PANAMA CITY, Feb. 13, 2019 /PRNewswire/ -- Copa Holdings,
S.A. (NYSE: CPA), today announced financial results for the fourth
quarter of 2018 (4Q18) and full year 2018. The terms "Copa
Holdings" and "the Company" refer to the consolidated entity.
The following financial information, unless otherwise indicated, is
presented in accordance with International Financial Reporting
Standards (IFRS). See the accompanying reconciliation of non-IFRS
financial information to IFRS financial information included in the
financial tables section of this earnings release. Unless otherwise
stated, all comparisons with prior periods refer to the fourth
quarter of 2017 (4Q17).
The financial information included in this press release is
preliminary as the Company has not yet issued its audited financial
statements and may differ from those results. During the course of
the preparation of the financial statements and related notes and
our year-end audit, additional items that would require material
adjustments to the preliminary financial information included in
this press release may be identified.
OPERATING AND FINANCIAL HIGHLIGHTS
- Copa Holdings reported a net loss of US$156.0 million for 4Q18 or a loss per share of
US$3.67, as compared to net profit of
US$101.4 million or earnings per
share of US$2.39 in 4Q17. Excluding
special items, which for 4Q18 include a previously announced
one-time, non-cash fleet impairment charge of US$188.6 million, and a noncash US$11.4 million-dollar loss associated with
foreign currency translational effect which was booked as a gain in
the 2017 restated financial results, the Company would have
reported a net profit of US$44.0
million, or adjusted EPS of US$1.04, compared to an adjusted net profit of
US$89.5 million or adjusted EPS of
US$2.11 in 4Q17.
- For full year 2018, net profit came in at US$88.1 million or EPS of US$2.07, compared to a net profit of US$364.0 million or earnings per share of
US$8.58 for full year 2017. Excluding
special items, which for 2018 include a one-time, non-cash fleet
impairment charge of US$188.6
million, Copa Holdings would have reported an adjusted net
profit of US$276.7 million or EPS of
US$6.52, compared to an adjusted net
profit of US$349.9 million or
adjusted EPS of US$8.25 for full year
2017.
- In 4Q18, the Company had an operating loss of US$129.7 million. Excluding special items, which
for 4Q18 include a one-time, non-cash fleet impairment charge of
US$188.6 million, the Company would
have reported an Operating profit of US$58.9
million, compared to an operating profit of US$110.8 million in 4Q17. The adjusted operating
margin for 4Q18 came in at 9.0%, compared to 16.4% in 4Q17.
- For full year 2018, the Company reported operating profit of
US$145.0 million. Excluding special
items, which for 2018 include a one-time, non-cash fleet impairment
charge of US$188.6 million, the
Company would have reported an operating profit of US$333.7 million, representing a decrease of
21.3% over operating profit of US$424.0
million for full year 2017, mostly due to softer yields, and
higher jet fuel prices. Excluding special items, operating margin
for full year 2018 came in at 12.5%.
- Total revenues for 4Q18 decreased 2.7% to US$656.1 million. Yield per passenger mile
decreased 7.7% to 11.8 cents, mostly
due to currency weakness in Brazil
and Argentina. RASM came in at
10.2 cents, or 7.7% below 4Q17.
- For 4Q18, consolidated passenger traffic grew 4.9% while
consolidated capacity grew 5.5%. As a result, consolidated load
factor for the quarter decreased 0.4 percentage points to 82.8%.
For full year 2018, consolidated load factor was 83.4%, 0.2
percentage points higher than 2017 on a 7.9% capacity growth.
- Operating cost per available seat mile, excluding special items
(Adjusted CASM) increased 0.5%, from 9.2
cents in 4Q17 to 9.3 cents in
4Q18. Adjusted CASM excluding fuel costs decreased 5.8% from
6.6 cents in 4Q17 to 6.2 cents in 4Q18, mainly as a result of fewer
expenses related to maintenance, depreciation and wages, salaries
and benefits, partly offset by higher airport facilities and
handling charges, as well as flight operation expenses.
- Cash, short-term and long-term investments ended 2018 at
US$858.4 million, representing 32% of
the last twelve months' revenues.
- Copa Holdings ended the year with a consolidated fleet of 105
aircraft – 4 Boeing 737MAX9s, 68 Boeing 737-800s, 14 Boeing
737-700s, and 19 Embraer 190s.
- For 2018, Copa Airlines ended the year with a consolidated
on-time performance of 89.7% and a flight-completion factor of
99.8%, distinguishing itself as the most on-time airline in the
world.
Subsequent Events
- In January 2019, the company was
recognized by FlightStats – for the sixth consecutive year – as the
most on-time airline in Latin
America, and by OAG as the most on-time airline in the
world.
- On February 13, 2019, the Board
of Directors of Copa Holdings approved a 2019 quarterly dividend
payment of 65 cents per share.
Dividends will be distributed during the months of March, June,
September and December. The first quarterly dividend of
65 cents per share will be paid on
March 15 to shareholders on record as
of February 28, 2019.
- On January 17, 2019, the company
announced Paramaribo, Suriname as
its 81st destination, planned to start in July of
2019.
- During the month of January 2019,
the company took delivery of one Boeing 737 MAX9, originally
scheduled for delivery in 2018, and completed the sale of one
Embraer 190 to Azorra aviation.
Consolidated
Financial
& Operating Highlights
|
4Q18
|
4Q17*
|
Variance vs.
4Q17
|
3Q18
|
Variance vs.
3Q18
|
FY
2018
|
FY
2017*
|
Variance vs.
2017
|
Revenue Passengers
Carried ('000)
|
2,554
|
2,460
|
3.8%
|
2,591
|
-1.4%
|
10,069
|
9,504
|
5.9%
|
RPMs
(mm)
|
5,335
|
5,086
|
4.9%
|
5,587
|
-4.5%
|
21,529
|
19,914
|
8.1%
|
ASMs
(mm)
|
6,445
|
6,111
|
5.5%
|
6,629
|
-2.8%
|
25,817
|
23,936
|
7.9%
|
Load
Factor
|
82.8%
|
83.2%
|
-0.4 p.p.
|
84.3%
|
-1.5 p.p.
|
83.4%
|
83.2%
|
0.2 p.p.
|
Yield
|
11.8
|
12.8
|
-7.7%
|
11.6
|
1.9%
|
12.0
|
12.3
|
-2.1%
|
PRASM (US$
Cents)
|
9.8
|
10.7
|
-8.2%
|
9.8
|
0.1%
|
10.0
|
10.2
|
-1.9%
|
RASM (US$
Cents)
|
10.2
|
11.0
|
-7.7%
|
10.1
|
0.4%
|
10.4
|
10.5
|
-1.6%
|
CASM (US$
Cents)
|
12.2
|
9.2
|
32.3%
|
9.0
|
35.1%
|
9.8
|
8.8
|
11.9%
|
Adjusted CASM (US$
Cents)
|
9.3
|
9.2
|
0.5%
|
9.0
|
2.7%
|
9.1
|
8.8
|
3.6%
|
CASM Excl. Fuel (US$
Cents)
|
9.1
|
6.6
|
38.4%
|
6.0
|
53.5%
|
6.8
|
6.4
|
7.4%
|
Fuel Gallons Consumed
(Millions)
|
82.1
|
78.7
|
4.3%
|
84.2
|
-2.5%
|
328.1
|
307.0
|
6.9%
|
Avg. Price Per Fuel
Gallon (US$ Dollars)
|
2.38
|
2.03
|
17.5%
|
2.40
|
-0.9%
|
2.32
|
1.87
|
24.6%
|
Average Length of
Haul (Miles)
|
2,089
|
2,067
|
1.1%
|
2,156
|
-3.1%
|
2,138
|
2,095
|
2.0%
|
Average Stage Length
(Miles)
|
1,299
|
1,292
|
0.5%
|
1,331
|
-2.4%
|
1,321
|
1,285
|
2.8%
|
Departures
|
33,541
|
32,183
|
4.2%
|
33,775
|
-0.7%
|
132,498
|
126,963
|
4.4%
|
Block
Hours
|
111,315
|
106,750
|
4.3%
|
114,009
|
-2.4%
|
444,851
|
419,596
|
6.0%
|
Average Aircraft
Utilization (Hours)
|
11.7
|
11.6
|
0.6%
|
12.3
|
-4.8%
|
12.0
|
11.5
|
4.7%
|
Operating Revenues
(US$ mm)
|
656.1
|
674.2
|
-2.7%
|
672.4
|
-2.4%
|
2,677.6
|
2,521.8
|
6.2%
|
Operating Profit (US$
mm)
|
-129.7
|
110.8
|
-217.0%
|
74.3
|
-274.6%
|
145.0
|
424.0
|
-65.8%
|
Adjusted Operating
Profit (US$ mm) (1)
|
58.9
|
110.8
|
-46.9%
|
74.3
|
-20.7%
|
333.7
|
424.0
|
-21.3%
|
Operating
Margin
|
-19.8%
|
16.4%
|
-36.2 p.p.
|
11.0%
|
-30.8 p.p.
|
5.4%
|
16.8%
|
-11.4 p.p.
|
Adjusted Operating
Margin (1)
|
9.0%
|
16.4%
|
-7.5 p.p.
|
11.0%
|
-2.1 p.p.
|
12.5%
|
16.8%
|
-4.4 p.p.
|
Net Profit (US$
mm)
|
-156.0
|
101.4
|
-253.9%
|
57.7
|
-370.2%
|
88.1
|
364.0
|
-75.8%
|
Adjusted Net Profit
(US$ mm) (1)
|
44.0
|
89.5
|
-50.8%
|
57.7
|
-23.8%
|
276.7
|
349.9
|
-20.9%
|
EPS - Basic and
Diluted (US$)
|
-3.67
|
2.39
|
-253.8%
|
1.36
|
-370.2%
|
2.07
|
8.58
|
-75.8%
|
Adjusted EPS - Basic
and Diluted (US$) (1)
|
1.04
|
2.11
|
-50.9%
|
1.36
|
-23.8%
|
6.52
|
8.25
|
-21.0%
|
# of Shares - Basic
and Diluted ('000)
|
42,468
|
42,430
|
0.1%
|
42,469
|
0.0%
|
42,456
|
42,419
|
0.1%
|
|
|
|
|
|
|
|
|
|
|
(1)Adjusted CASM
Excl. Fuel, Adjusted Operating Profit, Adjusted Net Profit,
Adjusted Operating Margin and Adjusted EPS for 4Q18, 4Q17, 3Q18,
2018 and 2017 exclude non-cash charges/gains associated with the
Embraer 190 Fleet impairment, the mark-to-market impact of fuel
hedges and a currency translation adjustment.
|
*Restated for the
retrospective adoption of IFRS15.
|
Note:
Attached to this press release is a reconciliation of non-IFRS
financial measures to the comparable IFRS measures.
|
FULL 4Q18 EARNINGS RELEASE AVAILABLE FOR
DOWNLOAD AT:
http://investor.shareholder.com/copa/results.cfm
4Q18 EARNINGS RESULTS CONFERENCE CALL AND
WEBCAST
Date:
|
February 14,
2019
|
Time:
|
11:00 NOON US ET
(11:00 AM Local Time)
|
Conference
telephone number:
|
877-293-5456 (US
Domestic Callers)
|
|
707-287-9357 (International Callers)
|
Webcast:
|
http://investor.shareholder.com/copa/events.cfm
|
Speakers:
|
Pedro Heilbron, Chief
Executive Officer
|
|
José Montero, Chief
Financial Officer
|
About Copa Holdings
Copa Holdings is a leading Latin American provider of
passenger and cargo services. The Company, through its
operating subsidiaries, provides service to 81 destinations in 33
countries in North, Central and South
America and the Caribbean
with one of the youngest and most modern fleets in the industry,
consisting of 105 aircraft: 5 Boeing 737MAX9s, 82 Boeing 737NGs and
18 EMBRAER 190s. For more information visit:
www.copa.com.
CONTACT: Copa Holdings S.A.
Investor Relations
Ph: 011 507 304-2774
www.copa.com (IR section)
This release includes "forward-looking statements" within the
meaning of the Private Securities Litigation Reform Act of 1995.
Such forward-looking statements are based on current plans,
estimates and expectations, and are not guarantees of future
performance. They are based on management's expectations that
involve a number of business risks and uncertainties, any of which
could cause actual results to differ materially from those
expressed in or implied by the forward-looking statements. The
Company undertakes no obligation to update or revise any
forward-looking statement. The risks and uncertainties relating to
the forward-looking statements in this release are among those
disclosed in Copa Holdings' filed disclosure documents and are,
therefore, subject to change without prior notice.
CPA-G
Copa Holdings,
S.A.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income Statement -
IFRS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(US$
Thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unaudited
|
|
Unaudited
|
|
%
|
|
Unaudited
|
|
%
|
|
Unaudited
|
|
Audited
|
|
%
|
|
|
4Q18
|
|
4Q17*
|
|
Change
|
|
3Q18
|
|
Change
|
|
2018
|
|
2017*
|
|
Change
|
Operating
Revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Passenger
revenue
|
|
631,762
|
|
652,691
|
|
-3.2%
|
|
649,110
|
|
-2.7%
|
|
2,587,389
|
|
2,444,252
|
|
5.9%
|
Cargo and mail
revenue
|
|
16,224
|
|
14,841
|
|
9.3%
|
|
15,919
|
|
1.9%
|
|
62,483
|
|
55,290
|
|
13.0%
|
Other operating
revenue
|
|
8,077
|
|
6,665
|
|
21.2%
|
|
7,375
|
|
9.5%
|
|
27,755
|
|
22,245
|
|
24.8%
|
Total Operating
Revenue
|
|
656,063
|
|
674,197
|
|
-2.7%
|
|
672,405
|
|
-2.4%
|
|
2,677,627
|
|
2,521,787
|
|
6.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fuel
|
|
196,230
|
|
159,556
|
|
23.0%
|
|
203,121
|
|
-3.4%
|
|
765,781
|
|
572,746
|
|
33.7%
|
Wages, salaries,
benefits and other employees' expenses
|
|
114,394
|
|
110,952
|
|
3.1%
|
|
109,814
|
|
4.2%
|
|
443,287
|
|
415,147
|
|
6.8%
|
Passenger
servicing
|
|
26,284
|
|
26,481
|
|
-0.7%
|
|
26,487
|
|
-0.8%
|
|
104,346
|
|
99,447
|
|
4.9%
|
Airport facilities
and handling charges
|
|
48,514
|
|
42,238
|
|
14.9%
|
|
47,415
|
|
2.3%
|
|
186,422
|
|
171,040
|
|
9.0%
|
Sales and
distribution
|
|
51,787
|
|
51,452
|
|
0.7%
|
|
51,832
|
|
-0.1%
|
|
210,158
|
|
200,257
|
|
4.9%
|
Maintenance,
materials and repairs
|
|
27,486
|
|
39,371
|
|
-30.2%
|
|
24,626
|
|
11.6%
|
|
111,677
|
|
132,148
|
|
-15.5%
|
Depreciation and
amortization
|
|
39,831
|
|
42,896
|
|
-7.1%
|
|
44,435
|
|
-10.4%
|
|
169,436
|
|
167,324
|
|
1.3%
|
Flight
operations
|
|
27,922
|
|
25,082
|
|
11.3%
|
|
27,434
|
|
1.8%
|
|
108,437
|
|
101,647
|
|
6.7%
|
Aircraft rentals and
other rentals
|
|
33,130
|
|
33,313
|
|
-0.5%
|
|
33,105
|
|
0.1%
|
|
132,534
|
|
134,539
|
|
-1.5%
|
Cargo and courier
expenses
|
|
3,843
|
|
2,218
|
|
73.2%
|
|
2,139
|
|
79.6%
|
|
10,074
|
|
7,375
|
|
36.6%
|
Other operating and
administrative expenses
|
|
27,741
|
|
29,790
|
|
-6.9%
|
|
27,705
|
|
0.1%
|
|
101,812
|
|
96,087
|
|
6.0%
|
Fleet
Impairment
|
|
188,624
|
|
-
|
|
n/m
|
|
-
|
|
n/m
|
|
188,624
|
|
-
|
|
n/m
|
Total Operating
Expense
|
|
785,787
|
|
563,348
|
|
39.5%
|
|
598,113
|
|
31.4%
|
|
2,532,588
|
|
2,097,756
|
|
20.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Profit
|
|
(129,724)
|
|
110,849
|
|
n/m
|
|
74,292
|
|
n/m
|
|
145,039
|
|
424,031
|
|
-65.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-operating
Income (Expense):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Finance
cost
|
|
(9,151)
|
|
(8,725)
|
|
4.9%
|
|
(8,954)
|
|
2.2%
|
|
(35,850)
|
|
(35,223)
|
|
1.8%
|
Finance
income
|
|
6,115
|
|
5,443
|
|
12.3%
|
|
6,228
|
|
-1.8%
|
|
23,628
|
|
17,939
|
|
31.7%
|
Gain (loss) on
foreign currency fluctuations
|
|
(18,687)
|
|
5,687
|
|
n/m
|
|
(2,571)
|
|
n/m
|
|
(9,952)
|
|
6,145
|
|
n/m
|
Net change in fair
value of derivatives
|
|
-
|
|
539
|
|
n/m
|
|
-
|
|
n/m
|
|
0
|
|
2,801
|
|
n/m
|
Other non-operating
income (expense)
|
|
(496)
|
|
(917)
|
|
-45.9%
|
|
40
|
|
n/m
|
|
(239)
|
|
(2,337)
|
|
-89.8%
|
Total
Non-Operating Income/(Expense)
|
|
(22,219)
|
|
2,028
|
|
n/m
|
|
(5,257)
|
|
n/m
|
|
(22,413)
|
|
(10,676)
|
|
109.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit before
taxes
|
|
(151,944)
|
|
112,876
|
|
n/m
|
|
69,035
|
|
n/m
|
|
122,626
|
|
413,354
|
|
-70.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax
expense
|
|
4,063
|
|
11,522
|
|
-64.7%
|
|
11,298
|
|
-64.0%
|
|
34,530
|
|
49,310
|
|
-30.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Profit
|
|
(156,007)
|
|
101,354
|
|
n/m
|
|
57,737
|
|
n/m
|
|
88,096
|
|
364,044
|
|
-75.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EPS - Basic and
Diluted
|
|
-3.67
|
|
2.39
|
|
-253.8%
|
|
1.36
|
|
-370.2%
|
|
2.07
|
|
8.58
|
|
-75.8%
|
Shares - Basic and
Diluted
|
|
42,468,402
|
|
42,429,821
|
|
0.1%
|
|
42,469,122
|
|
0.0%
|
|
42,456,032
|
|
42,418,773
|
|
0.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*
Restated for the retrospective adoption of IFRS
15
|
Copa Holdings, S.
A. and subsidiaries
|
|
|
|
|
|
|
Consolidated
Statement of Cash Flows
|
|
|
|
|
|
|
For the twelve
months ended December 31,
|
|
|
|
|
|
|
(In US$
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2018
|
|
2017
|
|
2016
|
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
Cash flow from
operating activities
|
|
341,531
|
|
690,020
|
|
555,506
|
Cash flow used in
investing activities
|
|
(103,037)
|
|
(578,159)
|
|
(179,909)
|
Cash flow used in
financing activities
|
|
(323,937)
|
|
(204,756)
|
|
(248,625)
|
Net (decrease)
increase in cash and cash equivalents
|
|
(85,443)
|
|
(92,895)
|
|
126,972
|
Cash and cash
equivalents at January 1
|
|
238,792
|
|
331,687
|
|
204,715
|
Cash and cash
equivalents at December 31
|
|
$
153,349
|
|
$
238,792
|
|
$
331,687
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-term
investments
|
|
566,200
|
|
705,108
|
|
483,002
|
Long-term
investments
|
|
138,846
|
|
65,953
|
|
953
|
Total cash and
cash equivalents and investments at December 31
|
$
858,395
|
|
$
1,009,853
|
|
$
815,642
|
Copa Holdings, S.
A. and subsidiaries
|
|
|
Balance Sheet -
IFRS
|
|
|
(US$
Thousands)
|
December
31
|
December
31
|
|
2018
|
2017
|
|
(Unaudited)
|
(Restated)
*
|
|
|
|
ASSETS
|
|
|
|
|
|
Current
Assets
|
|
|
Cash and cash
equivalents
|
153,349
|
238,792
|
Restricted cash and
cash equivalents
|
-
|
-
|
Short-term
investments
|
566,200
|
705,108
|
Total cash, cash
equivalents and short-term investments
|
719,549
|
943,900
|
|
|
|
Accounts receivable,
net
|
117,570
|
115,323
|
Accounts receivable
from related parties
|
223
|
318
|
Expendable parts and
supplies, net
|
86,530
|
81,825
|
Prepaid
expenses
|
74,384
|
45,421
|
Prepaid income
tax
|
10,357
|
-
|
Other current
assets
|
54,386
|
11,701
|
|
343,450
|
254,588
|
|
|
|
TOTAL CURRENT
ASSETS
|
1,062,999
|
1,198,488
|
|
|
|
Long-term
investments
|
138,846
|
65,953
|
Long-term accounts
receivable
|
2,247
|
2,444
|
Long-term prepaid
expenses
|
25,637
|
26,130
|
Property and
equipment, net
|
2,701,322
|
2,617,407
|
Intangible,
net
|
101,168
|
81,115
|
Net pension
asset
|
5,091
|
3,185
|
Deferred tax
assets
|
16,041
|
19,099
|
Other Non-Current
Assets
|
33,899
|
31,140
|
TOTAL NON-CURRENT
ASSETS
|
3,024,251
|
2,846,473
|
|
|
|
TOTAL
ASSETS
|
4,087,250
|
4,044,961
|
|
|
|
LIABILITIES
AND EQUITY
|
|
|
|
|
|
Current
Liabilities:
|
|
|
Current maturities of
long-term debt
|
307,371
|
298,462
|
Accounts
payable
|
129,462
|
116,554
|
Accounts payable to
related parties
|
15,464
|
12,880
|
Air traffic
liability
|
471,676
|
477,168
|
Frequent flyer
deferred revenue
|
30,342
|
17,197
|
Taxes and interest
payable
|
44,749
|
70,077
|
Accrued expenses
payable
|
42,890
|
60,321
|
Income tax
payable
|
-
|
3,700
|
Other Current
Liabilities
|
604
|
1,156
|
TOTAL CURRENT
LIABILITIES
|
1,042,558
|
1,057,515
|
|
|
|
Long-term
debt
|
979,877
|
876,119
|
Frequent flyer
deferred revenue
|
37,472
|
33,115
|
Other long - term
liabilities
|
137,724
|
130,621
|
Deferred tax
Liabilities
|
48,940
|
52,465
|
TOTAL NON-CURRENT
LIABILITIES
|
1,204,013
|
1,092,320
|
|
|
|
TOTAL
LIABILITIES
|
2,246,571
|
2,149,835
|
|
|
|
EQUITY
|
|
|
Issued
Capital
|
|
|
Class A
-33,816,276issued and 31,257,686 outstanding
|
21,087
|
21,038
|
Class B common stock
- 10,938,125
|
7,466
|
7,466
|
Additional Paid-In
Capital
|
80,041
|
72,945
|
Treasury
Stock
|
(136,388)
|
(136,388)
|
Retained
Earnings
|
1,784,605
|
1,564,295
|
Net Income
|
88,095
|
369,658
|
Other Comprehensive
Income
|
(4,227)
|
(3,888)
|
TOTAL
EQUITY
|
1,840,679
|
1,895,126
|
|
|
|
TOTAL LIABILITIES
AND EQUITY
|
4,087,250
|
4,044,961
|
|
|
|
* Restated
for the retrospective adoption of IFRS 15
|
|
|
Copa Holdings, S.A.
NON-IFRS FINANCIAL MEASURE RECONCILIATION
This press release includes the following non IFRS financial
measures: Adjusted CASM Excluding Fuel, CASM Excluding Fuel,
Adjusted Operating Profit, Adjusted Net Profit and Adjusted EPS.
This supplemental information is presented because we believe it is
a useful indicator of our operating performance and is useful in
comparing our performance with other companies in the airline
industry. These measures should not be considered in isolation, and
should be considered together with comparable IFRS measures, in
particular Operating Profit and Net Profit. The following is a
reconciliation of these non-IFRS financial measures to the
comparable IFRS measures:
Reconciliation of
Adjusted Operating Profit
|
|
|
|
|
|
|
|
|
|
|
Adjusted Net
Profit and Adjusted EPS
|
|
4Q18
|
|
4Q17*
|
|
3Q18
|
|
FY18
|
|
FY17*
|
|
|
|
|
|
|
|
|
|
|
|
Operating Profit as
Reported
|
|
$
(129,724)
|
|
$
110,849
|
|
$
74,292
|
|
$
145,039
|
|
$
424,031
|
Special Items
(adjustments):
|
|
|
|
|
|
|
|
|
|
|
Fleet
Impairment
|
|
$
188,624
|
|
|
|
|
|
$
188,624
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Operating
Profit
|
|
$
58,900
|
|
$
110,849
|
|
$
74,292
|
|
$
333,663
|
|
$
424,031
|
|
|
|
|
|
|
|
|
|
|
|
Net profit as
Reported
|
|
$
(156,007)
|
|
$
101,354
|
|
$
57,737
|
|
$
88,096
|
|
$
364,044
|
Special Items
(adjustments):
|
|
|
|
|
|
|
|
|
|
|
Fleet
Impairment
|
|
$
188,624
|
|
|
|
|
|
$
188,624
|
|
|
Loss on foreign
currency fluctuations
|
|
$
11,364
|
|
$
(11,364)
|
|
|
|
|
|
$
(11,364)
|
Net change in fair
value of derivatives
|
|
$
-
|
|
$
(539)
|
|
$
-
|
|
|
|
$
(2,801)
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Net
Profit
|
|
$
43,981
|
|
$
89,451
|
|
$
57,737
|
|
$
276,720
|
|
$
349,879
|
|
|
|
|
|
|
|
|
|
|
|
Shares used for
Computation (in thousands)
|
|
|
|
|
|
|
|
|
|
|
Basic and Diluted
|
|
42,468
|
|
42,430
|
|
42,469
|
|
42,456
|
|
42,419
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted earnings per
share - Basic and Diluted
|
|
$
1.04
|
|
$ 2.11
|
|
$
1.36
|
|
$
6.52
|
|
$
8.25
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
Adjusted Operating Costs per ASM
|
|
|
|
|
|
|
|
|
|
|
Excluding Fuel
(CASM Excl. Fuel)
|
|
4Q18
|
|
4Q17*
|
|
3Q18
|
|
FY18
|
|
FY17*
|
|
|
|
|
|
|
|
|
|
|
|
Operating Costs per
ASM as Reported (in US$ Cents)
|
|
12.2
|
|
9.2
|
|
9.0
|
|
9.8
|
|
8.8
|
Fleet Impairment per
ASM (in US$ Cents)
|
|
2.9
|
|
|
|
|
|
0.8
|
|
|
Aircraft fuel per
ASM (in US$ Cents)
|
|
3.0
|
|
(2.6)
|
|
(3.1)
|
|
3.0
|
|
(2.4)
|
Adjusted Operating
Costs per ASM excluding fuel (in US$ Cents)
|
|
6.2
|
|
6.6
|
|
6.0
|
|
6.1
|
|
6.4
|
|
|
|
|
|
|
|
|
|
|
|
*
Restated for the retrospective adoption of IFRS
15
|
View original
content:http://www.prnewswire.com/news-releases/copa-holdings-reports-financial-results-for-the-fourth-quarter-of-2018-300795412.html
SOURCE Copa Holdings, S.A.