7 million and Ps.123.2 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
|
Six months ended
June 30,
2021
|
Six
months
ended
June
30,
2021
|
Six
months
ended
June
30,
2020
|
Variance
|
(In millions of
Mexican pesos)
|
(US Dollars)
*
|
(%)
|
Operating
revenues:
|
|
|
|
|
Passenger
revenues
|
872
|
17,275
|
8,984
|
92.3%
|
Fare
revenues
|
503
|
9,966
|
5,727
|
74.0%
|
Other
passenger revenues
|
369
|
7,309
|
3,257
|
124.4%
|
|
|
|
|
|
Non-passenger revenues
|
42
|
839
|
433
|
94.0%
|
Other
non-passenger revenues
|
37
|
725
|
350
|
107.3%
|
Cargo
|
6
|
115
|
83
|
38.0%
|
|
|
|
|
|
Non-derivatives
financial instruments
|
(11)
|
(210)
|
(66)
|
217%
|
|
|
|
|
|
Total operating
revenues
|
904
|
17,904
|
9,350
|
91.5%
|
|
|
|
|
|
Other operating
income
|
(5)
|
(109)
|
(301)
|
(63.9%)
|
Depreciation of right
of use assets
|
132
|
2,620
|
2,474
|
5.9%
|
Salaries and
benefits
|
108
|
2,134
|
1,605
|
33.0%
|
Fuel expense, net
(1)
|
244
|
4,829
|
2,965
|
62.8%
|
Landing, take-off,
and navigation expenses
|
138
|
2,739
|
1,915
|
43.0%
|
Aircraft and engine
variable lease expenses
|
48
|
950
|
801
|
18.6%
|
Sales, marketing, and
distribution expenses
|
42
|
836
|
542
|
54.2%
|
Maintenance
expenses
|
46
|
908
|
399
|
127.4%
|
Other operating
expenses
|
30
|
586
|
517
|
13.3%
|
Depreciation and
amortization
|
25
|
499
|
419
|
19.0%
|
Operating
expenses
|
808
|
15,992
|
11,337
|
41.1%
|
|
|
|
|
|
Operating income
(loss)
|
97
|
1,912
|
(1,986)
|
NA
|
|
|
|
|
|
Finance
income
|
2
|
33
|
76
|
(57.0%)
|
Finance
cost
|
(61)
|
(1,206)
|
(1,794)
|
(32.8%)
|
Exchange gain (loss),
net
|
21
|
411
|
(605)
|
NA
|
Comprehensive
financing result
|
(38)
|
(762)
|
(2,322)
|
(67.2%)
|
|
|
|
|
|
Income (loss)
before income tax
|
58
|
1,150
|
(4,308)
|
NA
|
Income tax (expense)
benefit
|
(17)
|
(345)
|
1,292
|
NA
|
Net income
(loss)
|
41
|
805
|
(3,016)
|
NA
|
|
|
|
|
|
* Peso amounts were
converted to US dollars at end of period exchange rate for
convenience purposes only.
(1) June YTD 2021 and
June YTD 2020 figures include a benefit from non-derivatives
financial instruments by an amount of Ps.100.5 million and Ps.171.4
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
|
Three months
ended June 30,
2021
(US
Dollars)*
|
Three months
ended June 30,
2021
|
Three months
ended June 30,
2020
|
Variance
(%)
|
(In millions of
Mexican pesos)
|
|
|
|
|
|
Other passenger
revenue
|
223
|
4,416
|
582
|
658.4%
|
Non-passenger
revenue
|
23
|
453
|
129
|
251.5%
|
Total ancillary
revenue
|
246
|
4,869
|
711
|
584.6%
|
|
|
|
|
|
Booked passengers
(thousands)
|
-
|
6,202
|
1,105
|
461.4%
|
|
|
|
|
|
Total ancillary
revenue per passenger
|
40
|
785
|
644
|
22.0%
|
|
|
|
|
|
* Peso amounts were converted to US dollars at end of period
exchange rate for convenience purposes only.
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 one half of the year
additional detail about the components of total ancillary
revenue:
Unaudited
|
Six months
ended June 30,
2021
(US
Dollars)*
|
Six months
ended
June 30,
2021
|
Six months
ended
June 30,
2020
|
Variance
(%)
|
(In millions of
Mexican pesos)
|
|
|
|
|
|
Other passenger
revenues
|
369
|
7,309
|
3,257
|
124.4%
|
Non-passenger
revenues
|
42
|
839
|
433
|
94.0%
|
Total ancillary
revenues
|
411
|
8,148
|
3,689
|
120.9%
|
|
|
|
|
|
Booked passengers
(thousands)
|
-
|
10,474
|
6,382
|
64.1%
|
|
|
|
|
|
Total ancillary
revenue per passenger
|
39
|
778
|
578
|
34.6%
|
|
|
|
|
|
* Peso amounts were converted to US dollars at end of period
exchange rate for convenience purposes only.
Controladora Vuela Compañía de Aviación,
S.A.B. de C.V. and Subsidiaries
Consolidated Statement of Financial Position
(All metrics are compared to 2020 unless otherwise noted)
(In millions of
Mexican pesos)
|
June 30, 2021
Unaudited
|
June 30, 2021
Unaudited
|
December 31,
2020 Audited
|
|
(US
Dollars)*
|
|
Assets
|
|
|
|
|
Cash and cash
equivalents
|
532
|
10,534
|
10,103
|
|
Accounts receivable,
net
|
144
|
2,861
|
2,027
|
|
Inventories
|
13
|
264
|
279
|
|
Prepaid expenses and
other current assets
|
61
|
1,212
|
850
|
|
Financial
instruments
|
-
|
-
|
-
|
|
Guarantee
deposits
|
79
|
1,567
|
1,142
|
|
Total current
assets
|
830
|
16,438
|
14,402
|
|
Rotable spare parts,
furniture and equipment, net
|
400
|
7,921
|
7,281
|
|
Right of use
assets
|
1,857
|
36,782
|
34,316
|
|
Intangible assets,
net
|
9
|
169
|
192
|
|
Financial
instruments
|
-
|
2
|
-
|
|
Deferred income
taxes
|
140
|
2,775
|
3,129
|
|
Guarantee
deposits
|
470
|
9,308
|
8,425
|
|
Other
assets
|
4
|
80
|
119
|
|
Other long- term
assets
|
16
|
319
|
325
|
|
Total non-current
assets
|
2,896
|
57,357
|
53,787
|
|
Total
assets
|
3,727
|
73,795
|
68,189
|
|
Liabilities
|
|
|
|
|
Unearned
transportation revenue
|
413
|
8,180
|
5,851
|
|
Accounts
payable
|
70
|
1,382
|
2,365
|
|
Accrued
liabilities
|
175
|
3,462
|
2,356
|
|
Lease
liabilities
|
266
|
5,276
|
6,484
|
|
Other taxes and fees
payable
|
160
|
3,161
|
2,236
|
|
Income taxes
payable
|
-
|
2
|
4
|
|
Financial
instruments
|
-
|
-
|
10
|
|
Financial
debt
|
168
|
3,322
|
1,559
|
|
Other
liabilities
|
9
|
183
|
101
|
|
Total short-term
liabilities
|
1,261
|
24,967
|
20,966
|
|
Financial
debt
|
102
|
2,010
|
3,796
|
|
Accrued
liabilities
|
14
|
269
|
67
|
|
Lease
liabilities
|
2,009
|
39,775
|
37,646
|
|
Other
liabilities
|
148
|
2,921
|
2,668
|
|
Employee
benefits
|
3
|
56
|
51
|
|
Deferred income
taxes
|
10
|
199
|
200
|
|
Total long-term
liabilities
|
2,284
|
45,231
|
44,427
|
|
Total
liabilities
|
3,545
|
70,198
|
65,393
|
|
Equity
|
|
|
|
|
Capital
stock
|
173
|
3,426
|
3,426
|
|
Treasury
shares
|
(10)
|
(204)
|
(224)
|
|
Contributions for
future capital increases
|
-
|
-
|
-
|
|
Legal
reserve
|
15
|
291
|
291
|
|
Additional paid-in
capital
|
237
|
4,691
|
4,720
|
|
Retained
losses
|
(154)
|
(3,050)
|
(3,855)
|
|
Accumulated other
comprehensive losses (1)
|
(79)
|
(1,558)
|
(1,562)
|
|
Total
equity
|
182
|
3,597
|
2,796
|
|
Total liabilities
and equity
|
3,727
|
73,795
|
68,189
|
|
|
|
|
|
|
Total shares
outstanding fully diluted
|
|
1,165,976,677
|
1,165,976,677
|
|
* Peso amounts were
converted to US dollars at end of period exchange rate for
convenience purposes only.
(1) As of June 30,
2021, and December 31, 2020, the figures include a negative foreign
exchange effect of Ps.1,594 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
|
Three
months
ended June 30,
2021
|
Three
months
ended June
30, 2021
|
Three months
ended June 30, 2020
|
(In millions of
Mexican pesos)
|
(US
Dollars)*
|
|
|
|
|
Net cash flow
generated by operating activities
|
293
|
5,807
|
584
|
Net cash flow (used
in) provided by investing activities
|
(39)
|
(776)
|
71
|
Net cash flow used in
financing activities**
|
(149)
|
(2,959)
|
(1,179)
|
Increase
(decrease) in cash and cash equivalents
|
105
|
2,072
|
(524)
|
Net foreign exchange
differences
|
(13)
|
(255)
|
(120)
|
Cash and cash
equivalents at beginning of period
|
440
|
8,718
|
10,658
|
Cash and cash
equivalents at end of period
|
532
|
10,534
|
10,013
|
|
|
|
|
* Peso amounts were
converted to US dollars at end of period exchange rate for
convenience purposes only.
|
**Includes aircraft rental payments of Ps.2,901 million and
Ps.806 million for the three months ended period June 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
|
Six
months
ended June 30,
2021
|
Six
months
ended
June 30,
2021
|
Six months
ended
June 30,
2020
|
(In millions of
Mexican pesos)
|
(US
Dollars)*
|
|
|
|
|
Net cash flow
generated by operating activities
|
331
|
6,559
|
3,403
|
Net cash flow (used
in) provided by investing activities
|
(49)
|
(966)
|
34
|
Net cash flow used in
financing activities**
|
(260)
|
(5,141)
|
(3,048)
|
Increase in cash
and cash equivalents
|
23
|
452
|
389
|
Net foreign exchange
differences
|
(1)
|
(21)
|
1,645
|
Cash and cash
equivalents at beginning of period
|
510
|
10,103
|
7,980
|
Cash and cash
equivalents at end of period
|
532
|
10,534
|
10,013
|
|
|
|
|
* Peso amounts were
converted to US dollars at end of period exchange rate for
convenience purposes only.
**Includes aircraft
rental payments of Ps.5,037 million and Ps.2,626 million for the
six months ended period June 30, 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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content:https://www.prnewswire.com/news-releases/volaris-reports-financial-results-for-the-second-quarter-2021-301335320.html
SOURCE Volaris